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US specialty insurer underwriting excess & surplus lines property, casualty and professional liability risks.
US specialty insurer underwriting excess & surplus lines property, casualty and professional liability risks.
Sells almost entirely through wholesale brokers, who place hard-to-insure commercial risks that standard insurers decline; it passes part of each risk to reinsurers and earns underwriting profit plus income on the premiums it holds before claims are paid. A young company that came to market in 2024.
Moat: narrow (process know-how, distribution). Experienced underwriting team targeting complex E&S casualty niches underserved by standard carriers.
Headquarters: New York, New York, United States · Founded: 2020 · Employees: 296
Size Bowhead Specialty (BOW) is a United States Financials company (Multi-Line Insurance) with a market value of $1.12B, the 2179th largest of 3,117 United States companies the cockpit tracks. Shares closed at $34.06 on 6 Nov 2026.
Performance Over six months the shares gained 25.9%, against -1.0% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 23.6% over the last twelve months (peer median +11.0%); the operating margin is 15.1% (peer median 9.1%).
Valuation It trades at 2.48× book value against a peer median of 1.05× (7th most expensive of 21).
Price implies The share price implies a return on equity of about 11.3%; Bowhead Specialty delivers 13.6%, so the price asks less than the business earns today.
Short interest Short interest is 2.9% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $640M | $550M | $426M | $283M | $188M |
| Revenue growth | — | +29% | +50% | +51% | — |
| Net income | $59.9M | $53.8M | $38.2M | $25.0M | $11.3M |
| Free cash flow | $403M | $324M | $291M | $232M | $178M |
| Capital expenditure | $5.42M | $5.57M | $3.11M | $3.82M | $3.97M |
| Total debt | $147M | $149M | $4.30M | $0 | $0 |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Bowhead Specialty BOW | $1.12B | +26% | +24% | 14% | 2.48× | 11.3% |
| Skyward Specialty Insurance SKWD | $2.68B | +29% | +38% | 17% | 2.11× | 10.2% |
| Kinsale Capital KNSL | $8.64B | +26% | +8% | 28% | 4.70× | 30.6% |
| RLI RLI | $6.27B | +39% | +6% | 22% | 3.70× | 15.4% |
| Palomar PLMR | $4.10B | +37% | +60% | 22% | 4.16× | 17.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BOW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.1% | +1.8% | 7th lowest of 21 |
| 6-month return | +25.9% | -1.0% | 5th highest of 21 |
| Return on equity | 13.6% | 9.7% | 7th highest of 21 |
| Price / book | 2.48× | 1.05× | 7th most expensive of 21 |
| Trailing P/E | 19.1× | 10.0× | 5th most expensive of 19 |
| ROE the price implies | 11.3% | 8.4% | 9th most demanding of 20 |
| ROE delivered | 13.6% | 9.7% | 7th highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Bowhead Specialty BOW | United States | $1.12B | +26% | +24% | 14% | 2.48× | 11.3% | 13.6% |
| Central Reinsurance 2851.TW | Taiwan | $1.12B | +52% | +21% | 37% | 1.41× | 5.1% | 37.4% |
| Chesnara CSN.L | United Kingdom | $1.08B | +11% | +192% | 0% | 2.14× | 15.7% | 0.3% |
| Wuestenrot & Wuerttembergische WUW.DE | Germany | $1.39B | -6% | +4% | 3% | 0.25× | 3.6% | 2.7% |
| Linea Directa Aseguradora LDA.MC | Spain | $1.48B | +3% | +10% | 23% | 3.07× | 11.7% | 23.3% |
| Religare Enterprises RELIGARE.NS | India | $845M | +4% | +18% | 3% | 2.67× | 23.7% | n/a |
| Sagicor Financial SFC.TO | Canada | $792M | -14% | -4% | 12% | 0.75× | 4.6% | 11.6% |
| Trupanion TRUP | United States | $1.61B | +49% | +12% | 6% | 3.94× | 35.3% | 6.1% |
| Korean Reinsurance 003690.KS | South Korea | $1.74B | +8% | -2% | 14% | 0.73× | 4.8% | 14.4% |
| Donegal DGICA | United States | $723M | +9% | -3% | 11% | 1.07× | 6.6% | 10.7% |
| Zhongan Online P&C Insurance 6060.HK | Hong Kong | $2.06B | -19% | +16% | 8% | 0.54× | 8.0% | 8.2% |
| Seoul Guarantee Insurance 031210.KS | South Korea | $2.26B | -8% | +14% | 6% | 0.61× | 4.5% | 6.0% |
| NIB NHF.AX | Australia | $2.29B | +4% | +5% | 17% | 2.90× | 13.2% | 16.6% |
| Pelagos Insurance Capital PLGO | United States | $2.29B | +33% | -4% | 18% | 1.03× | 6.5% | 17.6% |
| Asia Financial 0662.HK | Hong Kong | $521M | -6% | +6% | 10% | 0.30× | 3.7% | 10.2% |
| Go Digit General Insurance GODIGIT.NS | India | $2.44B | -21% | +9% | 12% | 4.91× | 37.4% | n/a |
| Vaudoise Assurances VAHN.SW | Switzerland | $2.66B | -8% | +14% | 6% | 0.78× | n/a | 5.9% |
| Skyward Specialty Insurance SKWD | United States | $2.68B | +29% | +38% | 17% | 2.11× | 10.2% | 17.3% |
| New India Assurance NIACL.NS | India | $2.74B | -5% | +9% | -1% | 0.62× | 14.0% | -1.3% |
| Lemonade LMND | United States | $3.06B | -28% | +77% | -27% | 6.12× | 75.0% | -27.0% |
| F&G Annuities & Life FG | United States | $3.06B | -17% | +14% | 9% | 0.66× | 8.4% | 9.2% |