bowhead specialty holdings inc 2025年季度报告 Bowhead Specialty Holdings Inc. 2025年季度报告

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting Number of shares of the registrant’s common stock outstanding at May6, 2025:32,662,683 Bowhead Specialty Holdings Inc.TABLE OF CONTENTS PART I. FINANCIAL INFORMATION Item 1.Financial Statements (unaudited) Bowhead Specialty Holdings Inc.Condensed Consolidated Balance Sheets (Unaudited) 1.Nature of Operations and Significant Accounting Policies Nature of Operations Bowhead Specialty Holdings Inc. (“BSHI” and, together with its subsidiaries, “the Company”), is a Delaware domiciled insuranceholding company that provides specialty property and casualty insurance products in the U.S., initially focusing on Casualty, ProfessionalLiability and Healthcare Liability risks, which are primarily written on a non-admitted (or excess and surplus (“E&S”)) basis. On March BSHI conducts its business operations through three wholly-owned subsidiaries. Bowhead Specialty Underwriters, Inc. (“BSUI”) isBowhead’s managing general agency, holding a resident insurance license in the State of Texas, and is domiciled in the State of Delaware.Bowhead Insurance Company, Inc. (“BICI”) is BSHI’s insurance company subsidiary licensed and domiciled in the State of Wisconsin. BSUI is party to three Managing General Agency Agreements (“MGA Agreements”) with Homesite Insurance Company, HomesiteInsurance 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 approximately14.4% of BSHI’s issued and outstanding common stock as of March31, 2025. BSUIis also party to third-party broker agreements, allowing the direct payment of premiums from such brokers to BSUI. Through these MGAagreements, BSUI writes premium and provides claim handling services on behalf of the AmFam Issuing Carriers, and BICI assumes The Company is organized as a single operating and reportable segment through which it offers a variety of specialty insuranceproducts to a number of markets. Basis of Presentation The accompanying condensed consolidated financial statements for BSHI and its wholly-owned subsidiaries (collectively,“Bowhead”) are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) forinterim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financialstatements. As such, the disclosures provided herein should be read in conjunction with the Company’s latest annual financial statements. Use of Estimates The preparation of the condensed financial statements in conformity with U.S. GAAP requires management to make estimates andassumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Changes incircumstances could cause actual results to differ materially from those estimates. Significant estimates in the Company’s condensed Bowhead Specialty Holdings Inc.Notes to Condensed Consolidated Financial Statements (Unaudited) Management bases its estimates and assumptions on historical experience and other factors, including the current economicenvironment and on various other judgments that it believes to be reasonable under the circumstances. Management periodically reviews Recent Accounting Pronouncements Recently Adopted Accounting Standards The Company has not adopted any new accounting standards during the three months ended March31, 2025. Recently Issued Accounting Standards Not Yet Adopted The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”).Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to theenactment of the JOBS Act, until such time as those standards apply to private companies. The Company is provided an option to adoptnew or revised accounting guidance as an “emerging growth company” under the JOBS Act either (1) within the same periods as those 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 requirespublic companies, on an annual basis, to provide enhanced rate reconciliation disclosures, including disclosures of specific categories a