<p>Ambac Financial Group ((AMBC)) 舉行了第三季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<p>Octave Specialty Group（前身為 Ambac Financial Group）最近的財報電話會議突顯了公司轉型的階段。儘管在品牌重塑、資本管理和有機增長舉措方面取得了顯著成就，但淨虧損、損失比率上升和調整後的 EBITDA 虧損等財務挑戰也顯而易見。這呈現了戰略進展與持續財務障礙之間的平衡視角。</p>
<h2>Octave Specialty Group 的成立</h2>
<p>公司宣佈轉型為 Octave Specialty Group，標誌着其成為純粹專業財產與意外保險公司的戰略願景的重要里程碑。這一品牌重塑努力是將公司身份與其核心關注領域對齊的重要一步。</p>
<h2>股票回購與資本管理</h2>
<p>Octave 完成了 3,100,000 股的回購，相當於加權平均流通股的 6.5%。此舉是其更廣泛資本管理戰略的一部分，旨在提升股東價值。</p>
<h2>成功出售傳統業務</h2>
<p>在一項戰略舉措中，Octave 成功將其傳統金融擔保業務以 4.2 億美元的價格出售給 Oaktree。這筆交易預計將簡化運營並將資源集中於核心業務領域。</p>
<h2>有機增長舉措</h2>
<p>公司推出了新的專業領域 MGA，並將對最近推出的 MGA 的投資轉為控股。這些舉措有助於實現強勁的有機增長，展示了公司擴展市場存在的承諾。</p>
<h2>保險分銷部門收入增長</h2>
<p>保險分銷部門的收入與去年相比增長了 80%，主要得益於 40% 的有機增長率。這一增長突顯了公司分銷策略的有效性。</p>
<h2>費用削減</h2>
<p>Octave 進行了大規模的企業費用削減，導致調整後的企業費用年化減少超過 1000 萬美元。這表明公司專注於提高運營效率。</p>
<h2>持續經營的淨虧損</h2>
<p>公司報告持續經營的淨虧損為 3200 萬美元，高於去年報告的 1800 萬美元虧損。這突顯了 Octave 當前面臨的財務挑戰。</p>
<h2>Everspan 的損失比率上升</h2>
<p>Everspan 的損失比率在 2025 年上升至 84.5%，而 2024 年為 74.4%，主要由於商業汽車項目的逆向發展。這一增加表明需要戰略關注的領域。</p>
<h2>Everspan 保費減少</h2>
<p>Everspan 的淨書寫保費和淨賺取保費分別從 2024 年的 3300 萬美元和 2700 萬美元下降至 1800 萬美元和 1700 萬美元。這一下降反映了戰略性不續保和市場調整。</p>
<h2>調整後的 EBITDA 虧損</h2>
<p>持續經營的調整後 EBITDA 虧損為 300 萬美元，而 2024 年的收益不足 200 萬美元。這一變化突顯了公司正在應對的財務壓力。</p>
<h2>前瞻性指導</h2>
<p>展望未來，Octave Specialty Group 制定了一項全面戰略，包括繼續關注有機增長和費用削減，目標是 2026 年調整後的費用為 3000 萬美元。公司計劃進行有紀律的資本配置，以支持初創企業、股票回購和技術投資，力求在 2026 年及以後實現強勁表現。</p>
<p>總之，Octave Specialty Group 的財報電話會議反映了一個顯著轉型和戰略進展的時期，儘管面臨持續的財務挑戰。公司在品牌重塑、資本管理和有機增長舉措方面的努力值得讚賞，但財務挫折突顯了需要持續關注和改進的領域。</p>

AMBC

<p>Octave Specialty Group，前身為 Ambac Financial Group，舉行了第三季度財報電話會議，強調了在品牌重塑和資本管理方面的重要成就，標誌着一個轉型階段。公司報告淨虧損 3200 萬美元，調整後的 EBITDA 虧損 300 萬美元，顯示出持續的財務挑戰。主要進展包括回購 310 萬股股票，以 4.2 億美元成功出售其遺留業務，以及保險分銷部門收入增長 80%。展望未來，Octave 旨在繼續實現有機增長和降低開支，目標是在 2026 年將調整後的開支控制在 3000 萬美元</p>

<p>Ambac Financial Group ((AMBC)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Ambac Financial Group ((AMBC)) 舉行了第三季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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</div><p>The recent earnings call for Octave Specialty Group, formerly known as Ambac Financial Group, highlighted a transformative phase for the company. While there were significant achievements in rebranding, capital management, and organic growth initiatives, the financial challenges such as net loss, increased loss ratios, and adjusted EBITDA loss were also evident. This presents a balanced view of strategic progress against ongoing financial hurdles.</p>
<div class="lb-trans"><p>Octave Specialty Group（前身為 Ambac Financial Group）最近的財報電話會議突顯了公司轉型的階段。儘管在品牌重塑、資本管理和有機增長舉措方面取得了顯著成就，但淨虧損、損失比率上升和調整後的 EBITDA 虧損等財務挑戰也顯而易見。這呈現了戰略進展與持續財務障礙之間的平衡視角。</p>
</div><h2>Launch of Octave Specialty Group</h2>
<div class="lb-trans"><h2>Octave Specialty Group 的成立</h2>
</div><p>The company announced its transformation into Octave Specialty Group, marking a significant milestone in its strategic vision to become a pure-play specialty P&amp;C insurance company. This rebranding effort is a crucial step in aligning the company’s identity with its core focus areas.</p>
<div class="lb-trans"><p>公司宣佈轉型為 Octave Specialty Group，標誌着其成為純粹專業財產與意外保險公司的戰略願景的重要里程碑。這一品牌重塑努力是將公司身份與其核心關注領域對齊的重要一步。</p>
</div><h2>Share Repurchase and Capital Management</h2>
<div class="lb-trans"><h2>股票回購與資本管理</h2>
</div><p>Octave completed the repurchase of 3,100,000 shares, which is equivalent to 6.5% of the weighted average shares outstanding. This move is part of their broader capital management strategy aimed at enhancing shareholder value.</p>
<div class="lb-trans"><p>Octave 完成了 3,100,000 股的回購，相當於加權平均流通股的 6.5%。此舉是其更廣泛資本管理戰略的一部分，旨在提升股東價值。</p>
</div><h2>Successful Sale of Legacy Business</h2>
<div class="lb-trans"><h2>成功出售傳統業務</h2>
</div><p>In a strategic move, Octave successfully sold its legacy financial guarantee business to Oaktree for $420 million. This sale is expected to streamline operations and focus resources on core business areas.</p>
<div class="lb-trans"><p>在一項戰略舉措中，Octave 成功將其傳統金融擔保業務以 4.2 億美元的價格出售給 Oaktree。這筆交易預計將簡化運營並將資源集中於核心業務領域。</p>
</div><h2>Organic Growth Initiatives</h2>
<div class="lb-trans"><h2>有機增長舉措</h2>
</div><p>The company launched new professional lines MGAs and converted an investment in a recently launched MGA to a majority stake. These initiatives have contributed to strong organic growth, showcasing the company’s commitment to expanding its market presence.</p>
<div class="lb-trans"><p>公司推出了新的專業領域 MGA，並將對最近推出的 MGA 的投資轉為控股。這些舉措有助於實現強勁的有機增長，展示了公司擴展市場存在的承諾。</p>
</div><h2>Insurance Distribution Segment Revenue Growth</h2>
<div class="lb-trans"><h2>保險分銷部門收入增長</h2>
</div><p>The insurance distribution segment experienced an impressive 80% increase in revenue compared to the previous year, driven by a 40% organic growth rate. This growth highlights the effectiveness of the company’s distribution strategies.</p>
<div class="lb-trans"><p>保險分銷部門的收入與去年相比增長了 80%，主要得益於 40% 的有機增長率。這一增長突顯了公司分銷策略的有效性。</p>
</div><h2>Expense Reductions</h2>
<div class="lb-trans"><h2>費用削減</h2>
</div><p>Octave undertook material corporate expense reductions, resulting in over a $10 million decrease in run rate adjusted corporate expenses. This demonstrates the company’s focus on improving operational efficiency.</p>
<div class="lb-trans"><p>Octave 進行了大規模的企業費用削減，導致調整後的企業費用年化減少超過 1000 萬美元。這表明公司專注於提高運營效率。</p>
</div><h2>Net Loss from Continuing Operations</h2>
<div class="lb-trans"><h2>持續經營的淨虧損</h2>
</div><p>The company reported a net loss from continuing operations of $32 million, which is higher than the $18 million loss reported in the previous year. This underscores the financial challenges that Octave is currently facing.</p>
<div class="lb-trans"><p>公司報告持續經營的淨虧損為 3200 萬美元，高於去年報告的 1800 萬美元虧損。這突顯了 Octave 當前面臨的財務挑戰。</p>
</div><h2>Increased Loss Ratio in Everspan</h2>
<div class="lb-trans"><h2>Everspan 的損失比率上升</h2>
</div><p>Everspan’s loss ratio increased to 84.5% in 2025 from 74.4% in 2024, primarily due to adverse development in runoff commercial auto programs. This increase indicates areas that require strategic attention.</p>
<div class="lb-trans"><p>Everspan 的損失比率在 2025 年上升至 84.5%，而 2024 年為 74.4%，主要由於商業汽車項目的逆向發展。這一增加表明需要戰略關注的領域。</p>
</div><h2>Reduced Everspan Premiums</h2>
<div class="lb-trans"><h2>Everspan 保費減少</h2>
</div><p>Net written and net earned premiums in Everspan declined from $33 million and $27 million, respectively, in 2024 to $18 million and $17 million. This reduction reflects strategic nonrenewals and market adjustments.</p>
<div class="lb-trans"><p>Everspan 的淨書寫保費和淨賺取保費分別從 2024 年的 3300 萬美元和 2700 萬美元下降至 1800 萬美元和 1700 萬美元。這一下降反映了戰略性不續保和市場調整。</p>
</div><h2>Adjusted EBITDA Loss</h2>
<div class="lb-trans"><h2>調整後的 EBITDA 虧損</h2>
</div><p>The adjusted EBITDA from continuing operations was a loss of $3 million compared to a gain of less than $2 million in 2024. This shift highlights the financial pressures the company is navigating.</p>
<div class="lb-trans"><p>持續經營的調整後 EBITDA 虧損為 300 萬美元，而 2024 年的收益不足 200 萬美元。這一變化突顯了公司正在應對的財務壓力。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</h2>
</div><p>Looking ahead, Octave Specialty Group has set forth a comprehensive strategy that includes continued focus on organic growth and expense reduction, with a target of $30 million in adjusted expenses for 2026. The company plans disciplined capital allocation to support startups, share repurchases, and technology investments, aiming for robust performance in 2026 and beyond.</p>
<div class="lb-trans"><p>展望未來，Octave Specialty Group 制定了一項全面戰略，包括繼續關注有機增長和費用削減，目標是 2026 年調整後的費用為 3000 萬美元。公司計劃進行有紀律的資本配置，以支持初創企業、股票回購和技術投資，力求在 2026 年及以後實現強勁表現。</p>
</div><p>In conclusion, the earnings call for Octave Specialty Group reflects a period of significant transformation and strategic progress, despite ongoing financial challenges. The company’s efforts in rebranding, capital management, and organic growth initiatives are commendable, yet the financial setbacks highlight areas that require continued focus and improvement.</p>
<div class="lb-trans"><p>總之，Octave Specialty Group 的財報電話會議反映了一個顯著轉型和戰略進展的時期，儘管面臨持續的財務挑戰。公司在品牌重塑、資本管理和有機增長舉措方面的努力值得讚賞，但財務挫折突顯了需要持續關注和改進的領域。</p>
</div>

八度專業集團的變革性財報電話會議要點