Ambac reports Q2 net income $5M; Specialty P&C production up 168% to $65M

OCTAVE SPECIALTY GROUP INC

2022-Q2 EPS reported $0.15 revenue$206,000,000

Net income of $5.2M ($0.11/diluted share) vs net loss of $28.5M in Q2 2021; adjusted earnings $12.7M ($0.28/diluted share).
Specialty P&C Insurance platform production of $64.8M, up 168% from Q2 2021.
Repurchased $133M of AAC surplus notes (generated $57M gain) and $14.2M of AFG common stock (1.6M shares avg $8.86).
Legacy Financial Guarantee Watch List and Adversely Classified credits reduced 11% to $8.5B net par.
Book value per share $17.44, down $2.21 from Q1 2022; adjusted book value $17.20, down $0.87.

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