Bowhead Specialty (BOW) 10-Q 5 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-42111
Entity Registrant Name	Bowhead Specialty Holdings Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1433334
Entity Address, Address Line One	452 Fifth Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10018
City Area Code	212
Local Phone Number	970-0269
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	BOW
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,658,823
Entity Central Index Key	0002002473
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments
Fixed maturity securities, available for sale, at fair value (amortized cost of $892,953 and $569,013, respectively)	$ 891,252	$ 554,624
Short-term investments, at amortized cost, which approximates fair value	10,002	8,824
Total investments	901,254	563,448
Cash and cash equivalents	132,893	118,070
Restricted cash and cash equivalents	28,822	1,698
Accrued investment income	7,118	4,660
Premium balances receivable	46,706	38,817
Reinsurance recoverable	225,011	139,389
Prepaid reinsurance premiums	146,133	116,732
Deferred policy acquisition costs	26,463	19,407
Property and equipment, net	7,438	7,601
Income taxes receivable	325	1,107
Deferred tax assets, net	16,277	14,229
Other assets	9,222	2,701
Total assets	1,547,662	1,027,859
Liabilities
Reserve for losses and loss adjustment expenses	679,568	431,186
Unearned premiums	427,096	344,704
Reinsurance balances payable	54,162	40,440
Income taxes payable	29	42
Accrued expenses	14,696	14,900
Other liabilities	7,285	4,510
Total liabilities	1,182,836	835,782
Commitments and contingencies (Note 13)
Mezzanine equity
Performance stock units	155	0
Stockholders' equity
Common stock	327	240
Additional paid-in capital	316,334	178,543
Accumulated other comprehensive loss	(1,293)	(11,372)
Retained earnings	49,303	24,666
Total stockholders' equity	364,671	192,077
Total mezzanine equity and stockholders' equity	364,826	192,077
Total liabilities, mezzanine equity and stockholders' equity	$ 1,547,662	$ 1,027,859

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	May 09, 2024	May 08, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Fixed maturities amortized cost	$ 892,953			$ 569,013
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01		$ 0.01
Common stock, authorized shares (in shares)	400,000,000			400,000,000
Common stock, shares issued (in shares)	32,658,823	24,000,000	100	24,000,000
Common stock, shares outstanding (in shares)	32,658,823	24,000,000	100	24,000,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Gross written premiums	$ 196,976,000	$ 148,919,000	$ 510,948,000	$ 361,367,000
Ceded written premiums	(68,643,000)	(49,581,000)	(179,710,000)	(121,639,000)
Net written premiums	128,333,000	99,338,000	331,238,000	239,728,000
Change in net unearned premiums	(23,153,000)	(28,464,000)	(52,991,000)	(51,818,000)
Net earned premiums	105,180,000	70,874,000	278,247,000	187,910,000
Net investment income	11,491,000	5,188,000	27,928,000	12,589,000
Net realized investment losses	(18,100)	0	(16,200)	0
Other insurance-related income	108,000	31,000	171,000	94,000
Total revenues	116,761,000	76,093,000	306,330,000	200,593,000
Expenses
Net losses and loss adjustment expenses	67,824,000	42,796,000	181,162,000	113,664,000
Net acquisition costs	9,163,000	5,617,000	23,267,000	15,148,000
Operating expenses	22,386,000	16,376,000	65,761,000	45,456,000
Non-operating expenses	487,000	0	2,185,000	0
Warrant expense	792,000	0	1,125,000	0
Credit facility interest expenses and fees	252,000	0	477,000	0
Foreign exchange losses	37,000	40,000	67,000	21,000
Total expenses	100,941,000	64,829,000	274,044,000	174,289,000
Income before income taxes	15,820,000	11,264,000	32,286,000	26,304,000
Income tax expense	(3,728,000)	(2,556,000)	(7,649,000)	(6,041,000)
Net income	12,092,000	8,708,000	24,637,000	20,263,000
Other comprehensive income
Change in unrealized loss on investments (net of income tax (expense) benefit of $(2,928), $854, $(2,679), $735, respectively	11,016,000	(3,211,000)	10,079,000	(2,765,000)
Total comprehensive income	$ 23,108,000	$ 5,497,000	$ 34,716,000	$ 17,498,000
Earnings per share:
Basic (in dollars per share)	$ 0.37	$ 0.36	$ 0.88	$ 0.84
Diluted (in dollars per share)	$ 0.36	$ 0.36	$ 0.87	$ 0.84
Weighted average shares outstanding:
Basic (in shares)	32,658,823	24,000,000	28,119,193	24,000,000
Diluted (in shares)	33,263,958	24,000,000	28,352,420	24,000,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net of income tax benefit (expense)	$ (2,928)	$ 854	$ (2,679)	$ 735

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Mezzanine Equity and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings (Deficit)
Beginning balance (in shares) at Dec. 31, 2022		24,000,000
Beginning balance at Dec. 31, 2022		$ 240	$ 100,204	$ (16,689)	$ (381)
Beginning balance at Dec. 31, 2022	$ 83,374
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,000				5,000
Other comprehensive income (loss), net of tax	3,164			3,164
Capital contribution from parent	18,000		18,000
Capital distribution to parent	0
Stock-based compensation expense	109		109
Ending balance (in shares) at Mar. 31, 2023		24,000,000
Ending balance at Mar. 31, 2023		$ 240	118,313	(13,525)	4,619
Ending balance at Mar. 31, 2023	109,647
Beginning balance at Dec. 31, 2022	0
Ending balance at Mar. 31, 2023	0
Beginning balance (in shares) at Dec. 31, 2022		24,000,000
Beginning balance at Dec. 31, 2022		$ 240	100,204	(16,689)	(381)
Beginning balance at Dec. 31, 2022	83,374
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	20,263
Ending balance (in shares) at Sep. 30, 2023		24,000,000
Ending balance at Sep. 30, 2023		$ 240	153,758	(19,454)	19,882
Ending balance at Sep. 30, 2023	154,426
Beginning balance at Dec. 31, 2022	0
Ending balance at Sep. 30, 2023	0
Beginning balance (in shares) at Mar. 31, 2023		24,000,000
Beginning balance at Mar. 31, 2023		$ 240	118,313	(13,525)	4,619
Beginning balance at Mar. 31, 2023	109,647
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,555				6,555
Other comprehensive income (loss), net of tax	(2,718)			(2,718)
Capital contribution from parent	13,000		13,000
Capital distribution to parent	0
Stock-based compensation expense	157		157
Ending balance (in shares) at Jun. 30, 2023		24,000,000
Ending balance at Jun. 30, 2023		$ 240	131,470	(16,243)	11,174
Ending balance at Jun. 30, 2023	126,641
Beginning balance at Mar. 31, 2023	0
Ending balance at Jun. 30, 2023	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,708				8,708
Other comprehensive income (loss), net of tax	(3,211)			(3,211)
Capital contribution from parent	22,061		22,061
Capital distribution to parent	0
Stock-based compensation expense	227		227
Ending balance (in shares) at Sep. 30, 2023		24,000,000
Ending balance at Sep. 30, 2023		$ 240	153,758	(19,454)	19,882
Ending balance at Sep. 30, 2023	154,426
Ending balance at Sep. 30, 2023	$ 0
Beginning balance (in shares) at Dec. 31, 2023	24,000,000	24,000,000
Beginning balance at Dec. 31, 2023	$ 192,077	$ 240	178,543	(11,372)	24,666
Beginning balance at Dec. 31, 2023	192,077
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,012				7,012
Other comprehensive income (loss), net of tax	(916)			(916)
Capital contribution from parent	2,839		2,839
Stock-based compensation expense	225		225
Ending balance (in shares) at Mar. 31, 2024		24,000,000
Ending balance at Mar. 31, 2024		$ 240	181,607	(12,288)	31,678
Ending balance at Mar. 31, 2024	201,237
Beginning balance at Dec. 31, 2023	0
Ending balance at Mar. 31, 2024	$ 0
Beginning balance (in shares) at Dec. 31, 2023	24,000,000	24,000,000
Beginning balance at Dec. 31, 2023	$ 192,077	$ 240	178,543	(11,372)	24,666
Beginning balance at Dec. 31, 2023	192,077
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 24,637
Ending balance (in shares) at Sep. 30, 2024	32,658,823	32,658,823
Ending balance at Sep. 30, 2024	$ 364,671	$ 327	316,334	(1,293)	49,303
Ending balance at Sep. 30, 2024	364,826
Beginning balance at Dec. 31, 2023	0
Ending balance at Sep. 30, 2024	155
Beginning balance (in shares) at Mar. 31, 2024		24,000,000
Beginning balance at Mar. 31, 2024		$ 240	181,607	(12,288)	31,678
Beginning balance at Mar. 31, 2024	201,237
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,533				5,533
Other comprehensive income (loss), net of tax	(21)			(21)
Capital contribution from parent	0
Capital distribution to parent	0
Stock-based compensation expense			1,801
Stock-based compensation expense	1,847
Warrant expense	332		332
Proceeds from initial public offering, net (in shares)		8,658,823
Proceeds from initial public offering, net	130,983	$ 87	130,896
Ending balance (in shares) at Jun. 30, 2024		32,658,823
Ending balance at Jun. 30, 2024		$ 327	314,636	(12,309)	37,211
Ending balance at Jun. 30, 2024	339,911
Beginning balance at Mar. 31, 2024	0
Increase (Decrease) in Temporary Equity [Roll Forward]
Stock-based compensation expense	46
Ending balance at Jun. 30, 2024	46
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12,092				12,092
Other comprehensive income (loss), net of tax	11,016			11,016
Capital contribution from parent	0
Capital distribution to parent	0
Stock-based compensation expense			906
Stock-based compensation expense	1,015
Warrant expense	792		792
Proceeds from initial public offering, net	$ 0
Ending balance (in shares) at Sep. 30, 2024	32,658,823	32,658,823
Ending balance at Sep. 30, 2024	$ 364,671	$ 327	$ 316,334	$ (1,293)	$ 49,303
Ending balance at Sep. 30, 2024	364,826
Increase (Decrease) in Temporary Equity [Roll Forward]
Stock-based compensation expense	109
Ending balance at Sep. 30, 2024	$ 155

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 24,637,000	$ 20,263,000
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment losses	16,200	0
Amortization of premium/discounts on fixed maturity securities	(2,929,000)	(1,839,000)
Stock‐based compensation	3,087,000	492,000
Depreciation and amortization	2,768,000	1,458,000
Non-cash lease expense	747,000	433,000
Deferred income taxes	(4,727,000)	(3,293,000)
Warrant expense	1,125,000	0
Net changes in operating assets and liabilities:
Accrued investment income	(2,458,000)	(1,848,000)
Premium balances receivable	(7,889,000)	(7,691,000)
Reinsurance recoverable	(85,622,000)	(52,206,000)
Prepaid reinsurance premiums	(29,401,000)	(30,738,000)
Deferred policy acquisition costs	(7,056,000)	(5,216,000)
Income taxes receivable	782,000	(117,000)
Other assets	(7,268,000)	(1,520,000)
Reserve for losses and loss expenses	248,382,000	157,279,000
Unearned premium	82,392,000	82,556,000
Reinsurance balances payable	13,722,000	15,102,000
Accrued expenses	(204,000)	(704,000)
Income taxes payable	(13,000)	49,000
Other liabilities	2,774,000	2,391,000
Net cash provided by operating activities	232,865,000	174,851,000
Purchases of:
Fixed maturity securities	(458,431,000)	(217,859,000)
Short-term investments	(9,907,000)	(21,406,000)
Proceeds from the sale and maturity of:
Fixed maturity securities	137,223,000	16,655,000
Short-term investments	8,980,000	51,494,000
Purchase of property and equipment, net	(2,605,000)	(2,895,000)
Net cash used in investing activities	(324,740,000)	(174,011,000)
Net cash provided by financing activities
Capital contribution from parent	2,839,000	53,061,000
Proceeds from initial public offering, net	130,983,000	0
Net cash provided by financing activities	133,822,000	53,061,000
Net change in cash, cash equivalents and restricted cash	41,947,000	53,901,000
Cash, cash equivalents and restricted cash, beginning of period	119,768,000	80,651,000
Cash, cash equivalents and restricted cash, end of period	161,715,000	134,552,000
Reconciliation of restricted cash
Cash and cash equivalents	132,893,000	126,662,000
Restricted cash and cash equivalents	28,822,000	7,890,000
Total cash and cash equivalents and restricted cash	$ 161,715,000	$ 134,552,000

Nature of Operations and Signif

Nature of Operations and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Nature of Operations and Significant Accounting Policies	Nature of Operations and Significant Accounting Policies Nature of Operations Bowhead Specialty Holdings Inc. (“BSHI” and, together with its subsidiaries, “the Company”), is a Delaware domiciled insurance holding company that provides specialty property and casualty insurance products in the U.S., initially focusing on Casualty, Professional Liability and Healthcare Liability risks, which are primarily written on a non-admitted (or excess and surplus (“E&S”)) basis. On March 19, 2024, the Company amended its certificate of incorporation of Bowhead Holdings Inc. to change the name of the Company to Bowhead Specialty Holdings Inc. BSHI conducts its business operations through three wholly-owned subsidiaries. Bowhead Specialty Underwriters, Inc. (“BSUI”) is Bowhead’s managing general agency, holding a resident insurance license in the State of Texas, and is domiciled in the State of Delaware. Bowhead Insurance Company, Inc. (“BICI”) is BSHI’s insurance company subsidiary licensed and domiciled in the State of Wisconsin. Bowhead Underwriting Services, Inc. (“BUSI”) is the Company’s services company domiciled in the State of Delaware. BSUI is party to three Managing General Agency Agreements (“MGA Agreements”) with Homesite Insurance Company, Homesite Insurance Company of Florida, and Midvale Indemnity Company (together the “AmFam Issuing Carriers”), each of which is a wholly-owned subsidiary of American Family Mutual Insurance Company, S.I., (“AFMIC” and together with its wholly-owned subsidiaries, “AmFam”). AmFam beneficially owns approximatel y 18.6% of BSHI’s issued and outstanding common stock as of September 30, 2024. BSUI is also party to third-party broker agreements, allowing the direct payment of premiums from such brokers to BSUI. Through these MGA agreements, BSUI writes premium and provides claim handling services on behalf of the AmFam Issuing Carriers, and BICI assumes 100% of the premium, net of any inuring third-party reinsurance, through a Quota Share Agreement with AFMIC (the “AmFam Quota Share Agreement”). AmFam receives a ceding fee on net premiums assumed by BICI (“Ceding Fee”). BICI is also party to an Insurance Trust Agreement pursuant to which BICI provides collateral to support the obligations of the AmFam Quota Share Agreement. The Company is organized as a single operating and reportable segment through which it offers a variety of specialty insurance products to a number of markets. Basis of Presentation The accompanying condensed consolidated financial statements for BSHI and its wholly-owned subsidiaries (collectively, “Bowhead”) are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. As such, the disclosures provided herein should be read in conjunction with the Company’s latest annual financial statements. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of only normal recurring adjustments, necessary for the fair statement of the Company’s financial position. All intercompany transactions and balances are eliminated in consolidation. Interim results are not necessarily indicative of results of operations for the full year. Use of Estimates The preparation of the condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates. Significant estimates in the Company’s condensed consolidated financial statements include, but are not limited to, reserves for losses and loss adjustment expenses, reinsurance recoverable on unpaid losses and loss adjustment expenses, fair value of investments, and income taxes. Management bases its estimates and assumptions on historical experience and other factors, including the current economic environment and on various other judgments that it believes to be reasonable under the circumstances. Management periodically reviews its estimates and assumptions and makes adjustments thereto when facts and circumstances dictate. Changes in accounting estimates and underlying assumptions are recognized prospectively in the condensed consolidated financial statements. Basic and Diluted Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted-average common stock outstanding for the period. Diluted earnings per share follows the basic earnings per share calculation, except the denominator is increased to reflect the dilution that may occur if equity based awards are converted into common stock equivalents, as calculated using the treasury stock method. Anti-dilutive equity based awards, which are awards that would increase earnings per share upon conversion under the treasury stock method, are excluded in the calculation of diluted earnings per share. See Note 10 for the computation of basic and diluted earnings per share. Stock Split On May 9, 2024, the Company effected a 240 thousand-for-1 forward split of each outstanding share of BSHI’s common stock, par value $0.01 per share. As a result of the forward stock split, 100 shares of common stock issued and outstanding was increased to 24,000,000 shares of issued and outstanding common stock, without any change in the par value per share. All share, per share and related information presented in the condensed consolidated financial statements and accompanying notes have been retroactively adjusted, where applicable, to reflect the impact of the forward stock split. Initial Public Offering On May 28, 2024, the Company completed an upsized initial public offering (the “IPO”) with the sale of 8,658,823 shares of common stock at a price to the public of $17.00 per share, including 1,129,411 shares sold upon the exercise in full of the underwriters’ option to purchase additional shares. After underwriter discounts, commissions and offering expenses, net proceeds to the Company from the IPO were approximately $131.0 million. Other Insurance-Related Income Other insurance-related income includes fees associated with the issuance of policies, which are earned on the effective date of the underlying policy, and revenue we receive for providing insurance-related services, which are earned on a pro-rata basis over the service period. Stock-Based Compensation Class P Interests Bowhead Insurance Holdings LP (“BIHL”), which was previously a majority owner of the Company, issued Class P Interests to certain employees in connection with the Company’s pre-IPO employee compensation structure. Each Class P Interest is structured as a profit interest award and entitles the employees to profits after the partners of BIHL receive a return of their initial investment. The Class P Interests are accounted for as equity under accounting standards codification (“ASC”) 718, Compensation – Stock Compensation (“ASC 718”). The fair value of the compensation cost incurred under these awards is measured at the date of grant based on the fair value of the award and is recognized as operating expenses within the Condensed Consolidated Statements of Income and Comprehensive Income, using a graded method over the requisite service period. The Company recognizes any award forfeitures when they occur. 2024 Plan On May 22, 2024, the Company’s Board of Directors (the “Board”) approved and adopted the 2024 Omnibus Incentive Plan (the “2024 Plan”), which provides for the grant of stock options (including incentive stock options (“ISOs”) and nonqualified stock options), stock appreciation rights, restricted stock, restricted stock units (“RSUs”), other stock-based awards, stock bonuses, cash awards and substitute awards. Under the 2024 Plan, the Company granted RSUs to the Company’s employees and certain Board directors, and performance stock units (“PSUs”) to its chief executive officer (the “CEO”). Restricted Stock Units The RSUs are subject to a service condition and are accounted for as equity under ASC 718. The RSUs are valued based on the fair value of the underlying award, which is Bowhead’s common stock, at the date of grant. The Company recognizes the compensation cost for the RSUs on a straight-line basis over the awards’ vesting period as operating expenses within the Company’s Condensed Consolidated Statements of Income and Comprehensive Income. The Company recognizes any award forfeitures when they occur. Performance Stock Units The PSUs are subject to both a service and a market condition, and may be settled in cash upon the occurrence of an event that is outside of the Company’s control. The PSUs are accounted for as mezzanine equity on the Company’s Condensed Consolidated Balance Sheets under ASC 718 until the vesting date. The PSUs are measured at fair value based on a Monte Carlo simulation model. The Company recognizes the compensation cost for PSUs on a straight-line basis over the award’s vesting period as operating expenses within the Company’s Condensed Consolidated Statements of Income and Comprehensive Income. If the market condition is not achieved, previously recognized compensation expense is not reversed. The Company recognizes any award forfeitures when they occur. Warrants On May 22, 2024, the Board approved the issuance of warrants to AmFam, a related party of the Company, to purchase shares of the Company’s common stock. The warrants are subject to a service condition and are accounted for as equity under ASC 718. The fair value of the warrants are based on Black-Scholes-Merton pricing models. The Company recognizes compensation cost for the warrants on a quarterly basis over the awards’ vesting period as warrant expense within the Company’s Condensed Consolidated Statements of Income and Comprehensive Income. The Company recognizes any award forfeitures when they occur. See Note 9 for additional information on the Company’s stock-based compensation. Deferred Financing Fees Costs associated with the establishment of a senior secured revolving credit facility have been deferred and are amortized using the straight-line method over the terms of such instruments. Unamortized deferred financing fees are presented within other assets on the Company’s Condensed Consolidated Balance Sheets, and amortization expenses related to such costs are included in credit facility interest expenses and fees in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income. Recent Accounting Pronouncements Recently Adopted Accounting Standards The Company has not adopted any new accounting standards during the three and nine months ended September 30, 2024. Recently Issued Accounting Standards Not Yet Adopted The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company is provided an option to adopt new or revised accounting guidance as an “emerging growth company” under the JOBS Act either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as private companies, including early adoption when permissible. There are no prospective accounting standards which, upon their effective date, would have a material impact on the Company’s condensed consolidated financial statements.

Investments

Investments	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The following table summarizes the amortized cost and fair value of the Company’s fixed maturity securities, all of which are classified as available for sale: Gross Unrealized As of September 30, 2024 Amortized Cost Gains Losses Fair Value ($ in thousands) Fixed maturity securities U.S. government and government agency $ 309,181 $ 747 $ (54) $ 309,874 State and municipal 68,779 163 (3,566) 65,376 Commercial mortgage-backed securities 61,453 1,082 (680) 61,855 Residential mortgage-backed securities 174,766 3,473 (3,769) 174,470 Asset-backed securities 82,743 732 (475) 83,000 Corporate 196,031 2,161 (1,515) 196,677 Total $ 892,953 $ 8,358 $ (10,059) $ 891,252 Gross Unrealized As of December 31, 2023 Amortized Cost Gains Losses Fair Value ($ in thousands) Fixed maturity securities U.S. government and government agency $ 252,294 $ 579 $ (332) $ 252,541 State and municipal 55,984 — (5,264) 50,720 Commercial mortgage-backed securities 26,573 29 (1,166) 25,436 Residential mortgage-backed securities 79,032 680 (5,010) 74,702 Asset-backed securities 42,964 32 (963) 42,033 Corporate 112,166 80 (3,054) 109,192 Total $ 569,013 $ 1,400 (15,789) $ 554,624 a) Contractual Maturity of Fixed Maturity Securities The amortized cost and fair value of fixed maturity securities at September 30, 2024 and December 31, 2023, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations. As of September 30, 2024 Amortized Cost Fair Value ($ in thousands) Fixed maturity securities Due in one year or less $ 133,335 $ 133,341 Due after one year through five years 330,832 329,839 Due after five years through ten years 79,882 80,370 Due after ten years 29,942 28,377 573,991 571,927 Commercial mortgage-backed securities 61,453 61,855 Residential mortgage-backed securities 174,766 174,470 Asset-backed securities 82,743 83,000 Total $ 892,953 $ 891,252 As of December 31, 2023 Amortized Cost Fair Value ($ in thousands) Fixed maturity securities Due in one year or less $ 254,656 $ 254,443 Due after one year through five years 122,274 118,585 Due after five years through ten years 27,145 25,265 Due after ten years 16,369 14,160 420,444 412,453 Commercial mortgage-backed securities 26,573 25,436 Residential mortgage-backed securities 79,032 74,702 Asset-backed securities 42,964 42,033 Total $ 569,013 $ 554,624 b) Net Investment Income The components of net investment income were derived from the following sources: Three Months Ended 2024 2023 ($ in thousands) U.S. government and government agency $ 3,793 $ 1,224 State and municipal 467 387 Commercial mortgage-backed securities 761 375 Residential mortgage-backed securities 1,955 256 Asset-backed securities 719 1,044 Corporate 1,611 925 Short-term investments 134 186 Cash and cash equivalents 2,273 916 Gross investment income 11,713 5,313 Investment expenses (222) (125) Net investment income $ 11,491 $ 5,188 Nine Months Ended 2024 2023 ($ in thousands) U.S. government and government agency $ 11,316 $ 2,162 State and municipal 1,241 1,163 Commercial mortgage-backed securities 1,603 1,003 Residential mortgage-backed securities 4,118 718 Asset-backed securities 1,760 2,537 Corporate 3,614 2,514 Short-term investments 350 817 Cash and cash equivalents 4,493 2,011 Gross investment income 28,495 12,925 Investment expenses (567) (336) Net investment income $ 27,928 $ 12,589 c) Net Realized Investment Gains (Losses) There were $18.1 thousand and $16.2 thousand net realized investment losses for the three and nine months ended September 30, 2024 from the sale of investments and nil for the three and nine months ended September 30, 2023. d) Restricted Assets The Company is required to maintain assets as collateral in trust accounts to support the obligations of the AmFam Quota Share Agreement. The assets held in trust include fixed maturity securities, short-term investments and restricted cash and cash equivalents. The Company is entitled to interest income earned on these restricted assets, which is included in net investment income in the Condensed Consolidated Statements of Income and Comprehensive Income. The following table summarizes the value of the Company’s restricted assets disclosed in the Condensed Consolidated Balance Sheets: As of September 30, December 31, ($ in thousands) U.S. government and government agency $ 211,665 $ 142,297 State and municipal 30,928 19,585 Commercial mortgage-backed securities 33,354 9,333 Residential mortgage-backed securities 96,991 35,313 Asset-backed securities 39,714 23,798 Corporate 103,839 49,632 Restricted fixed maturity securities 516,491 279,958 Restricted short-term investments 10,002 4,864 Restricted cash and cash equivalents 28,822 1,698 Restricted assets $ 555,315 $ 286,520 e) Gross Unrealized Losses The following table summarizes available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position: Less than 12 Months 12 Months or Greater Total As of September 30, 2024 Fair Value Gross Fair Value Gross Fair Value Gross ($ in thousands) Fixed maturity securities U.S. government and government agency $ 30,291 $ (17) $ 15,195 $ (37) $ 45,486 $ (54) State and municipal 523 (3) 46,911 (3,563) 47,434 (3,566) Commercial mortgage-backed securities 843 (2) 17,194 (678) 18,037 (680) Residential mortgage-backed securities 13,139 (46) 31,982 (3,723) 45,121 (3,769) Asset-backed securities 19,846 (66) 10,604 (409) 30,450 (475) Corporate 14,733 (28) 55,009 (1,487) 69,742 (1,515) Total $ 79,375 $ (162) $ 176,895 $ (9,897) $ 256,270 $ (10,059) Less than 12 Months 12 Months or Greater Total As of December 31, 2023 Fair Value Gross Fair Value Gross Fair Value Gross ($ in thousands) Fixed maturity securities U.S. government and government agency $ 48,598 $ (69) $ 10,970 $ (263) $ 59,568 $ (332) State and municipal 2,992 (14) 47,728 (5,250) 50,720 (5,264) Commercial mortgage-backed securities 2,485 (53) 18,423 (1,113) 20,908 (1,166) Residential mortgage-backed securities 17,536 (609) 31,502 (4,401) 49,038 (5,010) Asset-backed securities 16,253 (71) 18,491 (892) 34,744 (963) Corporate 24,976 (173) 62,733 (2,881) 87,709 (3,054) Total $ 112,840 $ (989) $ 189,847 $ (14,800) $ 302,687 $ (15,789) All of the securities in an unrealized loss position are rated investment grade. For fixed maturity securities that management does not intend to sell or are required to sell, there is no portion of the decline in value that is considered to be due to credit factors that would be recognized in earnings. Declines in value are considered to be due to non-credit factors and are recognized in Other Comprehensive Income. The Company has evaluated its fixed maturity securities in an unrealized loss position and concluded that the unrealized losses are due primarily to temporary market and sector-related factors rather than to issuer-specific factors. None of these securities are delinquent or in default under financial covenants. Based on the assessment of these issuers, the Company expects them to continue to meet their contractual payment obligations as they become due.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is determined based on a fair value hierarchy that prioritizes the use of observable inputs over the use of unobservable inputs and requires the use of observable inputs when available. The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels, as follows: • Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. • Level 2: Significant other observable inputs other than Level 1 inputs, such as quoted prices in active markets for similar assets or liabilities, quoted prices in inactive markets for identical assets or liabilities, or other inputs that are directly or indirectly observable through market-corroborated inputs, such as interest rates, yield curves, prepayment speeds, default rates, or loss severities. • Level 3: Significant unobservable inputs used to measure fair value to the extent that relevant observable inputs are not available, and that reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the measurement date. The Company’s investments in fixed maturity securities, all of which are classified as available for sale, are carried at fair value. All of the Company’s fixed maturity securities investments were priced by independent pricing services. The prices provided by the independent pricing services are estimated based on observable market data in active markets utilizing pricing models and processes, which may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, sector groupings, matrix pricing and reference data. Under certain circumstances, if a vendor price is unavailable, a price may be obtained from a broker. The pricing services may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs are available for each security evaluation on any given day. The pricing services used by the Company have indicated that they will only produce an estimate of fair value if objectively verifiable information is available. The determination of whether markets are active or inactive is based upon the volume and level of activity for a particular asset class. The fair values of short-term investments approximate their carrying values due to their short-term maturity. The following table presents the Company’s investments measured at fair value by level: As of September 30, 2024 Level 1 Level 2 Level 3 Total ($ in thousands) Fixed maturity securities U.S. government and government agency $ 308,625 $ 1,249 $ — $ 309,874 State and municipal — 65,376 — 65,376 Commercial mortgage-backed securities — 61,855 — 61,855 Residential mortgage-backed securities — 174,470 — 174,470 Asset-backed securities — 83,000 — 83,000 Corporate — 196,677 — 196,677 Total fixed maturity securities 308,625 582,627 — 891,252 Short-term investments 10,002 — — 10,002 Total investments $ 318,627 $ 582,627 $ — $ 901,254 As of December 31, 2023 Level 1 Level 2 Level 3 Total ($ in thousands) Fixed maturity securities U.S. government and government agency $ 251,332 $ 1,209 $ — $ 252,541 State and municipal — 50,720 — 50,720 Commercial mortgage-backed securities — 25,436 — 25,436 Residential mortgage-backed securities — 74,702 — 74,702 Asset-backed securities — 42,033 — 42,033 Corporate — 109,192 — 109,192 Total fixed maturity securities 251,332 303,292 — 554,624 Short-term investments 3,960 4,864 — 8,824 Total investments $ 255,292 $ 308,156 $ — $ 563,448

Reserve for Losses and Loss Adj

Reserve for Losses and Loss Adjustment Expenses	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
Reserve for Losses and Loss Adjustment Expenses	Reserve for Losses and Loss Adjustment Expenses The table below provides a reconciliation of the beginning and ending reserve balances for the nine months ended September 30, 2024 and September 30, 2023: September 30, September 30, ($ in thousands) Gross reserves for losses and loss adjustment expenses, beginning of year $ 431,186 $ 207,051 Reinsurance recoverable on unpaid losses, beginning of year 136,273 63,381 Net reserves for unpaid losses and loss adjustment expenses, beginning of year $ 294,913 $ 143,670 Net incurred losses and loss adjustment expenses related to: Current accident year 181,162 113,028 Prior accident years — 636 181,162 113,664 Net paid losses and loss adjustment expenses related to: Current accident year 2,106 1,028 Prior accident years 17,071 6,344 19,177 7,372 Net reserves for unpaid losses and loss adjustment expenses, end of period $ 456,897 $ 249,962 Reinsurance recoverable on unpaid losses, end of period 222,671 114,368 Gross reserves for losses and loss adjustment expenses, end of period $ 679,568 $ 364,330 During the nine months ended September 30, 2024 and 2023, there was nil and $0.6 million of prior accident year unfavorable loss development, respectively.

Premiums and Reinsurance Relate

Premiums and Reinsurance Related Information	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
Premiums and Reinsurance Related Information	Premiums and Reinsurance Related Information The following table summarizes the effects of reinsurance on the Company’s written and earned premiums and losses and loss adjustment expenses: Three Months Ended September 30, 2024 Written Earned Losses and Loss ($ in thousands) Assumed $ 196,976 $ 161,683 $ 102,805 Ceded (68,643) (56,503) (34,981) Net $ 128,333 $ 105,180 $ 67,824 Three Months Ended September 30, 2023 Written Earned Losses and Loss ($ in thousands) Assumed $ 148,919 $ 106,262 $ 63,631 Ceded (49,581) (35,388) (20,835) Net $ 99,338 $ 70,874 $ 42,796 Nine Months Ended September 30, 2024 Premiums Written Premiums Earned Losses and Loss Adjustment Expenses ($ in thousands) Assumed $ 510,948 $ 428,556 $ 272,011 Ceded (179,710) (150,309) (90,849) Net $ 331,238 $ 278,247 $ 181,162 Nine Months Ended September 30, 2023 Premiums Written Premiums Earned Losses and Loss Adjustment Expenses ($ in thousands) Assumed $ 361,367 $ 278,811 $ 166,021 Ceded (121,639) (90,901) (52,357) Net $ 239,728 $ 187,910 $ 113,664 All assumed amounts are assumed through the AmFam Quota Share Agreement as described in Note 11. For the three months ended September 30, 2024 and 2023, Bowhead ceded $8.3 million and $5.2 million of written premium, $6.0 million and $2.7 million of earned premium and $3.6 million and $1.5 million of losses and loss adjustment expenses to a subsidiary of AmFam, respectively. For the nine months ended September 30, 2024 and 2023, Bowhead ceded $20.2 million and $12.5 million of written premium, $15.4 million and $5.3 million of earned premium and $9.3 million and $3.0 million of losses and loss adjustment expenses to a subsidiary of AmFam, respectively. The following table summarizes reinsurance recoverable on paid and unpaid losses and loss adjustment expenses: As of September 30, December 31, ($ in thousands) Reinsurance recoverable on unpaid losses and loss adjustment expenses $ 222,671 $ 136,273 Reinsurance recoverable on paid losses and loss adjustment expenses 2,340 3,116 Reinsurance recoverable $ 225,011 $ 139,389 The following table summarizes the Company’s top five reinsurers, their A.M. Best financial strength rating and percent of total reinsurance recoverable as of September 30, 2024 and December 31, 2023: Reinsurer A.M. Best Rating September 30, December 31, Renaissance Reinsurance U.S. Inc A+ 29.7% 29.8% Endurance Assurance Corporation A+ 23.8% 24.4% Markel Global Reinsurance Company A 21.7% 24.5% Ascot Bermuda Limited A 9.3% 7.3% American Family Connect Property and Casualty Insurance Company A 6.7% 4.2% Partner Reinsurance Company of the U.S. A+ 5.2% 8.5% All other reinsurers At least A 3.6% 1.3% Total 100.0% 100.0% As of September 30, 2024 and December 31, 2023, $15.1 million and $5.9 million, respectively, of the Company’s reinsurance recoverable balance is with a subsidiary of AmFam.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Leases The Company and its subsidiaries had a right to use two distinct office spaces in New York and Chicago under separate lease agreements. All of the Company’s leases are classified as operating leases and the Company was not party to any finance lease arrangements as of and during the three and nine months ended September 30, 2024 and 2023. The right of use (“ROU”) asset and lease liability balances as of September 30, 2024 were $3.8 million and $4.1 million, respectively, and the ROU asset and lease liability balances as of December 31, 2023, were $0.5 million and $0.7 million, respectively. The terms of the operating leases range from three and a half years to five years, from the dates the Company gained access to the spaces, through and to the stated termination dates, which expire in May 2025 and December 2027, respectively. Although the Chicago operating lease agreement contains an option to extend the lease term, the Company is not reasonably certain it will exercise this option. Due to this uncertainty, in the measurement of the lease liability, the Company has excluded the period covered by the renewal option from the lease terms. The Chicago operating lease agreement contains rent escalation features that are reflected in the Company’s lease liability balances. Since the discount rates implicit in the leases are not readily available, the Company used an incremental borrowing rate to discount the remaining lease payments in measuring the lease liability. The Company did not incur any initial direct costs or make prepayments in connection with its lease arrangements; as such, these amounts are not reflected in the ROU asset. Lease expense for the three months ended September 30, 2024 and 2023 was $0.4 million and $0.1 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $0.8 million and $0.4 million, respectively. Lease expense is recognized on a straight-line basis over the lease term in operating expenses within the Condensed Consolidated Statements of Income and Comprehensive Income. The Company has immaterial variable lease costs and no short-term leases for the three and nine months ended September 30, 2024 and 2023. The following table summarizes the Company’s future minimum lease payment obligations under non-cancelable operating leases as of September 30, 2024: As of September 30, 2024 ($ in thousands) Contractual maturities: Remaining 2024 $ 385 2025 1,421 2026 1,331 2027 1,331 Later years — Total undiscounted future minimum lease payments 4,468 Less: Discount impact 325 Total discounted operating lease liability $ 4,143 The weighted average remaining lease term and weighted average discount rate for the Company’s operating leases as of September 30, 2024 were 3.2 years and 4.9%, respectively. Cash paid for operating leases for the three months ended September 30, 2024 and 2023 was $0.5 million and $0.2 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $0.9 million and $0.6 million, respectively. There were no non-cash additions from new and remeasured leases that resulted in an increase to the ROU asset and lease liability.

Revolving Credit Facility

Revolving Credit Facility	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility On April 22, 2024, the Company entered into a Credit Agreement (the “Credit Agreement”) with certain lenders and JPMorgan Chase Bank, N.A., as administrative agent, swingline lender and issuing bank. The Credit Agreement provides for a senior secured revolving credit facility (the “Facility”) in the aggregate principal amount of $75 million, which includes a $5 million sub-facility for letters of credit. All obligations under the Facility and obligations in respect of certain cash management services and swap agreements with the lenders and their affiliates are (i) unconditionally guaranteed by certain of the Company’s subsidiaries and (ii) secured by a first-priority perfected lien in substantially all of the Company’s and the subsidiaries guarantors’ assets. The Credit Agreement contains certain customary covenants, including financial maintenance covenants. The Company was in compliance with all of the Facility’s covenants as of September 30, 2024. The Facility matures on the earlier of April 22, 2027, or 91 days prior to the MGA Agreement termination date where no MGA Agreement replacement is found. The Company may request that the lenders extend the maturity date by an additional year, provided that the request is made no earlier than 90 days and no later than 55 days prior to the first or second anniversary of the effective date of the Facility. Interest on the Facility is based on a floating rate indexed to either (i) adjusted term Secured Overnight Financing Rate (“SOFR”) plus an applicable rate, (ii) the greater of (a) the prime rate, (b) the Federal Reserve Bank of New York rate plus 0.5% per annum and (c) the adjusted term SOFR rate for a one-month interest period plus 1% per annum, plus an applicable rate, or (iii) the adjusted daily simple SOFR plus an applicable rate. As of September 30, 2024, the Company did not have any borrowings outstanding under the Facility. The Company had unamortized deferred financing fees related to the Facility of $1.5 million as of September 30, 2024, and recognized amortization expenses for deferred financing fees of $0.3 million and $0.5 million for the three and nine months ended September 30, 2024, respectively.

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stockholders’ Equity	Stockholders' Equity Capital Stock The Company’s authorized capital stock consists of 400,000,000 shares of common stock, par value $0.01 per share and 100,000,000 shares of preferred stock, par value $0.01 per share. BIHL Contribution During the three months ended September 30, 2024 and 2023, BIHL contributed additional paid-in capital of nil and $22.3 million, respectively, to the Company without issuing additional shares. During the nine months ended September 30, 2024 and 2023, BIHL contributed additional paid-in capital of $4.5 million and $53.6 million, respectively, to the Company without issuing additional shares. Public Offerings On May 23, 2024, the Company completed an upsized IPO with the sale and issuance of 8,658,823 shares of its common stock at a price of $17.00 per share. The Company received net proceeds from the offering of $131.0 million.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Class P Interests On October 14, 2020, BIHL established and authorized for issuance 40,750,000 Class P Interests for certain key employees of the Company. In December 2023 and January 2024, BIHL authorized for issuance an additional 4,766,315 and 553,048 Class P Interests, respectively, for a total of 46,069,363 Class P Interests authorized for issuance. Each grant is subject to vesting and repurchase provisions, as well as other conditions. On June 30, 2024, in preparation for the dissolution of BIHL, the general partner of BIHL approved the valuation and the acceleration of unvested Class P Interests, which prior to the dissolution of BIHL are exchanged for shares of the Company’s common stock held by BIHL with no further vesting conditions. Accordingly, on June 30, 2024, the Company accelerated the remaining unrecognized compensation cost associated with the Class P Interests of $1.3 million through operating expenses within the Company’s Condensed Consolidated Statements of Income and Comprehensive Income. On September 9, 2024, in contemplation of the dissolution of BIHL, the general partner of BIHL approved the full vesting of unvested Class P Interests, and the holders of outstanding Class P Interests subsequently received a distribution of shares of the Company’s common stock held by BIHL with no further vesting conditions. See Note 15 for additional information on the dissolution of BIHL. 2024 Plan On May 22, 2024, the Board approved and adopted the 2024 Plan, which provides for the grant of stock options (including ISOs and nonqualified stock options), stock appreciation rights, restricted stock, RSUs, other stock-based awards, stock bonuses, cash awards and substitute awards. A total of 3,152,941 shares of common stock were initially authorized and reserved for issuance under the 2024 Plan. The reserve increases on January 1 of each year, starting in 2025, by an amount equal to the lesser of: (a) 2.0% of the fully-diluted shares on the preceding December 31, and (b) a smaller amount as determined by the Board. On May 22, 2024, the Board approved the grant of RSUs to the Company’s employees and certain Board directors, and PSUs to its CEO. As of September 30, 2024, 895,262 shares of common stock were granted under the 2024 Plan. Restricted Stock Units On May 22, 2024, the Board approved the grant of 762,115 RSUs with a grant-date fair value of $17.00 per share. Additional RSUs were granted after May 22, 2024 based on the grant-date fair value of Bowhead’s common stock. The RSUs issued to employees and a one-time issuance to one of the Company’s directors have a four-year vesting period. These RSUs vest 20% per year for the first three years following issuance and 40% at the end of the fourth year, and are contingent upon the employee’s continuous employment or the director’s continuous service as a director with the Company throughout the vesting period. In addition, the RSUs issued to directors of the Company under the Company’s non-employee director compensation policy are contingent upon the director’s continuous service as a director through the vesting date, which is the earliest of: (a) the one-year anniversary of the grant date, (b) the date of the regular annual meeting of the Company’s stockholders held following the grant date, or (c) the date of the consummation of a change in control. The following table provides a summary of RSU activities during the nine months ended September 30, 2024: Number of RSUs Weighted Average Grant-Date Fair Value Granted and unvested at December 31, 2023 — $ — Granted 772,026 17.13 Vested — — Forfeited (6,175) 17.00 Granted and unvested at September 30, 2024 765,851 $ 17.13 The Company recognizes the compensation cost for the RSUs on a straight-line basis over the awards’ vesting period. The Company recognized compensation costs associated with the RSUs of $0.9 million and $1.3 million, respectively, in the three and nine-month periods ended September 30, 2024, compared to nil for the same periods in 2023. As of September 30, 2024, total unrecognized compensation cost for the RSUs was $11.8 million and the weighted average period over which the cost is expected to be recognized is approximately 3.5 years. Performance Stock Units On May 22, 2024, the Board approved the grant of 129,411 PSUs to the Company’s CEO. The grant-date fair value of the PSUs, which was valued based on a Monte Carlo simulation model, was $10.04 per share. The PSUs include both a service and a market condition, and may be settled in cash upon the occurrence of an event that is outside of the Company’s control. The vesting of the PSUs are contingent upon the CEO’s continuous employment and service to the Company through May 22, 2027. The number of PSUs earned, which range from 0 - 125% of the PSUs granted, are based on the achievement of certain compounded annual growth rate milestones of BSHI’s common stock compared its IPO price of $17.00 per share for any 20 business day period between the second and third anniversaries of the grant date. Since the PSUs are required to be settled in cash upon the occurrence of an event that is outside of the Company’s control, the PSUs are accounted for as mezzanine equity on the Company’s Condensed Consolidated Balance Sheets until the vesting date. The following table provides a summary of PSU activity during the nine months ended September 30, 2024: Number of PSUs Weighted Average Grant-Date Fair Value Granted and unvested at December 31, 2023 — $ — Granted 129,411 10.04 Vested — — Forfeited — — Granted and unvested at September 30, 2024 129,411 $ 10.04 The following table summarizes the significant inputs used in the Monte Carlo simulation model to determine the grant-date fair value of the PSUs awarded: Inputs Expected term (in years) 3.0 Expected volatility 27.0% Expected dividend yield —% Risk-free interest rate 4.6% The Company recognizes the compensation cost for PSUs on a straight-line basis over the award’s vesting period. The Company recognized compensation costs associated with the PSUs of $0.1 million and $0.2 million, respectively, in the three and nine-month periods ended September 30, 2024, compared to nil for the same periods in 2023. As of September 30, 2024, total unrecognized compensation cost for the PSUs was $1.1 million and the weighted average period over which the cost is expected to be recognized is approximately 2.6 years. Warrants On May 22, 2024, the Board approved the issuance of warrants to AmFam to purchase 1,614,250 shares of the Company’s common stock (the warrants associated with such shares the “Initial Warrants”) and, upon the exercise of the underwriters overallotment option, on May 28, 2024, the Company issued to AmFam warrants to purchase 56,471 additional shares of the Company’s common stock (the warrants associated with such additional shares, individually, the “Overallotment Warrants” and together with the Initial Warrants, the “Warrants”). The Warrants, which are subject to a five-year service condition, are accounted for as stock-based compensation under ASC 718. The grant-date fair value of the Initial Warrants and Overallotment Warrants were $9.13 per share and $17.50 per share, respectively. The Warrants vest 20% per year over the five-year service period and have a stated and weighted average exercise price of $17.00 per share. The vested portion of the Warrants may be exercised at any time, in whole or in part, until the ten-year anniversary of the issuance dates. As of September 30, 2024, none of the Warrants have vested or have been exercised. The following table summarizes the significant inputs used in the Black-Scholes-Merton pricing models to determine the grant-date fair value of the Warrants issued: Initial Warrants Overallotment Warrants Expected term (in years) 10.0 10.0 Expected volatility 34.0% 34.0% Expected dividend yield —% —% Risk-free interest rate 4.4% 4.5% The Company recognizes compensation cost for the Warrants on a quarterly basis over the awards’ vesting period. The Company recognized compensation costs associated with the Warrants of $0.8 million and $1.1 million in the three and nine-month periods ended September 30, 2024, compared to nil for the same period in 2023. As of September 30, 2024, total unrecognized compensation cost for the Warrants were $14.6 million.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table provides the calculation of basic and diluted earnings per share: Three Months Ended Nine Months Ended 2024 2023 2024 2023 ($ in thousands, except share and per share data) Numerator Net income $ 12,092 $ 8,708 $ 24,637 $ 20,263 Denominator Basic weighted average shares outstanding 32,658,823 24,000,000 28,119,193 24,000,000 Effect of dilutive awards: Restricted stock units 329,262 — 148,210 — Performance stock units 108,339 — 50,915 — Warrants (1) 167,534 — 34,102 — Diluted weighted average shares outstanding 33,263,958 24,000,000 28,352,420 24,000,000 Earnings per share Basic $ 0.37 $ 0.36 $ 0.88 $ 0.84 Diluted $ 0.36 $ 0.36 $ 0.87 $ 0.84 __________________ (1) As of September 30, 2024 and 2023, there were nil anti-dilutive awards for both periods that were excluded from the calculation of diluted weighted-average shares outstanding.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions BIHL is a limited partnership domiciled in the State of Delaware. BIHL’s capital partners include GPC Partners (Investments (SPV III) LP (“GPC Fund”), AmFam, and other minority owners as partners in BIHL. As of September 30, 2024, BIHL owned 0.2% of the Company, and has contributed $316.3 million into the Company, of which nil and $22.3 million were contributed in the three months ended September 30, 2024 and 2023, respectively, and of which $4.5 million and $53.6 million were contributed in the nine months ended September 30, 2024 and 2023, respectively. BICI is party to the AmFam Quota Share Agreement, which has been effective since 2020. Under the quota share agreement, BICI assumes 100% of all Casualty, Professional Liability, Healthcare Liability, and Baleen Specialty risks, net of inuring third-party reinsurance, written on behalf of AmFam by BSUI. AmFam receives a ceding fee on net premiums assumed by BICI. BICI is required to set aside assets in a trust to secure a portion of its reinsurance recoverable obligation under the agreement. BSUI has separate MGA Agreements with each of the AmFam Issuing Carriers. Under these agreements, BSUI is permitted to issue insurance policies on behalf of the AmFam Issuing Carriers and is also responsible for providing accounting, claims handling and other necessary services to the AmFam Issuing Carriers to support its respective regulatory, statutory and other compliance requirements. BSUI is entitled to commission in exchange for these services, which is adjusted to equal actual costs for each month in accordance with the terms of the MGA Agreements. In 2024 and 2023, BICI entered into a ceded quota share reinsurance treaty and a ceded excess of loss reinsurance treaty with reinsurers, in which a separate subsidiary of AmFam participated. In addition, BICI also entered into ceded cyber professional lines quota share reinsurance treaties with reinsurers, in which a subsidiary of AmFam also participated. For the three months ended September 30, 2024 and 2023, Bowhead incurred $2.4 million and $1.6 million of ceding fees under the AmFam Quota Share Agreement, respectively, and ceded $8.3 million and $5.2 million of written premiums to AmFam under the ceded reinsurance treaties described above, respectively. For the nine months ended September 30, 2024 and 2023, Bowhead incurred $6.2 million and $4.1 million of ceding fees under the AmFam Quota Share Agreement, respectively, and ceded $20.2 million and $12.5 million of written premiums to AmFam under these ceded reinsurance treaties described above, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended September 30, 2024 and 2023, the Company recorded income tax expense of $3.7 million and $2.6 million, respectively. The effective tax rate was approximately 23.6% for the three months ended September 30, 2024, compared to 22.7% for the three months ended September 30, 2023. The effective tax rate for the three months ended September 30, 2024 differs from the statutory tax rate of 21.0% primarily due to state taxes and non-deductible expenses. The effective tax rate for the three months ended September 30, 2023 differs from the statutory tax rate of 21.0% primarily due to state taxes, non-deductible expenses, and the current period impact from a change of estimate in the prior year. For the nine months ended September 30, 2024 and 2023, the Company recorded income tax expense of $7.6 million and $6.0 million, respectively. The effective tax rate was approximately 23.7% for the nine months ended September 30, 2024 compared to 23.0% for the nine months ended September 30, 2023. The effective tax rate for the nine months ended September 30, 2024 differs from the statutory tax rate of 21.0% primarily due to state taxes and non-deductible expenses. The effective tax rate for the nine months ended September 30, 2023 differs from the statutory tax rate of 21.0% primarily due to state taxes, non-deductible expenses, and the current period impact from a change of estimate in the prior year.

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies a) Concentrations of Credit Risk The creditworthiness of a counterparty is evaluated by the Company, taking into account credit ratings assigned by independent agencies. The credit approval process involves an assessment of factors, including, among others, the counterparty, country, and industry credit exposure limits. Collateral may be required, at the discretion of the Company, on certain transactions based on the creditworthiness of the counterparty. The areas where significant concentrations of credit risk may exist include cash and cash equivalents, restricted cash and investments, premium balances receivable, and reinsurance recoverable. Cash and Cash Equivalents, Restricted Cash and Investments The Company maintains its cash and cash equivalents and restricted cash with high credit quality financial institutions. Cash deposits are in excess of FDIC insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on its cash, cash equivalents and restricted cash. The Company’s available for sale investment portfolio is managed in accordance with guidelines that have been tailored to meet specific investment strategies, including standards of diversification, which limit the allowable holdings of any single issue. There were no investments, other than short-term investments and investments in U.S. government and government agency securities, in excess of 10.0% of the Company’s mezzanine equity and stockholders’ equity at September 30, 2024 and December 31, 2023. Premium Balances Receivable The Company underwrites a significant amount of its business through brokers and a credit risk exists should any of these brokers be unable to fulfill their contractual obligations relating to the payments of premium balances owed to the Company. The following table summarizes the brokers that make up more than 10.0% of the Company’s gross written premium for the nine months ended September 30, 2024 and 2023: Brokers 2024 2023 AmWINS Group, Inc. 23.3% 11.9% Ryan Specialty Group Holdings, Inc. 22.2% 29.0% Marsh & McLennan Companies 12.8% 14.0% For the nine months ended September 30, 2024 and 2023, the Company recorded an allowance for uncollectible premiums of nil in both periods. Reinsurance Recoverable The Company is exposed to the credit risk associated with reinsurance recoverable to the extent that any of its reinsurers fail to meet their obligations under reinsurance contracts. The Company evaluates the financial condition of its reinsurers on a regular basis and monitors concentrations of credit risk with reinsurers. The Company assesses reinsurers based on the assigned credit and financial strength ratings from internationally recognized rating agencies. At September 30, 2024 and December 31, 2023, 100% of the Company’s reinsurers are rated “A” (Excellent) or better by A.M. Best. At September 30, 2024, the three largest balances by reinsurer accounted for 29.7%, 23.8%, and 21.7% of the Company’s reinsurance recoverable balance and at December 31, 2023, the three largest balances by reinsurer accounted for 29.8%, 24.5%, and 24.4% of the Company’s reinsurance recoverable balance. Refer to Note 5 for further information. b) Purchase Obligations The Company has entered into software service agreements that have purchase obligations depending on the amount of premiums written. The fixed and determinable portion of such purchase obligations was approximately $1.8 million due for the years 2025 - 2028 at September 30, 2024. The obligations will increase depending on the amount of premium written by the Company over the respective years. c) Litigation In the ordinary course of business, the Company is subject to disputes, litigation and arbitration arising from its insurance and reinsurance operations. These matters are generally related to insurance and reinsurance claims and are considered in the establishment of reserves for losses and loss adjustment expenses. In addition, the Company may also become involved in legal actions which seek extra-contractual damages, punitive damages or penalties, including claims alleging bad faith in handling of insurance claims. The Company expects its ultimate liability with respect to such matters will not be material to its financial condition. However, adverse outcomes on such matters are possible, from time to time, and could be material to the Company’s results of operations in any particular financial reporting period. d) Other The Company has incurred certain employment taxes, penalties and interests related to the employment taxes for an employee domiciled in the United Kingdom since 2021. The Company accrued approximately $1.5 million as of September 30, 2024 and December 31, 2023, which represents its best estimate of taxes, interest, and penalties owed and for which it expects to settle in 2024.

Segment, Geographic, and Produc

Segment, Geographic, and Product Line Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment, Geographic, and Product Line Information	Segment, Geographic, and Product Line Information The Company is a specialty insurance group that generates revenues by underwriting and offering a variety of specialty insurance products to domestic markets through four distinct underwriting divisions. The chief operating decision maker (“CODM”) is the individual responsible for allocating resources to and assessing the financial performance of segments of the entity. The CODM of the Company, the CEO, assesses the financial health and performance of the Company and makes resource allocation decisions on a consolidated basis; accordingly, the Company has a single operating and reportable segment. The following table presents revenues by underwriting division for the three months ended September 30, 2024 and 2023: Underwriting Division 2024 2023 ($ in thousands) Casualty $ 81,211 $ 58,786 Professional Liability 25,467 24,261 Healthcare Liability 21,331 16,291 Baleen Specialty 324 — Net written premiums $ 128,333 $ 99,338 The following table presents revenues by underwriting division for the nine months ended September 30, 2024 and 2023: Underwriting Division 2024 2023 ($ in thousands) Casualty $ 219,992 $ 140,725 Professional Liability 64,272 62,301 Healthcare Liability 46,642 36,702 Baleen Specialty 332 — Net written premiums $ 331,238 $ 239,728 The Company’s operations and assets are located entirely within the United States, and all of its revenues are attributed to United States-based policyholders. The Company has no single major customer representing ten percent or more of its total revenues during nine months ended September 30, 2024 and 2023.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Management of BSHI has evaluated all events occurring after September 30, 2024 to determine whether any event required either recognition or disclosure in the financial statements. On July 15, 2024, BIHL received regulatory approval to effectuate a divestiture of its ownership interest in BSHI after August 2, 2024. This divestiture will involve the dissolution of BIHL, which is expected to be completed prior to December 31, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 12,092	$ 5,533	$ 7,012	$ 8,708	$ 6,555	$ 5,000	$ 24,637	$ 20,263

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of Operations and Sign_2

Nature of Operations and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Use of Estimates	Use of Estimates The preparation of the condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates. Significant estimates in the Company’s condensed consolidated financial statements include, but are not limited to, reserves for losses and loss adjustment expenses, reinsurance recoverable on unpaid losses and loss adjustment expenses, fair value of investments, and income taxes.
Basic and Diluted Earnings Per Share	Basic and Diluted Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted-average common stock outstanding for the period. Diluted earnings per share follows the basic earnings per share calculation, except the denominator is increased to reflect the dilution that may occur if equity based awards are converted into common stock equivalents, as calculated using the treasury stock method. Anti-dilutive equity based awards, which are awards that would increase earnings per share upon conversion under the treasury stock method, are excluded in the calculation of diluted earnings per share.
Other Insurance Related Income	Other Insurance-Related Income Other insurance-related income includes fees associated with the issuance of policies, which are earned on the effective date of the underlying policy, and revenue we receive for providing insurance-related services, which are earned on a pro-rata basis over the service period.
Stock-Based Compensation	Stock-Based Compensation Class P Interests Bowhead Insurance Holdings LP (“BIHL”), which was previously a majority owner of the Company, issued Class P Interests to certain employees in connection with the Company’s pre-IPO employee compensation structure. Each Class P Interest is structured as a profit interest award and entitles the employees to profits after the partners of BIHL receive a return of their initial investment. The Class P Interests are accounted for as equity under accounting standards codification (“ASC”) 718, Compensation – Stock Compensation (“ASC 718”). The fair value of the compensation cost incurred under these awards is measured at the date of grant based on the fair value of the award and is recognized as operating expenses within the Condensed Consolidated Statements of Income and Comprehensive Income, using a graded method over the requisite service period. The Company recognizes any award forfeitures when they occur. 2024 Plan On May 22, 2024, the Company’s Board of Directors (the “Board”) approved and adopted the 2024 Omnibus Incentive Plan (the “2024 Plan”), which provides for the grant of stock options (including incentive stock options (“ISOs”) and nonqualified stock options), stock appreciation rights, restricted stock, restricted stock units (“RSUs”), other stock-based awards, stock bonuses, cash awards and substitute awards. Under the 2024 Plan, the Company granted RSUs to the Company’s employees and certain Board directors, and performance stock units (“PSUs”) to its chief executive officer (the “CEO”). Restricted Stock Units The RSUs are subject to a service condition and are accounted for as equity under ASC 718. The RSUs are valued based on the fair value of the underlying award, which is Bowhead’s common stock, at the date of grant. The Company recognizes the compensation cost for the RSUs on a straight-line basis over the awards’ vesting period as operating expenses within the Company’s Condensed Consolidated Statements of Income and Comprehensive Income. The Company recognizes any award forfeitures when they occur. Performance Stock Units The PSUs are subject to both a service and a market condition, and may be settled in cash upon the occurrence of an event that is outside of the Company’s control. The PSUs are accounted for as mezzanine equity on the Company’s Condensed Consolidated Balance Sheets under ASC 718 until the vesting date. The PSUs are measured at fair value based on a Monte Carlo simulation model. The Company recognizes the compensation cost for PSUs on a straight-line basis over the award’s vesting period as operating expenses within the Company’s Condensed Consolidated Statements of Income and Comprehensive Income. If the market condition is not achieved, previously recognized compensation expense is not reversed. The Company recognizes any award forfeitures when they occur. Warrants On May 22, 2024, the Board approved the issuance of warrants to AmFam, a related party of the Company, to purchase shares of the Company’s common stock. The warrants are subject to a service condition and are accounted for as equity under ASC 718. The fair value of the warrants are based on Black-Scholes-Merton pricing models. The Company recognizes compensation cost for the warrants on a quarterly basis over the awards’ vesting period as warrant expense within the Company’s Condensed Consolidated Statements of Income and Comprehensive Income. The Company recognizes any award forfeitures when they occur. See Note 9 for additional information on the Company’s stock-based compensation.
Deferred Financing Fees	Deferred Financing Fees Costs associated with the establishment of a senior secured revolving credit facility have been deferred and are amortized using the straight-line method over the terms of such instruments. Unamortized deferred financing fees are presented within other assets on the Company’s Condensed Consolidated Balance Sheets, and amortization expenses related to such costs are included in credit facility interest expenses and fees in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Standards The Company has not adopted any new accounting standards during the three and nine months ended September 30, 2024. Recently Issued Accounting Standards Not Yet Adopted The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company is provided an option to adopt new or revised accounting guidance as an “emerging growth company” under the JOBS Act either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as private companies, including early adoption when permissible. There are no prospective accounting standards which, upon their effective date, would have a material impact on the Company’s condensed consolidated financial statements.
Fair Value Measurements	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is determined based on a fair value hierarchy that prioritizes the use of observable inputs over the use of unobservable inputs and requires the use of observable inputs when available. The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels, as follows: • Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. • Level 2: Significant other observable inputs other than Level 1 inputs, such as quoted prices in active markets for similar assets or liabilities, quoted prices in inactive markets for identical assets or liabilities, or other inputs that are directly or indirectly observable through market-corroborated inputs, such as interest rates, yield curves, prepayment speeds, default rates, or loss severities. • Level 3: Significant unobservable inputs used to measure fair value to the extent that relevant observable inputs are not available, and that reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the measurement date. The Company’s investments in fixed maturity securities, all of which are classified as available for sale, are carried at fair value. All of the Company’s fixed maturity securities investments were priced by independent pricing services. The prices provided by the independent pricing services are estimated based on observable market data in active markets utilizing pricing models and processes, which may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, sector groupings, matrix pricing and reference data. Under certain circumstances, if a vendor price is unavailable, a price may be obtained from a broker. The pricing services may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs are available for each security evaluation on any given day. The pricing services used by the Company have indicated that they will only produce an estimate of fair value if objectively verifiable information is available. The determination of whether markets are active or inactive is based upon the volume and level of activity for a particular asset class. The fair values of short-term investments approximate their carrying values due to their short-term maturity.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities	The following table summarizes the amortized cost and fair value of the Company’s fixed maturity securities, all of which are classified as available for sale: Gross Unrealized As of September 30, 2024 Amortized Cost Gains Losses Fair Value ($ in thousands) Fixed maturity securities U.S. government and government agency $ 309,181 $ 747 $ (54) $ 309,874 State and municipal 68,779 163 (3,566) 65,376 Commercial mortgage-backed securities 61,453 1,082 (680) 61,855 Residential mortgage-backed securities 174,766 3,473 (3,769) 174,470 Asset-backed securities 82,743 732 (475) 83,000 Corporate 196,031 2,161 (1,515) 196,677 Total $ 892,953 $ 8,358 $ (10,059) $ 891,252 Gross Unrealized As of December 31, 2023 Amortized Cost Gains Losses Fair Value ($ in thousands) Fixed maturity securities U.S. government and government agency $ 252,294 $ 579 $ (332) $ 252,541 State and municipal 55,984 — (5,264) 50,720 Commercial mortgage-backed securities 26,573 29 (1,166) 25,436 Residential mortgage-backed securities 79,032 680 (5,010) 74,702 Asset-backed securities 42,964 32 (963) 42,033 Corporate 112,166 80 (3,054) 109,192 Total $ 569,013 $ 1,400 (15,789) $ 554,624
Schedule of Contractual Maturity of Fixed Maturity Securities	The amortized cost and fair value of fixed maturity securities at September 30, 2024 and December 31, 2023, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations. As of September 30, 2024 Amortized Cost Fair Value ($ in thousands) Fixed maturity securities Due in one year or less $ 133,335 $ 133,341 Due after one year through five years 330,832 329,839 Due after five years through ten years 79,882 80,370 Due after ten years 29,942 28,377 573,991 571,927 Commercial mortgage-backed securities 61,453 61,855 Residential mortgage-backed securities 174,766 174,470 Asset-backed securities 82,743 83,000 Total $ 892,953 $ 891,252 As of December 31, 2023 Amortized Cost Fair Value ($ in thousands) Fixed maturity securities Due in one year or less $ 254,656 $ 254,443 Due after one year through five years 122,274 118,585 Due after five years through ten years 27,145 25,265 Due after ten years 16,369 14,160 420,444 412,453 Commercial mortgage-backed securities 26,573 25,436 Residential mortgage-backed securities 79,032 74,702 Asset-backed securities 42,964 42,033 Total $ 569,013 $ 554,624
Schedule of Components in Net Investment Income	The components of net investment income were derived from the following sources: Three Months Ended 2024 2023 ($ in thousands) U.S. government and government agency $ 3,793 $ 1,224 State and municipal 467 387 Commercial mortgage-backed securities 761 375 Residential mortgage-backed securities 1,955 256 Asset-backed securities 719 1,044 Corporate 1,611 925 Short-term investments 134 186 Cash and cash equivalents 2,273 916 Gross investment income 11,713 5,313 Investment expenses (222) (125) Net investment income $ 11,491 $ 5,188 Nine Months Ended 2024 2023 ($ in thousands) U.S. government and government agency $ 11,316 $ 2,162 State and municipal 1,241 1,163 Commercial mortgage-backed securities 1,603 1,003 Residential mortgage-backed securities 4,118 718 Asset-backed securities 1,760 2,537 Corporate 3,614 2,514 Short-term investments 350 817 Cash and cash equivalents 4,493 2,011 Gross investment income 28,495 12,925 Investment expenses (567) (336) Net investment income $ 27,928 $ 12,589
Schedule of Restricted Assets	The following table summarizes the value of the Company’s restricted assets disclosed in the Condensed Consolidated Balance Sheets: As of September 30, December 31, ($ in thousands) U.S. government and government agency $ 211,665 $ 142,297 State and municipal 30,928 19,585 Commercial mortgage-backed securities 33,354 9,333 Residential mortgage-backed securities 96,991 35,313 Asset-backed securities 39,714 23,798 Corporate 103,839 49,632 Restricted fixed maturity securities 516,491 279,958 Restricted short-term investments 10,002 4,864 Restricted cash and cash equivalents 28,822 1,698 Restricted assets $ 555,315 $ 286,520
Schedule of Available for Sale Securities in Unrealized Loss	The following table summarizes available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position: Less than 12 Months 12 Months or Greater Total As of September 30, 2024 Fair Value Gross Fair Value Gross Fair Value Gross ($ in thousands) Fixed maturity securities U.S. government and government agency $ 30,291 $ (17) $ 15,195 $ (37) $ 45,486 $ (54) State and municipal 523 (3) 46,911 (3,563) 47,434 (3,566) Commercial mortgage-backed securities 843 (2) 17,194 (678) 18,037 (680) Residential mortgage-backed securities 13,139 (46) 31,982 (3,723) 45,121 (3,769) Asset-backed securities 19,846 (66) 10,604 (409) 30,450 (475) Corporate 14,733 (28) 55,009 (1,487) 69,742 (1,515) Total $ 79,375 $ (162) $ 176,895 $ (9,897) $ 256,270 $ (10,059) Less than 12 Months 12 Months or Greater Total As of December 31, 2023 Fair Value Gross Fair Value Gross Fair Value Gross ($ in thousands) Fixed maturity securities U.S. government and government agency $ 48,598 $ (69) $ 10,970 $ (263) $ 59,568 $ (332) State and municipal 2,992 (14) 47,728 (5,250) 50,720 (5,264) Commercial mortgage-backed securities 2,485 (53) 18,423 (1,113) 20,908 (1,166) Residential mortgage-backed securities 17,536 (609) 31,502 (4,401) 49,038 (5,010) Asset-backed securities 16,253 (71) 18,491 (892) 34,744 (963) Corporate 24,976 (173) 62,733 (2,881) 87,709 (3,054) Total $ 112,840 $ (989) $ 189,847 $ (14,800) $ 302,687 $ (15,789)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Investments Measured at Fair Value By Level	The following table presents the Company’s investments measured at fair value by level: As of September 30, 2024 Level 1 Level 2 Level 3 Total ($ in thousands) Fixed maturity securities U.S. government and government agency $ 308,625 $ 1,249 $ — $ 309,874 State and municipal — 65,376 — 65,376 Commercial mortgage-backed securities — 61,855 — 61,855 Residential mortgage-backed securities — 174,470 — 174,470 Asset-backed securities — 83,000 — 83,000 Corporate — 196,677 — 196,677 Total fixed maturity securities 308,625 582,627 — 891,252 Short-term investments 10,002 — — 10,002 Total investments $ 318,627 $ 582,627 $ — $ 901,254 As of December 31, 2023 Level 1 Level 2 Level 3 Total ($ in thousands) Fixed maturity securities U.S. government and government agency $ 251,332 $ 1,209 $ — $ 252,541 State and municipal — 50,720 — 50,720 Commercial mortgage-backed securities — 25,436 — 25,436 Residential mortgage-backed securities — 74,702 — 74,702 Asset-backed securities — 42,033 — 42,033 Corporate — 109,192 — 109,192 Total fixed maturity securities 251,332 303,292 — 554,624 Short-term investments 3,960 4,864 — 8,824 Total investments $ 255,292 $ 308,156 $ — $ 563,448

Reserve for Losses and Loss A_2

Reserve for Losses and Loss Adjustment Expenses (Tables)	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
Reconciliation of The Beginning And Ending Reserve Balances	The table below provides a reconciliation of the beginning and ending reserve balances for the nine months ended September 30, 2024 and September 30, 2023: September 30, September 30, ($ in thousands) Gross reserves for losses and loss adjustment expenses, beginning of year $ 431,186 $ 207,051 Reinsurance recoverable on unpaid losses, beginning of year 136,273 63,381 Net reserves for unpaid losses and loss adjustment expenses, beginning of year $ 294,913 $ 143,670 Net incurred losses and loss adjustment expenses related to: Current accident year 181,162 113,028 Prior accident years — 636 181,162 113,664 Net paid losses and loss adjustment expenses related to: Current accident year 2,106 1,028 Prior accident years 17,071 6,344 19,177 7,372 Net reserves for unpaid losses and loss adjustment expenses, end of period $ 456,897 $ 249,962 Reinsurance recoverable on unpaid losses, end of period 222,671 114,368 Gross reserves for losses and loss adjustment expenses, end of period $ 679,568 $ 364,330

Premiums and Reinsurance Rela_2

Premiums and Reinsurance Related Information (Tables)	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
Schedule of Reinsurance Effects on Written and Earned Premiums and Losses and Loss Adjustment Expenses	The following table summarizes the effects of reinsurance on the Company’s written and earned premiums and losses and loss adjustment expenses: Three Months Ended September 30, 2024 Written Earned Losses and Loss ($ in thousands) Assumed $ 196,976 $ 161,683 $ 102,805 Ceded (68,643) (56,503) (34,981) Net $ 128,333 $ 105,180 $ 67,824 Three Months Ended September 30, 2023 Written Earned Losses and Loss ($ in thousands) Assumed $ 148,919 $ 106,262 $ 63,631 Ceded (49,581) (35,388) (20,835) Net $ 99,338 $ 70,874 $ 42,796 Nine Months Ended September 30, 2024 Premiums Written Premiums Earned Losses and Loss Adjustment Expenses ($ in thousands) Assumed $ 510,948 $ 428,556 $ 272,011 Ceded (179,710) (150,309) (90,849) Net $ 331,238 $ 278,247 $ 181,162 Nine Months Ended September 30, 2023 Premiums Written Premiums Earned Losses and Loss Adjustment Expenses ($ in thousands) Assumed $ 361,367 $ 278,811 $ 166,021 Ceded (121,639) (90,901) (52,357) Net $ 239,728 $ 187,910 $ 113,664
Schedule of Reinsurance Recoverable on Paid and Unpaid Losses and Loss Adjustment Expenses	The following table summarizes reinsurance recoverable on paid and unpaid losses and loss adjustment expenses: As of September 30, December 31, ($ in thousands) Reinsurance recoverable on unpaid losses and loss adjustment expenses $ 222,671 $ 136,273 Reinsurance recoverable on paid losses and loss adjustment expenses 2,340 3,116 Reinsurance recoverable $ 225,011 $ 139,389
Schedule of A.M. Best Financial Strength Rating and Percent of Total Reinsurance Recoverable	The following table summarizes the Company’s top five reinsurers, their A.M. Best financial strength rating and percent of total reinsurance recoverable as of September 30, 2024 and December 31, 2023: Reinsurer A.M. Best Rating September 30, December 31, Renaissance Reinsurance U.S. Inc A+ 29.7% 29.8% Endurance Assurance Corporation A+ 23.8% 24.4% Markel Global Reinsurance Company A 21.7% 24.5% Ascot Bermuda Limited A 9.3% 7.3% American Family Connect Property and Casualty Insurance Company A 6.7% 4.2% Partner Reinsurance Company of the U.S. A+ 5.2% 8.5% All other reinsurers At least A 3.6% 1.3% Total 100.0% 100.0%

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Future Minimum Lease Payment Obligations Under Non-Cancelable Operating Leases	The following table summarizes the Company’s future minimum lease payment obligations under non-cancelable operating leases as of September 30, 2024: As of September 30, 2024 ($ in thousands) Contractual maturities: Remaining 2024 $ 385 2025 1,421 2026 1,331 2027 1,331 Later years — Total undiscounted future minimum lease payments 4,468 Less: Discount impact 325 Total discounted operating lease liability $ 4,143

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of RSU Activity	The following table provides a summary of RSU activities during the nine months ended September 30, 2024: Number of RSUs Weighted Average Grant-Date Fair Value Granted and unvested at December 31, 2023 — $ — Granted 772,026 17.13 Vested — — Forfeited (6,175) 17.00 Granted and unvested at September 30, 2024 765,851 $ 17.13
Schedule of PSU Activity	The following table provides a summary of PSU activity during the nine months ended September 30, 2024: Number of PSUs Weighted Average Grant-Date Fair Value Granted and unvested at December 31, 2023 — $ — Granted 129,411 10.04 Vested — — Forfeited — — Granted and unvested at September 30, 2024 129,411 $ 10.04
Schedule of Valuation Assumptions	The following table summarizes the significant inputs used in the Monte Carlo simulation model to determine the grant-date fair value of the PSUs awarded: Inputs Expected term (in years) 3.0 Expected volatility 27.0% Expected dividend yield —% Risk-free interest rate 4.6%
Schedule Of Share Based Payment Award Warrants Valuation Assumptions	The following table summarizes the significant inputs used in the Black-Scholes-Merton pricing models to determine the grant-date fair value of the Warrants issued: Initial Warrants Overallotment Warrants Expected term (in years) 10.0 10.0 Expected volatility 34.0% 34.0% Expected dividend yield —% —% Risk-free interest rate 4.4% 4.5%

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table provides the calculation of basic and diluted earnings per share: Three Months Ended Nine Months Ended 2024 2023 2024 2023 ($ in thousands, except share and per share data) Numerator Net income $ 12,092 $ 8,708 $ 24,637 $ 20,263 Denominator Basic weighted average shares outstanding 32,658,823 24,000,000 28,119,193 24,000,000 Effect of dilutive awards: Restricted stock units 329,262 — 148,210 — Performance stock units 108,339 — 50,915 — Warrants (1) 167,534 — 34,102 — Diluted weighted average shares outstanding 33,263,958 24,000,000 28,352,420 24,000,000 Earnings per share Basic $ 0.37 $ 0.36 $ 0.88 $ 0.84 Diluted $ 0.36 $ 0.36 $ 0.87 $ 0.84 __________________ (1) As of September 30, 2024 and 2023, there were nil anti-dilutive awards for both periods that were excluded from the calculation of diluted weighted-average shares outstanding.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedules of Gross Written Premium Concentration of Risk	The following table summarizes the brokers that make up more than 10.0% of the Company’s gross written premium for the nine months ended September 30, 2024 and 2023: Brokers 2024 2023 AmWINS Group, Inc. 23.3% 11.9% Ryan Specialty Group Holdings, Inc. 22.2% 29.0% Marsh & McLennan Companies 12.8% 14.0%

Segment, Geographic, and Prod_2

Segment, Geographic, and Product Line Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Revenues by Underwriting Division	The following table presents revenues by underwriting division for the three months ended September 30, 2024 and 2023: Underwriting Division 2024 2023 ($ in thousands) Casualty $ 81,211 $ 58,786 Professional Liability 25,467 24,261 Healthcare Liability 21,331 16,291 Baleen Specialty 324 — Net written premiums $ 128,333 $ 99,338 The following table presents revenues by underwriting division for the nine months ended September 30, 2024 and 2023: Underwriting Division 2024 2023 ($ in thousands) Casualty $ 219,992 $ 140,725 Professional Liability 64,272 62,301 Healthcare Liability 46,642 36,702 Baleen Specialty 332 — Net written premiums $ 331,238 $ 239,728

Nature of Operations and Sign_3

Nature of Operations and Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands				9 Months Ended
	May 28, 2024 USD ($) $ / shares shares	May 23, 2024 USD ($) $ / shares shares	May 09, 2024 $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	May 22, 2024 $ / shares	May 08, 2024 shares	Dec. 31, 2023 $ / shares shares
Related Party Transaction [Line Items]
Stock split			240,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01				$ 0.01
Common stock, shares issued (in shares)			24,000,000	32,658,823			100	24,000,000
Common stock, shares outstanding (in shares)			24,000,000	32,658,823			100	24,000,000
Subsidiary or Equity Method Investee [Line Items]
Proceeds from initial public offering, net | $				$ 130,983	$ 0
Related Party | AmFam
Related Party Transaction [Line Items]
Quota share agreement, percentage				100%
Public Offerings
Subsidiary or Equity Method Investee [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	8,658,823	8,658,823
Common stock per share (in dollars per share) | $ / shares	$ 17	$ 17				$ 17
Proceeds from initial public offering, net | $	$ 131,000	$ 131,000
Over-Allotment Option
Subsidiary or Equity Method Investee [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	1,129,411
AmFam | Related Party
Related Party Transaction [Line Items]
Related party, ownership interest				18.60%

Investments - Schedule of Amort

Investments - Schedule of Amortized Cost and Fair Value of Fixed maturity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 892,953	$ 569,013
Gross Unrealized Gains	8,358	1,400
Gross Unrealized Losses	(10,059)	(15,789)
Fair Value	891,252	554,624
U.S. government and government agency
Marketable Securities [Line Items]
Amortized Cost	309,181	252,294
Gross Unrealized Gains	747	579
Gross Unrealized Losses	(54)	(332)
Fair Value	309,874	252,541
State and municipal
Marketable Securities [Line Items]
Amortized Cost	68,779	55,984
Gross Unrealized Gains	163	0
Gross Unrealized Losses	(3,566)	(5,264)
Fair Value	65,376	50,720
Commercial mortgage-backed securities
Marketable Securities [Line Items]
Amortized Cost	61,453	26,573
Gross Unrealized Gains	1,082	29
Gross Unrealized Losses	(680)	(1,166)
Fair Value	61,855	25,436
Residential mortgage-backed securities
Marketable Securities [Line Items]
Amortized Cost	174,766	79,032
Gross Unrealized Gains	3,473	680
Gross Unrealized Losses	(3,769)	(5,010)
Fair Value	174,470	74,702
Asset-backed securities
Marketable Securities [Line Items]
Amortized Cost	82,743	42,964
Gross Unrealized Gains	732	32
Gross Unrealized Losses	(475)	(963)
Fair Value	83,000	42,033
Corporate
Marketable Securities [Line Items]
Amortized Cost	196,031	112,166
Gross Unrealized Gains	2,161	80
Gross Unrealized Losses	(1,515)	(3,054)
Fair Value	$ 196,677	$ 109,192

Investments - Schedule of Contr

Investments - Schedule of Contractual Maturity of Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less	$ 133,335	$ 254,656
Due after one year through five years	330,832	122,274
Due after five years through ten years	79,882	27,145
Due after ten years	29,942	16,369
Fixed maturity securities in Amortized Cost	573,991	420,444
Total	892,953	569,013
Fair Value
Due in one year or less	133,341	254,443
Due after one year through five years	329,839	118,585
Due after five years through ten years	80,370	25,265
Due after ten years	28,377	14,160
Fixed maturity securities in Fair Value	571,927	412,453
Total fixed maturity securities	891,252	554,624
Commercial mortgage-backed securities
Amortized Cost
Mortgage backed securities in Amortized Cost	61,453	26,573
Total	61,453	26,573
Fair Value
Mortgage-backed securities in Fair Value	61,855	25,436
Total fixed maturity securities	61,855	25,436
Residential mortgage-backed securities
Amortized Cost
Mortgage backed securities in Amortized Cost	174,766	79,032
Total	174,766	79,032
Fair Value
Mortgage-backed securities in Fair Value	174,470	74,702
Total fixed maturity securities	174,470	74,702
Asset-backed securities
Amortized Cost
Mortgage backed securities in Amortized Cost	82,743	42,964
Total	82,743	42,964
Fair Value
Mortgage-backed securities in Fair Value	83,000	42,033
Total fixed maturity securities	$ 83,000	$ 42,033

Investments - Schedule of Net I

Investments - Schedule of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Marketable Securities [Line Items]
Gross investment income	$ 11,713
Gross investment income		$ 5,313	$ 28,495	$ 12,925
Investment expenses	(222)	(125)	(567)	(336)
Net investment income	11,491	5,188	27,928	12,589
U.S. government and government agency
Marketable Securities [Line Items]
Gross investment income	3,793
Gross investment income		1,224	11,316	2,162
State and municipal
Marketable Securities [Line Items]
Gross investment income	467
Gross investment income		387	1,241	1,163
Commercial mortgage-backed securities
Marketable Securities [Line Items]
Gross investment income	761
Gross investment income		375	1,603	1,003
Residential mortgage-backed securities
Marketable Securities [Line Items]
Gross investment income	1,955
Gross investment income		256	4,118	718
Asset-backed securities
Marketable Securities [Line Items]
Gross investment income	719
Gross investment income		1,044	1,760	2,537
Corporate
Marketable Securities [Line Items]
Gross investment income	1,611
Gross investment income		925	3,614	2,514
Short-term investments
Marketable Securities [Line Items]
Gross investment income	134
Gross investment income		186	350	817
Cash and cash equivalents
Marketable Securities [Line Items]
Gross investment income	$ 2,273
Gross investment income		$ 916	$ 4,493	$ 2,011

Investments - Schedule of Net R

Investments - Schedule of Net Realized Investment Gains (Losses) - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Net realized investment losses	$ 18,100	$ 0	$ 16,200	$ 0

Investments - Schedule of Restr

Investments - Schedule of Restricted Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Marketable Securities [Line Items]
Restricted fixed maturity securities	$ 516,491	$ 279,958
Restricted short-term investments	10,002	4,864
Restricted cash and cash equivalents	28,822	1,698	$ 7,890
Restricted assets	555,315	286,520
U.S. government and government agency
Marketable Securities [Line Items]
Restricted fixed maturity securities	211,665	142,297
State and municipal
Marketable Securities [Line Items]
Restricted fixed maturity securities	30,928	19,585
Commercial mortgage-backed securities
Marketable Securities [Line Items]
Restricted fixed maturity securities	33,354	9,333
Residential mortgage-backed securities
Marketable Securities [Line Items]
Restricted fixed maturity securities	96,991	35,313
Asset-backed securities
Marketable Securities [Line Items]
Restricted fixed maturity securities	39,714	23,798
Corporate
Marketable Securities [Line Items]
Restricted fixed maturity securities	$ 103,839	$ 49,632

Investments - Schedule of Gross

Investments - Schedule of Gross Unrealized Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value
Less than 12 Months of Fair value	$ 79,375	$ 112,840
12 Months or Greater of Fair Value	176,895	189,847
Total, Fair Value	256,270	302,687
Gross Unrealized Losses
Less than 12 Months of Gross Unrealized Losses	(162)	(989)
12 Months or Greater of Gross Unrealized Losses	(9,897)	(14,800)
Total, Gross Unrealized Losses	(10,059)	(15,789)
U.S. government and government agency
Fair Value
Less than 12 Months of Fair value	30,291	48,598
12 Months or Greater of Fair Value	15,195	10,970
Total, Fair Value	45,486	59,568
Gross Unrealized Losses
Less than 12 Months of Gross Unrealized Losses	(17)	(69)
12 Months or Greater of Gross Unrealized Losses	(37)	(263)
Total, Gross Unrealized Losses	(54)	(332)
State and municipal
Fair Value
Less than 12 Months of Fair value	523	2,992
12 Months or Greater of Fair Value	46,911	47,728
Total, Fair Value	47,434	50,720
Gross Unrealized Losses
Less than 12 Months of Gross Unrealized Losses	(3)	(14)
12 Months or Greater of Gross Unrealized Losses	(3,563)	(5,250)
Total, Gross Unrealized Losses	(3,566)	(5,264)
Commercial mortgage-backed securities
Fair Value
Less than 12 Months of Fair value	843	2,485
12 Months or Greater of Fair Value	17,194	18,423
Total, Fair Value	18,037	20,908
Gross Unrealized Losses
Less than 12 Months of Gross Unrealized Losses	(2)	(53)
12 Months or Greater of Gross Unrealized Losses	(678)	(1,113)
Total, Gross Unrealized Losses	(680)	(1,166)
Residential mortgage-backed securities
Fair Value
Less than 12 Months of Fair value	13,139	17,536
12 Months or Greater of Fair Value	31,982	31,502
Total, Fair Value	45,121	49,038
Gross Unrealized Losses
Less than 12 Months of Gross Unrealized Losses	(46)	(609)
12 Months or Greater of Gross Unrealized Losses	(3,723)	(4,401)
Total, Gross Unrealized Losses	(3,769)	(5,010)
Asset-backed securities
Fair Value
Less than 12 Months of Fair value	19,846	16,253
12 Months or Greater of Fair Value	10,604	18,491
Total, Fair Value	30,450	34,744
Gross Unrealized Losses
Less than 12 Months of Gross Unrealized Losses	(66)	(71)
12 Months or Greater of Gross Unrealized Losses	(409)	(892)
Total, Gross Unrealized Losses	(475)	(963)
Corporate
Fair Value
Less than 12 Months of Fair value	14,733	24,976
12 Months or Greater of Fair Value	55,009	62,733
Total, Fair Value	69,742	87,709
Gross Unrealized Losses
Less than 12 Months of Gross Unrealized Losses	(28)	(173)
12 Months or Greater of Gross Unrealized Losses	(1,487)	(2,881)
Total, Gross Unrealized Losses	$ (1,515)	$ (3,054)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	$ 891,252	$ 554,624
Short-term investments	10,002	8,824
Total investments	901,254	563,448
U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	309,874	252,541
State and municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	65,376	50,720
Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	61,855	25,436
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	174,470	74,702
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	83,000	42,033
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	196,677	109,192
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	308,625	251,332
Short-term investments	10,002	3,960
Total investments	318,627	255,292
Level 1 | U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	308,625	251,332
Level 1 | State and municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	0	0
Level 1 | Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	0	0
Level 1 | Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	0	0
Level 1 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	0	0
Level 1 | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	582,627	303,292
Short-term investments	0	4,864
Total investments	582,627	308,156
Level 2 | U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	1,249	1,209
Level 2 | State and municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	65,376	50,720
Level 2 | Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	61,855	25,436
Level 2 | Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	174,470	74,702
Level 2 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	83,000	42,033
Level 2 | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	196,677	109,192
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	0	0
Short-term investments	0	0
Total investments	0	0
Level 3 | U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	0	0
Level 3 | State and municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	0	0
Level 3 | Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	0	0
Level 3 | Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	0	0
Level 3 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	0	0
Level 3 | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	$ 0	$ 0

Reserve for Losses and Loss A_3

Reserve for Losses and Loss Adjustment Expenses - Reconciliation of Beginning and Ending Reserve Balances (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves for losses and loss adjustment expenses, beginning of year			$ 431,186	$ 207,051
Reinsurance recoverable on unpaid losses, beginning of year			136,273	63,381
Net reserves for unpaid losses and loss adjustment expenses, beginning of year			294,913	143,670
Net incurred losses and loss adjustment expenses related to:
Current accident year			181,162	113,028
Prior accident years			0	636
Liability for unpaid claims and claims adjustment expense, incurred claims, total	$ 67,824	$ 42,796	181,162	113,664
Net paid losses and loss adjustment expenses related to:
Current accident year			2,106	1,028
Prior accident years			17,071	6,344
Liability for unpaid claims and claims adjustment expense, claims paid, total			19,177	7,372
Net reserves for unpaid losses and loss adjustment expenses, end of period	456,897	249,962	456,897	249,962
Reinsurance recoverable on unpaid losses, end of period	222,671	114,368	222,671	114,368
Gross reserves for losses and loss adjustment expenses, end of period	$ 679,568	$ 364,330	$ 679,568	$ 364,330

Reserve for Losses and Loss A_4

Reserve for Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Insurance [Abstract]
Prior accident years	$ 0	$ 636

Premiums and Reinsurance Rela_3

Premiums and Reinsurance Related Information - Schedule of Reinsurance Effects on Written and Earned Premiums and Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Written Premiums
Assumed	$ 196,976	$ 148,919	$ 510,948	$ 361,367
Ceded	(68,643)	(49,581)	(179,710)	(121,639)
Net written premiums	128,333	99,338	331,238	239,728
Earned Premiums
Assumed	161,683	106,262	428,556	278,811
Ceded	(56,503)	(35,388)	(150,309)	(90,901)
Net earned premiums	105,180	70,874	278,247	187,910
Losses and Loss Adjustment Expenses
Assumed	102,805	63,631	272,011	166,021
Ceded	(34,981)	(20,835)	(90,849)	(52,357)
Net	$ 67,824	$ 42,796	$ 181,162	$ 113,664

Premiums and Reinsurance Rela_4

Premiums and Reinsurance Related Information - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Effects of Reinsurance [Line Items]
Ceded written premiums	$ 68,643	$ 49,581	$ 179,710	$ 121,639
Ceded premiums earned	56,503	35,388	150,309	90,901
Ceded losses and loss adjustment expenses	34,981	20,835	90,849	52,357
Reinsurance recoverable	225,011		225,011		$ 139,389
Related Party
Effects of Reinsurance [Line Items]
Ceded written premiums	8,300	5,200	20,200	12,500
Ceded premiums earned	6,000	2,700	15,400	5,300
Ceded losses and loss adjustment expenses	3,600	$ 1,500	9,300	$ 3,000
Reinsurance recoverable	$ 15,100		$ 15,100		$ 5,900

Premiums and Reinsurance Rela_5

Premiums and Reinsurance Related Information - Schedule of Reinsurance Recoverable on Paid and Unpaid Losses and Loss Adjustment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Insurance [Abstract]
Reinsurance recoverable on unpaid losses and loss adjustment expenses	$ 222,671	$ 136,273	$ 114,368	$ 63,381
Reinsurance recoverable on paid losses and loss adjustment expenses	2,340	3,116
Reinsurance recoverable	$ 225,011	$ 139,389

Premiums and Reinsurance Rela_6

Premiums and Reinsurance Related Information - Schedule of A.M. Best Financial Strength Rating and Percent of Total Reinsurance Recoverable (Details) - Reinsurance Recoverable Including Reinsurance Premium Paid - Reinsurer Concentration Risk	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Ceded Credit Risk [Line Items]
Reinsurance recoverables (percent)	100%	100%
AM Best, A Rating
Ceded Credit Risk [Line Items]
Reinsurance recoverables (percent)	100%	100%
Renaissance Reinsurance U.S. Inc | AM Best, A+ Rating
Ceded Credit Risk [Line Items]
Reinsurance recoverables (percent)	29.70%	29.80%
Endurance Assurance Corporation | AM Best, A+ Rating
Ceded Credit Risk [Line Items]
Reinsurance recoverables (percent)	23.80%	24.40%
Markel Global Reinsurance Company | AM Best, A Rating
Ceded Credit Risk [Line Items]
Reinsurance recoverables (percent)	21.70%	24.50%
Ascot Bermuda Limited | AM Best, A Rating
Ceded Credit Risk [Line Items]
Reinsurance recoverables (percent)	9.30%	7.30%
American Family Connect Property and Casualty Insurance Company | AM Best, A Rating
Ceded Credit Risk [Line Items]
Reinsurance recoverables (percent)	6.70%	4.20%
Partner Reinsurance Company of the U.S. | AM Best, A+ Rating
Ceded Credit Risk [Line Items]
Reinsurance recoverables (percent)	5.20%	8.50%
All other reinsurers | AM Best, A Rating
Ceded Credit Risk [Line Items]
Reinsurance recoverables (percent)	3.60%	1.30%

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Operating Leased Assets [Line Items]
Operating lease right-of-use assets	$ 3,800		$ 3,800		$ 500
Total discounted operating lease liability	4,143		4,143		$ 700
Operating lease, expense	$ 400	$ 100	$ 800	$ 400
Operating lease, weighted average remaining lease term	3 years 2 months 12 days		3 years 2 months 12 days
Operating lease, weighted average discount rate, percent	4.90%		4.90%
Cash paid for operating leases	$ 500	$ 200	$ 900	$ 600
Minimum
Operating Leased Assets [Line Items]
Lessee, operating lease, term of contract	3 years 6 months		3 years 6 months
Maximum
Operating Leased Assets [Line Items]
Lessee, operating lease, term of contract	5 years		5 years

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payment Obligations Under Non-Cancelable Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Remaining 2024	$ 385
2025	1,421
2026	1,331
2027	1,331
Later years	0
Total undiscounted future minimum lease payments	4,468
Less: Discount impact	325
Total discounted operating lease liability	$ 4,143	$ 700

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) - Senior Secured Revolving Credit Facility - Line of Credit - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Apr. 22, 2024
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity			$ 75
Unamortized deferred financing fees	$ 1.5	$ 1.5
Amortization expense	$ 0.3	$ 0.5
Revolving Credit Facility | New York Federal Reserve Bank Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		0.50%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1%
Letter of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity			$ 5

Stockholders_ Equity (Details)

Stockholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	May 28, 2024	May 23, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	May 22, 2024	May 09, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, authorized shares (in shares)			400,000,000		400,000,000				400,000,000
Common stock, par value (in dollars per share)			$ 0.01		$ 0.01			$ 0.01	$ 0.01
Preferred stock, authorized shares (in shares)			100,000,000		100,000,000
Preferred stock, par or stated value per share (in dollars per share)			$ 0.01		$ 0.01
Proceeds from initial public offering, net					$ 130,983	$ 0
Public Offerings
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	8,658,823	8,658,823
Common stock per share (in dollars per share)	$ 17	$ 17					$ 17
Proceeds from initial public offering, net	$ 131,000	$ 131,000
Bowhead Insurance Holdings LP (BIHL) | Related Party
Class of Stock [Line Items]
Capital contribution from parent, contributed amount			$ 0	$ 22,300	$ 4,500	$ 53,600

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) $ / shares in Units, $ in Millions				1 Months Ended		3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	May 28, 2024 $ / shares shares	May 22, 2024 d $ / shares shares	Jan. 31, 2024 shares	Dec. 31, 2023 shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	May 23, 2024 $ / shares	Oct. 14, 2020 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of business days | d			20
Public Offerings
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock per share (in dollars per share) | $ / shares		$ 17	$ 17								$ 17
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares earned percent			0%
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares earned percent			125%
Class P Interests
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized shares for stock based compensation (in shares) | shares	46,069,363					46,069,363			46,069,363			40,750,000
Additional shares for stock based compensation (in shares) | shares				553,048	4,766,315
Share-based payment arrangement, accelerated cost | $								$ 1.3
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Employee stock award, vesting period			4 years
Compensation costs | $						$ 0.9	$ 0		$ 1.3	$ 0
Compensation costs associated with the award unrecognized | $	$ 11.8					11.8			$ 11.8
Weighted average remaining recognition period (in years)									3 years 6 months
Restricted Stock | Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock award, vesting percentage									20%
Restricted Stock | Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock award, vesting percentage									40%
Performance stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock granted (in shares) | shares			129,411						129,411
Granted (in dollars per share) | $ / shares			$ 10.04						$ 10.04
Compensation costs | $						0.1	0		$ 0.2	0
Compensation costs associated with the award unrecognized | $	1.1					1.1			$ 1.1
Weighted average remaining recognition period (in years)									2 years 7 months 6 days
Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized shares for stock based compensation (in shares) | shares			1,614,250
Additional shares for stock based compensation (in shares) | shares		56,471
Employee stock award, vesting period			5 years
Stock award, vesting percentage									20%
Compensation costs | $						0.8	$ 0		$ 1.1	$ 0
Compensation costs associated with the award unrecognized | $	$ 14.6					$ 14.6			$ 14.6
Grant date fair value per share (in dollars per share) | $ / shares	$ 9.13					$ 9.13			$ 9.13
Exercise price (in dollars per share) | $ / shares									17
Overallotment Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grant date fair value per share (in dollars per share) | $ / shares	$ 17.50					$ 17.50			$ 17.50
2024 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized shares for stock based compensation (in shares) | shares			3,152,941
Increase percent of authorized shares for stock based compensation			2%
Stock granted (in shares) | shares	895,262

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of RSU Activity (Details) - Restricted Stock Units (RSUs) - $ / shares		9 Months Ended
	May 22, 2024	Sep. 30, 2024
Number of RSUs
Nonvested at the beginning of the period (in shares)		0
Granted (in shares)	762,115	772,026
Vested (in shares)		0
Forfeited (in shares)		(6,175)
Nonvested at the end of the period (in shares)		765,851
Weighted Average Grant-Date Fair Value
Nonvested at the beginning of the period (in dollars per share)		$ 0
Granted (in dollars per share)	$ 17	17.13
Vested (in dollars per share)		0
Forfeited (in dollars per share)		17
Nonvested at the end of the period (in dollars per share)		$ 17.13

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of PSU Activity (Details) - Performance stock units - $ / shares		9 Months Ended
	May 22, 2024	Sep. 30, 2024
Number of PSUs
Nonvested at the beginning of the period (in shares)		0
Granted (in shares)	129,411	129,411
Vested (in shares)		0
Forfeited (in shares)		0
Nonvested at the end of the period (in shares)		129,411
Weighted Average Grant-Date Fair Value
Nonvested at the beginning of the period (in dollars per share)		$ 0
Granted (in dollars per share)	$ 10.04	10.04
Vested (in dollars per share)		0
Forfeited (in dollars per share)		0
Nonvested at the end of the period (in dollars per share)		$ 10.04

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Valuation Assumptions (Details)	9 Months Ended
	Sep. 30, 2024
Performance stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	3 years
Expected volatility	27%
Expected dividend yield	0%
Risk-free interest rate	4.60%
Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	10 years
Expected volatility	34%
Expected dividend yield	0%
Risk-free interest rate	4.40%
Overallotment Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	10 years
Expected volatility	34%
Expected dividend yield	0%
Risk-free interest rate	4.50%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Net income	$ 12,092	$ 5,533	$ 7,012	$ 8,708	$ 6,555	$ 5,000	$ 24,637	$ 20,263
Denominator
Basic weighted average shares outstanding (in shares)	32,658,823			24,000,000			28,119,193	24,000,000
Effect of dilutive awards:
Diluted (in shares)	33,263,958			24,000,000			28,352,420	24,000,000
Earnings per share
Basic (in dollars per share)	$ 0.37			$ 0.36			$ 0.88	$ 0.84
Diluted (in dollars per share)	$ 0.36			$ 0.36			$ 0.87	$ 0.84
Antidilutive awards excluded from calculation of diluted weighted averages shares outstanding (in shares)							0	0
Restricted Stock Units (RSUs)
Effect of dilutive awards:
Dilutive awards (in shares)	329,262			0			148,210	0
Performance stock units
Effect of dilutive awards:
Dilutive awards (in shares)	108,339			0			50,915	0
Warrants
Effect of dilutive awards:
Dilutive awards (in shares)	167,534			0			34,102	0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Ceded written premiums	$ 68,643	$ 49,581	$ 179,710	$ 121,639
Related Party
Related Party Transaction [Line Items]
Ceded written premiums	8,300	5,200	$ 20,200	12,500
Related Party | BIHL
Related Party Transaction [Line Items]
Limited liability company or limited partnership, members or limited partners, ownership interest			0.20%
Related Party | Ceding Fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 2,400	1,600	$ 6,200	4,100
Related Party | AmFam
Related Party Transaction [Line Items]
Quota share agreement, percentage	100%		100%
Related Party | BIHL
Related Party Transaction [Line Items]
Capital contribution from parent, accumulated contributions			$ 316,300
Capital contribution from parent, contributed amount	$ 0	22,300	4,500	53,600
Related Party | AmFam
Related Party Transaction [Line Items]
Ceded written premiums	$ 8,300	$ 5,200	$ 20,200	$ 12,500

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 3,728	$ 2,556	$ 7,649	$ 6,041
Effective income tax rate, percent	23.60%	22.70%	23.70%	23%

Commitment and Contingencies -

Commitment and Contingencies - Gross Written Premium (Details) - Premiums Written Gross - Customer Concentration Risk	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
AmWINS Group, Inc.
Concentration Risk [Line Items]
Concentration risk, percentage	23.30%	11.90%
Ryan Specialty Group Holdings, Inc.
Concentration Risk [Line Items]
Concentration risk, percentage	22.20%	29%
Marsh & McLennan Companies
Concentration Risk [Line Items]
Concentration risk, percentage	12.80%	14%

Commitment and Contingencies _2

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Purchase Obligations due in 2025	$ 1,800
Purchase Obligations due in 2026	1,800
Purchase Obligations due in 2027	1,800
Purchase Obligations due in 2028	1,800
Employment taxes, penalties and interests related to the employment taxes accrued	$ 1,500	$ 1,500
Reinsurance Recoverable Including Reinsurance Premium Paid | Reinsurer Concentration Risk
Loss Contingencies [Line Items]
Reinsurance recoverables (percent)	100%	100%
Reinsurance Recoverable Including Reinsurance Premium Paid | Reinsurer Concentration Risk | Reinsurer One
Loss Contingencies [Line Items]
Reinsurance recoverables (percent)	29.70%	29.80%
Reinsurance Recoverable Including Reinsurance Premium Paid | Reinsurer Concentration Risk | Reinsurer Two
Loss Contingencies [Line Items]
Reinsurance recoverables (percent)	23.80%	24.50%
Reinsurance Recoverable Including Reinsurance Premium Paid | Reinsurer Concentration Risk | Reinsurer Three
Loss Contingencies [Line Items]
Reinsurance recoverables (percent)	21.70%	24.40%
AM Best, A Rating | Reinsurance Recoverable Including Reinsurance Premium Paid | Reinsurer Concentration Risk
Loss Contingencies [Line Items]
Reinsurance recoverables (percent)	100%	100%

Segment, Geographic, and Prod_3

Segment, Geographic, and Product Line Information - Narrative (Details)	Sep. 30, 2024 underwritingDivision
Segment Reporting [Abstract]
Number of underwriting divisions	4

Segment, Geographic, and Prod_4

Segment, Geographic, and Product Line Information - Revenues by Underwriting Division (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net written premiums	$ 128,333	$ 99,338	$ 331,238	$ 239,728
Operating Segments | Underwriting Division | Casualty
Revenues from External Customers and Long-Lived Assets [Line Items]
Net written premiums	81,211	58,786	219,992	140,725
Operating Segments | Underwriting Division | Professional Liability
Revenues from External Customers and Long-Lived Assets [Line Items]
Net written premiums	25,467	24,261	64,272	62,301
Operating Segments | Underwriting Division | Healthcare Liability
Revenues from External Customers and Long-Lived Assets [Line Items]
Net written premiums	21,331	16,291	46,642	36,702
Operating Segments | Underwriting Division | Baleen Specialty
Revenues from External Customers and Long-Lived Assets [Line Items]
Net written premiums	$ 324	$ 0	$ 332	$ 0