Octave Specialty Group (OSG) is a specialty insurance holding company built around two businesses: an insurance distribution platform and a specialty P&C carrier. OSG rebranded from Ambac Financial Group in 2025 after selling its legacy financial guarantee business to Oaktree for $420M. The core growth engine is Insurance Distribution, which owns a portfolio of 22 MGAs — specialized intermediaries that hold delegated underwriting authority from carriers, allowing them to bind policies and set rates across niche lines including specialty A&H, commercial auto, marine, professional liability, and property. OSG's distribution platform operates through two divisions: Octave Partners, which acquires established MGAs, and Octave Ventures, a London-based incubator that launches de novo MGAs by pairing experienced underwriting teams with funding, infrastructure, and capacity. New MGAs typically run at a loss for 12–24 months before reaching breakeven, creating near-term drag but building embedded future earnings. OSG's carrier, Everspan, is a five-entity specialty P&C program group rated A- by AM Best that provides risk-bearing capacity primarily for the distribution business, retaining roughly 12–20% of gross written premium and ceding the rest to reinsurers. OSG's model is distinctive in that aligned carrier capacity through Everspan and managed Lloyd's syndicates accelerates new MGA launches. MGA principals retain minority economic interests, and OSG holds call options to buy in those stakes over time. OSG's long-term target is ~$80M of adjusted EBITDA to common shareholders by 2028, driven by de novo launches, acquisitions, organic growth, and minority buy-ins.