---
schema_version: "secwatch.filing_event.v1"
accession: "0000874501-22-000128"
form_type: "8-K"
ticker: "OSG"
cik: "0000874501"
company_name: "OCTAVE SPECIALTY GROUP INC"
filed_at: "2022-08-08T23:59:59+00:00"
generated_at: "2026-06-24T03:07:02.383893+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000874501-22-000128
- form_type: 8-K
- ticker: OSG
- cik: 0000874501
- company_name: OCTAVE SPECIALTY GROUP INC
- filed_at: 2022-08-08T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/874501/000087450122000128/0000874501-22-000128-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/874501/000087450122000128/ambc-20220808.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000874501-22-000128
- JSON: https://secwatch.observer/filing/0000874501-22-000128.json
- Plain text: https://secwatch.observer/filing/0000874501-22-000128.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.