0001628280-26-011089
SEC filing2025年净利增40.6%至$53.8M，Gross Written Premiums增24%，承保盈利稳健。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Gross Written Premiums | $862.8M | $695.7M | +24.0% |
| Net Written Premiums | $558.2M | $451.4M | +23.7% |
| Net Earned Premiums | $491.7M | $385.1M | +27.7% |
| Net Investment Income | $57.8M | $40.1M | +44.1% |
| Total Revenues | $551.6M | $425.7M | +29.6% |
| Net Losses and Loss Adjustment Expenses | $328.0M | $248.1M | +32.2% |
| Net Acquisition Costs | $46.5M | $32.4M | +43.6% |
| Operating Expenses | $102.3M | $89.1M | +14.8% |
| Income Before Income Taxes | $67.3M | $50.5M | +33.2% |
| Net Income | $53.8M | $38.2M | +40.6% |
| Diluted EPS | $1.59 | $1.29 | +23.3% |
| Loss Ratio | 66.7% | 64.4% | +230 bps |
| Expense Ratio | 29.8% | 31.4% | -160 bps |
| Combined Ratio | 96.5% | 95.8% | +70 bps |
| Return on Equity | 13.1% | 13.6% | -50 bps |
| Adjusted Return on Equity | 13.6% | 15.2% | -160 bps |
| Operating Cash Flow | $331.6M | $294.3M | +12.7% |
| Free Cash Flow | $326.0M | $291.2M | +12.0% |
2025年Bowhead Specialty实现强劲增长，Gross Written Premiums同比增长24.0%至$862.8M，主要由Casualty分部（+27.5%）和Baleen Specialty（+1214.8%）驱动。Net Earned Premiums增长27.7%，略高于Gross Written Premiums增速，反映业务持续累积。Net Investment Income大幅增长44.1%至$57.8M，主要受益于投资资产规模扩大（固定收益证券从$880.0M增至$1,371.0M）以及收益率维持高位。
盈利能力方面，Combined Ratio为96.5%，同比恶化0.7个百分点，主要因Loss Ratio上升2.3个百分点至66.7%。Loss Ratio上升主要源于当前事故年损失率提高1.8个百分点，公司解释为Professional Liability和Healthcare Liability的预期损失率上调以更贴近行业水平，以及Casualty业务占比提升（其预期损失率较高）。Expense Ratio改善1.6个百分点至29.8%，得益于经营杠杆效应（Net Earned Premiums增速高于费用增速）。Underwriting Income同比下降18.4%至$14.9M，反映承保盈利能力有所减弱，但整体仍保持盈利。
盈利质量方面，Net Income增长40.6%至$53.8M，主要受Net Investment Income大幅增长驱动。Adjusted Net Income（剔除一次性项目）增长30.2%至$55.6M，增速略低于GAAP Net Income，因2024年包含Baleen Specialty设立成本等一次性项目。Operating Cash Flow强劲，达$331.6M，同比增长12.7%，主要受益于业务增长带来的保费现金流入。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Casualty | $366.3M | +25.1% | — | — | Gross Written Premiums $550.7M，+27.5%，Excess Casualty组合驱动 |
| Professional Liability | $98.8M | +9.5% | — | — | Gross Written Premiums $174.4M，+8.6%，增速温和 |
| Healthcare Liability | $77.2M | +15.1% | — | — | Gross Written Premiums $116.3M，+14.4%，稳健增长 |
| Baleen Specialty | $15.9M | +1200.9% | — | — | Gross Written Premiums $21.4M，+1214.8%，低基数高增长 |
注：公司为单一报告分部，此处按承保分部列示Net Written Premiums。
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and Cash Equivalents | $193.5M | +$96.1M |
| Restricted Cash and Cash Equivalents | $40.2M | -$84.4M |
| Total Investments | $1,371.0M | +$481.0M |
| Reinsurance Recoverable, Net | $399.7M | +$144.6M |
| Reserve for Losses and Loss Adjustment Expenses | $1,129.9M | +$373.1M |
| Unearned Premiums | $552.6M | +$105.7M |
| Debt | $146.4M | +$146.4M |
| Total Mezzanine Equity and Stockholders' Equity | $449.3M | +$78.9M |
| Operating Cash Flow | $331.6M | +$37.3M |
| Capex | $5.6M | +$2.5M |
| Free Cash Flow | $326.0M | +$34.8M |
| FCF 转化率 | 606% | — |
注：FCF转化率=FCF/Net Income，基于披露数据计算。
资本配置：
前瞻指引：
一次性异常项：
主要风险：