Q1 growth lifts Bowhead Specialty (NYSE: BOW) profit and ROE

Q: What changes were made to Bowhead’s quota share agreement with American Family?

Amendment No. 1 raised the calendar-year gross written premium threshold for American Family’s termination right from $1.0 billion to $1.5 billion, extended required termination notice from 180 to 365 days, increased ceding commissions above $1.0 billion of ceded premiums, and increased collateralization requirements over time.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Bowhead Specialty Holdings Inc. reported strong first-quarter 2026 results and amended key reinsurance arrangements with American Family Mutual Insurance Company. Gross written premiums rose 24.0% to $216.7 million, while net income increased 40.1% to $16.0 million, or $0.48 per diluted share. Total revenues grew 26.9% to $155.7 million, and the combined ratio improved to 95.3%, driven by a stable loss ratio of 66.9% and a lower expense ratio of 28.4%.

Return on equity reached 14.1%, with adjusted net income of $16.0 million. Gross written premiums grew across all divisions, including Baleen Specialty, which climbed 313.9% to $11.4 million, and digital business reaching $14.8 million. Net investment income rose 43.5% to $18.0 million on a largely investment‑grade portfolio yielding 4.6%. Amendments to the quota share and related trust agreements raised the premium threshold at which American Family can terminate the quota share from $1.0 billion to $1.5 billion, extended required termination notice from 180 to 365 days, and increased ceding commission and collateralization requirements over time.

Positive

Strong profitable growth: Q1 2026 gross written premiums rose 24.0% to $216.7 million and net income increased 40.1% to $16.0 million, lifting return on equity to 14.1% with a better combined ratio of 95.3%.

Negative

None.

Insights

Bowhead delivered strong, profitable growth in Q1 2026.

Bowhead Specialty grew gross written premiums by 24.0% to $216.7 million, with net income up 40.1% to $16.0 million. The combined ratio improved to 95.3%, as a steady 66.9% loss ratio paired with a lower 28.4% expense ratio.

Return on equity reached 14.1%, and net investment income increased 43.5% to $18.0 million on a largely investment‑grade portfolio yielding 4.6%. The balance sheet stayed sizable, with total assets of $2.48 billion and stockholders' equity of $457.9 million as of March 31 2026.

The amended quota share and trust agreements with American Family Mutual Insurance Company raise the premium threshold for potential termination to $1.5 billion and extend notice periods, while increasing ceding commissions and collateral over time. These changes tighten economics but also clarify long‑term partnership terms. Subsequent filings and future quarters’ results will show how higher ceding costs and collateralization interact with Bowhead’s growth and underwriting margins.

8-K Event Classification

5 items: 1.01, 2.02, 5.07, 7.01, 9.01

5 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 5.07 Submission of Matters to a Vote of Security Holders Governance

Results of a shareholder vote on proposals at an annual or special meeting.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Gross written premiums Q1 2026: $216.7M Net income Q1 2026: $16.0M Diluted EPS Q1 2026: $0.48 per share +5 more

8 metrics

Gross written premiums Q1 2026 $216.7M Three months ended March 31, 2026; up 24.0% from $174.8M

Net income Q1 2026 $16.0M Three months ended March 31, 2026; up 40.1% from $11.4M

Diluted EPS Q1 2026 $0.48 per share Versus $0.34 per diluted share in Q1 2025

Combined ratio Q1 2026 95.3% Loss ratio 66.9% and expense ratio 28.4%; improved from 97.3%

Return on equity 14.1% Annualized ROE for three months ended March 31, 2026

Net investment income Q1 2026 $18.0M Up 43.5% from $12.6M in Q1 2025; portfolio yield 4.6%

Total assets $2.48B Total assets as of March 31, 2026 on condensed balance sheet

Digital gross written premiums $14.8M Q1 2026 digital GWP (including Baleen and Express), up 439.9%

Key Terms

Quota Share Reinsurance Agreement, ceding commission, combined ratio, excess and surplus (E&S) lines, +2 more

6 terms

ceding commission financial

"increases the ceding commission BICI is required to pay AFMIC under the Amended and Restated Quota Share Agreement"

A ceding commission is a fee that a reinsurer pays back to the original insurer when the insurer transfers (cedes) a block of insurance risk to the reinsurer. Think of it as a reimbursement for the costs of selling and administering the policies being transferred; for investors, higher ceding commissions can boost an insurer’s short-term profitability but may affect the economics of risk transfer and long-term margins.

combined ratio financial

"Combined ratio | 95.3 % | | 97.3 %"

The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.

excess and surplus (E&S) lines financial

"“Non-admitted” or excess and surplus (“E&S”) lines refers to policies generally not subject to regulations"

A surplus and excess (E&S) lines product is insurance for risks that standard policies won’t cover—unusual, high-risk, or highly customized exposures—sold by specialized brokers through insurers not licensed in the buyer’s state. Think of it as a tailor-made safety net when off-the-shelf coverage won’t fit; pricing and terms are more flexible but regulatory protections and guaranties are often weaker. For investors, E&S lines signal higher underwriting risk and potential for better pricing power and niche market growth.

adjusted net income financial

"Adjusted net income(2) of $16.0 million, or $0.48 per diluted share(2)."

Adjusted net income is a company's reported profit after removing unusual, one-time, or non-operational items so the number reflects the business’s regular earning power. Investors use it like a cleaned-up scorecard — similar to judging a player’s season performance without a few fluke games — to compare companies or assess trends without being misled by rare gains or losses that won’t affect future cash flow.

return on equity financial

"Return on equity of 14.1% and adjusted return on equity(2) of 14.1%."

Return on equity shows how effectively a company uses its shareholders' money to generate profit. It is calculated by dividing the company's net profit by its shareholders' equity, indicating how much profit is earned for each dollar invested by owners. Higher return on equity suggests the company is good at turning investments into earnings, which can be an important factor for investors assessing its profitability and efficiency.

Earnings Snapshot

Total revenues: $155.7M

Q1 2026

Total revenues $155.7M +26.9% year over year

Gross written premiums $216.7M +24.0% year over year

Net income $16.0M +40.1% year over year

Adjusted net income $16.0M +39.7% year over year

Combined ratio 95.3% improved from 97.3%

Understanding 8-K Material Events →

05/05/2026 - 07:01 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2026

Bowhead Specialty Holdings Inc.

(Exact name of registrant as specified in its charter)


Delaware	001-42111	87-1433334
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
	452 Fifth Avenue New York, New York 10018
	(Address of principal executive offices)
	(212) 970-0269
	(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

£ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

£ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

£ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

£ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	BOW	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 under the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company T

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. £

Item 1.01 Entry into a Material Definitive Agreement.

Amendment to the Amended and Restated Quota Share Reinsurance Agreement

On May 4, 2026, Bowhead Insurance Company, Inc. (“BICI”), a wholly-owned subsidiary of Bowhead Specialty Holdings Inc., (the “Company”), entered into Amendment No. 1 (the “Amendment”) to the Amended and Restated Quota Share Reinsurance Agreement, dated as of May 23, 2024, between American Family Mutual Insurance Company, S.I. (“AFMIC”), and the Company (the “Amended and Restated Quota Share Agreement”). The Amendment among other things: (i) amends AFMIC’s right to terminate the Amended and Restated Quota Share Agreement based on the aggregate gross written premium (“GWP”) produced by Bowhead Underwriting Services, Inc. (“BUSI”), a wholly-owned subsidiary of the Company by increasing the calendar year GWP threshold above which AFMIC may terminate the Amended and Restated Quota Share Agreement from $1.0 billion to $1.5 billion, (ii) increases the number of days notice AFMIC is required to provide BICI in order to terminate the Amended and Restated Quota Share Agreement should the calendar year GWP produced by BUSI exceed $1.5 billion from 180 days to 365 days, (iii) increases the ceding commission BICI is required to pay AFMIC under the Amended and Restated Quota Share Agreement for annually ceded GWP in excess of $1.0 billion and (iv) increases BICI’s collateralization requirements under the Amended and Restated Quota Share Agreement over time.

Amendment to the Amended and Restated Insurance Trust Agreement

On May 4, 2026, BICI, AFMIC and US Bank National Association entered into Amendment No. 1 (the “Trust Amendment”) to the Amended and Restated Insurance Trust Agreement, dated as of May 23, 2024, among BICI, AFMIC and U.S. Bank National Association, as trustee (the “Amended and Restated Trust Agreement”). The Trust Amendment amends, among other things, BICI’s collateralization requirements under the Amended and Restated Trust Agreement to reflect the increased collateralization requirements of BICI pursuant to the Amendment.

The foregoing descriptions of the Amendment and the Trust Amendment do not purport to be complete and are qualified in their entirety by reference to the full texts of the Amendment and the Trust Amendment which are filed as Exhibit 10.1 and Exhibit 10.2 to this Current Report on Form 8-K, respectively, and are incorporated herein by reference.

Item 2.02 Results of Operations and Financial Condition.

On May 5, 2026, the Company issued a press release announcing its financial results for the three months ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 5.07 Submission of Matters to a Vote of Security Holders.

On April 30, 2026, the Company held its 2026 annual meeting of stockholders. Results of items presented for voting are listed below.

Proposal 1

The Company's stockholders elected the following Class II directors to serve for a three-year term of office expiring at the 2029 annual meeting of stockholders and until his or her successor is duly elected and qualified or until his or her earlier death, resignation, disqualification or removal.


Name	For	Withheld	Broker Non-Votes
Zhak Cohen	27,572,534	165,104	2,133,732
David Foy	27,515,222	222,416	2,133,732
David Holman	20,360,433	7,377,205	2,133,732
Price Lowenstein	27,662,600	75,038	2,133,732

Proposal 2

The Company's stockholders ratified the appointment of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026.


Votes For	Votes Against	Abstentions	Broker Non-Votes
29,863,133	839	7,398	0

Item 7.01 Regulation FD Disclosure.

On May 5, 2026, the Company made available to investors a supplemental presentation containing the Company's results for the three months ended March 31, 2026. This investor presentation is furnished as Exhibit 99.2 hereto. The supplemental report is also available on the Investors section of the Company's website, free of charge, at https://ir.bowheadspecialty.com.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.						Description
10.1						Amendment No. 1, effective May 4, 2026, to the Amended and Restated Quota Share Reinsurance Agreement, dated as of May 23, 2024, between American Family Mutual Insurance Company, S.I. and Bowhead Specialty Holdings Inc.
10.2						Amendment No. 1 to the Amended and Restated Insurance Trust Agreement, dated as of May 23, 2024, among Bowhead Insurance Company, Inc., American Family Mutual Insurance Company, S.I. and U.S. Bank National Association, as trustee
99.1						Press Release of the Company, dated May 5, 2026
99.2						Bowhead Specialty Holdings Inc. Investor Presentation for the period ended March 31, 2026
104						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 5, 2026



			By:			/s/ Brad Mulcahey
			Name:			Brad Mulcahey
			Title:			Chief Financial Officer and Treasurer

Bowhead Specialty Holdings Inc. Reports First Quarter 2026 Results

NEW YORK, New York. (BusinessWire) – May 5, 2026 – Bowhead Specialty Holdings Inc. (NYSE: BOW), today announced financial results for the first quarter ended March 31, 2026.(1)

First Quarter 2026 Highlights

•Gross written premiums increased 24.0% to $216.7 million.

•Net income of $16.0 million, or $0.48 per diluted share.

•Adjusted net income(2) of $16.0 million, or $0.48 per diluted share(2).

•Return on equity of 14.1% and adjusted return on equity(2) of 14.1%.

•Book value per share $13.98 and diluted book value per share of $13.80.

Bowhead Chief Executive Officer, Stephen Sills, commented, “We are very pleased with our strong start to 2026, delivering a 24% growth in gross written premiums in the first quarter. This performance was driven by the disciplined premium growth achieved in our Casualty portfolio and the strong execution in Baleen within our digital underwriting platform. As we look ahead, we remain focused on our strategy of building a balanced portfolio of craft and digital solutions to deliver sustainable and profitable growth across market cycles. Brandon Mezick, our Head of Digital, will join today’s earnings call to share how our digital underwriting platform supports this strategy and strengthens our competitive position.”

Underwriting Results

The 24.0% increase in gross written premiums to $216.7 million in the first quarter of 2026 was driven by our increasing renewal book and continued growth in our platform across all divisions:

•Our Casualty division led the growth with a 20.4% increase to $147.3 million;

•Professional Liability increased 6.4% to $27.7 million;

•Healthcare Liability increased 28.0% to $30.4 million;

•Baleen Specialty increased 313.9% to $11.4 million.

Our loss ratio of 66.9% in the first quarter of 2026 remained unchanged compared to the same period in 2025.

Our current accident year loss ratio remained unchanged due to offsetting impacts from our updated expected loss ratios in the fourth quarter of 2025 and changes in our portfolio mix.

As communicated in the past, the existence of our prior accident year reserves were driven by expected loss ratios applied to additional premiums that were billed and fully earned in the first quarter, but associated with policies from prior accident years. Once again, these amounts were not based on actual losses settling for more than reserved, and did not represent an increase in estimated reserves on unresolved claims.

Our expense ratio was 28.4% for the three months ended March 31, 2026, reflecting a decrease of 2.0 points compared to 30.4% for the same period in 2025. This decrease in our expense ratio was primarily driven by the 2.9 point decrease in our operating expense ratio and a 0.3 point increase in other insurance-related income, which contributed to the lowering of our expense ratio. These improvements were partially offset by the 1.2 point increase in our net acquisition costs ratio.

The decrease in our operating expense ratio was due to the continued scaling of our business, where net earned premiums grew at a higher rate than our expenses, as well as the prudent management of our expenses, including new estimates of deferrable costs.

The increase in our net acquisition costs ratio was driven by the increase in earned broker commissions due to changes in our portfolio mix and an increase in the ceding fee we pay to American Family, partially offset by an increase in earned ceding commissions from our ceded reinsurance treaties.

Investment Results

Net investment income increased 43.5% in the quarter to $18.0 million, driven by a higher balance of investments. Our investment portfolio had a book yield of 4.6% and a new money rate of 4.7% as of March 31, 2026.

The weighted average effective duration of our investment portfolio, which included cash equivalents, was 3.2 years and had an average rating of “AA-” as of March 31, 2026.

__________________

(1)Comparisons in this release are made to March 31, 2025 financial results unless otherwise noted.

(2)Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measures to their most directly comparable U.S. GAAP measures.

Summary of Operating Results

The following table summarizes the Company’s results of operations for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026			2025			$ Change		% Change
	($ in thousands, except percentages and per share data)
Gross written premiums	$	216,741		$	174,848		$	41,893	24.0	%
Ceded written premiums	(76,399)			(58,079)			(18,320)		31.5	%
Net written premiums	$	140,342		$	116,769		$	23,573	20.2	%

Revenues
Net earned premiums	$	136,808		$	109,816		$	26,992	24.6	%
Net investment income	18,027			12,559			5,468		43.5	%
Net realized investment losses	(21)			(4)			(17)		425.0	%
Other insurance-related income	880			345			535		155.1	%
Total revenues	155,694			122,716			32,978		26.9	%

Expenses
Net losses and loss adjustment expenses	91,481			73,427			18,054		24.6	%
Net acquisition costs	13,893			9,796			4,097		41.8	%
Operating expenses	25,804			23,937			1,867		7.8	%
Non-operating expenses	—			110			(110)		(100.0)	%
Warrant expense	775			775			—		—	%
Interest expense and financing fees	3,162			247			2,915		1180.2	%
Foreign exchange losses (gains)	8			(46)			54		(117.4)	%
Total expenses	135,123			108,246			26,877		24.8	%

Income before income taxes	20,571			14,470			6,101		42.2	%
Income tax expense	(4,561)			(3,045)			(1,516)		49.8	%
Net income	$	16,010		$	11,425		$	4,585	40.1	%

Key Operating and Financial Metrics:

Adjusted net income(1)	$	16,033		$	11,479		$	4,554	39.7	%
Loss ratio	66.9		%	66.9		%
Expense ratio	28.4		%	30.4		%
Combined ratio	95.3		%	97.3		%
Return on equity(2)	14.1		%	12.0		%
Adjusted return on equity(1)(2)	14.1		%	12.1		%
Diluted earnings per share	$	0.48		$	0.34		$	0.14	41.2	%
Diluted adjusted earnings per share(1)	$	0.48		$	0.34		$	0.14	41.2	%

__________________

NM - Percentage change is not meaningful.

(1)Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measures to their most directly comparable U.S. GAAP measures.

(2)For the three months ended March 31, 2026 and 2025, net income and adjusted net income are annualized to arrive at return on equity and adjusted return on equity.

Condensed Consolidated Balance Sheets


	March 31, 2026		December 31, 2025
	($ in thousands, except share data)
Assets
Investments
Fixed maturity securities, available for sale, at fair value (amortized cost of $1,524,297 and $1,364,228, respectively)	$	1,520,350	$	1,371,006
Short-term investments, at amortized cost, which approximates fair value	4,976		—
Total investments	1,525,326		1,371,006

Cash and cash equivalents	97,185		193,545
Restricted cash and cash equivalents	44,343		40,225
Accrued investment income	11,327		10,958
Premium balances receivable	84,631		84,415
Reinsurance recoverable, net	433,265		399,676
Prepaid reinsurance premiums	192,110		191,821
Deferred policy acquisition costs	40,044		35,284
Property and equipment, net	11,307		10,636
Income taxes receivable	1,426		3,073
Deferred tax assets, net	27,742		22,476
Other assets	10,587		8,261
Total assets	$	2,479,293	$	2,371,376

Liabilities
Reserve for losses and loss adjustment expenses	$	1,220,800	1,129,936
Unearned premiums	556,416		552,594
Reinsurance balances payable	59,085		65,778
Debt	146,515		146,447
Income taxes payable	6,213		314
Accrued expenses	11,088		19,047
Other liabilities	20,016		7,986
Total liabilities	2,020,133		1,922,102

Commitments and contingencies (Note 13)

Mezzanine equity
Performance stock units	1,258		1,008

Stockholders' equity
Common stock	328		328
($0.01 par value; 400,000,000 shares authorized, 32,838,035 and 32,783,451 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively)
Additional paid-in capital	327,987		325,889
Accumulated other comprehensive gain (loss)	(3,118)		5,354
Retained earnings	132,705		116,695
Total stockholders' equity	457,902		448,266
Total mezzanine equity and stockholders' equity	459,160		449,274

Total liabilities, mezzanine equity and stockholders' equity	$	2,479,293	$	2,371,376

Gross Written Premiums

The following table presents gross written premiums by underwriting division for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		% of Total		2025		% of Total		$ Change		% Change
	($ in thousands, except percentages)
Casualty	$	147,269	68.0	%	$	122,314	70.0	%	$	24,955	20.4	%
Professional Liability	27,660		12.8	%	26,000		14.8	%	1,660		6.4	%
Healthcare Liability	30,445		14.0	%	23,788		13.6	%	6,657		28.0	%
Baleen Specialty	11,367		5.2	%	2,746		1.6	%	8,621		313.9	%
Gross written premiums	$	216,741	100.0	%	$	174,848	100.0	%	$	41,893	24.0	%

The following tables present gross written premiums by underwriting model(1) for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		% of Total		2025		% of Total		$ Change		% Change
	($ in thousands, except percentages)
Craft	$	201,916	93.2	%	$	172,102	98.4	%	$	29,814	17.3	%
Digital
Baleen Specialty	11,367		5.2	%	2,746		1.6	%	8,621		313.9	%
Express	3,458		1.6	%	—		—	%	3,458		NM
Digital	14,825		6.8	%	2,746		1.6	%	12,079		439.9	%
Gross written premiums	$	216,741	100.0	%	$	174,848	100.0	%	$	41,893	24.0	%

__________________

NM - Percentage change is not meaningful.

(1)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, which includes Baleen Specialty and other small-business offerings (“express”), for smaller, simpler, scalable business.

Loss Ratio

The following table summarizes current and prior accident year loss ratios for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026				2025
	Net Losses and Loss Adjustment Expenses		% of Net Earned Premiums		Net Losses and Loss Adjustment Expenses		% of Net Earned Premiums
	($ in thousands, except percentages)
Current accident year	$	90,879	66.5	%	$	72,983	66.5	%
Prior accident year(1)	602		0.4	%	444		0.4	%
Total	$	91,481	66.9	%	$	73,427	66.9	%

__________________

(1)The existence of our prior accident year losses for the three months ended March 31, 2026 and 2025 were driven by expected loss ratios applied to additional premiums billed and fully earned in the period, but associated with policies from prior accident years. These amounts were not based on actual losses settling for more than reserved, and did not represent an increase in estimated reserves on unresolved claims.

Expense Ratio

The following table summarizes the components of our expense ratio for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026				2025
	Expenses		% of Net Earned Premium		Expenses		% of Net Earned Premium
	($ in thousands, except percentages)
Net acquisition costs	$	13,893	10.1	%	$	9,796	8.9	%
Operating expenses	25,804		18.9	%	23,937		21.8	%
Less: Other insurance-related income	(880)		(0.6)	%	(345)		(0.3)	%
Total expense ratio	$	38,817	28.4	%	$	33,388	30.4	%

Net Investment Income

The following table summarizes the sources of net investment income for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
	($ in thousands)
U.S. government and government agency	$	739	$	1,844
State and municipal	1,374		687
Commercial mortgage-backed securities	2,115		1,180
Residential mortgage-backed securities	4,256		2,539
Asset-backed securities	2,063		1,484
Corporate	6,139		3,253
Short-term investments	21		128
Cash and cash equivalents	1,684		1,704
Gross investment income	18,391		12,819
Investment expenses	(364)		(260)
Net investment income	$	18,027	$	12,559

Reconciliation of Non-GAAP Financial Measures

This earnings release contains certain financial measures that are not presented in accordance with generally

accepted accounting principles in the United States (“U.S. GAAP”). We use these non-GAAP financial measures

when planning, monitoring and evaluating our performance. Management believes that each of the non-GAAP

financial measures described below provides useful insight into our underlying business performance.

•Adjusted net income is defined as net income excluding the impact of net realized investment losses, non-operating expenses, loss on extinguishment of credit facility, foreign exchange losses (gains), and certain strategic initiatives. Adjusted net income excludes the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We calculate the tax impact only on adjustments that would be included in calculating our income tax expense using the estimated tax rate at which we received a deduction for these adjustments.

•Adjusted return on equity is defined as adjusted net income as a percentage of average beginning and ending mezzanine equity and stockholders’ equity.

•Diluted adjusted earnings per share is defined as adjusted net income divided by the weighted average common shares outstanding for the period, reflecting the dilution that may occur if equity based awards are converted into common stock equivalents as calculated using the treasury stock method.

You should not rely on these non-GAAP financial measures as a substitute for any U.S. GAAP financial measure.

While we believe that these non-GAAP financial measures are useful in evaluating our business, this information

should be considered supplemental in nature and not as a replacement for or superior to the comparable U.S. GAAP

measures. In addition, other companies, including companies in our industry, may calculate such measures

differently, which reduces their usefulness as comparative measures.

Adjusted net income

Adjusted net income for the three months ended March 31, 2026 and 2025 reconciles to net income as follows:


	Three Months Ended March 31,
	2026				2025
	Before income taxes		After income taxes		Before income taxes		After income taxes
	($ in thousands)
Income as reported	$	20,571	$	16,010	$	14,470	$	11,425
Adjustments:
Net realized investment gains	21		21		4		4
Non-operating expenses	—		—		110		110

Foreign exchange losses (gains)	8		8		(46)		(46)
Tax impact	—		(6)		—		(14)
Adjusted net income	$	20,600	$	16,033	$	14,538	$	11,479

Adjusted return on equity

Adjusted return on equity for the three months ended March 31, 2026 and 2025 reconciles to return on equity as follows:


	Three Months Ended March 31,
	2026			2025
	($ in thousands, except percentages)
Numerator: Adjusted net income(1)	$	64,135		$	45,916
Denominator: Average mezzanine equity and stockholders' equity	454,218			380,903
Adjusted return on equity	14.1		%	12.1		%

________________

(1)For the three months ended March 31, 2026 and 2025, net income and adjusted net income are annualized to arrive at return on equity and adjusted return on equity.

Diluted adjusted earnings per share

Diluted adjusted earnings per share for the three months ended March 31, 2026 and 2025 reconciles to diluted earnings per share as follows:


	Three Months Ended March 31,
	2026		2025
	($ in thousands, except share and per share data)
Numerator: Adjusted net income	$	16,033	$	11,479
Denominator: Diluted weighted average shares outstanding	33,283,727		33,711,924
Diluted adjusted earnings per share	$	0.48	$	0.34

About Bowhead Specialty Holdings Inc.

Bowhead Specialty is a growing specialty insurance business providing casualty, professional liability and healthcare liability insurance products. We were founded and are led by industry veteran Stephen Sills. The team is composed of highly experienced and respected industry veterans with decades of individual, successful underwriting and management experience. 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, which includes Baleen Specialty and other small-business offerings (“express”), for smaller, simpler, and scalable business.

We pride ourselves on the quality and experience of our people, who are committed to exceeding our partners’ expectations through excellent service and expertise. Our collaborative culture spans all functions of our business and allows us to provide a consistent, positive experience for all of our partners.

Conference Call

The Company will host a conference call to discuss its results today, Tuesday, May 5, 2026, beginning at 8:30 a.m. Eastern Time.

The conference call will include Brandon Mezick, Bowhead’s Head of Digital Underwriting, as a guest speaker who will discuss the Company’s growing “digital” underwriting model.

Interested parties may access the conference call through a live webcast, which can be accessed by going to https://bowhead-1q26-earnings-call.open-exchange.net/registration, or by visiting the Company’s Investor Relations website. A dial-in option for listen-only participants will be available after registering for the call. Please join the live webcast or dial in at least 10 minutes before the start of the call.

A replay of the event webcast will be available on the Company’s Investor Relations website for one year following the call.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in press release are forward-looking statements. In some cases, forward-looking statements can be identified by terms such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "seeks," "future," "outlook," "prospects" "will," "would," "should," "could," "may," "can have" or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. These risks include those described in the Company’s filings made with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events or otherwise.

Investor Relations Contact:

Shirley Yap, Head of Investor Relations

investorrelations@bowheadspecialty.com

Investor Presentation May 2026

COLOR PALETTE Text 50 56 62 Title bar/ Bullets 1 23 65 ACCEN TS 1 1 23 65 80 139 252 2 0 148 255 153 212 255 3 234 71 36 247 181 167 4 164 148 31 235 225 149 5 121 26 104 229 135 213 6 83 161 209 186 217 237 Hyperlink 0 148 255 153 212 255 Followed Hyperlink 234 71 36 247 181 167 Line s 50 56 62 Highlights 1 23 65 TABL E 2 Forward-Looking Statements and Other Notices 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 presenter or Bowhead or any officer, director, employee, agent or advisor of Bowhead. This presentation does not purport to be all inclusive or to contain all of the information you may desire. Information provided in this presentation speaks only as of the date hereof. Bowhead assumes no obligation to update any information or statement after the date of this presentation as a result of new information, subsequent events, or any other circumstances. We request that you keep any information at this meeting confidential and that you do not disclose any of the information to any other parties without the Company's prior express written permission. This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations are forward-looking statements. Some of the forward-looking statements can be identified by the use of terms such as “believes”, “expects”, “may”, “will”, “should”, “could”, “seeks”, “intends”, “plans”, “estimates”, “anticipates” or other comparable terms. However, not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not related to present facts or current conditions or that are not historical facts. They appear in a number of places throughout this presentation and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our consolidated results of operations, financial condition, liquidity, prospects and growth strategies and the industries in which we operate, and include, without limitation, statements relating to our future performance. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which are beyond our control. Our actual results may differ materially from those expressed in, or implied by, the forward-looking statements included in this presentation as a result of various factors, including, among others, the factors discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as well as our other filings with the Securities and Exchange Commission. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Unless otherwise indicated, information contained in this presentation concerning our industry and the markets in which we operate, including our general expectations, market position and market opportunity, is based on our management’s estimates and research, as well as industry and general publications and research, surveys and studies conducted by third parties. Industry publications, studies and surveys generally state that they have been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. We believe that the information from these third-party publications, research, surveys and studies included in this presentation is reliable. Management’s estimates are derived from publicly available information, their knowledge of our industry and their assumptions based on such information and knowledge, which we believe to be reasonable. This data involves a number of assumptions and limitations which are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause our future performance to differ materially from our assumptions and estimates. This presentation contains references to our trademarks and service marks and to those belonging to other entities. Solely for convenience, trademarks and trade names referred to in this presentation may appear without the ® or TM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. “Non-admitted” or excess and surplus (“E&S”) lines refers to policies generally not subject to regulations governing premium rates or policy language. We also consider business written on (i) a facultative reinsurance basis or (ii) an admitted basis through either the New York Free Trade Zone or similar commercial deregulation exemptions available in certain jurisdictions, to be E&S business since such business is generally free of rate and form restrictions. This presentation contains certain financial measures that are not presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Under U.S. securities laws, these measures are called “non-GAAP financial measures.” We use these non-GAAP financial measures when planning, monitoring and evaluating our performance. We believe these non-GAAP financial measures give our management and other users of our financial information useful insight into our underlying business performance. You should not rely on these non-GAAP financial measures as a substitute for any U.S. GAAP financial measure. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered supplemental in nature and is not meant to be an alternative to our reported results prepared in accordance with U.S. GAAP. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as comparative measures. For a reconciliation of such non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, see the Appendix of this presentation.

9 Business Mix vs. Specialty Peers GWP CAGR (2021-2024) Source: Company filings, S&P Global. 1 Represents statutory premium for each company's SNL P&C Group. Long-Tail lines include Commercial Multi Peril, Fidelity & Surety, Medical Professional Liability, Other/Product Liability, and Workers’ Compensation. Short-Tail lines include Accident & Health, Aircraft, Commercial Auto, Financial & Mortgage Guaranty, Fire & Allied, Homeowners/Farmowners, Marine Lines, Other Commercial, and Private Auto. 2025 Long-Tail Premium as a % of Total Premium1 1 77.2%95.7% 75.9%3-Year Average Combined Ratio 90.8%85.5%90.2% 96.3% 90.9% 2025 Long-Tail Premium as a % of Total Premium Bowhead writes a low volatility book of business that produces consistent and profitable results 100% 77% 70% 70% 62% 58% 54% 49% 35% 93.2%

DRAFT: 3/1/2024 Financials

DRAFT: 3/1/2024 Appendix

Source: View Original Filing on SEC EDGAR

FAQ

How did Bowhead Specialty (BOW) perform financially in Q1 2026?

Bowhead Specialty delivered strong Q1 2026 results, with net income of $16.0 million, up 40.1% year over year. Gross written premiums increased 24.0% to $216.7 million, total revenues rose 26.9% to $155.7 million, and the combined ratio improved to 95.3%.

What happened to Bowhead Specialty’s premiums and underwriting margins in Q1 2026?

Gross written premiums grew 24.0% to $216.7 million, with gains across all divisions and digital offerings. The loss ratio held at 66.9%, while the expense ratio fell to 28.4%, resulting in a stronger combined ratio of 95.3% versus 97.3% a year earlier.

How did Bowhead Specialty’s digital and Baleen Specialty businesses perform in Q1 2026?

Digital underwriting expanded rapidly, with digital gross written premiums rising to $14.8 million from $2.7 million. Within that, Baleen Specialty gross written premiums surged 313.9% to $11.4 million, highlighting early scale in the company’s technology-enabled underwriting platform and small-business offerings.

What is Bowhead Specialty’s investment income and portfolio profile as of Q1 2026?

Net investment income increased 43.5% to $18.0 million in Q1 2026, supported by a largely investment-grade fixed-income portfolio. The investment book’s yield was 4.6%, new money rate 4.7%, and the weighted average effective duration was 3.2 years with an average rating of “AA-”.

What were Bowhead Specialty’s key balance sheet figures at March 31, 2026?

Total assets reached $2.48 billion as of March 31, 2026, including $1.53 billion of investments and $97.2 million of cash and cash equivalents. Reserve for losses and loss adjustment expenses totaled $1.22 billion, and stockholders’ equity was $457.9 million, supporting ongoing growth.

Filing Exhibits & Attachments

7 documents

Q1 growth lifts Bowhead Specialty (NYSE: BOW) profit and ROE

Rhea-AI Filing Summary

Positive

Negative

Insights

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Bowhead Specialty (BOW) perform financially in Q1 2026?

What happened to Bowhead Specialty’s premiums and underwriting margins in Q1 2026?

How did Bowhead Specialty’s digital and Baleen Specialty businesses perform in Q1 2026?

What is Bowhead Specialty’s investment income and portfolio profile as of Q1 2026?

What were Bowhead Specialty’s key balance sheet figures at March 31, 2026?

Filing Exhibits & Attachments

Press Releases

Agreements & Contracts

Other Documents

Q1 growth lifts Bowhead Specialty (NYSE: BOW) profit and ROE

Rhea-AI Filing Summary

Positive

Negative

Insights

Insurance sector equity analyst positive

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Bowhead Specialty (BOW) perform financially in Q1 2026?

What happened to Bowhead Specialty’s premiums and underwriting margins in Q1 2026?

How did Bowhead Specialty’s digital and Baleen Specialty businesses perform in Q1 2026?

What changes were made to Bowhead’s quota share agreement with American Family?

What is Bowhead Specialty’s investment income and portfolio profile as of Q1 2026?

What were Bowhead Specialty’s key balance sheet figures at March 31, 2026?

Filing Exhibits & Attachments

Press Releases

Agreements & Contracts

Other Documents