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Octave Specialty Group, Inc., an insurance holding company, primarily engages in the specialty property and casualty insurance business in the United States and the United Kingdom. It operates in two segments, Specialty Property and Casualty Insurance; and Insurance Distribution. The Specialty Property and Casualty Insurance segment provides specialty property and casualty program insurance with a focus on commercial and personal liability risks. The Insurance Distribution segment offers property, niche specialty risk, accident and health, miscellaneous specialty, reinsurance, surety, marine and energy, specialty auto, excess and surplus lines commercial package, professional lines, and directors' and officers' insurance. The company was formerly known as Ambac Financial Group, Inc. and changed its name to Octave Specialty Group, Inc. in November 2025. The company was incorporated in 1991 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $249M | $-82M | $-262M | $-52M | -24.1% | 5.7% | - |
| 2024 | $235M | $-50M | $-556M | $1M | -46.5% | 88.6% | -15420.7% |
| 2023 | $125M | $-24M | $4M | $37M | 0.3% | 132.7% | -99.3% |
| 2022 | $54M | $-36M | $521M | $70M | 39.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 53.61 | 124.75 | 235.32 | 248.64 |
| EBIT | -35.71 | -24.22 | -50.47 | -82.37 |
| Pretax Income | -35.71 | -24.22 | -59.84 | -101.01 |
| Tax Provision | -0.46 | -0.99 | -0.92 | -5.21 |
| Net Income | 521.25 | 3.63 | -556.45 | -261.69 |
| Net Income Common Stockholders | 522.38 | 3.63 | -556.45 | -261.69 |
| Total Expenses | 89.32 | 148.95 | 295.66 | 352.24 |
| Interest Expense | 0 | 0 | 9.38 | 18.64 |
| Selling General And Administration | 56.28 | 66.98 | 129.17 | 191.62 |
| Normalized Income | -36.12 | -24.55 | -59.28 | -98.40 |
| Basic EPS | 11.48 | 0.18 | -11.96 | 0 |
| Diluted EPS | 11.31 | 0.18 | -11.96 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.01 | 0.04 | 0.02 | 0.05 |
| Total Unusual Items | 81 | 0 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | 81 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -36.12 | -24.55 | -59.28 | -98.40 |
| Reconciled Depreciation | 3.79 | 5.23 | 19.95 | 41.95 |
| Net Interest Income | 0 | 0 | -9.38 | -18.64 |
| Net Income From Continuing And Discontinued Operation | 521.25 | 3.63 | -556.45 | -261.69 |
| Diluted Average Shares | 46.41 | 45.64 | 46.97 | 0 |
| Basic Average Shares | 45.72 | 45.64 | 46.97 | 0 |
| Diluted NI Availto Com Stockholders | 522.38 | 3.63 | -556.45 | -261.69 |
| Otherunder Preferred Stock Dividend | -1.13 | 0 | 0 | 0 |
| Minority Interests | -0.87 | -1.32 | -0.36 | -2.60 |
| Net Income Including Noncontrolling Interests | 522.12 | 4.95 | -556.09 | -259.09 |
| Net Income Discontinuous Operations | 557.36 | 28.18 | -497.17 | -163.29 |
| Net Income Continuous Operations | -35.24 | -23.23 | -58.92 | -95.80 |
| Other Income Expense | 0.58 | 14 | 13.31 | 0 |
| Special Income Charges | 81 | 0 | 0 | 0 |
| Other Special Charges | -81 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | 0 | 0 | -9.38 | -18.64 |
| Interest Expense Non Operating | 0 | 0 | 9.38 | 18.64 |
| Other Operating Expenses | 0 | 0 | 0 | 0 |
| Depreciation And Amortization In Income Statement | 3.79 | 5.23 | 19.95 | 41.95 |
| Amortization | 2.92 | 5.23 | 19.95 | 41.95 |
| Depreciation Income Statement | 0.87 | 1.08 | 2.35 | 0 |
| General And Administrative Expense | 56.28 | 66.98 | 129.17 | 191.62 |
| Other Gand A | 56.28 | 66.98 | 129.17 | 191.62 |
| Salaries And Wages | 0 | 0 | 0 | 0 |
| Operating Revenue | 53.61 | 124.75 | 235.32 | 248.64 |
| Loss Adjustment Expense | 9.07 | 36.71 | 72.63 | 47.19 |
| Net Policyholder Benefits And Claims | 9.07 | 36.71 | 72.63 | 47.19 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Octave Specialty Group, Inc.this co. | OSG | $199M | - | 0.28 | -24.1% | -35.44 |
| Peoples Bancorp of North Carolina, Inc. | PEBK | $208M | 10.76 | 1.32 | 12.6% | - |
| Eagle Financial Services, Inc. | EFSI | $205M | 9.95 | 1.06 | 4.3% | - |
| Citizens Community Bancorp, Inc. | CZWI | $201M | 13.61 | 1.65 | 7.7% | - |
| Consumer Portfolio Services, Inc. |
| CPSS |
| $198M |
| 11.40 |
| 0.64 |
| 6.2% |
| - |
| First Internet Bancorp | INBK | $197M | - | 0.55 | -9.8% | - |
| CPI Card Group Inc. | PMTS | $194M | 13.55 | -11.20 | -86.3% | 6.60 |
| FB Bancorp, Inc. | FBLA | $193M | 63.86 | 0.74 | 0.4% | - |
| CF Bankshares Inc. | CFBK | $191M | 10.90 | 1.02 | 9.5% | - |
| Peer Median | - | 11.40 | 0.88 | 5.3% | 6.60 | |