Bowhead Specialty Holdings Inc. · NYSE:BOW
Bowhead Specialty — Q2 2025 Earnings Presentation
18 slides from Bowhead Specialty's earnings presentation, Aug 5, 2025
Slide 1: Investor Presentation
Investor Presentation August 2025
Slide 2: Forward Looking Statements
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
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” Sustainable culture led by people w
Slide 5: Bowhead: By the numbers
Bowhead: By the numbers 4 underwriting divisions Key highlights 1% Baleen Specialty Healthcare Liability 14% $789MM 1 43% 76% 1 LTM Q2'25 2021 through LTM Q2'25 1 GWP LTM Q2'25 GWP written GWP CAGR on E&S basis 1 LTM Q2'25 GWP: $789MM 95.4% 12.5% 30+ LTM June 2025 YTD June 2025 Leadership team 63% C
Slide 6: Highly experienced and entrepreneurial management team
Highly experienced and entrepreneurial management team Years of industry Name and position Leadership role prior to joining Bowhead Prior professional experience experience Stephen Sills 48 Chairman and CEO of CapSpecialty Founder and CEO Executive Risk David Newman Chief Underwriting Officer of All
Slide 7: Focused on profitable, growing lines in attractive E&S market
Focused on profitable, growing lines in attractive E&S market Expanding Commercial E&S Market ($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) 1 E&S premiums as % of 2024 GAAP GWP 100% 76% 42% • We are focused on 42% profitable and growing lines within the ~$95 40% billion U.S. commercial E&S market³ 29% 2 25% 13% 0% 1 2 3 Source: S&P Global; Note: Represents 2024 statu
Slide 9: Strong underwriting culture with fully-integrated and accountable value chain
Strong underwriting culture with fully-integrated and accountable value chain In-house underwriting expertise “Craft” solutions and product Long-term development • We do not delegate underwriting to distribution outside parties, which is a key relationships component of our fully-integrated model •
Slide 10: Ability to deliver differentiated profitability across market cycles
Ability to deliver differentiated profitability across market cycles Excess Practice Excess Other¹ Our key value proposition: Excess Projects Underwriting matters Casualty Primary Projects Primary Practice Highly experienced team with Primary Other previous leadership positions at leading insurance
Slide 11: Clean balance sheet with no reserves from accident years prior to 2020
Clean balance sheet with no reserves from accident years prior to 2020 • Diversified and attractive commercial specialty P&C portfolio with no property or natural-catastrophe exposure • Reflects continuously favorable rate environment with no business or reserves from pre-2020 accident years Free fr
Slide 12: Robust growth and commitment to long-term value creation
Robust growth and commitment to long-term value creation Robust growth Attractive profitability Strong returns 1 GWP ($MM) Combined Ratio Adjusted ROE Casualty Professional Liability Healthcare Liability Adj. net Baleen Specialty income 1 $26 $43 $13 ($MM) $696 95.8% 96.8% R 94.9% G CA 19.0% % 46 $5
Slide 13: Well-positioned for continued growth
Well-positioned for continued growth Bowhead’s long-term growth strategy balances existing “craft” underwriting strategy with “flow” business launched in 2024 Bowhead (“Craft”) Baleen (“Flow”) Individual, custom underwriting of large, complicated risks Streamlined, tech-enabled, underwriting of smal
Slide 14: Financials
Financials = 7 BOWHEAD SPECIALTY
Slide 15: Summary historical financials
Summary historical financials Condensed Income Statement Condensed Balance Sheet As of As of As of ($ in thousands, except percentages and per share data) For the years ended Three months ended ($ in thousands) June 30, 2025 December 31, 2024 December 31, 2023 December 31, December 31, Fixed maturit
Slide 16: Appendix
=. Appendix = BOWHEAD SPECIALTY
Slide 17: Our partnership with AmFam
Our partnership with AmFam • Originates, issues, and • Provides “A” rated paper for • Assumes 100% of risk of Bowhead underwrites all Bowhead policies business originated by Bowhead policies from AmFam • Provides all claims, actuarial, • Receives ceding fee • Purchases reinsurance from high accounti
Slide 18: Non-GAAP reconciliation
Non-GAAP reconciliation For the years ended Three months ended For the years ended Three months ended December 31, December 31, June 30, June 30, December 31, December 31, ($ in thousands) 2024 2023 2025 2024 ($ in thousands) 2024 2023 June 30, 2025 June 30, 2024 Income before income taxes $ 50,535
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