Bowhead Specialty Holdings Inc. · NYSE:BOW
Bowhead Specialty — Q4 2025 Earnings Presentation
19 slides from Bowhead Specialty's earnings presentation, Feb 24, 2026
Slide 1: Investor Presentation
Investor Presentation February 2026
Slide 2: Forward-Looking Statements and Other Notices
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 prepar
Slide 3: Our Key Investment Highlights
Our Key Investment Highlights Focused on profitable, growing lines in attractive E&S market Strong underwriting culture with fully-integrated and accountable value chain Ability to deliver differentiated profitability across market cycles Deep, long-standing distribution relationships based on exper
Slide 4: Bowhead: Who We Are
Bowhead: Who We Are Growing and profitable E&S focused specialty P&C business founded and led by industry veteran, Stephen Sills, and supported through a strategic partnership with American Family Mutual Insurance Company, S.I. (“AmFam”) Underwriting-First “Craft” “Digital” Cycle Management Culture
Slide 5: Bowhead: By the Numbers
Bowhead: By the Numbers 4 underwriting divisions Key highlights 3% Baleen Specialty Healthcare Liability 13% $863MM 40% 80% 2025 2025 GWP 2021 through GWP written 2025 GWP CAGR on E&S basis 2025 GWP: $863MM 96.5% 13.6% 30+ 2025 2025 Leadership team 64% Combined Ratio1 Adjusted ROE2 average years of
Slide 6: Highly Experienced and Entrepreneurial Management Team
Highly Experienced and Entrepreneurial Management Team Years of industry Name and position Leadership role prior to joining Bowhead Prior professional experience experience Stephen Sills 40+ Chairman and CEO of CapSpecialty Founder and CEO Executive Risk David Newman Chief Underwriting Officer of Al
Slide 7: Focused on Profitable, Growing Lines in Attractive E&S Market
Focused on Profitable, Growing Lines in Attractive E&S Market Expanding Commercial E&S Market ($Bn) DPW Loss ratio ’20-’24 DPW CAGR: 20% ’20-’24 Avg. Loss Ratio: 59.1% Bowhead launch (September 2020) 70.9% 68.1% 63.9% 62.7% 60.5% 61.1% 57.8% $95 50.4% 51.0% 49.0% 44.6% 53.0% $73 $83 $46 $61 $39 $34
Slide 8: Focused on Profitable, Growing Lines in Attractive E&S Market (cont’d)
Focused on Profitable, Growing Lines in Attractive E&S Market (cont’d) 100.0% 79.8% E&S Concentration1 42.1% 41.6% 39.4% 29.1% 2 24.7% 13.1% —% E&S 1.9% 0.6%4 0.9% 0.7% 0.7% 4.2% 3.9% 1.4% 0% Market Share 3 Source: Company filings, S&P Global. 1 Represents 2024 statutory direct written premiums as a
Slide 9: Business Mix vs. Specialty Peers
1 Business Mix vs. Specialty Peers 2024 Long-Tail Premium as a % of Total Premium GWP CAGR (2021-2024) 3-Year Average 95.1% 90.1% 76.8% 95.2% 85.7% 92.3% 91.2% 78.4% Combined Ratio 100% 71% 67% 2024 Long-Tail 61% 53% 52% 51% Premium as a % of Total Premium1 31% Bowhead writes a low volatility book o
Slide 10: Strong Underwriting Culture with Fully-Integrated and Accountable Value Chain
Strong Underwriting Culture with Fully-Integrated and Accountable Value Chain In-house underwriting expertise Underwriting • We generally do not delegate solutions and Long-term product underwriting to outside parties, distribution development which is a key component of our relationships fully-inte
Slide 11: Ability to Deliver Differentiated Profitability Across Market Cycles
Ability to Deliver Differentiated Profitability Across Market Cycles Excess Practice Excess Other¹ Our Key Value Proposition: Excess Projects Underwriting Matters Casualty Primary Projects Primary Practice Highly experienced team with previous leadership positions at Primary Other leading insurance
Slide 12: Clean Balance Sheet with No Reserves from Accident Years Prior to 2020
Clean Balance Sheet with No Reserves from Accident Years Prior to 2020 • Diversified and attractive commercial specialty P&C portfolio with no property or natural-catastrophe exposure • Reflects continuously favorable rate environment with no business or reserves from pre-2020 accident years Free fr
Slide 13: Robust growth and commitment to long-term value creation
Robust growth and commitment to long-term value creation Robust growth Attractive profitability Strong returns GWP ($MM) Combined Ratio Adjusted ROE1 Casualty Professional Liability Healthcare Liability Baleen Specialty Adj. net income $26 $43 $56 ($MM)1 $863 GR CA 94.9% 95.8% 96.5% % 40 $696 31.4%
Slide 14: Well-Positioned to Manage Underwriting Cycle
Well-Positioned to Manage Underwriting Cycle Bowhead’s long-term growth strategy balances existing “craft” underwriting model with “digital” business launched in 2024 Craft Digital Individual, custom underwriting of large, complicated Streamlined, tech-enabled, underwriting of small risks risks • Ne
Slide 15: Financials
Financials = 7 BOWHEAD SPECIALTY
Slide 16: Summary Historical Financials
Summary Historical Financials Condensed Income Statement Condensed Balance Sheet As of As of As of ($ in thousands, except percentages and per share data) For the years ended Three months ended ($ in thousands) December 31, 2025 December 31, 2024 December 31, 2023 December 31, December 31, December
Slide 17: Appendix
=. Appendix = BOWHEAD SPECIALTY
Slide 18: Our Partnership with AmFam
Our Partnership with AmFam • Originates, issues, and • Provides “A” rated paper for • Assumes 100% of Bowhead policies underwrites all Bowhead policies business originated by Bowhead from AmFam • Provides all claims, actuarial, • Receives ceding fee • Purchases reinsurance from high accounting, rein
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation For the years ended Three months ended For the years ended Three months ended December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, ($ in thousands) 2025 2024 2025 2024 ($ in thousands) 2025 2024 2025 2024 After- After- After-
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