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Bowhead Specialty Holdings Inc. provides commercial specialty property and casualty insurance products in the United States. It underwrites casualty insurance solutions for risks in the construction, distribution, heavy manufacturing, real estate, and hospitality segments; professional liability insurance solutions, including directors and officers liability, errors and omissions liability, employment practices liability, fiduciary liability, fidelity liability and miscellaneous professional liability, crime insurance, and cyber for financial institutions; and healthcare solutions for hospitals, senior care providers, managed care organizations, miscellaneous medical facilities, and management liability segments. In addition, it offers Baleen Specialty, a technology-powered underwriting operation, that specializes in small to mid-sized risks that are not eligible in the admitted market. It distributes its products through distribution partners in wholesale and retail markets. The company was formerly known as Bowhead Holdings Inc. and changed its name to Bowhead Specialty Holdings Inc. in March 2024. The company was founded in 2020 and is based in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $552M | $69M | $54M | $326M | 12.0% | 29.6% | 40.6% |
| 2024 | $426M | $51M | $38M | $291M | 10.3% | 50.2% | 52.7% |
| 2023 | $283M | $32M | $25M | $232M | 13.0% | 51.1% | 122.5% |
| 2022 | $188M | $15M | $11M | $178M | 13.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 187.60 | 283.42 | 425.59 | 551.54 |
| EBIT | 14.66 | 32.12 | 51.26 | 69.31 |
| Pretax Income | 14.66 | 32.12 | 50.53 | 67.30 |
| Tax Provision | 3.40 | 7.07 | 12.29 | 13.51 |
| Net Income | 11.26 | 25.05 | 38.24 | 53.79 |
| Net Income Common Stockholders | 11.26 | 25.05 | 38.24 | 53.79 |
| Total Expenses | 172.94 | 251.30 | 375.06 | 484.24 |
| Interest Expense | 0 | 0 | 0.72 | 2.01 |
| Normalized Income | 11.26 | 25.05 | 38.24 | 54.47 |
| Basic EPS | 0.36 | 0.79 | 1.31 | 0 |
| Diluted EPS | 0.36 | 0.79 | 1.29 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | -0.17 |
| Tax Rate For Calcs | 0.23 | 0.22 | 0.24 | 0.20 |
| Total Unusual Items | 0 | 0 | 0 | -0.86 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 0 | -0.86 |
| Net Income From Continuing Operation Net Minority Interest | 11.26 | 25.05 | 38.24 | 53.79 |
| Reconciled Depreciation | 0.73 | 2.27 | 3.87 | 1.78 |
| Net Interest Income | 0 | 0 | -0.72 | -2.01 |
| Net Income From Continuing And Discontinued Operation | 11.26 | 25.05 | 38.24 | 53.79 |
| Diluted Average Shares | 31.53 | 31.53 | 29.68 | 0 |
| Basic Average Shares | 31.53 | 31.53 | 29.26 | 0 |
| Diluted NI Availto Com Stockholders | 11.26 | 25.05 | 38.24 | 53.79 |
| Net Income Including Noncontrolling Interests | 11.26 | 25.05 | 38.24 | 53.79 |
| Net Income Continuous Operations | 11.26 | 25.05 | 38.24 | 53.79 |
| Other Income Expense | 0.01 | 0.12 | 0.44 | 2.04 |
| Special Income Charges | 0 | 0 | 0 | -0.86 |
| Other Special Charges | 0 | 0 | 0 | 0.86 |
| Net Non Operating Interest Income Expense | 0 | 0 | -0.72 | -2.01 |
| Interest Expense Non Operating | 0 | 0 | 0.72 | 2.01 |
| Other Operating Expenses | 45.99 | 64.09 | 93.84 | 106.83 |
| Operating Revenue | 187.60 | 283.42 | 425.59 | 551.54 |
| Loss Adjustment Expense | 111.76 | 166.28 | 248.10 | 328.02 |
| Net Policyholder Benefits And Claims | 111.76 | 166.28 | 248.10 | 328.02 |
| Policyholder Benefits Gross | 161.35 | 242.31 | 371.35 | 499.75 |
| Policyholder Benefits Ceded | 49.59 | 76.02 | 123.25 | 171.73 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Bowhead Specialty Holdings Inc.this co. | BOW | $784M | 15.01↑ premium | 1.74 | 12.0% | 9.66 |
| World Acceptance Corporation | WRLD | $816M | 8.50 | 1.73 | 20.4% | - |
| Camden National Corporation | CAC | $811M | 10.21 | 1.17 | 9.4% | - |
| First Community Bankshares, Inc. | FCBC | $804M | 16.14 | 1.56 | 9.7% | - |
| Capital City Bank Group, Inc. |
| CCBG |
| $788M |
| 13.05 |
| 1.41 |
| 11.1% |
| - |
| OppFi Inc. | OPFI | $785M | 9.28 | 4.29 | 8.5% | - |
| First Financial Corporation | THFF | $772M | 9.55 | 1.19 | 12.2% | - |
| Velocity Financial, Inc. | VEL | $752M | 6.97 | 1.11 | 15.5% | - |
| Southern Missouri Bancorp, Inc. | SMBC | $751M | 11.80 | 1.34 | 10.8% | - |
| Peer Median | - | 9.88 | 1.37 | 10.9% | - | |