OCTAVE SPECIALTY GROUP INC
For the period ended Dec 31, 2025. Filed Mar 4, 2026.
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FY2025 · Filed Mar 4, 2026
OSG$4.99-2.9%Stored close · as of Nov 6, 2026
Contents
Consolidated Balance Sheets
| (Dollars in thousands, except share data) December 31, | 2025 | 2024 |
|---|---|---|
| Assets: | ||
| Investments: | ||
| Fixed maturity securities, at fair value (amortized cost of $123,414 and $162,124) | $122,295 | $157,020 |
| Short-term investments, at fair value (amortized cost of $146,434 and $127,588) | 146,442 | 127,601 |
| Other investments (at cost, except for $7,454 and $7,499 at fair value) | 24,971 | 28,294 |
| Total investments | 293,708 | 312,915 |
| Cash and cash equivalents (including $40,754 and $17,669 of restricted cash) | 68,440 | 47,275 |
| Premium receivables | 75,085 | 57,222 |
| Commission and fees receivable | 86,549 | 55,377 |
| Reinsurance recoverable on paid and unpaid losses | 436,092 | 306,191 |
| Deferred ceded premium | 146,365 | 148,300 |
| Policy acquisition costs | 9,732 | 8,572 |
| Intangible assets, less accumulated amortization | 474,998 | 344,775 |
| Goodwill | 540,345 | 418,234 |
| Other assets | 92,003 | 92,317 |
| Assets of discontinued operations | — | 6,267,200 |
| Total assets | $2,223,317 | $8,058,378 |
| Liabilities and Stockholders’ Equity: | ||
| Liabilities: | ||
| Unearned premiums | $187,178 | $182,446 |
| Loss and loss adjustment expense reserves | 459,990 | 349,062 |
| Ceded premiums payable | 80,561 | 53,002 |
| Deferred program fees and reinsurance commissions | 6,978 | 7,500 |
| Commissions payable | 115,555 | 71,431 |
| Deferred taxes | 65,217 | 70,135 |
| Short-term debt | — | 150,000 |
| Long-term debt | 117,558 | — |
| Accrued interest payable | 1,343 | 2,560 |
| Other liabilities | 102,771 | 89,036 |
| Liabilities of discontinued operations | — | 5,887,685 |
| Total liabilities | 1,137,151 | 6,862,857 |
| Commitments and contingencies (See Note 19) | ||
| Redeemable noncontrolling interest | 252,981 | 199,402 |
| Stockholders’ equity: | ||
| Preferred stock, par value $0.01 per share; 20,000,000 shares authorized shares; issued and outstanding shares—none | — | — |
| Common stock, par value $0.01 per share; 130,000,000 shares authorized; issued shares: 48,876,882 and 48,875,167 | 489 | 489 |
| Additional paid-in capital | 369,860 | 331,007 |
| Accumulated other comprehensive income (loss) | 8,483 | (188,436) |
| Retained earnings | 370,431 | 683,643 |
| Treasury stock, shares at cost: 3,871,598 and 2,368,194 | (33,473) | (28,339) |
| Total Octave Specialty Group, Inc. stockholders’ equity | 715,790 | 798,364 |
| Nonredeemable noncontrolling interest | 117,395 | 197,755 |
| Total stockholders’ equity | 833,185 | 996,119 |
| Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $2,223,317 | $8,058,378 |
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