Bowhead Specialty (BOW) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 19.3% to $171.8M; net income declined 14.7% to $12.9M, while adjusted net income increased 16.0% to $18.4M.

• Q3 gross written premiums rose 10.8% to $256.4M; diluted EPS was $0.38 versus $0.45.

• For 9M 2026, revenue increased 22.9% to $491.3M, net income rose 15.8% to $45.1M and adjusted net income grew 26.2% to $50.6M.

• 9M diluted EPS was $1.33 versus $1.15; adjusted diluted EPS was $1.49 versus $1.19.

Financial highlights

• Q3 net investment income increased 36.7% to $20.6M; 9M net investment income rose 39.1% to $57.4M, primarily reflecting higher average invested assets.

• 9M gross written premiums increased 20.7% to $771.1M; net written premiums rose 13.6% to $471.2M.

• Q3 underwriting income was $5.2M versus $5.5M; adjusted diluted EPS was $0.54 versus $0.47.

• 9M underwriting income rose 36.7% to $15.7M.

Segment performance

• 9M Casualty gross premiums rose $82.7M to $500.5M, primarily from Excess Casualty; Baleen Specialty increased $28.8M to $41.1M.

• 9M gross premiums rose 18.4% to $97.2M in Healthcare Liability and 4.6% to $132.2M in Professional Liability.

• Q3 gross premiums increased 6.0% to $153.4M in Casualty, 8.2% to $49.5M in Professional Liability and 8.1% to $37.7M in Healthcare Liability; Baleen rose 155.4% to $15.8M.

• 9M craft premiums rose 14.4% to $715.7M; digital premiums grew 325.2% to $55.4M. Q3 digital premiums increased 221.7% to $21.9M.