Company Overview - Bowhead is a growing and profitable E&S focused specialty P&C business led by industry veteran Stephen Sills, with a strategic partnership with American Family Mutual Insurance Company, S I [16] - The company emphasizes an underwriting-first culture and sustainable underwriting across market cycles [16] - Bowhead's leadership team has an average of over 30 years of experience [21] Financial Highlights - Last Twelve Months (LTM) Q2'25 Gross Written Premium (GWP) reached $789 million [19] - The Combined Ratio for LTM June 2025 was 95 4%, consisting of a 65 1% loss ratio and a 30 3% expense ratio [19, 20] - Year-to-Date (YTD) June 2025 Adjusted Return on Equity (ROE) was 12 5% [19] - From 2021 through LTM Q2'25, the GWP Compound Annual Growth Rate (CAGR) was 43% [19] - 76% of LTM Q2'25 GWP was written on an E&S basis [21] Market Focus - The company is focused on profitable and growing lines within the ~$95 billion U S commercial E&S market [30] - Bowhead launched in September 2020, with a DPW CAGR of 20% from 2020-2024 and an average loss ratio of 59 1% [27] Strategic Advantages - Bowhead has a strong underwriting culture with a fully-integrated and accountable value chain [11, 32] - The company has a clean balance sheet with no reserves from accident years prior to 2020 [11, 40] - Bowhead balances its "craft" underwriting strategy with "flow" business launched in 2024 for continued growth [48]
Bowhead Specialty Holdings Inc.(BOW) - 2025 Q2 - Earnings Call Presentation