Bowhead Investor Presentation February 2025
Investor Presentation
Our key investment highlights
Focused on profitable, growing lines in attractive E&S market
Strong underwriting culture with fully-integrated and accountable value chain
Ability to deliver differentiated profitability across market cycles
Deep, long-standing distribution relationships based on expertise, service and mutual benefit
Highly experienced and entrepreneurial management team
Clean balance sheet with no reserves from accident years prior to 2020
Commitment to long-term value generates strong returns, making us well-positioned for continued growth
3
Bowhead: Who we are
Growing and profitable E&S focused specialty P&C business founded and led by industry veteran,
Underwriting-first
culture led by people with
proven track records
"Craft"
solutions in attractive markets with strong tailwinds
Sustainable
underwriting across
market cycles
4
Bowhead: By the numbers
|
4 underwriting divisions |
Key highlights |
0.2%
Healthcare
Liability 14.6%
Baleen
Specialty
|
$696MM |
46% |
|
20241 |
2021 through |
|
GWP |
20241 |
|
GWP CAGR |
76%
20241
GWP written on E&S basis
|
2024 GWP1: |
95.8% |
15.2% |
||||||
|
$696MM |
||||||||
|
62.1% |
2024 |
2024 |
||||||
|
Combined Ratio2 |
Adjusted ROE3 |
|||||||
|
Professional |
||||||||
|
Casualty |
||||||||
|
Liability |
||||||||
|
23.1% |
30+
Leadership team average years of experience4
Note: 1 Year ended
5
Highly experienced and entrepreneurial management team
Founder and CEO
Years of industry
experience
48
Leadership role prior to joining Bowhead
Chairman and CEO of
Prior professional experience
Executive Risk
|
|
45 |
Chief Underwriting Officer of |
|
|
Chief Underwriting Officer |
Markets division |
||
|
|
21 |
Chief Financial Officer of Berkley Select, |
|
|
Chief Financial Officer |
a division of |
||
|
|
24 |
Senior Vice President at |
|
|
P.H.D., FCAS |
|||
|
Chief Actuary |
|||
|
|
20 |
Managing Director, |
|
|
Head of Claims |
Professional Liability Claims at Markel |
||
|
|
29 |
Senior Vice President at |
|
|
Head of Casualty |
|||
|
|
30 |
Managing Director, |
|
|
Head of Professional |
|||
|
Management & Professional at Markel |
|||
|
Liability |
|||
|
|
23 |
Vice President, Healthcare |
|
|
Head of Healthcare Liability |
at |
||
|
|
17 |
Chief Operating Officer of IronHealth |
|
|
Head of Baleen Specialty |
at |
||
6
Focused on profitable, growing lines in attractive E&S market
Expanding Commercial E&S Market ($Bn)
|
DPW |
Loss ratio |
|
Bowhead launch (
|
70.9% |
||
|
63.9% |
60.5% |
|
|
57.8% |
||
50.4%49.0%
44.6%
|
|
|
|
|
|
|
|
||||
'20-'23 DPW CAGR: 22% '20-'23 Avg. Loss Ratio: 60.7%
68.1%
62.7%61.1%
|
|
51.0% |
|
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
Source:
7
Focused on profitable, growing lines in attractive E&S market (cont'd)
E&S premiums1 as % of 2023 GAAP GWP
44% 42%
40%
28%
26%2
13%
0%
|
100% |
• |
We are focused on |
|
79% |
profitable and growing |
|
|
lines within the |
||
|
billion |
||
|
E&S market³ |
||
|
• |
Our target markets4 have |
|
|
undergone meaningful |
||
|
dislocations and have |
outperformed the broader
Source:
Professional Liability: Claims Made
8
Strong underwriting culture with fully-integrated and accountable value chain
Long-term
distribution
relationships
Customized technology platform
In-house
underwriting
expertise
"Craft"
solutions and
product
development
Integrated
actuarial, claims
and legal
Comprehensive
reinsurance
program
- Wedo not delegate underwriting to outside parties, which is a key component of our fully-integrated model
- Our unique platform allows us to deliverour custom solutions to clients while consistently generating underwriting profitwithin our business
9
Ability to deliver differentiated profitability across market cycles
Our key value proposition: Underwriting matters
Highly experienced team with previous leadership positions at leading insurance companies
Specific subject matter experts with proven track records of generating underwriting profits within the lines they write
Created primary capabilities across all our products as part of cycle management strategy
Strong and disciplined underwriting culture built around rigorous analytical tools ("BRATs") and cross-functional collaboration ("Roundtables")
Note: 1 Excess Other includes Public Entity
D&O
Craft Products at Founding
Casualty
Professional
Liability
Healthcare
Liability
Excess Practice
Excess Other¹
Excess Projects
Primary Projects
Primary Practice
Primary Other
Financial Institutions
Public D&O
Cyber
E&O
Private D&O
Hospitals
Senior Care
Miscellaneous
Managed Care
HCML
Craft Products Today
10
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