Bowhead Specialty Holdings Inc.

Hello, and welcome to Bowhead Specialty's Q2 2025 earnings call. After the prepared remarks, we will hold a question and answer session. For those in the Q&A room, please click the raise hand button found on the black bar at the bottom of your screen to join the question queue. Also, as a reminder, this conference is being recorded. If you have any objections, please disconnect at this time. With that, I would like to turn the call over to Shirley Yap, Head of Investor Relations. Shirley, you may begin.

Thanks, Stephan. Good morning, and welcome to BOHEAD's second quarter 2025 earnings conference call. I'm Shirley Yap, BOHEAD's Chief Accounting Officer and Head of Investor Relations. Joining me today are Stephen Sills, our Chief Executive Officer, and Brad Mulcahy, our Chief Financial Officer. Earlier this morning, we released our financial results for the second quarter of 2025. You can find our earnings release in the Investor Relations section of our website. Our Form 10-Q will be also available on our website later this evening. Before we begin, I'd like to remind everyone that this call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors should not place undue reliance on any forward-looking statement. These statements are made only as of the date of this call and are based on management's current expectations and belief. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by these statements. You should review the risks and uncertainties fully described in our SEC filings. We expressly disclaim any duty to update any forward-looking statement except as required by law. Additionally, we will be referencing certain non-GAAP financial measures on this call. Reconciliations of these non-GAAP financial measures to their respective most directly comparable GAAP measure can be found in the earnings release we issued this morning and in the investor relations section of our website. With that, I'll turn the call over to Stephen.

Stephen? Thank you, Shirley. Good morning, everyone, and thank you for taking the time to join our call today. I'm pleased to share the bowhead once again delivered outstanding results across the board in Q2. Gross written premiums increased 32% while adjusted net income increased 62% and diluted adjusted earnings per share increased 32%. These results demonstrate what we have consistently communicated since the establishment of our company, that underwriting matters from the top down underwriting profitability is our north star. Starting with GWP, Bo had generated a record 232 million in premiums during the quarter. This equates to 32% year-over-year growth. We're pleased that this was driven by double-digit growth across all of our craft underwriting divisions. Once again, our casualty division comprised the largest portion This growth in casualty was primarily driven by our excess casualty book, where despite signs of increased competition, for now, we're continuing to see favorable underwriting and pricing conditions. We also experienced modest premium growth in our primary construction project book, where we're able to deploy low $1 million or $2 million limits with favorable pricing terms and conditions. In our professional liability division, premiums increased 23% to 55 million for the quarter. Although we continue to experience challenging underwriting conditions, we found profitable growth opportunities in all departments with commercial public D&O driving more than half of our growth. In last quarter's call, we mentioned that we had started to see shoots of market stabilization. This quarter, the positive developments continued. We capitalized on some new opportunities and retained a large proportion of our renewals at or near expiring rates. In the second quarter, premiums in our healthcare liability division increased 39% to 24 million. The growth came from all departments. As we mentioned last quarter, we continue to grow the book responsibly. Where underlying numbers don't meet our profitability targets, we've continued to decline or let other carriers renew our accounts. During the quarter, Bailin generated $3.4 million of premiums during its fourth full quarter of operations. While still a small contributor to Bowhead's overall premiums, we're achieving steady month over month growth and are continuing to expand our flow underwriting operation to support our cross cycle strategy. Before discussing our views on the ENS market we operate in, I'll turn the call over to Brad to discuss our strong Q2 results in more detail.