(Reuters) – Bowhead Specialty Holdings on Friday revealed its net profit more than doubled in 2023 as the insurance underwriting company made its IPO filing public amid a surge in fresh U.S. listings.
The US initial public offering market is expected to recover in 2024, after a two-year dry spell, amid rising expectations of a softening economy.
Bowhead’s offering – the terms of which were not disclosed in the filing – will also test investor optimism around the insurance sector that has driven the S&P Insurance Select Industry Index up 6.2% this year.
The company’s net profit was $25 million in 2023, compared to $11.3 million a year earlier.
Net premiums written in 2023 were up 36.5% to $334.7 million. Its net investment income was $19.4 million, up from $4.7 million in 2022.
Bowhead was founded in 2020 and has a presence in the US specialty and casualty insurance markets. It is an affiliate of business and personal insurer American Family Insurance.
The company will be listed on the New York Stock Exchange under the ticker symbol “BOW”.
JPMorgan, Morgan Stanley and Keefe, Bruyette & Woods are the lead underwriters of the offering.
