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Bowhead Specialty Holdings Inc.

American fire company, incorporated in Delaware, listed on NYSE (BOW)1

In its 2026 annual report the company says: “We offer commercial specialty property and casualty insurance products to policyholders that vary in size, industry and complexity, focusing on casualty, professional liability, and healthcare liability risks. Our products are delivered through two complementary underwriting models designed to support sustainable and profitable growth across market cycles: a “craft” model for large, complex, higher-severity risks, and a “digital” model for smaller, simpler, and scalable business.”3 It is headquartered in New York, New York.1

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Last updated Oct 21, 2026.

Overview

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  • TickerBOW on NYSE1
  • IndustryFire, Marine & Casualty Insurance1
  • HeadquartersNew York, New York1
  • Incorporated inDE2
  • Business address452 5Th Avenue, 24Th Floor, New York, Ny 100182
  • Filer category, Emerging growth company2

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We were founded in September 2020, backed by capital provided by GPC Partners Investments (SPV III) LP (“GPC Fund”), a private equity fund managed by Gallatin Point Capital LLC (“Gallatin Point”), and our strategic partner, AmFam, to take advantage of favorable pricing environments, and to address a growing and unmet demand from brokers and policyholders for specialized insurance solutions and quality service in complex lines of business. Our principal objective is to create and sustain superior returns for our stockholders by generating consistent, underwriting profits across our product offerings and through all market cycles, while prudently managing capital.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

9.8%Net margin4
29.6%Revenue growth, 20254
12.0%Return on equity4
0.33×Debt to equity4
$326.0MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs88¢$484.3M
  • Income tax2¢$13.5M
  • Profit10¢$53.8M

Out of $551.6M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Capital spending2¢$5.6M
  • Kept or used elsewhere98¢$326.0M

Out of $331.6M of cash from operations.4

Financial statements

Revenue54$551.6M in 2025+194% since 2022
0$200.0M$400.0M$600.0M2022: $187.6M$187.6M20222023: $283.4M$283.4M2023+51%2024: $425.7M$425.7M2024+50%2025: $551.6M$551.6M2025+30%
Net income54$53.8M in 2025+378% since 2022
0$20.0M$40.0M$60.0M2022: $11.3M$11.3M20222023: $25.0M$25.0M2023+123%2024: $38.2M$38.2M2024+53%2025: $53.8M$53.8M2025+41%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Gross written premiums$862.8M$695.7M$507.7M
Ceded written premiums-$304.6M-$244.3M-$173.0M
Net written premiums$558.2M$451.4M$334.7M
Change in net unearned premiums-$66.5M-$66.3M-$70.8M
Net earned premiums$491.7M$385.1M$263.9M
Net investment income$57.8M$40.1M$19.4M
Net realized investment gains (losses)$42.9K-$16.2K$0
Other insurance-related income$2.0M$444.0K$125.0K
Total revenues$551.6M$425.7M$283.4M
Net losses and loss adjustment expenses$328.0M$248.1M$166.3M
Net acquisition costs$46.5M$32.4M$20.9M
Operating expenses$102.3M$89.1M$63.5M
Non-operating expenses$1.4M$2.8M$630.0K
Warrant expense$3.1M$1.9M$0
Interest expense and financing fees$2.0M$725.0K$0
Loss on extinguishment of credit facility$862.0K$0$0
Foreign exchange losses (gains)$50.0K$68.0K-$20.0K
Total expenses$484.3M$375.1M$251.3M
Income before income taxes$67.3M$50.5M$32.1M
Income tax expense-$13.5M-$12.3M-$7.1M
Net income$53.8M$38.2M$25.0M
Change in unrealized gain (loss) on investments (net of income tax benefit (expense) of $(4,388), $(58) and $(1,413), respectively)$16.5M$218.0K$5.3M
Total comprehensive income$70.3M$38.5M$30.4M
Basic (in dollars per share)$1.64$1.31$1.04
Diluted (in dollars per share)$1.59$1.29$1.04
Basic (in shares)32.7M shares29.3M shares24.0M shares
Diluted (in shares)33.7M shares29.7M shares24.0M shares
Net of income tax benefit (expense)-$4.4M-$58.0K-$1.4M

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Corporate structure

Bowhead Specialty Holdings Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Bowhead Specialty Holdings Inc.

  • Bowhead Specialty Holdings Inc. New York, New York

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Bowhead Specialty Holdings Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$18.7M4 Dec 31, 2025$13.2M4 Dec 31, 2024+42.3%
Accumulated depreciation$8.1M4 Dec 31, 2025$6.3M4 Dec 31, 2024+28.1%
Property and equipment, net$10.6M4 Dec 31, 2025$6.8M4 Dec 31, 2024+55.4%
Operating-lease assets (leased space)$2.8M4 Dec 31, 2025$4.0M4 Dec 31, 2024−30.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$193.5M4 Dec 31, 2025$97.5M4 Dec 31, 2024+98.6%

Properties, in its own words

Although our business is run largely remotely, we lease offices located in New York, New York, and Chicago, Illinois. We do not own any real property. We believe that our existing facilities are sufficient for our current needs.

Item 2 of the 10-K filed Feb 24, 2026.3

Leadership

Who has led Bowhead Specialty Holdings Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Stephen Jay Sills2024–now

President

  1. Stephen Jay Sills2024–now

Chief financial officer

  1. Brad Mulcahey2024–now
2025
Board members and other officers (14)

Former names

  • Bowhead Holdings Inc.Dec 21, 2023 to Feb 5, 20242

Timeline

  1. Sep 14, 20268-K Executive or director change23
  2. Aug 19, 20268-K Executive or director change24
  3. Aug 3, 20268-K Entered a material agreement; Results of operations; Other events25
  4. May 5, 20268-K Entered a material agreement; Results of operations; Shareholder vote26
  5. Feb 24, 20268-K Results of operations; Regulation FD disclosure27
  6. Dec 1, 20258-K Entered a material agreement; New debt or obligation28
  7. Nov 25, 20258-K Entered a material agreement; Ended a material agreement29
  8. Nov 4, 20258-K Results of operations; Regulation FD disclosure30
  9. Oct 2, 20258-K Executive or director change31
  10. Aug 8, 20258-K Other events32
  11. Aug 5, 20258-K Results of operations; Regulation FD disclosure33
  12. Jun 6, 20258-K Regulation FD disclosure34
  13. May 23, 2024New chief executive Stephen Jay Sills becomes CEO8

Calendar

Coming up

  1. Nov 3, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.47 a share, on Nov 4, 2025.35

When it reported results

  1. Aug 3, 2026Reported quarterly or annual results25
  2. May 5, 2026Reported quarterly or annual results26
  3. Feb 24, 2026Reported quarterly or annual results27
  4. Nov 4, 2025Reported quarterly or annual results30
  5. Aug 5, 2025Reported quarterly or annual results33
  6. May 6, 2025Reported quarterly or annual results36
  7. Feb 25, 2025Reported quarterly or annual results37
  8. Nov 5, 2024Reported quarterly or annual results38

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

175 filings to the SEC since October 2021: 2 annual reports, 7 quarterly reports, 21 major events, 77 insider forms, 10 large holders, 58 other. The latest 20:

  1. Oct 14, 2026SC 13E3/A EDGAR
  2. Oct 14, 2026DEFM14A EDGAR
  3. Oct 6, 2026SCHEDULE 13G EDGAR
  4. Oct 5, 2026SC 13E3/A EDGAR
  5. Oct 5, 2026PRER14A EDGAR
  6. Oct 1, 2026CT ORDER EDGAR
  7. Sep 23, 2026SC 13E3/A EDGAR
  8. Sep 23, 2026PRER14A EDGAR
  9. Sep 15, 20263 EDGAR
  10. Sep 14, 20268-K EDGAR
  11. Aug 31, 2026SC 13E3 EDGAR
  12. Aug 28, 2026PREM14A EDGAR
  13. Aug 19, 20268-K EDGAR
  14. Aug 5, 2026DEF 14A EDGAR
  15. Aug 3, 2026DEF 14A EDGAR
  16. Aug 3, 202610-Q EDGAR
  17. Aug 3, 20268-K EDGAR
  18. Jul 24, 2026SCHEDULE 13G EDGAR
  19. May 27, 20264/A EDGAR
  20. May 27, 20264 EDGAR

The 175 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

10 open-market trades by officers, directors and large owners since October 2021: 5 buys and 5 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 8, 2025Botein MatthewDirectorSale2,000,000$30.66$61.3MForm 4
Aug 8, 2025Gallatin Point Capital LLCDirectorSale2,000,000$30.66$61.3MForm 4
Feb 28, 2025Schnidman AvaDirectorBuy1,493$33.41$49.9KForm 4
Oct 25, 2024Botein MatthewDirectorSale3,178,662$27.70$88.0MForm 4
Oct 25, 2024Gallatin Point Capital LLCDirectorSale3,178,662$27.70$88.0MForm 4
Oct 25, 2024AMERICAN FAMILY MUTUAL INSURANCE COMPANY, S.I.DirectorSale1,362,285$27.70$37.7MForm 4
May 28, 2024Sills Stephen JayCEO and PresidentBuy58,824$17.00$1.0MForm 4
May 28, 2024Newman David JohnChief Underwriting OfficerBuy26,815$20.36$546.0KForm 4
May 28, 2024Yap Shirley Shek LiChief Accounting OfficerBuy3,200$17.00$54.4KForm 4
May 28, 2024Fondriest FabianDirectorBuy12,000$17.00$204.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Gallatin Point Capital LLC8,968,445$268.4M80.8%No change
American Family Investments, Inc.4,700,761$140.7M2.5%No change
American Century Companies Inc2,081,072$62.3M0.0%+111,404
Victory Capital Management Inc1,729,490$51.8M0.0%+187,840
BlackRock, Inc.1,552,167$46.5M0.0%+139,560
Polar Capital Holdings Plc1,500,000$44.9M0.1%No change
Vanguard Capital Management LLC834,303$25.0M0.0%+5,881
Silvercrest Asset Management Group LLC551,821$16.5M0.1%New
Geode Capital Management, LLC455,139$13.6M0.0%+33,892
Morgan Stanley436,205$13.1M0.0%+22,275
State Street Corp427,643$12.8M0.0%+30,663
Schroder Investment Management Group418,809$12.6M0.0%+67,149
Two Sigma Investments, LP415,153$12.4M0.0%−103,571
Vanguard Portfolio Management LLC350,807$10.5M0.0%−34,321
Wasatch Advisors LP348,437$10.4M0.1%+78,209
Dimensional Fund Advisors LP304,318$9.1M0.0%+47,673
DAVENPORT & Co LLC294,801$8.8M0.0%No change
Qube Research & Technologies Ltd251,475$7.5M0.0%−164,183
Aqr Capital Management LLC171,075$5.1M0.0%+100,046
Nuveen, LLC169,658$5.1M0.0%+111,942
Northern Trust Corp166,590$5.0M0.0%+15,311
Goldman Sachs Group Inc166,251$5.0M0.0%−73,097
Charles Schwab Investment Management Inc146,274$4.4M0.0%+3,765
Russell Investments Group, Ltd.145,820$4.4M0.0%−27,513
Alyeska Investment Group, L.P.141,282$4.2M0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Bowhead Specialty Holdings Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBowhead Specialty Holdings Inc.1
  • CIK0002002473
  • Employer ID (EIN)87-14333343
  • Filer statusAccelerated filer an emerging growth company; not a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)6331 Fire, Marine & Casualty Insurance1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address452 5Th Avenue, 24Th Floor, New York, NY 100181
  • Phone21297002691
  • Shares outstanding32,943,005 as of Jul 29, 20267
  • Public float$493.7M as of Jun 30, 20253
  • AuditorPricewaterhouseCoopers LLP, Des Moines, Iowa PCAOB ID 238; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceDec 21, 20231
  • Filings175 in all: 4 (50), 8-K (21), 3 (19), CORRESP (8), 10-Q (7), UPLOAD (7), 4/A (6), SCHEDULE 13G (6)1
    All 35 form types

    DEF 14A (4), EFFECT (4), DRSLTR (3), S-1/A (3), SC 13E3/A (3), SCHEDULE 13G/A (3), 10-K (2), 3/A (2), 424B4 (2), 424B5 (2), DRS (2), DRS/A (2), FWP (2), PRER14A (2), S-1 (2), S-3 (2), 424B7 (1), 8-A12B (1), CERT (1), CT ORDER (1), DEFA14A (1), DEFM14A (1), PREM14A (1), S-1MEF (1), S-8 (1), SC 13E3 (1), SC 13G (1)

  • Latest filingsAnnual report (10-K) Feb 24, 2026
    Quarterly report (10-Q) Aug 3, 2026
    Proxy statement (DEF 14A) Aug 5, 2026
    Latest 8-K (8-K) Sep 14, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareBOWNew York Stock Exchange

From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Bowhead Specialty Holdings Inc. names in Item 1A of its 10-K filed Feb 24, 2026: 58 risks under these headings, as written.3

  • This summary provides an overview of the risks we face and should not be considered a substitute for the more fulsome risk factors discussed immediately following this summary.
  • Risks Related to Our Business and Industry
  • Risks Related to Laws and Regulation
  • Risks Related to Our Operations
  • Risks Related to Liquidity and Access to Capital
  • Risks Related to Ownership of Our Common Stock
  • Our financial condition and results of operations could be materially adversely affected if we do not accurately assess our underwriting risk.
  • Competition for business in our industry is intense.
  • Inability to maintain our strategic relationship with AmFam would materially adversely affect our business.
  • A decline in AmFam’s financial strength rating or financial size category may adversely affect our financial condition and results of operations.
  • Because our business depends on insurance retail agents, brokers and wholesalers, we are exposed to certain risks arising out of our reliance on these distribution channels that could adversely affect our results.
  • We rely on a select group of brokers, and such relationships may not continue.
The other 51 risks
  • We may be unable to continue purchasing third-party reinsurance in amounts we desire on commercially acceptable terms or on terms that adequately protect us, and this inability may materially adversely affect our business, financial condition and results of operations.
  • Our losses and loss expense reserves may be inadequate to cover our actual losses, which could have a material adverse effect on our financial condition, results of operations and cash flows.
  • Given the inherent uncertainty of risk assessment and underwriting tools and algorithms, the usefulness of such tools to evaluate risk is subject to a high degree of uncertainty that could result in actual losses that are materially different than our estimates. A deviation from our loss estimates may adversely impact, perhaps significantly, our financial results.
  • We rely on third-party data, and inaccuracies in such data could adversely impact our ability to estimate losses and manage risks.
  • Unexpected changes in the interpretation of our coverage or provisions, including loss limitations and exclusions, in our policies could have a material adverse effect on our financial condition and results of operations.
  • Outward reinsurance is a key part of our strategy, subjecting us to the credit risk of our reinsurers and may not be available, affordable or adequate to protect against losses.
  • Our reinsurers may not reimburse us for claims on a timely basis, or at all, which may materially adversely affect our business, financial condition and results of operations.
  • We may act based on inaccurate or incomplete information regarding the accounts we underwrite.
  • Our failure to accurately and timely pay claims could materially and adversely affect our business, financial condition, results of operations and prospects.
  • Excessive risk taking could negatively affect our financial condition and business.
  • If actual renewals of our existing contracts do not meet expectations, our gross written premiums in future years and our future results of operations could be materially adversely affected.
  • Cyber threats are an evolving risk area affecting not only the specific cyber insurance market but also the liability coverage we provide which may adversely affect us.
  • Changes in accounting practices and future pronouncements may materially affect our reported financial results and business.
  • We may not be able to effectively start up or integrate new product opportunities.
  • Adverse economic factors, including recession, inflation, periods of high unemployment or lower economic activity could result in the sale of fewer policies than expected or an increase in the frequency of claims and premium defaults, and even the falsification of claims, or a combination of these effects, which, in turn, could affect our growth and profitability.
  • While the P&C industry is generally currently experiencing a hard market, the insurance business is historically cyclical in nature, which may affect our financial performance and cause our operating results to vary from quarter to quarter and may not be indicative of future performance.
  • Performance of our investment portfolio is subject to a variety of investment risks that may adversely affect our financial results.
  • Pandemics, geopolitical and social events, severe weather conditions, including the effects of climate change and catastrophes, as well as man-made event events may adversely affect our business, results of operations and financial condition.
  • Trade relations between the United States and other countries, including the imposition of new or increased tariffs, could have an adverse effect on our insureds, business and financial results.
  • We are subject to extensive regulation, which may adversely affect our ability to achieve our business objectives. In addition, if we fail to comply with these regulations, we may be subject to penalties, including fines, suspensions, revoking licenses, orders to cease and desist operations and criminal prosecution, which may adversely affect our financial condition and results of operations.
  • We may become subject to additional government or market regulation, which may have a material adverse impact on our business.
  • Changes in law, including relating to certain perils, could adversely affect our business.
  • Applicable insurance laws may make it difficult to effect a change of control.
  • We could be adversely affected by the loss of one or more key personnel or by an inability to attract and retain qualified personnel, including failure to develop a succession plan for Stephen Sills, our founder and Chief Executive Officer, or other members of our senior management team.
  • We could suffer security breaches, loss of data, cyberattacks and other information technology failures, and are subject to laws and regulations concerning data privacy and security that are continually evolving. Actual or suspected information technology failures or failure to comply with applicable law could disrupt our operations, damage our reputation and adversely affect our business, operations and financial results.
  • Operational risk exposures, such as human or systems failures (including from third-party vendor arrangements), are inherent in our business and may result in losses.
  • Artificial intelligence is an evolving and rapidly growing technology.
  • We may change our underwriting guidelines or our strategy without your approval.
  • We may not be able to manage our growth effectively.
  • Any future acquisitions, strategic investments or new platforms could expose us to further risks or turn out to be unsuccessful.
  • The effects of litigation on our business are uncertain and could have an adverse effect on our business.
  • Loss of key vendor relationships or failure of a vendor to protect our data or confidential and proprietary information could affect our operations.
  • We may fail or be unable to protect our intellectual property rights, which could adversely affect our brand and business.
  • Our limited operating history may make it difficult to evaluate our current business and future prospects.
  • We could be forced to sell investments to meet our liquidity requirements.
  • Because we are a holding company and substantially all or a substantial portion of our operations are conducted by our insurance and service company subsidiaries, our ability to achieve liquidity at the holding company, including the ability to pay dividends and service our debt obligations, depends on our ability to obtain cash dividends or other permitted payments from our insurance and service company subsidiaries.
  • We may require additional capital in the future, which may not be available or may only be available on unfavorable terms.
  • Our failure to comply with the terms of our credit facility or senior notes indenture, including as a result of events beyond our control, could result in an event of default that could affect our business, financial condition, and results of operations.
  • Our current debt and our ability to incur a substantial level of indebtedness may reduce our financial flexibility, affect our ability to operate our business, and divert cash flow from operations for debt service.
  • The 2025 Facility and Indenture contain restrictions on our ability to operate our business and to pursue our business strategies.
  • Our costs have increased significantly as a result of operating as a public company, and our management is required to devote substantial time to complying with public company regulations.
  • We are required by Section 404 of the Sarbanes‑Oxley Act to evaluate the effectiveness of our internal control over financial reporting. If we are unable to achieve and maintain effective internal controls, our operating results and financial condition could be harmed and the market price of our common stock may be negatively affected.
  • We qualify as an emerging growth company, and any decision on our part to comply with reduced reporting and disclosure requirements applicable to emerging growth companies could make our common stock less attractive to investors.
  • You cannot be certain that an active trading market for our common stock will continue.
  • Our operating results and stock price may be volatile, or may decline regardless of our operating performance, and you could lose all or part of your investment.
  • Substantial future sales of shares of our common stock by existing stockholders, or the perception that those sales may occur, could cause the market price of our common stock to decline.
  • Because we have no current plans to pay cash dividends on our common stock, you may not receive any return on investment unless you sell your shares of common stock for a price greater than that which you paid for it.
  • If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.
  • Anti-takeover provisions in our organizational documents could delay a change in management and limit our share price.
  • Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware (or if such court does not have jurisdiction, another state or the federal courts (as appropriate) located within the State of Delaware) will be the sole and exclusive forum for certain stockholder litigation matters, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees, or stockholders.
  • GPC Fund and AFMIC exercise substantial influence over us, may engage in businesses that compete with us, and your ability to influence matters requiring stockholder approval may be limited.

Legal proceedings

We are subject to routine legal proceedings in the normal course of operating our insurance business. We are not currently a party to any such claims, lawsuits or proceedings, the outcome of which, if determined adversely to us, we believe would, individually or in the aggregate, have a material adverse effect on our business, results of operations or financial condition.

The opening of Item 3, Legal Proceedings.3

Sources

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