Bowhead Specialty Holdings reported net income of $11.4 million for the first quarter ended March 31, 2025.
Adjusted net income totaled $11.5 million. The company posted a return on equity of 12.0%, with an adjusted return on equity of 12.1%.
Gross written premiums rose 26.3% year over year to $174.8 million, reflecting expansion across all business segments. The casualty division led with $122.3 million in gross written premiums, up 33.7%. Healthcare liability premiums increased 9.9% to $23.8 million, while professional liability premiums rose 2.8% to $26 million.
Bowhead also noted early growth from its Baleen Specialty division, launched in the second quarter of 2024. Baleen focuses on small, hard-to-place risks written entirely on a non-admitted basis through a low-touch, tech-driven underwriting platform.
In the first quarter of 2025, Baleen generated $2.7 million in gross written premiums, representing sequential growth of 131.1% from the prior quarter. Book value per share stood at $11.98, with diluted book value per share at $11.61 as of March 31.
Comparatively, Bowhead reported that its Q4 2024 gross written premiums rose 26.3% to $184.8 million, driven by renewals, new business, and platform expansion across all divisions. Return on equity stood at 14.8%, while the company’s book value per share stood at $11.34.
For the full-year 2024, adjusted net income rose to $1.44 per share from $1.09 a year ago. Gross written premiums, on the other hand, rose 37% to $695.7 million.
Stephen Sills (pictured above), CEO of Bowhead Specialty, said the company remains focused on its growth targets despite uncertainty in the broader market related to trade tensions and macroeconomic conditions.
Bowhead Specialty was established in 2020 and operates as a specialty lines-focused insurance organization. The company offers casualty, professional liability, and healthcare liability insurance products, primarily on a non-admitted or excess and surplus lines basis.
May last year saw Bowhead Specialty launching Baleen Specialty, a technology-powered underwriting operation targeting small to mid-sized risks that are not eligible in the admitted market.
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