---
schema_version: "secwatch.filing_event.v1"
accession: "0000874501-23-000035"
form_type: "8-K"
ticker: "OSG"
cik: "0000874501"
company_name: "OCTAVE SPECIALTY GROUP INC"
filed_at: "2023-02-28T23:59:59+00:00"
generated_at: "2026-06-18T23:08:26.538931+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Ambac Q4 net income $175M ($3.86/diluted); adjusted earnings $190M; book value up 24% to $27.85

## Summary
- Net income $175M ($3.86 diluted) vs loss of $22M in Q4 2021; adjusted earnings $190M ($4.18 diluted).
- Reduced debt and accrued interest by $1.8B; $121M net gain from RMBS litigation settlements with Bank of America and Nomura.
- Specialty P&C premium production $90M, up 172% YoY; full year $282M, up 116%.
- Book value per share $27.85 (+24% from prior quarter); adjusted book value $28.29 (+22%).
- Acquired controlling interests in All Trans Risk Solutions and Capacity Marine, adding ~$60M annual premiums.

## SEC filing metadata
- accession: 0000874501-23-000035
- form_type: 8-K
- ticker: OSG
- cik: 0000874501
- company_name: OCTAVE SPECIALTY GROUP INC
- filed_at: 2023-02-28T23:59:59+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/874501/000087450123000035/0000874501-23-000035-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/874501/000087450123000035/ambc-20230228.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000874501-23-000035
- JSON: https://secwatch.observer/filing/0000874501-23-000035.json
- Plain text: https://secwatch.observer/filing/0000874501-23-000035.txt

## Key facts
- Earnings Releases
  OCTAVE SPECIALTY GROUP INC reported fourth quarter ended December 31, 2022 results: net income $175 million, EPS $3.86 per diluted share.
  - Period: fourth quarter ended December 31, 2022
  - Net income: $175 million
  - EPS: $3.86 per diluted share
  - Result: reported results
  source text: Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, today reported net income attributable to common stockholders of $175 million or $3.86 (1) per diluted share and adjusted earnings (2) of $190 million or $4.18 (1) per diluted share for the quarter ended December 31, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/874501/000087450123000035/0000874501-23-000035-index.htm

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