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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.'s Chief Executive Officer Claude LeBlanc reported equity award activity on March 3, 2026. He acquired 47,130 Restricted Stock Units (RSUs) upon vesting of portions of his 2023 and 2024 RSU awards, each RSU representing one share of common stock.
On the same date, 22,582 RSUs were converted into an equivalent number of Deferred Share Units (DSUs) under the company’s Executive Stock Deferral Plan, allowing him to defer settlement and income taxation. In addition, 24,548 shares of common stock were acquired through derivative conversion, while 10,694 shares of common stock were withheld by the company at $5.60 per share to cover tax obligations.
Octave Specialty Group Inc.'s Chief Executive Officer Claude LeBlanc reported equity award activity on March 3, 2026. He acquired 47,130 Restricted Stock Units (RSUs) upon vesting of portions of his 2023 and 2024 RSU awards, each RSU representing one share of common stock.
On the same date, 22,582 RSUs were converted into an equivalent number of Deferred Share Units (DSUs) under the company’s Executive Stock Deferral Plan, allowing him to defer settlement and income taxation. In addition, 24,548 shares of common stock were acquired through derivative conversion, while 10,694 shares of common stock were withheld by the company at $5.60 per share to cover tax obligations.
Octave Specialty Group executive David Trick reported equity award activity involving restricted and deferred stock units. On March 3, 2026, he acquired 11,505 shares through the exercise and settlement of restricted stock units and 9,790 deferred share units, each representing one share of common stock.
He also acquired 1,715 shares of common stock upon RSU vesting and simultaneously disposed of 1,715 shares at $5.60 per share to satisfy tax withholding obligations. After these transactions, his directly held common stock position increased to 260,631 shares.
Octave Specialty Group executive David Trick reported equity award activity involving restricted and deferred stock units. On March 3, 2026, he acquired 11,505 shares through the exercise and settlement of restricted stock units and 9,790 deferred share units, each representing one share of common stock.
He also acquired 1,715 shares of common stock upon RSU vesting and simultaneously disposed of 1,715 shares at $5.60 per share to satisfy tax withholding obligations. After these transactions, his directly held common stock position increased to 260,631 shares.
Octave Specialty Group executive R. Sharon Smith reported equity award settlements and related tax withholding. Smith acquired 10,261 shares of common stock through vesting of 2023 and 2024 restricted stock unit (RSU) awards, with 8,720 RSUs converted into deferred share units under the company’s executive stock deferral plan. A further 1,541 common shares were issued and the same number immediately withheld at $5.60 per share to cover tax obligations, leaving direct holdings of 149,182 common shares, 95,939 RSUs and 67,486 deferred share units.
Octave Specialty Group executive R. Sharon Smith reported equity award settlements and related tax withholding. Smith acquired 10,261 shares of common stock through vesting of 2023 and 2024 restricted stock unit (RSU) awards, with 8,720 RSUs converted into deferred share units under the company’s executive stock deferral plan. A further 1,541 common shares were issued and the same number immediately withheld at $5.60 per share to cover tax obligations, leaving direct holdings of 149,182 common shares, 95,939 RSUs and 67,486 deferred share units.
Octave Specialty Group’s 2025 report shows a transformed business focused on insurance distribution and specialty property & casualty insurance. The company sold its Legacy Financial Guarantee business and rebranded as OSG, with two main segments built around MGA/Us and the Everspan carrier group.
Insurance Distribution placed $951,781 thousand of premiums in 2025, up from $493,373 thousand in 2024, and generated gross commissions of $143,381 thousand and net commissions of $106,344 thousand. Growth was driven by multiple controlling-stake acquisitions and de-novo MGA/Us, capped by the $250,000 thousand ArmadaCorp deal funded in part with $120,000 thousand of new loans.
Everspan wrote $360,449 thousand of gross premiums in 2025, retaining about 20.5% including assumed business while maintaining an A.M. Best ‘A-’ rating. Consolidated investments carried $293,708 thousand at year-end, and OSG held $76,000 thousand of standalone net assets plus $1,700,000 thousand of net operating loss carry-forwards. Management outlines strategies to expand MGA/U-based distribution, carefully manage reinsurance and capital, and emphasizes extensive risk and regulatory oversight.
Octave Specialty Group’s 2025 report shows a transformed business focused on insurance distribution and specialty property & casualty insurance. The company sold its Legacy Financial Guarantee business and rebranded as OSG, with two main segments built around MGA/Us and the Everspan carrier group.
Insurance Distribution placed $951,781 thousand of premiums in 2025, up from $493,373 thousand in 2024, and generated gross commissions of $143,381 thousand and net commissions of $106,344 thousand. Growth was driven by multiple controlling-stake acquisitions and de-novo MGA/Us, capped by the $250,000 thousand ArmadaCorp deal funded in part with $120,000 thousand of new loans.
Everspan wrote $360,449 thousand of gross premiums in 2025, retaining about 20.5% including assumed business while maintaining an A.M. Best ‘A-’ rating. Consolidated investments carried $293,708 thousand at year-end, and OSG held $76,000 thousand of standalone net assets plus $1,700,000 thousand of net operating loss carry-forwards. Management outlines strategies to expand MGA/U-based distribution, carefully manage reinsurance and capital, and emphasizes extensive risk and regulatory oversight.
Octave Specialty Group executive R. Sharon Smith, Exec VP & Group COO, reported multiple equity award transactions tied to a change of control. On September 29, 2025, 145,135 Deferred Share Units (DSUs) converted into the same number of common shares, and the company withheld 70,680 common shares at $9.72 per share to cover tax obligations.
On September 30, 2025, Smith received a grant of 76,206 DSUs, and exercised into 3,235 common shares, with an equal 3,235 shares withheld at $8.34 per share for taxes. After these transactions, Smith directly owned 149,162 common shares and 76,206 DSUs. Footnotes explain that the vesting and settlement of DSUs and performance stock units were triggered or accelerated in connection with a change of control involving the sale of Ambac Assurance Corporation.
Octave Specialty Group Inc executive David Trick reported multiple equity award transactions tied to Ambac Financial Group, Inc. common stock around a change of control. On September 29, 2025, 165,361 Deferred Share Units were converted into the same number of common shares at $0.00 per share, and 80,531 common shares at $9.72 were disposed of to cover tax obligations.
On September 30, 2025, he received a grant of 46,300 Deferred Share Units at $0.00 and acquired 42,515 common shares through an exercise or conversion. Another 22,796 common shares at $8.34 were delivered to the company for tax withholding. After these transactions, he directly held 260,631 common shares and 46,300 Deferred Share Units. Footnotes explain that Ambac’s sale of Ambac Assurance Corporation to an entity owned by Oaktree-managed funds triggered vesting and accelerated 2023–2024 performance stock unit awards.
Octave Specialty Group reported modest growth but continued losses in fourth quarter 2025. Total revenue from continuing operations was $67 million, up 3% from $65 million a year earlier, driven mainly by the Insurance Distribution segment, which achieved 8.1% organic revenue growth.
Net loss from continuing operations attributable to shareholders widened to $30 million from $22 million, reflecting ArmadaCare acquisition costs, expenses tied to exiting the financial guarantee business, and an investment impairment. Adjusted EBITDA to shareholders improved to $1.4 million from $0.5 million, as higher distribution earnings and early cost reductions partially offset weakness in specialty P&C.
For full-year 2025, revenue from continuing operations reached $251.2 million, up 7%, while net loss from continuing operations attributable to shareholders increased to $98.4 million. The company repurchased over 3.1 million shares, or 6.7% of shares outstanding, and ended December 31, 2025 with stockholders’ equity of $715.8 million, or $15.90 per share.
Octave Specialty Group reported modest growth but continued losses in fourth quarter 2025. Total revenue from continuing operations was $67 million, up 3% from $65 million a year earlier, driven mainly by the Insurance Distribution segment, which achieved 8.1% organic revenue growth.
Net loss from continuing operations attributable to shareholders widened to $30 million from $22 million, reflecting ArmadaCare acquisition costs, expenses tied to exiting the financial guarantee business, and an investment impairment. Adjusted EBITDA to shareholders improved to $1.4 million from $0.5 million, as higher distribution earnings and early cost reductions partially offset weakness in specialty P&C.
For full-year 2025, revenue from continuing operations reached $251.2 million, up 7%, while net loss from continuing operations attributable to shareholders increased to $98.4 million. The company repurchased over 3.1 million shares, or 6.7% of shares outstanding, and ended December 31, 2025 with stockholders’ equity of $715.8 million, or $15.90 per share.
Octave Specialty Group, Inc. received a Schedule 13G filing from Western Standard LLC, an investment adviser, reporting beneficial ownership of 2,572,446 shares of common stock, representing 5.87% of the class. Western Standard has sole voting and dispositive power over all reported shares.
The filing lists Eric D. Andersen, a U.S. citizen, as Managing Member of Western Standard LLC. The securities are stated to have been acquired and held in the ordinary course of business and not for the purpose of changing or influencing control of Octave Specialty Group.
Octave Specialty Group, Inc. received a Schedule 13G filing from Western Standard LLC, an investment adviser, reporting beneficial ownership of 2,572,446 shares of common stock, representing 5.87% of the class. Western Standard has sole voting and dispositive power over all reported shares.
The filing lists Eric D. Andersen, a U.S. citizen, as Managing Member of Western Standard LLC. The securities are stated to have been acquired and held in the ordinary course of business and not for the purpose of changing or influencing control of Octave Specialty Group.
Jane Street Group, LLC filed a beneficial ownership report showing it collectively holds 2,377,754 shares of Octave Specialty Group Inc common stock, representing 5.4% of the outstanding class as of the event date. All shares are reported with shared voting and shared dispositive power, and no sole voting or dispositive power.
The position is held through several Delaware subsidiaries: Jane Street Capital, LLC with 634,716 shares (1.5% of the class), Jane Street Options, LLC with 1,472,859 shares (3.4%), and Jane Street Global Trading, LLC with 270,179 shares (0.6%). The filing certifies the stake was acquired and is held in the ordinary course of business, without the purpose or effect of changing or influencing control of Octave Specialty Group Inc.
Jane Street Group, LLC filed a beneficial ownership report showing it collectively holds 2,377,754 shares of Octave Specialty Group Inc common stock, representing 5.4% of the outstanding class as of the event date. All shares are reported with shared voting and shared dispositive power, and no sole voting or dispositive power.
The position is held through several Delaware subsidiaries: Jane Street Capital, LLC with 634,716 shares (1.5% of the class), Jane Street Options, LLC with 1,472,859 shares (3.4%), and Jane Street Global Trading, LLC with 270,179 shares (0.6%). The filing certifies the stake was acquired and is held in the ordinary course of business, without the purpose or effect of changing or influencing control of Octave Specialty Group Inc.
Octave Specialty Group, Inc. filed an 8-K describing its completed acquisition of ArmadaCorp Capital, LLC for total consideration of approximately $250.0 million in cash, funded in part by $120.0 million of borrowings made at closing. The company explains that this transaction, referred to as the ArmadaCorp Transaction, closed on October 31, 2025.
The filing primarily provides historical and pro forma financial information related to the acquired business. It includes unaudited consolidated financial statements of ArmadaCorp as of and for the nine months ended September 30, 2025 and 2024, and audited financial statements for the years ended December 31, 2024 and 2023. It also provides unaudited pro forma combined financial information for Octave Specialty Group, including a combined balance sheet as of September 30, 2025 and combined statements of operations for the year ended December 31, 2024 and the nine months ended September 30, 2025, so readers can see how the acquisition might have affected the company’s results.