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Ambac Financial Group (OSG) investor relations material
Ambac Financial Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Completed sale of legacy financial guarantee business for $420 million, rebranded as Octave Specialty Group, and shifted focus to specialty P&C and insurance distribution, including the acquisition of ArmadaCare for $250 million.
Repurchased over 3.1 million shares in October 2025, reducing shares outstanding by 6.5%–6.7%.
Expanded MGA platform to 22 entities, launched several new MGAs in 2024–2025, and converted Pivix to a majority stake.
Integrated Beat Capital Partners and ArmadaCare, driving growth in insurance distribution.
Executed $10M+ in annualized expense reductions and targeted further cost savings.
Financial highlights
Q3 2025 net loss from continuing operations was $(31.7) million to $(32) million, compared to $(18.1) million in Q3 2024, driven by higher amortization, interest, and G&A expenses.
Adjusted EBITDA from continuing operations was a $(2.9) million to $(3) million loss, down from a gain of $1.9 million in Q3 2024.
Insurance Distribution segment revenue rose 80% year-over-year to $43 million, with 40% organic growth.
Insurance Distribution adjusted EBITDA to shareholders was $6 million (13.9%–14% margin), up from $2.1 million (8.8% margin) in Q3 2024.
Specialty P&C Insurance (Everspan) gross premiums written were $97 million, down 16% year-over-year; net written/earned premiums fell to $18M/$17M from $33M/$27M, with a combined ratio of 112.9% (vs. 100.5%).
Outlook and guidance
Management expects continued robust organic growth and margin expansion in insurance distribution, with Everspan combined ratios to improve as the platform scales between 2026 and 2027.
Guidance for 2026 to be provided in the next earnings call; aspirational goal of $80 million EBITDA by 2028 remains in place.
Everespan premium growth expected to remain controlled, with 2025 premiums likely $370–$380 million and 2026 above $400 million.
Focus on expense reduction, integration of acquisitions, and capital allocation for growth.
Everspan combined ratio improvement timeline
Insurance Distribution acquisition revenue contribution
Future share repurchase strategy
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Next Ambac Financial Group earnings date
Q4 202525 Feb, 2026
Next Ambac Financial Group earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Ambac Financial Group, Inc. is a financial services holding company primarily engaged in providing financial guarantees and other insurance-related products. The company's key business includes managing a legacy financial guarantee portfolio, which offers protection against defaults on public finance, infrastructure, and structured finance obligations. Ambac also focuses on risk management and loss recovery strategies related to its insured exposures. Additionally, the company explores opportunities in specialty property and casualty insurance. The company is headquartered in New York, United States, and its shares are listed on the NYSE.
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