BOW Bowhead Specialty Holdings Inc

Bowhead Specialty Holdings Inc. (NYSE: BOW), a specialty lines insurance group focused on providing casualty, professional liability and healthcare liability insurance products, today announced financial results for the fourth quarter ended December 31, 2024(1).

Fourth Quarter 2024 Highlights

• Gross written premiums increased 26.3% to $184.8 million.
• Net income of $13.6 million, or $0.41 per diluted share.
• Adjusted net income(2) of $14.1 million, or $0.42 per diluted share(2).
• Return on equity of 14.8% and adjusted return on equity(2) of 15.3%.
• Book value per share $11.34 and diluted book value per share of $11.03.

Full Year 2024 Highlights

• Gross written premiums increased 37.0% to $695.7 million.
• Net income of $38.2 million, or $1.29 per diluted share.
• Adjusted net income(2) of $42.7 million, or $1.44 per diluted share(2).
• Return on equity of 13.6% and adjusted return on equity(2) of 15.2%.

Bowhead Chief Executive Officer, Stephen Sills, commented, “After completing our fourth year of operations, we are once again incredibly proud of what we’ve accomplished. This milestone year as a new public company has been defined by profitable growth, continued innovation, and strong execution across all our underwriting divisions. Premiums grew 37% in the year driven by a 56% growth in our Casualty division and double-digit premium growth in our Healthcare Liability and Professional Liability divisions. Late in Q2, we launched Baleen, our tech-enabled low touch “flow” underwriting operation, which supplements our “craft” underwriting solution. We are pleased with our initial results and look forward to applying this technology in other areas of our business. As we look ahead into 2025, our focus is to build on the momentum we generated in 2024 and continue to grow our business profitably. This is just the beginning for Bowhead and I couldn’t be more excited for what I expect to be a company that is capable of cross cycle profitability.”

Underwriting Results

The 26.3% increase in gross written premiums to $184.8 million in the fourth quarter of 2024 was driven by renewals, new business and continued growth in our platform across all divisions:

• Our Casualty division led the growth with a 43.1% increase to $105.9 million;
• Healthcare Liability increased 8.8% to $31.7 million; and
• Professional Liability increased 6.5% to $46.0 million.
• Late in the second quarter of 2024, we launched a new division called Baleen Specialty, which focuses on small, hard-to-place risks written 100% on a non-admitted basis. Baleen is a streamlined, tech-enabled low touch “flow” underwriting operation that supplements the “craft” solutions we offer today. In line with our deliberate, measured and limited roll out, Baleen Specialty generated $1.2 million of gross written premiums for the fourth quarter of 2024, a sequential growth of 175% from the previous quarter.

Our loss ratio for the year of 64.4% increased 1.4 points compared to 63.0% in 2023 due to mix changes in the portfolio, where Casualty, which has higher current accident year industry loss ratios, comprised a larger proportion of our portfolio compared to 2023. There was no prior accident year reserve development in our loss ratio for the year.

During the quarter, as part of our annual independent actuarial reserve review, we reallocated prior accident year loss reserves by division, primarily from Professional Liability to Casualty, to align more closely with industry loss ratios. The increase in our loss ratio and reallocation of prior accident year reserves are primarily based on inputs from industry data due to Bowhead’s limited loss experience. As of December 31, 2024, incurred but not reported liabilities comprised 90.7% of our net loss reserves.

Our expense ratio for the fourth quarter of 30.1% and for the year ended December 31, 2024 of 31.4%, decreased 1.2 points and 0.5 points, respectively, driven by the continued scaling of our business and prudent management of operating expenses.

Investment Results

Net investment income increased 79.8% in the quarter to $12.2 million and 107.1% for the year to $40.1 million, driven by the increase in our investment portfolio and higher yields on invested assets. Our investment portfolio had a had a book yield of 4.6% and a new money rate of 4.9% at the end of the year.

The weighted average effective duration of our investment portfolio, which included cash equivalents, was 2.2 years and had an average rating of “AA” at December 31, 2024.

____________________

(1)

 

Comparisons in this release are made to December 31, 2023 financial results unless otherwise noted.

(2)

 

Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measures to their most directly comparable U.S. GAAP measures.

Summary of Operating Results

The following table summarizes the Company’s results of operations for the three and twelve months ended December 31, 2024 and 2023:

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

($ in thousands, except percentages and per share data)

Gross written premiums

$

184,769

 

 

$

146,321

 

 

26.3

%

 

$

695,717

 

 

$

507,688

 

 

37.0

%

Ceded written premiums

 

(64,585

)

 

 

(51,376

)

 

25.7

%

 

 

(244,295

)

 

 

(173,016

)

 

41.2

%

Net written premiums

$

120,184

 

 

$

94,945

 

 

26.6

%

 

$

451,422

 

 

$

334,672

 

 

34.9

%

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums

$

106,864

 

 

$

75,992

 

 

40.6

%

 

$

385,111

 

 

$

263,902

 

 

45.9

%

Net investment income

 

12,193

 

 

 

6,782

 

 

79.8

%

 

 

40,121

 

 

 

19,371

 

 

107.1

%

Net realized investment losses

 

—

 

 

 

—

 

 

NM

 

 

 

(16

)

 

 

—

 

 

NM

 

Other insurance-related income

 

274

 

 

 

31

 

 

783.9

%

 

 

444

 

 

 

125

 

 

255.2

%

Total revenues

 

119,331

 

 

 

82,805

 

 

44.1

%

 

 

425,660

 

 

 

283,398

 

 

50.2

%

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

66,937

 

 

 

52,618

 

 

27.2

%

 

 

248,099

 

 

 

166,282

 

 

49.2

%

Net acquisition costs

 

9,130

 

 

 

5,787

 

 

57.8

%

 

 

32,397

 

 

 

20,935

 

 

54.8

%

Operating expenses

 

23,352

 

 

 

18,001

 

 

29.7

%

 

 

89,112

 

 

 

63,456

 

 

40.4

%

Non-operating expenses

 

622

 

 

 

630

 

 

(1.3

)%

 

 

2,807

 

 

 

630

 

 

345.6

%

Warrant expense

 

792

 

 

 

—

 

 

NM

 

 

 

1,917

 

 

 

—

 

 

NM

 

Credit facility interest expenses and fees

 

248

 

 

 

—

 

 

NM

 

 

 

725

 

 

 

—

 

 

NM

 

Foreign exchange losses (gains)

 

1

 

 

 

(41

)

 

(102.4

)%

 

 

68

 

 

 

(20

)

 

(440.0

)%

Total expenses

 

101,082

 

 

 

76,995

 

 

31.3

%

 

 

375,125

 

 

 

251,283

 

 

49.3

%

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

18,249

 

 

 

5,810

 

 

214.1

%

 

 

50,535

 

 

 

32,115

 

 

57.4

%

Income tax expense

 

(4,642

)

 

 

(1,027

)

 

352.0

%

 

 

(12,292

)

 

 

(7,068

)

 

73.9

%

Net income

$

13,607

 

 

$

4,783

 

 

184.5

%

 

$

38,243

 

 

$

25,047

 

 

52.7

%

 

 

 

 

 

 

 

 

 

 

 

 

Key Operating and Financial Metrics:

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income(1)

$

14,099

 

 

$

5,793

 

 

143.4

%

 

$

42,686

 

 

$

26,152

 

 

63.2

%

Loss ratio

 

62.6

%

 

 

69.2

%

 

 

 

 

64.4

%

 

 

63.0

%

 

 

Expense ratio

 

30.1

%

 

 

31.3

%

 

 

 

 

31.4

%

 

 

31.9

%

 

 

Combined ratio

 

92.7

%

 

 

100.5

%

 

 

 

 

95.8

%

 

 

94.9

%

 

 

Return on equity(2)

 

14.8

%

 

 

11.0

%

 

 

 

 

13.6

%

 

 

18.2

%

 

 

Adjusted return on equity(1)(2)

 

15.3

%

 

 

13.4

%

 

 

 

 

15.2

%

 

 

19.0

%

 

 

Diluted earnings per share

$

0.41

 

 

$

0.20

 

 

 

 

$

1.29

 

 

$

1.04

 

 

 

Diluted adjusted earnings per share(1)

$

0.42

 

 

$

0.24

 

 

 

 

$

1.44

 

 

$

1.09

 

 

 

____________________

NM - Percentage change is not meaningful.

(1)

 

Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measures to their most directly comparable U.S. GAAP measures.

(2)

 

For the three months ended December 31, 2024 and 2023, net income and adjusted net income are annualized to arrive at return on equity and adjusted return on equity.

Condensed Consolidated Balance Sheets

 

December 31, 2024

 

December 31, 2023

 

($ in thousands, except share data)

Assets

 

 

 

Investments

 

 

 

Fixed maturity securities, available for sale, at fair value (amortized cost of $894,145 and $569,013, respectively)

$

879,989

 

 

$

554,624

 

Short-term investments, at amortized cost, which approximates fair value

 

9,997

 

 

 

8,824

 

Total investments

 

889,986

 

 

 

563,448

 

 

 

 

 

Cash and cash equivalents

 

97,476

 

 

 

118,070

 

Restricted cash and cash equivalents

 

124,582

 

 

 

1,698

 

Accrued investment income

 

7,520

 

 

 

4,660

 

Premium balances receivable

 

63,672

 

 

 

38,817

 

Reinsurance recoverable

 

255,072

 

 

 

139,389

 

Prepaid reinsurance premiums

 

152,567

 

 

 

116,732

 

Deferred policy acquisition costs

 

27,625

 

 

 

19,407

 

Property and equipment, net

 

6,845

 

 

 

7,601

 

Income taxes receivable

 

586

 

 

 

1,107

 

Deferred tax assets, net

 

20,340

 

 

 

14,229

 

Other assets

 

7,971

 

 

 

2,701

 

Total assets

$

1,654,242

 

 

$

1,027,859

 

 

 

 

 

Liabilities

 

 

 

Reserve for losses and loss adjustment expenses

$

756,859

 

 

$

431,186

 

Unearned premiums

 

446,850

 

 

 

344,704

 

Reinsurance balances payable

 

51,856

 

 

 

40,440

 

Income taxes payable

 

1,571

 

 

 

42

 

Accrued expenses

 

18,010

 

 

 

14,900

 

Other liabilities

 

8,654

 

 

 

4,510

 

Total liabilities

 

1,283,800

 

 

 

835,782

 

 

 

 

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

 

Mezzanine equity

 

 

 

Performance stock units

 

265

 

 

 

—

 

 

 

 

 

Stockholders' equity

 

 

 

Common stock

 

327

 

 

 

240

 

($0.01 par value; 400,000,000 shares authorized, 32,662,683 and 24,000,000 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively)

 

 

 

Additional paid-in capital

 

318,095

 

 

 

178,543

 

Accumulated other comprehensive loss

 

(11,154

)

 

 

(11,372

)

Retained earnings

 

62,909

 

 

 

24,666

 

Total stockholders' equity

 

370,177

 

 

 

192,077

 

Total mezzanine equity and stockholders' equity

 

370,442

 

 

 

192,077

 

 

 

 

 

Total liabilities, mezzanine equity and stockholders' equity

$

1,654,242

 

 

$

1,027,859

 

Gross Written Premiums

The following tables present gross written premiums by underwriting division for the three and twelve months ended December 31, 2024 and 2023:

 

Three Months Ended December 31,

 

 

2024

 

 

% of Total

 

 

2023

 

 

% of Total

 

$ Change

 

% Change

 

($ in thousands, except percentages)

Casualty

$

105,872

 

 

57.3

%

 

$

73,993

 

 

50.6

%

 

$

31,879

 

 

43.1

%

Professional Liability

 

46,010

 

24.9

%

 

 

43,195

 

29.5

%

 

 

2,815

 

6.5

%

Healthcare Liability

 

31,699

 

 

17.2

%

 

 

29,133

 

 

19.9

%

 

 

2,566

 

 

8.8

%

Baleen Specialty

 

1,188

 

 

0.6

%

 

 

—

 

 

—

%

 

 

1,188

 

 

NM

 

Gross written premiums

$

184,769

 

 

100.0

%

 

$

146,321

 

 

100.0

%

 

$

38,448

 

 

26.3

%

 

Twelve Months Ended December 31,

 

 

2024

 

 

% of Total

 

 

2023

 

 

% of Total

 

$ Change

 

% Change

 

($ in thousands, except percentages)

Casualty

$

431,817

 

 

62.1

%

 

$

277,455

 

 

54.7

%

 

$

154,362

 

 

55.6

%

Professional Liability

 

160,651

 

23.1

%

 

 

145,251

 

28.6

%

 

 

15,400

 

10.6

%

Healthcare Liability

 

101,619

 

 

14.6

%

 

 

84,982

 

 

16.7

%

 

 

16,637

 

 

19.6

%

Baleen Specialty

 

1,630

 

 

0.2

%

 

 

—

 

 

—

%

 

 

1,630

 

 

NM

 

Gross written premiums

$

695,717

 

 

100.0

%

 

$

507,688

 

 

100.0

%

 

$

188,029

 

 

37.0

%

Loss Ratio

The following tables summarize current and prior accident year loss ratios for the three and twelve months ended December 31, 2024 and 2023:

 

Three Months Ended December 31,

 

2024

 

2023

 

Net Losses and Loss Adjustment Expenses

 

% of Net Earned Premiums

 

Net Losses and Loss Adjustment Expenses

 

% of Net Earned Premiums

 

($ in thousands, except percentages)

Current accident year

$

66,937

 

 

62.6

%

 

$

53,254

 

 

70.0

%

Prior accident year reserve development

 

—

 

—

%

 

 

(636

)

 

(0.8

)%

Total

$

66,937

 

 

62.6

%

 

$

52,618

 

 

69.2

%

 

Twelve Months Ended December 31,

 

2024

 

2023

 

Net Losses and Loss Adjustment Expenses

 

% of Net Earned Premiums

 

Net Losses and Loss Adjustment Expenses

 

% of Net Earned Premiums

 

($ in thousands, except percentages)

Current accident year

$

248,099

 

 

64.4

%

 

$

166,282

 

 

63.0

%

Prior accident year reserve development

 

—

 

—

%

 

 

—

 

—

%

Total

$

248,099

 

 

64.4

%

 

$

166,282

 

 

63.0

%

Expense Ratio

The following tables summarize the components of our expense ratio for the three and twelve months ended December 31, 2024 and 2023:

 

Three Months Ended December 31,

 

2024

 

2023

 

Expenses

 

% of Net Earned Premiums

 

Expenses

 

% of Net Earned Premiums

 

($ in thousands, except percentages)

Net acquisition costs

$

9,130

 

 

8.5

%

 

$

5,787

 

 

7.6

%

Operating expenses

 

23,352

 

 

21.9

%

 

 

18,001

 

 

23.7

%

Less: Other insurance-related income

 

(274

)

 

(0.3

)%

 

 

(31

)

 

—

%

Total expense ratio

$

32,208

 

 

30.1

%

 

$

23,757

 

 

31.3

%

 

Twelve Months Ended December 31,

 

2024

 

2023

 

Expenses

 

% of Net Earned Premiums

 

Expenses

 

% of Net Earned Premiums

 

($ in thousands, except percentages)

Net acquisition costs

$

32,397

 

 

8.4

%

 

$

20,935

 

 

7.9

%

Operating expenses

 

89,112

 

 

23.1

%

 

 

63,456

 

 

24.0

%

Less: Other insurance-related income

 

(444

)

 

(0.1

)%

 

 

(125

)

 

—

%

Total expense ratio

$

121,065

 

 

31.4

%

$

84,266

 

 

31.9

%

Net Investment Income

The following table summarizes the sources of net investment income for the three and twelve months ended December 31, 2024 and 2023:

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

($ in thousands)

U.S. government and government agency

$

3,198

 

 

$

2,511

 

 

$

14,514

 

 

$

4,673

 

State and municipal

 

591

 

 

 

387

 

 

 

1,832

 

 

 

1,550

 

Commercial mortgage-backed securities

 

981

 

 

 

378

 

 

 

2,584

 

 

 

1,381

 

Residential mortgage-backed securities

 

2,399

 

 

 

244

 

 

 

6,517

 

 

 

962

 

Asset-backed securities

 

1,283

 

 

 

1,171

 

 

 

3,043

 

 

 

3,708

 

Corporate

 

2,154

 

 

 

934

 

 

 

5,768

 

 

 

3,448

 

Short-term investments

 

130

 

 

 

126

 

 

 

480

 

 

 

943

 

Cash and cash equivalents

 

1,700

 

 

 

1,179

 

 

 

6,193

 

 

 

3,190

 

Gross investment income

 

12,436

 

 

 

6,930

 

 

 

40,931

 

 

 

19,855

 

Investment expenses

 

(243

)

 

 

(148

)

 

 

(810

)

 

 

(484

)

Net investment income

$

12,193

 

 

$

6,782

 

 

$

40,121

 

 

$

19,371

 

Reconciliation of Non-GAAP Financial Measures

This earnings release contains certain financial measures that are not presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). We use these non-GAAP financial measures when planning, monitoring and evaluating our performance. Management believes that each of the non-GAAP financial measures described below provides useful insight into our underlying business performance.

• Adjusted net income is defined as net income excluding the impact of net realized investment losses, non-operating expenses, foreign exchange losses (gains), and certain strategic initiatives. Adjusted net income excludes the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We calculate the tax impact only on adjustments that would be included in calculating our income tax expense using the estimated tax rate at which we received a deduction for these adjustments.
• Adjusted return on equity is defined as adjusted net income as a percentage of average beginning and ending mezzanine equity and stockholders’ equity.
• Diluted adjusted earnings per share is defined as adjusted net income divided by the weighted average common shares outstanding for the period, reflecting the dilution that may occur if equity based awards are converted into common stock equivalents as calculated using the treasury stock method.

You should not rely on these non-GAAP financial measures as a substitute for any U.S. GAAP financial measure. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered supplemental in nature and not as a replacement for or superior to the comparable U.S. GAAP measures. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as comparative measures.

Adjusted net income

Adjusted net income for the three and twelve months ended December 31, 2024 and 2023 reconciles to net income as follows:

 

Three Months Ended December 31,

 

2024

 

2023

 

Before income taxes

 

After income taxes

 

Before income taxes

 

After income taxes

 

($ in thousands)

Income as reported

$

18,249

 

 

$

13,607

 

 

$

5,810

 

 

$

4,783

 

Adjustments:

 

 

 

 

 

 

 

Non-operating expenses

 

622

 

 

622

 

 

 

630

 

 

 

630

 

Foreign exchange losses (gains)

 

1

 

 

 

1

 

 

 

(41

)

 

 

(41

)

Strategic initiatives(1)

 

—

 

 

 

—

 

 

 

706

 

 

 

706

 

Tax impact

 

—

 

 

 

(131

)

 

 

—

 

 

 

(285

)

Adjusted net income

$

18,872

 

 

$

14,099

 

 

$

7,105

 

 

$

5,793

 

 

Twelve Months Ended December 31,

 

2024

 

2023

 

Before income taxes

 

After income taxes

 

Before income taxes

 

After income taxes

 

($ in thousands)

Income as reported

$

50,535

 

 

$

38,243

 

 

$

32,115

 

 

$

25,047

 

Adjustments:

 

 

 

 

 

 

 

Net realized investment losses

 

16

 

 

16

 

 

 

—

 

 

 

—

 

Non-operating expenses

 

2,807

 

 

 

2,807

 

 

 

630

 

 

 

630

 

Foreign exchange losses (gains)

 

68

 

 

 

68

 

 

 

(20

)

 

 

(20

)

Strategic initiatives(1)

 

2,733

 

 

 

2,733

 

 

 

806

 

 

 

806

 

Tax impact

 

—

 

 

 

(1,181

)

 

 

—

 

 

 

(311

)

Adjusted net income

$

56,159

 

 

$

42,686

 

 

$

33,531

 

 

$

26,152

 

____________________

(1)

 

Strategic initiatives for the three months and years ended December 31, 2024 and 2023 represents costs incurred to set up our Baleen Specialty division, which is recorded in operating expenses within the Consolidated Statements of Income and Comprehensive Income. The costs incurred primarily represent expenses to implement the new platform and processes supporting the Baleen Specialty division. See “Business— Our Business”

Adjusted return on equity

Adjusted return on equity for the three and twelve months ended December 31, 2024 and 2023 reconciles to return on equity as follows:

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

($ in thousands, except percentages)

Numerator: Adjusted net income(1)

$

56,395

 

 

$

23,172

 

 

$

42,686

 

 

$

26,152

 

Denominator: Average mezzanine equity and stockholders' equity

 

367,467

 

 

 

173,251

 

 

 

281,259

 

 

 

137,726

 

Adjusted return on equity

 

15.3

%

 

 

13.4

%

 

 

15.2

%

 

 

19.0

%

____________________

(1)

 

For the three months ended December 31, 2024 and 2023, net income and adjusted net income are annualized to arrive at return on equity and adjusted return on equity.

Diluted adjusted earnings per share

Diluted adjusted earnings per share for the three and twelve months ended December 31, 2024 and 2023 reconciles to diluted earnings per share as follows:

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

($ in thousands, except share and per share data)

Numerator: Adjusted net income

$

14,099

 

 

$

5,793

 

 

$

42,686

 

 

$

26,152

 

Denominator: Diluted weighted average shares outstanding

 

33,571,535

 

 

 

24,000,000

 

 

 

29,677,196

 

 

 

24,000,000

 

Diluted adjusted earnings per share

$

0.42

 

 

$

0.24

 

 

$

1.44

 

 

$

1.09

 

About Bowhead Specialty Holdings Inc.

Bowhead Specialty is a specialty lines insurance group providing casualty, professional liability and healthcare liability insurance products. The team is composed of highly experienced and respected industry veterans with decades of individual, successful underwriting and management experience. We provide “craft” underwriting solutions, which require deep underwriting and claims expertise in order to produce attractive financial results. In May 2024, we supplemented our “craft” solution with our “flow” underwriting operation, which is a streamlined, tech-enabled low touch form of underwriting, focused on small, niche and hard-to-place risks. Our policies are primarily written on a non-admitted, or excess and surplus lines (“E&S”) basis, which is free of rate and policy form restrictions, and provides the flexibility to rapidly adjust to emerging market opportunities.

We pride ourselves on the quality and experience of our people, who are committed to exceeding our partners’ expectations through excellent service and expertise. Our collaborative culture spans all functions of our business, which allows us to provide a consistent, positive experience for all of our partners.

Conference Call

The Company will host a conference call to discuss its results today, Tuesday, February 25, 2025, beginning at 8:30 a.m. Eastern Time. Interested parties may access the conference call through a live webcast, which can be accessed via this link or by visiting the Company’s Investor Relations website. A dial-in option for listen-only participants will be available after registering for the call. Please join the live webcast or dial in at least 10 minutes before the start of the call.

A replay of the event webcast will be available on the company’s Investor Relations website for one year following the call.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in press release are forward-looking statements. In some cases, forward-looking statements can be identified by terms such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "seeks," "future," "outlook," "prospects" "will," "would," "should," "could," "may," "can have" or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. These risks include those described in the Company’s filings made with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250225372984/en/

Investor Relations Contact: Shirley Yap, Head of Investor Relations investorrelations@bowheadspecialty.com