Octave Specialty Group, Inc. · NYSE:OSG
Octave Specialty — Ambac Financial Group — Q3 2024 Earnings Presentation
15 slides from Octave Specialty's earnings presentation, Nov 13, 2024
Slide 1: Third Quarter 2024 Investor Presentation
Third Quarter 2024 Investor Presentation Quarterly Highlights
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: Key Operating Highlights
Key Operating Highlights 3Q24 2024 YTD • P&C Premium Production up 86% to • P&C Premium Production up 68% to $611 ~$260 million vs. 3Q23 million • Closed the Beat acquisition on July 31st • Cirrata operating 19 MGAs including (2) new launched in October • Launched (1) new de novo MGA • ~$10 million
Slide 4: Cirrata: Insurance Distribution
Cirrata: Insurance Distribution 3Q24 2024 YTD • Premium placed increased by 133% to $145 million • Premium placed increased 60% to $288 million over prior over 3Q23 year • Total revenue up 64% to $24 million over 3Q23 • Announced (6) new de novo MGAs • Announced (1) new de novo MGAs • Total revenue
Slide 5: Cirrata's Operating MGAs
Cirrata’s Operating MGAs United States London / Bermuda Specialty Property, Liability, Accident & Health Marine NA Property Energy / Property Commercial Auto Motor USA Financial & Professional Professional Liability Property, Liability Multiline P&C Accident & Health Professional Liability Indemnity
Slide 6: Everspan: Specialty P&C Program Insurer
Everspan: Specialty P&C Program Insurer 3Q24 2024 YTD • GPW up 49% to $115 million vs. 3Q23 • GPW up 77% to $323 million vs. same period last year • 56% of GPW is E&S lines in the quarter • 61% of GPW is E&S lines YTD • Combined ratio improved 600 bps to 100.5% vs. 3Q23 • Combined ratio improved 950
Slide 7: 3Q24 Consolidated Financial Overview
3Q24 Consolidated Financial Overview Year Ended December 31, ($ in millions, except per share amounts) 3Q2024 3Q2023 2023 2022 Net income (loss) attributable to common stockholders $ (27.5) $ 65.9 $ 3.6 $ 522.4 Net income (loss) per diluted share (1) (0.63) 1.41 0.18 11.31 Adjusted net income (loss)
Slide 8: Ambac's Operating Segment Highlights
Ambac’s Operating Segment Highlights Legacy Specialty Financial Property & Guarantee Casualty Insurance Corporate & ($ in millions) Insurance Insurance Distribution Other Consolidated Three Months Ended September 30, 2024 Gross premiums written $ (1.6) $ 115.2 $ 113.6 Net premiums written (1.9) 32.8
Slide 9: Our Vision
Our Vision • A pure-play P&C business focused on the dynamic Managing General Agent and Managing General Underwriter ("MGA") sector following the completion of the sale of the Ambac 2025 Legacy Financial Guarantee business • Positioned to be a premier destination for specialty programs & MGAs • Over
Slide 10: Ambac Non-GAAP Reconciliations
Ambac Non-GAAP Reconciliations
Slide 11: Ambac Non-GAAP Financial Data
Ambac Non-GAAP Financial Data Non-GAAP Financial Data In addition to reporting the Company’s quarterly financial results in accordance with GAAP, the Company is reporting non-GAAP financial measures: EBITDA, Adjusted Net Income and Adjusted Book Value. These amounts are derived from our consolidated
Slide 12: Ambac Non-GAAP Financial Data - Adjusted Net Income (Loss)
Ambac Non-GAAP Financial Data - Adjusted Net Income (Loss) The following table reconciles net income attributable to common stockholders to the non-GAAP measure, adjusted net income (loss), for the periods listed: ($ in millions, except per share amounts) 3Q2024 2Q2024 1Q2024 4Q2023 3Q2023 FY2023 FY
Slide 13: EBITDA Reconciliation
EBITDA Reconciliation The following table reconciles Net income (loss) to the non-GAAP measure EBITDA as of each date presented: Legacy Specialty Financial Property & Guarantee Casualty Insurance Corporate & Insurance Insurance Distribution Other Consolidated Three Months Ended September 30, 2024 Ne
Slide 14: EBITDA Reconciliation
EBITDA Reconciliation The following table reconciles Net income (loss) to the non-GAAP measure EBITDA as of each date presented: Legacy Specialty Financial Property & Guarantee Casualty Insurance Corporate & Insurance Insurance Distribution Other Consolidated Nine Months Ended September 30, 2024 Net
Slide 15: About Ambac
About Ambac Ambac Financial Group, Inc. (“Ambac” or “AFG”) is an insurance holding company headquartered in New York City. Ambac’s core business is a growing specialty P&C Contact distribution and underwriting platform. Ambac also has a legacy financial guarantee business in run-off which we have ag
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