Ambac reports Q3 net loss of $28M ($0.63/diluted); board approves $50M buyback acceleration

OCTAVE SPECIALTY GROUP INC

2024-Q1 EPS reported -$0.23 revenue$321,000,000

Net loss of $28M ($0.63 diluted share); adjusted net loss of $19M ($0.46).
Total P&C premium production $260M, up 86% YoY; Everspan combined ratio improved to 100.5%.
Insurance Distribution revenue $24M (+64%); Specialty P&C revenue $40M (+158%).
Beat Capital acquisition closed; three new MGAs added, total now 19.
Legacy Financial Guarantee sale: only Wisconsin OCI approval remains; board accelerated $50M buyback.

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