Bowhead Specialty’s net income soars 123% to $12.3m in Q2’25

Bowhead Specialty Holdings Inc., a provider of casualty and professional liability products, reported a net income of $12.3 million for the second quarter of 2025, a significant increase of 123.1% from $5.5 million in the same quarter a year earlier.

Adjusted net income rose 61.9% to $12.8 million in Q2’25, up from $7.9 million in Q2’24.

Gross written premiums (GWP) for the quarter increased 32.4% to $232.4 million, compared to $175.5 million in the prior-year period. The increase was driven by an expanding renewal book and continued growth in its platform across all divisions.

GWP growth was led by the Casualty division, which posted a 31.9% increase to $150.7 million from $114.2 million. Professional Liability followed with $54.8 million, up 23.3% from $44.4 million. Healthcare Liability rose 39% to $23.5 million, while Baleen Specialty increased 23.2% to $3.4 million.

Net written premiums totalled $148.9 million, a 32.8% increase from $112.1 million.

Total revenues reached $133.3 million, up 34.7% from $98.9 million.

Net earned premiums in Q2’25 amounted to $119.1 million, up 32.2% from $90.1 million in Q2’24.

Net investment income was $13.7 million, a 55.8% increase from $8.8 million, driven by a higher balance of investments and higher yields on invested assets.

Bowhead’s combined ratio improved to 96.8%, down from 99.3% in the prior-year quarter. This included a loss ratio of 66.2% and an expense ratio of 30.6%, compared to 65.5% and 33.8%, respectively, in Q2’24.

The 0.7 point increase in the loss ratio was attributed to a 0.6 point rise in the current accident year and a 0.1 point increase in the prior accident year loss ratio.

The decrease in the expense ratio was driven by a 3.7 point reduction in the operating expense ratio and a 0.4 point increase in other insurance-related income, partially offset by a 0.9 point increase in the net acquisition cost ratio.

Stephen Sills, CEO of Bowhead, commented, “We are thrilled with our second quarter 2025 results. Our strategic execution and underwriting discipline have led to a strong 32% year-over-year growth in premiums, with impressive double-digit expansion across all our craft underwriting divisions. More importantly, net income for the quarter soared by 123% compared to the same period last year. These achievements underscore our steadfast dedication to sustainable and profitable growth, demonstrating that Bowhead is a franchise built for enduring success and cross-cycle profitability, not just a hard market play.”