Octave (formerly Ambac) posts 85% revenue growth after ArmadaCorp buy, litigation hit erases P&C profit

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~2 min read

Key Changes

• high

  Insurance Distribution revenue surged 85% to $68.2M on ArmadaCorp acquisition and 42% organic growth, driving consolidated adjusted EBITDA from $3.7M to $27.7M year-over-year.

  MD&A: Commission Income & Adjusted EBITDA verify on EDGAR →
• high

  Specialty P&C swung to $8.3M pretax loss from $1.5M profit as litigation settlement drove loss ratio from 67% to 98% and combined ratio to 150%, eroding statutory surplus by $14M.

  MD&A: Loss Ratios & Statutory Surplus verify on EDGAR →
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  Company rebranded from Ambac to Octave following September 2025 sale of legacy financial guarantee business (AAC) to Oaktree for $420M, repaying $150M debt.

  MD&A: AAC Sale & Rebrand verify on EDGAR →