Financial Performance - Gross written premiums increased by 17.5% year-over-year to $231.5 million in Q3 2025[1] - Adjusted net income rose by 25.5% to $15.8 million, with diluted adjusted earnings per share of $0.47[1][7] - Total revenues for Q3 2025 were $143.9 million, a 23.3% increase compared to $116.8 million in Q3 2024[11] - Adjusted net income for Q3 2025 was $19.9 million, compared to $15.8 million in Q3 2024, reflecting a growth of 25.8%[20] - Diluted adjusted earnings per share for Q3 2025 were $0.47, compared to $0.38 in Q3 2024, marking a 23.7% increase[24] Loss and Expense Ratios - The loss ratio for Q3 2025 was 65.9%, an increase of 1.4 points from 64.5% in Q3 2024[2][11] - Total expenses for Q3 2025 were $37.8 million, representing 29.5% of net earned premiums, a decrease from 29.9% in Q3 2024[16] - The expense ratio decreased to 29.5%, down 0.4 points from 29.9% in the same period last year[5][11] Investment Income - Net investment income increased by 30.9% to $15.0 million, driven by higher investment balances and yields[9] - Net investment income for Q3 2025 was $15.0 million, an increase from $11.5 million in Q3 2024[17] Growth in Premiums - The Casualty division led growth with a 20.4% increase in premiums to $144.7 million[8] - Gross written premiums for Q3 2025 reached $231.5 million, a 17.5% increase from $197.0 million in Q3 2024[14] - Gross written premiums for the nine months ended September 30, 2025, totaled $638.7 million, a 25.0% increase from $510.9 million in the same period of 2024[14] - Casualty insurance accounted for 62.5% of total gross written premiums in Q3 2025, up from 61.0% in Q3 2024, with a dollar increase of $24.5 million[14] - The company has seen significant growth in its Baleen Specialty division, with gross written premiums increasing by 1333.0% in Q3 2025 compared to Q3 2024[14] Shareholder Metrics - Book value per share increased to $13.15, with diluted book value per share at $12.75[7] - The company achieved an adjusted return on equity of 15.1% for Q3 2025[1][11] - The adjusted return on equity for Q3 2025 was 15.1%, up from 14.2% in Q3 2024[23] Company Events and Communications - The Company will host a conference call on November 4, 2025, at 8:30 a.m. Eastern Time to discuss its results[28] - A replay of the event webcast will be available on the Company's Investor Relations website for one year following the call[29] - Investor Relations contact is Shirley Yap, Head of Investor Relations[31] Forward-Looking Statements - Forward-looking statements are included in the press release, which may involve risks and uncertainties that could cause actual results to differ materially[30] - The Company does not undertake any obligation to update or revise forward-looking information[30]
Bowhead Specialty Holdings Inc.(BOW) - 2025 Q3 - Quarterly Results