0001628280-26-030616
SEC filingBowhead Q1 2026 净利增 40%，承保与投资双轮驱动，综合成本率改善至 95.3%。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Gross written premiums | $216.7M | $174.8M | +24.0% |
| Net written premiums | $140.3M | $116.8M | +20.2% |
| Net earned premiums | $136.8M | $109.8M | +24.6% |
| Net investment income | $18.0M | $12.6M | +43.5% |
| Total revenues | $155.7M | $122.7M | +26.9% |
| Net losses and loss adjustment expenses | $91.5M | $73.4M | +24.6% |
| Net acquisition costs | $13.9M | $9.8M | +41.8% |
| Operating expenses | $25.8M | $23.9M | +7.8% |
| Interest expense and financing fees | $3.2M | $0.2M | +1180.2% |
| Income before income taxes | $20.6M | $14.5M | +42.2% |
| Net income | $16.0M | $11.4M | +40.1% |
| Diluted EPS | $0.48 | $0.34 | +41.2% |
| Loss ratio | 66.9% | 66.9% | 0 bps |
| Expense ratio | 28.4% | 30.4% | -200 bps |
| Combined ratio | 95.3% | 97.3% | -200 bps |
| Underwriting income (Non-GAAP) | $5.6M | $2.7M | +112.0% |
| Adjusted net income (Non-GAAP) | $16.0M | $11.5M | +39.7% |
| Operating cash flow | $65.5M | $47.7M | +37.2% |
| Free cash flow (Operating cash flow - Capex) | $64.2M | $46.5M | +38.1% |
增长桥：Gross written premiums 增长 24.0% 至 $216.7M，主要由续保业务、新业务及四大承保部门全面增长驱动。Casualty 部门贡献最大增量 $25.0M（+20.4%），主要来自 Excess Casualty 组合；Baleen Specialty 部门增长 $8.6M（+313.9%），数字承保平台快速放量。Net earned premiums 增长 24.6%，与 Gross written premiums 增速基本同步，显示业务质量良好。
Margin 归因：Combined ratio 改善 2.0pts 至 95.3%，完全由 Expense ratio 下降 2.0pts 驱动（30.4% → 28.4%）。Expense ratio 改善主要来自 Operating expenses ratio 下降 2.9pts（21.8% → 18.9%），体现业务规模效应；Net acquisition costs ratio 上升 1.2pts（8.9% → 10.1%），因组合结构变化导致 earned broker commissions 增加。Loss ratio 持平于 66.9%，Current accident year loss ratio 维持 66.5%，反映承保纪律稳定。
盈利质量：Net income 增长 40.1% 至 $16.0M，增速高于收入增速，主要受益于费用率改善和投资收入增长。Operating cash flow $65.5M 同比增长 37.2%，与 Net income 比值约 4.1 倍，显示盈利现金含量高（保险行业预收保费模式）。剔除一次性项目后，Adjusted net income $16.0M 与 GAAP Net income 基本一致，盈利质量扎实。
| 分部 | Gross Written Premiums | 同比 | 占比 | 驱动 |
|---|---|---|---|---|
| Casualty | $147.3M | +20.4% | 68.0% | Excess Casualty 组合增长 $25.0M |
| Professional Liability | $27.7M | +6.4% | 12.8% | 稳健增长，占比略降 |
| Healthcare Liability | $30.4M | +28.0% | 14.0% | 增长 $6.7M，占比提升 |
| Baleen Specialty | $11.4M | +313.9% | 5.2% | 数字承保平台高速扩张 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and cash equivalents | $97.2M | $193.5M（-49.8%） |
| Total investments | $1,525.3M | $1,371.0M（+11.3%） |
| Reserve for losses and LAE | $1,220.8M | $1,129.9M（+8.0%） |
| Unearned premiums | $556.4M | $552.6M（+0.7%） |
| Reinsurance recoverable, net | $433.3M | $399.7M（+8.4%） |
| Debt | $146.5M | $146.4M（+0.1%） |
| Total mezzanine equity and stockholders' equity | $459.2M | $449.3M（+2.2%） |
| Operating cash flow | $65.5M | $47.7M（+37.2%） |
| Capex | $1.3M | $1.2M（+4.5%） |
| Free cash flow | $64.2M | $46.5M（+38.1%） |
Net Debt = Total Debt $146.5M - Cash & cash equivalents $97.2M = $49.3M（GAAP 口径，未考虑 Restricted cash）。Net Debt/EBITDA 未披露 EBITDA，无法计算。
资本配置：
前瞻指引：本报告未提供任何财务指引。
一次性异常项：
主要风险：