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Bowhead Specialty Holdings BOW Broker commission — Net acquisition costs

Other product segments

Ceding commission
-$22.23M-29.9%
Ceding Fees
$4.13M+69.1%
Others
$1.33M+63.0%

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Other financials

Income statement

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Revenue$155.7M+26.9%
Net income$16.0M+40.1%
EPS (diluted)$0.48+41.2%

Balance sheet

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Cash & equivalents$141.5M+14.6%
Total debt$146.5M
Total equity$457.9M+17.1%
Total assets$2.5B+41.4%

Cash flow

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Operating cash flow$65.5M+37.2%
CapEx$1.3M+4.5%
Free cash flow$64.2M+38.0%

Valuation

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Market cap$1.1B+8.5%
Enterprise value$1.11B
P/E18.9×-1.7×
P/S1.9×-0.2×

Profitability

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Net margin10%+0.7pp
FCF margin58.8%-6.0pp

Returns & leverage

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Return on equity13.8%
Debt / equity0.3×

Where this comes from

Reported directly by Bowhead Specialty Holdings in its filing.

Tagged under the XBRL concept us-gaap:DeferredPolicyAcquisitionCostAmortizationExpense.

The source filing: Bowhead Specialty Holdings’s 10-Q, filed May 5, 2026.

Filed
May 5, 2026, 4:25 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001628280-26-030616
Three Months Ended March 31,20262025
Net policy acquisition costs
Broker commission30,65523,646
Ceding fee4,1332,444
Others1,330816
Ceding commission(22,225)(17,110)
Amortization of net policy acquisition costs$13,893$9,796

Item 1. Financial Statements (unaudited)

FAQ

What is Bowhead Specialty Holdings's broker commission — net acquisition costs?
Bowhead Specialty Holdings (BOW) reported broker commission — net acquisition costs of $30.66M in Q1 2026.
How has Bowhead Specialty Holdings's broker commission — net acquisition costs changed year-over-year?
Bowhead Specialty Holdings's broker commission — net acquisition costs increased by 29.6% year-over-year, from $23.65M to $30.66M.
What is the long-term trend for Bowhead Specialty Holdings's broker commission — net acquisition costs?
Over 2 years (2022 to 2024), Bowhead Specialty Holdings's broker commission — net acquisition costs has grown at a 53.1% compound annual growth rate (CAGR), from $34.72M to $81.4M.
What does broker commission — net acquisition costs mean?
This metric measures the total net expenses incurred to acquire, underwrite, and renew insurance policies, primarily consisting of commissions paid to brokers and agents. It serves as a key indicator of the cost efficiency of the company's distribution strategy and its ability to manage acquisition expenses relative to premium volume. Analyzing these costs provides insight into the profitability of the underwriting divisions and the competitive landscape of the specialty insurance market.

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