---
schema_version: "secwatch.filing_event.v1"
accession: "0000874501-23-000090"
form_type: "8-K"
ticker: "OSG"
cik: "0000874501"
company_name: "OCTAVE SPECIALTY GROUP INC"
filed_at: "2023-05-09T23:59:59+00:00"
generated_at: "2026-06-15T11:17:17.771444+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000874501-23-000090
- form_type: 8-K
- ticker: OSG
- cik: 0000874501
- company_name: OCTAVE SPECIALTY GROUP INC
- filed_at: 2023-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/874501/000087450123000090/0000874501-23-000090-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/874501/000087450123000090/ambc-20230509.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000874501-23-000090
- JSON: https://secwatch.observer/filing/0000874501-23-000090.json
- Plain text: https://secwatch.observer/filing/0000874501-23-000090.txt

## Key facts
- Earnings Releases
  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: $(0.73) per diluted share
  - Result: reported results
  source text: market on our progress later this year." Ambac's First Quarter 2023 Summary Results B (W) Percent ($ 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/874501/000087450123000090/0000874501-23-000090-index.htm

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