(Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K For the transition period from ______ to ______ Commission file number 001-42111 ___________________________ Bowhead Specialty Holdings Inc. (Exact name of registrant as specif ...

Core Insights - Bowhead Specialty reported significant growth in gross written premiums (GWP), with a 21% year-over-year increase in Q4 to $224 million and a 24% increase for the full year to approximately $863 million, driven primarily by the casualty division [3][7] - The company achieved an adjusted net income of $15.5 million in Q4, translating to $0.47 per diluted share, and a full-year adjusted net income of $55.6 million, up 30.2% from the previous year [3][4] - Management anticipates around 20% GWP growth for 2026, with casualty leading the way, supported by enhanced digital underwriting capabilities [5][18] GWP Performance - Baleen's GWP increased by 47% from Q3 to over $9.1 million in Q4, totaling over $21 million for the year [1] - Healthcare liability GWP rose about 8% in Q4 to $34 million and 14% for the full year to $116 million, driven by healthcare management liability and senior care [1] - Professional liability GWP increased about 4% in Q4 to $48 million and 9% for the full year to $174 million, primarily due to cyber liability targeting small and mid-size accounts [2] - Casualty GWP surged about 26% in Q4 to $133 million and 28% for the full year to $551 million, primarily driven by excess casualty [2] Financial Metrics - The company reported an adjusted return on average equity of 14.1% for Q4 and an adjusted return on equity of 13.6% for the full year [3][4] - The expense ratio improved to below 30% for the year, better than initial expectations [4] - Pre-tax net investment income rose about 36% year-over-year in Q4 to $16.6 million and increased 44% for the full year to $57.8 million [16] Operational Insights - Bowhead's management emphasized disciplined premium growth of 24% for the year, exceeding initial expectations of 20% [4][5] - The company maintains a conservative reserving approach and focuses on underwriting discipline, avoiding high-risk casualty hotspots [9][10] - The loss ratio for 2025 was reported at 66.7%, up from 64.4% in 2024, attributed to higher expected loss ratios following the annual reserve review [12] Future Outlook - Management reiterated a target for 2026 GWP growth of around 20%, with expectations for a loss ratio in the mid-to-high 60s and an expense ratio below 30% [6][19] - The combined ratio is expected to be in the mid-to-high 90s, with a return on equity in the mid-teens [19] - Bowhead renewed its cyber quota share treaty effective January 1 at 65%, up from 60% in 2025, indicating a proactive approach to risk management [20]

分组1 - Bowhead Specialty Holdings Inc. reported quarterly earnings of $0.47 per share, exceeding the Zacks Consensus Estimate of $0.45 per share, and showing an increase from $0.42 per share a year ago, resulting in an earnings surprise of +4.65% [1] - The company achieved revenues of $151.68 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 3.83%, and up from $119.33 million year-over-year [2] - Bowhead Specialty Holdings Inc. has consistently surpassed consensus EPS estimates over the last four quarters [2] 分组2 - The stock has underperformed the market, losing about 13.1% since the beginning of the year, compared to a decline of 0.1% for the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $0.42 on revenues of $151.79 million, and for the current fiscal year, it is $1.95 on revenues of $663.99 million [7] - The Zacks Industry Rank for Insurance - Property and Casualty is in the top 32% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Financial Data and Key Metrics Changes - Bowhead achieved disciplined premium growth of 24% for the year, surpassing the original expectation of 20% [5] - Adjusted net income grew over 30% for the year, with an adjusted return on equity of 13.6% and diluted adjusted earnings per share of $1.65 [5][20] - Gross written premiums (GWP) increased 21% in Q4 to $224 million, and 24% for the full year to approximately $863 million [6][20] Business Line Data and Key Metrics Changes - Casualty division drove GWP growth, increasing approximately 26% in Q4 to $133 million and 28% for the full year to $551 million [7] - Professional liability division GWP increased approximately 4% in Q4 to $48 million and 9% for the full year to $174 million, primarily driven by the cyber liability portfolio [8] - Healthcare liability division GWP increased approximately 8% in Q4 to $34 million and 14% for the full year to $116 million [8] Market Data and Key Metrics Changes - The casualty market is experiencing a positive rate environment, with Bowhead benefiting from disciplined risk selection and limit management [17] - The company noted a mix of responses in the market, with some deals still facing adverse development while others show strong loss experience [46] Company Strategy and Development Direction - Bowhead aims for sustainable and profitable growth across market cycles through two underwriting models: craft underwriting and digital underwriting [9][10] - The company plans to continue focusing on profitable premium growth of around 20% for 2026, primarily driven by the casualty division and digital capabilities [12][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to grow profitably despite a competitive market, highlighting the importance of disciplined underwriting [18] - The company anticipates a loss ratio in the mid to high 60s for 2026, with an expense ratio below 30% due to scaling and technology initiatives [30] Other Important Information - Bowhead's investment portfolio saw a pre-tax net investment income increase of approximately 36% to $16.6 million for Q4 and 44% for the year to $57.8 million [28] - Total equity reached $449 million, resulting in a diluted book value per share of $13.45, an increase of 22% from year-end 2024 [29] Q&A Session Summary Question: What does the prior year reserve development imply for price adequacy for 2026? - Management believes pricing is above trend and does not expect significant pricing impact from prior year reserve adjustments [33] Question: How should we think of a mature Baleen in terms of loss ratio characteristics? - Management expects Baleen's loss ratio to be superior to the general large casualty business due to its restricted nature [36] Question: How do you translate industry data into loss ratio picks? - The company utilizes proprietary information from a third-party actuary to tailor industry benchmarks to its portfolio [39][40] Question: What is the long-term target for the expense ratio? - Management aims to maintain a low 30s expense ratio, leveraging technology initiatives for further improvements [41] Question: Is there a risk of disintermediating brokers with automated underwriting? - Management does not foresee disintermediation of brokers due to the complexity of specialty insurance [48] Question: How much did mix contribute to the actual loss ratio uptick in 2025? - Management indicated that mix impacts are becoming less significant as the casualty portfolio grows [52] Question: Will the company fully offset potential increases in loss ratio with a lower expense ratio? - Management aims to minimize the expense ratio regardless of loss ratio trends, leveraging older accident years with lower loss picks [56]

Financial Data and Key Metrics Changes - Bowhead achieved disciplined premium growth of 24% for the year, surpassing the original expectation of 20% [5] - The expense ratio improved to below 30% for the year, better than the low 30s range initially expected [5] - Adjusted net income grew over 30% for the year, with an adjusted return on equity of 13.6% and diluted adjusted earnings per share of $1.65 [5][20] - Gross written premiums (GWP) increased 21% in Q4 to $224 million, and 24% for the full year to approximately $863 million [6][20] Business Line Data and Key Metrics Changes - In the casualty division, GWP increased approximately 26% in Q4 to $133 million, and 28% for the full year to $551 million, primarily driven by the excess casualty portfolio [7] - Professional liability GWP increased approximately 4% in Q4 to $48 million and 9% for the full year to $174 million, driven by the cyber liability portfolio [8] - Healthcare liability GWP increased approximately 8% in Q4 to $34 million and 14% for the full year to $116 million, with growth from healthcare management liability and senior care portfolios [8] - Baleen generated over $21 million for the year, with a 47% increase from Q3 to over $9.1 million in Q4 [9] Market Data and Key Metrics Changes - The casualty market is experiencing a positive rate environment, with limit discipline holding well [18] - There is a mix of responses in the market, with some deals still facing adverse development while others show compounded double-digit rates and good loss experience [46] Company Strategy and Development Direction - Bowhead aims for sustainable and profitable growth across market cycles through two underwriting models: craft underwriting and digital underwriting [10] - The digital underwriting model, including Baleen and Express, is designed for speed, consistency, and disciplined decision-making [11] - The company expects profitable premium growth of around 20% for 2026, primarily driven by the casualty division and digital capabilities [12][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to grow profitably despite a competitive market, with a healthy balance of rate and limit management [18] - The company anticipates a loss ratio in the mid to high 60s for 2026, with an expense ratio below 30% due to scaling and technology initiatives [30] - The investment portfolio is expected to maintain a conservative risk profile while extending duration from three to four years [31] Other Important Information - The effective tax rate for the year was 20.1%, and total equity reached $449 million, resulting in a diluted book value per share of $13.45, a 22% increase from year-end 2024 [28][29] Q&A Session Summary Question: What does the prior year reserve development imply for price adequacy for 2026 for professional and healthcare? - Management believes pricing is above trend, with small changes not significantly impacting pricing [33] Question: How should we think of a mature Baleen in terms of loss ratio characteristics? - Baleen is expected to have a superior loss ratio compared to the general large casualty business [36] Question: How do you translate industry data into the loss ratio picks? - The company uses proprietary information from a third-party actuary to tailor industry benchmarks to its portfolio [39] Question: What is the long-term target for the expense ratio? - The company aims to maintain a low expense ratio, leveraging technology initiatives for efficiency [41] Question: Is the pricing environment for excess casualty beginning to plateau? - There is a moderation in the market, but overall, rates are exceeding loss trends [46] Question: Will technology allow for disintermediation of brokers? - Management does not foresee disintermediation due to the complexity of specialty insurance requiring broker expertise [48] Question: How much did mix contribute to the actual loss ratio uptick in 2025? - The impact of mix on the loss ratio is still being assessed, with a focus on how it plays out in 2026 [52] Question: How much of the lower expense ratio guide for 2026 is attributable to scale versus mix? - The improvement is primarily due to technology initiatives rather than just scale [66]

Financial Data and Key Metrics Changes - Bowhead achieved disciplined premium growth of 24% for the year, surpassing the original expectation of 20% [5] - Adjusted net income grew over 30% for the year, with an adjusted return on equity of 13.6% and diluted adjusted earnings per share of $1.65 [5][20] - Gross written premiums (GWP) increased 21% in Q4 to $224 million, and 24% for the full year to approximately $863 million [6][20] Business Line Data and Key Metrics Changes - Casualty division drove GWP growth, increasing approximately 26% in Q4 to $133 million, and 28% for the full year to $551 million [7] - Professional liability division GWP increased approximately 4% in Q4 to $48 million and 9% for the full year to $174 million, primarily driven by the cyber liability portfolio [8] - Healthcare liability division GWP increased approximately 8% in Q4 to $34 million and 14% for the full year to $116 million, with growth driven by healthcare management liability and senior care portfolios [8] Market Data and Key Metrics Changes - The current accident year loss ratio increased 1.8 points due to higher expected loss ratios and trends after the annual reserve review [21] - The overall loss ratio for 2025 was 66.7%, an increase of 2.3 points compared to 64.4% in 2024 [21] - The investment portfolio's pre-tax net investment income for the quarter increased approximately 36% to $16.6 million, and 44% for the year to $57.8 million [28] Company Strategy and Development Direction - Bowhead aims for sustainable and profitable growth across market cycles through two underwriting models: craft underwriting and digital underwriting [9][10] - The company expects profitable premium growth of around 20% for 2026, primarily driven by the casualty division and digital capabilities [12][29] - Investments in technology and talent are expected to enhance the company's ability to capture more opportunities [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current market, noting a healthy balance of rate and limit management [18] - The company anticipates that social inflation and litigation funding will continue to impact the market, but remains focused on disciplined risk selection [17] - Management highlighted that submissions are growing faster than they can quote, indicating strong demand for their offerings [19] Other Important Information - The company issued $150 million of 7.75% senior unsecured notes scheduled to mature on December 1, 2030, to support regulatory capital requirements [31] - The effective tax rate for the year was 20.1%, which may vary due to state taxes and stock-based compensation [28] Q&A Session Summary Question: What does the prior year reserve development imply for price adequacy for 2026 for professional and healthcare? - Management believes they are priced well, with pricing coming in above trend, and adjustments were made conservatively [33] Question: How should we think of a mature Baleen in terms of loss ratio characteristics? - Management expects Baleen's loss ratio to be superior to the general large casualty business due to the restricted nature of coverage [36] Question: How do you translate industry data into the loss ratio picks? - The company uses proprietary information from a third-party actuary to tailor industry benchmarks to their portfolio [39] Question: What is the long-term target for the expense ratio? - Management aims to keep the expense ratio below 30%, leveraging technology initiatives to improve efficiencies [41] Question: Is there any sign that pricing environment in Excess Casualty is beginning to plateau? - Management noted a lumpy moderation in the market but believes that rate is exceeding loss trend overall [46] Question: Will technology allow for disintermediation of brokers? - Management does not foresee disintermediation happening soon, as the complexity of specialty insurance requires broker involvement [48] Question: How much did mix contribute to the actual loss ratio uptick in 2025? - Management indicated that they will review loss picks quarterly and adjust as necessary, but could not provide a precise number for next year [52] Question: How much of the lower expense ratio guide for 2026 is attributable to scale versus mix? - The improvement is attributed to technology initiatives across both digital and craft businesses [69]

Financial Data and Key Metrics Changes - Bowhead achieved disciplined premium growth of 24% for the year, surpassing the original expectation of 20% [6] - Adjusted net income grew over 30% for the year, with an adjusted return on equity of 13.6% and diluted adjusted earnings per share of $1.65 [6][21] - Gross written premiums (GWP) increased 21% in Q4 to $224 million, and 24% for the full year to approximately $863 million [6][21] Business Line Data and Key Metrics Changes - Casualty division drove GWP growth, increasing approximately 26% in Q4 to $133 million, and 28% for the full year to $551 million [7] - Professional liability GWP increased approximately 4% in Q4 to $48 million and 9% for the full year to $174 million, primarily driven by the cyber liability portfolio [8] - Healthcare liability GWP increased approximately 8% in Q4 to $34 million and 14% for the full year to $116 million, driven by healthcare management liability and senior care portfolios [9] Market Data and Key Metrics Changes - The current accident year loss ratio increased 1.8 points, partly due to higher expected loss ratios and trends after the annual reserve review [22] - The overall loss ratio for 2025 was 66.7%, an increase of 2.3 points compared to 64.4% in 2024 [22] - The investment portfolio's pre-tax net investment income increased approximately 36% to $16.6 million for Q4, and 44% for the year to $57.8 million [29] Company Strategy and Development Direction - Bowhead aims for sustainable and profitable growth across market cycles, utilizing two complementary underwriting models: craft underwriting and digital underwriting [10][11] - The company expects profitable premium growth of around 20% for 2026, primarily driven by the casualty division and digital capabilities [13][30] - Investments in technology and talent are expected to enhance the ability to capture more opportunities that fit the company's appetite [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to grow profitably despite a competitive market, noting a healthy balance of rate and limit management [19] - The company anticipates a loss ratio in the mid to high 60s for 2026, with an expense ratio below 30% due to continued scaling and technology initiatives [31] - Management highlighted the importance of disciplined risk selection and the ability to walk away from unprofitable deals [19] Other Important Information - Total equity was $449 million, resulting in a diluted book value per share of $13.45, an increase of 22% from year-end 2024 [30] - The company issued $150 million of 7.75% senior unsecured notes scheduled to mature on December 1, 2030, to support regulatory capital requirements [32] Q&A Session Summary Question: Price adequacy for 2026 for professional and healthcare lines - Management believes pricing is above trend and adjustments are conservative, with no significant pricing impact expected [34] Question: Baleen's loss ratio characteristics - Management expects Baleen's loss ratio to be superior to the general large casualty business due to the restricted nature of coverage [36] Question: Industry data translation into loss ratio picks - The company uses proprietary information from third-party actuaries to tailor industry benchmarks to its portfolio [39] Question: Expense ratio target and future expectations - Management aims to reduce the expense ratio further, leveraging technology initiatives while facing headwinds from increased acquisition costs [41] Question: Pricing environment in Excess Casualty - Management noted a moderation in the market but believes that rates are still exceeding loss trends [44] Question: Disintermediation of brokers - Management does not foresee disintermediation of brokers due to the complexity of specialty insurance [48] Question: Growth of Baleen and investment portfolio risk profile - Management indicated that growth in Baleen is improving due to increased acceptance and infrastructure, while maintaining a conservative investment portfolio [62][64]

Financial Data and Key Metrics Changes - Bowhead achieved a disciplined premium growth of 24% for the year, surpassing the original expectation of 20% [6] - Adjusted net income increased by over 30% for the year, with an adjusted return on equity of 13.6% and diluted adjusted earnings per share of $1.65 [6][21] - Gross written premiums (GWP) rose 21% in Q4 to $224 million and 24% for the full year to approximately $863 million [6][21] Business Line Data and Key Metrics Changes - In the casualty division, GWP increased approximately 26% in Q4 to $133 million and 28% for the full year to $551 million, primarily driven by the excess casualty portfolio [7] - Professional liability GWP grew approximately 4% in Q4 to $48 million and 9% for the full year to $174 million, mainly due to the cyber liability portfolio [8] - Healthcare liability GWP increased approximately 8% in Q4 to $34 million and 14% for the full year to $116 million, driven by healthcare management liability and senior care portfolios [9] Market Data and Key Metrics Changes - The casualty market is experiencing a positive rate environment, with Bowhead benefiting from disciplined risk selection and limit management [19] - The company noted that submissions are growing faster than they can quote, indicating a strong demand in the market [20] Company Strategy and Development Direction - Bowhead aims for sustainable and profitable growth across market cycles through two complementary underwriting models: craft underwriting and digital underwriting [10] - The digital underwriting model, initiated with Baleen, focuses on small, harder-to-place risks and aims to improve efficiency through technology [11] - The company expects profitable premium growth of around 20% for 2026, primarily driven by the casualty division and digital capabilities [13][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current market conditions, noting a healthy balance of rate and limit management [19] - The company anticipates a loss ratio in the mid to high 60s for 2026, with an expense ratio below 30% due to ongoing scaling and technology initiatives [31] Other Important Information - Bowhead's investment portfolio saw a pre-tax net investment income increase of approximately 36% in Q4 to $16.6 million and 44% for the year to $57.8 million [29] - Total equity reached $449 million, resulting in a diluted book value per share of $13.45, a 22% increase from year-end 2024 [30] Q&A Session Summary Question: What does the prior year reserve development imply for price adequacy for 2026? - Management believes they are priced well, with pricing coming in above trend, and adjustments were made conservatively without significant pricing impact [34] Question: How should we think about the loss ratio characteristics of Baleen as it matures? - Management expects Baleen's loss ratio to be superior to the general large casualty business due to the restricted nature of its coverage [36] Question: How does the company translate industry data into loss ratio picks? - The company utilizes third-party actuaries with proprietary information tailored to their portfolio, enhancing their reserving conservatism [39] Question: What is the long-term target for the expense ratio? - Management aims to keep the expense ratio below 30%, driven by technology initiatives and operational efficiencies [41] Question: Is there a sign that the pricing environment for excess casualty is beginning to plateau? - Management noted a moderation in the market but indicated that rates are still exceeding loss trends overall [44] Question: Will technology advancements lead to disintermediation of brokers? - Management does not foresee disintermediation, emphasizing the complexity of specialty insurance that requires broker expertise [48]

Investor Presentation February 2026 Forward-Looking Statements and Other Notices This presentation has been prepared by Bowhead Specialty Holdings Inc. ("we," "us," "our," "Bowhead" or the "Company") on a confidential basis for the exclusive use of the party to whom Bowhead delivers this presentation. COLOR PALETTE Text 50 56 62 Title bar/ Bullets 1 23 65 This presentation has been prepared by Bowhead for informational purposes only and not for any other purpose. Nothing contained in this presentation is, o ...

Financial Performance - Gross written premiums increased by 21.3% to $224.1 million in Q4 2025 and by 24.0% to $862.8 million for the full year 2025[4] - Adjusted net income for the full year 2025 grew over 30% to $55.6 million, with diluted adjusted earnings per share at $1.65[2][4] - Adjusted net income for Q4 2025 was $18,677,000, compared to $15,531,000 in Q4 2024, reflecting a year-over-year increase of 13.8%[21] - For the twelve months ended December 31, 2025, adjusted net income was $69,593,000, up from $55,598,000 in 2024, representing a growth of 25.1%[23] - The company reported total income of $67,299,000 for the twelve months ended December 31, 2025, compared to $53,786,000 in 2024, marking a 24.9% increase[23] Expense and Profitability Metrics - The expense ratio decreased to 29.1% in Q4 2025 and 29.8% for the full year, down from 30.1% and 31.4% in 2024 respectively[9][12] - Total expenses for the twelve months ended December 31, 2025, were $146,735 thousand, representing 29.8% of net earned premiums, a slight improvement from 31.4% in 2024[17] - The company’s net acquisition costs for the twelve months ended December 31, 2025, were $46,513 thousand, representing 9.5% of net earned premiums, compared to 8.4% in 2024[17] - Non-operating expenses for the twelve months ended December 31, 2025, were $1,425,000, down from $2,807,000 in 2024, indicating a reduction of 49.3%[23] Investment and Asset Growth - Net investment income rose by 35.8% to $16.6 million in Q4 2025 and by 44.1% to $57.8 million for the full year[10] - Net investment income for the three months ended December 31, 2025, was $16,553 thousand, an increase from $12,193 thousand in 2024, reflecting a growth of 35.5%[18] - Total assets increased to $2,371,376 thousand in 2025 from $1,654,242 thousand in 2024, representing a growth of 43.2%[14] Loss and Combined Ratios - The loss ratio for the full year 2025 was 66.7%, an increase of 2.3 points compared to 64.4% in 2024[3][12] - The loss ratio for the current accident year was 67.5% for Q4 2025, compared to 62.6% for Q4 2024, indicating a deterioration in loss performance[16] - The combined ratio for the full year 2025 was 96.5%, compared to 95.8% in 2024[12] Segment Performance - The Casualty division led growth with a 25.5% increase in gross written premiums to $132.9 million[5] - The casualty segment accounted for 59.3% of total gross written premiums in Q4 2025, up from 57.3% in Q4 2024, with a dollar increase of $27,033 thousand[15] - The company reported a significant increase in the Baleen Specialty segment, with gross written premiums rising to $9,095 thousand in Q4 2025 from $1,188 thousand in Q4 2024, a growth of 665.6%[15] - Baleen, the digital underwriting model, generated over $21 million in premiums in its first full year, marking a significant milestone[2] Shareholder Metrics - Book value per share was $13.70, with diluted book value per share at $13.45[4] - Adjusted return on equity for Q4 2025 was 14.1%, slightly down from 15.3% in Q4 2024, while the twelve-month adjusted return on equity was 13.6%, compared to 15.2% in 2024[24] - Diluted adjusted earnings per share for Q4 2025 was $0.47, an increase from $0.42 in Q4 2024, while for the twelve months, it rose to $1.65 from $1.44[25] - The average mezzanine equity and stockholders' equity for Q4 2025 was $440,156,000, compared to $367,467,000 in Q4 2024, reflecting an increase of 19.7%[24] Strategic Initiatives and Future Outlook - The company expects gross written premium growth of around 20% in 2026, driven by the Casualty division[2] - The company is focused on expanding its Baleen Specialty division, which incurred strategic initiative costs of $2,733,000 in 2024[23] - The company’s team is composed of experienced industry veterans, enhancing its capability to deliver quality insurance products[26] - The company will host a conference call on February 24, 2026, to discuss its results, indicating ongoing transparency and engagement with investors[28]