Core Points - Blade and Bow Kentucky Straight Bourbon has launched a sweepstakes offering a unique golf experience with pro golfer Wyndham Clark, including a round of golf and a post-game celebration [1][2] - The total estimated value of the grand prize exceeds $12,500, which includes first-class transit and accommodations for the winner and three friends [2] - The sweepstakes runs until June 15, 2025, with additional secondary prizes for four entrants, including branded merchandise [2][3] Company Overview - Blade and Bow Bourbon is crafted using a unique aging and blending process that preserves the heritage of the historic Stitzel-Weller Distillery, known for its meticulous whiskey production [4][8] - The bourbon is characterized by a blend of various aged bourbons, offering a rich flavor profile with notes of fresh fruit, charred oak, and warm spices [8] - Diageo, the parent company of Blade and Bow, is a global leader in beverage alcohol with a diverse portfolio of brands, including Johnnie Walker and Guinness [9][10] Industry Context - The sweepstakes highlights the connection between golf and bourbon, appealing to enthusiasts of both activities and enhancing the brand's presence in lifestyle marketing [3] - Wyndham Clark's recent success in the PGA Tour, including a major win at the 2023 U.S. Open, elevates the promotional value of the sweepstakes, aligning the brand with a rising star in the sport [11]

Group 1: Company Highlights - YPF Sociedad Anonima (YPF) is an international energy company focused on hydrocarbons in Latin America, with a 46.3% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [1] - Grupo Supervielle (SUPV) is a private financial group in Argentina, experiencing a 14.7% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [2] - New Jersey Resources (NJR) is an energy services holding company providing natural gas and clean energy services, with a 7.3% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [3] - Bowhead Specialty Holdings Inc. (BOW) is a specialty insurance business that has seen a 6.9% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [4] - Celestica (CLS) is one of the largest electronics manufacturing services companies globally, with a 5.5% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [5] Group 2: Market Position - The companies listed are all ranked 1 (Strong Buy) by Zacks, indicating strong market confidence in their earnings potential [6]

Group 1 - Rush Street Interactive, Inc. (RSI) has seen a 35.7% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Bowhead Specialty Holdings Inc. (BOW) has experienced a 6.1% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Zions Bancorporation, National Association (ZION) has reported a 6.4% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - PCB Bancorp (PCB) has seen a 4.8% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Marex Group plc (MRX) has experienced a 4.6% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3]

Group 1 - Grupo Financiero Galicia S.A. has a Zacks Rank 1 and its current year earnings estimate increased by 8.4% over the last 60 days [1] - Grupo Financiero Galicia's shares rose by 59.7% over the last three months, outperforming the S&P 500's increase of 10.4% [1] - New Gold Inc. has a Zacks Rank 1 with a current year earnings estimate increase of 30.8% over the last 60 days [2] - New Gold's shares gained 36.0% over the last six months compared to the S&P 500's advance of 14.9% [2] - Bowhead Specialty Holdings Inc. holds a Zacks Rank 1 and its current year earnings estimate increased by 1.5% over the last 60 days [3] - Bowhead Specialty's shares increased by 23.6% over the last three months, also outperforming the S&P 500's growth of 10.4% [3]

Business Overview - Bowhead Specialty Holdings Inc. focuses on providing specialty Property and Casualty products, particularly in Casualty, Professional Liability, and Healthcare Liability risks[127]. - The company originated business on the paper of American Family Mutual Insurance Company, reinsuring 100% of the insurance business to its wholly-owned subsidiary, Bowhead Insurance Company, Inc.[129]. Premiums and Underwriting Performance - Gross written premiums are influenced by new business submissions, binding of new business, renewals, and average premium rates[130]. - Net written premiums are calculated as gross written premiums minus ceded written premiums, which are impacted by retention levels and policy limits[132]. - Net losses and loss adjustment expenses are affected by claims frequency, severity, and the mix of business written, as well as inflation in claims costs[135]. - Underwriting income is defined as income before income taxes excluding net investment income and certain expenses, providing insight into operational performance[149]. - Adjusted net income excludes the impact of net realized investment gains and non-operating expenses, offering a clearer view of profitability[150]. - The loss ratio, expressed as a percentage, is the ratio of net losses and loss adjustment expenses to net earned premiums, indicating underwriting efficiency[153]. - The combined ratio, which sums the loss ratio and expense ratio, is a key metric for assessing overall profitability in the insurance sector[153]. - The company aims to create superior returns for stockholders by generating consistent underwriting profits across all market cycles[128]. Financial Results - Gross written premiums increased by $48.1 million, or 32.3%, to $197.0 million for the three months ended September 30, 2024, compared to $148.9 million for the same period in 2023[156]. - Net written premiums rose by $29.0 million, or 29.2%, to $128.3 million for the three months ended September 30, 2024, from $99.3 million in the prior year[157]. - Net earned premiums increased by $34.3 million, or 48.4%, to $105.2 million for the three months ended September 30, 2024, compared to $70.9 million for the same period in 2023[158]. - The loss ratio was 64.5% for the three months ended September 30, 2024, an increase of 4.1 points from 60.4% in the same period of 2023[160]. - The expense ratio decreased to 29.9% for the three months ended September 30, 2024, from 31.0% in the prior year, a reduction of 1.1 points[161]. - The combined ratio was 94.4% for the three months ended September 30, 2024, compared to 91.4% for the same period in 2023, reflecting a 3.0 point increase[163]. - Return on equity decreased to 13.7% for the three months ended September 30, 2024, down from 24.8% in the same period of 2023, a decline of 11.1 points[165]. - Net investment income increased by $6.3 million to $11.5 million for the three months ended September 30, 2024, from $5.2 million in the prior year[166]. - Income tax expense was $3.7 million for the three months ended September 30, 2024, compared to $2.6 million for the same period in 2023[167]. - Adjusted net income for the three months ended September 30, 2024, was $12.5 million, reflecting a 42.0% increase from $8.8 million in the prior year[1]. - Gross written premiums increased by $149.6 million, or 41.4%, to $510.9 million for the nine months ended September 30, 2024, compared to $361.4 million for the same period in 2023[171]. - Net written premiums rose by $91.5 million, or 38.2%, to $331.2 million for the nine months ended September 30, 2024, from $239.7 million in 2023[172]. - Net earned premiums increased by $90.3 million, or 48.1%, to $278.2 million for the nine months ended September 30, 2024, compared to $187.9 million in 2023[173]. - The loss ratio was 65.1% for the nine months ended September 30, 2024, an increase of 4.6 points from 60.5% in 2023[175]. - The expense ratio decreased to 31.9% for the nine months ended September 30, 2024, from 32.2% in 2023, a reduction of 0.3 points[176]. - The combined ratio was 97.0% for the nine months ended September 30, 2024, compared to 92.7% for the same period in 2023, reflecting a 4.3 point increase[178]. - Return on equity decreased to 11.8% for the nine months ended September 30, 2024, down from 22.7% in 2023, a decline of 10.9 points[180]. - Net investment income increased by $15.3 million to $27.9 million for the nine months ended September 30, 2024, from $12.6 million in 2023[181]. Division Performance - The Casualty division accounted for 63.8% of gross written premiums in 2024, up from 56.3% in 2023, indicating a shift in business composition[171]. Tax and Income - Income tax expense for the nine months ended September 30, 2024, was $7.6 million, up from $6.0 million for the same period in 2023, with an effective tax rate of 23.7% compared to 23.0%[182]. - Underwriting income for the three months ended September 30, 2024, was $5.8 million, down from $6.2 million in 2023, with income before income taxes at $15.8 million compared to $11.3 million[186]. - Adjusted net income for the three months ended September 30, 2024, was $12.5 million, compared to $8.8 million in 2023, resulting in diluted adjusted earnings per share of $0.38 versus $0.37[195]. - Adjusted return on equity for the three months ended September 30, 2024, was 14.2%, down from 25.1% in 2023, with average equity at $352.4 million compared to $140.5 million[192]. - Adjusted net income for the nine months ended September 30, 2024, was $28.6 million, compared to $20.4 million in 2023, with income before income taxes at $32.3 million versus $26.3 million[190]. - Diluted adjusted earnings per share for the nine months ended September 30, 2024, was $1.01, up from $0.85 in 2023, with adjusted net income of $28.6 million compared to $20.4 million[196]. Cash and Investments - The maximum dividend that the insurance subsidiary, BICI, could pay without regulatory approval was $2.9 million as of December 31, 2023[200]. - The company may receive cash through various sources, including drawing on a facility entered into on April 22, 2024, and capital contributions[198]. - As of September 30, 2024, the holding company had $131.9 million in cash and investments, indicating sufficient liquidity for the next 12 months[201]. - For the nine months ended September 30, 2024, net cash provided by operating activities was $232.9 million, an increase from $174.9 million in the same period of 2023[206]. - Net cash used in investing activities for the nine months ended September 30, 2024, was $324.7 million, primarily due to the purchase of fixed maturity securities totaling $458.4 million[207]. - Total mezzanine equity and stockholders' equity increased to $364.8 million as of September 30, 2024, compared to $192.1 million as of December 31, 2023, driven by net proceeds from the IPO and net income generated[220]. - The investment portfolio as of September 30, 2024, included $891.3 million in fixed maturity securities, with a book yield of 4.7% and a market yield of 4.7%[225]. - The company did not declare any dividends during the three or nine months ended September 30, 2024[221]. - The company had no borrowings outstanding under the revolving credit facility as of September 30, 2024[203]. - The majority of the investment portfolio was comprised of fixed maturity securities classified as available for sale, with unrealized gains recognized in accumulated other comprehensive loss[225]. Reinsurance and Reserves - As of September 30, 2024, the company’s reinsurance treaties included a quota share treaty where 25.0% of the exposure is ceded to reinsurers[214]. - As of December 31, 2023, total investments amounted to $577,843,000, with fixed maturity securities representing 98.4% of the total[228]. - The fair value of fixed maturity securities as of December 31, 2023, was $554,624,000, with AAA-rated securities accounting for 18.3% and AA-rated securities for 61.0%[229]. - The total reserves for unpaid losses and loss adjustment expenses as of September 30, 2024, were $679,568,000, with IBNR representing 90.7% of the total[241]. - Restricted assets increased significantly to $555,315,000 as of September 30, 2024, compared to $286,520,000 as of December 31, 2023[233]. - The company maintains a reserve for losses and loss adjustment expenses based on individual case valuations and statistical analyses, reflecting significant judgment in estimates[236]. - The estimated fair value of fixed maturity securities due in one year or less was $133,341,000, representing 15.0% of the total fair value as of September 30, 2024[231]. - The company’s total fixed maturity securities as of September 30, 2024, were valued at $891,252,000, with a significant portion in AAA and AA ratings[231]. - The company’s reserves for unpaid losses and loss adjustment expenses are subject to variability based on litigation trends and regulatory changes[246]. - The fair value of corporate fixed maturity securities was $109,192,000, accounting for 19.4% of total fixed maturity securities as of December 31, 2023[228]. - The company regularly reviews and adjusts its reserve estimates based on new information and experience, which may lead to significant variations from initial estimates[247]. - Casualty underwriting division reported net reserves for unpaid losses and loss adjustment expenses of $265,704, which is 7.5% higher than the previous amount of $285,632[249]. - Professional liability reserves decreased to $116,322 from $125,046, reflecting a pre-tax income impact of $(8,724)[249]. - Healthcare liability reserves decreased to $74,844 from $80,458, resulting in a pre-tax income impact of $(5,613)[249]. - As of September 30, 2024, the company believes 100% of its reinsurance recoverables are collectible, with no material provision for current expected credit losses recorded[254]. Investment Risk Management - The fair value of fixed maturity securities, short-term investments, and cash equivalents was $947.0 million as of September 30, 2024, up from $567.3 million as of December 31, 2023[263]. - The company’s fixed maturity portfolio has an average rating of "AA," with approximately 92.4% rated "A" or better as of September 30, 2024[266]. - Interest rate risk is managed by investing in securities with varied maturity dates and aligning the duration of the investment portfolio with the duration of reserves[262]. - A 200 basis point increase in interest rates would decrease the estimated fair value of fixed maturity securities by $41,480, representing a 4.4% decline[264]. - The company has exposure to credit risk as a holder of fixed maturity securities, primarily investing in high credit quality issuers[266]. - Reinsurance contracts are selected from reinsurers rated "A" (Excellent) or better, with 100% of reinsurance recoverables as of September 30, 2024, derived from such reinsurers[267].

As filed with the Securities and Exchange Commission on October 21, 2024 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Bowhead Specialty Holdings Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 6331 87-1433334 (I.R.S. Employer Identification Number) 452 Fift ...

Financial Performance - Gross written premiums are expected to increase by 27% to 34% year over year, reaching between $193 million and $200 million[2] - Net income is projected to be between $11.5 million and $12.5 million, translating to diluted earnings per share of $0.34 to $0.37[2] - Adjusted net income is anticipated to be between $12 million and $13 million, or $0.36 to $0.39 per diluted share[2] - Net investment income is expected to be between $11 million and $12 million for the quarter[7] Loss and Expense Ratios - The loss ratio is expected to be between 64.0% and 65.0%, a decrease from 65.5% in the previous quarter[5] - The expense ratio is projected to be between 29.5% and 30.5%, down from 33.8% in the second quarter of 2024[6] Division Performance - The Casualty division led growth with an approximately 40% increase in gross written premiums year over year[4] - Healthcare Liability gross written premiums grew over 25% year over year[4] - A new division, Baleen Specialty, generated a preliminary $0.4 million in gross written premiums for Q3 2024[4] Upcoming Events - The company will host a conference call on November 5, 2024, to discuss the results in detail[17]

Business Overview - Bowhead Specialty Holdings Inc. focuses on providing specialty Property and Casualty products, particularly in Casualty, Professional Liability, and Healthcare risks[124]. - The company originated business on the paper of American Family Mutual Insurance Company, reinsuring 100% of the insurance business to its wholly-owned subsidiary, Bowhead Insurance Company, Inc.[126]. - The company was founded in September 2020, capitalizing on a favorable pricing environment and unmet demand for specialized insurance solutions[126]. Financial Performance - Gross written premiums increased by $58.8 million, or 50.4%, to $175.5 million for the three months ended June 30, 2024, compared to $116.7 million for the same period in 2023[153]. - Net written premiums rose by $35.6 million, or 46.6%, to $112.1 million for the three months ended June 30, 2024, from $76.4 million in the prior year[154]. - Net earned premiums increased by $28.7 million, or 46.8%, to $90.1 million for the three months ended June 30, 2024, compared to $61.4 million for the same period in 2023[155]. - Net income for the six months ended June 30, 2024, was $12.55 million, an increase of 8.6% from $11.56 million in the prior year[181]. - Adjusted net income increased by $4.53 million, or 39.2%, to $16.07 million for the six months ended June 30, 2024, compared to $11.54 million in the prior year[176]. Underwriting Metrics - Key operating metrics include loss ratio, expense ratio, and combined ratio, which are critical for assessing financial performance[150]. - The loss ratio was 65.5% for the three months ended June 30, 2024, an increase of 4.5 points from 61.0% in the same period of 2023[156]. - The expense ratio increased to 33.8% for the three months ended June 30, 2024, compared to 31.9% for the same period in 2023[158]. - The combined ratio was 99.3% for the three months ended June 30, 2024, up from 92.8% in the prior year[161]. Investment Performance - Net investment income increased by $4.7 million to $8.8 million for the three months ended June 30, 2024, from $4.0 million in the prior year[163]. - Net investment income rose by $9.0 million to $16.4 million for the six months ended June 30, 2024, from $7.4 million in the same period of 2023[180]. - The investment portfolio as of June 30, 2024, comprised $706.2 million in fixed maturity securities with a market yield of 5.5%[227]. - The fair value of fixed maturity securities, short-term investments, and cash equivalents was $859.4 million as of June 30, 2024, compared to $567.3 million as of December 31, 2023[265]. Capital Management - The company aims to generate consistent underwriting profits across product lines while managing capital prudently, with a focus on operational excellence and superior service[125]. - The Company entered into a senior secured revolving credit facility with an aggregate principal amount of $75 million, including a $5 million sub-facility for letters of credit[203]. - As of June 30, 2024, the holding company had $140.1 million in cash and investments, indicating sufficient liquidity for the next 12 months[202]. Risk Management - Future performance is subject to various risks, including competition, regulatory changes, and operational disruptions[123]. - The company utilizes a combination of quota share and excess of loss reinsurance treaties to manage loss exposures and safeguard capital[212]. - The company manages interest rate risk by investing in securities with varied maturity dates and aligning the duration of the investment portfolio with reserves[264]. Reserves and Losses - The reserve for losses and loss adjustment expenses totaled $587,905,000 as of June 30, 2024, with IBNR representing 93.2% of total reserves[242]. - The company regularly reviews and adjusts its reserve estimates based on historical information and industry trends, indicating a proactive approach to financial management[239]. - As of June 30, 2024, the net reserves for unpaid losses and loss adjustment expenses in the Casualty Underwriting Division were $222.464 million, with a potential 7.5% increase leading to $239.149 million[252].

As filed with the U.S. Securities and Exchange Commission on May 20, 2024. Registration No. 333-278653 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 6331 87-1433334 (I.R.S. Employer Identification Number) 1411 Broadway, Suite 3800 New York, NY 10018 (212) 970-0269 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 3 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Bowhead ...

Registration No. 333-278653 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER As filed with the U.S. Securities and Exchange Commission on May 13, 2024. THE SECURITIES ACT OF 1933 Bowhead Specialty Holdings Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 6331 87-1433334 (I.R.S. Employer Iden ...