Bowhead Specialty NYSE: BOW held its 2026 Annual Stockholders Meeting, marking the company’s second annual meeting since becoming a publicly traded company. Chairperson of the Board Matthew Botein opened the meeting by introducing the directors in attendance, company executives, and other participants, including representatives from PricewaterhouseCoopers LLP and James Wright of American Election Services, who served as inspector of elections.
Quorum and meeting procedures
Matt Crusey, Bowhead’s Secretary and General Counsel, reported that the notice of the annual meeting and proxy materials were distributed on or about March 16, 2026, to stockholders of record as of March 3, 2026. Crusey said proxies had been received for 29,871,370 of the 32,838,035 shares outstanding on the record date, representing approximately 90.97% of shares and constituting a quorum.
Crusey outlined meeting procedures, including a question-and-comment period tied to agenda proposals, followed by a management presentation and an additional period for general questions and comments.
Stockholders approve director elections and auditor ratification
CEO Stephen Sills presided over the formal meeting agenda, which included two proposals:
- Election of directors: Election of four nominees to serve as Class 2 directors for a three-year term ending at the 2029 annual meeting of stockholders. The board nominated Zhak Cohen, David Foy, David Holman, and Price Lowenstein.
- Auditor ratification: Ratification of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2026.
After noting there were no stockholder comments or questions on the proposals, Sills opened and then closed the polls. Crusey reported preliminary voting results showing stockholders elected all four director nominees and ratified the appointment of PricewaterhouseCoopers LLP. Crusey said final results would be reported on a Form 8-K.
Management discusses 2025 results and 2026 outlook
Following the formal business, Crusey provided a forward-looking statements notice, referencing risks described in Bowhead’s SEC filings, including its Form 10-K for the year ended December 31, 2025. He also noted management might reference non-GAAP financial measures and said reconciliations were available on the company website.
In the management presentation, the operator relayed a financial recap attributed to Chief Financial Officer Brad Mulcahey, who said Bowhead Specialty delivered “strong top and bottom-line performance” in 2025. The company reported adjusted net income of $55.6 million, up 30% year over year, diluted adjusted earnings per share of $1.65, and adjusted return on average equity of 13.6%.
Gross written premium grew 24% to $862.8 million, described as reflecting consistent growth across all divisions led by casualty. The presentation noted Baleen contributed $21.4 million for the year.
On underwriting, Bowhead reported a full-year 2025 loss ratio of 66.7%, up 2.3 points from 2024, which Mulcahey attributed to higher current accident year expectations, portfolio mix, and trend assumptions following the annual reserve review. The company said the reserve review resulted in no aggregate prior accident year development for 2025, though reserves were reallocated across divisions and accident years “where needed” to align with actuarial projections and long-tail development patterns.
Mulcahey said operating leverage improved, with the 2025 expense ratio declining to 29.8% from the prior year by 1.6 points. He attributed the improvement primarily to lower operating expenses as the company scaled technology initiatives, partially offset by higher acquisition costs tied to mix and commission dynamics. These results contributed to a combined ratio of 96.5% for 2025.
On investments, pre-tax net investment income increased 44% to $57.8 million. The company said its portfolio ended the year with a 4.6% book yield, AA average credit quality, and three-year duration. Book value per diluted share rose 22% to $13.45, with total equity of $449 million.
Looking ahead, Bowhead said it expects gross written premium growth of around 20% in 2026, supported by contributions from all divisions and continued casualty momentum “supported by our digital underwriting capabilities.” It anticipates a loss ratio in the mid-to-high 60s and an expense ratio below 30%, targeting a combined ratio in the mid-to-high 90s and return on equity in the mid-teens. The company also said it plans to actively manage its reinsurance program with A-rated or better counterparties and expects to modestly extend portfolio duration toward four years to better match asset and liability duration.
Mulcahey also noted that in November the company issued $150 million of 7.75% senior unsecured notes due in 2030, stating the proceeds position Bowhead to meet regulatory capital needs while it assesses capital requirements through the year.
Meeting concludes without stockholder questions
Sills opened the floor for questions and comments following the presentation, but said none were raised. He thanked attendees and concluded the session.
About Bowhead Specialty NYSE: BOW
Bowhead Specialty Holdings Inc provides specialty property and casualty insurance products in the United States. It underwrites casualty insurance solutions for risks in the construction, distribution, heavy manufacturing, real estate, and hospitality segments; professional liability insurance solutions for financial institutions, private and public directors and officers liability insurance, errors and omissions liability insurance, and cyber segments; and healthcare solutions for hospitals, senior care providers, managed care organizations, miscellaneous medical facilities, and healthcare management liability segments.
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