Company Overview - Bowhead is a growing and profitable E&S focused specialty P&C business led by industry veteran Stephen Sills[15] - The company's underwriting is led by people with proven track records, offering "craft" solutions in attractive markets[15] - Bowhead aims for sustainable underwriting across market cycles[15] Financial Highlights - The Last Twelve Months Q1'25 Gross Written Premium (GWP) reached $732 million[18] - The GWP Compound Annual Growth Rate (CAGR) from 2021 through LTM Q1'25 was 44%[18] - The Combined Ratio for the LTM March 2025 was 95.8%, comprised of a 64.9% loss ratio and a 30.9% expense ratio[18, 19] - Year-to-date March 2025 Adjusted Return on Equity (ROE) was 12.1%[18] - 76% of the LTM Q1'25 GWP was written on an E&S basis[20] Market and Strategy - The company focuses on profitable and growing lines within the ~$95 billion U.S commercial E&S market[29] - Bowhead does not delegate underwriting to outside parties, maintaining a fully-integrated model[34] - The company balances its existing "craft" underwriting strategy with "flow" business launched in 2024[48] Financial Position - The company has a clean balance sheet with no reserves from accident years prior to 2020[10] - The investment portfolio is 100% cash, short-term investments, and investment grade, with no equity or alternative investment risk[42]
Bowhead Specialty Holdings Inc.(BOW) - 2025 Q1 - Earnings Call Presentation