Octave Specialty Group, Inc. · NYSE:OSG
Octave Specialty — Ambac Financial Group — Q1 2025 Earnings Presentation
14 slides from Octave Specialty's earnings presentation, May 13, 2025
Slide 1: First Quarter 2025 Investor Presentation
First Quarter 2025 Investor Presentation Quarterly Highlights
Slide 2: Forward Looking Statement
Forward Looking Statement In this presentation, we have included statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “estimate,” “project,” “plan,” “believe,” “anticipate,”
Slide 3: First Quarter Key Operating Highlights
First Quarter Key Operating Highlights • P&C premium production up 70% to ~$318 million • Total revenue up 27% to ~$63 million • Beat Capital contributed over $20 million of revenue, up ~40% • Completed all pre-closing conditions for Legacy sale 3
Slide 4: Cirrata: Insurance Distribution
Cirrata: Insurance Distribution • Premium placed increased 156% to $231 million • Net loss of $(2) million with a margin of (4)% • Total revenue up 129% to $41 million over prior year • Adjusted EBITDA of $12 million2,3 with a margin1 of 29% • Organic growth of (2)% • Adjusted EBITDA to shareholders
Slide 5: Everspan: Specialty P&C Program Insurer
Everspan: Specialty P&C Program Insurer • GPW $87 million down 10% vs. 1Q2024 • Loss ratio of 66.9% compared to 75.7% for 1Q2024 • 67% of 1Q25 GPW is E&S lines • Combined ratio of 102.1% vs. 98.4% for 1Q2024 GPW by Line of Business Gross Premium Written (GPW) and Number of Programs 1Q2025 1Q2024 500
Slide 6: Diversification & Scale Improve Underwriting
Diversification & Scale Improve Underwriting 1. Expense ratio includes program fee revenue as a reduction to net acquisition costs 2. Total Net Loss Ratio is total net losses incurred (case + IBNR + ULAE) divided by net premiums earned 6 3. Combined Ratio is sum of expense ratio and total net loss r
Slide 7: Ambac's Operating Segment Highlights
Ambac’s Operating Segment Highlights Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty Insurance Corporate & Insurance Distribution Other Consolidated Insurance Distribution Other Consolidated Gross p
Slide 8: 2028 Adjusted EBITDA to Ambac Target
2028 Adjusted EBITDA to Ambac Target1 1. See slide 12 for EBITDA reconciliation to Net income (loss) and see slide 15 for Adjusted EBITDA reconciliation 2. Organic growth includes acquisition synergies and net de novo launch costs 8 3. Represents management forecasts, which are subject to market con
Slide 9: Non-GAAP Reconciliations
Ambac Non-GAAP Reconciliations
Slide 10: Ambac Non-GAAP Financial Data
Ambac Non-GAAP Financial Data Non-GAAP Financial Data In addition to reporting the Company’s quarterly financial results in accordance with GAAP, the Company is reporting non-GAAP financial measures: Organic Revenue Growth Rated (Insurance Distribution segment only), EBITDA, Adjusted Net Income and
Slide 11: Adjusted Net Income & Margin — Quarter
Adjusted Net Income & Margin — Quarter The following table reconciles Net income (loss) to the non-GAAP measure EBITDA as of each date presented: Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty Insu
Slide 12: EBITDA Reconciliation — Quarter & Year-to-Date
EBITDA Reconciliation — Quarter & Year-to-Date The following table reconciles Net income (loss) to the non-GAAP measure EBITDA as of each date presented: Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casua
Slide 13: Adjusted EBITDA Reconciliation — Quarter
Adjusted EBITDA Reconciliation — Quarter The following table reconciles Net income (loss) to the non-GAAP measure EBITDA as of each date presented: Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty In
Slide 14: About Ambac
About Ambac Ambac Financial Group, Inc. (“Ambac” or “AFG”) is an insurance holding company headquartered in New York City. Ambac’s core business is a growing specialty P&C Contact distribution and underwriting platform. Ambac also has a legacy financial guarantee business in run-off which we have ag
Ambac Financial Group — Q1 2025 Earnings Presentation on 6ix