UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-42111 _________________________ Bowhead Specialty Holdings Inc. (Exact name of registrant as specified in its charter) _________ ...

Bowhead Specialty Holdings (BOW) Q1 2025 Earnings Call May 06, 2025 08:30 AM ET Company Participants Shirley Yap - Head of IR & CAOStephen Sills - Founder, President, CEO & DirectorBrad Mulcahey - CFOMatt Carletti - Managing DirectorMeyer Shields - Managing DirectorPablo Singzon - Executive Director Conference Call Participants Paul Newsome - MD & Senior Research AnalystJian Huang - Analyst Operator Hello, and welcome to Bowhead Specialties q one twenty twenty five earnings call. After the prepared remarks, ...

Bowhead Specialty Holdings (BOW) Q1 2025 Earnings Call May 06, 2025 08:30 AM ET Speaker0 Hello, and welcome to Bowhead Specialties q one twenty twenty five earnings call. After the prepared remarks, we will hold a question and answer session. For those in the q and a room, please click the raise hand button found on the black bar at the bottom of your screen to join the question queue. Also, as a reminder, this conference is being recorded. If you have any objections, please disconnect at this time. With th ...

Investor Presentation May 2025 Forward Looking Statements This presentation has been prepared by Bowhead Specialty Holdings Inc. ("we," "us," "our," "Bowhead" or the "Company") on a confidential basis for the exclusive use of the party to whom Bowhead delivers this presentation. This presentation has been prepared by Bowhead for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the p ...

Financial Performance - Gross written premiums increased by 26.3% year-over-year to $174.8 million in Q1 2025, driven by strong growth in the Casualty division[15] - Net income rose by 62.9% to $11.4 million, or $0.34 per diluted share, compared to $7.0 million in Q1 2024[12] - Total revenues for Q1 2025 increased by 35.3% to $122.7 million, up from $90.7 million in Q1 2024[12] - Adjusted net income for the three months ended March 31, 2025, was $14,538,000, compared to $10,547,000 in 2024, indicating a year-over-year increase of approximately 37.5%[22] - Diluted adjusted earnings per share remained stable at $0.34 for both the three months ended March 31, 2025, and 2024, despite changes in net income[24] Division Performance - The Casualty division led growth with a 33.7% increase in gross written premiums to $122.3 million[8] - Baleen Specialty, a new division launched in Q2 2024, generated $2.7 million in gross written premiums, marking a sequential growth of 131.1%[8] Investment Income - Net investment income surged by 64.0% to $12.6 million, attributed to a higher balance of investments and improved yields[10] - Net investment income for the three months ended March 31, 2025, was $12,559,000, an increase from $7,660,000 in 2024, reflecting a significant growth in investment income sources[18] - Gross investment income for the three months ended March 31, 2025, was $12,819,000, significantly higher than $7,824,000 in 2024, showcasing improved investment performance[18] Expense Management - The loss ratio for Q1 2025 was 66.9%, an increase of 1.4 points from 65.5% in Q1 2024, influenced by changes in portfolio mix[2] - The expense ratio decreased to 30.4% from 32.6% in the prior year, reflecting better expense management and scaling of operations[5] - For the three months ended March 31, 2025, total expenses amounted to $33,388,000, representing 30.4% of net earned premium, compared to $27,012,000 or 32.6% in 2024[17] - Operating expenses increased to $23,937,000 in the first quarter of 2025, accounting for 21.8% of net earned premium, compared to $20,522,000 or 24.7% in 2024[17] - The company reported net acquisition costs of $9,796,000 for the three months ended March 31, 2025, which is 8.9% of net earned premium, up from 7.9% in 2024[17] - The company incurred non-operating expenses of $110,000 in 2025, compared to $219,000 in 2024, indicating a reduction in such costs[22] - The strategic initiatives costs for the three months ended March 31, 2024, amounted to $1,238,000, related to the setup of the Baleen Specialty division[22] Shareholder Metrics - Book value per share was reported at $11.98, with diluted book value per share at $11.61[7] - Adjusted return on equity for the three months ended March 31, 2025, was 12.1%, down from 16.7% in 2024, reflecting changes in equity performance[23] Future Outlook - The company aims to grow premiums by approximately 20% annually despite market uncertainties[1]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-42111 ___________________________ Bowhead Specialty Holdings Inc. (Exact name of registrant as specif ...

Financial Performance - Gross written premiums increased 26.3% to $184.8 million in Q4 2024, and 37.0% to $695.7 million for the full year 2024[4] - Net income for Q4 2024 was $13.6 million, or $0.41 per diluted share, and for the full year 2024 was $38.2 million, or $1.29 per diluted share[4] - Total revenues for Q4 2024 increased by 44.1% to $119.3 million, and for the full year, revenues rose by 50.2% to $425.7 million[9] - Adjusted net income for Q4 2024 was $18,872,000, up from $14,099,000 in Q4 2023, representing a 33.5% increase[18] - Diluted adjusted earnings per share for Q4 2024 was $0.42, compared to $0.24 in Q4 2023, marking a 75% increase[22] - The adjusted return on equity for Q4 2024 was 15.3%, an increase from 13.4% in Q4 2023[21] Investment Income - Net investment income rose 79.8% in Q4 2024 to $12.2 million, and 107.1% for the full year to $40.1 million[7] - Net investment income for Q4 2024 was $12,193,000, compared to $6,782,000 in Q4 2023, reflecting an increase of 79.5%[15] Loss Ratios - The loss ratio for the year was 64.4%, an increase of 1.4 points from 63.0% in 2023, primarily due to a higher proportion of Casualty in the portfolio[2] - The loss ratio for Q4 2024 was 62.6%, a decrease from 69.2% in Q4 2023[13] - The company reported a total of $248,099,000 in net losses for the twelve months ended December 31, 2024, with a loss ratio of 64.4%[13] Expense Ratios - The expense ratio for Q4 2024 was 30.1%, a decrease of 1.2 points from the previous year, reflecting improved operational efficiency[6] - The total expense ratio for Q4 2024 was 30.1%, slightly improved from 31.3% in Q4 2023[14] Business Development - The Casualty division led growth with a 43.1% increase to $105.9 million, while Healthcare Liability and Professional Liability increased by 8.8% and 6.5%, respectively[5] - The company launched Baleen, a tech-enabled low touch underwriting operation, generating $1.2 million in gross written premiums in Q4 2024, a sequential growth of 175%[5] - The company launched its Baleen Specialty division in May 2024, focusing on niche and hard-to-place risks[24] Assets and Book Value - Book value per share was $11.34, with diluted book value per share at $11.03 as of December 31, 2024[4] - Total assets increased to $1.65 billion as of December 31, 2024, compared to $1.03 billion a year earlier[11] Conference and Forward-Looking Statements - The Company will host a conference call on February 25, 2025, at 8:30 a.m. Eastern Time to discuss its results[26] - A replay of the event webcast will be available on the Company's Investor Relations website for one year following the call[27] - Forward-looking statements are included in the press release, which may involve risks and uncertainties that could cause actual results to differ materially[28] - The Company does not undertake any obligation to update or revise forward-looking information[28] Investor Relations - Investor Relations contact is Shirley Yap, Head of Investor Relations[29]

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]