Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-27

Bowhead Specialty Holdings Inc. (BOW)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$4,309,280
Stephen Sills total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against BOW
4 companies name BOW as a compensation peer

Each company listed discloses BOW in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named BOW in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Stephen Sills$675,000$478,400$3,120,966$0$0$0$34,914$4,309,280
Chief Executive Officer
David Newman536,313355,900475,87900013,9851,382,077
Chief Underwriting Officer
Brad Mulcahey343,985250,900571,08000035,7891,201,754
Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Stephen Sills$4,309,280$4,678,933−369,653
David Newman1,382,0771,369,519+12,558
Brad Mulcahey1,201,754932,515+269,239

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Fabian J. FondriestDirector2026-04-30A6,722$0$0CommonForm 4 ↗
Ava SchnidmanDirector2026-04-30A3,36100CommonForm 4 ↗
David HolmanDirector2026-04-30A3,36100CommonForm 4 ↗
Price LowensteinDirector2026-04-30A3,36100CommonForm 4 ↗
David FoyDirector2026-04-30A3,36100CommonForm 4 ↗
Angela Brock-KyleDirector2026-04-30A6,72200CommonForm 4 ↗
Tom BakerDirector2026-04-30A3,36100CommonForm 4 ↗
Stephen SillsDirector2026-05-22D24,35328693,086CommonForm 4 ↗
Stephen SillsDirector2026-05-22D13,05328371,488CommonForm 4 ↗
David NewmanChief Underwriting Officer2026-05-23D4,50628127,520CommonForm 4 ↗
Brad MulcaheyCFO and Treasurer2026-05-23D3,5062899,220CommonForm 4 ↗
David NewmanChief Underwriting Officer2026-05-23D2,1182859,939CommonForm 4 ↗
Brad MulcaheyCFO and Treasurer2026-05-23D1,0272829,064CommonForm 4 ↗
Yap Shirley Shek LiChief Accounting Officer2026-05-23D6792416,160CommonForm 4 ↗
Yap Shirley Shek LiChief Accounting Officer2026-05-23D2,3532866,590CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Brad MulcaheyOTHER$571,080
Stephen SillsOTHER3,120,966
David NewmanOTHER475,879
03b

Vehicle mix — grant-date fair value by award type

Grant-level vehicle detail not disclosed.

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
David NewmanRSU15,346$437,975
David NewmanRSU18,024514,405
Brad MulcaheyRSU14,024400,245
Stephen SillsRSU129,4113,693,390
Stephen SillsRSU97,4122,780,138
Stephen SillsRSU67,5261,927,192
Brad MulcaheyRSU18,416525,593
Stephen SillsRSU65,6071,872,424
05

Incentive-plan design — the Compensation Discussion & Analysis

The base salary payable to each named executive officer is intended to provide a fixed component of compensation reflecting the executive's skill set, experience, role and responsibilities.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultant
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
David FoyIndependent · Audit Committee (Chair)$130,000$80,760$0$0$210,760
Fabian J. FondriestNot independent161,52000161,520
Angela Brock-KyleIndependent · Audit Committee161,52000161,520
Tom BakerIndependent · Audit Committee80,00080,76000160,760
Ava SchnidmanIndependent · Compensation, Nominating and Corporate Governance Committee (Chair)80,00080,76000160,760
David HolmanIndependent · Compensation, Nominating and Corporate Governance Committee80,00075,33600155,336
Price LowensteinIndependent · Compensation, Nominating and Corporate Governance Committee · Partial-year service · Newly elected80,0000080,000
Stephen SillsEmployee director00000
Matthew BoteinNot independent · Board Chair00000
Troy Van BeekNot independent00000
Zhak CohenNot independent00000
09

Board fee structure and ownership guideline

Annual cash retainer$80,000
Annual equity retainer$80,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)50,000 / 25,000 / 25,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$450,000
Equity awards (grant-date value)$640,656
All other compensation$0
Total cost of the board$1,090,656

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Bowhead Specialty Holdings Inc.2025Stephen Sills$675,000$3,120,966$0$0$4,309,280

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Stephen SillsDEF 14A2026-03-160002002473-26-000006Section “Executive Compensation”. As printed: 4,309,280. Filing ↗
2Section 01, David NewmanDEF 14A2026-03-160002002473-26-000006Section “Executive Compensation”. As printed: 1,382,077. Filing ↗
3Section 01, Brad MulcaheyDEF 14A2026-03-160002002473-26-000006Section “Executive Compensation”. As printed: 1,201,754. Filing ↗
4Section 03, Brad Mulcahey OTHERDEF 14A2026-03-160002002473-26-000006Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t9 · r4 · c11 · span 248450–248457
5Section 03, Stephen Sills OTHERDEF 14A2026-03-160002002473-26-000006Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t9 · r2 · c13 · span 241506–241515
6Section 03, David Newman OTHERDEF 14A2026-03-160002002473-26-000006Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t9 · r6 · c11 · span 254292–254299
7Section 07, pay ratio10-K2026-02-240001628280-26-011089Section “CEO Pay Ratio”. As printed: —. Filing ↗
8Section 08, David FoyDEF 14A2026-03-160002002473-26-000006Section “Director Compensation”. As printed: 210,760. Filing ↗
9Section 08, Fabian J. FondriestDEF 14A2026-03-160002002473-26-000006Section “Director Compensation”. As printed: 161,520. Filing ↗
10Section 08, Angela Brock-KyleDEF 14A2026-03-160002002473-26-000006Section “Director Compensation”. As printed: 161,520. Filing ↗
11Section 08, Tom BakerDEF 14A2026-03-160002002473-26-000006Section “Director Compensation”. As printed: 160,760. Filing ↗
12Section 08, Ava SchnidmanDEF 14A2026-03-160002002473-26-000006Section “Director Compensation”. As printed: 160,760. Filing ↗
13Section 08, David HolmanDEF 14A2026-03-160002002473-26-000006Section “Director Compensation”. As printed: 155,336. Filing ↗
14Section 08, Price LowensteinDEF 14A2026-03-160002002473-26-000006Section “Director Compensation”. As printed: 80,000. Filing ↗
15Section 08, Stephen SillsDEF 14A2026-03-160002002473-26-000006Section “Director Compensation”. As printed: 0. Filing ↗
16Section 08, Matthew BoteinDEF 14A2026-03-160002002473-26-000006Section “Director Compensation”. As printed: 0. Filing ↗
17Section 08, Troy Van BeekDEF 14A2026-03-160002002473-26-000006Section “Director Compensation”. As printed: 0. Filing ↗
18Section 08, Zhak CohenDEF 14A2026-03-160002002473-26-000006Section “Director Compensation”. As printed: 0. Filing ↗
19Section 02, Fabian J. Fondriest 2026-04-30Form 42026-05-040002019649-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Ava Schnidman 2026-04-30Form 42026-05-040002042584-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, David Holman 2026-04-30Form 42026-05-040002019477-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Price Lowenstein 2026-04-30Form 42026-05-040002002473-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, David Foy 2026-04-30Form 42026-05-040001221318-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Angela Brock-Kyle 2026-04-30Form 42026-05-040002002473-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Tom Baker 2026-04-30Form 42026-05-040002020006-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Stephen Sills 2026-05-22Form 42026-05-260001362369-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Stephen Sills 2026-05-22Form 42026-05-270001362369-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, David Newman 2026-05-23Form 42026-05-260001362378-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Brad Mulcahey 2026-05-23Form 42026-05-260002019632-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, David Newman 2026-05-23Form 42026-05-270001362378-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Brad Mulcahey 2026-05-23Form 42026-05-270002019632-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Yap Shirley Shek Li 2026-05-23Form 42026-05-270002020205-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Yap Shirley Shek Li 2026-05-23Form 42026-05-270002020205-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
34Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
35Section 09b board cost (computed)ComputedcomputedCash 450,000 + equity 640,656 + all other 0 = 1,090,656, summed across the director compensation table rows.machine: formula: Σ = 1,090,656
36Bowhead Specialty Holdings Inc. (subject), Section 10b CEO totalDEF 14A2026-03-160002002473-26-000006CEO total compensation as printed in Bowhead Specialty Holdings Inc.'s own proxy. As printed: 4,309,280. Filing ↗