Bowhead Specialty Reports Strong Q3 2024 Results
In This Article:
Bowhead Specialty Holdings Inc. ( (BOW) ) has released its Q3 earnings. Here is a breakdown of the information Bowhead Specialty Holdings Inc. presented to its investors.
Bowhead Specialty Holdings Inc. is a specialty insurance group specializing in casualty, professional liability, and healthcare liability insurance products. The company recently announced its third-quarter 2024 financial results, showcasing substantial growth and robust financial performance.
The company’s gross written premiums increased by 32.3% to $197 million, reflecting strong performance across its casualty, healthcare liability, and professional liability divisions. Net income stood at $12.1 million, translating to $0.36 per diluted share, with an adjusted net income of $12.5 million or $0.38 per diluted share. Bowhead reported a return on equity of 13.7%, with an adjusted return on equity of 14.2%.
Bowhead’s casualty division led the growth with a 41.7% increase in premiums, while healthcare liability and professional liability divisions also saw significant increases of 29% and 13.1%, respectively. The launch of the Baleen Specialty division contributed to the diversification of Bowhead’s product offerings. The company’s expense ratio improved to 29.9%, and net investment income more than doubled compared to the previous year.
Looking forward, Bowhead Specialty Holdings Inc. aims to maintain its strategic focus on disciplined underwriting and expand its specialty platforms to ensure sustainable and profitable growth. The company’s management remains confident in navigating market cycles effectively.