Bowhead Specialty Holdings Inc.

Bowhead Specialty Holdings Inc. (NASDAQ: BHED) is a commercial specialty property and casualty insurance company founded in 2020 that underwrites complex, non-standard risks through two complementary business models. The company operates through wholly-owned subsidiaries including Bowhead Specialty Underwriters, Inc., a managing general agency, and Bowhead Insurance Company, Inc., an admitted insurance company licensed in Wisconsin. Policies are issued on American Family Mutual Insurance Company paper and reinsured 100 percent to the company's insurance subsidiary, enabling efficient capital deployment under a strategic partnership with AmFam.

The company generates gross written premiums across four underwriting divisions. The Casualty division, representing 63.8 percent of premiums, provides general liability and environmental liability coverage for construction, distribution, manufacturing, real estate, and hospitality segments. Professional Liability, comprising 20.2 percent of premiums, offers management liability, directors and officers coverage, errors and omissions, employment practices liability, crime, and cyber insurance. Healthcare Liability accounts for 13.5 percent of premiums and focuses on hospitals, medical facilities, senior care providers, and managed care organizations. Baleen Specialty, the newest division at 2.5 percent of premiums, uses technology-powered underwriting for small to mid-sized distressed or hard-to-place risks in construction and real estate.

The company's craft underwriting model emphasizes customized solutions for large, complex, higher-severity risks through experienced underwriters and deep broker relationships, while its digital underwriting model, including Baleen Specialty and express offerings, prioritizes speed and consistency for smaller, scalable business. Products are distributed through carefully selected wholesale and retail broker relationships across all fifty states, Washington D.C., Puerto Rico, and select risks in Bermuda and the Cayman Islands. The company operates primarily in the non-admitted excess and surplus lines market, which provides flexibility in rate and policy form design.

Bowhead maintains a remote-friendly operating model designed to attract nationwide talent while leveraging proprietary underwriting tools and modern cloud-based technology systems. The company focuses on underwriting profitability across market cycles, supported by a strong balance sheet with no reserves from accident years prior to 2020. AmFam beneficially owns approximately 14.3 percent of the company's common stock as of December 31, 2025.