8-K - BOW - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 5, 2025

Bowhead Specialty Holdings Inc.

(Exact name of registrant as specified in its charter)

Delaware	001-42111	87-1433334
(State or other jurisdiction<br><br>of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
	452 Fifth Avenue<br><br>New York, New York 10018
	(Address of principal executive offices)
	(212) 970-0269
	(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

£ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

£ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

£ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

£ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	BOW	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 under the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company T

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. £

Item 2.02 Results of Operations and Financial Condition.

On August 5, 2025, Bowhead Specialty Holdings Inc. (the "Company") issued a press release announcing its financial results for the three months ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 7.01 Regulation FD Disclosure.

On August 5, 2025, the Company made available to investors a supplemental presentation containing the Company's results for the three months ended June 30, 2025. This investor presentation is furnished as Exhibit 99.2 hereto. The supplemental report is also available on the Investors section of the Company's website, free of charge, at https://ir.bowheadspecialty.com.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release of the Company, dated August 5, 2025
99.2	Bowhead Specialty Holdings Inc. Investor Presentation for the period ended June 30 , 2025
104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 5, 2025

By:	/s/ Brad Mulcahey
Name:	Brad Mulcahey
Title:	Chief Financial Officer and Treasurer

Document

Bowhead Specialty Holdings Inc. Reports Second Quarter 2025 Results

NEW YORK, New York. (BusinessWire) – Bowhead Specialty Holdings Inc. (NYSE: BOW), a specialty lines insurance group focused on providing casualty, professional liability and healthcare liability insurance products, today announced financial results for the second quarter ended June 30, 2025.(1)

Second Quarter 2025 Highlights

•Gross written premiums increased 32.4% to $232.4 million.

•Net income of $12.3 million, or $0.36 per diluted share.

•Adjusted net income(2) of $12.8 million, or $0.37 per diluted share(2).

•Return on equity of 12.4% and adjusted return on equity(2) of 12.8%.

•Book value per share $12.44 and diluted book value per share of $12.04.

Bowhead Chief Executive Officer, Stephen Sills, commented, “We are thrilled with our second quarter 2025 results. Our strategic execution and underwriting discipline have led to a strong 32% year-over-year growth in premiums, with impressive double-digit expansion across all our craft underwriting divisions. More importantly, net income for the quarter soared by 123% compared to the same period last year. These achievements underscore our steadfast dedication to sustainable and profitable growth, demonstrating that Bowhead is a franchise built for enduring success and cross-cycle profitability, not just a hard market play.”

Underwriting Results

The 32.4% increase in gross written premiums to $232.4 million in the second quarter of 2025 was driven by our increasing renewal book and continued growth in our platform across all divisions:

•Our Casualty division led the growth with a 31.9% increase to $150.7 million;

•Professional Liability increased 23.3% to $54.8 million;

•Healthcare Liability increased 39.0% to $23.5 million;

•Baleen Specialty increased 23.2% from the previous quarter to $3.4 million.

Our loss ratio of 66.2% in the second quarter of 2025 increased 0.7 points compared to 65.5% in the second quarter of 2024, due to a 0.6 point increase in our current accident year and a 0.1 point increase in our prior accident year loss ratio.

The 0.6 point increase in our current accident year loss ratio was driven by changes in our portfolio mix. During the three months ended June 30, 2025, our Casualty division, which has comparatively higher current accident year industry loss ratios, comprised a larger proportion of our net earned premium compared to the prior period.

The 0.1 point increase in our prior accident year loss ratio was driven by expected loss ratios applied to audit premiums being fully earned in the quarter but associated with prior accident years. This development was not based on actual losses settling for more than reserved, and did not represent an increase in estimated reserves on unresolved claims.

Our expense ratio was 30.6% for the three months ended June 30, 2025, reflecting a decrease of 3.2 points compared to 33.8% for the same period in 2024. This decrease in our expense ratio was primarily driven by the 3.7 point decrease in our operating expenses ratio and a 0.4 point increase in other insurance-related income, which contributed to the lowering of our expense ratio. These improvements were partially offset by the 0.9 point increase in our net acquisition costs ratio.

The decrease in our operating expenses ratio was due to the continued scaling of our business, where net earned premiums grew at a higher rate than our expenses, as well as the prudent management of our expenses.

The increase in our net acquisition costs ratio was driven by the increase in earned broker commissions due to changes in our portfolio mix, and to a lesser extent, the reduction in earned ceding commissions from our ceded reinsurance treaties.

Investment Results

Net investment income increased 55.8% in the quarter to $13.7 million, driven by a higher balance of investments and higher yields on invested assets. Our investment portfolio had a had a book yield of 4.7% and a new money rate of 4.8% as of June 30, 2025.

The weighted average effective duration of our investment portfolio, which included cash equivalents, was 2.8 years and had an average rating of “AA” as of June 30, 2025.

__________________

(1)Comparisons in this release are made to June 30, 2024 financial results unless otherwise noted.

(2)Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measures to their most directly comparable U.S. GAAP measures.

Summary of Operating Results

The following table summarizes the Company’s results of operations for the three and six months ended June 30, 2025 and 2024:

	Three Months Ended June 30,							Six Months Ended June 30,
	2025		2024			% Change		2025			2024			% Change
	( in thousands, except percentages and per share data)
Gross written premiums			$	175,539		32.4	%	$	407,209		$	313,971		29.7	%
Ceded written premiums	(83,508)		(63,486)			31.5	%	(141,587)			(111,066)			27.5	%
Net written premiums			$	112,053		32.8	%	$	265,622		$	202,905		30.9	%
Revenues
Net earned premiums			$	90,087		32.2	%	$	228,954		$	173,067		32.3	%
Net investment income	13,677		8,777			55.8	%	26,236			16,437			59.6	%
Net realized investment (losses) gains	(11)		2			(650.0)	%	(15)			2			NM
Other insurance-related income	460		32			1337.5	%	805			63			1177.8	%
Total revenues	133,263		98,898			34.7	%	255,980			189,569			35.0	%
Expenses
Net losses and loss adjustment expenses	78,900		59,018			33.7	%	152,327			113,338			34.4	%
Net acquisition costs	11,038		7,582			45.6	%	20,834			14,104			47.7	%
Operating expenses	25,849		22,855			13.1	%	49,785			43,377			14.8	%
Non-operating expenses	437		1,481			(70.5)	%	548			1,698			(67.8)	%
Warrant expense	783		332			135.8	%	1,558			332			369.3	%
Credit facility interest expenses and fees	261		224			16.5	%	508			224			126.8	%
Foreign exchange losses (gains)	79		(4)			(2075.0)	%	33			30			10.0	%
Total expenses	117,347		91,488			28.3	%	225,593			173,103			30.3	%
Income before income taxes	15,916		7,410			114.8	%	30,387			16,466			84.5	%
Income tax expense	(3,574)		(1,877)			90.4	%	(6,620)			(3,921)			68.8	%
Net income			$	5,533		123.1	%	$	23,767		$	12,545		89.5	%
Key Operating and Financial Metrics:
Adjusted net income(1)			$	7,880		61.9	%	$	24,238		$	16,068		50.8	%
Loss ratio	66.2	%	65.5		%			66.5		%	65.5		%
Expense ratio	30.6	%	33.8		%			30.4		%	33.2		%
Combined ratio	96.8	%	99.3		%			96.9		%	98.7		%
Return on equity(2)	12.4	%	8.2		%			12.2		%	9.4		%
Adjusted return on equity(1)(2)	12.8	%	11.7		%			12.5		%	12.1		%
Diluted earnings per share			$	0.20				$	0.70		$	0.48
Diluted adjusted earnings per share(1)			$	0.28				$	0.72		$	0.62

All values are in US Dollars.

__________________

NM - Percentage change is not meaningful.

(1)Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measures to their most directly comparable U.S. GAAP measures.

(2)For the the three and six months ended June 30, 2025 and 2024, net income and adjusted net income are annualized to arrive at return on equity and adjusted return on equity.

Condensed Consolidated Balance Sheets

	December 31, 2024

Assets
Investments
Fixed maturity securities, available for sale, at fair value (amortized cost of 1,113,787 and 894,145, respectively)	$	879,989
Short-term investments, at amortized cost, which approximates fair value	9,997
Total investments	889,986
Cash and cash equivalents	97,476
Restricted cash and cash equivalents	124,582
Accrued investment income	7,520
Premium balances receivable	63,672
Reinsurance recoverable, net	255,072
Prepaid reinsurance premiums	152,567
Deferred policy acquisition costs	27,625
Property and equipment, net	6,845
Income taxes receivable	586
Deferred tax assets, net	20,340
Other assets	7,971
Total assets	$	1,654,242
Liabilities
Reserve for losses and loss adjustment expenses	$	756,859
Unearned premiums	446,850
Reinsurance balances payable	51,856
Income taxes payable	1,571
Accrued expenses	18,010
Other liabilities	8,654
Total liabilities	1,283,800
Commitments and contingencies (Note 12)
Mezzanine equity
Performance stock units	265
Stockholders' equity
Common stock	327
(0.01 par value; 400,000,000 shares authorized, 32,781,565 and 32,662,683 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively)
Additional paid-in capital	318,095
Accumulated other comprehensive loss	(11,154)
Retained earnings	62,909
Total stockholders' equity	370,177
Total mezzanine equity and stockholders' equity	370,442
Total liabilities, mezzanine equity and stockholders' equity	$	1,654,242

All values are in US Dollars.

Gross Written Premiums

The following tables present gross written premiums by underwriting division for the three and six months ended June 30, 2025 and 2024:

	Three Months Ended June 30,
	2025	% of Total		2024			% of Total		Change	% Change
	( in thousands, except percentages)
Casualty		64.9	%	$	114,233		65.1	%		31.9	%
Professional Liability	54,752	23.5	%	44,397			25.3	%	10,355	23.3	%
Healthcare Liability	23,505	10.1	%	16,909			9.6	%	6,596	39.0	%
Baleen Specialty	3,384	1.5	%	—			—	%	3,384	NM
Gross written premiums		100.0	%	$	175,539	175539000	100.0	%		32.4	%

All values are in US Dollars.

	Six Months Ended June 30,
	2025	% of Total		2024		% of Total		Change	% Change
	( in thousands, except percentages)
Casualty		67.1	%	$	205,730	65.5	%		32.7	%
Professional Liability	80,752	19.8	%	69,679		22.2	%	11,073	15.9	%
Healthcare Liability	47,293	11.6	%	38,562		12.3	%	8,731	22.6	%
Baleen Specialty	6,130	1.5	%	—		—	%	6,130	NM
Gross written premiums		100.0	%	$	313,971	100.0	%		29.7	%

All values are in US Dollars.

Loss Ratio

The following tables summarize current and prior accident year loss ratios for the three and six months ended June 30, 2025 and 2024:

	Three Months Ended June 30,
	2025			2024
	Net Losses and Loss Adjustment Expenses	% of Net Earned Premiums		Net Losses and Loss Adjustment Expenses		% of Net Earned Premiums
	( in thousands, except percentages)
Current accident year		66.1	%	$	59,018	65.5	%
Prior accident year reserve development	115	0.1	%	—		—	%
Total		66.2	%	$	59,018	65.5	%

All values are in US Dollars.

	Six Months Ended June 30,
	2025			2024
	Net Losses and Loss Adjustment Expenses	% of Net Earned Premiums		Net Losses and Loss Adjustment Expenses		% of Net Earned Premiums
	( in thousands, except percentages)
Current accident year		66.3	%	$	113,338	65.5	%
Prior accident year reserve development	559	0.2	%	—		—	%
Total		66.5	%	$	113,338	65.5	%

All values are in US Dollars.

Expense Ratio

The following tables summarize the components of our expense ratio for the three and six months ended June 30, 2025 and 2024:

	Three Months Ended June 30,
	2025			2024
	Expenses	% of Net Earned Premiums		Expenses		% of Net Earned Premiums
	( in thousands, except percentages)
Net acquisition costs		9.3	%	$	7,582	8.4	%
Operating expenses	25,849	21.7	%	22,855		25.4	%
Less: Other insurance related-income	(460)	(0.4)	%	(32)		—	%
Total		30.6	%	$	30,405	33.8	%

All values are in US Dollars.

	Six Months Ended June 30,
	2025			2024
	Expenses	% of Net Earned Premiums		Expenses		% of Net Earned Premiums
	( in thousands, except percentages)
Net acquisition costs		9.1	%	$	14,104	8.1	%
Operating expenses	49,785	21.7	%	43,377		25.1	%
Less: Other insurance-related income	(805)	(0.4)	%	(63)		—	%
Total		30.4	%	$	57,418	33.2	%

All values are in US Dollars.

Net Investment Income

The following table summarizes the sources of net investment income for the three and six months ended June 30, 2025 and 2024:

	Three Months Ended June 30,			Six Months Ended June 30,
	2025	2024		2025		2024
	( in thousands)
U.S. government and government agency		$	3,836	$	3,478	$	7,523
State and municipal	876	388		1,564		775
Commercial mortgage-backed securities	1,267	468		2,447		842
Residential mortgage-backed securities	3,129	1,920		5,668		2,164
Asset-backed securities	1,569	(33)		3,052		1,040
Corporate	4,244	1,071		7,496		2,003
Short-term investments	86	103		214		215
Cash and cash equivalents	1,154	1,204		2,859		2,219
Gross investment income	13,958	8,957		26,778		16,781
Investment expenses	(281)	(180)		(542)		(344)
Net investment income		$	8,777	$	26,236	$	16,437

All values are in US Dollars.

Reconciliation of Non-GAAP Financial Measures

This earnings release contains certain financial measures that are not presented in accordance with generally

accepted accounting principles in the United States (“U.S. GAAP”). We use these non-GAAP financial measures

when planning, monitoring and evaluating our performance. Management believes that each of the non-GAAP

financial measures described below provides useful insight into our underlying business performance.

•Adjusted net income is defined as net income excluding the impact of net realized investment (losses) gains, non-operating expenses, foreign exchange losses (gains), and certain strategic initiatives. Adjusted net income excludes the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We calculate the tax impact only on adjustments that would be included in calculating our income tax expense using the estimated tax rate at which we received a deduction for these adjustments.

•Adjusted return on equity is defined as adjusted net income as a percentage of average beginning and ending mezzanine equity and stockholders’ equity.

•Diluted adjusted earnings per share is defined as adjusted net income divided by the weighted average common shares outstanding for the period, reflecting the dilution that may occur if equity based awards are converted into common stock equivalents as calculated using the treasury stock method.

You should not rely on these non-GAAP financial measures as a substitute for any U.S. GAAP financial measure.

While we believe that these non-GAAP financial measures are useful in evaluating our business, this information

should be considered supplemental in nature and not as a replacement for or superior to the comparable U.S. GAAP

measures. In addition, other companies, including companies in our industry, may calculate such measures

differently, which reduces their usefulness as comparative measures.

Adjusted net income

Adjusted net income for the three and six months ended June 30, 2025 and 2024 reconciles to net income as follows:

	Three Months Ended June 30,
	2025			2024
	Before income taxes	After income taxes		Before income taxes		After income taxes
	( in thousands)
Income as reported		$	12,342	$	7,410	$	5,533
Adjustments:
Net realized investment losses (gains)	11	11		(2)		(2)
Non-operating expenses	437	437		1,481		1,481
Foreign exchange losses (gains)	79	79		(4)		(4)
Strategic initiatives(1)	—	—		1,496		1,496
Tax impact	—	(111)		—		(624)
Adjusted net income		$	12,758	$	10,381	$	7,880

All values are in US Dollars.

	Six Months Ended June 30,
	2025			2024
	Before income taxes	After income taxes		Before income taxes		After income taxes
	( in thousands)
Income as reported		$	23,767	$	16,466	$	12,545
Adjustments:
Net realized investment losses (gains)	15	15		(2)		(2)
Non-operating expenses	548	548		1,698		1,698
Foreign exchange losses	33	33		30		30
Strategic initiatives(1)	—	—		2,733		2,733
Tax impact	—	(125)		—		(936)
Adjusted net income		$	24,238	$	20,925	$	16,068

All values are in US Dollars.

_________________

(1)Strategic initiatives for the three and six months ended June 30, 2024 represents costs incurred to set up our Baleen Specialty division, which is recorded in operating expenses within the Consolidated Statements of Income and Comprehensive Income. The costs incurred primarily represent expenses to implement the new platform and processes supporting the Baleen Specialty division. See “Business— Our Business”

Adjusted return on equity

Adjusted return on equity for the three and six months ended June 30, 2025 and 2024 reconciles to return on equity as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2025		2024			2025			2024
	( in thousands, except percentages)
Numerator: Adjusted net income(1)			$	31,519		$	48,477		$	32,135
Denominator: Average mezzanine equity and stockholders' equity	399,588		270,551			389,127			265,971
Adjusted return on equity	12.8	%	11.7		%	12.5		%	12.1		%

All values are in US Dollars.

_______________

(1)For the three and six months ended June 30, 2025 and 2024, net income and adjusted net income are annualized to arrive at return on equity and adjusted return on equity.

Diluted adjusted earnings per share

Diluted adjusted earnings per share for the three and six months ended June 30, 2025 and 2024 reconciles to diluted earnings per share as follows:

	Three Months Ended June 30,			Six Months Ended June 30,
	2025	2024		2025		2024
	( in thousands, except share and per share data)
Numerator: Adjusted net income		$	7,880	$	24,238	$	16,068
Denominator: Diluted weighted average shares outstanding	34,045,961	27,771,108		33,885,414		25,885,554
Diluted adjusted earnings per share		$	0.28	$	0.72	$	0.62

All values are in US Dollars.

About Bowhead Specialty Holdings Inc.

Bowhead Specialty is a growing specialty insurance business providing casualty, professional liability and healthcare liability insurance products. We were founded and are led by industry veteran Stephen Sills. The team is composed of highly experienced and respected industry veterans with decades of individual, successful underwriting and management experience. We focus on providing “craft” solutions in our specialty lines and classes of business that we believe require deep underwriting and claims expertise in order to produce attractive financial results.

We pride ourselves on the quality and experience of our people, who are committed to exceeding our partners’ expectations through excellent service and expertise. Our collaborative culture spans all functions of our business and allows us to provide a consistent, positive experience for all of our partners.

Conference Call

The Company will host a conference call to discuss its results on the same day, Tuesday, August 5, 2025, beginning at 8:30 a.m. Eastern Time. Interested parties may access the conference call through a live webcast, which can be accessed by going to https://bowhead-2q25-earnings-call.open-exchange.net/, or by visiting the Company’s Investor Relations website. A dial-in option for listen-only participants will be available after registering for the call. Please join the live webcast or dial in at least 10 minutes before the start of the call.

A replay of the event webcast will be available on the Company’s Investor Relations website for one year following the call.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in press release are forward-looking statements. In some cases, forward-looking statements can be identified by terms such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "seeks," "future," "outlook," "prospects" "will," "would," "should," "could," "may," "can have" or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. These risks include those described in the Company’s filings made with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events or otherwise.

Investor Relations Contact:

Shirley Yap, Head of Investor Relations

investorrelations@bowheadspecialty.com

q22025bowheadinvestordec

Investor Presentation August 2025

COLOR PALETTE Text 50 56 62 Title bar/ Bullets 1 23 65 ACCEN TS 1 1 23 65 80 139 252 2 0 148 255 153 212 255 3 234 71 36 247 181 167 4 164 148 31 235 225 149 5 121 26 104 229 135 213 6 83 161 209 186 217 237 Hyperlink 0 148 255 153 212 255 Followed Hyperlink 234 71 36 247 181 167 Line s 50 56 62 Highlights 1 23 65 TABL E 2 Forward Looking Statements This presentation has been prepared by Bowhead Specialty Holdings Inc. (“we,” “us,” “our,” “Bowhead” or the “Company”) on a confidential basis for the exclusive use of the party to whom Bowhead delivers this presentation. This presentation has been prepared by Bowhead for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or Bowhead or any officer, director, employee, agent or advisor of Bowhead. This presentation does not purport to be all inclusive or to contain all of the information you may desire. Information provided in this presentation speaks only as of the date hereof. Bowhead assumes no obligation to update any information or statement after the date of this presentation as a result of new information, subsequent events, or any other circumstances. We request that you keep any information at this meeting confidential and that you do not disclose any of the information to any other parties without the Company's prior express written permission. This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations are forward-looking statements. Some of the forward-looking statements can be identified by the use of terms such as “believes”, “expects”, “may”, “will”, “should”, “could”, “seeks”, “intends”, “plans”, “estimates”, “anticipates” or other comparable terms. However, not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not related to present facts or current conditions or that are not historical facts. They appear in a number of places throughout this presentation and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our consolidated results of operations, financial condition, liquidity, prospects and growth strategies and the industries in which we operate, and including, without limitation, statements relating to our future performance. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which are beyond our control. Our actual results may differ materially from those expressed in, or implied by, the forward-looking statements included in this presentation as a result of various factors, including among others, the factors discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Report on Form 10-Q for the three months ended March 31, 2025, as well as our other filings with the Securities and Exchange Commission. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Unless otherwise indicated, information contained in this presentation concerning our industry and the markets in which we operate, including our general expectations, market position and market opportunity, is based on our management’s estimates and research, as well as industry and general publications and research, surveys and studies conducted by third parties. Industry publications, studies and surveys generally state that they have been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. We believe that the information from these third-party publications, research, surveys and studies included in this presentation is reliable. Management’s estimates are derived from publicly available information, their knowledge of our industry and their assumptions based on such information and knowledge, which we believe to be reasonable. This data involves a number of assumptions and limitations which are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause our future performance to differ materially from our assumptions and estimates. This presentation contains references to our trademarks and service marks and to those belonging to other entities. Solely for convenience, trademarks and trade names referred to in this presentation may appear without the ® or TM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. “Non-admitted” or excess and surplus (“E&S”) lines refers to policies generally not subject to regulations governing premium rates or policy language. We also consider insurance written on an admitted basis through either the New York Free Trade Zone or similar commercial deregulation exemptions available in certain jurisdictions, which are free of rate and form restrictions, to be E&S business. This presentation contains certain financial measures that are not presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Under U.S. securities laws, these measures are called “non-GAAP financial measures.” We use these non-GAAP financial measures when planning, monitoring and evaluating our performance. We believe these non-GAAP financial measures give our management and other users of our financial information useful insight into our underlying business performance. You should not rely on these non-GAAP financial measures as a substitute for any U.S. GAAP financial measure. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered supplemental in nature and is not meant to be an alternative to our reported results prepared in accordance with U.S. GAAP. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as comparative measures. For a reconciliation of such non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, see the Appendix of this presentation.

DRAFT: 3/1/2024 Financials

DRAFT: 3/1/2024 Appendix