BOWMEDIUM SIGNALOPERATIONAL10-K

BOW has formalized a dual underwriting strategy, distinguishing between "craft" model for complex risks and "digital/express" model for smaller standardized business, while demonstrating strong financial growth across all key metrics.

The strategic articulation of complementary underwriting models suggests BOW is maturing its business approach and positioning for scalable growth beyond its original craft underwriting foundation. This dual-model strategy could enable the company to capture a broader market while maintaining discipline in both complex and standardized risk segments.

Comparing 2026-02-24 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

BOW delivered robust growth with revenue increasing 29.6% to $551.6M and net income surging 40.6% to $53.8M, demonstrating improving profitability margins. The company's balance sheet expanded significantly with total assets growing 43.4% to $2.4B and cash nearly doubling to $193.5M, though total liabilities also increased substantially by 49.7% to $1.9B. Despite the liability growth, stockholders' equity increased 21.1% and strong operating cash flow growth of 12.7% signals healthy underlying business fundamentals supporting the expansion.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+98.6%
$97.5M→$193.5M

Cash position surged 98.6% — strong cash generation or capital raise providing significant financial cushion.

Capital Expenditure
Cash Flow
+79%
$3.1M→$5.6M

Capital expenditure jumped 79% — major investment cycle underway; assess returns on deployment.

Total Liabilities
Balance Sheet
+49.7%
$1.3B→$1.9B

Liabilities grew 49.7% — significant increase in debt or obligations, assess impact on financial flexibility.

Total Assets
Balance Sheet
+43.4%
$1.7B→$2.4B

Asset base grew 43.4% — expansion through organic growth, acquisitions, or capital deployment.

Net Income
P&L
+40.6%
$38.2M→$53.8M

Net income grew 40.6% — bottom-line growth signals improving overall business health.

Revenue
P&L
+29.6%
$425.7M→$551.6M

Revenue growing 29.6% — solid top-line momentum, watch margins for quality of growth.

Stockholders Equity
Balance Sheet
+21.1%
$370.2M→$448.3M

Equity base grew 21.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Cash Flow
Cash Flow
+12.7%
$294.3M→$331.6M

Operating cash flow grew 12.7% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-02-24
PRIOR — 2025-02-27
ADDED
Our products are delivered through two complementary underwriting models designed to support sustainable and profitable growth across market cycles: a craft model for large, complex, higher-severity risks, and a digital model for smaller, simpler, and scalable business.
Our craft underwriting model, Bowhead s foundation, relies on experienced underwriters who apply deep technical expertise and long-standing broker relationships to deliver tailored solutions for complex, non-standard, and higher-severity risks.
Our digital underwriting model, including Baleen Specialty and other small-business offerings, a capability we call express , emphasizes speed, consistency, and disciplined decision making through clear appetites, standardized products, and technology-enabled execution for small risks without compromising underwriting discipline.
While Baleen Specialty targets small, distressed, or hard-to-place risks with more restrictive coverage, our express offerings enhance Bowhead s existing products by simplifying the submission, underwriting, and servicing for small and mid-sized accounts.
We also have environmental liability expertise, offering contractor and site pollution liability coverage on a primary and excess basis through specialized wholesale and retail distributors.
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REMOVED
Form 10-K Summary 118 Signatures 119 i Tab le of Contents FORWARD-LOOKING STATEMENTS All references to the Company, Bowhead, we, our and us, unless the context otherwise requires, are to Bowhead Specialty Holdings Inc., a Delaware corporation, and its consolidated subsidiaries.
ii Tab le of Contents Forward-looking statements speak only as of the date on which they are made.
iii Tab le of Contents PART I ITEM 1 BUSINESS Who We Are We were founded in September 2020, backed by capital provided by GPC Partners Investments (SPV III) LP ( GPC Fund ), a private equity fund managed by Gallatin Point Capital LLC ( Gallatin Point ), and our strategic partner, AmFam, to take advantage of favorable pricing environments, and to address a growing and unmet demand from brokers and policyholders for specialized insurance solutions and quality service in complex lines of business.
We provide craft underwriting solutions, which require deep underwriting and claims expertise in order to produce attractive financial results.
In May 2024, we supplemented our craft solution with our flow underwriting operation, which is a streamlined, tech-enabled low touch form of underwriting, focused on small, niche and hard-to-place risks.
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