Home / Business and Economy / Octave Specialty Group Completes $420M Sale, Acquires ArmadaCare
Octave Specialty Group Completes $420M Sale, Acquires ArmadaCare
13 Nov
Summary
- Octave Specialty Group, formerly Ambac Financial Group, launches new brand
- Completes $420M sale of legacy financial guarantee business to Oaktree
- Acquires specialty NHMG platform ArmadaCare
Octave Specialty Group, formerly known as Ambac Financial Group, has entered a new era as a pure-play specialty P&C insurance company. The company officially launched its new corporate brand and vision last night, marking the culmination of years of transformation.
In the past quarter, Octave has achieved several significant milestones. First, the company completed the $420 million sale of its legacy financial guarantee business to Oaktree. Additionally, Octave announced and closed the acquisition of ArmadaCare, a leading specialty NHMG platform.
Octave also made material progress on its capital management plan, repurchasing 3.1 million shares or 6.5% of its weighted average shares outstanding. The company also undertook substantial corporate expense reductions, resulting in a more than $10 million decrease in its run rate adjusted corporate expenses.
President and CEO Claude LeBlanc expressed pride in the company's accomplishments, thanking employees, the board, and others who supported Octave through this monumental transformation.
