---
schema_version: "secwatch.filing_event.v1"
accession: "0000874501-24-000166"
form_type: "8-K"
ticker: "OSG"
cik: "0000874501"
company_name: "OCTAVE SPECIALTY GROUP INC"
filed_at: "2024-08-02T23:59:59+00:00"
generated_at: "2026-05-31T13:33:55.540923+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Ambac completes $278M acquisition of 60% stake in Beat Capital Partners; P&C platform doubles

## Summary
- Total consideration of ~$277.9M: $248.6M cash plus 2,216,023 shares of AMBC common stock.
- Deal doubles P&C operation; expected to produce ~$1.4B annualized premiums for 2024.
- Beat's London-based MGA incubation platform adds 16 MGAs to Cirrata Group; existing management continues under Chairman John Cavanagh.
- Financed via $150M term loan facility (matures July 31, 2025) with SOFR+4.5% margin, stepping up to 7.5% by May 2025.
- Rollover shareholders (Bain Capital and management) receive put/call options starting March 2026 for up to 25% of shares annually.

## SEC filing metadata
- accession: 0000874501-24-000166
- form_type: 8-K
- ticker: OSG
- cik: 0000874501
- company_name: OCTAVE SPECIALTY GROUP INC
- filed_at: 2024-08-02T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.01, 2.03, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/874501/000087450124000166/0000874501-24-000166-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/874501/000087450124000166/ambc-20240801.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000874501-24-000166
- JSON: https://secwatch.observer/filing/0000874501-24-000166.json
- Plain text: https://secwatch.observer/filing/0000874501-24-000166.txt

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