---
schema_version: "secwatch.filing_event.v1"
accession: "0000874501-22-000157"
form_type: "8-K"
ticker: "OSG"
cik: "0000874501"
company_name: "OCTAVE SPECIALTY GROUP INC"
filed_at: "2022-11-08T23:59:59+00:00"
generated_at: "2026-06-22T04:50:57.623811+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Ambac posts Q3 net income of $340M on $319M RMBS settlement gain; book value per share up 29%

## Summary
- Net income of $340M ($7.41 diluted EPS); adjusted earnings of $338M ($7.37 diluted EPS).
- $319M gain from $1.84B legacy RMBS litigation settlement with Bank of America; $78M remaining gain to be recorded in Q4 2022.
- Book value per share $22.43; adjusted book value per share $23.13, up 34% from June 30, 2022.
- Specialty P&C insurance production $58M, up 76% YoY; Insurance Distribution premiums placed $28.4M.
- Redeemed $1.2B Sitka Notes and $213M Tier II Notes; acquired All Trans Risk Solutions and Capacity Marine.

## SEC filing metadata
- accession: 0000874501-22-000157
- form_type: 8-K
- ticker: OSG
- cik: 0000874501
- company_name: OCTAVE SPECIALTY GROUP INC
- filed_at: 2022-11-08T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/874501/000087450122000157/0000874501-22-000157-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/874501/000087450122000157/ambc-20221108.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000874501-22-000157
- JSON: https://secwatch.observer/filing/0000874501-22-000157.json
- Plain text: https://secwatch.observer/filing/0000874501-22-000157.txt

## Key facts
- Earnings Releases
  OCTAVE SPECIALTY GROUP INC reported third quarter ended September 30, 2022 results: net income $340 million, EPS $7.41.
  - Period: third quarter ended September 30, 2022
  - Net income: $340 million
  - EPS: $7.41
  - Result: reported results
  source text: On November 8, 2022, Ambac Financial Group, Inc. issued a press release announcing financial results for its third quarter ended September 30, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/874501/000087450122000157/0000874501-22-000157-index.htm

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