Octave Specialty Group Inc 2025年度报告

Octave Specialty Group, Inc.Financial Highlights Insurance DistributionRevenue & AdjustedEBITDAAttributableTo Shareholders*(in millions) Insurance DistributionRevenue Growth65% Insurance DistributionOrganic Growth*17.6% Consolidated Revenue Growth6.5% A Message From Our CEO DEAR FELLOW SHAREHOLDERS, 2025 was a defining year for Octave Specialty Group—one that marked boththe culmination of a multi-year transformation and a strategic inflectionpoint where our vision became a reality. The successful sale of our legacy financial guarantee business represented the final step in our transition to agrowth-focused, specialty P&C insurance platform. That milestone was quickly followed by the rebranding ofour company to Octave Specialty Group (“Octave”), a change that reflects our future direction and our focus onbuilding and acquiring high-performing program insurance businesses. Octave represents more than a newidentity; it represents clarity of purpose. We are fully dedicated to creating a leading, scalable global specialtyinsurance distribution platform designed to deliver long-term value to our shareholders. Our new brand is rooted in a renewed vision, strategy, and culture. We have evolved from a capital business toone defined by innovation, specialization, agility, and entrepreneurship. Octave provides an ecosystem wheretalented operators, differentiated specialty products, and strong capacity partnerships work harmoniously todrive sustainable growth. In 2025, we further advanced our strategy with the acquisition of supplemental health MGA ArmadaCare; theformation of Lloyd’s managing agency Statera; the launch of professional liability MGA 1889 Specialty InsuranceServices; the U.S. expansion of Alcor; and the launch of our AI-powered underwriting platform Hammurabi,which supports our employer stop-loss business. These strategic initiatives accelerated the growth and scaleof our distribution platform, strengthened our specialty product diversification model, and expanded ourrelationships with distribution and capacity partners. Our story has been one of continued momentum. Over the last five years, we launched our new strategyand took decisive actions to reposition Octave and build meaningful scale. Since 2021, we have expanded ourplatform from 1 MGA to 22 and, on a pro forma basis, we have grown revenue sevenfold. We have executedaccretive acquisitions, including Beat Capital Partners in 2024 and ArmadaCare in 2025, while also takingmeaningful steps to reduce corporate expenses and align our cost structure with the scale of our business.Throughout this process, we have maintained a disciplined approach to capital allocation, balancing the returnof capital against other strategic uses. We believe these actions position us to deliver sustainable long-termshareholder value. As we enter 2026, we are proud of the enormous progress we have made in a short amount of time and areexcited about the road ahead for Octave. “Octave represents more than anew identity; it represents clarity ofpurpose. We are fully dedicated tocreating a leading, scalable, globalspecialty insurance distributionplatform designed to deliver long-term value to our shareholders.” Claude LeBlancPresident and Chief Executive Officer Insurance Distribution Octave Partners and Octave Ventures Octave’s insurance distribution platform delivers value through twocomplementary growth engines: Octave Ventures, our de novo incubationdivision led by John Cavanagh and Paul Rayner, and Octave Partners, ourM&A division led by Naveen Anand. Octave Partners has a disciplined acquisitionstrategy focused on high-growth MGA/MGUs inniche markets with leading management teams andmeaningful growth opportunities. The acquisitionof ArmadaCare in 2025 exemplified this philosophy.ArmadaCare is a fully integrated MGA deliveringsupplemental health and benefit products for C-suiteand other senior executives. Octave Ventures has demonstrated consistentyear-over-year organic revenue growth, includingorganic revenue growth of 55% in 2025.* With nineMGA launches completed in 2024 and 2025, OctaveVentures has substantial embedded EBITDA growthpotential, which we expect to be realized between2026 and 2028. Across both Octave Partners and Octave Ventures,once MGAs are launched or acquired, our focus shiftsto growth and margin expansion through expandedcarrier relationships, producer network growth, digitalenhancements, product and geographic expansion,and cross-selling opportunities. These initiativesare supported by streamlined shared services anda technology-enabled infrastructure that reinforcesunderwriting discipline and accelerates speed to market. Led by CEO Ed Walker, the ArmadaCare team has aproven track record of building a successful businesswith exceptional leadership and a clear vision of howto compete and succeed in their niche market. We arethrilled to add them to our organization. Beyond strategic acquisitions, we are equally focusedon driving in