Octave Specialty Group, Inc. · NYSE:OSG
Octave Specialty — Ambac Financial Group — Q2 2025 Earnings Presentation
16 slides from Octave Specialty's earnings presentation, Aug 8, 2025
Slide 1: Second Quarter 2025 Investor Presentation
Second 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: Second Quarter Key Operating Highlights
Second Quarter Key Operating Highlights • P&C premium production up 110% to ~$346 million • P&C revenue up 21% to ~$54 million and Total revenue up 8% to ~$55 million • Beat Capital had organic growth of ~26% and Cirrata Proforma Organic Growth Inclusive of Beat ~12% • Wisconsin OCI has recommended
Slide 4: Cirrata: Insurance Distribution
Cirrata: Insurance Distribution • Premium placed increased 368% to $250 million • Net loss of $(8) million with a margin of (24)% • Total revenue up 148% to $33 million over prior year • Adjusted EBITDA of $5 million2,3 with a margin1 of 14% • Organic growth of (3)% • Adjusted EBITDA to shareholders
Slide 5: Everspan: Specialty P&C Program Insurer
Everspan: Specialty P&C Program Insurer • GPW $96 million down (13)% vs. 2Q2024 • Loss ratio of 67.8% compared to 85.1% for 2Q2024 • 61% of 2Q25 GPW is E&S lines • Combined ratio of 106.7% vs. 109.4% for 2Q2024 GPW by Line of Business Gross Premium Written (GPW) and Number of Programs 2Q2025 2Q2024
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 June 30, 2025 Three Months Ended June 30, 2024 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty Insurance Corporate & Insurance Distribution Other Consolidated Insurance Distribution Other Consolidated Gross pre
Slide 8: 2028 Adjusted EBITDA to Ambac Target
2028 Adjusted EBITDA to Ambac Target1 2 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 c
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 June 30, 2025 Three Months Ended June 30, 2024 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty Insura
Slide 12: EBITDA Reconciliation — Quarter
EBITDA Reconciliation — Quarter The following table reconciles Net income (loss) to the non-GAAP measure EBITDA as of each date presented: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty Insurance Cor
Slide 13: EBITDA Reconciliation
EBITDA Reconciliation The following table reconciles Net income (loss) to the non-GAAP measure EBITDA as of each date presented: Specialty Property & Casualty Insurance Corporate & Insurance Distribution Other Consolidated Six Months Ended June 30, 2025 Net income (loss) (1) $ 1.9 $ (9.7) $ (27.8) $
Slide 14: 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 June 30, 2025 Three Months Ended June 30, 2024 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty Insu
Slide 15: Adjusted EBITDA Reconciliation — Year-to-Date
Adjusted EBITDA Reconciliation — Year-to-Date The following table reconciles Net income (loss) to the non-GAAP measure EBITDA as of each date presented: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty Ins
Slide 16: 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
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