Octave Specialty Group, Inc. · NYSE:OSG
Octave Specialty — Ambac Financial Group — Corporate Update (September 2025)
23 slides from Octave Specialty's corporate update, Sep 30, 2025
Slide 1: Business Update Conference Call
SEPTEMBER 30, 2025 BUSINESS UPDATE CONFERENCE CALL One World Trade Center, 41st Floor, New York, NY 10007 All Rights Reserved | 800-221-1854 | www.ambac.com
Slide 2: Disclaimer
Disclaimer 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,” “intend,” “pla
Slide 3: The New Ambac: Our Vision
The New Ambac Our Vision To be the world’s leading MGA The new Ambac is a Specialty Insurance platform, pure-play specialty delivering innovative solutions insurance platform. through expertise, technology and trusted partnerships. PAGE 3
Slide 4: Recent Strategic Announcements
Recent Strategic Announcements Assurance Corp. Closed Sale of Added Growth, Scale Implemented Key Legacy Financial and Diversification via Components of Our Guarantee Business M&A new Target Operating Model PAGE 4
Slide 5: Advancing Our Strategic Priorities
Advancing Our Strategic Priorities Delivering on our promise to create sustainable, long term shareholder value New Target Corporate Operating Model rebranding Capital management Revised Executive Our 120 Day plan execution Compensation program Priorities Investment in additional Continued execution
Slide 6: Strategic Priority Review
Strategic Priority Review New Executive New Target Revised Corporate Compensation Operating Model Branding Structure Driving greater operational Launching a new name, logo and Aligning new compensation efficiencies and reductions to corporate design in Q4 program with core KPIs, peer operating expen
Slide 7: Strategic Priority Review – Cont'd
Strategic Priority Review – Cont'd Capital Pipeline of Data & Technology Management Organic & Strategic Investments Plan Opportunities Signed agreement to acquire Making smart, targeted Progressing on opportunistic de ArmadaCare – a strategic investments in tech stack and AI novo and strategic oppor
Slide 8: Build and Buy Strategy in Action
Build and Buy Strategy in Action Ambac has delivered consistent growth 2020-2022 2022-2024 2024-Present December 2020 November 2022 June 2024 • Acquires an 80% stake in Xchange • Acquires an 85% stake in All Trans, a full-service • Launches Tara Hill Insurance services, an E&S Management and Benefit
Slide 9: Diversified Distribution
Diversified Distribution A Diversified MGA platform helping cushion the impact of market cycles United States London / Bermuda Accident & Health Specialty Commercial Auto Professional Liability Property, Liability, Motor NA Property Accident & Health Marine Financial & Professional Lines Property, L
Slide 10: Consolidated Adj. EBITDA to Ambac
Consolidated Adj. EBITDA to Ambac(1)(2) $80M+ $18M 2024A P&C Only Organic Growth Acquisitions(3) NCI Pickup Est. Everspan Contribution Hold Co. Expense 2028E Aspiration 2028 Aspiration Implies a +40% EBITDA CAGR (1) Chart as previously presented (2) All amounts are estimates and are subject to chang
Slide 11: Ambac's Proposed Acquisition of ArmadaCare Positions Cirrata for Future Growth
Ambac’s Proposed Acquisition of ArmadaCare Positions Cirrata for Future Growth Ambac’s proposed acquisition of ArmadaCare from SiriusPoint for $250MM (13.8x LTM EBITDA(1)) accelerates Cirrata’s specialty insurance distribution strategy + ArmadaCare is Highly Complementary to the Three Pillars of Cir
Slide 12: ArmadaCare will Strengthen and Complement Ambac's Current MGA/MGU Capabilities
Concentration Mix by Industry ArmadaCare will Strengthen and Complement Ambac's Current MGA/MGU Capabilities Key Stats Company Overview $148M 8% Annual Premiums in Force (APIF) – as ’22-’24 Premium CAGR of 6/30/25 • ArmadaCare was founded in 2004 46% 109% • Headquartered in Hunt Valley, MD ’22-’24 A
Slide 13: ArmadaCare is a Market-Leading A&H MGA with Significant Synergy Potential
ArmadaCare is a Market-Leading A&H MGA with Significant Synergy Potential Why We Like ArmadaCare Synergy Opportunities 1 Complementary Product Offering Differentiated Product & ArmadaCare brings a differentiated Service Offering product offering, further enhancing Ambac’s A&H portfolio 2 Access to D
Slide 14: ArmadaCare is Complementary to Ambac's Existing A&H Offerings
ArmadaCare is Complementary to Ambac’s Existing A&H Offerings Commentary Main products include Ambac’s Employer Stop Loss, full suite of • ArmadaCare does not overlap with Ambac’s Limited Benefit Medical, existing Accident & Health platforms, Xchange Short-term Medical, Travel complimentary and Rein
Slide 15: ArmadaCare Further Diversifies Ambac's Specialty Insurance Offering
ArmadaCare Further Diversifies Ambac’s Specialty Insurance Offering LTM Q2’25 Cirrata + ArmadaCare 2023 Cirrata Premiums Placed 2024 Cirrata Premiums Placed Premiums Placed $231M Premiums $493M Premiums $979M Premiums Specialty P&C Specialty A&H Specialty P&C Specialty A&H Specialty P&C Specialty A&
Slide 16: Compelling Strategic Rationale Offers Enhanced Profitability
Compelling Strategic Rationale Offers Enhanced Profitability Continued Execution towards Diversifying our Distribution Business with Exposure to Non-Correlated Market • Enhances and complements Ambac’s position in the attractive Accident & Health market • Further diversifies Ambac’s insurance distri
Slide 17: Summary Transaction Terms
Summary Transaction Terms Ambac proposing to acquire 100% interest in ArmadaCare, a fully integrated specialty MGA Transaction Summary operating in the A&H market Purchase Price Purchase price of $250M, representing a 13.8x LTM 6/30/2025 EBITDA multiple(1) Transaction will be funded with a combinati
Slide 18: ArmadaCare Financial Profile
ArmadaCare Financial Profile ArmadaCare Financial Profile Commentary Selected Key Metrics • Robust premium and client retention drives consistent in-force premium growth ($ in millions) LTM Q2’25 • Stable “take rates” drive YoY revenue growth Annualized Premium in Force (“APIF”) $148 • Strong recurr
Slide 19: ArmadaCare
ArmadaCare Feel The Benefits
Slide 20: Appendix
Appendix PAGE 20
Slide 21: ArmadaCare has a Strong Leadership Team with Combined Experience of 100+ Years
ArmadaCare has a Strong Leadership Team with Combined Experience of 100+ Years Ed Walker Hugh McAdorey Nick Limneos Chief Executive Officer General Counsel & Chief Chief Commercial Officer • Experience: 30+ Years / Joined in 2015 Compliance Officer (Sales & Account Mgmt) • Prior Experience: Presiden
Slide 22: Estimated June 30, 2025, ProForma Balance Sheet
Estimated June 30,2025 Acquisition of June 30, 2025 Reported Sale of AAC (1) Seagull (2) Proforma Assets: Investments: June 30, 2025, Total Investments AFG - Cash, Cash Equivalents and Short-Term Investments Others - Cash, Cash Equivalents and Short-Term Investments 202,496,192 44,862,940 67,431,124
Slide 23: About Ambac
About Ambac Ambac Financial Group, Inc. (“Ambac” or “AFG”) is an insurance holding company headquartered in New York City. Ambac’s core Contact business is a growing specialty P&C distribution and underwriting platform. Ambac’s common stock trades on the New York Stock Exchange under the symbol “AMB
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