Ambac unveils Octave rebrand to mark new strategic chapter
US insurer Ambac Financial Group has rebranded as Octave as it reports a disappointing third-quarter performance.
Octave said the rebrand signals its now singular focus on building and acquiring managing general agency (MGA) businesses across Bermuda, the US, and the UK, following the sale of its legacy financial guarantee business.
Ambac reported a $113 million loss for Q3 despite increased premiums and strong organic growth, dragged down by the impact of discontinued operations.
Ambac’s insurance distribution segment reported organic growth of 40% in Q3, with newer, specialty businesses performing well. Total insurance distribution revenue was up 80% to $43 million in the third quarter.
And P&C premiums were up 32% for the quarter to £343 million.
Octave president and CEO Claude LeBlanc said: “Our insurance distribution business delivered strong reported and organic growth this quarter, reinforcing our strategic momentum and driving higher operating and earnings margins.”
“Octave represents both the culmination of our multi-year transformation and the beginning of a bold new journey,” said LeBlanc. “We are now a dynamic, diversified specialty insurance enterprise — harmonising entrepreneurial, high-performing businesses under one shared vision.”
As part of the rebrand, acquisition division Cirrata and incubation division Beat Capital Partners, the businesses comprising Octave's insurance distribution division, will also be rebranded as Octave Partners and Octave Ventures, respectively.
However, the company’s MGAs and its hybrid fronting carrier, Everspan Group, will continue to operate under their existing brands.
Everspan gross premiums written were 16% down to $97 million in the third quarter, tipping its specialty P&C insurance operations into the red. Its combined ratio deteriorated to 112.9% from 100.5% in the prior year period.
“Adverse loss experience in the quarter unfavorably affected Everspan’s results, validating the decision to exit a commercial auto program last year to protect the long-term performance of our book,” said LeBlanc. “We expect Everspan’s combined ratios will improve as the platform reaches scale between 2026 and 2027.”
Referring to a musical octave’s collection of separate musical notes, LeBlanc added: “Octave captures who we are today — a family of unique, entrepreneurial businesses working in concert to deliver sustainable growth and long-term value.”
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