Octave Specialty Group, Inc. · NYSE:OSG
Octave Specialty — Q1 2026 Earnings Presentation
24 slides from Octave Specialty's earnings presentation, May 7, 2026
Slide 1: Earnings Conference Call Presentation
Earnings Conference Call Presentation First Quarter 2026 Published May 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: Why Octave?
4 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 5: First Quarter Notable Highlights
First Quarter Notable Highlights • Total P&C Premium production grew 66% y/y to $531 million reflecting strong momentum across our businesses • Insurance Distribution Commission income grew 93% to $62 million, driven by continued expansion of our distribution platform • Insurance Distribution total
Slide 6: First Quarter Financial Highlights (1Q26 vs 1Q25)
First Quarter Financial Highlights (1Q26 vs 1Q25) Premium Production Consolidated Results Insurance Distribution Specialty/Everspan Premium production was up Net income (loss) from Commission Income was up GPW was up 19% 66% to $531 million continuing operations to 93% Specialty Insurance Revenue Sh
Slide 7: 2026 Guidance (issued February 23, 2026)
2026 Guidance (issued February 23, 2026) • Insurance Distribution ▪ Organic Revenue Growth: 20%+ • Adjusted EBITDA to OSG shareholders: ~$40 million • Specialty Insurance/Everspan • GPW: ~ $410 million • Adjusted EBITDA to OSG shareholders: ~$7.5 million • Corporate • Adjusted Expenses: ~$29.5 milli
Slide 8: Insurance Distribution
Insurance Distribution Octave Partners & Octave Ventures
Slide 9: 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 10: First Quarter Highlights: Insurance Distribution
First Quarter Highlights: Insurance Distribution • Premiums placed increased 83% to $427 million Total Revenues & Net Commissions • Commission income grew 93% to $62 million $90 $80 $70 (millions) $60 • Total revenue up 92% to $79 million over prior year $50 $40 $30 $20 • Organic revenue growth of 4
Slide 11: Specialty Distribution with a Global Reach
Specialty Distribution with a Global Reach United States London / Bermuda Specialty Accident & Health Commercial Auto Professional Liability Property, Liability, Motor NA Property Accident & Health Financial & Marine Professional Lines Property, Liability Management & Environmental Liability Excess
Slide 12: Octave Ventures Business Profile
1 2 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 13: Octave Partners Acquisitions Profile
1 3 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 14: Specialty P&C Insurance
Specialty P&C Insurance Everspan
Slide 15: First Quarter Highlights: Specialty P&C Insurance
First Quarter Highlights: Specialty P&C Insurance • GPW of $104 million was up 19% from GPW by Line of Business 1Q2025 1 Q 2026 1 Q 2025 • Loss ratio of 98.4% and Expense ratio of Commercial auto liability Commercial auto liability Commercial auto physical damage 51.3% in 1Q2026 1 Commercial auto ph
Slide 16: Proforma Combined Ratio
Proforma Combined Ratio Loss Acquisition Expense Combined Reported 98.4 % 31.9 % 19.4 % 149.7 % Settlement of potential litigation matter .................. (39.6) % (39.6) % Adverse development ...................................................... (4.9) % (4.9) % Commission expense catch-up from 4
Slide 17: Everspan Capital Light Hybrid Front
1 7 Everspan Capital Light Hybrid Front 1Q26 Gros s Premium Mix 1Q26 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 physical damage Commercial auto liability Commercial aut
Slide 18: Corporate
Corporate
Slide 19: Corporate G&A Expense Trend
Corporate G&A Expense Trend $90.0 1Q26 Reported Corporate Expenses $79.8 $80.0 $76.7 $77.0 $1.7 $69.9 $69.3 $6.8 $70.0 $0.2 $0.9 $0.1 $60.0 $2.2 (in millions) $50.0 Compensation Professional Fees Premises Outside Services $37.2 Software costs Other $40.0 $35.4 $36.0 $34.6 $32.6 1Q26 Adjusted Corpora
Slide 20: Appendix: Reconciliation of Non-GAAP Measures
Appendix Reconciliation of Non-GAAP Measures
Slide 21: EBITDA Reconciliation 1Q2026 and 1Q2025
EBITDA Reconciliation 1Q2026 and 1Q2025 The following table reconciles Net income (loss) to the non-GAAP measure EBITDA as of 1Q2026 and 1Q2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty Insur
Slide 22: Adjusted EBITDA Reconciliation 1Q2026 and 1Q2025
Adjusted EBITDA Reconciliation 1Q2026 and 1Q2025 The following table reconciles EBITDA to the non-GAAP measure Adjusted EBITDA as of 1Q2026 and 1Q2025 : Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casual
Slide 23: Adjusted Net Income Reconciliation 1Q2026 and 1Q2025
Adjusted Net Income Reconciliation 1Q2026 and 1Q2025 The following table reconciles Net income (loss) to the non-GAAP measure Adjusted Net income (loss) as of 1Q2026 and 1Q2025: Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Specialty Specialty Property & Property & Casualty Ins
Slide 24: About Octave Contact
2 4 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
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