BOW — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-03

• •risks and uncertainties relating to the proposed acquisition of Bowhead by AmFam, including: that Bowhead and AmFam may be unable to complete the transaction because, among other reasons, conditions to the closing of the transaction may not be satisfied or waived; uncertainty as to the timing of co…

• differentiated expertise, relationships, culture and leadership team position us well to continue to grow our business profitably.

• Our loss ratio of 67.3% for the three months ended June 30, 2026 increased 1.1 points compared to 66.2% for the three months ended June 30, 2025 due to an increase in our current accident year loss ratio. The higher current accident year loss ratio was driven by lower ceded loss activity under our e…

• Our expense ratio of 28.6% for the three months ended June 30, 2026 decreased 2.0 points compared to 30.6% for the three months ended June 30, 2025.

• The decrease in our expense ratio was primarily driven by the 3.4 point decrease in our operating expenses ratio and a 0.3 point increase in other insurance-related income, which contributed to the lowering of our expense ratio. These improvements were partially offset by the 1.7 point increase in o…

Text removed vs the prior filing · source: 10-Q · 2026-05-05

• Our current accident year loss ratio remained unchanged due to offsetting impacts from our updated expected loss ratios in the fourth quarter of 2025 and changes in our portfolio mix.

• Our expense ratio was 28.4% for the three months ended March 31, 2026 compared to 30.4% for the three months ended March 31, 2025, which was a decrease of 2.0 points. The decrease in our expense ratio was primarily driven by the 2.9 point decrease in our operating expenses ratio and a 0.3 point incr…

• 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, including new estimates of deferrable costs.

• The increase in our net acquisition costs ratio was driven by an increase in earned broker commissions due to changes in our portfolio mix and Ceding Fee, partially offset by an increase in earned ceding commissions from our ceded reinsurance treaties. Gross acquisition costs earned as a percentage …

• The combined ratio was 95.3% for the three months ended March 31, 2026, compared to 97.3% for the three months ended March 31, 2025. The 2.0 point decrease was due to the 2.0 point decrease in our expense ratio.

Text added vs the prior filing · source: 10-Q · 2026-08-03

• On August 3, 2026, BOW entered into an Agreement and Plan of Merger (the “Merger Agreement”) with AmFam, Inc., a Wisconsin corporation (“American Family”), Superior Trident Inc., a Delaware corporation and a direct wholly-owned subsidiary of American Family (“Merger Sub”), and certain other affiliat…

• The completion of the Merger is subject to a number of conditions, including stockholder approval, and, if these conditions are not satisfied or waived, the Merger may not be completed within the expected timeframe or at all.

• The completion of the Merger is subject to the satisfaction or waiver of certain conditions, including: (a) the approval of the Merger Agreement and the Merger by the affirmative vote of the holders of a majority of the outstanding shares of our common stock entitled to vote thereon at the Bowhead s…

• There can be no assurance that the conditions to the completion of the Merger will be satisfied or waived on a timely basis or at all. In addition, no assurance can be given as to the terms, conditions and timing of any approvals or clearances. Any delay or noncompletion of the Merger would cause Bo…

• While the Merger is pending, we will be subject to business uncertainties and certain contractual restrictions that could adversely affect our business, results of operations or financial condition.