Ambac Q4 net loss $548M on $570M legacy sale charge; P&C premiums up 88%

OCTAVE SPECIALTY GROUP INC

2024-FY EPS reported -$10.71 revenue$235,815,000

Continuing ops net loss $22M ($0.70 diluted); adjusted EBITDA $5.1M vs -$3.5M prior year.
Legacy sale to Oaktree for $420M expected to close Q1/Q2 2025 pending Wisconsin approval; $570M disposal loss.
Specialty P&C insurance production rose 88% to $265M; combined ratio improved to 96.5%.
Insurance Distribution revenue up 257% to $44M; Cirrata adj. EBITDA to Ambac shareholders $5.3M.
Stock buybacks: 962K shares at $12.48 in Q4, plus 240K in Q1 2025; $35M authority remaining.

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