Bowhead Specialty premiums rise 10.8% to $256.4 million in third quarter
Key Facts
Bowhead Specialty Holdings reported a 10.8% increase in gross premiums written to $256.4 million in the third quarter of 2026 compared with the same period last year. The company attributed the growth to a broader renewal portfolio and continued expansion of its platform across divisions. Revenue reached $171.8 million, up 19.3% from $143.9 million in the third quarter of 2025. Meanwhile, the loss ratio rose to 67.3% from 65.9% a year earlier. The company did not hold a conference call or webcast to discuss the results because of the pending American Family deal.
Baleen Specialty led premium growth, with premiums rising 155.4% to $15.8 million compared with the third quarter of 2025. Casualty premiums increased 6.0% to $153.4 million, remaining the largest among the divisions listed. Professional liability premiums also rose 8.2% to $49.5 million. Health liability premiums grew 8.1% to $37.7 million. The figures show that premium growth spanned multiple divisions, with clear variation in their growth rates.
Net premiums earned rose 17.0% to $150.2 million, compared with $128.4 million in the same period a year earlier. At the same time, the ratio of net premiums written to earned premiums fell to 99.8% from 106.6%. The loss ratio increased 1.4 percentage points year over year to 67.3%. The company said the increase reflected a higher current accident-year loss ratio. It linked this to lower loss activity ceded under excess reinsurance agreements and, to a lesser extent, a change in portfolio mix.
Net investment income rose 36.7% to $20.6 million for the quarter, which the company attributed to a higher investment balance. Chief Executive Stephen Sills said adjusted net income grew 16% and adjusted return on equity was 15.9% during the quarter. Digital business accounted for 8.5% of gross premiums written, compared with 2.9% in the third quarter of 2025. In its commentary, the company described these activities as approaching 9% of gross premiums written. The figures reflect growth in premiums and investment income alongside an increase in the loss ratio.
Bowhead Specialty shares, trading under the ticker BOW, fell from a close of $34.29 on October 27 to $34.21 on October 28, then $34.13 on October 29 and $34.03 on October 30. The stock closed at $33.95 on November 2, 2026. The company said it would not host a conference call or webcast to discuss the results because of the pending deal with American Family, announced on August 3, 2026. The parties are targeting completion before the end of 2026, subject to customary closing conditions, including regulatory approvals and Bowhead shareholder approval. The investor relations calendar lists a special shareholder meeting on November 13, 2026, at 9:00 a.m. Eastern time.