Skip to content
MARKETS / NYSE / OSG
NYSE · SURETY INSURANCE · MID CAP

Octave Specialty Group Inc. OSG

12 fiscal years on record · USD · FY2025 reported · SEC filings only
$143.4M
▲ 55.8% YoY
$-259.1M
In brief

What this company does

Octave Specialty Group, Inc. underwrites and distributes property and casualty insurance through managing general agents and underwriters and an insurance broker, and separately underwrites specialty property and casualty insurance policies through program insurer carriers. As of December 31, 2025, the company had 275 employees in the United States and Bermuda and 208 employees in the United Kingdom. The company reports Insurance Distribution and Specialty Property & Casualty Insurance as its two business segments. On October 31, 2025, the company acquired ArmadaCorp Capital, LLC for a purchase price of $250 million, funded in part by $120 million of loans obtained under new credit facilities. As of December 31, 2025, Everspan's specialty property and casualty insurance program business included four wholly-owned admitted carriers and a fifth carrier, Everspan Indemnity Insurance Company, that writes business as an excess and surplus lines carrier in all U.S. states and territories. Octave Specialty Group, Inc. was incorporated in the State of Delaware on April 29, 1991 and was formerly known as Ambac Financial Group, Inc. until it changed its name and rebranded as OSG in the fourth quarter of 2025 in connection with the sale of its Legacy Financial Guarantee business.

Written from the business description in Octave Specialty Group, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 4 March 2026. Every sentence was checked against that document before publication.

Growth
USD 143.4M
Revenue, FY2025 · full 12-year series below
Revenue $B Net income $B
FY2025 · Revenue 0.1 · Net income -0.3
0.25B0.50B-0.80B-1.60B2010201220172019202220242025
Compound annual growth
+67.2%
−1.7%
−7.1%
+28.2%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −1.7% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−67 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -70.5% · Net -66.8%
-200%-400%-600%2010201220172019202220242025
ROE
FY2025 · ROE -34.2%
5%10%-20%-40%2010201220172019202220242025

Each USD of equity lost 34 cents this year.

Cash & shareholders
USD 29.9M
returned in FY2025 · dividends + net buybacks
Net buybacks $M Dividends $M
FY2025 · Dividends — · Net buybacks 29.9
10M20M2022202320242025

USD 29.9M in buybacks went back to shareholders in a year without profit.

Total assetsUSD 2.2B
EquityUSD 715.8M
CashUSD 70.1M
Gross debtUSD 117.6M
Net debtUSD 47.5M

Net debt stands at 7% of equity.

The 12-year record
12 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220202019201820172016201220112010
Revenue $B0.10.10.10.00.20.50.50.60.50.70.30.4
Operating income $B−0.1−0.1−0.0−0.0········
EBITDA $B−0.1−0.0−0.0−0.0········
Income tax $B0.00.00.0−0.0−0.00.00.00.00.00.00.10.0
Net income $B−0.3−0.60.00.5−0.4−0.20.2−0.30.1−0.3−2.0−0.8
EPS, diluted $−5.93−11.960.1811.48−9.47−4.693.99−7.251.64−0.85−6.48·
Dividend / sh $············
Payout %············
ROE %−34.2−51.50.4·−34.2−14.112.5−23.8····
Shares out B0.050.05··0.050.050.05··0.310.310.31

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 1 failures · 1 divergences in 36 reconciliationsAUDITED

Reconciled in 12 of 19 fiscal years. 1 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. 21 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente1 failures1 divergent
ActivitySurety Insurance
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2010

Share this section

Download image