Octave Specialty Group, Inc. · NYSE:OSG
Octave Specialty — Q2 2026 Earnings Presentation
27 slides from Octave Specialty's earnings presentation, Aug 7, 2026
Slide 1: Earnings Conference Call Presentation
Earnings Conference Call Presentation Second Quarter 2026 Published August 6, 2026
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: Octave Specialty Group: Pure-Play Specialty Insurance Platform
Octave Specialty Group: Pure-Play Specialty Insurance Platform Our Vision To be the leading MGA specialty insurance platform, delivering innovative solutions through expertise, technology, and trusted partnerships. 3
Slide 4: Octave at a Glance
Octave at a Glance MGA Platform Growth (#of MGAs) NYSE: OSG Well-Positioned Specialty Acquisitions De Novos Insurance Platform 22 22 18 5 Diversified 1 3 Portfolio of 2021 2022 2023 2024 2025 1H2026 Specialty MGAs 2025 Insurance Distribution Segment 1H2026 17.6% Organic Revenue Growth 42.9% Organic
Slide 5: Why Octave?
5 Why Octave? Differentiated specialty insurance distribution platform built for sustainable growth • D u a l Growth Engines: Purpose built platform for launching new MGAs and acquiring established operations • Partnership Model: Aligns incentives and focuses teams on profitable sustained growth • A
Slide 6: Second Quarter Consolidated Financial Highlights (2Q26 vs 2Q25)
Second Quarter Consolidated Financial Highlights (2Q26 vs 2Q25) Premium Production Consolidated Results Premium production was Net income (loss) from up 18% to $409 million continuing operations to Shareholders of $(14) million • Insurance Distribution vs $(21) million premiums produced were up 26%
Slide 7: Insurance Distribution
Insurance Distribution Octave Partners & Octave Ventures
Slide 8: Octave's Dual-Engine Business Model
Octave’s Dual-Engine Business Model One scalable platform powering two complementary growth Claude LeBlanc, President & CEO strategies Ventures Partners (De Novos) (Acquisitions) John Cavanagh, Executive Paul Rayner, Executive Naveen Anand, President Target 2-4 Strategic and De Novos per Year Opport
Slide 9: Second Quarter Highlights: Insurance Distribution
Second Quarter Highlights: Insurance Distribution • Premiums placed increased 26% to $314 million Total Revenues & Net Commissions • Total revenue up 77% to $58 million $100 $79 $58 (millions) $46 • Organic revenue growth of 44% 1 $50 $33 $43 $54 $42 $32 • Net income (loss) of $(1) million vs. net i
Slide 10: Specialty Distribution with a Global Reach
Specialty Distribution with a Global Reach United States London / Bermuda Specialty Accident & Health Commercial Auto Professional Liability Niche Specialty NA Property Accident & Health Marine Professional D&O Niche Specialty Environmental Liability Other Specialty Professional D&O Surety Reinsuran
Slide 11: Octave Ventures Business Profile
1 1 Octave Ventures Business Profile • Strategic Capital Deployment: Targeted investments in 2020 & Prior* 2021* 2022* 2023* 2024 2025 high-potential underwriting teams with proven expertise New MGAs launched in the 4 2 1 1 6 3 • Partne rship Mode l: Aligned incentives focused on U.K.. & U.S. profit
Slide 12: Octave Partners Acquisitions Profile
1 2 Octave Partners Acquisitions Profile Acquisitions • Market Access: Target high-potential markets with significant organic entry barriers 20 21 20 22 20 23 20 24 20 25 • Underwriting Excellence: Proven track record of consistent performance and reliable capacity partnerships • Partne rship Mode l
Slide 13: Specialty P&C Insurance
Specialty P&C Insurance Everspan
Slide 14: Second Quarter Highlights: Specialty P&C Insurance
Second Quarter Highlights: Specialty P&C Insurance • GPW of $95 million was down (2)% GPW by Line of Business • NPW of $23 million were up 52% 2Q 2025 2Q 2026 • Net premiums earned of $22 million were up Commercial auto liability Commercial auto liability 34% Commercial auto physical damage 14% Comm
Slide 15: Everspan Capital Light Hybrid Front - Second Quarter
1 5 Everspan Capital Light Hybrid Front - Second Quarter 2Q26 Gros s Premium Mix 2Q26 Net Premium Mix • Casualty focused platform targeting mid-teens ROE at scale • Fee-focus e d strategy with managed risk exposure and Commercial auto liability Commercial auto liability Commercial auto physical dama
Slide 16: Corporate
Corporate
Slide 17: Corporate G&A Expense Trend
Corporate G&A Expense Trend $90.0 2Q26 Reported Corporate Expenses $79.8 $80.0 $77.0 $75.2 $1.4 $69.9 $69.3 $70.0 $0.5 $7.0 $0.6 $0.1 $60.0 $2.0 (in millions) $50.0 Compensation Professional Fees Premises Outside Services $40.0 $37.2 $36.0 $35.4 Software costs Other $32.6 $32.2 $30.0 $26.6 2Q26 Adju
Slide 18: Appendix: Reconciliation of Non-GAAP Measures
Appendix Reconciliation of Non-GAAP Measures Proforma Combined Ratio 2Q2026 YTD
Slide 19: EBITDA Reconciliation 2Q2026 and 2Q2025
EBITDA Reconciliation 2Q2026 and 2Q2025 The following table reconciles Net income (loss) to the non-GAAP measure EBITDA: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty Insurance Corporate & ($ in mil
Slide 20: EBITDA Reconciliation 2Q2026 YTD and 2Q2025 YTD
EBITDA Reconciliation 2Q2026 YTD and 2Q2025 YTD The following table reconciles Net income (loss) to the non-GAAP measure EBITDA: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty Insurance Corporate & ($ in
Slide 21: Adjusted EBITDA Reconciliation 2Q2026 and 2Q2025
Adjusted EBITDA Reconciliation 2Q2026 and 2Q2025 The following table reconciles EBITDA to the non-GAAP measure Adjusted EBITDA: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty Insurance Corporate & ($
Slide 22: Adjusted EBITDA Reconciliation 2Q2026 YTD and 2Q2025 YTD
Adjusted EBITDA Reconciliation 2Q2026 YTD and 2Q2025 YTD The following table reconciles EBITDA to the non-GAAP measure Adjusted EBITDA: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty Insurance Corporate
Slide 23: Adjusted Net Income Reconciliation 2Q2026 and 2Q2025
Adjusted Net Income Reconciliation 2Q2026 and 2Q2025 The following table reconciles Net income (loss) to the non-GAAP measure Adjusted Net income (loss): Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualt
Slide 24: Adjusted Net Income Reconciliation 2Q2026 YTD and 2Q2025 YTD
Adjusted Net Income Reconciliation 2Q2026 YTD and 2Q2025 YTD The following table reconciles Net income (loss) to the non-GAAP measure Adjusted Net income (loss): Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Specialty Specialty Property & Property & Casualty Insurance Corporate & Cas
Slide 25: Proforma Combined Ratio 2Q2026 YTD
Proforma Combined Ratio 2Q2026 YTD Loss Acquisition Expense Combined Reported 79.1 % 30.8 % 14.2 % 124.1 % Settlement of potential litigation matter ............................................. (19.0) % (19.0) % Adverse development ...................................................................
Slide 26: Organic Growth 2Q2026 and 2Q2025
Organic Growth 2Q2026 and 2Q2025 The following table reconciles Insurance Distribution revenue to Organic revenue and growth percentage: Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 ($ in millions) 2026 2025 % Growth 2026 2025 % Growth Total Insurance Distribution revenue (1) ....
Slide 27: About Octave / Contact
2 7 About Octave Octave Specialty Group, Inc. is a global specialty insurance firm that builds, buys, and scales niche insurance distribution and Contact underwriting businesses. With a focus on operational excellence, disciplined growth, and innovation, Octave is creating a harmonized portfolio of
Octave Specialty Group — Q2 2026 Earnings Presentation on 6ix