Octave Specialty Group, a US-listed global specialty insurance company operating across insurance distribution and specialty property and casualty insurance, reported improved second-quarter 2026 results, supported by stronger underwriting performance at its Everspan insurance business and continued expansion across its insurance distribution operations.
At Everspan, Octave Specialty Group reported a more than 600 basis point improvement in the combined ratio compared with the second quarter of 2025, driven by a reduction in the loss ratio to 61.4%. The insurer also increased net income to $1.1 million from $0.4 million a year earlier, while adjusted EBITDA attributable to shareholders rose to $1.8 million from $0.7 million.
Gross premiums written in the specialty property and casualty insurance segment were broadly stable at $95 million, down 2% year on year, while net premiums written increased 52% to $23 million.
Across the group, total revenue increased 51% to $83 million from $55 million in the prior-year period. Octave Specialty Group attributed the increase primarily to its Insurance Distribution segment, reflecting the acquisition of ArmadaCare alongside organic revenue growth of 44%.
Octave Specialty Group reported a net loss attributable to shareholders of $14.4 million for the quarter, improving from a loss of $20.5 million in the second quarter of 2025. The Insurance Distribution segment reduced its net loss to $3.7 million from $7.7 million, while Everspan generated net income of $1.1 million compared with $0.4 million a year earlier.
Adjusted net loss attributable to shareholders narrowed to $1.8 million from $10.6 million, while adjusted EBITDA attributable to shareholders improved to $3.7 million from a loss of $4.6 million. The company said the improvement reflected stronger earnings from its Insurance Distribution business, supported by organic growth across its managing general agent platform, the ArmadaCare acquisition and an increase in its ownership of Octave Ventures to 70% from 60%.
Claude LeBlanc, President and Chief Executive Officer of Octave, commented: “Our core Insurance Distribution business delivered another quarter of strong performance led by revenue growth of 77% and organic revenue growth of 44%. Our Insurance Distribution top-line success translated to a near fourfold increase in Adjusted EBITDA to shareholders during the second quarter of 2026 compared to 2025. These results reflect the successful 2025 acquisition of ArmadaCare and the diversification of our portfolio of MGAs against the backdrop of increasingly soft property market conditions.”
LeBlanc added: “While our efforts continue towards repositioning Everspan, we are encouraged by the trend in Everspan’s results since these efforts began in the second half of 2024. During the second quarter of 2026 the combined ratio decreased more than 600 basis points from the prior year period led by a reduction of the loss ratio to 61.4%.”
“During the quarter, we also further advanced our data and AI initiatives designed to both improve our operating platform as well as enhance underwriting and business production. We recently launched our proprietary, enterprise, AI-driven underwriting platform, which turns unstructured submissions into decision-ready risks. We expect this platform to enable us to significantly accelerate and improve underwriting decisions and bring additional MGAs to market more quickly.”
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