Bowhead Specialty Holdings Inc. · NYSE:BOW
Bowhead Specialty — Q1 2026 Earnings Presentation
20 slides from Bowhead Specialty's earnings presentation, May 5, 2026
Slide 1: Investor Presentation
Investor Presentation May 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 5% Baleen Specialty Healthcare Liability 14% $217MM 48% 83% Q1'26 Q1'26 GWP Q1'21 through GWP written Q1'26 GWP CAGR on E&S basis Q1'26 GWP: $217MM 95.3% 14.1% 30+ Q1'26 Q1'26 Leadership team 68% Combined Ratio1 Adjusted ROE2 average ye
Slide 6: Highly Experienced and Entrepreneurial Management Team
Highly Experienced and Entrepreneurial Management Team Years of industry Name and position Leadership role prior to joining Bowhead Prior professional experience experience Stephen Sills 40+ Chairman and CEO of CapSpecialty Founder and CEO Executive Risk David Newman Chief Underwriting Officer of Al
Slide 7: Focused on Profitable, Growing Lines in Attractive E&S Market
Focused on Profitable, Growing Lines in Attractive E&S Market Expanding Commercial E&S Market ($Bn) DPW Loss ratio ’20-’25 DPW CAGR: 16% ’20-’25 Avg. Loss Ratio: 57.6% Bowhead launch (September 2020) 70.9% 67.9% 63.9% 62.6% 60.5% 61.0% $102 57.8% $95 50.4% 51.0% 50.3% 49.0% 44.6% 53.0% $73 $85 $46 $
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% 100% 80% E&S 45% Concentration1 39% 37% 2 30% 25% 14% E&S 1.9% 0.5% 0.7%4 0.9% 0.7% 0.8% 4.2% 3.9% 1.4% Market Share 3 Source: Company filings, S&P Global. 1 Represents 2025 statutory direct written premiums as a % of 2025 U
Slide 9: Business Mix vs. Specialty Peers
1 Business Mix vs. Specialty Peers 2025 Long-Tail Premium as a % of Total Premium GWP CAGR (2021-2024) 3-Year Average 95.7% 93.2% 90.2% 75.9% 96.3% 85.5% 90.8% 90.9% 77.2% Combined Ratio 100% 77% 70% 70% 2025 Long-Tail 62% 58% 54% Premium as a 49% % of Total 35% Premium1 Bowhead writes a low volatil
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 Adj. net Baleen Specialty income $43 $56 $16 ($MM)1 $863 95.8% 96.5% 95.3% R G CA $696 % 40 31.4%
Slide 14: Well-Positioned to Manage Underwriting Cycle
Well-Positioned to Manage Underwriting Cycle Bowhead’s long-term growth strategy balances existing “craft” underwriting model with “digital” business launched in 2024 Craft Digital Bowhead Express Baleen Specialty Streamlined underwriting of small and medium Restrictive coverage for hard-to-place sm
Slide 15: Well-Positioned to Manage Underwriting Cycle
Well-Positioned to Manage Underwriting Cycle Having both “craft” and “digital” underwriting models creates flexibility to manage growth and profitability through underwriting cycles Leverage industry Pull back in Expand account Add new Enter new lines/ Develop new relationships to softening lines si
Slide 16: Financials
Financials = 7 BOWHEAD SPECIALTY
Slide 17: Summary Historical Financials
Summary Historical Financials Condensed Income Statement Condensed Balance Sheet As of As of As of ($ in thousands, except percentages and per share data) For the years ended Three months ended ($ in thousands) March 31, 2026 December 31, 2025 December 31, 2024 December 31, December 31, Fixed maturi
Slide 18: Appendix
=. Appendix = BOWHEAD SPECIALTY
Slide 19: 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 20: 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, March 31, March 31, ($ in thousands) 2025 2024 March 31, 2026 March 31, 2025 ($ in thousands) 2025 2024 2026 2025 After- After- After- After- Pre-
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