(Reuters) – Bowhead Specialty Holdings said on Friday its net profit more than doubled in 2023 as the insurance company unveiled its initial public offering amid a rebound in new U.S. listings.
The U.S. stock market is expected to rebound in 2024 after a two-year dry spell as expectations of a soft landing for the economy grow.
Bowhead's offer – terms of which were not disclosed in the filing – will also test investor optimism in the insurance sector, which has pushed the S&P Insurance Select Industry Index up 6.2% this year.
The company's net income was $25 million in 2023, compared to $11.3 million in the previous year.
Net written premiums increased 36.5% to $334.7 million in 2023. Net investment income was $19.4 million, an increase from $4.7 million in 2022.
Founded in 2020, Bowhead operates in the U.S. specialty and casualty insurance markets. It is a subsidiary of commercial and personal insurer American Family Insurance.
The company is listed on the New York Stock Exchange under the ticker symbol “BOW.”
JP Morgan, Morgan Stanley and Keefe, Bruyette & Woods are the lead underwriters of the offering.
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