Bowhead Specialty has reported net income of $14.8 million for the fourth quarter of 2025, alongside a 21.3% increase in gross written premiums (GWP), reflecting continued expansion across its casualty and professional liability lines.
Profit and Premium Growth
Net income for Q4 2025 rose 9.1% compared to $13.6 million in the same period of 2024. For the full year, net income climbed 40.6% to $53.8 million, up from $38.2 million in 2024.
Gross written premiums for the fourth quarter increased to $224.1 million from $184.7 million a year earlier. For the full year 2025, GWP reached $862.8 million, representing a 24.0% increase over 2024.
The company attributed the growth to expansion of its renewal book, new business production, and continued development of its underwriting platform across all divisions.
Divisional Performance
The casualty division led the way with a 25.5% increase in premiums to $132.9 million in Q4. Professional liability premiums rose 4.2% to $47.9 million, while healthcare liability grew 7.7% to $34.2 million. Baleen Specialty, Bowhead’s digital underwriting platform, saw a sharp increase of 665.6%, reaching $9.1 million for the quarter.
Net written premiums grew 19.4% in Q4 to $143.5 million and increased 23.7% for the full year to $451.4 million.
Total revenues reached $151.7 million in Q4, up 27.1% year-on-year. For 2025, total revenues increased 29.6% to $551.6 million.
Underwriting Performance
Bowhead reported a combined ratio of 96.9% for Q4 2025, compared to 92.7% in Q4 2024. For the full year, the combined ratio was 96.5%, slightly higher than 95.8% in 2024.
The company noted that due to the timing of its annual independent actuarial review in the fourth quarter, its full-year loss ratio is a more meaningful measure. The 2025 loss ratio stood at 66.7%, up 2.3 percentage points from 64.4% in 2024.
Outlook
Chief Executive Officer Stephen Sills described 2025 as a strong year for Bowhead, highlighting premium growth of over 24% and an expense ratio that fell below 30% for the full year, outperforming earlier expectations. Adjusted net income grew more than 30%, with an adjusted return on equity of 13.6% and diluted adjusted earnings per share of $1.65.
Sills emphasized the company’s “craft” underwriting model, focused on complex risks, and the complementary “digital” underwriting strategy launched through Baleen. In its first full year, Baleen generated more than $21 million in premiums, supporting Bowhead’s digital expansion.
Looking ahead, the company expects GWP growth of around 20% in 2026, driven primarily by its casualty division, while continuing to scale its digital capabilities to deliver sustainable, profitable growth across market cycles.
