Bowhead Specialty has reported H1 2026 net income of $32.1 million, up 35.3% from $23.8 million in the same period of 2025, as the specialty insurer continued to grow premiums while maintaining an underwriting profit.
The firm’s gross written premiums for H1 2026 climbed 26.4% year over year to $514.6 million, while net written premiums rose 21% to $321.4 million.
Meanwhile, net earned premiums increased 22.6% in H1 2026 to $280.8 million, helping drive total revenues up 24.8% to $319.6 million in the opening half of the year.
At the same time, Bowhead’s net investment income rose 40.4% to $36.8 million in H1 2026, and its underwriting profitability remained intact, with the combined ratio improving to 95.6% from 96.9% in H1 2025.
In Q2 2026 alone, Bowhead reported net income of $16.1 million, up 30.8% from $12.3 million in H1 2025, while adjusted net income increased 26.5% to $16.1 million.
Gross written premiums in the quarter increased 28.2% to $297.9 million, while net written premiums rose 21.6% to $181 million.
The firm’s Q2 2026 net earned premiums rose 20.8% to $144 million and total revenues increased 23% to $163.9 million, supported by a 37.6% increase in net investment income to $18.8 million.
The insurer’s Q2 2026 combined ratio improved to 95.9% from 96.8% a year earlier. The expense ratio improved to 28.6% from 30.6%, while the loss ratio increased to 67.3% from 66.2%.
In related news, it was recently announced that American Family Mutual Insurance Company, S.I. and its affiliates have entered into a definitive agreement to acquire all remaining issued and outstanding common stock of Bowhead, in an all-cash transaction valuing the specialty insurer at approximately $1.2 billion.
Bowhead Chief Executive Officer, Stephen Sills, commented, “Since Bowhead’s founding, we have benefited from a strong and trusting relationship with American Family, whose support and partnership have enabled us to build the company we are today.
“Over the years, they have developed a deep understanding of our business, our culture, and the underwriting discipline that defines Bowhead. I believe this transaction delivers compelling value to our stockholders while bringing together two organisations that share a long history, aligned values, and a commitment to disciplined underwriting and long-term success.
“I am proud of what the Bowhead team has accomplished, and I believe this combination recognises the strength of the Bowhead franchise while continuing to enhance our ability to create value for our insureds, distribution partners and employees. I look forward to joining American Family and continuing to lead the Bowhead franchise.”
