Octave Specialty Group, Inc. · NYSE:OSG
Octave Specialty — Ambac Financial Group — Q1 2022 Earnings Presentation
9 slides from Octave Specialty's earnings presentation, May 11, 2022
Slide 1: First Quarter 2022 Puerto Rico Exposure, HTA Plan Support Agreement and Plan of Adjustment References
First Quarter 2022 Puerto Rico Exposure, HTA Plan Support Agreement and Plan of Adjustment References
Slide 2: Disclaimer
Neither Ambac nor any of its employees, affiliates or representatives makes any representation or warranty, expressed or implied, as to the accuracy or completeness of any of the information contained in this overview, and the recipient of this overview expressly disclaims any and all liabilities re
Slide 3: Puerto Rico Exposure & Ratings Summary
Puerto Rico Exposure & Ratings Summary Ambac Puerto Rico Exposure (1) (1) (2) (2) as of March 31, 2022 ($ in millions) Gross Net (3) Principal & Principal & Range of Credit Single Risk Gross Par Net Par Interest Interest Maturity Class Rating PR Highways and Transp'n 1998 Resolution - Sr Transp'n $
Slide 4: Puerto Rico HTA Plan Support Agreement and Proposed Plan of Adjustment
Puerto Rico HTA Plan Support Agreement and Proposed Plan of Adjustment In July 2021, Ambac Assurance joined a plan support agreement that the Oversight Board, as representative of the Commonwealth of Puerto Rico and the Puerto Rico Highways and Transportation Authority (HTA), had previously entered
Slide 5: Schedule of Net Debt Service on Insured Debt
(1)(2) Schedule of Net Debt Service on Insured Debt (As of March 31, 2022) $150 $125 $100 ($ in Millions) $75 $50 $25 $— 2022 2023 2024 2025 2026 2027 2028 2029 2030 Year of Payment (4) Highway (3) (4) (1) Net of reinsurance (2) PR Infrastructure Financing Special Tax Revenue (Rum Tax) and Conventio
Slide 6: Puerto Rico Net Principal and Interest Amortization
(1)(2) Puerto Rico Net Principal and Interest Amortization As of March 31, 2022 ($ in Millions) Net Principal and Interest Amortization of Ambac Insured Puerto Rico Exposures by Payment Date (3) Payment Date Senior Highway (1968) Senior Transportation (1998) Total P & I 7/1/2022 $ — $ 9.3 $ 9.3 1/1/
Slide 7: Puerto Rico Net Principal and Interest Amortization - Continued
(1)(2) Puerto Rico Net Principal and Interest Amortization - Continued As of March 31, 2022 ($ in Millions) Net Principal and Interest Amortization of Ambac Insured Puerto Rico Exposures by Payment Date (3) Payment Date Senior Highway (1968) Senior Transportation (1998) Total P & I 7/1/2035 — 4.2 4.
Slide 8: 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 9: About Ambac
About Ambac Ambac Financial Group, Inc. (“Ambac” or “AFG”) is a financial services holding company headquartered in New York City. Ambac’s core business Contact is a growing specialty P&C distribution and underwriting platform. Ambac also has a legacy financial guaranty business in run off. Ambac’s
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