Ambac reports Q1 net loss of $33M; specialty P&C production up 87% YoY

OCTAVE SPECIALTY GROUP INC

2023-Q1 EPS reported -$0.73 revenue$58,000,000

Net loss of $33M (-$0.73 diluted EPS); adjusted net loss of $14M (-$0.30 per share).
Specialty P&C gross written premium $51.8M (+116% YoY); Distribution premiums placed $77.3M (+72%).
Legacy FG segment pretax loss of $32.1M, driven by $19.2M lower discount rates on RMBS reserves.
Adjusted book value per share $27.89, down 1% from prior quarter.
AAC repaid remaining $146M Tier 2 Notes in Jan; warrants with $16.67 strike expired unexercised Apr 30.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

OCTAVE SPECIALTY GROUP INC reported first quarter ended March 31, 2023 results: revenue Gross written premium $ 60.7, net income Net loss of $(33) million, EPS $(0.73) per diluted share.

Period: first quarter ended March 31, 2023
Revenue: Gross written premium $ 60.7
Net income: Net loss of $(33) million
EPS: $(0.73) per diluted share
Result: reported results

Exact text from the filing

market on our progress later this year." Ambac's First Quarter 2023 Summary Results B (W) Percent ($ in millions, except per share data) 1 1Q2023 1Q2022 Gross written premium $ 60.7 $ 30.3 101 % Net premiums earned 13.9 14.6 (5) % Commission income 14.5 8.6 69 % Program fees 1.5 0.3 485 % Net investment income 34.1 5.0 582 % Pretax income (loss) (28.8) 2.8 NA

View on SEC.gov

3 earnings releases filed in the last 30 days. Browse all earnings releases →

OCTAVE SPECIALTY GROUP INC filing history →

Source: SEC EDGAR

accession 0000874501-23-000090

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.