Bowhead Specialty Holdings Inc. reported its third‑quarter 2025 financial results for the period ended September 30, 2025, showing gross written premiums of $231.5 million, a 17.5% year‑over‑year increase, and net written premiums of $149.0 million, up 16.1%. Net earned premiums rose to $128.4 million, while net investment income reached $15.0 million, a 30.9% jump from the prior year quarter. The company posted net income of $15.2 million and adjusted net income of $15.8 million, translating to diluted earnings per share of $0.47.
Underwriting performance improved, with a loss ratio of 65.9%, an expense ratio of 29.5%, and a combined ratio of 95.4%. Gross written premiums grew 17.5% driven by all four underwriting divisions, with the Casualty division leading growth. The Baleen Specialty segment grew 83.4% from the prior quarter, not 1333% as previously reported. Prior‑period comparisons show Q3 2024 net income of $12.1 million and gross written premiums of $197.0 million, while Q2 2025 net income was $12.3 million and gross written premiums were $232.4 million.
Investment results were robust, with net investment income of $15.0 million, up 30.9% YoY. The investment portfolio maintained a book yield of 4.8% and a new‑money rate of 4.6%, supported by a mix of U.S. government securities, municipal bonds, and corporate debt. The portfolio’s average rating is “AA” and its weighted average effective duration is 2.9 years.
CEO Stephen Sills highlighted disciplined underwriting and operational excellence as key to the company’s performance. He noted that the shift toward the Casualty division, which carries higher current‑accident‑year industry loss ratios, contributed to the higher loss ratio but was offset by an improved expense ratio. The company remains focused on disciplined underwriting and capital allocation to support continued growth in gross written premiums and investment income.
No specific guidance was provided in the release; the company continues to emphasize its disciplined underwriting approach and strategic focus on growth and profitability.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.