Octave Specialty Group filings document the public-company reporting of the former Ambac Financial Group following its shift to a specialty insurance platform. The record includes 8-K reports for quarterly results and material agreements, with disclosures on P&C premium production, insurance distribution revenue, acquisition integration, and credit agreement amendments involving operating subsidiaries such as Octave Partners, Cirrata entities and ArmadaCare.
Proxy materials describe board matters, executive compensation, equity awards and shareholder voting items. The filings also provide formal disclosures on governance, capital structure, financing arrangements, and the company's insurance distribution and specialty property-and-casualty operations.
Octave Specialty Group, Inc. receives an amended Schedule 13G filing reporting that Western Standard LLC, through Managing Member Eric D. Andersen, beneficially owns 2,247,591 shares of Common Stock, representing 4.99% of the class. The filing shows sole voting and sole dispositive power over the shares. The amendment is signed by Mr. Andersen on 05/11/2026.
Octave Specialty Group, Inc. receives an amended Schedule 13G filing reporting that Western Standard LLC, through Managing Member Eric D. Andersen, beneficially owns 2,247,591 shares of Common Stock, representing 4.99% of the class. The filing shows sole voting and sole dispositive power over the shares. The amendment is signed by Mr. Andersen on 05/11/2026.
Jane Street Group, LLC and affiliates reported beneficial ownership of 771,384 shares of Octave Specialty Group Inc. The filing states these shares represent 1.7% of the class and that the reporting persons have shared voting and shared dispositive power over the reported shares. The cover lists three affiliated filers with Delaware organization: Jane Street Capital, LLC; Jane Street Global Trading, LLC; and Jane Street Options, LLC, with specific shared holdings shown for each affiliate.
Jane Street Group, LLC and affiliates reported beneficial ownership of 771,384 shares of Octave Specialty Group Inc. The filing states these shares represent 1.7% of the class and that the reporting persons have shared voting and shared dispositive power over the reported shares. The cover lists three affiliated filers with Delaware organization: Jane Street Capital, LLC; Jane Street Global Trading, LLC; and Jane Street Options, LLC, with specific shared holdings shown for each affiliate.
Octave Specialty Group reported much stronger first-quarter results, with total revenues rising to $104.2 million from $62.8 million a year earlier, driven mainly by Insurance Distribution commissions and fees. The company still posted a net loss attributable to shareholders of $6.9 million, but this narrowed sharply from $46.4 million.
Net loss from continuing operations improved to $2.9 million versus $14.5 million, as higher commissions and premiums more than offset increased operating and acquisition-related expenses. Insurance Distribution generated segment pretax income of $16.8 million, while Specialty Property & Casualty and Corporate & Other segments remained loss-making.
On the balance sheet, total assets were $2.27 billion and total stockholders’ equity was $833.6 million. Cash, cash equivalents and restricted cash increased to $93.5 million. Octave also reduced redeemable noncontrolling interests by buying out certain minority owners, and recorded sizable foreign currency translation losses that lowered accumulated other comprehensive income.
Octave Specialty Group reported much stronger first-quarter results, with total revenues rising to $104.2 million from $62.8 million a year earlier, driven mainly by Insurance Distribution commissions and fees. The company still posted a net loss attributable to shareholders of $6.9 million, but this narrowed sharply from $46.4 million.
Net loss from continuing operations improved to $2.9 million versus $14.5 million, as higher commissions and premiums more than offset increased operating and acquisition-related expenses. Insurance Distribution generated segment pretax income of $16.8 million, while Specialty Property & Casualty and Corporate & Other segments remained loss-making.
On the balance sheet, total assets were $2.27 billion and total stockholders’ equity was $833.6 million. Cash, cash equivalents and restricted cash increased to $93.5 million. Octave also reduced redeemable noncontrolling interests by buying out certain minority owners, and recorded sizable foreign currency translation losses that lowered accumulated other comprehensive income.
Octave Specialty Group, Inc. reported much stronger first quarter 2026 performance, driven by its Insurance Distribution segment, while still posting a small GAAP loss. Total revenues from continuing operations rose 66% to $104.2 million, compared with $62.8 million a year earlier.
Net loss attributable to shareholders from continuing operations narrowed to $(6.9) million, or $(0.13) per diluted share, from $(16.1) million, or $(0.57) per share. On a non-GAAP basis, adjusted net income attributable to shareholders improved to $16.6 million versus an adjusted net loss of $(6.0) million, and adjusted EBITDA to shareholders increased to $20.1 million from $(1.3) million.
The Insurance Distribution segment generated total revenue of $78.5 million, up 92%, with organic revenue growth of 41.8% and adjusted EBITDA to shareholders of $25.3 million. The Specialty P&C Insurance segment grew premiums but recorded a $7.7 million net loss and a 149.7% combined ratio due in part to losses and legal expenses from settling a potential litigation matter on a run-off program.
Octave Specialty Group, Inc. reported much stronger first quarter 2026 performance, driven by its Insurance Distribution segment, while still posting a small GAAP loss. Total revenues from continuing operations rose 66% to $104.2 million, compared with $62.8 million a year earlier.
Net loss attributable to shareholders from continuing operations narrowed to $(6.9) million, or $(0.13) per diluted share, from $(16.1) million, or $(0.57) per share. On a non-GAAP basis, adjusted net income attributable to shareholders improved to $16.6 million versus an adjusted net loss of $(6.0) million, and adjusted EBITDA to shareholders increased to $20.1 million from $(1.3) million.
The Insurance Distribution segment generated total revenue of $78.5 million, up 92%, with organic revenue growth of 41.8% and adjusted EBITDA to shareholders of $25.3 million. The Specialty P&C Insurance segment grew premiums but recorded a $7.7 million net loss and a 149.7% combined ratio due in part to losses and legal expenses from settling a potential litigation matter on a run-off program.
Octave Specialty Group, Inc. is asking stockholders to vote at its virtual 2026 annual meeting on May 28 on four items: electing seven directors, approving executive pay on an advisory basis, ratifying Ernst & Young as auditor for 2026, and approving the 2026 Incentive Compensation Plan.
The proxy highlights a transformational 2025, including selling the Legacy Financial Guarantee business to Oaktree for $420 million plus a $4.3 million adjustment, acquiring ArmadaCorp for $250 million, and consolidating a 74% stake in Pivix. Continuing-operations revenue grew 6.5% to $251 million, while premium production rose 50% to $1,312 million, driven by strong Insurance Distribution growth.
The board emphasizes pay-for-performance: 2025 annual bonuses for continuing executive officers paid out at 84% of target based on Adjusted EBITDA margin, revenue growth, and Everspan’s combined ratio. Long-term equity is mostly performance stock units tied to multi‑year Adjusted EBITDA and organic growth, with a relative TSR modifier. The filing also details sustainability initiatives, cyber risk oversight, low voluntary employee turnover of 6.5%, and a largely independent, diversified board with separate chair and CEO roles.
Octave Specialty Group, Inc. is asking stockholders to vote at its virtual 2026 annual meeting on May 28 on four items: electing seven directors, approving executive pay on an advisory basis, ratifying Ernst & Young as auditor for 2026, and approving the 2026 Incentive Compensation Plan.
The proxy highlights a transformational 2025, including selling the Legacy Financial Guarantee business to Oaktree for $420 million plus a $4.3 million adjustment, acquiring ArmadaCorp for $250 million, and consolidating a 74% stake in Pivix. Continuing-operations revenue grew 6.5% to $251 million, while premium production rose 50% to $1,312 million, driven by strong Insurance Distribution growth.
The board emphasizes pay-for-performance: 2025 annual bonuses for continuing executive officers paid out at 84% of target based on Adjusted EBITDA margin, revenue growth, and Everspan’s combined ratio. Long-term equity is mostly performance stock units tied to multi‑year Adjusted EBITDA and organic growth, with a relative TSR modifier. The filing also details sustainability initiatives, cyber risk oversight, low voluntary employee turnover of 6.5%, and a largely independent, diversified board with separate chair and CEO roles.
Octave Specialty Group, Inc. entered into a First Amendment to its Credit Agreement that provides an additional term loan in an aggregate principal amount of $40,000,000. This Additional Term Loan has the same maturity date, interest rate and tranche as the existing term loan and is fully fungible with it.
After this amendment, total outstanding term loans are $139,375,000 as of April 1, 2026. In connection with the amendment, the company pledged its ownership interests in the capital stock of Everspan Holdings, LLC. The proceeds will help fund Cirrata UK’s obligation to honor put rights exercised by certain minority shareholders of Octave Specialty Limited.
Octave Specialty Group, Inc. entered into a First Amendment to its Credit Agreement that provides an additional term loan in an aggregate principal amount of $40,000,000. This Additional Term Loan has the same maturity date, interest rate and tranche as the existing term loan and is fully fungible with it.
After this amendment, total outstanding term loans are $139,375,000 as of April 1, 2026. In connection with the amendment, the company pledged its ownership interests in the capital stock of Everspan Holdings, LLC. The proceeds will help fund Cirrata UK’s obligation to honor put rights exercised by certain minority shareholders of Octave Specialty Limited.
Stein Jeffrey Scott reported acquisition or exercise transactions in this Form 4 filing.
Octave Specialty Group Inc. director Jeffrey Scott Stein received a grant of 7,441 restricted stock units (RSUs). The RSUs were granted on April 1, 2026 and each RSU represents a contingent right to receive one share of Octave Specialty Group common stock.
The RSUs are scheduled to vest on April 1, 2027. Vested RSUs will settle into common shares on the earlier of the vesting date or when Stein ceases to be a member of the Board of Directors, unless he elects to defer settlement. Following this award, he holds 16,091 RSUs directly.
Stein Jeffrey Scott reported acquisition or exercise transactions in this Form 4 filing.
Octave Specialty Group Inc. director Jeffrey Scott Stein received a grant of 7,441 restricted stock units (RSUs). The RSUs were granted on April 1, 2026 and each RSU represents a contingent right to receive one share of Octave Specialty Group common stock.
The RSUs are scheduled to vest on April 1, 2027. Vested RSUs will settle into common shares on the earlier of the vesting date or when Stein ceases to be a member of the Board of Directors, unless he elects to defer settlement. Following this award, he holds 16,091 RSUs directly.
HAFT IAN DAVID reported acquisition or exercise transactions in this Form 4 filing.
Octave Specialty Group Inc. director Ian David Haft received a grant of 7,441 restricted stock units (RSUs). The award was made on April 1, 2026 and increases his directly held RSUs to 16,091. Each RSU represents a contingent right to receive one share of Octave Specialty Group common stock.
These RSUs are scheduled to vest on April 1, 2027. Once vested, they will settle into common shares on the vesting date or when Haft ceases to be a member of the Board of Directors, unless he elects to defer settlement.
HAFT IAN DAVID reported acquisition or exercise transactions in this Form 4 filing.
Octave Specialty Group Inc. director Ian David Haft received a grant of 7,441 restricted stock units (RSUs). The award was made on April 1, 2026 and increases his directly held RSUs to 16,091. Each RSU represents a contingent right to receive one share of Octave Specialty Group common stock.
These RSUs are scheduled to vest on April 1, 2027. Once vested, they will settle into common shares on the vesting date or when Haft ceases to be a member of the Board of Directors, unless he elects to defer settlement.
IGLESIAS LISA G reported acquisition or exercise transactions in this Form 4 filing.
Octave Specialty Group director Lisa G. Iglesias received a grant of 7,441 restricted stock units (RSUs). Each RSU represents a contingent right to receive one share of the company’s common stock. Following this award, her directly held equity-linked interest totals 16,091 shares.
The RSUs were granted on April 1, 2026 and are scheduled to vest one year later on April 1, 2027. Vested RSUs will settle into common shares on the vesting date or when she ceases to serve on the Board of Directors, unless she elects to defer settlement.
IGLESIAS LISA G reported acquisition or exercise transactions in this Form 4 filing.
Octave Specialty Group director Lisa G. Iglesias received a grant of 7,441 restricted stock units (RSUs). Each RSU represents a contingent right to receive one share of the company’s common stock. Following this award, her directly held equity-linked interest totals 16,091 shares.
The RSUs were granted on April 1, 2026 and are scheduled to vest one year later on April 1, 2027. Vested RSUs will settle into common shares on the vesting date or when she ceases to serve on the Board of Directors, unless she elects to defer settlement.