Overview
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- TickerOSG on NYSE1
- IndustrySurety Insurance1
- HeadquartersNew York, New York1
- Incorporated inDE2
- Business address40 Wall Street, 55Th Floor, New York, Ny 100052
- Filer categoryAccelerated filer2
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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:4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Accident & Health brought in 21% of the revenue OCTAVE SPECIALTY GROUP INC broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2021 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Accident & Health | $32.8M | $30.1M | $29.6M | |
| Property | $0 | $5.1M | $22.6M | |
| Specialty Automobile | $11.9M | $17.9M | $17.4M | |
| Reinsurance | $147.0K | $1.6M | $15.7M | |
| Other Professional | $3.1M | $10.1M | $13.3M | |
| Niche Specialty Risks | $0 | $5.3M | $13.3M | |
| Surety Product Line | $0 | $2.9M | $10.3M | |
| Professional Directors And Officers Liability Insurance | $0 | $1.4M | $7.0M | |
| Miscellaneous Specialty | $363.0K | $1.7M | $5.4M | |
| Marine and Energy | $2.9M | $2.8M | $4.6M | |
| Environmental | $0 | $13.1M | $4.3M |
Business segments
Insurance Distribution brought in 65% of the revenue OCTAVE SPECIALTY GROUP INC broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Insurance Distribution | $51.5M | $99.2M | $163.7M |
| Specialty Property & Casualty Program | $64.1M | $126.3M | $88.4M |
Regions
United States brought in 69% of the revenue OCTAVE SPECIALTY GROUP INC broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $124.7M | $212.6M | $172.3M |
| United Kingdoms | $0 | $23.2M | $78.9M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs83¢$119.5M
- Interest13¢$18.6M
- Income tax4¢$5.2M
Out of $143.4M in revenue.5 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net premiums earned | $67.2M | $99.0M | $51.9M |
| Commissions | $143.4M | $92.0M | $51.3M |
| Program fees | $14.3M | $13.5M | $8.4M |
| Realized Investment Gains (Losses) | -$2.6M | -$496.0K | $19.0K |
| Investment income | $10.6M | $14.4M | $13.2M |
| Net gains (losses) on derivative contracts | $1.0M | $4.0M | -$279.0K |
| Other | -$4.8M | $10.5M | -$60.0K |
| Total revenues | $251.2M | $235.8M | $124.7M |
| Loss and loss adjustment expenses | $47.2M | $72.6M | $36.7M |
| Policy acquisition costs | $15.8M | $23.7M | $10.6M |
| Commissions | $37.0M | $40.9M | $29.5M |
| General and Administrative Expense | $191.6M | $129.2M | $67.0M |
| Depreciation expense | $3.9M | $2.3M | $1.1M |
| Interest | $18.6M | $9.4M | $0 |
| Total expenses | $352.2M | $295.7M | $148.9M |
| Pretax income (loss) from continuing operations | -$101.0M | -$59.8M | -$24.2M |
| Income tax expense (benefit) | -$5.2M | -$924.0K | -$989.0K |
| Noncontrolling interest | -$2.6M | -$361.0K | -$1.3M |
| Discontinued operations | -$163.3M | -$497.2M | $28.2M |
| Net income (loss) | -$259.1M | -$556.1M | $5.0M |
| Net income (loss) attributable to shareholders | -$261.7M | -$556.4M | $3.6M |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -$95.8M | -$58.9M | -$23.2M |
| Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Reclassification Adjustment from AOCI for Derecognition, after Tax | $1.1M | -$356.0K | -$88.0K |
| Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | $0 | -$4.9M | $1.6M |
| Total other comprehensive income (loss), net of income tax | $222.1M | -$28.4M | $92.8M |
| Total comprehensive income (loss), net of income tax | -$37.0M | -$584.5M | $97.7M |
| Total comprehensive income (loss) attributable to shareholders | -$64.8M | -$581.8M | $96.4M |
| Income (Loss) from Continuing Operations, Per Basic Share | -$2 | -$1 | -$0 |
| Income (Loss) from Continuing Operations, Per Diluted Share | -$2 | -$1 | -$0 |
| Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | -$3 | -$11 | $1 |
| Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | -$3 | -$11 | $1 |
| Basic | -$5.93 | -$11.96 | $0.18 |
| Diluted | -$5.93 | -$11.96 | $0.18 |
| Weighted Average Number of Shares Outstanding, Basic | 47.2M shares | 47.0M shares | 45.6M shares |
| Weighted Average Number of Shares Outstanding, Diluted | 47.2M shares | 47.0M shares | 45.6M shares |
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | -$2.6M | -$361.0K | -$1.3M |
| Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | -$25.2M | $3.1M | $0 |
| Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | $19.6M | -$939.0K | $51.2M |
| Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $201.4M | -$22.2M | $40.1M |
| Net income (loss) from discontinued operations | -$163.3M | -$497.2M | $28.2M |
| Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic | -$98.4M | -$59.3M | -$24.6M |
| Insurance Agency Management Fee | $20.4M | $6.4M | $0 |
| Depreciation, Depletion and Amortization | $42.0M | $19.9M | $5.2M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 6 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2025-10-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|---|
| Available-for-sale Securities | $122.3M | $157.0M | |||
| Short-term Investments | $146.4M | $127.6M | |||
| Other Investments | $25.0M | $28.3M | |||
| Investments, Total | $293.7M | $312.9M | |||
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $68.4M | $47.3M | |||
| Premiums Receivable, Net | $75.1M | $57.2M | |||
| Receivables, Net, Current | $86.5M | $55.4M | |||
| Reinsurance Recoverables, Including Reinsurance Premium Paid | $436.1M | $306.2M | |||
| Deferred ceded premium | $146.4M | $148.3M | |||
| Deferred Policy Acquisition Cost | $9.7M | $8.6M | |||
| Intangible assets, less accumulated amortization | $475.0M | $344.8M | |||
| Goodwill | $540.3M | $418.2M | $69.7M | ||
| Other assets | $92.0M | $92.3M | |||
| Disposal Group, Including Discontinued Operation, Assets | $0 | $6.3B | $7.5B | ||
| Total assets | $2.2B | $8.1B | $8.4B | ||
| Unearned premiums | $187.2M | $182.4M | |||
| Liability for Claims and Claims Adjustment Expense | $460.0M | $349.1M | |||
| Ceded premiums payable | $80.6M | $53.0M | |||
| Capitalized Contract Cost, Net | $7.0M | $7.5M | |||
| Accrued Liabilities for Commissions, Expense and Taxes | $115.6M | $71.4M | |||
| Deferred Income Tax Liabilities, Net | $65.2M | $70.1M | |||
| Short-Term Debt | $0 | $150.0M | |||
| Long-term debt | $117.6M | $100.0M | $0 | ||
| Accrued interest payable | $1.3M | $2.6M | |||
| Other liabilities | $102.8M | $89.0M | |||
| Total liabilities held-for-sale | $0 | $5.9B | |||
| Liabilities | $1.1B | $6.9B | |||
| Redeemable noncontrolling interest | $253.0M | $199.4M | $17.1M | $20.0M | |
| Preferred Stock, Value, Issued | $0 | $0 | |||
| Common Stock, Value, Issued | $489.0K | $489.0K | |||
| Additional paid-in capital | $369.9M | $331.0M | |||
| Accumulated other comprehensive income (loss) | $8.5M | -$188.4M | -$160.0M | ||
| Retained earnings | $370.4M | $683.6M | |||
| Treasury Stock, Value | -$33.5M | -$28.3M | |||
| Total Octave Specialty Group, Inc. stockholders equity | $715.8M | $798.4M | |||
| Nonredeemable noncontrolling interest | $117.4M | $197.8M | |||
| Total stockholders equity | $833.2M | $996.1M | $1.4B | $1.3B | |
| Total liabilities, redeemable noncontrolling interest and stockholders equity | $2.2B | $8.1B | |||
| Fixed income securities, amortized cost | $269.8M | $289.7M | |||
| Short-term investments, amortized cost | $146.4M | $127.6M | |||
| Other Investment Not Readily Marketable, Fair Value | $7.5M | $7.5M | |||
| Restricted Cash | $40.8M | $17.7M | |||
| Preferred stock, par value | $0.01 | ||||
| Preferred stock, shares authorized | 20.0M shares | 20.0M shares | |||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | |||
| Common stock, shares authorized | 130.0M shares | 130.0M shares | |||
| Common stock, shares issued | 48.9M shares | 48.9M shares | |||
| Common Stock, Shares, Outstanding | 45.0M shares | ||||
| Treasury Stock, Common, Shares | 3.9M shares | 2.4M shares |
| Period ending | 2025-12-31 | 2025-10-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2013-04-30 |
|---|---|---|---|---|---|---|
| Available-for-sale Securities | $122.3M | $157.0M | ||||
| Short-term Investments | $146.4M | $127.6M | ||||
| Other Investments | $25.0M | $28.3M | ||||
| Investments, Total | $293.7M | $312.9M | ||||
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $68.4M | $47.3M | ||||
| Premiums Receivable, Net | $75.1M | $57.2M | ||||
| Receivables, Net, Current | $86.5M | $55.4M | ||||
| Reinsurance Recoverables, Including Reinsurance Premium Paid | $436.1M | $306.2M | ||||
| Deferred ceded premium | $146.4M | $148.3M | ||||
| Deferred Policy Acquisition Cost | $9.7M | $8.6M | ||||
| Intangible assets, less accumulated amortization | $475.0M | $344.8M | ||||
| Goodwill | $540.3M | $418.2M | $69.7M | |||
| Other assets | $92.0M | $92.3M | ||||
| Disposal Group, Including Discontinued Operation, Assets | $0 | $6.3B | $7.5B | |||
| Total assets | $2.2B | $8.1B | $8.4B | |||
| Unearned premiums | $187.2M | $182.4M | ||||
| Liability for Claims and Claims Adjustment Expense | $460.0M | $349.1M | ||||
| Ceded premiums payable | $80.6M | $53.0M | ||||
| Capitalized Contract Cost, Net | $7.0M | $7.5M | ||||
| Accrued Liabilities for Commissions, Expense and Taxes | $115.6M | $71.4M | ||||
| Deferred Income Tax Liabilities, Net | $65.2M | $70.1M | ||||
| Short-Term Debt | $0 | $150.0M | ||||
| Long-term debt | $117.6M | $100.0M | $0 | |||
| Accrued interest payable | $1.3M | $2.6M | ||||
| Other liabilities | $102.8M | $89.0M | ||||
| Total liabilities held-for-sale | $0 | $5.9B | ||||
| Liabilities | $1.1B | $6.9B | ||||
| Redeemable noncontrolling interest | $253.0M | $199.4M | $17.1M | $20.0M | ||
| Preferred Stock, Value, Issued | $0 | $0 | ||||
| Common Stock, Value, Issued | $489.0K | $489.0K | ||||
| Additional paid-in capital | $369.9M | $331.0M | ||||
| Accumulated other comprehensive income (loss) | $8.5M | -$188.4M | -$160.0M | |||
| Retained earnings | $370.4M | $683.6M | ||||
| Treasury Stock, Value | -$33.5M | -$28.3M | ||||
| Total Octave Specialty Group, Inc. stockholders equity | $715.8M | $798.4M | ||||
| Nonredeemable noncontrolling interest | $117.4M | $197.8M | ||||
| Total stockholders equity | $833.2M | $996.1M | $1.4B | $1.3B | ||
| Total liabilities, redeemable noncontrolling interest and stockholders equity | $2.2B | $8.1B | ||||
| Fixed income securities, amortized cost | $269.8M | $289.7M | ||||
| Short-term investments, amortized cost | $146.4M | $127.6M | ||||
| Other Investment Not Readily Marketable, Fair Value | $7.5M | $7.5M | ||||
| Restricted Cash | $40.8M | $17.7M | ||||
| Preferred stock, par value | $0.01 | $0.01 | ||||
| Preferred stock, shares authorized | 20.0M shares | 20.0M shares | ||||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||||
| Common stock, par value | $0.01 | |||||
| Common stock, shares authorized | 130.0M shares | 130.0M shares | ||||
| Common stock, shares issued | 48.9M shares | 48.9M shares | ||||
| Common Stock, Shares, Outstanding | 45.0M shares | |||||
| Treasury Stock, Common, Shares | 3.9M shares | 2.4M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | -$259.1M | -$556.1M | $5.0M |
| Net income (loss) from discontinued operations | -$163.3M | -$497.2M | $28.2M |
| Noncontrolling interest | -$2.6M | -$361.0K | -$1.3M |
| Net income (loss) from continuing operations | -$95.8M | -$58.9M | -$23.2M |
| Depreciation, Depletion and Amortization | $42.0M | $19.9M | $5.2M |
| Share-based compensation | $9.7M | $9.4M | $12.3M |
| Deferred Income Taxes and Tax Credits | -$2.5M | -$633.0K | -$1.5M |
| Unearned premiums, net | $6.7M | -$10.3M | $27.9M |
| Unearned premiums, net | -$19.0M | $10.8M | $23.7M |
| Ceded premiums payable | $27.6M | $23.3M | $9.7M |
| Premium and commissions receivables | -$49.6M | -$11.3M | -$30.2M |
| Amortization of intangible assets | $38.0M | $17.6M | $4.2M |
| Corporate costs reallocated to continuing operations | $6.8M | $14.9M | $19.4M |
| Other, net | -$11.3M | $6.2M | -$7.8M |
| Net cash provided by (used in) operating activities from continuing operations | -$52.3M | $762.0K | $36.9M |
| Proceeds from sales of bonds | $27.4M | $6.0M | $1.4M |
| Proceeds from matured bonds | $37.7M | $21.6M | $15.1M |
| Purchases of bonds | -$25.6M | -$60.5M | -$33.2M |
| Proceeds from Sale and Maturity of Other Investments | $0 | $625.0K | $0 |
| Purchases of other investments | -$66.0K | -$2.5M | -$2.2M |
| Change in short-term investments | -$18.8M | $101.8M | $4.2M |
| Acquisitions, net of cash acquired | -$217.9M | -$243.8M | -$7.0M |
| Proceeds from sale of subsidiary | $407.3M | $14.1M | $0 |
| Other, net | -$10.1M | -$3.8M | -$4.9M |
| Net cash provided by (used in) investing activities from continuing operations | $199.9M | -$166.4M | -$26.7M |
| Proceeds from issuance of long term debt | $117.5M | ||
| Proceeds from short-term debt | $0 | $147.0M | $0 |
| Issuance of Equity Interest in Subsidiary | $62.0M | ||
| Payments for Repurchase of Common Stock | -$29.9M | -$11.7M | -$4.5M |
| Payment, Tax Withholding, Share-based Payment Arrangement | -$5.3M | -$692.0K | -$4.6M |
| Payment for Debt Extinguishment or Debt Prepayment Cost | -$150.0M | ||
| Issuance of Warrants in Connection with Sale of Subsidiary | $17.0M | ||
| Payments to Noncontrolling Interests | -$71.3M | -$3.0M | |
| Distributions to noncontrolling interest holders | -$4.2M | -$2.4M | -$1.9M |
| Net cash provided by (used in) financing activities from continuing operations | -$126.3M | $194.2M | -$11.0M |
| Net cash provided by (used in) continuing operations | $22.8M | $28.1M | -$717.0K |
| Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation | $1.5M | -$558.0K | $0 |
| Net cash provided by (used in) operating activities from discontinued operations | $71.7M | $33.5M | $163.4M |
| Net cash provided by (used in) investing activities from discontinued operations | $69.7M | -$7.9M | $461.9M |
| Net cash provided by (used in) financing activities from discontinued operations | -$143.1M | -$214.6M | -$411.9M |
| Net cash provided by (used in) discontinued operations | -$1.7M | -$189.0M | $213.3M |
| Effect of foreign exchange on cash and cash equivalents - discontinued operations | $0 | -$126.0K | $529.0K |
| Net cash provided by (used in) discontinued operations | -$1.7M | -$189.1M | $213.8M |
| Cash Provided by (Used in) Financing Activity, Including Discontinued Operation | $21.4M | $28.6M | -$717.0K |
| Net income (loss) attributable to shareholders | -$261.7M | -$556.4M | $3.6M |
| Increase (Decrease) in Reserve for Commissions, Expense and Taxes | $30.7M | -$3.2M | $0 |
No quarter-by-quarter statement was filed.
Corporate structure
OCTAVE SPECIALTY GROUP INC sits at the top of its group. 27 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of OCTAVE SPECIALTY GROUP INC
- VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on OCTAVE SPECIALTY GROUP INC, latest Jul 31, 2026
- JANE STREET GROUP, LLC Filed SCHEDULE 13G/A on OCTAVE SPECIALTY GROUP INC, latest May 11, 2026 (2 filings since Feb 11, 2026)
- Western Standard LLC Filed SCHEDULE 13G/A on OCTAVE SPECIALTY GROUP INC, latest May 11, 2026 (2 filings since Feb 12, 2026)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on OCTAVE SPECIALTY GROUP INC, latest Mar 27, 2026 (8 filings since Feb 9, 2022)
- SUSQUEHANNA SECURITIES, LLC Filed SCHEDULE 13G/A on OCTAVE SPECIALTY GROUP INC, latest Nov 13, 2025 (2 filings since Aug 14, 2025)
- BlackRock Filed SCHEDULE 13G/A on OCTAVE SPECIALTY GROUP INC, latest Oct 17, 2025 (7 filings since Jan 25, 2022)
- DIMENSIONAL FUND ADVISORS LP Filed SCHEDULE 13G/A on OCTAVE SPECIALTY GROUP INC, latest Oct 9, 2025 (2 filings since Feb 9, 2024)
- King Theodore Walker Cheng-De Filed SC 13G on OCTAVE SPECIALTY GROUP INC, latest Apr 5, 2024
- OCTAVE SPECIALTY GROUP INC New York, New York
- 22 Degrees Business Services LLC Subsidiary · Delaware, United States
- All Trans Risk Solutions, LLC Subsidiary · New Jersey, United States
- Ambac Asset Management, Inc. Subsidiary · Delaware, United States
- ArmadaAdministrators, LLC Subsidiary · Maryland, United States
- ArmadaCare, LLC Subsidiary · Maryland, United States
- ArmadaCorp Capital, LLC Subsidiary · Maryland, United States
- Capacity Marine Corporation Subsidiary · New Jersey, United States
- Cirrata IV, LLC Subsidiary · Delaware, United States
- Cirrata Partners Insurance Agency, LLC Subsidiary · Delaware, United States
- Cirrata V LLC Subsidiary · Delaware, United States
- Cirrata VI LLC Subsidiary · Delaware, United States
- Consolidated Specialty Insurance Company Subsidiary · Arizona, United States
- Distribution Re LLC Subsidiary · Tennessee, United States
- Everspan Holdings, LLC Subsidiary · Delaware, United States
- Everspan Indemnity Insurance Company Subsidiary · Arizona, United States
- Everspan Insurance Company Subsidiary · Arizona, United States
- Greenwood Insurance Company Subsidiary · Pennsylvania, United States
- Octave Partners LLC Subsidiary · Delaware, United States
- Pivix Specialty Insurance Services, Inc. Subsidiary · Arizona, United States
- Providence Washington Insurance Company Subsidiary · Rhode Island, United States
- PWIC Holdings, Inc. Subsidiary · Delaware, United States
- Redgrove Capital Group LLC Subsidiary · Delaware, United States
- Riverton Insurance Agency, Corp. Subsidiary · New Jersey, United States
- Tara Hill Insurance Services, LLC Subsidiary · Delaware, United States
- Xchange Benefits, LLC Subsidiary · Delaware, United States
- and 1 more
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What OCTAVE SPECIALTY GROUP INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Operating-lease assets (leased space) | $9.2M5 Dec 31, 2025 | $18.1M5 Dec 31, 2024 | −49.2% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $29.6M9 Dec 31, 2024 | $7.3M9 Dec 31, 2023 | +303.2% |
| Marketable securities, current | $146.4M5 Dec 31, 2025 | $127.6M5 Dec 31, 2024 | +14.8% |
| Debt securities available for sale | $122.3M5 Dec 31, 2025 | $157.0M5 Dec 31, 2024 | −22.1% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $540.3M5 Dec 31, 2025 | $418.2M5 Dec 31, 2024 | +29.2% |
| Intangible assets, net (excluding goodwill) | $475.0M5 Dec 31, 2025 | $344.8M5 Dec 31, 2024 | +37.8% |
| Finite-lived intangibles, gross | $529.9M5 Dec 31, 2025 | $360.5M5 Dec 31, 2024 | +47.0% |
| Accumulated amortization | $66.1M5 Dec 31, 2025 | $26.9M5 Dec 31, 2024 | +145.8% |
| Finite-lived intangibles, net | $463.8M5 Dec 31, 2025 | $333.6M5 Dec 31, 2024 | +39.0% |
Properties, in its own words
The executive office of Octave is located at 40 Wall Street, New York, New York 10005, and consists of 9,767 square feet of office space, under a lease agreement that expires in April 2031.
Operations of each of our segments are carried out either in our executive office at 40 Wall Street or in other leased offices under operating leases in Florida, New Jersey, New York, Indiana, North Carolina, Georgia, Maryland, Texas, Bermuda and England. The lease terms typically do not exceed ten years in length.
The rest of Item 2
In the opinion of the Company’s management, the Company’s properties are adequate and suitable for its business as presently conducted and are adequately maintained.
Octave Specialty Group, Inc. · 22 · 2025 Form 10-K
Item 2 of the 10-K filed Mar 4, 2026.4
Leadership
Who has led OCTAVE SPECIALTY GROUP INC, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
2010201520202025
- Chief executive officerClaude Leblanc Jan 5, 2017 to now13
- Chief executive officerTavakoli Nader Jan 5, 2016 to Sep 20, 201614
- Chief executive officerDiana Adams May 1, 2013 to Dec 22, 201415
- Chief executive officerDavid W. Wallis Jan 27, 2009 to Mar 22, 201116
- Chief executive officerMichael A. Callen Mar 7, 2008 to Dec 5, 200817
- Chief executive officerRobert J. Genader Jan 25, 2006 to Dec 7, 200718
- ChairMichael A. Callen Mar 7, 2008 to Dec 1, 201017
- ChairRobert J. Genader Aug 24, 2006 to Dec 7, 200719
- PresidentDavid W. Wallis Jan 27, 2009 to Mar 22, 201116
- PresidentMichael A. Callen Mar 7, 2008 to Dec 5, 200817
- PresidentRobert J. Genader Jan 25, 2006 to Dec 7, 200718
- Chief financial officerDavid Trick Jan 15, 2010 to now20
- Chief financial officerSean T. Leonard Mar 2, 2006 to Apr 3, 200921
- Chief operating officerR. Sharon Smith Oct 3, 2025 to now22
- Chief operating officerDaniel McGinnis Dec 22, 2021 to Oct 3, 202523
Board members and other officers (44)
- Chief Accounting OfficerCristina E. Ahn Sep 30, 2025 to now24
- OfficerLawrence F. Metz Dec 17, 2025 to now25
- Senior Managing DirectorR. Sharon Smith May 24, 2017 to now26
- Interim Chief Exec. OfficerTavakoli Nader Apr 3, 2015 to Dec 15, 201527
- Senior Managing DirectorDavid Trick May 1, 2013 to May 1, 201328
- Senior Managing DirectorCathleen Matanle Nov 20, 2012 to May 1, 201329
- Senior Managing DirectorIain H. Bruce Nov 20, 2012 to Nov 20, 201230
- Senior Managing DirectorDavid Barranco Nov 21, 2012 to now31
- Senior Managing Director, GCStephen Michael Ksenak Sep 16, 2011 to May 1, 201332
- Senior Managing DirectorGregory G. Raab Mar 10, 2009 to Mar 10, 200933
- Managing Director, ControllerRobert Bryan Eisman Dec 8, 2009 to now34
- Senior Managing DirectorDiana Adams Jun 19, 2008 to Mar 22, 201235
- Senior Vice PresidentGregg L. Bienstock Jan 6, 2006 to Jun 30, 201036
- Senior Managing DirectorDavid W. Wallis Jan 25, 2006 to Dec 5, 200837
- Executive Vice PresidentJohn W. Uhlein Jan 25, 2006 to Sep 5, 200838
- Senior Managing DirectorKathleen A. McDonough Jan 25, 2006 to Jan 28, 200839
- Senior Vice PresidentKevin J. Doyle Jan 25, 2006 to Mar 4, 201140
- Senior Managing DirectorMiller Douglas C. Renfield Jan 25, 2006 to Jan 27, 200941
- Senior Managing DirectorRobert G. Shoback Jan 25, 2006 to Feb 2, 200942
- Senior Managing DirectorThomas J. Gandolfo Jan 25, 2006 to Mar 7, 200843
- Board memberKristi Ann Matus Jun 22, 2023 to now44
- Board memberLisa G. Iglesias Aug 4, 2021 to now45
- Board memberJoan M. Lammtennant Mar 1, 2018 to now46
- Board memberClaude Leblanc Jan 5, 2017 to now13
- Board memberC. James Prieur Jan 5, 2016 to Jan 4, 202347
- Board memberDavid Herzog Mar 31, 2016 to Apr 4, 202348
- Board memberIan David Haft Mar 31, 2016 to now49
- Board memberAlexander David Greene Apr 6, 2015 to May 13, 202150
- Board memberDiana Adams Jan 29, 2013 to Dec 22, 201451
- Board memberVictor E. Mandel May 10, 2013 to May 1, 201552
- Board memberTavakoli Nader May 13, 2013 to Sep 20, 201653
- Board memberEugene M. Bullis Jun 6, 2013 to May 1, 201554
- Board memberDavid W. Wallis Jan 27, 2009 to Mar 22, 201216
- Board memberPaul R. Derosa Jul 9, 2008 to Jan 6, 201055
- Board memberPhilip N. Duff May 8, 2007 to May 7, 200956
- Board memberRobert J. Genader Jan 25, 2006 to Jun 9, 200618
- Board memberPhillip B. Lassiter Jan 31, 2006 to Mar 9, 200757
- Board memberHenry D. G. Wallace Mar 3, 2006 to Nov 23, 201058
- Board memberJill M. Considine Mar 3, 2006 to May 7, 200959
- Board memberLaura S. Unger Mar 3, 2006 to May 7, 200960
- Board memberMichael A. Callen Mar 3, 2006 to Dec 7, 200761
- Board memberThomas C. Theobald Mar 3, 2006 to Apr 9, 201262
- Board memberW. Grant Gregory Mar 3, 2006 to Dec 7, 200763
- General counselStephen Michael Ksenak Dec 23, 2013 to now64
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- 22 Degrees Business Services LLC Delaware3
- All Trans Risk Solutions, LLC New Jersey3
- Ambac Asset Management, Inc. Delaware3
- ArmadaAdministrators, LLC Maryland3
- ArmadaCare, LLC Maryland3
- ArmadaCorp Capital, LLC Maryland3
- Capacity Marine Corporation New Jersey3
- Cirrata IV, LLC Delaware3
- Cirrata Partners Insurance Agency, LLC Delaware3
- Cirrata V LLC Delaware3
- Cirrata VI LLC Delaware3
- Consolidated Specialty Insurance Company Arizona3
- Distribution Re LLC Tennessee3
- Everspan Holdings, LLC Delaware3
- Everspan Indemnity Insurance Company Arizona3
- Everspan Insurance Company Arizona3
- Greenwood Insurance Company Pennsylvania3
- Octave Partners LLC Delaware3
- PWIC Holdings, Inc. Delaware3
- Pivix Specialty Insurance Services, Inc. Arizona3
- Providence Washington Insurance Company Rhode Island3
- Redgrove Capital Group LLC Delaware3
- Riverton Insurance Agency, Corp. New Jersey3
- Tara Hill Insurance Services, LLC Delaware3
All 26 listed subsidiaries
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
Timeline
- Aug 6, 20268-K Results of operations65
- May 29, 20268-K Shareholder vote66
- May 6, 20268-K Results of operations67
- Apr 7, 20268-K Entered a material agreement; New debt or obligation68
- Feb 23, 20268-K Results of operations69
- Jan 6, 20268-K Financial statements and exhibits70
- Dec 15, 20258-K Change of auditor71
- Nov 10, 20258-K Results of operations72
- Nov 10, 20258-K Bylaws or fiscal year changed73
- Nov 3, 20258-K Entered a material agreement; Completed an acquisition or sale; New debt or obligation74
- Sep 30, 20258-K Executive or director change75
- Sep 29, 20258-K Entered a material agreement; Completed an acquisition or sale; Unregistered sale of shares76
- Jan 5, 2017New chief executive Claude Leblanc becomes CEO13
- Jan 5, 2016New chief executive Tavakoli Nader becomes CEO14
- May 1, 2013New chief executive Diana Adams becomes CEO15
- Jan 27, 2009New chief executive David W. Wallis becomes CEO16
- Mar 7, 2008New chief executive Michael A. Callen becomes CEO17
- Jan 25, 2006New chief executive Robert J. Genader becomes CEO18
Calendar
Coming up
- Nov 9, 2026 · After the closeReports results for the quarter ending Sep/202677
When it reported results
- Aug 6, 2026Reported quarterly or annual results65
- May 6, 2026Reported quarterly or annual results67
- Feb 23, 2026Reported quarterly or annual results69
- Nov 10, 2025Reported quarterly or annual results72
- Aug 7, 2025Reported quarterly or annual results78
- May 12, 2025Reported quarterly or annual results79
- Feb 26, 2025Reported quarterly or annual results80
- Nov 12, 2024Reported quarterly or annual results81
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
435 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 58 major events, 306 insider forms, 25 large holders, 26 other. The latest 20:
- Oct 6, 20264 EDGAR
- Oct 6, 20264 EDGAR
- Oct 6, 20264 EDGAR
- Oct 5, 20264 EDGAR
- Oct 5, 20264 EDGAR
- Oct 5, 20264 EDGAR
- Oct 5, 20264 EDGAR
- Oct 5, 20264 EDGAR
- Oct 5, 20264 EDGAR
- Aug 6, 2026S-8 EDGAR
- Aug 6, 2026S-8 POS EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Jul 31, 2026SCHEDULE 13G EDGAR
- Jul 13, 20264 EDGAR
- Jul 13, 20264 EDGAR
- Jul 13, 20264 EDGAR
- Jul 7, 20264 EDGAR
- Jul 7, 20264 EDGAR
- Jul 7, 20264 EDGAR
The 435 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
26 open-market trades by officers, directors and large owners since October 2021: 26 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jan 2, 2026 | LeBlanc ClaudeChief Executive Officer | Buy | 12,000 | $7.59 | $91.1K | Form 4 |
| Nov 12, 2025 | Smith R SharonExec VP & Group COO | Buy | 20 | $10.25 | $205 | Form 4 |
| Oct 1, 2025 | LeBlanc ClaudeChief Executive Officer | Buy | 25,000 | $8.54 | $213.5K | Form 4 |
| Aug 11, 2025 | LeBlanc ClaudeChief Executive Officer | Buy | 25,000 | $7.03 | $175.8K | Form 4 |
| May 14, 2025 | Stein Jeffrey ScottDirector | Buy | 15,000 | $6.46 | $96.9K | Form 4 |
| May 14, 2025 | PRICE MICHAEL DDirector | Buy | 76,986 | $6.49 | $499.6K | Form 4 |
| May 14, 2025 | LeBlanc ClaudeChief Executive Officer | Buy | 40,000 | $6.50 | $260.0K | Form 4 |
| Sep 27, 2024 | Matus Kristi AnnDirector | Buy | 6,300 | $11.16 | $70.3K | Form 4 |
| Sep 26, 2024 | Matus Kristi AnnDirector | Buy | 2,700 | $11.27 | $30.4K | Form 4 |
| Aug 8, 2024 | Smith R SharonExec VP & Group COO | Buy | 1,100 | $10.64 | $11.7K | Form 4 |
| Aug 7, 2024 | Stein Jeffrey ScottDirector | Buy | 25,000 | $10.82 | $270.5K | Form 4 |
| Aug 7, 2024 | PRICE MICHAEL DDirector | Buy | 89,312 | $11.19 | $999.5K | Form 4 |
| Aug 7, 2024 | LeBlanc ClaudeChief Executive Officer | Buy | 25,000 | $10.83 | $270.9K | Form 4 |
| Aug 7, 2024 | Trick DavidExec VP, CFO & Treasurer | Buy | 3,700 | $10.76 | $39.8K | Form 4 |
| Aug 7, 2024 | Ksenak Stephen MichaelSr. MD & General Counsel | Buy | 5,000 | $11.00 | $55.0K | Form 4 |
| Sep 1, 2023 | LeBlanc ClaudeChief Executive Officer | Buy | 2,500 | $13.29 | $33.2K | Form 4 |
| May 20, 2022 | Smith R SharonExec VP & Group COO | Buy | 1,000 | $10.05 | $10.1K | Form 4 |
| May 13, 2022 | PRIEUR C JAMESDirector | Buy | 5,004 | $8.45 | $42.3K | Form 4 |
| May 13, 2022 | LeBlanc ClaudeChief Executive Officer | Buy | 3,000 | $8.72 | $26.2K | Form 4 |
| May 13, 2022 | PRIEUR C JAMESDirector | Buy | 10,000 | $8.43 | $84.3K | Form 4 |
All 26 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Jul 31, 202682
- JANE STREET GROUP, LLCSCHEDULE 13G/A, 2 filings Feb 11, 2026 to May 11, 202683
- Western Standard LLCSCHEDULE 13G/A, 2 filings Feb 12, 2026 to May 11, 202684
- VANGUARD GROUP INCSCHEDULE 13G/A, 8 filings Feb 9, 2022 to Mar 27, 202685
- SUSQUEHANNA SECURITIES, LLCSCHEDULE 13G/A, 2 filings Aug 14, 2025 to Nov 13, 202586
- BlackRockSCHEDULE 13G/A, 7 filings Jan 25, 2022 to Oct 17, 202587
- DIMENSIONAL FUND ADVISORS LPSCHEDULE 13G/A, 2 filings Feb 9, 2024 to Oct 9, 202588
- Theodore Walker Cheng-De KingSC 13G, 1 filing Apr 5, 202489
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Claude LeBlanc | 59 | $900.0K | $10.4M90 |
| 2025 | David Trick | 54 | $712.5K | $4.3M90 |
| 2025 | Stephen M. Ksenak | $550.0K | $3.7M90 | |
| 2025 | R. Sharon Smith | 55 | $500.0K | $3.6M90 |
| 2025 | Daniel McGinnis | $389.6K | $2.3M90 | |
| 2025 | Lawrence F. Metz | 53 | $167.3K | $273.6K90 |
| 2024 | President andChief Executive Officer | $900.0K | $6.3M90 | |
| 2024 | Executive VicePresident, Chief Financial Officer and Treasurer | $750.0K | $2.3M90 | |
| 2024 | Executive Vice Presidentand Group Chief Operating Officer | $500.0K | $2.0M90 | |
| 2024 | Former Senior Managing Directorand Chief Legal Officer | $600.0K | $1.9M90 | |
| 2023 | President andChief Executive Officer | $900.0K | $6.9M90 | |
| 2023 | Executive VicePresident, Chief Financial Officer and Treasurer | $750.0K | $2.5M90 | |
| 2023 | Executive Vice Presidentand Group Chief Operating Officer | $500.0K | $2.1M90 | |
| 2023 | Former Senior Managing Directorand Chief Legal Officer | $600.0K | $2.1M90 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 4,572,516 | $28.5M | 0.0% | +654,718 |
| Western Standard LLC | 2,247,591 | $14.0M | 4.8% | No change |
| Vanguard Capital Management LLC | 1,972,619 | $12.3M | 0.0% | +27,543 |
| Prescott Group Capital Management, L.L.C. | 1,647,793 | $10.3M | 0.9% | +55,206 |
| Third Avenue Management LLC | 1,341,879 | $8.4M | 1.3% | +668 |
| Bain Capital Credit, LP | 1,108,012 | $6.9M | 1.9% | No change |
| Geode Capital Management, LLC | 1,106,335 | $6.9M | 0.0% | +83,897 |
| State Street Corp | 898,673 | $5.6M | 0.0% | −42,731 |
| Dimensional Fund Advisors LP | 716,947 | $4.5M | 0.0% | −593,185 |
| Jacobs Levy Equity Management, Inc | 649,530 | $4.1M | 0.0% | −234,742 |
| Marshall Wace, Llp | 601,796 | $3.8M | 0.0% | −463,539 |
| Zacks Investment Management | 590,370 | $3.7M | 0.0% | New |
| Bracebridge Capital, LLC | 579,234 | $3.6M | 0.8% | No change |
| Morgan Stanley | 569,563 | $3.6M | 0.0% | +334,317 |
| Goldman Sachs Group Inc | 560,756 | $3.5M | 0.0% | +214,463 |
| RIHO Partners, LLC | 554,818 | $3.5M | 1.9% | +8,249 |
| Essex Investment Management Co LLC | 539,289 | $3.4M | 0.4% | +121,086 |
| Gendell Jeffrey L | 494,092 | $3.1M | 0.0% | −919,120 |
| Wolf Hill Capital Management, LP | 480,187 | $3.0M | 0.3% | −990,147 |
| Nuveen, LLC | 428,165 | $2.7M | 0.0% | −372,088 |
| Citadel Advisors LLC | 422,777 | $2.6M | 0.0% | −9,032 |
| Caption Management, LLC | 419,136 | $2.6M | 0.1% | −223,461 |
| Vanguard Portfolio Management LLC | 392,350 | $2.4M | 0.0% | +96,450 |
| Charles Schwab Investment Management Inc | 377,869 | $2.4M | 0.0% | +82,525 |
| Northern Trust Corp | 352,680 | $2.2M | 0.0% | +30,332 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How OCTAVE SPECIALTY GROUP INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGAROCTAVE SPECIALTY GROUP INC1
- CIK0000874501
- Employer ID (EIN)13-36216764
- Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Industry code (SIC)6351 Surety Insurance1
- SEC reviewing officeOffice of Finance, Division of Corporation Finance1
- Business address40 Wall Street, 55Th Floor, New York, NY 100051
- Phone21265874701
- Shares outstanding45,051,486 as of Aug 4, 202611
- Public float$313.6M as of Jun 30, 20254
- AuditorKPMG LLP, New York, NY PCAOB ID 185; it also attests to the company’s internal control over financial reporting4
- On EDGAR sinceFeb 9, 19941
- Filings2,308 in all: 4 (1,356), 8-K (320), SC 13G/A (103), 10-Q (92), 3 (39), 4/A (38), DEFA14A (37), SC 13G (33)1
All 57 form types
DEF 14A (29), CORRESP (28), UPLOAD (28), 10-K (26), ARS (12), 11-K (11), DFAN14A (10), 5 (9), 8-A12B (9), SCHEDULE 13G/A (9), S-8 (7), 25-NSE (6), 424B5 (6), PRE 14A (6), PREC14A (6), 3/A (5), 424B2 (5), 8-A12B/A (5), S-8 POS (5), 10-K/A (4), 10-K405 (4), 424B3 (4), CERTNYS (4), FWP (4), NT 10-Q (4), S-3 (4), S-3ASR (4), SCHEDULE 13G (4), 25 (3), 8-K/A (3), PRRN14A (3), S-3/A (3), 10-Q/A (2), DEFC14A (2), POSASR (2), 144 (1), 15-12B (1), 5/A (1), CERT (1), CERTNAS (1), DEFM14A (1), DEFR14A (1), DEL AM (1), NO ACT (1), NT 10-K (1), NT 11-K (1), PREM14A (1), RW (1), S-3MEF (1)
- Latest filingsAnnual report (10-K) Mar 4, 2026
Quarterly report (10-Q) Aug 6, 2026
Proxy statement (DEF 14A) Apr 10, 2026
Latest 8-K (8-K) Aug 6, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.01 per share | OSG | New York Stock Exchange |
From the cover page of the 10-K filed Mar 4, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks OCTAVE SPECIALTY GROUP INC names in Item 1A of its 10-K filed Mar 4, 2026: 42 risks under these headings, as written.4
- Risks Related to OSG Common Shares
- The price per share of OSG's common stock may be subject to a high degree of volatility, including significant price declines.
- Risks Related to the Company's Business
- We are subject to reputational harm if companies with which we do business engage in negligent or fraudulent behaviors and damage to our reputation could materially adversely impact our business.
- Octave may be adversely impacted by P&C industry market cycles.
- Catastrophic events may cause volatility of net income and comprehensive income primarily through changes to loss reserves, which may not be adequate to cover potential losses, and declines in revenues. Revenue may be adversely impacted by reduced business activity and lower sliding scale and profit commissions.
- We could realize losses from our cash and investment accounts if one of the financial institutions we use fail or is taken over by regulators.
- Our risk management policies and practices may not adequately identify significant risks.
- We are subject to the risk of litigation and the outcome of proceedings we are or may become involved in could have a material adverse effect on our business, operations, financial position, profitability or cash flows.
- Regulatory developments may materially adversely affect our business.
- Our insurance subsidiaries are subject to minimum capital and surplus requirements, and our failure to meet these requirements could subject us to regulatory action.
- Everspan may not be successful in executing its business plans or may experience greater than expected insurance underwriting losses and/or reinsurance counterparty losses, which could result in losses material to Everspan's capital position, a downgrade of its AM Best rating and a loss of its franchise value. Such events could have a material adverse impact on the value of OSG's shares.
The other 32 risks
- A downgrade in the AM Best financial strength rating of Everspan may negatively affect our business.
- Failure of Everspan's Program Partners to properly market, underwrite or administer policies could adversely affect us.
- If, in our Specialty Property and Casualty Insurance business, we are unable to accurately underwrite risks and charge competitive yet profitable rates to our policyholders, our business, financial condition and results of operations may be adversely affected.
- If Everspan is unable to obtain reinsurance coverage at reasonable prices or on terms that adequately protect it, we may be required to bear increased risks or reduce the level of our underwriting commitments.
- Our insurance carriers are subject to reinsurance counterparty credit risk. Their reinsurers may not pay on losses in a timely fashion, or at all.
- Everspan’s insurance carriers may be subject to counterparty credit risk associated with its MGA/U distribution partners.
- If actual claims exceed loss and loss adjustment expense reserves for Everspan, or if changes in the estimated level of loss and loss adjustment expense reserves are necessary, including as a result of, among other things, changes in the legal/tort, regulatory and economic environments in which Everspan operates, our financial results could be materially and adversely affected.
- Our ability to grow Everspan will depend in part on the addition of new Program Partners, and our ability to effectively onboard such new Program Partners could have an adverse effect on our business, financial condition and results of operations.
- We compete with a large number of companies in the property and casualty insurance industry for underwriting premium.
- We may be adversely affected by failures in services or products provided by third parties.
- Impairment of intangible assets and goodwill could adversely affect our results of operations.
- Our Insurance Distribution businesses derive a significant portion of their commission revenues from a limited number of insurance companies and Lloyd's syndicates, the loss of any of which could result in lower commissions or loss of business production.
- Our Insurance Distribution businesses, results of operations, financial condition and liquidity may be materially adversely affected by certain potential claims or proceedings.
- We may acquire additional MGA/Us as part of our Insurance Distribution business strategy. Risks associated with such endeavors could adversely affect our growth and results of operations.
- Future growth of our Insurance Distribution business is highly dependent upon, amongst other items, our ability to launch de novo MGA/MGUs, which is highly dependent on our ability to attract insurance talent, operationalize new MGA/MGUs and compete for business.
- Octave may not be able to realize expected synergies from acquisitions.
- Octave is planning to further develop and expand its Specialty Property and Casualty Insurance and Insurance Distribution businesses; however, such plans may not be realized, or if realized, may not create value and may negatively impact our financial results.
- Changes in law or in the functioning of the healthcare market could significantly impair our Accident & Health insurance business and therefore negatively impact Octave’s financial condition and results of operations.
- Our Insurance Distribution businesses and their results of operations and financial condition may be adversely affected by conditions that result in reduced insurance capacity.
- Variations in commission income that result from the timing of policy renewals and the net effect of new and lost business production may have unexpected effects on our results of operations.
- Variations in contingent commissions that result from the effects of insurance loss activity on portfolios may result in significant variations in revenues.
- Our P&C businesses rely on a limited number of retail and wholesale brokers to generate revenue and the loss of one or more of these key partners could adversely impact our results of operations and growth objectives.
- System security risks, data protection breaches and cyber-attacks could adversely affect our business and results of operations.
- The application of innovative and solution-based technology is required to facilitate effective operations and to realize internal efficiencies; however, the investment required in technology may not yield sufficient returns and the implementation of new or modified technology may be a material distraction to management.
- Our ability to attract and retain qualified executives, senior managers and other employees or the loss of any of these personnel could negatively impact our business.
- Our business could be affected by actions of stakeholders with differing interests or objectives.
- We are exposed to foreign exchange risk, which may adversely affect our financial condition and results of operation.
- Risks Related to Capital, Liquidity and Credit Markets
- OSG and the Insurance Distribution business have outstanding indebtedness, resulting from the acquisition of ArmadaCorp on October 31, 2025, which could adversely affect our financial condition, operational flexibility and our ability to obtain financing in the future.
- We may have future capital needs and may not be able to obtain third-party financing or raise additional third-party capital on acceptable terms, or at all.
- Octave has significant obligations as the counterparty to several put contracts related to redeemable minority interests in our Insurance Distribution business. Obligations under these put contracts may be material and may require Octave to raise third party capital to fund.
- Adverse economic factors, including recession, inflation, periods of high unemployment or lower economic activity could result in the sale of fewer policies than expected or an increase in the frequency or severity of claims and premium defaults or both, which, in turn, could affect our growth and profitability.
- Changes in prevailing interest rate levels and market conditions could adversely impact our business results and prospects.
Legal proceedings
Refer to Notes to the Consolidated Financial Statements—Note 19. Commitments and Contingencies included in Part II, Item 8 in this Annual Report on Form 10-K for a discussion on legal proceedings against Octave.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
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- 8
- 9
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- 13
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- 15SEC EDGARDiana Adams, Chief executive officer
- 16
- 17
- 18
- 19SEC EDGARRobert J. Genader, Chair
- 20SEC EDGARDavid Trick, Chief financial officer
- 21
- 22
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- 25SEC EDGARLawrence F. Metz, Officer
- 26
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- 44SEC EDGARKristi Ann Matus, Board member
- 45SEC EDGARLisa G. Iglesias, Board member
- 46SEC EDGARJoan M. Lammtennant, Board member
- 47SEC EDGARC. James Prieur, Board member
- 48SEC EDGARDavid Herzog, Board member
- 49SEC EDGARIan David Haft, Board member
- 50SEC EDGARAlexander David Greene, Board member
- 51SEC EDGARDiana Adams, Board member
- 52SEC EDGARVictor E. Mandel, Board member
- 53SEC EDGARTavakoli Nader, Board member
- 54SEC EDGAREugene M. Bullis, Board member
- 55SEC EDGARPaul R. Derosa, Board member
- 56SEC EDGARPhilip N. Duff, Board member
- 57SEC EDGARPhillip B. Lassiter, Board member
- 58SEC EDGARHenry D. G. Wallace, Board member
- 59SEC EDGARJill M. Considine, Board member
- 60SEC EDGARLaura S. Unger, Board member
- 61SEC EDGARMichael A. Callen, Board member
- 62SEC EDGARThomas C. Theobald, Board member
- 63SEC EDGARW. Grant Gregory, Board member
- 64
- 65SEC EDGARResults of operations
- 66SEC EDGARShareholder vote
- 67SEC EDGARResults of operations
- 68
- 69SEC EDGARResults of operations
- 70SEC EDGARFinancial statements and exhibits
- 71SEC EDGARChange of auditor
- 72SEC EDGARResults of operations
- 73SEC EDGARBylaws or fiscal year changed
- 74
- 75SEC EDGARExecutive or director change
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- 77NasdaqNasdaq calendar
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