Highlights

  • Gross written premiums for the second quarter of 2026 were $297.9 million, up $65.5 million, or 28.2%, from $232.4 million.
  • Net income was $16,138 thousand, or $0.48 per diluted share, compared with $12,342 thousand, or $0.36, a year earlier.
  • The combined ratio was 95.9%, compared with 96.8%; the loss ratio was 67.3% and the expense ratio was 28.6%.
  • Interest expense and financing fees were $3,266 thousand, compared with $261 thousand in the second quarter of 2025.

Bowhead Specialty Holdings Inc. (NYSE: BOW) shares were trading at USD 34.32 on October 27, 2026, up 0.53%, with a relative volume at time of 13.23. The specialty insurer became a member of the Federal Home Loan Bank of Chicago through a subsidiary in March 2026, and filed its Form 10-Q for the quarter ended June 30, 2026, on August 3, 2026, reporting second quarter results.

Bowhead Specialty Holdings is a Delaware insurance holding company with principal executive offices at 452 Fifth Avenue in New York. It provides specialty commercial property and casualty insurance products in the United States, focusing on casualty, professional liability and healthcare liability risks that are primarily written on a non-admitted, or excess and surplus lines, basis. It operates through three subsidiaries: Bowhead Specialty Underwriters, Bowhead Insurance Company and Bowhead Underwriting Services. The company is organized as a single operating and reportable segment, and its fiscal year ends December 31.

Second Quarter Results

For the three months ended June 30, 2026, gross written premiums were $297.9 million, compared with $232.4 million. Excess and surplus lines business made up 79.9% of gross written premiums, compared with 76.9%. Net written premiums were $181.0 million, up $32.1 million, or 21.6%. Net earned premiums were $144.0 million, up $24.8 million, or 20.8%.

Net income was $16,138 thousand, up 30.8% from $12,342 thousand. Income before income taxes was $20,661 thousand, and income tax expense was $4,523 thousand, an effective tax rate of 21.9%. Underwriting income, a non-GAAP measure, was $4,804 thousand, compared with $3,350 thousand. Adjusted net income, a non-GAAP measure, was $16,145 thousand, and diluted adjusted earnings per share were $0.48. Return on equity was 13.8%, compared with 12.4%.

Net investment income was $18.8 million, compared with $13.7 million.

Underwriting Ratios

The loss ratio of 67.3% increased 1.1 points from 66.2%, which the company attributed to a higher current accident year loss ratio, reflecting lower ceded loss activity under its excess of loss treaties and, to a lesser extent, portfolio mix. Prior accident year development was 0.1% of net earned premiums. The expense ratio of 28.6% decreased 2.0 points from 30.6%. The net acquisition costs ratio increased 1.7 points to 11.0%, and the operating expense ratio decreased 3.4 points.

For the six months ended June 30, 2026, gross written premiums were $514,635 thousand, compared with $407,209 thousand, and net income was $32,148 thousand, or $0.96 per diluted share, compared with $23,767 thousand, or $0.70.

Balance Sheet, Debt and Capital

At June 30, 2026, total assets were $2,681,292 thousand, compared with $2,371,376 thousand at December 31, 2025. Investments in fixed maturity securities were $1,585,217 thousand. The reserve for losses and loss adjustment expenses was $1,318,644 thousand, compared with $1,129,936 thousand. Cash and cash equivalents were $141,748 thousand. Accumulated other comprehensive loss was $6,828 thousand, compared with income of $5,354 thousand at year-end.

Debt was $146,573 thousand. The company has a senior secured revolving credit facility under a credit agreement with PNC Bank, N.A. entered into on November 26, 2025, after it terminated its 2024 credit agreement on November 25, 2025 and expensed the remaining unamortized deferred financing fees. In March 2026, Bowhead Insurance Company became a member of FHLB Chicago; as of June 30, 2026, it had not pledged eligible collateral and had no available borrowing capacity under the advances program.

Total stockholders' equity was $472,361 thousand, with 32,943,005 shares of common stock outstanding. American Family Mutual Insurance Company beneficially owned approximately 14.3% of the common stock at June 30, 2026.

Outlook

The 10-Q contains no numerical guidance,. The company stated that it estimates its tax provision in interim periods using its estimate of the effective tax rate expected for the full year. It also noted that quarterly return on equity figures are annualized from the quarter's net income.