Bowhead Specialty Holdings Inc (NYSE:BOW)

Q3 2025 Bowhead Specialty Holdings Inc Earnings Call Transcript

Nov 4, 2025 / 01:30 PM GMT

Release Date Price: $25.45 (+4.52%)

Transcript 10-Q8-K

Key Points

Positve

Bowhead Specialty Holdings Inc (BOW) reported a 17.5% year-over-year increase in gross written premiums, reaching approximately $232 million for the third quarter.
The company's adjusted net income increased by 25.5%, with diluted adjusted earnings per share rising by 23.7% to $0.47.
The casualty division experienced significant growth, with a 20% increase in premiums, driven primarily by the excess casualty business.
Bowhead achieved an expense ratio of 29.5%, a decrease of 40 basis points year over year, attributed to technology-driven efficiencies.
Net investment income grew by 31% year over year to $15 million, supported by higher yields and a larger balance of investments.

Negative

The professional liability division saw only a modest 2% increase in premiums, with challenges in the financial institutions portfolio due to high competition.
The construction sector faced a slowdown in new large residential projects, influenced by uncertainties around interest rates and material costs.
The company's loss ratio increased by 1.4 points to 65.9%, partly due to changes in product mix and reliance on industry loss data.
There is a high ratio of Incurred But Not Reported (IBNR) reserves, at 88.2% of total reserves, indicating reliance on industry data over internal data.
The company faces competitive pressures in the healthcare liability market, although it is seeing some positive developments in specific areas.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BOW.N - Bowhead Specialty Holdings Inc
Q3 2025 Bowhead Specialty Holdings Inc Earnings Call
Nov 04, 2025 / 01:30PM GMT

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Presentation
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Unidentified_1 [1]
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Hello and welcome to Bowhead Specialties Q3 2025 earnings call. After the prepared remarks, we will hold a question-and-answer session. For those in the Q&A room, please use the raise hand function at the bottom of your Zoom screen to join the question queue. You can do this at any time, and your questions will be addressed during the Q&A session. Also, as a reminder, this conference is being recorded. If you have any objections, please disconnect at this time. With that, I would like to turn the call over to Shirley Yap, head of investor relations. Shirley, you may begin.

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Unidentified_2 [2]
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