OCTAVE SPECIALTY GROUP INC OSG
Octave Specialty Group, Inc. ("OSG"), headquartered in New York City, is a financial services holding company incorporated in the State of Delaware on April 29, 1991 and was formerly known as Ambac Financial Group, Inc. ("AFG"). In the fourth quarter of 2025, AFG changed its name and rebranded as OSG in connection with the sale of its Legacy Financial Guarantee business. References to "Octave," "OSG," the "Company," "we," "our," and "us" are to OSG and its subsidiaries, as the context requires. Octave operates two principal businesses:
•Insurance Distribution — Octave's specialty property and casualty ("P&C") insurance underwriting and distribution business, includes Managing General Agents and Underwriters (collectively "MGAs" or "MGA/Us"); an insurance broker; and other distribution, underwriting and related businesses. On October 31, 2025, the Company completed the acquisition of ArmadaCorp Capital, LLC and its subsidiaries (collectively, "ArmadaCorp"), a leading specialty accident and health MGA. Octave's insurance distribution platform operates in the following lines of business: property, niche specialty risk, accident & health, miscellaneous specialty, reinsurance, surety, marine & energy, specialty auto, E&S commercial package, professional lines and Directors & Officers ("D&O").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $143.4M | $92.0M | $51.3M | $30.7M | $26.0M | $156.0M | $496.0M | $511.0M | $622.0M | $506.8M |
| SG&A | $191.6M | $129.2M | $67.0M | $56.3M | $111.0M | $92.0M | — | — | — | — |
| Interest expense | $18.6M | $9.4M | $0 | $0 | $187.0M | — | — | — | — | — |
| Pre-tax income | -$101.0M | -$59.8M | -$24.2M | -$35.7M | $2.0M | -$440.0M | -$183.0M | $273.0M | -$284.0M | $105.0M |
| Income tax | $5.2M | $924.0K | $989.0K | $462.0K | $18.0M | $3.0M | $32.0M | $5.0M | $44.0M | $30.7M |
| Net income | -$259.0M | -$556.0M | $5.0M | $522.0M | -$17.0M | -$437.0M | -$216.0M | $186.0M | -$329.0M | $74.8M |
| EPS, basic | -5.93 | -11.96 | 0.18 | 11.48 | -0.61 | -9.47 | -4.69 | 4.07 | -7.25 | 1.66 |
| EPS, diluted | -5.93 | -11.96 | 0.18 | 11.48 | -0.61 | -9.47 | -4.69 | 3.99 | -7.25 | 1.64 |
| Shares, diluted (wtd. avg.) | $47.2M | $47.0M | $45.6M | $45.7M | $46.5M | $46.1M | $46.0M | $46.6M | $46.6M | $45.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $70.1M | $47.3M | $19.2M | $19.9M | $10.0M | $20.0M | $24.0M | $63.0M | $625.0M | $96.0M |
| Short-term investments | $146.4M | $127.6M | $200.5M | — | — | — | — | — | — | — |
| Receivables | $86.5M | $55.4M | $9.4M | — | — | — | — | — | — | — |
| Goodwill | $540.3M | $418.2M | $69.7M | $46.0M | — | — | — | — | — | — |
| Other intangibles | $475.0M | $344.8M | $61.4M | — | — | $409.0M | $427.0M | $719.0M | $847.0M | — |
| Total assets | $2.22B | $8.06B | $8.43B | $7.97B | — | $13.22B | $13.32B | $14.59B | $23.19B | — |
| Short-term debt | $0 | $150.0M | — | — | — | — | — | — | — | — |
| Long-term debt | $100.0M | $0 | — | — | — | $2.74B | $2.82B | $2.93B | $991.7M | — |
| Total liabilities | $1.14B | $6.86B | $7.00B | — | — | $12.07B | $11.78B | $12.96B | $21.55B | — |
| Retained earnings | $370.4M | $683.6M | $1.25B | — | — | $759.0M | $1.20B | $1.42B | $1.23B | — |
| Total equity | $715.8M | $798.4M | $1.41B | $1.31B | $1.10B | $1.08B | $1.48B | $1.63B | $1.65B | $1.98B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$52.3M | $762.0K | $36.9M | $70.4M | -$131.0M | -$175.0M | -$311.0M | -$1.54B | -$221.0M | $830.3M |
| Depreciation and amortisation | $42.0M | $19.9M | $5.2M | $872.0K | $2.0M | $1.0M | $0 | $1.0M | $1.0M | $1.2M |
| Stock-based compensation | $9.7M | $9.4M | $12.3M | $11.2M | $14.0M | $11.0M | $12.0M | $12.0M | $4.0M | $5.3M |
| Investing cash flow | $199.9M | -$166.4M | -$26.7M | -$41.2M | $776.0M | $432.0M | $1.00B | $1.59B | $1.16B | -$453.1M |
| Financing cash flow | $21.4M | $28.6M | -$717.0K | -$19.2M | -$657.0M | -$303.0M | -$691.0M | -$585.0M | -$412.0M | -$319.0M |
| Buybacks | $29.9M | $11.7M | $4.5M | $14.2M | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-024684.
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| RDN | RADIAN GROUP INC | $4.85B | 8.9x | -0.8% |
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| AGO | ASSURED GUARANTY LTD | $3.33B | 7.4x | — |
| MBI | MBIA INC | $243.3M | — | 90.5% |