Bowhead Specialty (BOW) 10-K 27 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 27, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 214,196,866
Entity Common Stock, Shares Outstanding		32,662,683
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2025 annual meeting of stockholders (the "2025 Proxy Statement") are incorporated by reference into Part III of this Annual Report on Form 10-K. The 2025 Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.
Entity Central Index Key	0002002473
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Chicago, Illinois
Auditor Firm ID	238

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investments
Fixed maturity securities, available for sale, at fair value (amortized cost of $894,145 and $569,013, respectively)	$ 879,989	$ 554,624
Short-term investments, at amortized cost, which approximates fair value	9,997	8,824
Total investments	889,986	563,448
Cash and cash equivalents	97,476	118,070
Restricted cash and cash equivalents	124,582	1,698
Accrued investment income	7,520	4,660
Premium balances receivable	63,672	38,817
Reinsurance recoverable	255,072	139,389
Prepaid reinsurance premiums	152,567	116,732
Deferred policy acquisition costs	27,625	19,407
Property and equipment, net	6,845	7,601
Income taxes receivable	586	1,107
Deferred tax assets, net	20,340	14,229
Other assets	7,971	2,701
Total assets	1,654,242	1,027,859
Liabilities
Reserve for losses and loss adjustment expenses	756,859	431,186
Unearned premiums	446,850	344,704
Reinsurance balances payable	51,856	40,440
Income taxes payable	1,571	42
Accrued expenses	18,010	14,900
Other liabilities	8,654	4,510
Total liabilities	1,283,800	835,782
Commitments and contingencies (Note 14)
Mezzanine equity
Performance stock units	265	0
Stockholders' equity
Common stock	327	240
Additional paid-in capital	318,095	178,543
Accumulated other comprehensive loss	(11,154)	(11,372)
Retained earnings	62,909	24,666
Total stockholders' equity	370,177	192,077
Total mezzanine equity and stockholders' equity	370,442	192,077
Total liabilities, mezzanine equity and stockholders' equity	$ 1,654,242	$ 1,027,859

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	May 09, 2024	May 08, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Fixed maturities amortized cost	$ 894,145			$ 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)	32,662,683	24,000,000	100	24,000,000
Common stock, shares outstanding (in shares)	32,662,683	24,000,000	100	24,000,000

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Gross written premiums	$ 695,717,000	$ 507,688,000	$ 356,948,000
Ceded written premiums	(244,295,000)	(173,016,000)	(111,834,000)
Net	451,422,000	334,672,000	245,114,000
Change in net unearned premiums	(66,311,000)	(70,770,000)	(62,251,000)
Net earned premiums	385,111,000	263,902,000	182,863,000
Net investment income	40,121,000	19,371,000	4,725,000
Net realized investment losses	(16,200)	0	0
Other insurance-related income	444,000	125,000	14,000
Total revenues	425,660,000	283,398,000	187,602,000
Expenses
Net losses and loss adjustment expenses	248,099,000	166,282,000	111,761,000
Net acquisition costs	32,397,000	20,935,000	15,194,000
Operating expenses	89,112,000	63,456,000	45,986,000
Non-operating expenses	2,807,000	630,000	0
Warrant expense	1,917,000	0	0
Credit facility interest expenses and fees	725,000	0	0
Foreign exchange losses (gains)	68,000	(20,000)	0
Total expenses	375,125,000	251,283,000	172,941,000
Income before income taxes	50,535,000	32,115,000	14,661,000
Income tax expense	(12,292,000)	(7,068,000)	(3,405,000)
Net income	38,243,000	25,047,000	11,256,000
Other comprehensive income (loss)
Change in unrealized loss on investments (net of income tax (expense) of $(58), $(1,413) and $4,247, respectively)	218,000	5,317,000	(15,975,000)
Total comprehensive income (loss)	$ 38,461,000	$ 30,364,000	$ (4,719,000)
Earnings per share:
Basic (in dollars per share)	$ 1.31	$ 1.04	$ 0.47
Diluted (in dollars per share)	$ 1.29	$ 1.04	$ 0.47
Weighted average shares outstanding:
Basic (in shares)	29,261,209	24,000,000	24,000,000
Diluted (in shares)	29,677,196	24,000,000	24,000,000

Consolidated Statements of In_2

Consolidated Statements of Income and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net of income tax benefit (expense)	$ (58)	$ (1,413)	$ 4,247

Consolidated Statements of Chan

Consolidated Statements of Changes in Mezzanine Equity and Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings (Deficit)
Beginning balance (in shares) at Dec. 31, 2021		24,000,000
Beginning balance at Dec. 31, 2021		$ 240	$ 100,836	$ (714)	$ (11,637)
Beginning balance at Dec. 31, 2021	$ 88,725
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11,256				11,256
Other comprehensive income (loss), net of tax	(15,975)			(15,975)
Capital contribution from parent	24,000		24,000
Capital distribution to parent	(25,000)		(25,000)
Stock-based compensation expense	368		368
Ending balance (in shares) at Dec. 31, 2022		24,000,000
Ending balance at Dec. 31, 2022		$ 240	100,204	(16,689)	(381)
Ending balance at Dec. 31, 2022	83,374
Beginning balance at Dec. 31, 2021	0
Ending balance at Dec. 31, 2022	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	25,047				25,047
Other comprehensive income (loss), net of tax	5,317			5,317
Capital contribution from parent	77,656		77,656
Capital distribution to parent	0
Stock-based compensation expense	$ 683		683
Ending balance (in shares) at Dec. 31, 2023	24,000,000	24,000,000
Ending balance at Dec. 31, 2023	$ 192,077	$ 240	178,543	(11,372)	24,666
Ending balance at Dec. 31, 2023	192,077
Ending balance at Dec. 31, 2023	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	38,243				38,243
Other comprehensive income (loss), net of tax	218			218
Capital contribution from parent	2,839		2,839
Capital distribution to parent	0
Issuance of common stock under stock-based compensation plan (in shares)		3,860
Issuance of common stock under stock-based compensation plan	64		64
Stock-based compensation expense			3,837
Stock-based compensation expense	4,102
Warrant expense	1,917		1,917
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 Dec. 31, 2024	32,662,683	32,662,683
Ending balance at Dec. 31, 2024	$ 370,177	$ 327	$ 318,095	$ (11,154)	$ 62,909
Ending balance at Dec. 31, 2024	370,442
Increase (Decrease) in Temporary Equity [Roll Forward]
Stock-based compensation expense	265
Ending balance at Dec. 31, 2024	$ 265

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 38,243,000	$ 25,047,000	$ 11,256,000
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment losses	16,200	0	0
Amortization of premium/discounts on fixed maturity securities	(3,508,000)	(2,848,000)	(70,000)
Stock‐based compensation	4,102,000	683,000	368,000
Depreciation and amortization	3,868,000	2,268,000	727,000
Non-cash lease expense	1,043,000	577,000	640,000
Deferred income taxes	(6,168,000)	(4,362,000)	(2,972,000)
Warrant expense	1,917,000	0	0
Net changes in operating assets and liabilities:
Accrued investment income	(2,860,000)	(3,429,000)	(933,000)
Premium balances receivable	(24,855,000)	(9,330,000)	(1,945,000)
Reinsurance recoverable	(115,683,000)	(75,858,000)	(49,586,000)
Prepaid reinsurance premiums	(35,835,000)	(42,191,000)	(27,618,000)
Deferred policy acquisition costs	(8,218,000)	(5,735,000)	(5,763,000)
Income taxes receivable	521,000	(1,107,000)	0
Other assets	(6,314,000)	(1,437,000)	1,053,000
Reserve for losses and loss expenses	325,673,000	224,135,000	159,100,000
Unearned premium	102,146,000	112,961,000	89,869,000
Reinsurance balances payable	11,416,000	16,753,000	5,148,000
Accrued expenses	3,110,000	2,871,000	2,260,000
Income taxes payable	1,529,000	(1,475,000)	1,089,000
Other liabilities	4,144,000	(1,298,000)	(979,000)
Net cash provided by operating activities	294,287,000	236,225,000	181,644,000
Purchases of:
Fixed maturity securities	(603,028,000)	(345,843,000)	(152,629,000)
Short-term investments	(9,907,000)	(21,406,000)	(45,665,000)
Proceeds from the sale and maturity of:
Fixed maturity securities	281,184,000	36,809,000	14,808,000
Short-term investments	8,980,000	59,494,000	0
Purchase of property and equipment, net	(3,112,000)	(3,819,000)	(3,972,000)
Net cash used in investing activities	(325,883,000)	(274,765,000)	(187,458,000)
Net cash provided by (used in) financing activities
Capital contribution from parent	2,839,000	77,656,000	24,000,000
Capital distribution to parent	0	0	(25,000,000)
Proceeds from share issuance related to equity awards	64,000	0	0
Proceeds from initial public offering, net	130,983,000	0	0
Net cash provided by (used in) financing activities	133,886,000	77,656,000	(1,000,000)
Net change in cash, cash equivalents and restricted cash	102,290,000	39,117,000	(6,814,000)
Cash, cash equivalents and restricted cash, beginning of period	119,768,000	80,651,000	87,465,000
Cash, cash equivalents and restricted cash, end of period	222,058,000	119,768,000	80,651,000
Reconciliation of restricted cash
Cash and cash equivalents	97,476,000	118,070,000	64,659,000
Restricted cash and cash equivalents	124,582,000	1,698,000	15,992,000
Total cash and cash equivalents and restricted cash	222,058,000	119,768,000	80,651,000
Supplemental disclosures of cash flow information:
Income taxes paid	$ 16,411,000	$ 14,011,000	$ 5,291,000

Nature of Operations

Nature of Operations	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Bowhead Specialty Holdings Inc. (“BSHI” and, together with its subsidiaries, “the Company”), is a Delaware domiciled insurance holding company that provides commercial specialty property and casualty insurance products in the U.S., 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 the 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 BSHI’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 as an admitted insurer 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 approximately 14.4% of BSHI’s issued and outstanding common stock as of December 31, 2024. BSUI is also party to third-party broker agreements, allowing the direct payment of premiums from the 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. Stock Split On May 9, 2024, the Company effected a 240 thousand-for-1 forward split of issued and outstanding shares of common stock, par value $0.01 per share. As a result of the forward stock split, one hundred (100) shares of common stock issued and outstanding was increased to 24 million 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 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. Prior to our IPO, BSHI was wholly-owned by Bowhead Insurance Holding LP, a Delaware limited partnership (“BIHL”). BIHL’s limited partners included GPC Partners Investments (SPV III) LP (“GPC Fund”), a private equity fund managed by Gallatin Point Capital LLC (“Gallatin Point”), AMFIC, members of Bowhead’s management and other minority investors. Following the IPO, the shares of our common stock held by BIHL were either distributed to BIHL’s limited partners or sold in the secondary offering of common stock on October 25, 2024. Following October 25, 2024, BIHL was no longer a holder of our common stock and on December 3, 2024, BIHL was dissolved. The Company is organized as a single operating and reportable segment through which it offers a variety of commercial specialty insurance products to a number of markets.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies a) Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include all accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances are eliminated in consolidation. b) Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the 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 consolidated financial statements include, but are not limited to, reserve 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 consolidated financial statements. c) Revenue Recognition The Company recognizes premiums as written at the inception of the policy, which are earned on a pro-rata basis over the policy term. Unearned premium represents the portion of written premiums that relates to unexpired terms of in-force insurance policies. Premium balances receivable include amounts receivable from agents and brokers that are both currently due and amounts not yet due. d) Cash and Cash Equivalents and Restricted Cash and Cash Equivalents Cash and cash equivalents comprise of cash held in bank accounts and cash held in short-term securities. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The carrying value of the Company’s cash and cash equivalents approximates fair value. Restricted cash is substantially all comprised of funds set aside in accordance with the Insurance Trust Agreement between BICI and AmFam. The carrying value of the Company’s restricted cash approximates fair value. e) Investments The Company classifies investments in fixed maturity securities as available for sale, and as such they are carried at estimated fair value. Changes in fair value are recorded as unrealized gains (losses) in accumulated other comprehensive loss. The fair value of fixed maturity securities is generally determined from quotations received from nationally recognized pricing services or when such prices are not available, by reference to other sources (including observed trading levels, pricing curves or matrices). Short-term investments consist of treasury bills and treasury notes with maturities greater than three months but less than one year at the date of purchase and are valued at amortized cost, which approximates fair value. Realized investment gains (losses) represent the difference between the amortized cost of securities sold and the proceeds realized upon sale, which are recorded at the trade date. Gains or losses on fixed maturity securities are determined on a specific identification basis. Net investment income includes interest income as well as the amortization of market premiums and discounts, net of investment management and custody fees. See Note 3 for additional information on investments. f) 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. See Note 4 for additional information on fair value disclosures. g) Deferred Policy Acquisition Costs Acquisition costs associated with the successful acquisition of new and renewed insurance and reinsurance contracts are deferred and amortized ratably over the terms of the related contracts. Ceding commissions received on ceded reinsurance contracts are netted against acquisition costs and are recognized ratably over the life of the assumed underlying contract. Deferred policy acquisition costs are comprised primarily of broker commissions and Ceding Fees due to AmFam, which are presented net of unearned ceding commissions. Deferred policy acquisition costs are reviewed to determine if they are recoverable from unearned premium and, if not, are charged to expense. Anticipated investment income is considered in determining if a premium deficiency exists. The recoverability of deferred policy acquisition costs is evaluated separately by underwriting division. See Note 5 for additional information on deferred policy acquisition costs. h) Reserve for Losses and Loss Adjustment Expenses The Company’s reserve for losses and loss adjustment expenses are comprised of case reserves and incurred but not reported liabilities (“IBNR”). When a claim is reported, a case reserve is established for the estimated ultimate payment based upon known information about the claim. As more information about the claim becomes available over time, case reserves are adjusted as appropriate. Such adjustments are reflected in the Consolidated Statements of Income and Comprehensive Income (Loss) in the period in which they are determined. Reserves are also established on an aggregate basis to provide for IBNR liabilities and expected loss reserve development on reported claims. Loss reserves included in the Company’s financial statements represent management’s best estimates based upon an actuarially derived point estimate and other considerations. The Company uses a variety of actuarial techniques and methods to derive an actuarial point estimate. These methods may include expected loss ratio, paid loss development, incurred loss development, paid and incurred Bornhuetter-Ferguson methods, Cape Cod, and frequency and severity methods. In circumstances where one actuarial method is considered more credible than the others, that method is used to set the point estimate. The actuarial point estimate may also be based on a judgmental weighting of estimates produced from each of the methods considered. Industry loss experience is used to supplement the Company’s own data in selecting a priori loss ratios and loss development assumptions, where the Company’s own data is limited. The actuarial data is analyzed by line of business and coverage, as appropriate. See Note 6 for additional information on reserve for losses and loss adjustment expenses. i) Reinsurance In the normal course of business, the Company’s insurance company subsidiary, BICI, cedes a portion of its premium to third-party reinsurers through pro rata and excess of loss reinsurance agreements on a treaty or facultative basis. These arrangements reduce the effect of individual or aggregate losses to the Company. Premiums are disclosed in the Consolidated Statements of Income and Comprehensive Income (Loss) net of ceded premiums. Reinsurance premiums, commissions, and ceded unearned premiums on reinsured business are accounted for on a basis consistent with that used in accounting for the original policies issued and the terms of the reinsurance contracts. The Company receives ceding commissions in accordance with certain reinsurance treaties. The ceding commissions are capitalized and amortized as a reduction of underwriting acquisition expenses. The unearned portion of premiums ceded to reinsurers is reported as prepaid reinsurance premiums and earned ratably over the underlying assumed policy term. The estimated amounts of reinsurance recoverable on unpaid losses are reported as reinsurance recoverable on unpaid losses and loss adjustment expenses. Ceded reinsurance contracts do not relieve the Company of its primary obligations to its policyholders. To the extent a reinsurer does not meet its obligations under reinsurance agreements, the Company remains liable for such obligations. j) Property and Equipment, Net Property and equipment, net, is carried at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets which ranges from 3 to 10 years. For certain leasehold improvements, depreciation is calculated over the shorter of the estimated useful lives of the respective assets or the lease term. Expenditures for maintenance and repairs are expensed as incurred. Upon disposition, the asset cost and related depreciation are removed from the accounts and the resulting gain or loss is included in the Company’s Consolidated Statements of Income and Comprehensive Income (Loss). The Company accounts for software development costs in accordance with ASC 350-40, Internal Use Software. Capitalization of costs begins when two criteria are met: (1) the preliminary project stage is completed, and (2) it is probable that the software will be completed and used for its intended function. Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all significant testing. Capitalized software costs are included in property and equipment, net on the Consolidated Balance Sheets. We evaluate the useful life of capitalized software on an annual basis and test for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred. The capitalized costs are amortized on a straight-line basis over the estimated useful life of the asset, which is 3 to 4 years. See Note 16 for additional information on property and equipment. k) Impairment of Long-Lived Assets Long-lived assets with finite lives are tested for impairment whenever recognized events or changes in circumstances indicate the carrying value of these assets may not be recoverable. If indicators of impairment are present, fair value is calculated using estimated future cash flows expected to be generated from the use of those assets. An impairment loss is recognized only if the carrying amount of a long-lived asset or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. That assessment is based on the carrying amount of the asset or asset group at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value. l) Leases The Company has lease agreements for two corporate office spaces for the years ended December 31, 2024 and 2023. These lease arrangements are accounted for in accordance with ASC 842, Leases , (“ASC 842”). At adoption, the Company elected the practical expedient to combine lease and non-lease components, as well as the short-term lease exception. The Company determines at inception whether an arrangement is or contains a lease. For any arrangements that meet the definition of a lease, we first assess the lease classification criteria to determine whether the lease is a finance or operating lease. On the lease commencement date, for operating leases that have a lease term of more than 12 months, the Company recognizes a lease liability within other liabilities other assets Subsequent to initial measurement, the Company recognizes lease expense on a straight-line basis over the non-cancelable lease term and renewal periods that are considered reasonably assured at the inception of the lease. ROU assets are periodically subject to impairment tests, similar to the manner in which long-lived assets are tested for impairment in accordance with ASC 360, Property, Plant, and Equipment . See Note 17 for additional information on leases. m) Foreign Exchange The Company accounts for foreign exchange (gains) losses arising from the remeasurement of a non-U.S. dollar operating expense liability to U.S. dollars. The change in the liability due to the fluctuations in the exchange rate are included within the Consolidated Statements of Income and Comprehensive Income (Loss) at the end of each period. n) Comprehensive Income (Loss) Comprehensive income (loss) includes net income and net unrealized investment losses on available for sale fixed maturity investments, net of tax. o) Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and deferred tax liabilities for the expected future tax consequences of events that have been included in the financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied in the years in which temporary differences are expected to be recovered or settled. The Company reduces deferred tax assets by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The Company analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. The Company evaluates tax positions taken or expected to be taken in the course of preparing an entity’s tax returns to determine whether it is “more-likely-than-not” that each tax position will be sustained by the applicable tax authority. There are no material tax positions taken or expected to be taken that would significantly increase or decrease unrecognized tax benefits within the next twelve months. Interest and penalties related to uncertain tax positions are recorded within operating expenses within the Consolidated Statements of Income and Comprehensive Income (Loss). None of the Company’s federal or state tax income tax returns are currently under examination by the Internal Revenue Service (“IRS”) or state authorities. See Note 13 for additional information on income taxes. p) Stock-Based Compensation Class P Interests BIHL 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 Consolidated Statements of Income and Comprehensive Income (Loss), 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 Consolidated Statements of Income and Comprehensive Income (Loss). 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 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 Consolidated Statements of Income and Comprehensive Income (Loss). 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 AFMIC, 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 Consolidated Statements of Income and Comprehensive Income (Loss). The Company recognizes any award forfeitures when they occur. See Note 10 for additional information on stock-based compensation. q) 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 Consolidated Balance Sheets, and amortization expenses related to such costs are included in credit facility interest expenses and fees in the Company’s Consolidated Statements of Income and Comprehensive Income (Loss). See Note 8 for additional information on deferred financing fees. r) Benefit Plans Pursuant to the terms of the defined contribution Safe Harbor 401(k) Retirement and Savings Plan (“the Plan”), 100% of employee contributions to the Plan are matched on the first 4.0% of salary up to the IRS compensation limit. Company contributions are expensed in the year for which the benefit is earned. All participants are allowed to direct the lesser of 100% of compensation into a pre-tax deferral plan and a Roth 401(k) account, or the maximum permitted by law. See Note 15 for additional information on benefit plans. s) 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. t) Allowance for Credit Losses The Company’s reinsurance recoverable and premium balances receivable are subject to credit losses. The Company routinely monitors changes in the credit quality and concentration risks of the reinsurance counterparties and the insurance brokers and updates the allowance for credit losses accordingly. For the respective periods ending December 31, 2024 and December 31, 2023, based on the Company's analysis, the allowance for credit loss is determined to be immaterial. Investments in fixed maturity securities, all of which are classified as available for sale, are held at fair value, net of an allowance for credit losses, and any decline in fair value that is believed to arise from factors other than credit is recorded as a separate component of accumulated other comprehensive income in the Consolidated Statements of Changes in Mezzanine Equity and Stockholders' Equity. The Company did not record any allowance for credit losses on its available for sale securities as of December 31, 2024, or December 31, 2023, respectively. u) 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 11 for the computation of basic and diluted earnings per share. v) 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. w) Recent Accounting Pronouncements 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. Recently Adopted Accounting Standards Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) On June 16, 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326)” to provide more useful information about the expected credit losses on financial instruments. The update requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected by means of an allowance for credit losses that runs through net income. Credit losses relating to available for sale fixed maturity securities must also be recorded through an allowance for credit losses, which is limited to the amount by which fair value is below amortized cost. The measurement of credit losses on available for sale securities is similar under previous U.S. GAAP, but the update requires the use of the allowance account through which amounts can be reversed, rather than through an irreversible write-down. The FASB has issued additional ASUs on Topic 326 that do not change the core principle of the guidance in ASU 2016-13 but clarify certain aspects of it. The Company adopted ASU 2016-13 on January 1, 2023, using the modified-retrospective approach. The adoption of this ASU resulted in the recognition of an allowance for credit loss related to the Company’s reinsurance recoverable and premium balances receivable. Because the Company enters into contracts with reinsurers that have A.M. Best ratings of “A” (Excellent) or better and has a history of collecting premium balances receivable, the effect of adoption was not material to the Company’s consolidated financial statements. ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280) On January 1, 2024, the Company adopted ASU 2023-07, “Improvements to Reportable Segments Disclosures” retrospectively to all prior periods presented in the financial statements. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The adoption of ASU 2023-07 did not have a material impact on the Company’s consolidated financial statements or disclosures, as the Company’s reportable segments and related disclosures already aligned with the new requirements. The Company will continue to evaluate and implement any necessary changes to comply with this guidance. Recently Issued Accounting Standards Not Yet Adopted ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures” (Topic 740). ASU 2023-09 requires public companies, on an annual basis, to provide enhanced rate reconciliation disclosures, including disclosures of specific categories and additional information that meet a quantitative threshold. This update also requires public companies to provide additional disclosures regarding income taxes paid, including jurisdictional details. The guidance is effective for fiscal years beginning after December 15, 2024. The Company is evaluating the effect of the amendments on its consolidated financial statements and does not expect a material impact on its financial position or results of operations. ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 enhances the transparency of expense information by requiring public business entities to disclose specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The amendments are effective for fiscal years beginning after December 15, 2026. The Company is currently evaluating the impact of this ASU on its financial statement disclosures. There are no other prospective accounting standards which, upon their effective date, would have a material impact on the Company’s consolidated financial statements.

Investments

Investments	12 Months Ended
	Dec. 31, 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 December 31, 2024 Amortized Cost Gains Losses Fair Value ($ in thousands) Fixed maturity securities U.S. government and government agency $ 204,205 $ 315 $ (108) $ 204,412 State and municipal 73,289 — (5,505) 67,784 Commercial mortgage-backed securities 83,029 349 (940) 82,438 Residential mortgage-backed securities 197,589 649 (6,135) 192,103 Asset-backed securities 121,155 259 (837) 120,577 Corporate 214,878 238 (2,441) 212,675 Total $ 894,145 $ 1,810 $ (15,966) $ 879,989 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 December 31, 2024 and 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 December 31, 2024 Amortized Cost Fair Value ($ in thousands) Fixed maturity securities Due in one year or less $ 206,764 $ 206,721 Due after one year through five years 208,179 205,012 Due after five years through ten years 45,230 43,199 Due after ten years 32,199 29,939 492,372 484,871 Commercial mortgage-backed securities 83,029 82,438 Residential mortgage-backed securities 197,589 192,103 Asset-backed securities 121,155 120,577 Total $ 894,145 $ 879,989 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: Years Ended December 31, 2024 2023 2022 ($ in thousands) U.S. government and government agency $ 14,514 $ 4,673 $ 255 State and municipal 1,832 1,550 1,052 Commercial mortgage-backed securities 2,584 1,381 479 Residential mortgage-backed securities 6,517 962 661 Asset-backed securities 3,043 3,708 730 Corporate 5,768 3,448 1,128 Short-term investments 480 943 371 Cash and cash equivalents 6,193 3,190 313 Gross investment income 40,931 19,855 4,989 Investment expenses (810) (484) (264) Net investment income $ 40,121 $ 19,371 $ 4,725 c) Net Realized Investment Gains or Losses There were $16.2 thousand net realized losses from the sale of investments for the year ended December 31, 2024 and nil in 2023 and 2022. d) Restricted Assets The Company is required to maintain assets as collateral in trust accounts to support the obligations of the AmFam Quota Share Agreement. The assets held in trust include fixed maturity securities, short-term investments and restricted cash and cash equivalents. The Company is entitled to interest income earned on these restricted assets, which is included in net investment income in the Consolidated Statements of Income and Comprehensive Income (Loss). The following table summarizes the value of the Company’s restricted assets disclosed in the Consolidated Balance Sheets: As of December 31, 2024 2023 ($ in thousands) U.S. government and government agency $ 97,130 $ 142,297 State and municipal 33,842 19,585 Commercial mortgage-backed securities 50,504 9,333 Residential mortgage-backed securities 115,323 35,313 Asset-backed securities 63,197 23,798 Corporate 124,836 49,632 Restricted fixed maturity securities 484,832 279,958 Restricted short-term investments 9,997 4,864 Restricted cash and cash equivalents 124,582 1,698 Restricted assets $ 619,411 $ 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 December 31, 2024 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses ($ in thousands) Fixed maturity securities U.S. government and government agency $ 55,237 $ (108) $ — $ — $ 55,237 $ (108) State and municipal 22,011 (566) 45,773 (4,939) 67,784 (5,505) Commercial mortgage-backed securities 16,579 (112) 13,087 (828) 29,666 (940) Residential mortgage-backed securities 100,817 (1,244) 29,879 (4,891) 130,696 (6,135) Asset-backed securities 42,543 (472) 9,420 (365) 51,963 (837) Corporate 118,237 (811) 43,125 (1,630) 161,362 (2,441) Total $ 355,424 $ (3,313) $ 141,284 $ (12,653) $ 496,708 $ (15,966) Less than 12 Months 12 Months or Greater Total As of December 31, 2023 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses ($ 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 (Loss). 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	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements 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 December 31, 2024 Level 1 Level 2 Level 3 Total ($ in thousands) Fixed maturity securities U.S. government and government agency $ 204,412 $ — $ — $ 204,412 State and municipal — 67,784 — 67,784 Commercial mortgage-backed securities — 82,438 — 82,438 Residential mortgage-backed securities — 192,103 — 192,103 Asset-backed securities — 120,577 — 120,577 Corporate — 212,675 — 212,675 Total fixed maturity securities 204,412 675,577 — 879,989 Short-term investments 9,997 — — 9,997 Total investments $ 214,409 $ 675,577 $ — $ 889,986 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

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs Acquisition costs deferred and amortized to net income for the years ended December 31, 2024, 2023 and 2022 are summarized as follows: As of December 31, 2024 2023 2022 ($ in thousands) Deferred policy acquisition costs, beginning of year $ 19,407 $ 13,672 $ 7,909 Additions to deferred balance: Broker commission 98,191 67,243 47,731 Ceding fee 9,848 7,546 5,191 Others 3,386 2,167 1,738 Ceding commission (70,810) (50,286) (33,703) Total net additions 40,615 26,670 20,957 Amortization of net policy acquisition costs (32,397) (20,935) (15,194) Deferred policy acquisition costs, end of year $ 27,625 $ 19,407 $ 13,672 Years Ended December 31, 2024 2023 2022 ($ in thousands) Net policy acquisition costs Broker commission $ 81,396 $ 51,580 $ 34,721 Ceding fee 8,643 5,847 3,952 Others 2,831 1,938 1,475 Ceding commission (60,473) (38,430) (24,954) Amortization of net policy acquisition costs $ 32,397 $ 20,935 $ 15,194

Reserve for Losses and Loss Adj

Reserve for Losses and Loss Adjustment Expenses	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Reserve for Losses and Loss Adjustment Expenses	Reserve for Losses and Loss Adjustment Expenses a) Reserve Roll Forward The table below provides a reconciliation of the beginning and ending reserve balances for the years ended December 31, 2024, 2023 and 2022: As of and Years Ended December 31, 2024 2023 2022 ($ in thousands) Gross reserves for losses and loss adjustment expenses, beginning of year $ 431,186 $ 207,051 $ 47,952 Reinsurance recoverable on unpaid losses, beginning of year 136,273 63,381 13,945 Net reserves for unpaid losses and loss adjustment expenses, beginning of year $ 294,913 $ 143,670 $ 34,007 Net incurred losses and loss adjustment expenses related to: Current accident year 248,099 166,282 114,067 Prior accident years — — (2,306) 248,099 166,282 111,761 Net paid losses and loss adjustment expenses related to: Current accident year 9,081 1,814 1,030 Prior accident years 23,987 13,225 1,068 33,068 15,039 2,098 Net reserves for unpaid losses and loss adjustment expenses, end of year $ 509,944 $ 294,913 $ 143,670 Reinsurance recoverable on unpaid losses, end of year 246,915 136,273 63,381 Gross reserves for losses and loss adjustment expenses, end of year $ 756,859 $ 431,186 $ 207,051 During the years ended December 31, 2024 and 2023, there were no prior accident year reserve development, respectively. During the year ended December 31, 2022, prior accident year losses developed favorably by $2.3 million. In the fourth quarter of 2024, as part of our annual independent actuarial reserve review, we reallocated prior accident year reserves by division, primarily from Professional Liability to Casualty, to align more closely with industry loss ratios. The increase in our loss ratio and reallocation of prior accident year reserves are primarily based on inputs from industry data due to Bowhead’s limited loss experience. b) Net Incurred and Paid Claims Development by Accident Year The Company measures claim frequency information on an individual claim count basis. Any claim that is reported to the Company is included in the count unless it is subsequently settled without liability to the Company. The following tables disclose by underwriting division, the development of net losses and loss adjustment expenses incurred and paid claims by accident year, IBNR, cumulative number of reported claims and average annual percentage payout of incurred claims by age. The first loss development table within each underwriting division section presents cumulative net losses and loss adjustment expenses. The sum of the current accident year row ties to net losses and loss adjustment expenses disclosed in the Consolidated Statements of Income and Comprehensive Income (Loss). The second loss development table within each underwriting division section presents cumulative net losses and loss adjustment expenses that have been paid to date. The difference between cumulative net losses and loss adjustment expenses in the first table and cumulative net losses and loss adjustment expenses paid to date represent the Company’s net reserves for unpaid losses and loss adjustment expenses. Note 6 c) reconciles net reserves for unpaid losses and loss adjustment expenses included in these loss development tables to reserves for losses and loss adjustment expenses reported in the Consolidated Balance Sheets. Casualty Net Losses and Loss Adjustment Expenses Incurred For the Years Ended December 31, As of December 31, 2024 Accident Year 2021 (Unaudited) 2022 (Unaudited) 2023 (Unaudited) 2024 IBNR Cumulative Number of Reported Claims ($ in thousands) 2021 $ 14,248 $ 13,640 $ 16,003 $ 16,066 $ 12,951 25 2022 55,606 58,427 62,535 45,902 122 2023 93,028 97,808 84,919 249 2024 156,132 148,224 425 Total incurred $ 332,541 Cumulative Net Paid Claims and Claims Adjustment Expenses For the Years Ended December 31, Accident Year 2021 (Unaudited) 2022 (Unaudited) 2023 (Unaudited) 2024 ($ in thousands) 2021 $ 16 $ 220 $ 352 $ 3,032 2022 256 6,072 8,260 2023 326 6,033 2024 4,101 Total paid $ 21,426 Net reserves for unpaid losses and loss adjustment expenses $ 311,115 Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age (Unaudited) Years 1 2 3 4 Casualty 0.9% 5.5% 2.2% 16.7% Professional Liability Net Losses and Loss Adjustment Expenses Incurred For the Years Ended December 31, As of December 31, 2024 Accident Year 2021 (Unaudited) 2022 (Unaudited) 2023 (Unaudited) 2024 IBNR Cumulative Number of Reported Claims ($ in thousands) 2021 $ 10,152 $ 15,484 $ 13,368 $ 7,056 $ 6,293 68 2022 39,442 37,129 32,392 14,193 164 2023 43,765 45,316 32,231 737 2024 55,322 49,155 1,387 Total incurred $ 140,086 Cumulative Net Paid Claims and Claims Adjustment Expenses For the Years Ended December 31, Accident Year 2021 (Unaudited) 2022 (Unaudited) 2023 (Unaudited) 2024 ($ in thousands) 2021 $ 213 $ 518 $ 643 $ 710 2022 419 6,846 9,467 2023 1,034 6,300 2024 3,868 Total paid $ 20,345 Net reserves for unpaid losses and loss adjustment expenses $ 119,741 Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age (Unaudited) Years 1 2 3 4 Professional Liability 3.4% 11.9% 4.9% 0.9% Healthcare Liability Net Losses and Loss Adjustment Expenses Incurred For the Years Ended December 31, As of December 31, 2024 Accident Year 2021 2022 2023 (Unaudited) 2024 IBNR Cumulative Number of Reported Claims ($ in thousands) 2021 $ 10,117 $ 3,088 $ 2,841 $ 2,343 $ 1,477 9 2022 19,019 18,511 20,897 11,197 105 2023 29,489 28,147 22,397 196 2024 36,248 33,464 467 Total incurred $ 87,635 Cumulative Net Paid Claims and Claims Adjustment Expenses For the Years Ended December 31, Accident Year 2021 2022 2023 (Unaudited) 2024 ($ in thousands) 2021 $ 282 $ 841 $ 854 $ 863 2022 355 1,067 5,778 2023 454 1,191 2024 878 Total paid $ 8,710 Net reserves for unpaid losses and loss adjustment expenses $ 78,925 Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age (Unaudited) Years 1 2 3 4 Healthcare Liability 4.4 % 10.0 % 11.5 % 0.4 % Baleen Specialty Net Losses and Loss Adjustment Expenses Incurred For the Year Ended December 31, As of December 31, 2024 Accident Year 2024 IBNR Cumulative Number of Reported Claims ($ in thousands) 2024 $ 397 $ 163 — Total incurred $ 397 Cumulative Net Paid Claims and Claims Adjustment Expenses Accident Year For the Years Ended December 31, 2024 2024 $ 234 Total paid $ 234 Net reserves for unpaid losses and loss adjustment expenses $ 163 Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age Years 1 Baleen Specialty 59.2 % c) Reconciliation of Net Incurred and Paid Claims Development to Consolidated Balance Sheets The following table reconciles total reserves for losses and loss adjustment expenses, net of reinsurance, included in the loss development tables to reserves for losses and loss adjustment expenses reported in the Consolidated Balance Sheets at December 31, 2024 and 2023: December 31, 2024 Line of Business Net Reserves for Unpaid Losses and Loss Expenses Reinsurance Recoverable on Unpaid Losses Gross Reserves for Losses and Loss Expenses ($ in thousands) Casualty $ 311,115 $ 132,977 $ 444,092 Professional Liability 119,741 74,879 194,620 Healthcare Liability 78,925 39,008 117,933 Baleen Specialty 163 51 214 Total $ 509,944 $ 246,915 $ 756,859 December 31, 2023 Line of Business Net Reserves for Unpaid Losses and Loss Expenses Reinsurance Recoverable on Unpaid Losses Gross Reserves for Losses and Loss Expenses ($ in thousands) Casualty $ 160,708 $ 63,710 $ 224,418 Professional Liability 85,739 47,197 132,936 Healthcare Liability 48,466 25,366 73,832 Total $ 294,913 $ 136,273 $ 431,186

Premiums and Reinsurance Relate

Premiums and Reinsurance Related Information	12 Months Ended
	Dec. 31, 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: Year Ended December 31, 2024 Written Premiums Earned Premiums Losses and Loss Adjustment Expenses ($ in thousands) Assumed $ 695,717 $ 593,571 $ 371,349 Ceded (244,295) (208,460) (123,250) Net $ 451,422 $ 385,111 $ 248,099 Year Ended December 31, 2023 Written Premiums Earned Premiums Losses and Loss Adjustment Expenses ($ in thousands) Assumed $ 507,688 $ 394,727 $ 242,306 Ceded (173,016) (130,825) (76,024) Net $ 334,672 $ 263,902 $ 166,282 Year Ended December 31, 2022 Written Premiums Earned Premiums Losses and Loss Adjustment Expenses ($ in thousands) Assumed $ 356,948 $ 267,078 $ 161,350 Ceded (111,834) (84,215) (49,589) Net $ 245,114 $ 182,863 $ 111,761 All assumed amounts are assumed through the AmFam Quota Share Agreement as described in Note 12. For the years ended December 31, 2024, 2023 and 2022 Bowhead ceded $28.0 million, $18.0 million and $2.7 million of written premium, $21.7 million, $9.0 million and $1.1 million of earned premium and $13.5 million, $5.3 million and $0.6 million of losses and loss adjustment expenses to a subsidiary of AmFam, respectively. The following table summarizes reinsurance recoverable on paid and unpaid losses and loss adjustment expenses: As of December 31, 2024 2023 ($ in thousands) Reinsurance recoverable on unpaid losses and loss adjustment expenses $ 246,915 $ 136,273 Reinsurance recoverable on paid losses and loss adjustment expenses 8,157 3,116 Reinsurance recoverable $ 255,072 $ 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 December 31, 2024 and 2023: Reinsurer A.M. Best Rating 2024 2023 Renaissance Reinsurance U.S. Inc A+ 29.8% 29.8% Endurance Assurance Corporation A+ 23.8% 24.4% Markel Global Reinsurance Company A 20.8% 24.5% Ascot Bermuda Limited A 9.4% 7.3% American Family Connect Property and Casualty Insurance Company A 7.5% 4.2% Partner Reinsurance Company of the U.S. A+ 4.2% 8.5% All other reinsurers At least A 4.5% 1.3% Total 100.0% 100.0% For the years ended December 31, 2024 and 2023, $19.2 million and $5.9 million, respectively, of the Company’s reinsurance recoverable balance is with a subsidiary of AmFam.

Revolving Credit

Revolving Credit	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Revolving Credit	Revolving Credit 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 December 31, 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 December 31, 2024, the Company did not have any borrowings outstanding under the Facility. The Company had unamortized deferred financing fees related to the Facility of $1.4 million as of December 31, 2024, and recognized amortization expenses for deferred financing fees of $0.7 million for the year ended December 31, 2024.

Stockholders_ Equity

Stockholders’ Equity	12 Months Ended
	Dec. 31, 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 years ended December 31, 2024, 2023 and 2022, BIHL contributed additional paid-in capital of $4.5 million, $77.7 million, and $24.0 million, respectively, to the Company without issuing additional shares. In 2022, upon the determination that the Company’s capital was in excess of Wisconsin regulatory capital requirements, the Company returned $25.0 million of capital to BIHL. 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	12 Months Ended
	Dec. 31, 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. 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 investments. Pursuant to the BIHL Partnership Agreement, since the Company is a wholly-owned subsidiary of BIHL, the profits of the Company ultimately flow through to BIHL. The Class P Interests are entitled to receive distributions upon BIHL meeting certain performance and market-based conditions over a five-year period. The general partners of BIHL can determine if distributions will be made in the form of assets, including shares of the Company, common stock held by BIHL, or cash. The Class P Interests vest using a graded method over five years commencing on the date of grant. 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 Consolidated Statements of Income and Comprehensive Income (Loss). 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 1 for additional information on the dissolution of BIHL. The following is a summary of activity related to the unvested Class P Interests: 2024 Units Weighted Average Grant Date Fair Value Granted and unvested at December 31, 2023 21,215,809 $ 0.11 Granted — — Vested (21,215,809) (0.11) Forfeited — — Granted and unvested at December 31, 2024 — $ — The Company estimates the fair value of the Class P Interest using a Monte Carlo simulation method, which calculates many potential outcomes for an award and determines fair value based on the most likely outcome. As of December 31, 2024, 2023 and 2022, total unrecognized compensation expense was nil, $1.5 million and $0.9 million, respectively, and the weighted average period over which the expense is expected to be recognized is approximately nil, 1.9 and 1.5 years, respectively. 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 December 31, 2024, 892,826 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 year ended December 31, 2024: Number of RSUs Weighted Average Grant-Date Fair Value Granted and unvested at December 31, 2023 — $ — Granted 775,413 17.18 Vested (4,000) 17.00 Forfeited (7,998) 17.00 Granted and unvested at December 31, 2024 763,415 $ 17.19 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 $2.3 million, for the year ended December 31, 2024. Since the RSUs were authorized for issuance in 2024, there were no compensation costs associated with the RSUs for the years ended December 31, 2023 and 2022. As of December 31, 2024, total unrecognized compensation cost for the RSUs were $10.9 million, and the weighted average period over which the cost is expected to be recognized is approximately 3.3 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 Consolidated Balance Sheets until the vesting date. The following table provides a summary of PSU activity during the year ended December 31, 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 December 31, 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 $0.3 million in the year ended December 31, 2024. Since the PSUs were authorized for issuance in 2024, there were no compensation costs associated with the PSUs for the years ended December 31, 2023 and 2022. As of December 31, 2024, total unrecognized compensation cost for the PSUs was $1.0 million and the weighted average period over which the cost is expected to be recognized is approximately 2.4 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 December 31, 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 $1.9 million in the year ended December 31, 2024. Since the Warrants were authorized for issuance in 2024, there were no compensation costs associated with the Warrants for the years ended December 31, 2023 and 2022. As of December 31, 2024, total unrecognized compensation cost for the Warrants were $13.8 million.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table provides the calculation of basic and diluted earnings per share: Years Ended December 31, 2024 2023 2022 ($ in thousands, except share and per share data) Numerator Net income $ 38,243 $ 25,047 $ 11,256 Denominator Basic weighted average shares outstanding 29,261,209 24,000,000 24,000,000 Effect of dilutive awards (1) Restricted stock units 219,417 — — Performance stock units 68,791 — — Warrants 127,779 — — Diluted weighted average shares outstanding 29,677,196 24,000,000 24,000,000 Earnings per share Basic $ 1.31 $ 1.04 $ 0.47 Diluted $ 1.29 $ 1.04 $ 0.47 __________________ (1) As of December 31, 2024, 2023 and 2022, there were nil anti-dilutive awards for all periods that were excluded from the calculation of diluted weighted-average shares outstanding.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Prior to the IPO, BSHI received capital contributions from BIHL up to the amount committed by BIHL’s limited partners, Gallatin Point, AMFIC, members of Bowhead’s management and other minority investors. Effective December 3, 2024, BIHL was dissolved. See Note 1 for additional information on the dissolution of BIHL. As of December 31, 2024, BIHL contributed $183.3 million into the Company, of which $4.5 million, $77.7 million and $24.0 million were contributed in 2024, 2023 and 2022, 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. Under the MGA 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, 2023 and 2022, BICI entered into a ceded quota share reinsurance treaty and a ceded excess of loss reinsurance agreement 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 years ended December 31, 2024, 2023 and 2022 Bowhead incurred $8.6 million, $5.8 million and $4.0 million of Ceding Fees under the AmFam Quota Share Agreement, respectively, and ceded $28.0 million, $18.0 million and $2.7 million of written premiums to AmFam under the ceded reinsurance treaties described above, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and deferred tax liabilities for the expected future tax consequences of events that have been included in the financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied in the years in which temporary differences are expected to be recovered or settled. The Company reduces deferred tax assets by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The Company analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. The Company evaluates tax positions taken or expected to be taken in the course of preparing an entity’s tax returns to determine whether it is “more-likely-than-not” that each tax position will be sustained by the applicable tax authority. There are no tax positions taken or expected to be taken that would significantly increase or decrease unrecognized tax benefits within the next twelve months. Interest and penalties related to uncertain tax positions are recorded within income tax expense within the Consolidated Statement of Operations and Comprehensive Income (Loss). None of the Company’s federal or state tax income tax returns are currently under examination by the IRS or state authorities. For the tax years ended December 31, 2024, 2023 and 2022, BSHI, BSUI, BICI and BUSI filed a consolidated federal income tax return. The income tax provision is as follows: Years Ended December 31, 2024 2023 2022 ($ in thousands) Deferred income tax benefit Federal $ (6,169) $ (4,362) $ (2,972) Total deferred income tax benefit (6,169) (4,362) (2,972) Current income tax expense Federal 17,652 11,182 6,194 State 809 248 183 Total current income tax expense 18,461 11,430 6,377 Income tax expense $ 12,292 $ 7,068 $ 3,405 The effective tax rate on income from continuing operations was higher than the prevailing statutory federal income tax rate. Among the most significant book-to-tax adjustments were the following: Years Ended December 31, 2024 2023 2022 ($ in thousands) Tax expense (benefit) at statutory tax rate of 21.0% $ 10,612 $ 6,744 $ 3,079 Tax effect of significant reconciling items: Permanent differences 842 128 181 State tax, net of federal tax 639 196 145 Other 199 — — Impact of change in enacted federal tax rate — — — Valuation allowance — — — Income tax expense $ 12,292 $ 7,068 $ 3,405 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes, and the amount used for income tax purposes. Significant components of the Company’s net deferred income taxes are as follows: As of December 31, 2024 2023 ($ in thousands) Deferred tax assets Unearned premium disallowance $ 12,418 $ 9,578 Reserves for losses and loss adjustment expenses 9,298 5,377 Unrealized losses on investments 2,982 3,023 Share-based compensation 890 338 Amortization of startup costs 817 291 Depreciable assets 337 — Accrued benefits 320 281 Accrued expenses 116 87 Other 64 34 Capital loss carryforward 9 3 Total deferred tax assets 27,251 19,012 Deferred tax liabilities Deferred policy acquisition costs $ 5,801 $ 4,075 Accrued bond discount 1,092 489 Unrealized investment gains 17 — Other 1 — Depreciation — 219 Total deferred tax liabilities 6,911 4,783 Net deferred tax assets $ 20,340 $ 14,229 The Company is required to establish a valuation allowance for any gross deferred tax assets that are unlikely to reduce taxes payable in future years. For tax years 2024 and 2023, the Company has determined no valuation allowance is required based on positive current taxable income and future earnings projections. As of December 31, 2024, the Company has zero federal net operating loss carryforwards. As of December 31, 2024, the company has capital loss carryforwards of less than $0.1 million, a portion of which will start to expire in 2026 and zero charitable contribution carryforwards. As of December 31, 2024 and 2023 , no liability for unrecognized tax benefits was recorded; therefore, no interest and penalties related to unrecognized tax benefits were recognized. In addition, the Company does not expect that the amount of unrecognized tax benefits will change significantly within the next 12 months. The Company’s federal and state tax returns remain subject to tax examinations for the years beginning in December 31, 2021 and forward.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 the Federal Deposit Insurance Corporation (“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 cash and cash equivalents and investments in U.S. government and government agency securities, in excess of 10% of the Company’s mezzanine equity and stockholders’ equity at December 31, 2024 and 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% of the Company’s gross written premium for the years ended December 31, 2024, 2023 and 2022: Brokers 2024 2023 2022 AmWINS Group, Inc. 23.6% 15.3% 12.5% Ryan Specialty Group Holdings, Inc. 22.5% 26.3% 27.9% Marsh & McLennan Companies 13.4% 14.6% 15.5% CRC Insurance Services, Inc. 8.8% 9.7% 11.3% For the years ended December 31, 2024, 2023 and 2022, the Company recorded an allowance for uncollectible premiums of nil in each respective period. 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 December 31, 2024 and 2023, 100% of the Company’s reinsurers are rated “A” (Excellent) or better by A.M. Best. At December 31, 2024, the three largest balances by reinsurer accounted for 29.8%, 23.8%, and 20.8% 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 7 Premiums and Reinsurance Related Information for further information. b) Purchase Obligations The Company has entered into certain agreements within which the Company is committed to purchase services, primarily related to software service contracts. The fixed and determinable portion of such purchase obligations was approximately $1.7 million due for the years 2025 - 2028 at December 31, 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

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2024
Postemployment Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan

Property and Equipment, net

Property and Equipment, net	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net As of December 31, 2024 and 2023, property and equipment, net consists of: As of December 31, 2024 2023 ($ in thousands) Computer software $ 13,104 $ 9,993 Leasehold improvements 30 503 Furniture and equipment 38 126 Property and equipment, cost 13,172 10,621 Accumulated depreciation (6,327) (3,020) Property and equipment, net $ 6,845 $ 7,601

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Leases The Company and its subsidiaries have a right to use two distinct office spaces in New York and Chicago under separate lease agreements. On December 1, 2024, the company exercised its option to extend the Chicago lease, which will expire on August 31, 2028, with a renewal option to extend. The leases are classified as operating leases. The Company was not party to any finance lease arrangements as of and during the years ended December 31, 2024 and 2023. The ROU asset and lease liability balances as of December 31, 2024 were $4.0 million and $4.3 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 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 our lease liability. The Company also did not incur any initial direct costs or make prepayments in connection with these lease arrangements; as such, these amounts are not reflected in the ROU asset. Lease expense for the years ended December 31, 2024, 2023 and 2022 was $1.2 million, $0.6 million and $0.6 million , respectively . Lease expense is recognized on a straight-line basis over the lease term in operating expenses within the Consolidated Statements of Income and Comprehensive Income (Loss). The Company has immaterial variable lease costs and no short-term leases for the year ended The following table summarizes the Company’s future minimum lease payment obligations under non-cancelable operating leases as of December 31, 2024: As of December 31, 2024 ($ in thousands) Contractual maturities: 2025 1,497 2026 1,426 2027 1,558 2028 162 Later years — Total undiscounted future minimum lease payments 4,643 Less: Discount impact (337) Total discounted operating lease liability $ 4,306 The weighted average remaining lease term and weighted average discount rate for the Company’s operating leases as of December 31, 2024 were 3.1 years and 5.0%, respectively.

Segment, Geographic, and Produc

Segment, Geographic, and Product Line Information	12 Months Ended
	Dec. 31, 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 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 Chief Executive Officer, 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 accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the segment and decides how to allocate resources based on net income that is also reported on the Consolidated Statements of Income and Comprehensive Income (Loss) as consolidated net income. The measure of segment assets is reported on the Consolidated Balance Sheets as total consolidated assets. Net income is used to monitor budget versus actual results. The CODM uses net income in competitive analysis by benchmarking to the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment. The CODM uses the same level of detail as presented on the Consolidated Statements of Income and Comprehensive Income (Loss) to evaluate segment revenue, net income, and significant segment expenses. The following table presents revenues by underwriting division for the years ended December 31, 2024, 2023 and 2022: Underwriting Division 2024 2023 2022 ($ in thousands) Casualty $ 292,905 $ 192,062 $ 136,672 Professional Liability 90,266 87,588 69,532 Healthcare Liability 67,029 55,022 38,910 Baleen Specialty 1,222 — — Net written premiums $ 451,422 $ 334,672 $ 245,114 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 does not have intra-entity sales or transfers. The Company has no single major customer representing 10% or more of its total revenues during fiscal years 2024, 2023 and 2022.

Insurance _ Statutory Informati

Insurance – Statutory Information	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Insurance – Statutory Information	Insurance – Statutory Information The Company’s insurance company subsidiary, BICI, received its Certificate of Authority from the Wisconsin Office of the Commissioner of Insurance, which authorized BICI to transact business effective December 18, 2020. BICI is restricted by Wisconsin law as to the amount of dividends it can pay without the approval of regulatory authorities. BICI is restricted from paying dividends by the lesser of: (1) 10.0% of statutory capital and surplus as of the preceding December 31, or; (2) the greater of: (a) statutory net income for the calendar year preceding the date of the dividend distribution, minus realized capital gains for that year, or (b) aggregate of net income for the three calendar years preceding the date of the dividend or distribution, minus realized capital gains for those calendar years and minus dividends paid or credited and distributions made within the first two of the preceding three calendar years. At December 31, 2024, 2023, and 2022 the maximum dividend that BICI could pay without the approval of regulatory authorities was $16.1 million, $2.9 million, and $0.0 million respectively. BICI’s net income and statutory capital and surplus, as determined in accordance with Statutory Accounting Principles (“SAP”) established by the National Association of Insurance Commissioners (“NAIC”), are as follows: 2024 2023 2022 ($ in thousands) Net income $ 28,193 $ 16,106 $ 2,914 Statutory capital and surplus 341,244 191,463 108,764 The significant variances between SAP and GAAP are that for statutory purposes acquisition costs are charged to income as incurred, bonds are carried at amortized cost, deferred federal and state income taxes are subject to limitations, and certain assets designated as non-admitted assets are disallowed. The NAIC has risk-based capital (“RBC”) requirements that require insurance companies to calculate and report information under a risk-based formula, which measures statutory capital and surplus needs based on a regulatory definition of risk in a company’s mix of products and its balance sheet. This guidance is used to calculate two capital measurements: Total Adjusted Capital and RBC Authorized Control Level. Total Adjusted Capital is equal to the Company’s statutory capital and surplus excluding capital and surplus derived from the use of permitted practices that differ from statutory accounting practices. RBC Authorized Control Level is the capital level used by regulatory authorities to determine whether remedial action is required. Generally, no remedial action is required if Total Adjusted Capital is 200% or more of the RBC Authorized Control Level. As of December 31, 2024 and 2023, BICI’s capital and surplus exceeds its Authorized Control Level.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Management of BSHI has evaluated all events occurring after December 31, 2024 through the issuance of these consolidated financial statements and determined that there are no events requiring recognition or disclosure.

Schedule II__ Condensed Financi

Schedule II — Condensed Financial Information of Registrant	12 Months Ended
	Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]
Schedule II — Condensed Financial Information of Registrant	December 31, 2024 2023 ($ in thousands, except share data) Assets Investments Fixed maturity securities, available for sale, at fair value $ 20,073 $ — Investment in subsidiaries 348,229 192,075 Total investments 368,302 192,075 Cash and cash equivalents 899 1 Accrued investment income 205 — Deferred tax assets, net 439 — Other assets 1,506 — Total assets $ 371,351 $ 192,076 Liabilities Income taxes payable $ 518 $ — Accrued expenses 110 — Other liabilities 281 — Total liabilities 909 — Commitments and contingencies (Note 14) Mezzanine equity Performance stock units 265 — Stockholders' equity Common stock 327 240 ($0.01 par value; 400,000,000 shares authorized, 32,662,683 and 24,000,000 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively) Additional paid-in capital 318,095 178,542 Accumulated other comprehensive loss (11,154) (11,372) Retained earnings 62,909 24,666 Total stockholders' equity 370,177 192,076 Total mezzanine equity and stockholders' equity 370,442 192,076 Total liabilities, mezzanine equity and stockholders' equity $ 371,351 $ 192,076 Years Ended December 31, 2024 2023 2022 ($ in thousands, except share and per share data) Revenues Gross written premiums $ — $ — $ — Ceded written premiums — — — Net written premiums — — — Change in net unearned premiums — — — Net earned premiums — — — Net investment income 3,178 — — Net realized investment gains — — — Other insurance-related income — — — Total revenues 3,178 — — Expenses Net losses and loss adjustment expenses — — — Net acquisition costs — — — Operating expenses 507 — — Warrant expense 1,917 — — Credit facility interest expense and fees 725 — — Total expenses 3,149 — — Income before income taxes 29 — — Income tax expense 62 — — Income before net income of subsidiaries (33) — — Net income of subsidiaries 38,276 25,047 11,256 Net income $ 38,243 $ 25,047 $ 11,256 Other comprehensive income (loss) Change in unrealized gain (loss) on investments — — — Other comprehensive income (loss) before other comprehensive loss of subsidiaries 63 — — Other comprehensive income (loss) of subsidiaries 155 5,317 (15,975) Total comprehensive income (loss) $ 38,461 $ 30,364 $ (4,719) December 31, 2024 2023 2022 ($ in thousands) Cash flows from operating activities: Net income $ 38,243 $ 25,047 $ 11,256 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of premiums/discounts on fixed maturities (108) — — Stock-based compensation 339 — — Deferred income taxes (456) — — Warrant expense 1,917 — — Net changes in operating assets and liabilities: Accrued investment income (205) — — Other assets (1,506) — — Accrued expenses 110 — — Income taxes payable 519 — — Other liabilities 281 — — Equity in net income of subsidiaries (38,276) (25,047) (11,256) Net cash provided by operating activities 858 — — Cash flows from investing activities: Purchase of: Fixed maturity securities (128,367) — — Proceeds from the sale and maturity of: Fixed maturity securities 1,797 — — Investment in subsidiaries (7,275) $ (77,655) $ (24,000) Distribution from investment in subsidiary — — 25,000 Net cash used in (provided by) investing activities (133,845) (77,655) 1,000 Cash flows from financing activities: Contribution from parent 2,839 77,655 24,000 Distribution to parent — — (25,000) Proceeds from share issuance related to equity awards 64 — — Proceeds from share initial public offering, net 130,982 — — Net cash provided by (used in) financing activities 133,885 77,655 (1,000) Net change in cash, cash equivalents and restricted cash 898 $ — $ — Cash, cash equivalents and restricted cash, beginning of period 1 1 1 Cash, cash equivalents and restricted cash, end of period $ 899 $ 1 $ 1 Non-cash investing and financing activities: Deemed contribution related to share-based compensation to investment in subsidiary (3,763) (682) (368) Deemed contribution related to share-based compensation from parent 1,642 682 368 Deemed contribution related to fixed maturity securities to subsidiary (106,685) — —

Schedule IV - Reinsurance

Schedule IV - Reinsurance	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Schedule IV - Reinsurance	December 31, 2024 Premiums Ceded to Other Companies Premiums Assumed from Other Companies Net Amount Percentage of Amount Assumed to Net ($ in thousands, except percentages) Casualty $ (138,912) $ 431,817 $ 292,905 147.4 % Professional Liability (70,385) 160,651 $ 90,266 178.0 % Healthcare Liability (34,590) 101,619 $ 67,029 151.6 % Baleen Specialty (408) 1,630 $ 1,222 133.4 % Total $ (244,295) $ 695,717 $ 451,422 154.1 % December 31, 2023 Premiums Ceded to Other Companies Premiums Assumed from Other Companies Net Amount Percentage of Amount Assumed to Net ($ in thousands, except percentages) Casualty $ (85,393) $ 277,455 $ 192,062 144.5 % Professional Liability (57,663) 145,251 87,588 165.8 % Healthcare Liability (29,960) 84,982 $ 55,022 154.5 % Total $ (173,016) $ 507,688 $ 334,672 151.7 % December 31, 2022 Premiums Ceded to Other Companies Premiums Assumed from Other Companies Net Amount Percentage of Amount Assumed to Net ($ in thousands, except percentages) Casualty $ (55,920) $ 192,592 $ 136,672 140.9 % Professional Liability (35,835) 105,367 69,532 151.5 % Healthcare Liability (20,079) 58,989 $ 38,910 151.6 % Total $ (111,834) $ 356,948 $ 245,114 145.6 %

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 38,243	$ 25,047	$ 11,256

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy The Company employs a comprehensive, cross-departmental approach designed to continuously identify, assess, and mitigate potential cybersecurity risks. Our cybersecurity risk management program involves collaboration between our employees, the Information Technology (“IT”) team, and the Information Security (“InfoSec”) team, which is led by our Chief Information Security Officer (“CISO”). The Company’s cybersecurity policies, standards, and processes are integrated into the Company’s overall risk management program, and we regularly consider cybersecurity risks in the context of material risks to the Company. Our cybersecurity risk management program categorizes cybersecurity risks into five distinct areas: identify, protect, detect, respond, and recover, as defined by the National Institute of Standards and Technology Cybersecurity Framework. We regularly assess the evolving cybersecurity threat landscape, employing a layered cybersecurity strategy that emphasizes prevention, detection, and mitigation through a variety of technical and operational measures. As part of our cybersecurity risk management program, our information security program is tailored to address identified risks, while aligning with pertinent business requirements. Cybersecurity is a shared responsibility across the Company, and all our employees are subject to periodic email phishing simulation campaigns and mandatory quarterly cybersecurity training to enhance awareness and readiness against potential common cyber threats. Certain roles require additional role-based, specialized cybersecurity training, such as tabletop exercises to ensure proactive preparation and effective coordination in the event of a security incident. We conduct tabletop exercises annually or as needed to review our incident response plan, as well as to identify and prioritize opportunities for improvement within our cybersecurity program and associated security controls. To help protect our data and information systems, we maintain Company-wide cybersecurity policies and procedures regarding encryption standards, antivirus protection, remote access, multifactor authentication, confidential information, and internet, social media, email, and wireless device usage. Our IT and InfoSec teams review and update such policies and procedures to adapt to the evolving cybersecurity threat landscape, industry best practices, and regulatory updates. Our CISO conducts thorough reviews of these updates on an annual basis or as needed to help ensure their continued relevance and effectiveness in safeguarding the Company’s assets and business interests. We continually seek to update our cybersecurity posture, encompassing end-user awareness training, layered defenses, critical asset identification and protection, enhanced monitoring and alerting. We engage with third-party experts to evaluate the efficacy of our security measures which includes network penetration testing. We also regularly evaluate cybersecurity risks associated with our use of third-party service providers, conducting an annual review of hosted applications and assessing their cybersecurity readiness. In addition, we annually obtain Service Organization Control (“SOC”) reports on the suitability and operating effectiveness of the service providers’ controls, known as a SOC 1 Type 2 Report. The report is prepared by an independent service auditor. We review such reports to confirm the existence of effective security controls over unauthorized access at third party service providers. To date, there have been no cybersecurity events in the past that have materially affected, or are reasonably likely to materially affect, the Company’s business strategy, results of operations, or financial condition. Although we believe our defenses against cyber-intrusions are sufficient, we continue to update our prevention programs to help respond to sophisticated and rapidly evolving threats that may try to circumvent our security measures.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company employs a comprehensive, cross-departmental approach designed to continuously identify, assess, and mitigate potential cybersecurity risks. Our cybersecurity risk management program involves collaboration between our employees, the Information Technology (“IT”) team, and the Information Security (“InfoSec”) team, which is led by our Chief Information Security Officer (“CISO”). The Company’s cybersecurity policies, standards, and processes are integrated into the Company’s overall risk management program, and we regularly consider cybersecurity risks in the context of material risks to the Company.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	true
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board, with the assistance of our Audit Committee, oversees our cybersecurity efforts performed by senior management, which is responsible for the identification and assessment of materials risk from cybersecurity incidents. In particular, our CISO is responsible for leading the management and assessment of material cybersecurity threats, and works closely with our head of IT, head of IT Operations and General Counsel. Our CISO has over 20 years of industry experience, including serving in similar roles leading and overseeing cybersecurity programs at other public companies and managing information systems and protecting computer networks against cyber intrusions. Also, our IT Operations team meets regularly with the InfoSec and the head of Internal Audit.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board, with the assistance of our Audit Committee, oversees our cybersecurity efforts performed by senior management, which is responsible for the identification and assessment of materials risk from cybersecurity incidents.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board and our Audit Committee receive reports on the Company’s cyber security program, including an assessment of that our cybersecurity risk management program, annually or as needed. In addition, the Board and Audit Committee receive reports on the cybersecurity program, including any material cybersecurity risks, periodically or as needed.
Cybersecurity Risk Role of Management [Text Block]	Our Board, with the assistance of our Audit Committee, oversees our cybersecurity efforts performed by senior management, which is responsible for the identification and assessment of materials risk from cybersecurity incidents. In particular, our CISO is responsible for leading the management and assessment of material cybersecurity threats, and works closely with our head of IT, head of IT Operations and General Counsel. Our CISO has over 20 years of industry experience, including serving in similar roles leading and overseeing cybersecurity programs at other public companies and managing information systems and protecting computer networks against cyber intrusions. Also, our IT Operations team meets regularly with the InfoSec and the head of Internal Audit.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity risk management program involves collaboration between our employees, the Information Technology (“IT”) team, and the Information Security (“InfoSec”) team, which is led by our Chief Information Security Officer (“CISO”).
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO has over 20 years of industry experience, including serving in similar roles leading and overseeing cybersecurity programs at other public companies and managing information systems and protecting computer networks against cyber intrusions. Also, our IT Operations team meets regularly with the InfoSec and the head of Internal Audit.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Board and our Audit Committee receive reports on the Company’s cyber security program, including an assessment of that our cybersecurity risk management program, annually or as needed. In addition, the Board and Audit Committee receive reports on the cybersecurity program, including any material cybersecurity risks, periodically or as needed.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include all accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances are eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the 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 consolidated financial statements include, but are not limited to, reserve for losses and loss adjustment expenses, reinsurance recoverable on unpaid losses and loss adjustment expenses, fair value of investments, and income taxes.
Revenue Recognition	Revenue Recognition The Company recognizes premiums as written at the inception of the policy, which are earned on a pro-rata basis over the policy term. Unearned premium represents the portion of written premiums that relates to unexpired terms of in-force insurance policies. Premium balances receivable include amounts receivable from agents and brokers that are both currently due and amounts not yet due.
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents	Cash and Cash Equivalents and Restricted Cash and Cash Equivalents Cash and cash equivalents comprise of cash held in bank accounts and cash held in short-term securities. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The carrying value of the Company’s cash and cash equivalents approximates fair value. Restricted cash is substantially all comprised of funds set aside in accordance with the Insurance Trust Agreement between BICI and AmFam. The carrying value of the Company’s restricted cash approximates fair value.
Investments	Investments The Company classifies investments in fixed maturity securities as available for sale, and as such they are carried at estimated fair value. Changes in fair value are recorded as unrealized gains (losses) in accumulated other comprehensive loss. The fair value of fixed maturity securities is generally determined from quotations received from nationally recognized pricing services or when such prices are not available, by reference to other sources (including observed trading levels, pricing curves or matrices). Short-term investments consist of treasury bills and treasury notes with maturities greater than three months but less than one year at the date of purchase and are valued at amortized cost, which approximates fair value. Realized investment gains (losses) represent the difference between the amortized cost of securities sold and the proceeds realized upon sale, which are recorded at the trade date. Gains or losses on fixed maturity securities are determined on a specific identification basis. Net investment income includes interest income as well as the amortization of market premiums and discounts, net of investment management and custody fees.
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.
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs Acquisition costs associated with the successful acquisition of new and renewed insurance and reinsurance contracts are deferred and amortized ratably over the terms of the related contracts. Ceding commissions received on ceded reinsurance contracts are netted against acquisition costs and are recognized ratably over the life of the assumed underlying contract. Deferred policy acquisition costs are comprised primarily of broker commissions and Ceding Fees due to AmFam, which are presented net of unearned ceding commissions. Deferred policy acquisition costs are reviewed to determine if they are recoverable from unearned premium and, if not, are charged to expense. Anticipated investment income is considered in determining if a premium deficiency exists. The recoverability of deferred policy acquisition costs is evaluated separately by underwriting division.
Reserves for Losses and Loss Adjustment Expenses	Reserve for Losses and Loss Adjustment Expenses The Company’s reserve for losses and loss adjustment expenses are comprised of case reserves and incurred but not reported liabilities (“IBNR”). When a claim is reported, a case reserve is established for the estimated ultimate payment based upon known information about the claim. As more information about the claim becomes available over time, case reserves are adjusted as appropriate. Such adjustments are reflected in the Consolidated Statements of Income and Comprehensive Income (Loss) in the period in which they are determined. Reserves are also established on an aggregate basis to provide for IBNR liabilities and expected loss reserve development on reported claims.
Reinsurance	Reinsurance In the normal course of business, the Company’s insurance company subsidiary, BICI, cedes a portion of its premium to third-party reinsurers through pro rata and excess of loss reinsurance agreements on a treaty or facultative basis. These arrangements reduce the effect of individual or aggregate losses to the Company. Premiums are disclosed in the Consolidated Statements of Income and Comprehensive Income (Loss) net of ceded premiums. Reinsurance premiums, commissions, and ceded unearned premiums on reinsured business are accounted for on a basis consistent with that used in accounting for the original policies issued and the terms of the reinsurance contracts. The Company receives ceding commissions in accordance with certain reinsurance treaties. The ceding commissions are capitalized and amortized as a reduction of underwriting acquisition expenses. The unearned portion of premiums ceded to reinsurers is reported as prepaid reinsurance premiums and earned ratably over the underlying assumed policy term.
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net, is carried at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets which ranges from 3 to 10 years. For certain leasehold improvements, depreciation is calculated over the shorter of the estimated useful lives of the respective assets or the lease term. Expenditures for maintenance and repairs are expensed as incurred. Upon disposition, the asset cost and related depreciation are removed from the accounts and the resulting gain or loss is included in the Company’s Consolidated Statements of Income and Comprehensive Income (Loss).
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets with finite lives are tested for impairment whenever recognized events or changes in circumstances indicate the carrying value of these assets may not be recoverable. If indicators of impairment are present, fair value is calculated using estimated future cash flows expected to be generated from the use of those assets. An impairment loss is recognized only if the carrying amount of a long-lived asset or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. That assessment is based on the carrying amount of the asset or asset group at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value.
Leases	Leases The Company has lease agreements for two corporate office spaces for the years ended December 31, 2024 and 2023. These lease arrangements are accounted for in accordance with ASC 842, Leases , (“ASC 842”). At adoption, the Company elected the practical expedient to combine lease and non-lease components, as well as the short-term lease exception. The Company determines at inception whether an arrangement is or contains a lease. For any arrangements that meet the definition of a lease, we first assess the lease classification criteria to determine whether the lease is a finance or operating lease. On the lease commencement date, for operating leases that have a lease term of more than 12 months, the Company recognizes a lease liability within other liabilities other assets Subsequent to initial measurement, the Company recognizes lease expense on a straight-line basis over the non-cancelable lease term and renewal periods that are considered reasonably assured at the inception of the lease. ROU assets are periodically subject to impairment tests, similar to the manner in which long-lived assets are tested for impairment in accordance with ASC 360, Property, Plant, and Equipment
Foreign Exchange	Foreign Exchange The Company accounts for foreign exchange (gains) losses arising from the remeasurement of a non-U.S. dollar operating expense liability to U.S. dollars. The change in the liability due to the fluctuations in the exchange rate are included within the Consolidated Statements of Income and Comprehensive Income (Loss) at the end of each period.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) includes net income and net unrealized investment losses on available for sale fixed maturity investments, net of tax.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and deferred tax liabilities for the expected future tax consequences of events that have been included in the financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied in the years in which temporary differences are expected to be recovered or settled. The Company reduces deferred tax assets by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The Company analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. The Company evaluates tax positions taken or expected to be taken in the course of preparing an entity’s tax returns to determine whether it is “more-likely-than-not” that each tax position will be sustained by the applicable tax authority. There are no material tax positions taken or expected to be taken that would significantly increase or decrease unrecognized tax benefits within the next twelve months. Interest and penalties related to uncertain tax positions are recorded within operating expenses within the Consolidated Statements of Income and Comprehensive Income (Loss). None of the Company’s federal or state tax income tax returns are currently under examination by the Internal Revenue Service (“IRS”) or state authorities. See Note 13 for additional information on income taxes.
Stock-Based Compensation	Stock-Based Compensation Class P Interests BIHL 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 Consolidated Statements of Income and Comprehensive Income (Loss), 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 Consolidated Statements of Income and Comprehensive Income (Loss). 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 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 Consolidated Statements of Income and Comprehensive Income (Loss). 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 AFMIC, 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 Consolidated Statements of Income and Comprehensive Income (Loss). The Company recognizes any award forfeitures when they occur. See Note 10 for additional information on 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 Consolidated Balance Sheets, and amortization expenses related to such costs are included in credit facility interest expenses and fees in the Company’s Consolidated Statements of Income and Comprehensive Income (Loss).
Benefit Plans	Benefit Plans Pursuant to the terms of the defined contribution Safe Harbor 401(k) Retirement and Savings Plan (“the Plan”), 100% of employee contributions to the Plan are matched on the first 4.0% of salary up to the IRS compensation limit. Company contributions are expensed in the year for which the benefit is earned. All participants are allowed to direct the lesser of 100% of compensation into a pre-tax deferral plan and a Roth 401(k) account, or the maximum permitted by law. See Note 15 for additional information on benefit plans.
Concentrations of Credit Risk	Concentrations of Credit Risk
Allowance for Credit Losses	Allowance for Credit Losses The Company’s reinsurance recoverable and premium balances receivable are subject to credit losses. The Company routinely monitors changes in the credit quality and concentration risks of the reinsurance counterparties and the insurance brokers and updates the allowance for credit losses accordingly. For the respective periods ending December 31, 2024 and December 31, 2023, based on the Company's analysis, the allowance for credit loss is determined to be immaterial.
Basic and Diluted Earnings Per Share	Basic and 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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. Recently Adopted Accounting Standards Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) On June 16, 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326)” to provide more useful information about the expected credit losses on financial instruments. The update requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected by means of an allowance for credit losses that runs through net income. Credit losses relating to available for sale fixed maturity securities must also be recorded through an allowance for credit losses, which is limited to the amount by which fair value is below amortized cost. The measurement of credit losses on available for sale securities is similar under previous U.S. GAAP, but the update requires the use of the allowance account through which amounts can be reversed, rather than through an irreversible write-down. The FASB has issued additional ASUs on Topic 326 that do not change the core principle of the guidance in ASU 2016-13 but clarify certain aspects of it. The Company adopted ASU 2016-13 on January 1, 2023, using the modified-retrospective approach. The adoption of this ASU resulted in the recognition of an allowance for credit loss related to the Company’s reinsurance recoverable and premium balances receivable. Because the Company enters into contracts with reinsurers that have A.M. Best ratings of “A” (Excellent) or better and has a history of collecting premium balances receivable, the effect of adoption was not material to the Company’s consolidated financial statements. ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280) On January 1, 2024, the Company adopted ASU 2023-07, “Improvements to Reportable Segments Disclosures” retrospectively to all prior periods presented in the financial statements. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The adoption of ASU 2023-07 did not have a material impact on the Company’s consolidated financial statements or disclosures, as the Company’s reportable segments and related disclosures already aligned with the new requirements. The Company will continue to evaluate and implement any necessary changes to comply with this guidance. Recently Issued Accounting Standards Not Yet Adopted ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures” (Topic 740). ASU 2023-09 requires public companies, on an annual basis, to provide enhanced rate reconciliation disclosures, including disclosures of specific categories and additional information that meet a quantitative threshold. This update also requires public companies to provide additional disclosures regarding income taxes paid, including jurisdictional details. The guidance is effective for fiscal years beginning after December 15, 2024. The Company is evaluating the effect of the amendments on its consolidated financial statements and does not expect a material impact on its financial position or results of operations. ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 enhances the transparency of expense information by requiring public business entities to disclose specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The amendments are effective for fiscal years beginning after December 15, 2026. The Company is currently evaluating the impact of this ASU on its financial statement disclosures. There are no other prospective accounting standards which, upon their effective date, would have a material impact on the Company’s consolidated financial statements.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2024 Amortized Cost Gains Losses Fair Value ($ in thousands) Fixed maturity securities U.S. government and government agency $ 204,205 $ 315 $ (108) $ 204,412 State and municipal 73,289 — (5,505) 67,784 Commercial mortgage-backed securities 83,029 349 (940) 82,438 Residential mortgage-backed securities 197,589 649 (6,135) 192,103 Asset-backed securities 121,155 259 (837) 120,577 Corporate 214,878 238 (2,441) 212,675 Total $ 894,145 $ 1,810 $ (15,966) $ 879,989 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 December 31, 2024 and 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 December 31, 2024 Amortized Cost Fair Value ($ in thousands) Fixed maturity securities Due in one year or less $ 206,764 $ 206,721 Due after one year through five years 208,179 205,012 Due after five years through ten years 45,230 43,199 Due after ten years 32,199 29,939 492,372 484,871 Commercial mortgage-backed securities 83,029 82,438 Residential mortgage-backed securities 197,589 192,103 Asset-backed securities 121,155 120,577 Total $ 894,145 $ 879,989 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: Years Ended December 31, 2024 2023 2022 ($ in thousands) U.S. government and government agency $ 14,514 $ 4,673 $ 255 State and municipal 1,832 1,550 1,052 Commercial mortgage-backed securities 2,584 1,381 479 Residential mortgage-backed securities 6,517 962 661 Asset-backed securities 3,043 3,708 730 Corporate 5,768 3,448 1,128 Short-term investments 480 943 371 Cash and cash equivalents 6,193 3,190 313 Gross investment income 40,931 19,855 4,989 Investment expenses (810) (484) (264) Net investment income $ 40,121 $ 19,371 $ 4,725
Schedule of Restricted Assets	The following table summarizes the value of the Company’s restricted assets disclosed in the Consolidated Balance Sheets: As of December 31, 2024 2023 ($ in thousands) U.S. government and government agency $ 97,130 $ 142,297 State and municipal 33,842 19,585 Commercial mortgage-backed securities 50,504 9,333 Residential mortgage-backed securities 115,323 35,313 Asset-backed securities 63,197 23,798 Corporate 124,836 49,632 Restricted fixed maturity securities 484,832 279,958 Restricted short-term investments 9,997 4,864 Restricted cash and cash equivalents 124,582 1,698 Restricted assets $ 619,411 $ 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 December 31, 2024 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses ($ in thousands) Fixed maturity securities U.S. government and government agency $ 55,237 $ (108) $ — $ — $ 55,237 $ (108) State and municipal 22,011 (566) 45,773 (4,939) 67,784 (5,505) Commercial mortgage-backed securities 16,579 (112) 13,087 (828) 29,666 (940) Residential mortgage-backed securities 100,817 (1,244) 29,879 (4,891) 130,696 (6,135) Asset-backed securities 42,543 (472) 9,420 (365) 51,963 (837) Corporate 118,237 (811) 43,125 (1,630) 161,362 (2,441) Total $ 355,424 $ (3,313) $ 141,284 $ (12,653) $ 496,708 $ (15,966) Less than 12 Months 12 Months or Greater Total As of December 31, 2023 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses ($ 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)	12 Months Ended
	Dec. 31, 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 December 31, 2024 Level 1 Level 2 Level 3 Total ($ in thousands) Fixed maturity securities U.S. government and government agency $ 204,412 $ — $ — $ 204,412 State and municipal — 67,784 — 67,784 Commercial mortgage-backed securities — 82,438 — 82,438 Residential mortgage-backed securities — 192,103 — 192,103 Asset-backed securities — 120,577 — 120,577 Corporate — 212,675 — 212,675 Total fixed maturity securities 204,412 675,577 — 879,989 Short-term investments 9,997 — — 9,997 Total investments $ 214,409 $ 675,577 $ — $ 889,986 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

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Deferred Policy Acquisition Costs	Acquisition costs deferred and amortized to net income for the years ended December 31, 2024, 2023 and 2022 are summarized as follows: As of December 31, 2024 2023 2022 ($ in thousands) Deferred policy acquisition costs, beginning of year $ 19,407 $ 13,672 $ 7,909 Additions to deferred balance: Broker commission 98,191 67,243 47,731 Ceding fee 9,848 7,546 5,191 Others 3,386 2,167 1,738 Ceding commission (70,810) (50,286) (33,703) Total net additions 40,615 26,670 20,957 Amortization of net policy acquisition costs (32,397) (20,935) (15,194) Deferred policy acquisition costs, end of year $ 27,625 $ 19,407 $ 13,672 Years Ended December 31, 2024 2023 2022 ($ in thousands) Net policy acquisition costs Broker commission $ 81,396 $ 51,580 $ 34,721 Ceding fee 8,643 5,847 3,952 Others 2,831 1,938 1,475 Ceding commission (60,473) (38,430) (24,954) Amortization of net policy acquisition costs $ 32,397 $ 20,935 $ 15,194

Reserve for Losses and Loss A_2

Reserve for Losses and Loss Adjustment Expenses (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2024, 2023 and 2022: As of and Years Ended December 31, 2024 2023 2022 ($ in thousands) Gross reserves for losses and loss adjustment expenses, beginning of year $ 431,186 $ 207,051 $ 47,952 Reinsurance recoverable on unpaid losses, beginning of year 136,273 63,381 13,945 Net reserves for unpaid losses and loss adjustment expenses, beginning of year $ 294,913 $ 143,670 $ 34,007 Net incurred losses and loss adjustment expenses related to: Current accident year 248,099 166,282 114,067 Prior accident years — — (2,306) 248,099 166,282 111,761 Net paid losses and loss adjustment expenses related to: Current accident year 9,081 1,814 1,030 Prior accident years 23,987 13,225 1,068 33,068 15,039 2,098 Net reserves for unpaid losses and loss adjustment expenses, end of year $ 509,944 $ 294,913 $ 143,670 Reinsurance recoverable on unpaid losses, end of year 246,915 136,273 63,381 Gross reserves for losses and loss adjustment expenses, end of year $ 756,859 $ 431,186 $ 207,051 Casualty Net Losses and Loss Adjustment Expenses Incurred For the Years Ended December 31, As of December 31, 2024 Accident Year 2021 (Unaudited) 2022 (Unaudited) 2023 (Unaudited) 2024 IBNR Cumulative Number of Reported Claims ($ in thousands) 2021 $ 14,248 $ 13,640 $ 16,003 $ 16,066 $ 12,951 25 2022 55,606 58,427 62,535 45,902 122 2023 93,028 97,808 84,919 249 2024 156,132 148,224 425 Total incurred $ 332,541 Cumulative Net Paid Claims and Claims Adjustment Expenses For the Years Ended December 31, Accident Year 2021 (Unaudited) 2022 (Unaudited) 2023 (Unaudited) 2024 ($ in thousands) 2021 $ 16 $ 220 $ 352 $ 3,032 2022 256 6,072 8,260 2023 326 6,033 2024 4,101 Total paid $ 21,426 Net reserves for unpaid losses and loss adjustment expenses $ 311,115 Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age (Unaudited) Years 1 2 3 4 Casualty 0.9% 5.5% 2.2% 16.7% Professional Liability Net Losses and Loss Adjustment Expenses Incurred For the Years Ended December 31, As of December 31, 2024 Accident Year 2021 (Unaudited) 2022 (Unaudited) 2023 (Unaudited) 2024 IBNR Cumulative Number of Reported Claims ($ in thousands) 2021 $ 10,152 $ 15,484 $ 13,368 $ 7,056 $ 6,293 68 2022 39,442 37,129 32,392 14,193 164 2023 43,765 45,316 32,231 737 2024 55,322 49,155 1,387 Total incurred $ 140,086 Cumulative Net Paid Claims and Claims Adjustment Expenses For the Years Ended December 31, Accident Year 2021 (Unaudited) 2022 (Unaudited) 2023 (Unaudited) 2024 ($ in thousands) 2021 $ 213 $ 518 $ 643 $ 710 2022 419 6,846 9,467 2023 1,034 6,300 2024 3,868 Total paid $ 20,345 Net reserves for unpaid losses and loss adjustment expenses $ 119,741 Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age (Unaudited) Years 1 2 3 4 Professional Liability 3.4% 11.9% 4.9% 0.9% Healthcare Liability Net Losses and Loss Adjustment Expenses Incurred For the Years Ended December 31, As of December 31, 2024 Accident Year 2021 2022 2023 (Unaudited) 2024 IBNR Cumulative Number of Reported Claims ($ in thousands) 2021 $ 10,117 $ 3,088 $ 2,841 $ 2,343 $ 1,477 9 2022 19,019 18,511 20,897 11,197 105 2023 29,489 28,147 22,397 196 2024 36,248 33,464 467 Total incurred $ 87,635 Cumulative Net Paid Claims and Claims Adjustment Expenses For the Years Ended December 31, Accident Year 2021 2022 2023 (Unaudited) 2024 ($ in thousands) 2021 $ 282 $ 841 $ 854 $ 863 2022 355 1,067 5,778 2023 454 1,191 2024 878 Total paid $ 8,710 Net reserves for unpaid losses and loss adjustment expenses $ 78,925 Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age (Unaudited) Years 1 2 3 4 Healthcare Liability 4.4 % 10.0 % 11.5 % 0.4 % Baleen Specialty Net Losses and Loss Adjustment Expenses Incurred For the Year Ended December 31, As of December 31, 2024 Accident Year 2024 IBNR Cumulative Number of Reported Claims ($ in thousands) 2024 $ 397 $ 163 — Total incurred $ 397 Cumulative Net Paid Claims and Claims Adjustment Expenses Accident Year For the Years Ended December 31, 2024 2024 $ 234 Total paid $ 234 Net reserves for unpaid losses and loss adjustment expenses $ 163 Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age Years 1 Baleen Specialty 59.2 %
Reconciliation of Net Incurred and Paid Claims Development to Consolidated Balance Sheet	The following table reconciles total reserves for losses and loss adjustment expenses, net of reinsurance, included in the loss development tables to reserves for losses and loss adjustment expenses reported in the Consolidated Balance Sheets at December 31, 2024 and 2023: December 31, 2024 Line of Business Net Reserves for Unpaid Losses and Loss Expenses Reinsurance Recoverable on Unpaid Losses Gross Reserves for Losses and Loss Expenses ($ in thousands) Casualty $ 311,115 $ 132,977 $ 444,092 Professional Liability 119,741 74,879 194,620 Healthcare Liability 78,925 39,008 117,933 Baleen Specialty 163 51 214 Total $ 509,944 $ 246,915 $ 756,859 December 31, 2023 Line of Business Net Reserves for Unpaid Losses and Loss Expenses Reinsurance Recoverable on Unpaid Losses Gross Reserves for Losses and Loss Expenses ($ in thousands) Casualty $ 160,708 $ 63,710 $ 224,418 Professional Liability 85,739 47,197 132,936 Healthcare Liability 48,466 25,366 73,832 Total $ 294,913 $ 136,273 $ 431,186

Premiums and Reinsurance Rela_2

Premiums and Reinsurance Related Information (Tables)	12 Months Ended
	Dec. 31, 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: Year Ended December 31, 2024 Written Premiums Earned Premiums Losses and Loss Adjustment Expenses ($ in thousands) Assumed $ 695,717 $ 593,571 $ 371,349 Ceded (244,295) (208,460) (123,250) Net $ 451,422 $ 385,111 $ 248,099 Year Ended December 31, 2023 Written Premiums Earned Premiums Losses and Loss Adjustment Expenses ($ in thousands) Assumed $ 507,688 $ 394,727 $ 242,306 Ceded (173,016) (130,825) (76,024) Net $ 334,672 $ 263,902 $ 166,282 Year Ended December 31, 2022 Written Premiums Earned Premiums Losses and Loss Adjustment Expenses ($ in thousands) Assumed $ 356,948 $ 267,078 $ 161,350 Ceded (111,834) (84,215) (49,589) Net $ 245,114 $ 182,863 $ 111,761
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 December 31, 2024 2023 ($ in thousands) Reinsurance recoverable on unpaid losses and loss adjustment expenses $ 246,915 $ 136,273 Reinsurance recoverable on paid losses and loss adjustment expenses 8,157 3,116 Reinsurance recoverable $ 255,072 $ 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 December 31, 2024 and 2023: Reinsurer A.M. Best Rating 2024 2023 Renaissance Reinsurance U.S. Inc A+ 29.8% 29.8% Endurance Assurance Corporation A+ 23.8% 24.4% Markel Global Reinsurance Company A 20.8% 24.5% Ascot Bermuda Limited A 9.4% 7.3% American Family Connect Property and Casualty Insurance Company A 7.5% 4.2% Partner Reinsurance Company of the U.S. A+ 4.2% 8.5% All other reinsurers At least A 4.5% 1.3% Total 100.0% 100.0%

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Class P Interests And RSU Activity	The following is a summary of activity related to the unvested Class P Interests: 2024 Units Weighted Average Grant Date Fair Value Granted and unvested at December 31, 2023 21,215,809 $ 0.11 Granted — — Vested (21,215,809) (0.11) Forfeited — — Granted and unvested at December 31, 2024 — $ — The following table provides a summary of RSU activities during the year ended December 31, 2024: Number of RSUs Weighted Average Grant-Date Fair Value Granted and unvested at December 31, 2023 — $ — Granted 775,413 17.18 Vested (4,000) 17.00 Forfeited (7,998) 17.00 Granted and unvested at December 31, 2024 763,415 $ 17.19
Schedule of PSU Activity	The following table provides a summary of PSU activity during the year ended December 31, 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 December 31, 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)	12 Months Ended
	Dec. 31, 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: Years Ended December 31, 2024 2023 2022 ($ in thousands, except share and per share data) Numerator Net income $ 38,243 $ 25,047 $ 11,256 Denominator Basic weighted average shares outstanding 29,261,209 24,000,000 24,000,000 Effect of dilutive awards (1) Restricted stock units 219,417 — — Performance stock units 68,791 — — Warrants 127,779 — — Diluted weighted average shares outstanding 29,677,196 24,000,000 24,000,000 Earnings per share Basic $ 1.31 $ 1.04 $ 0.47 Diluted $ 1.29 $ 1.04 $ 0.47 __________________ (1) As of December 31, 2024, 2023 and 2022, there were nil anti-dilutive awards for all periods that were excluded from the calculation of diluted weighted-average shares outstanding.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The income tax provision is as follows: Years Ended December 31, 2024 2023 2022 ($ in thousands) Deferred income tax benefit Federal $ (6,169) $ (4,362) $ (2,972) Total deferred income tax benefit (6,169) (4,362) (2,972) Current income tax expense Federal 17,652 11,182 6,194 State 809 248 183 Total current income tax expense 18,461 11,430 6,377 Income tax expense $ 12,292 $ 7,068 $ 3,405
Schedule of Effective Income Tax Rate Reconciliation	The effective tax rate on income from continuing operations was higher than the prevailing statutory federal income tax rate. Among the most significant book-to-tax adjustments were the following: Years Ended December 31, 2024 2023 2022 ($ in thousands) Tax expense (benefit) at statutory tax rate of 21.0% $ 10,612 $ 6,744 $ 3,079 Tax effect of significant reconciling items: Permanent differences 842 128 181 State tax, net of federal tax 639 196 145 Other 199 — — Impact of change in enacted federal tax rate — — — Valuation allowance — — — Income tax expense $ 12,292 $ 7,068 $ 3,405
Schedule of Deferred Tax Assets and Liabilities	Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes, and the amount used for income tax purposes. Significant components of the Company’s net deferred income taxes are as follows: As of December 31, 2024 2023 ($ in thousands) Deferred tax assets Unearned premium disallowance $ 12,418 $ 9,578 Reserves for losses and loss adjustment expenses 9,298 5,377 Unrealized losses on investments 2,982 3,023 Share-based compensation 890 338 Amortization of startup costs 817 291 Depreciable assets 337 — Accrued benefits 320 281 Accrued expenses 116 87 Other 64 34 Capital loss carryforward 9 3 Total deferred tax assets 27,251 19,012 Deferred tax liabilities Deferred policy acquisition costs $ 5,801 $ 4,075 Accrued bond discount 1,092 489 Unrealized investment gains 17 — Other 1 — Depreciation — 219 Total deferred tax liabilities 6,911 4,783 Net deferred tax assets $ 20,340 $ 14,229

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 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% of the Company’s gross written premium for the years ended December 31, 2024, 2023 and 2022: Brokers 2024 2023 2022 AmWINS Group, Inc. 23.6% 15.3% 12.5% Ryan Specialty Group Holdings, Inc. 22.5% 26.3% 27.9% Marsh & McLennan Companies 13.4% 14.6% 15.5% CRC Insurance Services, Inc. 8.8% 9.7% 11.3%

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, net	As of December 31, 2024 and 2023, property and equipment, net consists of: As of December 31, 2024 2023 ($ in thousands) Computer software $ 13,104 $ 9,993 Leasehold improvements 30 503 Furniture and equipment 38 126 Property and equipment, cost 13,172 10,621 Accumulated depreciation (6,327) (3,020) Property and equipment, net $ 6,845 $ 7,601

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2024: As of December 31, 2024 ($ in thousands) Contractual maturities: 2025 1,497 2026 1,426 2027 1,558 2028 162 Later years — Total undiscounted future minimum lease payments 4,643 Less: Discount impact (337) Total discounted operating lease liability $ 4,306

Segment, Geographic, and Prod_2

Segment, Geographic, and Product Line Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Revenues by Underwriting Division	The following table presents revenues by underwriting division for the years ended December 31, 2024, 2023 and 2022: Underwriting Division 2024 2023 2022 ($ in thousands) Casualty $ 292,905 $ 192,062 $ 136,672 Professional Liability 90,266 87,588 69,532 Healthcare Liability 67,029 55,022 38,910 Baleen Specialty 1,222 — — Net written premiums $ 451,422 $ 334,672 $ 245,114

Insurance _ Statutory Informa_2

Insurance – Statutory Information (Tables)	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Statutory Accounting Practices Disclosure	BICI’s net income and statutory capital and surplus, as determined in accordance with Statutory Accounting Principles (“SAP”) established by the National Association of Insurance Commissioners (“NAIC”), are as follows: 2024 2023 2022 ($ in thousands) Net income $ 28,193 $ 16,106 $ 2,914 Statutory capital and surplus 341,244 191,463 108,764

Nature of Operations (Details)

Nature of Operations (Details)	May 09, 2024 $ / shares shares	Dec. 31, 2024 $ / shares 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	32,662,683	100	24,000,000
Common stock, shares outstanding (in shares)	24,000,000	32,662,683	100	24,000,000
Related Party | AmFam
Related Party Transaction [Line Items]
Related party, ownership interest		14.40%
AmFam | Related Party
Related Party Transaction [Line Items]
Quota share agreement, percentage		100%

Nature of Operations - IPO Narr

Nature of Operations - IPO Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	May 28, 2024	May 23, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 22, 2024
Subsidiary or Equity Method Investee [Line Items]
Proceeds from initial public offering, net			$ 130,983	$ 0	$ 0
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)	$ 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

Significant Accounting Polici_3

Significant Accounting Policies (Details) - contract	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Number of lease contracts	2	2
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Employer matching contribution, percent of match	100%
Employer matching contribution, percent of employees' gross pay	4%
Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, net, useful lives	3 years
Amortization period for capitalized costs	3 years
Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, net, useful lives	10 years
Amortization period for capitalized costs	4 years

Investments - Schedule of Amort

Investments - Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 894,145	$ 569,013
Gross Unrealized Gains	1,810	1,400
Gross Unrealized Losses	(15,966)	(15,789)
Fixed maturity securities, available for sale, at fair value	879,989	554,624
U.S. government and government agency
Marketable Securities [Line Items]
Amortized Cost	204,205	252,294
Gross Unrealized Gains	315	579
Gross Unrealized Losses	(108)	(332)
Fixed maturity securities, available for sale, at fair value	204,412	252,541
State and municipal
Marketable Securities [Line Items]
Amortized Cost	73,289	55,984
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(5,505)	(5,264)
Fixed maturity securities, available for sale, at fair value	67,784	50,720
Commercial mortgage-backed securities
Marketable Securities [Line Items]
Amortized Cost	83,029	26,573
Gross Unrealized Gains	349	29
Gross Unrealized Losses	(940)	(1,166)
Fixed maturity securities, available for sale, at fair value	82,438	25,436
Residential mortgage-backed securities
Marketable Securities [Line Items]
Amortized Cost	197,589	79,032
Gross Unrealized Gains	649	680
Gross Unrealized Losses	(6,135)	(5,010)
Fixed maturity securities, available for sale, at fair value	192,103	74,702
Asset-backed securities
Marketable Securities [Line Items]
Amortized Cost	121,155	42,964
Gross Unrealized Gains	259	32
Gross Unrealized Losses	(837)	(963)
Fixed maturity securities, available for sale, at fair value	120,577	42,033
Corporate
Marketable Securities [Line Items]
Amortized Cost	214,878	112,166
Gross Unrealized Gains	238	80
Gross Unrealized Losses	(2,441)	(3,054)
Fixed maturity securities, available for sale, at fair value	$ 212,675	$ 109,192

Investments - Schedule of Contr

Investments - Schedule of Contractual Maturity of Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less	$ 206,764	$ 254,656
Due after one year through five years	208,179	122,274
Due after five years through ten years	45,230	27,145
Due after ten years	32,199	16,369
Fixed maturity securities in Amortized Cost	492,372	420,444
Total	894,145	569,013
Fair Value
Due in one year or less	206,721	254,443
Due after one year through five years	205,012	118,585
Due after five years through ten years	43,199	25,265
Due after ten years	29,939	14,160
Fixed maturity securities in Fair Value	484,871	412,453
Total fixed maturity securities	879,989	554,624
Commercial mortgage-backed securities
Amortized Cost
Mortgage backed securities in Amortized Cost	83,029	26,573
Total	83,029	26,573
Fair Value
Mortgage-backed securities in Fair Value	82,438	25,436
Total fixed maturity securities	82,438	25,436
Residential mortgage-backed securities
Amortized Cost
Mortgage backed securities in Amortized Cost	197,589	79,032
Total	197,589	79,032
Fair Value
Mortgage-backed securities in Fair Value	192,103	74,702
Total fixed maturity securities	192,103	74,702
Asset-backed securities
Amortized Cost
Mortgage backed securities in Amortized Cost	121,155	42,964
Total	121,155	42,964
Fair Value
Mortgage-backed securities in Fair Value	120,577	42,033
Total fixed maturity securities	$ 120,577	$ 42,033

Investments - Schedule of Net I

Investments - Schedule of Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Gross investment income	$ 40,931
Gross investment income		$ 19,855	$ 4,989
Investment expenses	(810)	(484)	(264)
Net investment income	40,121	19,371	4,725
U.S. government and government agency
Marketable Securities [Line Items]
Gross investment income	14,514
Gross investment income		4,673	255
State and municipal
Marketable Securities [Line Items]
Gross investment income	1,832
Gross investment income		1,550	1,052
Commercial mortgage-backed securities
Marketable Securities [Line Items]
Gross investment income	2,584
Gross investment income		1,381	479
Residential mortgage-backed securities
Marketable Securities [Line Items]
Gross investment income	6,517
Gross investment income		962	661
Asset-backed securities
Marketable Securities [Line Items]
Gross investment income	3,043
Gross investment income		3,708	730
Corporate
Marketable Securities [Line Items]
Gross investment income	5,768
Gross investment income		3,448	1,128
Short-term investments
Marketable Securities [Line Items]
Gross investment income	480
Gross investment income		943	371
Cash and cash equivalents
Marketable Securities [Line Items]
Gross investment income	$ 6,193
Gross investment income		$ 3,190	$ 313

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Net realized investment losses	$ 16,200	$ 0	$ 0

Investments - Schedule of Restr

Investments - Schedule of Restricted Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Restricted fixed maturity securities	$ 484,832	$ 279,958
Restricted short-term investments	9,997	4,864
Restricted cash and cash equivalents	124,582	1,698	$ 15,992
Restricted assets	619,411	286,520
U.S. government and government agency
Marketable Securities [Line Items]
Restricted fixed maturity securities	97,130	142,297
State and municipal
Marketable Securities [Line Items]
Restricted fixed maturity securities	33,842	19,585
Commercial mortgage-backed securities
Marketable Securities [Line Items]
Restricted fixed maturity securities	50,504	9,333
Residential mortgage-backed securities
Marketable Securities [Line Items]
Restricted fixed maturity securities	115,323	35,313
Asset-backed securities
Marketable Securities [Line Items]
Restricted fixed maturity securities	63,197	23,798
Corporate
Marketable Securities [Line Items]
Restricted fixed maturity securities	$ 124,836	$ 49,632

Investments - Schedule of Gross

Investments - Schedule of Gross Unrealized Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value
Less than 12 Months of Fair value	$ 355,424	$ 112,840
12 Months or Greater of Fair Value	141,284	189,847
Total, Fair Value	496,708	302,687
Gross Unrealized Losses
Less than 12 Months of Gross Unrealized Losses	(3,313)	(989)
12 Months or Greater of Gross Unrealized Losses	(12,653)	(14,800)
Total, Gross Unrealized Losses	(15,966)	(15,789)
U.S. government and government agency
Fair Value
Less than 12 Months of Fair value	55,237	48,598
12 Months or Greater of Fair Value	0	10,970
Total, Fair Value	55,237	59,568
Gross Unrealized Losses
Less than 12 Months of Gross Unrealized Losses	(108)	(69)
12 Months or Greater of Gross Unrealized Losses	0	(263)
Total, Gross Unrealized Losses	(108)	(332)
State and municipal
Fair Value
Less than 12 Months of Fair value	22,011	2,992
12 Months or Greater of Fair Value	45,773	47,728
Total, Fair Value	67,784	50,720
Gross Unrealized Losses
Less than 12 Months of Gross Unrealized Losses	(566)	(14)
12 Months or Greater of Gross Unrealized Losses	(4,939)	(5,250)
Total, Gross Unrealized Losses	(5,505)	(5,264)
Commercial mortgage-backed securities
Fair Value
Less than 12 Months of Fair value	16,579	2,485
12 Months or Greater of Fair Value	13,087	18,423
Total, Fair Value	29,666	20,908
Gross Unrealized Losses
Less than 12 Months of Gross Unrealized Losses	(112)	(53)
12 Months or Greater of Gross Unrealized Losses	(828)	(1,113)
Total, Gross Unrealized Losses	(940)	(1,166)
Residential mortgage-backed securities
Fair Value
Less than 12 Months of Fair value	100,817	17,536
12 Months or Greater of Fair Value	29,879	31,502
Total, Fair Value	130,696	49,038
Gross Unrealized Losses
Less than 12 Months of Gross Unrealized Losses	(1,244)	(609)
12 Months or Greater of Gross Unrealized Losses	(4,891)	(4,401)
Total, Gross Unrealized Losses	(6,135)	(5,010)
Asset-backed securities
Fair Value
Less than 12 Months of Fair value	42,543	16,253
12 Months or Greater of Fair Value	9,420	18,491
Total, Fair Value	51,963	34,744
Gross Unrealized Losses
Less than 12 Months of Gross Unrealized Losses	(472)	(71)
12 Months or Greater of Gross Unrealized Losses	(365)	(892)
Total, Gross Unrealized Losses	(837)	(963)
Corporate
Fair Value
Less than 12 Months of Fair value	118,237	24,976
12 Months or Greater of Fair Value	43,125	62,733
Total, Fair Value	161,362	87,709
Gross Unrealized Losses
Less than 12 Months of Gross Unrealized Losses	(811)	(173)
12 Months or Greater of Gross Unrealized Losses	(1,630)	(2,881)
Total, Gross Unrealized Losses	$ (2,441)	$ (3,054)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	$ 879,989	$ 554,624
Short-term investments	9,997	8,824
Total investments	889,986	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	204,412	252,541
State and municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	67,784	50,720
Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	82,438	25,436
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	192,103	74,702
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	120,577	42,033
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	212,675	109,192
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	204,412	251,332
Short-term investments	9,997	3,960
Total investments	214,409	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	204,412	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	675,577	303,292
Short-term investments	0	4,864
Total investments	675,577	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	0	1,209
Level 2 | State and municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	67,784	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	82,438	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	192,103	74,702
Level 2 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	120,577	42,033
Level 2 | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturity securities	212,675	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

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs - Deferred Policy Acquisition Costs Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred policy acquisition costs, beginning of year	$ 19,407	$ 13,672	$ 7,909
Total net additions	40,615	26,670	20,957
Amortization of net policy acquisition costs	(32,397)	(20,935)	(15,194)
Deferred policy acquisition costs, end of year	27,625	19,407	13,672
Broker commission
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Additions to deferred balance	98,191	67,243	47,731
Amortization of net policy acquisition costs	(81,396)	(51,580)	(34,721)
Ceding fee
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Additions to deferred balance	9,848	7,546	5,191
Amortization of net policy acquisition costs	(8,643)	(5,847)	(3,952)
Others
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Additions to deferred balance	3,386	2,167	1,738
Amortization of net policy acquisition costs	(2,831)	(1,938)	(1,475)
Ceding commission
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Ceding commission	(70,810)	(50,286)	(33,703)
Amortization of net policy acquisition costs	$ 60,473	$ 38,430	$ 24,954

Deferred Policy Acquisition C_4

Deferred Policy Acquisition Costs - Amortization of Net Policy Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Policy Acquisition Cost [Line Items]
Amortization of net policy acquisition costs	$ 32,397	$ 20,935	$ 15,194
Broker commission
Deferred Policy Acquisition Cost [Line Items]
Amortization of net policy acquisition costs	81,396	51,580	34,721
Ceding fee
Deferred Policy Acquisition Cost [Line Items]
Amortization of net policy acquisition costs	8,643	5,847	3,952
Others
Deferred Policy Acquisition Cost [Line Items]
Amortization of net policy acquisition costs	2,831	1,938	1,475
Ceding commission
Deferred Policy Acquisition Cost [Line Items]
Amortization of net policy acquisition costs	$ (60,473)	$ (38,430)	$ (24,954)

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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
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	$ 47,952
Reinsurance recoverable on unpaid losses, beginning of year	136,273	63,381	13,945
Net reserves for unpaid losses and loss adjustment expenses, beginning of year	294,913	143,670	34,007
Net incurred losses and loss adjustment expenses related to:
Current accident year	248,099	166,282	114,067
Prior accident years	0	0	(2,306)
Liability for unpaid claims and claims adjustment expense, incurred claims, total	248,099	166,282	111,761
Net paid losses and loss adjustment expenses related to:
Current accident year	9,081	1,814	1,030
Prior accident years	23,987	13,225	1,068
Liability for unpaid claims and claims adjustment expense, claims paid, total	33,068	15,039	2,098
Net reserves for unpaid losses and loss adjustment expenses, end of period	509,944	294,913	143,670
Reinsurance recoverable on unpaid losses, end of period	246,915	136,273	63,381
Gross reserves for losses and loss adjustment expenses, end of period	$ 756,859	$ 431,186	$ 207,051

Reserve for Losses and Loss A_4

Reserve for Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Prior accident years	$ 0	$ 0	$ 2,306

Reserve for Losses and Loss A_5

Reserve for Losses and Loss Adjustment Expenses - Net Incurred and Paid Claims Development by Accidental Year (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) claim	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Insurance [Abstract]
Prior accident years	$ 0	$ 0	$ (2,306)
Claims Development [Line Items]
Net reserves for unpaid losses and loss adjustment expenses	509,944	294,913	143,670	$ 34,007
Underwriting Division | Casualty
Claims Development [Line Items]
Net Losses and Loss Adjustment Expenses Incurred	332,541
Cumulative Net Paid Claims and Claims Adjustment Expenses	21,426
Net reserves for unpaid losses and loss adjustment expenses	$ 311,115	160,708
Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age, Year 1	0.90%
Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age, Year 2	5.50%
Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age, Year 3	2.20%
Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age, Year 4	16.70%
Underwriting Division | Professional Liability
Claims Development [Line Items]
Net Losses and Loss Adjustment Expenses Incurred	$ 140,086
Cumulative Net Paid Claims and Claims Adjustment Expenses	20,345
Net reserves for unpaid losses and loss adjustment expenses	$ 119,741	85,739
Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age, Year 1	3.40%
Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age, Year 2	11.90%
Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age, Year 3	4.90%
Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age, Year 4	0.90%
Underwriting Division | Healthcare Liability
Claims Development [Line Items]
Net Losses and Loss Adjustment Expenses Incurred	$ 87,635
Cumulative Net Paid Claims and Claims Adjustment Expenses	8,710
Net reserves for unpaid losses and loss adjustment expenses	$ 78,925	48,466
Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age, Year 1	4.40%
Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age, Year 2	10%
Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age, Year 3	11.50%
Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age, Year 4	0.40%
Underwriting Division | Baleen Specialty
Claims Development [Line Items]
Net Losses and Loss Adjustment Expenses Incurred	$ 397
Cumulative Net Paid Claims and Claims Adjustment Expenses	234
Net reserves for unpaid losses and loss adjustment expenses	$ 163
Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age, Year 1	59.20%
2021 | Underwriting Division | Casualty
Claims Development [Line Items]
Net Losses and Loss Adjustment Expenses Incurred	$ 16,066	16,003	13,640	14,248
IBNR	$ 12,951
Cumulative Number of Reported Claims | claim	25
Cumulative Net Paid Claims and Claims Adjustment Expenses	$ 3,032	352	220	16
2021 | Underwriting Division | Professional Liability
Claims Development [Line Items]
Net Losses and Loss Adjustment Expenses Incurred	7,056	13,368	15,484	10,152
IBNR	$ 6,293
Cumulative Number of Reported Claims | claim	68
Cumulative Net Paid Claims and Claims Adjustment Expenses	$ 710	643	518	213
2021 | Underwriting Division | Healthcare Liability
Claims Development [Line Items]
Net Losses and Loss Adjustment Expenses Incurred	2,343	2,841	3,088	10,117
IBNR	$ 1,477
Cumulative Number of Reported Claims | claim	9
Cumulative Net Paid Claims and Claims Adjustment Expenses	$ 863	854	841	$ 282
2022 | Underwriting Division | Casualty
Claims Development [Line Items]
Net Losses and Loss Adjustment Expenses Incurred	62,535	58,427	55,606
IBNR	$ 45,902
Cumulative Number of Reported Claims | claim	122
Cumulative Net Paid Claims and Claims Adjustment Expenses	$ 8,260	6,072	256
2022 | Underwriting Division | Professional Liability
Claims Development [Line Items]
Net Losses and Loss Adjustment Expenses Incurred	32,392	37,129	39,442
IBNR	$ 14,193
Cumulative Number of Reported Claims | claim	164
Cumulative Net Paid Claims and Claims Adjustment Expenses	$ 9,467	6,846	419
2022 | Underwriting Division | Healthcare Liability
Claims Development [Line Items]
Net Losses and Loss Adjustment Expenses Incurred	20,897	18,511	19,019
IBNR	$ 11,197
Cumulative Number of Reported Claims | claim	105
Cumulative Net Paid Claims and Claims Adjustment Expenses	$ 5,778	1,067	$ 355
2023 | Underwriting Division | Casualty
Claims Development [Line Items]
Net Losses and Loss Adjustment Expenses Incurred	97,808	93,028
IBNR	$ 84,919
Cumulative Number of Reported Claims | claim	249
Cumulative Net Paid Claims and Claims Adjustment Expenses	$ 6,033	326
2023 | Underwriting Division | Professional Liability
Claims Development [Line Items]
Net Losses and Loss Adjustment Expenses Incurred	45,316	43,765
IBNR	$ 32,231
Cumulative Number of Reported Claims | claim	737
Cumulative Net Paid Claims and Claims Adjustment Expenses	$ 6,300	1,034
2023 | Underwriting Division | Healthcare Liability
Claims Development [Line Items]
Net Losses and Loss Adjustment Expenses Incurred	28,147	29,489
IBNR	$ 22,397
Cumulative Number of Reported Claims | claim	196
Cumulative Net Paid Claims and Claims Adjustment Expenses	$ 1,191	$ 454
2024 | Underwriting Division | Casualty
Claims Development [Line Items]
Net Losses and Loss Adjustment Expenses Incurred	156,132
IBNR	$ 148,224
Cumulative Number of Reported Claims | claim	425
Cumulative Net Paid Claims and Claims Adjustment Expenses	$ 4,101
2024 | Underwriting Division | Professional Liability
Claims Development [Line Items]
Net Losses and Loss Adjustment Expenses Incurred	55,322
IBNR	$ 49,155
Cumulative Number of Reported Claims | claim	1,387
Cumulative Net Paid Claims and Claims Adjustment Expenses	$ 3,868
2024 | Underwriting Division | Healthcare Liability
Claims Development [Line Items]
Net Losses and Loss Adjustment Expenses Incurred	36,248
IBNR	$ 33,464
Cumulative Number of Reported Claims | claim	467
Cumulative Net Paid Claims and Claims Adjustment Expenses	$ 878
2024 | Underwriting Division | Baleen Specialty
Claims Development [Line Items]
Net Losses and Loss Adjustment Expenses Incurred	397
IBNR	$ 163
Cumulative Number of Reported Claims | claim	0
Cumulative Net Paid Claims and Claims Adjustment Expenses	$ 234

Reserve for Losses and Loss A_6

Reserve for Losses and Loss Adjustment Expenses - Reconciliation of Net Incurred and Paid Claims Development to Consolidated Balance Sheet (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) claim	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Insurance [Abstract]
Prior accident years	$ 0	$ 0	$ (2,306)
Claims Development [Line Items]
Net Reserves for Unpaid Losses and Loss Expenses	509,944	294,913	143,670	$ 34,007
Reinsurance recoverable on unpaid losses and loss adjustment expenses	246,915	136,273	63,381	13,945
Reserve for losses and loss adjustment expenses	756,859	431,186	207,051	47,952
Underwriting Division | Casualty
Claims Development [Line Items]
Net Reserves for Unpaid Losses and Loss Expenses	311,115	160,708
Reinsurance recoverable on unpaid losses and loss adjustment expenses	132,977	63,710
Reserve for losses and loss adjustment expenses	444,092	224,418
Net Losses and Loss Adjustment Expenses Incurred	332,541
Cumulative Net Paid Claims and Claims Adjustment Expenses	21,426
Underwriting Division | Professional Liability
Claims Development [Line Items]
Net Reserves for Unpaid Losses and Loss Expenses	119,741	85,739
Reinsurance recoverable on unpaid losses and loss adjustment expenses	74,879	47,197
Reserve for losses and loss adjustment expenses	194,620	132,936
Net Losses and Loss Adjustment Expenses Incurred	140,086
Cumulative Net Paid Claims and Claims Adjustment Expenses	20,345
Underwriting Division | Healthcare Liability
Claims Development [Line Items]
Net Reserves for Unpaid Losses and Loss Expenses	78,925	48,466
Reinsurance recoverable on unpaid losses and loss adjustment expenses	39,008	25,366
Reserve for losses and loss adjustment expenses	117,933	73,832
Net Losses and Loss Adjustment Expenses Incurred	87,635
Cumulative Net Paid Claims and Claims Adjustment Expenses	8,710
Underwriting Division | Baleen Specialty
Claims Development [Line Items]
Net Reserves for Unpaid Losses and Loss Expenses	163
Reinsurance recoverable on unpaid losses and loss adjustment expenses	51
Reserve for losses and loss adjustment expenses	214
Net Losses and Loss Adjustment Expenses Incurred	397
Cumulative Net Paid Claims and Claims Adjustment Expenses	234
2021 | Underwriting Division | Casualty
Claims Development [Line Items]
IBNR	$ 12,951
Cumulative Number of Reported Claims | claim	25
Net Losses and Loss Adjustment Expenses Incurred	$ 16,066	16,003	13,640	14,248
Cumulative Net Paid Claims and Claims Adjustment Expenses	3,032	352	220	16
2021 | Underwriting Division | Professional Liability
Claims Development [Line Items]
IBNR	$ 6,293
Cumulative Number of Reported Claims | claim	68
Net Losses and Loss Adjustment Expenses Incurred	$ 7,056	13,368	15,484	10,152
Cumulative Net Paid Claims and Claims Adjustment Expenses	710	643	518	213
2021 | Underwriting Division | Healthcare Liability
Claims Development [Line Items]
IBNR	$ 1,477
Cumulative Number of Reported Claims | claim	9
Net Losses and Loss Adjustment Expenses Incurred	$ 2,343	2,841	3,088	10,117
Cumulative Net Paid Claims and Claims Adjustment Expenses	863	854	841	$ 282
2022 | Underwriting Division | Casualty
Claims Development [Line Items]
IBNR	$ 45,902
Cumulative Number of Reported Claims | claim	122
Net Losses and Loss Adjustment Expenses Incurred	$ 62,535	58,427	55,606
Cumulative Net Paid Claims and Claims Adjustment Expenses	8,260	6,072	256
2022 | Underwriting Division | Professional Liability
Claims Development [Line Items]
IBNR	$ 14,193
Cumulative Number of Reported Claims | claim	164
Net Losses and Loss Adjustment Expenses Incurred	$ 32,392	37,129	39,442
Cumulative Net Paid Claims and Claims Adjustment Expenses	9,467	6,846	419
2022 | Underwriting Division | Healthcare Liability
Claims Development [Line Items]
IBNR	$ 11,197
Cumulative Number of Reported Claims | claim	105
Net Losses and Loss Adjustment Expenses Incurred	$ 20,897	18,511	19,019
Cumulative Net Paid Claims and Claims Adjustment Expenses	5,778	1,067	$ 355
2023 | Underwriting Division | Casualty
Claims Development [Line Items]
IBNR	$ 84,919
Cumulative Number of Reported Claims | claim	249
Net Losses and Loss Adjustment Expenses Incurred	$ 97,808	93,028
Cumulative Net Paid Claims and Claims Adjustment Expenses	6,033	326
2023 | Underwriting Division | Professional Liability
Claims Development [Line Items]
IBNR	$ 32,231
Cumulative Number of Reported Claims | claim	737
Net Losses and Loss Adjustment Expenses Incurred	$ 45,316	43,765
Cumulative Net Paid Claims and Claims Adjustment Expenses	6,300	1,034
2023 | Underwriting Division | Healthcare Liability
Claims Development [Line Items]
IBNR	$ 22,397
Cumulative Number of Reported Claims | claim	196
Net Losses and Loss Adjustment Expenses Incurred	$ 28,147	29,489
Cumulative Net Paid Claims and Claims Adjustment Expenses	1,191	$ 454
2024 | Underwriting Division | Casualty
Claims Development [Line Items]
IBNR	$ 148,224
Cumulative Number of Reported Claims | claim	425
Net Losses and Loss Adjustment Expenses Incurred	$ 156,132
Cumulative Net Paid Claims and Claims Adjustment Expenses	4,101
2024 | Underwriting Division | Professional Liability
Claims Development [Line Items]
IBNR	$ 49,155
Cumulative Number of Reported Claims | claim	1,387
Net Losses and Loss Adjustment Expenses Incurred	$ 55,322
Cumulative Net Paid Claims and Claims Adjustment Expenses	3,868
2024 | Underwriting Division | Healthcare Liability
Claims Development [Line Items]
IBNR	$ 33,464
Cumulative Number of Reported Claims | claim	467
Net Losses and Loss Adjustment Expenses Incurred	$ 36,248
Cumulative Net Paid Claims and Claims Adjustment Expenses	878
2024 | Underwriting Division | Baleen Specialty
Claims Development [Line Items]
IBNR	$ 163
Cumulative Number of Reported Claims | claim	0
Net Losses and Loss Adjustment Expenses Incurred	$ 397
Cumulative Net Paid Claims and Claims Adjustment Expenses	$ 234

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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Written Premiums
Assumed	$ 695,717	$ 507,688	$ 356,948
Ceded	(244,295)	(173,016)	(111,834)
Net	451,422	334,672	245,114
Earned Premiums
Assumed	593,571	394,727	267,078
Ceded	(208,460)	(130,825)	(84,215)
Net earned premiums	385,111	263,902	182,863
Losses and Loss Adjustment Expenses
Assumed	371,349	242,306	161,350
Ceded	(123,250)	(76,024)	(49,589)
Net	$ 248,099	$ 166,282	$ 111,761

Premiums and Reinsurance Rela_4

Premiums and Reinsurance Related Information - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effects of Reinsurance [Line Items]
Ceded written premiums	$ 244,295	$ 173,016	$ 111,834
Ceded premiums earned	208,460	130,825	84,215
Ceded losses and loss adjustment expenses	123,250	76,024	49,589
Reinsurance recoverable	255,072	139,389
Related Party
Effects of Reinsurance [Line Items]
Ceded written premiums	28,000	18,000	2,700
Ceded premiums earned	21,700	9,000	1,100
Ceded losses and loss adjustment expenses	13,500	5,300	$ 600
Reinsurance recoverable	$ 19,200	$ 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	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Insurance [Abstract]
Reinsurance recoverable on unpaid losses and loss adjustment expenses	$ 246,915	$ 136,273	$ 63,381	$ 13,945
Reinsurance recoverable on paid losses and loss adjustment expenses	8,157	3,116
Reinsurance recoverable	$ 255,072	$ 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	12 Months Ended
	Dec. 31, 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)	29.80%	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)	20.80%	24.50%
Ascot Bermuda Limited | AM Best, A Rating
Ceded Credit Risk [Line Items]
Reinsurance recoverables (percent)	9.40%	7.30%
American Family Connect Property and Casualty Insurance Company | AM Best, A Rating
Ceded Credit Risk [Line Items]
Reinsurance recoverables (percent)	7.50%	4.20%
Partner Reinsurance Company of the U.S. | AM Best, A+ Rating
Ceded Credit Risk [Line Items]
Reinsurance recoverables (percent)	4.20%	8.50%
All other reinsurers | AM Best, A Rating
Ceded Credit Risk [Line Items]
Reinsurance recoverables (percent)	4.50%	1.30%

Revolving Credit (Details)

Revolving Credit (Details) - Senior Secured Revolving Credit Facility - Line of Credit - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 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	$ 1.4
Amortization expense	$ 0.7
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			12 Months Ended
	May 28, 2024	May 23, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 22, 2024	May 09, 2024
Class of Stock [Line Items]
Common stock, authorized shares (in shares)			400,000,000	400,000,000
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01			$ 0.01
Preferred stock, authorized shares (in shares)			100,000,000
Preferred stock, par value (in dollars per share)			$ 0.01
Proceeds from initial public offering, net			$ 130,983	$ 0	$ 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			$ 4,500	$ 77,700	24,000
Capital contribution to parent, returned amount					$ 25,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions					1 Months Ended		12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($)	May 28, 2024 $ / shares shares	May 22, 2024 d $ / shares shares	Jan. 31, 2024 shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	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%
2024 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized shares for stock based compensation (in shares)				3,152,941
Increase percent of authorized shares for stock based compensation				2%
Granted (in shares)	892,826
Class P Interests
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized shares for stock based compensation (in shares)	46,069,363						46,069,363				40,750,000
Additional shares for stock based compensation (in shares)					553,048	4,766,315
Employee stock award, vesting period							5 years
Share-based payment arrangement, accelerated cost | $		$ 1.3
Compensation costs associated with the award unrecognized | $	$ 0					$ 1.5	$ 0	$ 1.5	$ 0.9
Weighted average remaining recognition period (in years)								1 year 10 months 24 days	1 year 6 months
Granted (in shares)							0
Granted (in dollars per share) | $ / shares							$ 0
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Employee stock award, vesting period				4 years
Compensation costs associated with the award unrecognized | $	10.9						$ 10.9
Weighted average remaining recognition period (in years)							3 years 3 months 18 days
Compensation costs | $							$ 2.3	$ 0	$ 0
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]
Compensation costs associated with the award unrecognized | $	1						$ 1
Weighted average remaining recognition period (in years)							2 years 4 months 24 days
Compensation costs | $							$ 0.3	$ 0	$ 0
Granted (in shares)				129,411			129,411
Granted (in dollars per share) | $ / shares				$ 10.04			$ 10.04
Initial Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized shares for stock based compensation (in shares)				1,614,250
Additional shares for stock based compensation (in shares)			56,471
Employee stock award, vesting period				5 years
Compensation costs associated with the award unrecognized | $	$ 13.8						$ 13.8
Stock award, vesting percentage							20%
Compensation costs | $							$ 1.9
Grant date fair value per share (in dollars per share) | $ / shares	$ 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
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)				762,115			775,413
Granted (in dollars per share) | $ / shares				$ 17			$ 17.18

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Class P Interests And RSU Activity (Details) - $ / shares		12 Months Ended
	May 22, 2024	Dec. 31, 2024
Class P Interests
Number of Units
Nonvested at the beginning of the period (in shares)		21,215,809,000
Granted (in shares)		0
Vested (in shares)		(21,215,809,000)
Forfeited (in shares)		0
Nonvested at the end of the period (in shares)		0
Weighted Average Grant-Date Fair Value
Nonvested at the beginning of the period (in dollars per share)		$ 0.11
Granted (in dollars per share)		0
Vested (in dollars per share)		(0.11)
Forfeited (in dollars per share)		0
Nonvested at the end of the period (in dollars per share)		$ 0
Restricted Stock Units (RSUs)
Number of Units
Nonvested at the beginning of the period (in shares)		0
Granted (in shares)	762,115	775,413
Vested (in shares)		(4,000)
Forfeited (in shares)		(7,998)
Nonvested at the end of the period (in shares)		763,415
Weighted Average Grant-Date Fair Value
Nonvested at the beginning of the period (in dollars per share)		$ 0
Granted (in dollars per share)	$ 17	17.18
Vested (in dollars per share)		(17)
Forfeited (in dollars per share)		17
Nonvested at the end of the period (in dollars per share)		$ 17.19

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of PSU Activity (Details) - Performance stock units - $ / shares		12 Months Ended
	May 22, 2024	Dec. 31, 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)	12 Months Ended
	Dec. 31, 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%
Initial 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator
Net income	$ 38,243	$ 25,047	$ 11,256
Denominator
Basic weighted average shares outstanding (in shares)	29,261,209	24,000,000	24,000,000
Effect of dilutive awards
Diluted (in shares)	29,677,196	24,000,000	24,000,000
Earnings per share
Basic (in dollars per share)	$ 1.31	$ 1.04	$ 0.47
Diluted (in dollars per share)	$ 1.29	$ 1.04	$ 0.47
Antidilutive awards excluded from calculation of diluted weighted averages shares outstanding (in shares)	0	0	0
Restricted Stock Units (RSUs)
Effect of dilutive awards
Dilutive awards (in shares)	219,417	0	0
Performance stock units
Effect of dilutive awards
Dilutive awards (in shares)	68,791	0	0
Warrants
Effect of dilutive awards
Dilutive awards (in shares)	127,779	0	0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Ceded written premiums	$ 244,295	$ 173,016	$ 111,834
Related Party
Related Party Transaction [Line Items]
Ceded written premiums	28,000	18,000	2,700
Related Party | Ceding Fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 8,600	5,800	4,000
Related Party | AmFam
Related Party Transaction [Line Items]
Quota share agreement, percentage	100%
Related Party | BIHL
Related Party Transaction [Line Items]
Capital contribution from parent, accumulated contributions	$ 183,300
Related Party | AmFam
Related Party Transaction [Line Items]
Ceded written premiums	28,000	18,000	2,700
Related Party | Bowhead Insurance Holdings LP (BIHL)
Related Party Transaction [Line Items]
Capital contribution from parent, contributed amount	$ 4,500	$ 77,700	$ 24,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax benefit
Federal	$ (6,169)	$ (4,362)	$ (2,972)
Total deferred income tax benefit	(6,169)	(4,362)	(2,972)
Current income tax expense
Federal	17,652	11,182	6,194
State	809	248	183
Total current income tax expense	18,461	11,430	6,377
Income tax expense	$ 12,292	$ 7,068	$ 3,405

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory income tax rate, percent	21%	21%	21%
Tax expense (benefit) at statutory tax rate of 21.0%	$ 10,612	$ 6,744	$ 3,079
Tax effect of significant reconciling items:
Permanent differences	842	128	181
State tax, net of federal tax	639	196	145
Other	$ 199	$ 0	$ 0
Impact of change in enacted federal tax rate	0%	0%	0%
Valuation allowance	$ 0	$ 0	$ 0
Income tax expense	$ 12,292	$ 7,068	$ 3,405

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets
Unearned premium disallowance	$ 12,418	$ 9,578
Unrealized losses on investments	2,982	3,023
Reserves for losses and loss adjustment expenses	9,298	5,377
Share-based compensation	890	338
Accrued benefits	320	281
Amortization of startup costs	817	291
Accrued expenses	116	87
Other	64	34
Capital loss carryforward	9	3
Depreciable assets	337	0
Total deferred tax assets	27,251	19,012
Deferred tax liabilities
Deferred policy acquisition costs	5,801	4,075
Depreciation	0	219
Accrued bond discount	1,092	489
Unrealized investment gains	17	0
Other	1	0
Total deferred tax liabilities	6,911	4,783
Net deferred tax assets	$ 20,340	$ 14,229

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Examination [Line Items]
Valuation allowance	$ 0	$ 0
Operating loss carryforwards	100,000
Charitable contribution carryforwards	0
Unrecognized tax benefits liability	0	0
Unrecognized tax benefits, income tax penalties and interest expense	0	$ 0
Domestic Tax Jurisdiction
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Gross Written Premium (Details) - Premiums Written Gross - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AmWINS Group, Inc.
Concentration Risk [Line Items]
Concentration risk, percentage	23.60%	15.30%	12.50%
Ryan Specialty Group Holdings, Inc.
Concentration Risk [Line Items]
Concentration risk, percentage	22.50%	26.30%	27.90%
Marsh & McLennan Companies
Concentration Risk [Line Items]
Concentration risk, percentage	13.40%	14.60%	15.50%
CRC Insurance Services, Inc.
Concentration Risk [Line Items]
Concentration risk, percentage	8.80%	9.70%	11.30%

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Purchase Obligations due in 2025	$ 1.7
Purchase Obligations due in 2026	1.7
Purchase Obligations due in 2027	1.7
Purchase Obligations due in 2028	1.7
Employment taxes, penalties and interests related to the employment taxes accrued	$ 1.5	$ 1.5
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)	29.80%	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)	20.80%	24.40%
AM Best, A Rating | Reinsurance Recoverable Including Reinsurance Premium Paid | Reinsurer Concentration Risk
Loss Contingencies [Line Items]
Reinsurance recoverables (percent)	100%	100%

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Postemployment Benefits [Abstract]
Employee benefit plan expenses	$ 1.4	$ 1.1	$ 0.8

Property and Equipment, net - S

Property and Equipment, net - Schedule of Property and Equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, cost	$ 13,172	$ 10,621
Accumulated depreciation	(6,327)	(3,020)
Property and equipment, net	6,845	7,601
Computer software
Property, Plant and Equipment [Line Items]
Property and equipment, cost	13,104	9,993
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, cost	30	503
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, cost	$ 38	$ 126

Property and Equipment, net - N

Property and Equipment, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 3.9	$ 2.3	$ 0.7
Amortization of capitalized software	$ 3.7	$ 2.1	$ 0.6

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Leased Assets [Line Items]
Operating lease right-of-use assets	$ 4,000	$ 500
Total discounted operating lease liability	4,306	700
Operating lease, expense	$ 1,200	600	$ 600
Operating lease, weighted average remaining lease term	3 years 1 month 6 days
Operating lease, weighted average discount rate, percent	5%
Cash paid for operating leases	$ 1,300	$ 600	$ 500
Minimum
Operating Leased Assets [Line Items]
Lessee, operating lease, term of contract	3 years
Maximum
Operating Leased Assets [Line Items]
Lessee, operating lease, term of contract	4 years

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payment Obligations Under Non-Cancelable Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 1,497
2026	1,426
2027	1,558
2028	162
Later years	0
Total undiscounted future minimum lease payments	4,643
Less: Discount impact	(337)
Total discounted operating lease liability	$ 4,306	$ 700

Segment, Geographic, and Prod_3

Segment, Geographic, and Product Line Information - Narrative (Details)	Dec. 31, 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net written premiums	$ 451,422	$ 334,672	$ 245,114
Underwriting Division | Casualty
Revenues from External Customers and Long-Lived Assets [Line Items]
Net written premiums	292,905	192,062	136,672
Underwriting Division | Professional Liability
Revenues from External Customers and Long-Lived Assets [Line Items]
Net written premiums	90,266	87,588	69,532
Underwriting Division | Healthcare Liability
Revenues from External Customers and Long-Lived Assets [Line Items]
Net written premiums	67,029	55,022	38,910
Underwriting Division | Baleen Specialty
Revenues from External Customers and Long-Lived Assets [Line Items]
Net written premiums	1,222
Operating Segments | Underwriting Division | Casualty
Revenues from External Customers and Long-Lived Assets [Line Items]
Net written premiums	292,905	192,062	136,672
Operating Segments | Underwriting Division | Professional Liability
Revenues from External Customers and Long-Lived Assets [Line Items]
Net written premiums	90,266	87,588	69,532
Operating Segments | Underwriting Division | Healthcare Liability
Revenues from External Customers and Long-Lived Assets [Line Items]
Net written premiums	67,029	55,022	38,910
Operating Segments | Underwriting Division | Baleen Specialty
Revenues from External Customers and Long-Lived Assets [Line Items]
Net written premiums	$ 1,222	$ 0	$ 0

Insurance _ Statutory Informa_3

Insurance – Statutory Information - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Percentage Of statutory capital and surplus used to determine dividend payments	10%
Statutory amount available for dividend payments without regulatory approval	$ 16.1	$ 2.9	$ 0
Maximum total adjusted capital, percentage	200%

Insurance _ Statutory Informa_4

Insurance – Statutory Information - Statutory Accounting Practices (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Net income	$ 28,193	$ 16,106	$ 2,914
Statutory capital and surplus	$ 341,244	$ 191,463	$ 108,764

Schedule II__ Condensed Finan_2

Schedule II — Condensed Financial Information of Registrant - Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2024	May 09, 2024	May 08, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments
Fixed maturity securities, available for sale, at fair value	$ 879,989			$ 554,624
Total investments	889,986			563,448
Cash and cash equivalents	97,476			118,070	$ 64,659
Accrued investment income	7,520			4,660
Deferred tax assets, net	20,340			14,229
Other assets	7,971			2,701
Total assets	1,654,242			1,027,859
Liabilities
Income taxes payable	1,571			42
Accrued expenses	18,010			14,900
Other liabilities	8,654			4,510
Total liabilities	1,283,800			835,782
Commitments and contingencies (Note 14)
Mezzanine equity
Performance stock units	265			0	0	$ 0
Stockholders' equity
Common stock	327			240
Additional paid-in capital	318,095			178,543
Accumulated other comprehensive loss	(11,154)			(11,372)
Retained earnings	62,909			24,666
Total stockholders' equity	370,177			192,077
Total mezzanine equity and stockholders' equity	370,442			192,077	$ 83,374	$ 88,725
Total liabilities, mezzanine equity and stockholders' equity	$ 1,654,242			$ 1,027,859
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)	32,662,683	24,000,000	100	24,000,000
Common stock, shares outstanding (in shares)	32,662,683	24,000,000	100	24,000,000
Parent Company
Investments
Fixed maturity securities, available for sale, at fair value	$ 20,073			$ 0
Investment in subsidiaries	348,229			192,075
Total investments	368,302			192,075
Cash and cash equivalents	899			1
Accrued investment income	205			0
Deferred tax assets, net	439			0
Other assets	1,506			0
Total assets	371,351			192,076
Liabilities
Income taxes payable	518			0
Accrued expenses	110			0
Other liabilities	281			0
Total liabilities	909			0
Commitments and contingencies (Note 14)
Mezzanine equity
Performance stock units	265			0
Stockholders' equity
Common stock	327			240
Additional paid-in capital	318,095			178,542
Accumulated other comprehensive loss	(11,154)			(11,372)
Retained earnings	62,909			24,666
Total stockholders' equity	370,177			192,076
Total mezzanine equity and stockholders' equity	370,442			192,076
Total liabilities, mezzanine equity and stockholders' equity	$ 371,351			$ 192,076
Common stock, shares issued (in shares)				24,000,000
Common stock, shares outstanding (in shares)				24,000,000

Schedule II__ Condensed Finan_3

Schedule II — Condensed Financial Information of Registrant - Statement of Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Gross written premiums	$ 695,717,000	$ 507,688,000	$ 356,948,000
Ceded written premiums	(244,295,000)	(173,016,000)	(111,834,000)
Net	451,422,000	334,672,000	245,114,000
Change in net unearned premiums	(66,311,000)	(70,770,000)	(62,251,000)
Net earned premiums	385,111,000	263,902,000	182,863,000
Net investment income	40,121,000	19,371,000	4,725,000
Net realized investment gains	(16,200)	0	0
Other insurance-related income	444,000	125,000	14,000
Total revenues	425,660,000	283,398,000	187,602,000
Expenses
Net losses and loss adjustment expenses	248,099,000	166,282,000	111,761,000
Net acquisition costs	32,397,000	20,935,000	15,194,000
Operating expenses	89,112,000	63,456,000	45,986,000
Warrant expense	1,917,000	0	0
Credit facility interest expenses and fees	725,000	0	0
Total expenses	375,125,000	251,283,000	172,941,000
Income before income taxes	50,535,000	32,115,000	14,661,000
Income tax expense	12,292,000	7,068,000	3,405,000
Net income	38,243,000	25,047,000	11,256,000
Other comprehensive income (loss)
Change in unrealized gain (loss) on investments	218,000	5,317,000	(15,975,000)
Total comprehensive income (loss)	38,461,000	30,364,000	(4,719,000)
Parent Company
Revenues
Gross written premiums	0	0	0
Ceded written premiums	0	0	0
Net	0	0	0
Change in net unearned premiums	0	0	0
Net earned premiums	0	0	0
Net investment income	3,178,000	0	0
Net realized investment gains	0	0	0
Other insurance-related income	0	0	0
Total revenues	3,178,000	0	0
Expenses
Net losses and loss adjustment expenses	0	0	0
Net acquisition costs	0	0	0
Operating expenses	507,000	0	0
Warrant expense	1,917,000	0	0
Credit facility interest expenses and fees	725,000	0	0
Total expenses	3,149,000	0	0
Income before income taxes	29,000	0	0
Income tax expense	62,000	0	0
Income before net income of subsidiaries	(33,000)	0	0
Net income of subsidiaries	38,276,000	25,047,000	11,256,000
Net income	38,243,000	25,047,000	11,256,000
Other comprehensive income (loss)
Change in unrealized gain (loss) on investments	0	0	0
Other comprehensive income (loss) before other comprehensive loss of subsidiaries	63,000	0	0
Other comprehensive income (loss) of subsidiaries	155,000	5,317,000	(15,975,000)
Total comprehensive income (loss)	$ 38,461,000	$ 30,364,000	$ (4,719,000)

Schedule II__ Condensed Finan_4

Schedule II — Condensed Financial Information of Registrant - Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 38,243	$ 25,047	$ 11,256
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of premium/discounts on fixed maturity securities	(3,508)	(2,848)	(70)
Stock‐based compensation	4,102	683	368
Deferred income taxes	(6,168)	(4,362)	(2,972)
Warrant expense	1,917	0	0
Net changes in operating assets and liabilities:
Accrued investment income	(2,860)	(3,429)	(933)
Other assets	(6,314)	(1,437)	1,053
Accrued expenses	3,110	2,871	2,260
Income taxes payable	1,529	(1,475)	1,089
Other liabilities	4,144	(1,298)	(979)
Net cash provided by operating activities	294,287	236,225	181,644
Purchases of:
Fixed maturity securities	(603,028)	(345,843)	(152,629)
Proceeds from the sale and maturity of:
Fixed maturity securities	281,184	36,809	14,808
Net cash used in investing activities	(325,883)	(274,765)	(187,458)
Net cash provided by (used in) financing activities
Capital contribution from parent	2,839	77,656	24,000
Capital distribution to parent	0	0	(25,000)
Proceeds from share issuance related to equity awards	64	0	0
Proceeds from initial public offering, net	130,983	0	0
Net cash provided by (used in) financing activities	133,886	77,656	(1,000)
Net change in cash, cash equivalents and restricted cash	102,290	39,117	(6,814)
Cash, cash equivalents and restricted cash, beginning of period	119,768	80,651	87,465
Cash, cash equivalents and restricted cash, end of period	222,058	119,768	80,651
Parent Company
Cash flows from operating activities:
Net income	38,243	25,047	11,256
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of premium/discounts on fixed maturity securities	(108)	0	0
Stock‐based compensation	339	0	0
Deferred income taxes	(456)	0	0
Warrant expense	1,917	0	0
Net changes in operating assets and liabilities:
Accrued investment income	(205)	0	0
Other assets	(1,506)	0	0
Accrued expenses	110	0	0
Income taxes payable	519	0	0
Other liabilities	281	0	0
Equity in net income of subsidiaries	(38,276)	(25,047)	(11,256)
Net cash provided by operating activities	858	0	0
Purchases of:
Fixed maturity securities	(128,367)	0	0
Proceeds from the sale and maturity of:
Fixed maturity securities	1,797	0	0
Investment in subsidiaries	(7,275)	(77,655)	(24,000)
Distribution from investment in subsidiary	0	0	25,000
Net cash used in investing activities	(133,845)	(77,655)	1,000
Net cash provided by (used in) financing activities
Capital contribution from parent	2,839	77,655	24,000
Capital distribution to parent	0	0	(25,000)
Proceeds from share issuance related to equity awards	64	0	0
Proceeds from initial public offering, net	130,982	0	0
Net cash provided by (used in) financing activities	133,885	77,655	(1,000)
Net change in cash, cash equivalents and restricted cash	898	0	0
Cash, cash equivalents and restricted cash, beginning of period	1	1	1
Cash, cash equivalents and restricted cash, end of period	899	1	1
Non-cash investing and financing activities:
Deemed contribution related to share-based compensation to investment in subsidiary	(3,763)	(682)	(368)
Deemed contribution related to share-based compensation from parent	1,642	682	368
Deemed contribution related to fixed maturity securities to subsidiary	$ (106,685)	$ 0	$ 0

SEC Schedule, Article 12-17, Re

SEC Schedule, Article 12-17, Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded written premiums	$ (244,295)	$ (173,016)	$ (111,834)
Assumed	695,717	507,688	356,948
Net	$ 451,422	$ 334,672	$ 245,114
Percentage of Amount Assumed to Net	154.10%	151.70%	145.60%
Underwriting Division | Casualty
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded written premiums	$ (138,912)	$ (85,393)	$ (55,920)
Assumed	431,817	277,455	192,592
Net	$ 292,905	$ 192,062	$ 136,672
Percentage of Amount Assumed to Net	147.40%	144.50%	140.90%
Underwriting Division | Professional Liability
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded written premiums	$ (70,385)	$ (57,663)	$ (35,835)
Assumed	160,651	145,251	105,367
Net	$ 90,266	$ 87,588	$ 69,532
Percentage of Amount Assumed to Net	178%	165.80%	151.50%
Underwriting Division | Healthcare Liability
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded written premiums	$ (34,590)	$ (29,960)	$ (20,079)
Assumed	101,619	84,982	58,989
Net	$ 67,029	$ 55,022	$ 38,910
Percentage of Amount Assumed to Net	151.60%	154.50%	151.60%
Underwriting Division | Baleen Specialty
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded written premiums	$ (408)
Assumed	1,630
Net	$ 1,222
Percentage of Amount Assumed to Net	133.40%