Bowhead Specialty sees $5.5mn net income in Q2 2024 with GWP increase

Bowhead Specialty, a provider of casualty and professional liability products, has announced its financial results for the second quarter of 2024, reporting a net income of $5.5 million and a 50.4% increase in gross written premiums (GWP).

The firm’s net income for the quarter was 15.6% down when compared to the $6.5 million reported in Q2 2023. GWP for Q2 2024 increased to $175.5 million from $116.7 million in Q2 2023. Net written premiums grew to $112.0 million in Q2 2024.

Total revenues for this year’s second quarter were $98.8 million, a 51.1% growth when compared to the $65.4 million reported in Q2 2023.

Bowhead also reported that the 50.4% increase in gross written premiums to $175.5 million in the second quarter of 2024 was driven by new business, renewals and continued growth in its platform across all divisions.

Casualty led the growth with a 78.8% increase to $114.2 million from $63.8 million in Q2 2023. Healthcare also saw growth in Q2 2024 as it increased 46.4%, to $16.9 million from $11.5 in the same period the year prior.

Q2 2024 also experiences the Professional Liability increase 7.5%, to $44.4 million when compared to the $41.3 million reported in the same period last year.

In its Q2 2024 financial results, Bowhead noted that the GWP of its new division, Baleen – launched late in Q2 2024 -, was minimal.

Baleen, which focuses on small, hard-to-place risks written 100% on a non-admitted basis, is a streamlined, low touch “flow” underwriting operation that supplements the “craft” solutions we offer today.

Stephen Sills, Bowhead Chief Executive Officer, stated: “We are very pleased with what we have to report for the results of our first quarter as a publicly traded company. We opened our doors for business as a specialty insurance underwriter in November of 2020.

“Over the next three plus years, we assembled a great team of over 200 employees to get us to where we are today. In May of this year, we launched an IPO to raise $100 million, which was ultimately upsized to $131 million in net proceeds.

“We’ve achieved our position of prominence in the specialty insurance space by building a highly experienced team focused on underwriting profitability through market cycles. We continue to believe we can attract high quality talent and generate profitable business.”

He continued: “Those that followed us through the IPO process will recall that almost 80% of our business is in the E&S market. The favorable market dynamics we saw then still exist today. In fact, because of the ongoing deteriorating loss experience in certain sectors and the market’s resulting need to reprice risks, we see lasting tailwinds for Bowhead, which is free of these legacy risks.”

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