COMP <GO>

BOW vs IGIC // GROSS PROFIT MARGIN

Bowhead Specialty Holdings Inc. (NYSE) VS. International General Insurance Holdings Ltd. Ordinary Share (NASDAQ) • 15-METRIC TALLY: BOW 4 — IGIC 4

■ METRIC PARITY

BOW — Bowhead Specialty Holdings Inc. ROARABLE C • RQD 62/100

LAST: $34.13 (-0.23%) • MKT CAP: $1.12B

DES <GO> FA <GO> 10-K RED <GO>

gross-margins

—

IGIC — International General Insurance Holdings Ltd. Ordinary Share ROARABLE D+ • RQD 58/100

LAST: $24.67 (+1.69%) • MKT CAP: $1.06B

DES <GO> FA <GO> 10-K RED <GO>

gross-margins

—

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (BOW VS. IGIC) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	BOW	IGIC	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin ACTIVE	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	12.00%	17.90%	-5.90	IGIC	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	10.23%	—	TIE	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	9.80%	24.60%	-14.80	IGIC	/net-margins <GO>
Revenue Growth (YoY)	29.60%	-4.10%	+33.70	BOW	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	4.37%	-4.37	IGIC	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	6/9	3/9	+3.00	BOW	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	52.9	43.1	+9.77	BOW	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	17.6x	7.7x	+9.90	IGIC	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.12B	$1.06B	$67.4M	BOW	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	BOW REV	IGIC REV	BOW GROSS %	IGIC GROSS %	BOW FCF	IGIC FCF
FY 2025	$551.6M	$516.9M	—	—	$326.0M	$108.1M
FY 2024	$425.7M	$539.0M	—	—	$291.2M	$209.5M
FY 2023	$283.4M	$499.2M	—	—	$236.2M	$196.6M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

BOW // BETA —

IGIC // BETA —