409 results
10-Q
2024 Q2
BOW
Bowhead Specialty Holdings Inc.
8 Aug 24
Quarterly report
4:09pm
The following table summarizes the value of the Company’s restricted assets disclosed in the Condensed Consolidated Balance Sheets:
As of | June 30, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and government agency | $ | 224,415 | $ | 142,297 | State and municipal | 19,428 | 19,585 | Commercial mortgage-backed securities | 20,781 | 9,333 | Residential mortgage-backed securities | 77,507 | 35,313 | Asset-backed securities | 33,330 | 23,798 | Corporate | 59,189 | 49,632 | Restricted fixed maturity securities | 434,650 | 279,958 | Restricted short-term investments | 12,712 | 4,864 | Restricted cash and cash equivalents | 18,494 | 1,698 | Restricted assets | $ | 465,856 | $ | 286,520 |
10-Q
2024 Q2
BOW
Bowhead Specialty Holdings Inc.
8 Aug 24
Quarterly report
4:09pm
The following table provides a summary of PSU activity during the six months ended June 30, 2024:
Number of PSUs | Weighted Average Grant-Date Fair Value | |||||||||||||||||||||||
Granted and unvested at December 31, 2023 | — | $ | — | Granted | 129,411 | 10.04 | Vested | — | — | Forfeited | — | — | Granted and unvested at June 30, 2024 | 129,411 | $ | 10.04 |
10-Q
2024 Q2
BOW
Bowhead Specialty Holdings Inc.
8 Aug 24
Quarterly report
4:09pm
The following table presents gross written premiums by underwriting division for the three months ended June 30, 2024 and 2023:
Three Months ended June 30, | ||||||||||||||||||
2024 | % of Total | 2023 | % of Total | $ Change | % Change | |||||||||||||
($ in thousands, except percentages) | ||||||||||||||||||
Casualty | $ | 114,233 | 65.1 | % | $ | 63,890 | 54.7 | % | $ | 50,343 | 78.8 | % | ||||||
Professional Liability | 44,397 | 25.3 | % | 41,302 | 35.4 | % | 3,095 | 7.5 | % | |||||||||
Healthcare | 16,909 | 9.6 | % | 11,550 | 9.9 | % | 5,359 | 46.4 | % | |||||||||
Gross written premiums | $ | 175,539 | 100.0 | % | $ | 116,742 | 100.0 | % | $ | 58,797 | 50.4 | % |
10-Q
2024 Q2
BOW
Bowhead Specialty Holdings Inc.
8 Aug 24
Quarterly report
4:09pm
The following table presents gross written premiums by underwriting division for the six months ended June 30, 2024 and 2023:
Six Months Ended June 30, | ||||||||||||||||||
2024 | % of Total | 2023 | % of Total | $ Change | % Change | |||||||||||||
($ in thousands, except percentages) | ||||||||||||||||||
Casualty | $ | 205,730 | 65.5 | % | $ | 118,597 | 55.8 | % | $ | 87,133 | 73.5 | % | ||||||
Professional Liability | 69,679 | 22.2 | % | 62,302 | 29.3 | % | 7,377 | 11.8 | % | |||||||||
Healthcare | 38,562 | 12.3 | % | 31,549 | 14.9 | % | 7,013 | 22.2 | % | |||||||||
Gross written premiums | $ | 313,971 | 100.0 | % | $ | 212,448 | 100.0 | % | $ | 101,523 | 47.8 | % |
10-Q
2024 Q2
BOW
Bowhead Specialty Holdings Inc.
8 Aug 24
Quarterly report
4:09pm
Adjusted return on equity for the three months ended June 30, 2024 and 2023 reconciles to return on equity as follows:
Three Months Ended June 30, | ||||||||||
2024 | 2023 | |||||||||
($ in thousands, except percentages) | ||||||||||
Numerator: Adjusted net income(1) | $ | 31,519 | $ | 26,245 | ||||||
Denominator: Average mezzanine equity and stockholders' equity | 270,551 | 118,144 | ||||||||
Adjusted return on equity | 11.7 | % | 22.2 | % |
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