Bowhead Specialty Holdings Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024, showcasing significant growth. The company reported gross written premiums (GWP) of $696 million for the full year 2024, demonstrating a 46% compound annual growth rate from 2021 through 2024.
A substantial 76% of the 2024 GWP was written on an Excess and Surplus (E&S) basis, highlighting the company's focus on this flexible market segment. The combined ratio for the full year 2024 stood at 95.8%, comprising a 64.4% loss ratio and a 31.4% expense ratio, reflecting disciplined underwriting and efficient operations.
The company achieved an adjusted return on equity (ROE) of 15.2% for 2024. This strong profitability was supported by a $178.4 million increase in mezzanine equity and stockholders' equity, which included $131.0 million of net proceeds from its IPO and $38.2 million of net income generated during the year.
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