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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 | - | $-262M | $-52M | -36.6% | 5.7% | -53.0% |
| 2024 | $235M | - | $-556M | $1M | -69.7% | 88.6% | -15420.7% |
| 2023 | $125M | - | $4M | $37M | 0.3% | 132.7% | -99.3% |
| 2022 | $54M | - | $521M | $70M | 41.6% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 53.61 | 124.75 | 235.32 | 248.64 |
| Operating Revenue | - | 53.61 | 124.75 | 235.32 | 248.64 |
| Selling General And Administration | - | 56.28 | 66.98 | 129.17 | 191.62 |
| Total Expenses | - | 89.32 | 148.95 | 295.66 | 352.24 |
| EBIT | - | -35.71 | -24.22 | -50.47 | -82.37 |
| Interest Expense | - | 0 | 0 | 9.38 | 18.64 |
| Net Interest Income | - | 0 | 0 | -9.38 | -18.64 |
| Other Income Expense | 8 | 0.58 | 14 | 13.31 | - |
| Interest Expense Non Operating | - | 0 | 0 | 9.38 | 18.64 |
| Net Non Operating Interest Income Expense | - | 0 | 0 | -9.38 | -18.64 |
| Pretax Income | - | -35.71 | -24.22 | -59.84 | -101.01 |
| Tax Provision | - | -0.46 | -0.99 | -0.92 | -5.21 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -35.24 | -23.23 | -58.92 | -95.80 |
| Net Income From Continuing And Discontinued Operation | - | 521.25 | 3.63 | -556.45 | -261.69 |
| Net Income From Continuing Operation Net Minority Interest | - | -36.12 | -24.55 | -59.28 | -98.40 |
| Net Income | - | 521.25 | 3.63 | -556.45 | -261.69 |
| Net Income Common Stockholders | - | 522.38 | 3.63 | -556.45 | -261.69 |
| Net Income Including Noncontrolling Interests | - | 522.12 | 4.95 | -556.09 | -259.09 |
| Normalized Income | - | -36.12 | -24.55 | -59.28 | -98.40 |
| Diluted NI Availto Com Stockholders | - | 522.38 | 3.63 | -556.45 | -261.69 |
| Basic Average Shares | - | 45.72 | 45.64 | 46.97 | 47.18 |
| Diluted Average Shares | - | 46.41 | 45.64 | 46.97 | 47.18 |
| Reconciled Depreciation | - | 3.79 | 5.23 | 19.95 | 41.95 |
| Total Unusual Items | 33 | 81 | 0 | - | - |
| Total Unusual Items Excluding Goodwill | 33 | 81 | 0 | - | - |
| Minority Interests | - | -0.87 | -1.32 | -0.36 | -2.60 |
| Net Income Discontinuous Operations | - | 557.36 | 28.18 | -497.17 | -163.29 |
| Special Income Charges | 33 | 81 | 0 | - | - |
| Other Special Charges | -33 | -81 | - | - | - |
| Depreciation And Amortization In Income Statement | - | 3.79 | 5.23 | 19.95 | 41.95 |
| 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 | 62 | - | - | - | - |
| Other Operating Expenses | 64 | - | - | - | - |
| Otherunder Preferred Stock Dividend | 11 | -1.13 | - | - | - |
| Amortization | - | 2.92 | 5.23 | 19.95 | 41.95 |
| Depreciation Income Statement | - | 0.87 | 1.08 | 2.35 | - |
| 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 | $244M | -0.93 | 0.34 | -36.6% | - |
| First National Corporation | FXNC | $256M | 14.47 | 1.38 | 9.5% | - |
| First United Corporation | FUNC | $256M | 10.45 | 1.26 | 12.0% | - |
| Security National Financial Corporation | SNFCA | $245M | 7.62 | 0.60 | 7.8% | - |
| Hawthorn Bancshares, Inc. | HWBK |
| - |
| - |
| - |
| - |
| - |
| - |
| $244M |
| 10.26 |
| 1.40 |
| 13.7% |
| - |
| Chain Bridge Bancorp, Inc. | CBNA | $239M | 11.80 | 1.41 | 12.0% | - |
| C&F Financial Corporation | CFFI | $237M | 8.83 | 0.90 | 10.3% | - |
| Princeton Bancorp, Inc. | BPRN | $236M | 12.67 | 0.87 | 6.9% | - |
| LCNB Corp. | LCNB | $235M | 10.18 | 0.86 | 8.4% | - |
| Peer Median | - | 10.35 | 1.08 | 9.9% | - | |