Octave Specialty Group, Inc. · NYSE:OSG
Octave Specialty — Q3 2026 Earnings Presentation
26 slides from Octave Specialty's earnings presentation, Nov 10, 2026
Slide 1: Earnings Conference Call Presentation
Earnings Conference Call Presentation Third Quarter 2026 Published November 10, 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 3Q26 YTD Specialty MGAs 2025 Insurance Distribution Segment 3Q26 YTD 17.6% Organic Revenue Growth 35.5% Orga
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: Third Quarter Consolidated Financial Highlights (3Q26 vs 3Q25)
Third Quarter Consolidated Financial Highlights (3Q26 vs 3Q25) Premium Production Consolidated Results Premium production was Net income (loss) from up 14% to $392 million continuing operations to shareholders of $(14) million • Insurance Distribution vs $(32) million premiums produced were up 20% t
Slide 7: 2026 Guidance
2026 Guidance (issued August 7, 2026) 7
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: Third Quarter Highlights: Insurance Distribution
Third Quarter Highlights: Insurance Distribution • Premiums placed increased 20% to $293 million Total Revenues & Net Commissions • Total revenue up 35% to $58 million $100 $79 $58 $58 (millions) $46 • Organic revenue growth of 23% 1 $50 $43 $54 $42 $39 $32 • Net income (loss) of $(3.1) million vs.
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: Specialty P&C Insurance
Specialty P&C Insurance Everspan
Slide 13: Third Quarter Highlights: Specialty P&C Insurance
Third Quarter Highlights: Specialty P&C Insurance • GPW of $99 million was up 2% GPW by Line of Business • NPW of $26 million were up 44% 3Q 2025 3Q 2026 • NPE of $26 million were up 52% Commercial auto liability Commercial auto liability Commercial auto physical damage Commercial auto physical dama
Slide 14: Everspan Capital Light Hybrid Front - Third Quarter
1 4 Everspan Capital Light Hybrid Front - Third Quarter 3Q26 Gros s Premium Mix 3Q26 Net Premium Mix • Casualty focused platform with growing mix of specialty and non-cat property risks; targeting mid-teens ROE at scale Commercial auto liability Commercial auto liability Commercial auto physical dam
Slide 15: Corporate
Corporate
Slide 16: Corporate G&A Expense Trend
Corporate G&A Expense Trend $90.0 3Q26 Reported Corporate Expenses $79.8 $80.0 $77.0 $75.2 $1.6 $69.3 $70.0 $5.9 $0.3 $58.5 $0.8 $60.0 $0.1 $1.2 (in millions) $50.0 Compensation Professional Fees Premises Outside Services $40.0 $37.2 $36.0 Software costs Other $32.6 $32.2 $30.1 $30.0 $26.6 3Q26 Adju
Slide 17: Appendix: Reconciliation of Non-GAAP Measures
Appendix Reconciliation of Non-GAAP Measures Proforma Combined Ratio 3Q26 YTD
Slide 18: EBITDA Reconciliation 3Q2026 and 3Q2025
EBITDA Reconciliation 3Q2026 and 3Q2025 The following table reconciles Net income (loss) to the non-GAAP measure EBITDA: Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty Insurance Corporate &
Slide 19: EBITDA Reconciliation 3Q2026 YTD and 3Q2025 YTD
EBITDA Reconciliation 3Q2026 YTD and 3Q2025 YTD The following table reconciles Net income (loss) to the non-GAAP measure EBITDA: Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty Insurance Corpo
Slide 20: Adjusted EBITDA Reconciliation 3Q2026 and 3Q2025
Adjusted EBITDA Reconciliation 3Q2026 and 3Q2025 The following table reconciles EBITDA to the non-GAAP measure Adjusted EBITDA: Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty Insurance Corp
Slide 21: Adjusted EBITDA Reconciliation 3Q2026 YTD and 3Q2025 YTD
Adjusted EBITDA Reconciliation 3Q2026 YTD and 3Q2025 YTD The following table reconciles EBITDA to the non-GAAP measure Adjusted EBITDA: Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty Insuranc
Slide 22: Adjusted Net Income Reconciliation 3Q2026 and 3Q2025
Adjusted Net Income Reconciliation 3Q2026 and 3Q2025 The following table reconciles Net income (loss) to the non-GAAP measure Adjusted Net income (loss): Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Specialty Specialty Property & Property & Casualty Insurance Corporate
Slide 23: Adjusted Net Income Reconciliation 3Q2026 YTD and 3Q2025 YTD
Adjusted Net Income Reconciliation 3Q2026 YTD and 3Q2025 YTD The following table reconciles Net income (loss) to the non-GAAP measure Adjusted Net income (loss): Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 Specialty Specialty Property & Property & Casualty Insurance Cor
Slide 24: Organic Growth 3Q2026 and 3Q2025
Organic Growth 3Q2026 and 3Q2025 The following table reconciles Insurance Distribution revenue to Organic revenue and growth percentage: Three Months Ended September 30, Nine Months Ended September 30, ($ in millions) 2026 2025 % Growth 2026 2025 % Growth Total Insurance Distribution revenue (1) ...
Slide 25: Proforma Combined Ratio 3Q2026 YTD
Proforma Combined Ratio 3Q2026 YTD Loss Acquisition Expense Combined Reported 70.7 % 30.2 % 14.2 % 115.1 % Settlement of potential litigation matter (1Q2026) ........................... (11.7) % (11.7) % Adverse development - Prior Accident Year ....................................... (2.7) % (2.7)
Slide 26: About Octave / Contact
2 6 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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