Octave Specialty Group, Inc. · NYSE:OSG
Octave Specialty — 2026 KBW Insurance Conference
29 slides from Octave Specialty's conference presentation, Sep 9, 2026
Slide 1: Investor Presentation: 2026 KBW Insurance Conference
Investor Presentation 2026 KBW Insurance Conference
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: A Pure-Play Specialty Insurance Platform
Octave Specialty Group: A 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 18% Organic Revenue Growth 43% Organic Reve
Slide 5: Leadership Advantages
Leadership Advantages Business Unit Leaders Average 30+ Years of Experience Claude LeBlanc Naveen Anand President, CEO & Director, President, Octave Partners Octave Specialty Group • Former president of Players Health, CEO of Hallmark Leadership Financial, and Chief Underwriting Officer and • Named
Slide 6: Business Highlights
Business Highlights Gross Premiums Placed Strategic Differentiators • Proven organic growth model enabling de novos to rapidly scale and achieve profitability Insurance Distribution SPC • Expansion via proven partnership model driving growth focused on $1,312 niche specialty opportunities $360 • Acc
Slide 7: Build and Buy Strategy in Action
Build and Buy Strategy in Action Octave has delivered consistent growth 2021-2022 2022-2024 2024-Present 2021 2022 2024 • Launched distribution strategy • Acquired a 60% stake in Beat Capital Partners, a • Acquired an 85% stake in All Trans, a full-service • Acquired an 80% stake in commercial auto
Slide 8: Octave Organic Growth Levers
Octave Organic Growth Levers Specialty & Geographic De Novo Platforms Distribution Expansion Expansion Launch of de novo specialty businesses Grow and optimize our distribution Broaden product offerings and anchored by top-tier underwriting talent network to increase market penetration geographic re
Slide 9: Diversified Lines of Business to Address Risk & Market Cycles
Diversified Lines of Business to Address Risk & Market Cycles A diversified portfolio positioned to perform across geographies, segments, and market conditions A&H Property 26% 41% Segment Diversification: Balanced specialty mix mitigates single-segment volatility • Purposefully constructed across r
Slide 10: Octave's Consolidated Adjusted EBITDA Bridge to Shareholders
Octave’s Consolidated Adjusted EBITDA Bridge to Shareholders $80M+ ArmadaCare ArmadaCare Acquisition Acquisition $18.6M 2024A ID & SPC Organic Growth Acquisitions NCI Pickup Est. Everspan Corporate 2028E Aspiration Only Contribution Expenses 2028 Aspiration Implies a +40% EBITDA CAGR Notes: 1. Refer
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 Niche Specialty NA Property Accident & Health Marine Professional D&O Niche Specialty Environmental Liability Other Specialty Professional D&O Surety Reinsuran
Slide 12: Octave's Differentiated Strategy
Octave’s Differentiated Strategy
Slide 13: Unique Position in the Program & MGA Sector
Unique Position in the Program & MGA Sector 13
Slide 14: Octave's Dual-Engine Business Model
Octave’s Dual-Engine Business Model One scalable platform powering two complementary growth strategies Claude LeBlanc, President & CEO Ventures Partners (De Novos) (Acquisitions) John Cavanagh, Executive Paul Rayner, Executive Naveen Anand, President Target 2-4 Strategic acquisitions and De Novos pe
Slide 15: Octave Ventures Platform
Octave Ventures Platform Broad Distribution Network Strategic Oversight (Wholesale & Retail) & Capital Uniquely Positioned Organic Incubator Integrated & Scalable Managed and Third-Party Business Services Capacity Partners Infrastructure Certainty + Acceleration Resources + Growth Capacity Certainty
Slide 16: Octave Ventures Business Profile
Octave Ventures Business Profile 2020 & • Strategic Capital Deployment: Targeted Prior* 2021* 2022* 2023* 2024 2025 1H2026 investments in high-potential underwriting teams New MGAs launched 4 2 1 1 6 3 — with proven expertise in the U.K. & U.S. • Partnership Model: Aligned incentives focused on Rece
Slide 17: Strong Organic Growth Trajectory, Unlocking Margins
Strong Organic Growth Trajectory, Unlocking Margins Octave Ventures (f/k/a Beat) – Organic Revenue Growth (U.S. GAAP) Organic Growth Engine • Octave Ventures (f/k/a Beat) has demonstrated consistent year-over-year organic revenue growth, showcasing strong market momentum and scalability • Revenue ha
Slide 18: Octave Partners Acquisitions Profile
Octave Partners Acquisitions Profile Acquisitions • Market Access: Target high-potential markets with 2021 2022 2023 2024 2025 significant organic entry barriers • Underwriting Excellence: Proven track record of consistent performance and reliable capacity partnerships Illustrative MGA Expansion Pro
Slide 19: Aligned Capital: Capital Vehicles & Curated Capacity Partners
Aligned Capital: Capital Vehicles & Curated Capacity Partners $2.0 Billion+ in Third-Party Capacity1 MGAs Risk Capital & Program Partners for 1H2026 9 Syndicates 4242 & 1416 Strategic Capital HNW Investors Partners London / Bermuda Global Private Equity (Re)insurers 13 Third-Party Program Carriers I
Slide 20: Everspan Capital Light Hybrid Front
Everspan Capital Light Hybrid Front 1H2026 Gros s Premium Mix 1H2026 Net Premium Mix • Casualty-focused platform targeting mid-teens ROE at scale Commercial auto liability Commercial auto liability Commercial auto physical damage Commercial auto physical damage • Fee-focus e d strategy with General
Slide 21: Business Services Unit (Technology Overview)
Business Services Unit (Technology Overview) Centralized business services unit focused on delivering innovation, agility, integrated data and AI solutions Current Environment & Planned / Active 1. Operational Efficiencies Implementations Implementations 2. Improved Financial Underwriting Unified Pe
Slide 22: Financial Overview
Financial Overview
Slide 23: First Half 2026 vs. 2025 Financial Highlights
First Half 2026 vs. 2025 Financial Highlights CONSOLIDATED RESULTS $187M ($14.5)M $24M Consolidated Adjusted EBITDA1 to Consolidated Total Revenues Net Income to Shareholders Shareholders ▲ 59% vs. 1H 2025 vs. ($20)M in 1H 2025 vs. $(6)M in 1H 2025 Insurance Distribution Specialty / Everspan ▪ Total
Slide 24: Summary of Historical Financial Results by Segment
Summary of Historical Financial Results by Segment 1H 2026 Specialty Property & Casualty Insurance Corporate & ($ in millions) Insurance Distribution Other Eliminations Consolidated GAAP Financial Data: Revenues 51.7 136.9 0.6 (2.1) 187.2 Expenses 58.7 121.0 24.2 (1.7) 202.2 Net Pre-tax income (loss
Slide 25: Summary of Historical Financial Results by Segment
Summary of Historical Financial Results by Segment FY 2024 FY 2025 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty Insurance Corporate & ($ in millions) Insurance Distribution Other Consolidated Insurance Distribution Other Consolidated GAAP Financial Data: Revenues
Slide 26: About Octave / Contact
About Octave Octave Specialty Group, Inc. is a global specialty insurance firm that builds, buys, and scales niche insurance distribution and underwriting businesses. With a focus on operational excellence, disciplined growth, and innovation, Octave is creating a harmonized portfolio of companies th
Slide 27: Appendix
Appendix
Slide 28: Pro Forma Combined Ratio 2Q2026 YTD
Pro Forma 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 29: Timeline of Acquisition of Non-Controlling Interest (NCI)
Timeline of Acquisition of Non-Controlling Interest (NCI) Entity 2026 2027 2028 2029 2030 Notes • Call/Put exercisable on March 31 of each year. First exercise occurred in 2026. • Number of shares subject to puts limited to 25% of share held at 8/1/24 per shareholder per Octave 10% 10% 10% year. Ven
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