OCTAVE SPECIALTY GROUP INC

Listed Company

OSGCIK 0000874501NYSEAcceleratedSurety InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$251.22M

Net Income

$-259.09M

Total Assets

$2.22B

Equity

$715.79M

Shares Out

44.95M

Op. Cash Flow

$-52.28M

Business

OCTAVE SPECIALTY GROUP INC operates as a financial services holding company focused on specialty property and casualty insurance and insurance distribution. It offers specialty P&C program insurance through its Everspan carriers and distributes insurance via managing general agents, underwriters, brokers and other delegated underwriting businesses, providing products such as commercial and personal liability, excess & surplus lines, marine, energy, professional lines, specialty auto and accident & health solutions. The company reports two principal segments: Insurance Distribution (MGA/Us and brokers) and Specialty Property & Casualty Insurance (Everspan carriers). It conducts business primarily in the U.S., with operations and partnerships extending to the U.K., Bermuda and international reinsurance markets, distributing through program administrators, MGA/Us, brokers, producers and reinsurers.

Summary from filing dated 2025-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net premiums earned	67	99	52	14	47
Commissions	143	92	51	31	26
Program fees	14	14	8	3	0
Realized Investment Gains (Losses)	−3	−496,000	19,000	−62,000	7
Investment income	11	14	13	—	—
Net gains (losses) on derivative contracts	1	4	−279,000	935,000	22
Other	−5	10	−60,000	577,000	1
Total revenues	251	236	125	54	282
Loss and loss adjustment expenses	47	73	37	9	—
Policy acquisition costs	16	24	11	3	1
Commissions	37	41	29	18	15
General and Administrative Expense	192	129	67	56	111
Depreciation expense	4	2	1	872,000	—
Interest	19	9	0	0	187
Total expenses	352	296	149	89	281
Pretax income (loss) from continuing operations	−101	−60	−24	−36	2
Income tax expense (benefit)	−5	−924,000	−989,000	−462,000	18
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total	−96	−59	−23	−35	−16
Noncontrolling interest	−3	−361,000	−1	−871,000	−1
Discontinued operations	−163	−497	28	557	—
Net income (loss)	−259	−556	5	522	−17
Net income (loss) attributable to shareholders	−262	−556	4	522	—
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Reclassification Adjustment from AOCI for Derecognition, after Tax	1	−356,000	−88,000	340,000	−1
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	0	−5	2	−933,000	−1
Total other comprehensive income (loss), net of income tax	222	−28	93	−310	−21
Total comprehensive income (loss), net of income tax	−37	−584	98	212	−38
Total comprehensive income (loss) attributable to shareholders	−65	−582	96	212	−38
Income (Loss) from Continuing Operations, Per Basic Share	−2.47	−1.37	−0.43	−0.74	—
Income (Loss) from Continuing Operations, Per Diluted Share	−2.47	−1.37	−0.43	−0.74	—
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	−3.46	−10.58	0.62	12.22	—
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	−3.46	−10.58	0.62	12.22	—
Basic	−5.93	−11.96	0.18	11.48	−0.61
Diluted	−5.93	−11.96	0.18	11.48	−0.61
Weighted Average Number of Shares Outstanding, Basic	47	47	46	46	47
Weighted Average Number of Shares Outstanding, Diluted	47	47	46	46	47
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest	−3	−361,000	−1	−871,000	−1
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest	−25	3	0	—	—
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	20	−939,000	51	−225	−12
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	201	−22	40	−85	−8
Net income (loss) from discontinued operations	−163	−497	28	558	—
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic	−98	−59	−25	−36	—
Insurance Agency Management Fee	20	6	0	—	—
Depreciation, Depletion and Amortization	42	20	5	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-10-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Available-for-sale Securities	122	—	157	135	1,395
Short-term Investments	146	—	128	201	507
Other Investments	25	—	28	18	568
Investments, Total	294	—	313	354	2,593
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	68	—	47	19	44
Premiums Receivable, Net	75	—	57	46	269
Receivables, Net, Current	87	—	55	9	—
Reinsurance Recoverables, Including Reinsurance Premium Paid	436	—	306	165	115
Deferred ceded premium	146	—	148	110	124
Deferred Policy Acquisition Cost	10	—	9	11	3
Intangible assets, less accumulated amortization	475	—	345	61	326
Goodwill	540	—	418	70	46
Other assets	92	—	92	66	112
Disposal Group, Including Discontinued Operation, Assets	0	—	6,267	7,516	7,292
Total assets	2,223	—	8,058	8,428	7,973
Unearned premiums	187	—	182	155	372
Liability for Claims and Claims Adjustment Expense	460	—	349	197	805
Ceded premiums payable	81	—	53	30	39
Capitalized Contract Cost, Net	7	—	8	6	5
Accrued Liabilities for Commissions, Expense and Taxes	116	—	71	7	—
Deferred Income Tax Liabilities, Net	65	—	70	0	—
Short-Term Debt	0	—	150	—	—
Long-term debt	118	100	0	508	639
Accrued interest payable	1	—	3	0	427
Other liabilities	103	—	89	60	201
Total liabilities held-for-sale	0	—	5,888	6,542	—
Liabilities	1,137	—	6,863	6,997	6,647
Redeemable noncontrolling interest	253	—	199	17	20
Preferred Stock, Value, Issued	0	—	0	0	0
Common Stock, Value, Issued	489,000	—	489,000	467,000	0
Additional paid-in capital	370	—	331	292	274
Accumulated other comprehensive income (loss)	8	—	−188	−160	−253
Retained earnings	370	—	684	1,246	1,245
Treasury Stock, Value	−33	—	−28	−17	−15
Total Octave Specialty Group, Inc. stockholders equity	716	—	798	1,362	1,252
Nonredeemable noncontrolling interest	117	—	198	53	53
Total stockholders equity	833	—	996	1,415	1,305
Total liabilities, redeemable noncontrolling interest and stockholders equity	2,223	—	8,058	8,428	7,973

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss) from discontinued operations	−163	−497	28	557	—
Net income (loss) from continuing operations	−96	−59	−23	−35	—
Share-based compensation	10	9	12	11	14
Deferred Income Taxes and Tax Credits	−2	−633,000	−2	—	—
Unearned premiums, net	7	−10	28	15	−82
Unearned premiums, net	−19	11	24	8	−147
Ceded premiums payable	28	23	10	17	6
Premium and commissions receivables	−50	−11	−30	−13	48
Amortization of intangible assets	38	18	4	—	—
Corporate costs reallocated to continuing operations	7	15	19	20	—
Other, net	−11	6	−8	37	−56
Net cash provided by (used in) operating activities from continuing operations	−52	762,000	37	70	—
Proceeds from sales of bonds	27	6	1	54	236
Proceeds from matured bonds	38	22	15	18	698
Purchases of bonds	−26	−60	−33	−43	−343
Proceeds from Sale and Maturity of Other Investments	0	625,000	0	166	39
Purchases of other investments	−66,000	−3	−2	−5	−127
Change in short-term investments	−19	102	4	−48	98
Acquisitions, net of cash acquired	−218	−244	−7	−18	0
Proceeds from sale of subsidiary	407	14	0	0	—
Other, net	−10	−4	−5	2	−5
Net cash provided by (used in) investing activities from continuing operations	200	−166	−27	−41	—
Proceeds from issuance of long term debt	117	—	—	—	—
Proceeds from short-term debt	0	147	0	0	—
Issuance of Equity Interest in Subsidiary	—	62	—	—	—
Payments for Repurchase of Common Stock	−30	−12	−5	−14	—
Payment, Tax Withholding, Share-based Payment Arrangement	−5	−692,000	−5	−4	−6
Payment for Debt Extinguishment or Debt Prepayment Cost	−150	—	—	—	—
Payments to Noncontrolling Interests	−71	−3	—	—	—
Distributions to noncontrolling interest holders	−4	−2	−2	−1	−1
Net cash provided by (used in) financing activities from continuing operations	−126	194	−11	−19	—
Net cash provided by (used in) continuing operations	23	28	−717,000	10	—
Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation	1	−558,000	0	−1	0
Net cash provided by (used in) operating activities from discontinued operations	72	34	163	1,265	—
Net cash provided by (used in) investing activities from discontinued operations	70	−8	462	960	—
Net cash provided by (used in) financing activities from discontinued operations	−143	−215	−412	−2,196	—
Net cash provided by (used in) discontinued operations	−2	−189	213	—	—
Effect of foreign exchange on cash and cash equivalents - discontinued operations	0	−126,000	529,000	−670,000	—
Net cash provided by (used in) discontinued operations	−2	−189	214	28	—
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation	21	29	−717,000	−2,163	−657
Increase (Decrease) in Reserve for Commissions, Expense and Taxes	31	−3	0	—	—

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