Ambac reports Q2 adjusted EPS $0.18; closes $278M Beat Capital acquisition, agrees to sell legacy business for $420M

OCTAVE SPECIALTY GROUP INC

2024-Q1 EPS reported $0.41 revenue$207,000,000

Net loss under $1M ($0.02 diluted); adjusted net income $8M ($0.18 diluted) for Q2 2024.
Closed acquisition of 60% stake in Beat Capital Partners for $278M, effective July 31, 2024.
Agreed to sell Legacy Financial Guarantee Business to Oaktree for $420M, pending regulatory and shareholder approvals.
Everspan GPW $111M (+109% YoY); total P&C premium production $165M (+75%) driven by new programs.
To initiate $50M share repurchase program after sale of Legacy Financial Guarantee Business.

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