Pivix Launches Monoline Commercial Property Program

Octave Specialty Group (NYSE: OSG) business Pivix has launched a monoline commercial property insurance program for wholesale brokers.

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New E&S offering expands Pivix’s specialty product portfolio for wholesale brokers

SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- Pivix Specialty Insurance Services Inc. (“Pivix”), an excess and surplus lines managing general agent and part of Octave Specialty Group, Inc. (NYSE: OSG), today announced the launch of a new monoline commercial property program. Supported by an A+ AM Best rated insurer, the program is available in 20 states and distributed exclusively through wholesale brokers.

The new program expands Pivix’s growing portfolio of specialty products and targets well-maintained commercial properties across a broad range of occupancies, including habitational, office, retail, hotels, healthcare offices, parking garages, restaurants, vacant buildings, and other commercial properties.

“Commercial property is a natural area of expansion for Pivix and one where we see an opportunity to deliver a focused, efficient solution to our wholesale partners,” said Sandy Vertuno, Senior Vice President and Chief Underwriting Officer-Contract Binding Authority at Pivix. “We’ve developed a clear underwriting framework around the types of risks we want to write, supported by technology that can make the placement process faster and more straightforward for brokers.”

The program provides coverage for accounts with up to $4 million in total insured value at a single location and schedules of up to $10 million. Pivix has also incorporated automated processing for eligible accounts from quote through policy issuance.

“We’re building Pivix around areas where we believe specialized underwriting and strong wholesale relationships can create meaningful opportunities,” said Mike Miller, Chief Executive Officer of Pivix. “We’ve made significant progress in expanding our capabilities, and commercial property is another important step in that growth. We’ll continue to look for opportunities to add products where we believe Pivix can bring something differentiated to the market.”

About Pivix

Pivix Specialty Insurance Services Inc. (“Pivix”) is a managing general agent specializing in excess & surplus (E&S) casualty and property lines distributed exclusively through wholesale brokers. Headquartered in Scottsdale, Ariz., Pivix was founded by industry veteran Mike Miller. Pivix is part of Octave Specialty Group (NYSE: OSG). For more information, visit www.pivixins.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261008908265/en/

Investors:
ir@octavegroup.com

Media:
Kate Smith
Director, Corporate Communications
ksmith@octavegroup.com

Source: Octave Specialty Group, Inc.

Key Terms

excess and surplus lines technical

Excess and surplus lines refer to insurance coverage provided by specialized insurers for risks that standard insurers consider too unusual, high-risk, or hard to cover. These policies are important for investors because they help protect against rare or unexpected events that could impact financial stability or asset values, filling gaps where regular insurance options are unavailable.

managing general agent technical

A managing general agent is a specialized insurance intermediary that a carrier authorizes to sell and run insurance business on its behalf, including setting prices, issuing policies and handling claims. Think of it as a locally run franchise that operates under the insurer’s brand and rules; investors care because MGAs can boost growth and profit margins by expanding sales and shifting operational costs and risk, which affects an insurer’s revenue, expenses and capital use.

monoline technical

A monoline is a company that focuses on a single financial product or service, most commonly an insurer that only guarantees debt payments for bonds or structured finance. It matters to investors because such firms concentrate risk in one activity—like an insurance company that promises to make bond payments if the issuer cannot—so their financial health directly affects the creditworthiness and perceived safety of the securities they cover, similar to a single-purpose backstop for a loan.

total insured value financial

Total insured value is the combined dollar amount an insurance policy (or group of policies) covers for all assets, calculated as the cost to replace or repair everything insured at current prices. Think of it like the total sticker price for everything under a homeowner’s policy; for investors it signals how large a company’s potential insured loss could be, influences premium and reinsurance needs, and helps judge whether coverage and reserve levels are adequate to protect the balance sheet.