OSG on NYSE

OCTAVE SPECIALTY GROUP INC

American surety insurance company, incorporated in Delaware. Summary from the record

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Last updated Oct 19, 2026.

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:3 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

-180.7%Net margin4
55.8%Revenue growth, 20254
-36.2%Return on equity4
0.16×Debt to equity4

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.

  1. Accident & Health$29.6M421%down 2% from 2024
  2. Property$22.6M416%up 341% from 2024
  3. Specialty Automobile$17.4M412%down 3% from 2024
  4. Reinsurance$15.7M411%up 858% from 2024
  5. Other Professional$13.3M49%up 32% from 2024
  6. Niche Specialty Risks$13.3M49%up 152% from 2024
  7. Surety Product Line$10.3M47%up 250% from 2024
  8. Professional Directors And Officers Liability Insurance$7.0M45%up 392% from 2024
  9. Miscellaneous Specialty$5.4M44%up 219% from 2024
  10. Marine and Energy$4.6M43%up 62% from 2024
  11. Environmental$4.3M43%down 67% from 2024
Products and services by year
Products and services2021202320242025
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.

  1. Insurance Distribution$163.7M465%up 65% from 2024
  2. Specialty Property & Casualty Program$88.4M435%down 30% from 2024
Business segments by year
Business segments202320242025
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.

  1. United States$172.3M469%down 19% from 2024
  2. United Kingdoms$78.9M431%up 240% from 2024
Regions by year
Regions202320242025
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.4 The company lost money this year.

Financial statements

Revenue56784$143.4M in 2025−71% since 2019
0$200.0M$400.0M$600.0M2019: $496.0M$496.0M20192020: $156.0M$156.0M2020−69%2021: $26.0M$26.0M2021−83%2022: $30.7M$30.7M2022+18%2023: $51.3M$51.3M2023+67%2024: $92.0M$92.0M2024+79%2025: $143.4M$143.4M2025+56%
Net income56784-$259.1M in 2025+20% since 2019
-$1.0B-$500.0M0$500.0M$1.0B2019: -$216.0M-$216.0M20192020: -$437.0M-$437.0M2020+102%2021: -$17.0M-$17.0M2021−96%2022: $522.1M$522.1M20222023: $5.0M$5.0M2023−99%2024: -$556.1M-$556.1M20242025: -$259.1M-$259.1M2025−53%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
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, Basic47.2M shares47.0M shares45.6M shares
Weighted Average Number of Shares Outstanding, Diluted47.2M shares47.0M shares45.6M 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

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Leadership

Who has led OCTAVE SPECIALTY GROUP INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Robert J. Genader2006–2007
  2. Michael A. Callen2008
  3. David W. Wallis2009–2011
  4. Diana Adams2013–2014
  5. Tavakoli Nader2016
  6. Claude Leblanc2017–now

Chair

  1. Robert J. Genader2006–2007
  2. Michael A. Callen2008–2010

President

  1. Robert J. Genader2006–2007
  2. Michael A. Callen2008
  3. David W. Wallis2009–2011

Chief financial officer

  1. Sean T. Leonard2006–2009
  2. David Trick2010–now

Chief operating officer

  1. Daniel McGinnis2021–2025
  2. R. Sharon Smith2025–now
2010201520202025
Board members and other officers (44)

Former names

  • AMBAC FINANCIAL GROUP INCFeb 13, 1998 to Nov 10, 20252
  • AMBAC INC /DE/Jun 10, 1994 to Jan 2, 19982

Timeline

  1. Jan 5, 2017New chief executive Claude Leblanc becomes CEO12
  2. Jan 5, 2016New chief executive Tavakoli Nader becomes CEO13
  3. May 1, 2013New chief executive Diana Adams becomes CEO14
  4. Jan 27, 2009New chief executive David W. Wallis becomes CEO15
  5. Mar 7, 2008New chief executive Michael A. Callen becomes CEO16
  6. Jan 25, 2006New chief executive Robert J. Genader becomes CEO17

Filings

434 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 58 major events, 306 insider forms, 24 large holders, 26 other. The latest 20:

  1. Oct 6, 20264 EDGAR
  2. Oct 6, 20264 EDGAR
  3. Oct 6, 20264 EDGAR
  4. Oct 5, 20264 EDGAR
  5. Oct 5, 20264 EDGAR
  6. Oct 5, 20264 EDGAR
  7. Oct 5, 20264 EDGAR
  8. Oct 5, 20264 EDGAR
  9. Oct 5, 20264 EDGAR
  10. Aug 6, 2026S-8 EDGAR
  11. Aug 6, 2026S-8 POS EDGAR
  12. Aug 6, 202610-Q EDGAR
  13. Aug 6, 20268-K EDGAR
  14. Jul 31, 2026SCHEDULE 13G EDGAR
  15. Jul 13, 20264 EDGAR
  16. Jul 13, 20264 EDGAR
  17. Jul 13, 20264 EDGAR
  18. Jul 7, 20264 EDGAR
  19. Jul 7, 20264 EDGAR
  20. Jul 7, 20264 EDGAR

The 434 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.

DateWhoTradeSharesPriceValueFiling
Jan 2, 2026LeBlanc ClaudeChief Executive OfficerBuy12,000$7.59$91.1KForm 4
Nov 12, 2025Smith R SharonExec VP & Group COOBuy20$10.25$205Form 4
Oct 1, 2025LeBlanc ClaudeChief Executive OfficerBuy25,000$8.54$213.5KForm 4
Aug 11, 2025LeBlanc ClaudeChief Executive OfficerBuy25,000$7.03$175.8KForm 4
May 14, 2025Stein Jeffrey ScottDirectorBuy15,000$6.46$96.9KForm 4
May 14, 2025PRICE MICHAEL DDirectorBuy76,986$6.49$499.6KForm 4
May 14, 2025LeBlanc ClaudeChief Executive OfficerBuy40,000$6.50$260.0KForm 4
Sep 27, 2024Matus Kristi AnnDirectorBuy6,300$11.16$70.3KForm 4
Sep 26, 2024Matus Kristi AnnDirectorBuy2,700$11.27$30.4KForm 4
Aug 8, 2024Smith R SharonExec VP & Group COOBuy1,100$10.64$11.7KForm 4
Aug 7, 2024Stein Jeffrey ScottDirectorBuy25,000$10.82$270.5KForm 4
Aug 7, 2024PRICE MICHAEL DDirectorBuy89,312$11.19$999.5KForm 4
Aug 7, 2024LeBlanc ClaudeChief Executive OfficerBuy25,000$10.83$270.9KForm 4
Aug 7, 2024Trick DavidExec VP, CFO & TreasurerBuy3,700$10.76$39.8KForm 4
Aug 7, 2024Ksenak Stephen MichaelSr. MD & General CounselBuy5,000$11.00$55.0KForm 4
Sep 1, 2023LeBlanc ClaudeChief Executive OfficerBuy2,500$13.29$33.2KForm 4
May 20, 2022Smith R SharonExec VP & Group COOBuy1,000$10.05$10.1KForm 4
May 13, 2022PRIEUR C JAMESDirectorBuy5,004$8.45$42.3KForm 4
May 13, 2022LeBlanc ClaudeChief Executive OfficerBuy3,000$8.72$26.2KForm 4
May 13, 2022PRIEUR C JAMESDirectorBuy10,000$8.43$84.3KForm 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.

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.

FundSharesValueShare of the fundChange
BlackRock, Inc.4,572,516$28.5M0.0%+654,718
Western Standard LLC2,247,591$14.0M4.8%No change
Vanguard Capital Management LLC1,972,619$12.3M0.0%+27,543
Prescott Group Capital Management, L.L.C.1,647,793$10.3M0.9%+55,206
Third Avenue Management LLC1,341,879$8.4M1.3%+668
Bain Capital Credit, LP1,108,012$6.9M1.9%No change
Geode Capital Management, LLC1,106,335$6.9M0.0%+83,897
State Street Corp898,673$5.6M0.0%−42,731
Dimensional Fund Advisors LP716,947$4.5M0.0%−593,185
Jacobs Levy Equity Management, Inc649,530$4.1M0.0%−234,742
Marshall Wace, Llp601,796$3.8M0.0%−463,539
Zacks Investment Management590,370$3.7M0.0%New
Bracebridge Capital, LLC579,234$3.6M0.8%No change
Morgan Stanley569,563$3.6M0.0%+334,317
Goldman Sachs Group Inc560,756$3.5M0.0%+214,463
RIHO Partners, LLC554,818$3.5M1.9%+8,249
Essex Investment Management Co LLC539,289$3.4M0.4%+121,086
Gendell Jeffrey L494,092$3.1M0.0%−919,120
Wolf Hill Capital Management, LP480,187$3.0M0.3%−990,147
Nuveen, LLC428,165$2.7M0.0%−372,088
Citadel Advisors LLC422,777$2.6M0.0%−9,032
Caption Management, LLC419,136$2.6M0.1%−223,461
Vanguard Portfolio Management LLC392,350$2.4M0.0%+96,450
Charles Schwab Investment Management Inc377,869$2.4M0.0%+82,525
Northern Trust Corp352,680$2.2M0.0%+30,332

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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