Bowhead Specialty
Underwrites complex U.S. specialty casualty, professional, and healthcare liability risks.
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Profile
Writes U.S. commercial specialty property-and-casualty coverage across casualty, professional liability, healthcare liability, and Baleen Specialty. Revenue is built through selected wholesale and retail distribution relationships, while execution depends on underwriting discipline, AmFam partnership mechanics, reinsurance, reserves, and E&S market conditions.
Writes U.S. commercial specialty P&C coverage across casualty, professional liability, healthcare liability, and Baleen Specialty, with policies primarily on an excess-and-surplus-lines basis. The company reports one operating segment, but manages underwriting through those divisions.
Distribution runs through selected wholesale and retail relationships. Its craft model uses underwriting and claims expertise for complex risks, while Baleen adds a digital, lower-touch path for smaller hard-to-place accounts.
Headquartered in New York, the business is concentrated in the United States. Execution depends on underwriting discipline, broker access, AmFam partnership mechanics, reinsurance recovery, claims and reserve accuracy, regulation, and E&S market conditions.
Company facts
Key statistics
Year to date +22.5% · Average volume (30d) 388.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | Morgan Stanley | Reiterate | Equal Weight | $30 | $34 | |
| Aug 4, 2026 | RBC Capital | Downgrade | Outperform | Sector Perform | $38 | $34 |
| Aug 3, 2026 | Deutsche Bank | Downgrade | Buy | Hold | $34 | |
| Aug 3, 2026 | Piper Sandler | Downgrade | Overweight | Neutral | $36 | $34 |
| Jul 15, 2026 | Piper Sandler | Reiterate | Overweight | $32 | $36 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | $0.47 | $0.48 | +2.5% | $278.7M | $297.9M | +6.9% | +10.13% |
| May 5, 2026Q1 FY26 | $0.42 | $0.48 | +14.3% | $211.7M | $216.7M | +2.4% | −1.12% |
| Feb 24, 2026Q4 FY25 | $0.45 | $0.47 | +4.4% | $216.7M | $224.1M | +3.4% | +7.39% |
| Nov 4, 2025Q3 FY25 | $0.40 | $0.47 | +17.5% | $146.0M | $143.9M | −1.4% | +1.85% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $122.8M | $133.2M | $143.9M | $151.7M | $154.8M | $163.9M | |
| Gross profit | $39.5M | $43.2M | $46.8M | $47.4M | $63.3M | $66.9M | |
| Operating income | $14.5M | $15.9M | $19.1M | $17.8M | $20.6M | $20.7M | |
| Net income | $11.4M | $12.3M | $15.2M | $14.8M | $16.0M | $16.1M | |
| Diluted EPS | $0.34 | $0.36 | $0.45 | $0.44 | $0.48 | $0.48 | |
| Gross margin | 32.2% | 32.5% | 32.5% | 31.3% | 40.9% | 40.8% | |
| Operating margin | 11.8% | 12.0% | 13.3% | 11.7% | 13.3% | 12.6% |
Fiscal years (4-quarter sums)FY23 $283.4M · FY24 $425.6M · FY25 $551.5M
Balance sheet, Jun 30, 2026Cash & short-term investments $1.75B · Total debt $0 · Total assets $2.68B · Shareholders' equity $472.4M
Dividends
No dividends on record.
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 32.84M · Float —
Float — provider float is below the insider stake.
The provider's float is smaller than the insider stake it should exclude, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Gallatin Point Capital LLC | 8.97M | 27.31% | 13F | Aug 14, 2026 |
| GPC Partners Investments (SPV III) LP | 8.97M | 27.40% | 13G | Nov 14, 2025 |
| Matthew Botein · director, 10 percent owner: | 8.97M | 27.31% | Form 4 | Aug 8, 2025 |
| American Family Investments, Inc. | 4.70M | 14.31% | 13F | Aug 17, 2026 |
| American Century Companies Inc | 2.08M | 6.34% | 13F | Aug 12, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- Kinsale Capital Group
E&S specialist overlapping in casualty, allied health, and professional lines
- W. R. Berkley
Commercial specialty insurer with E&S and professional-liability overlap
- Chubb
Wholesale specialty, casualty, and professional-liability overlap
- Arch Capital Group
Specialty P&C and reinsurance platform with casualty and E&S overlap
- AXIS Capital
Specialty underwriter competing in E&S, liability, and professional lines
- American International Group
Large commercial carrier overlapping in casualty and financial lines
- C.N.A. Financial
Commercial P&C carrier overlapping in specialty professional liability
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Bowhead Specialty | $33.60 | 0.00% | $1.10B | 18.2 | 15.4 | 1.8 | +123.5% |
| Kinsale Capital Group | $385.00 | +1.13% | $8.67B | 15.4 | 18.1 | 4.3 | −3.7% |
| W. R. Berkley | $70.65 | +3.20% | $25.48B | 14.1 | 14.5 | 1.4 | +1.2% |
| Chubb | $340.37 | +0.13% | $131.14B | 12.0 | 12.2 | 2.1 | −1.3% |
| Arch Capital Group | $97.15 | −1.71% | $34.53B | 7.7 | 10.5 | 1.8 | −22.3% |
| AXIS Capital | $99.52 | 0.00% | $7.26B | 6.3 | 7.6 | 1.1 | +7.4% |
| American International Group | $76.93 | 0.00% | $40.79B | 14.1 | 9.2 | 1.5 | +0.8% |
| C.N.A. Financial | $49.31 | +0.02% | $13.34B | 10.8 | 10.6 | 0.9 | +3.0% |
| Median | 12.0 | 10.6 | 1.5 | +0.8% |