Insurance Distribution Segment
- Total revenue grew 77% to $58 million
- Organic revenue growth equaled 44%
- Net loss to Shareholders totaled $(4) million, compared to $(8) million in 2Q25
- Adjusted EBITDA to Shareholders totaled $10 million, compared to $3 million in 2Q25
Specialty P&C Insurance Segment ("Everspan")
- Gross and net premiums written totaled $95 million and $23 million, down (2)% and up 52%, respectively
- Net income equaled $1 million, compared to $0.4 million in 2Q25
- Adjusted EBITDA to Shareholders totaled $1.8 million, compared to $0.7 million in 2Q25

Octave Specialty Group, Inc. (NYSE:OSG) ("Octave" or "OSG"), a global specialty insurance firm, today reported its results for the Second Quarter 2026.

Claude LeBlanc, President and Chief Executive Officer of Octave, said "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 continued, "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."

Octave's Second Quarter 2026 Summary Results
	Three Months Ended June 30,								Six Months Ended June 30,
(in thousands, except per share data)⁽¹⁾		2026			2025		% Change			2026			2025		% Change
Total revenues	$	82,995		$	54,957		51	%	$	187,165		$	117,713		59	%
Total expenses	$	94,666		$	77,931		21	%	$	202,180		$	155,794		30	%
Pretax income (loss) from continuing operations	$	(11,671	)	$	(22,974	)	NM		$	(15,015	)	$	(38,081	)	NM
Provision (benefit) for income taxes from continuing operations	$	485		$	(2,172	)	NM		$	4		$	(2,789	)	NM
Net income (loss) from continuing operations	$	(12,156	)	$	(20,802	)	NM		$	(15,019	)	$	(35,292	)	NM
Net income (loss) from continuing operations attributable to shareholders, net of tax	$	(14,429	)	$	(20,548	)	NM		$	(21,280	)	$	(36,692	)	NM
Net income (loss) from discontinued operations	$	—		$	(52,151	)	NM		$	—		$	(82,398	)	NM
Net income (loss) attributable to shareholders	$	(14,429	)	$	(72,699	)	NM		$	(21,280	)	$	(119,090	)	NM
Net income (loss) from continuing operations attributable to shareholders per diluted share ⁽³⁾	$	(0.33	)	$	(0.42	)	(21	)%	$	(0.47	)	$	(0.99	)	(53	)%
Net income (loss) attributable to shareholders per diluted share⁽³⁾	$	(0.33	)	$	(1.51	)	(78	)%	$	(0.47	)	$	(2.72	)	(83	)%
Non-GAAP⁽²⁾
EBITDA to shareholders	$	(1,737	)	$	(9,848	)	NM		$	1,873		$	(15,345	)	NM
Adjusted EBITDA to shareholders	$	3,685		$	(4,569	)	NM		$	23,754		$	(5,876	)	NM
Adjusted net income (loss) attributable to shareholders	$	(1,813	)	$	(10,552	)	NM		$	14,802		$	(16,587	)	NM
Per Share
Adjusted EBITDA to shareholders per diluted share⁽²⁾	$	0.08		$	(0.09	)	NM		$	0.52		$	(0.12	)	NM
Adjusted net income (loss) to shareholders per diluted share⁽²⁾	$	(0.04	)	$	(0.22	)	(82	)%	$	0.33		$	(0.35	)	NM

Weighted-average diluted shares outstanding		45,391			48,117		(6	)%		45,347			47,738		(5	)%
⁽¹⁾ Some financial data in this press release may not add up due to rounding ⁽²⁾ See Non-GAAP Financial Data section of this press release for further information ⁽³⁾ Per diluted share includes the impact of adjusting redeemable noncontrolling interests to current redemption value

Second Quarter 2026 Summary⁽⁴⁾

Total revenue for the second quarter of 2026 was $83.0 million, an increase of 51% compared to $55.0 million in the same prior-year period. The growth in total revenue was driven primarily by the Insurance Distribution segment, reflecting the acquisition of ArmadaCare and organic revenue growth of 44%.

Octave's net (loss) to shareholders for the second quarter of 2026 improved to $(14.4) million compared to $(20.5) million in the same prior-year period. The improvement was attributable to (i) our Insurance Distribution segment, which reported a net (loss) of $(3.7) million compared to $(7.7) million in the same prior-year period, (ii) our Specialty Property & Casualty segment, where Everspan reported net income of $1.1 million compared to $0.4 million in the same prior-year period, and (iii) a Corporate net loss of $(11.6) million compared to $(13.2) million in the same prior-year period.

Adjusted net (loss) to shareholders for the second quarter of 2026 improved to $(1.8) million, compared to $(10.6) million in the same prior-year period. Adjusted EBITDA to shareholders for the second quarter of 2026 improved to $3.7 million, compared to $(4.6) million in the same prior-year period. The improvement in Adjusted EBITDA to shareholders was driven by a $7.3 million increase in Insurance Distribution Adjusted EBITDA to shareholders, reflecting organic growth across our core MGA platform, the acquisition of ArmadaCare, and an increase in our ownership position in Octave Ventures (formerly known as Beat Capital Partners) to 70% from 60%. In addition, Everspan's Adjusted EBITDA to shareholders increased $1.1 million to $1.8 million in the second quarter of 2026 from $0.7 million a year ago.

⁽⁴⁾ For definitions of each non-GAAP measure referred to above, as well as reconciliation of such non-GAAP measures to their most directly comparable GAAP measures, see "Non-GAAP Financial Measures" below.

Earnings Call and Webcast

On August 7, 2026, at 8:30am ET, Claude LeBlanc, President and Chief Executive Officer, and David Trick, Executive Vice President and Chief Financial Officer, will discuss Octave's second quarter 2026 results and updated 2026 guidance during a conference call. A live audio webcast of the call will be available through the Investor Relations section of Octave’s website, https://octavegroup.com/investor-relations/events-and-presentations. Participants may also listen via telephone by dialing (877) 407-9716 or (201) 493-6779.

The webcast will be archived on Octave's website. A replay of the call will be available through August 21, 2026, and can be accessed by dialing (Domestic) (844) 512-2921 or (International) (412) 317-6671; and using ID# 13761601.

Additional information is included in an operating supplement and presentations on Octave's website, www.octavegroup.com.

Results of Operations by Segment

Insurance Distribution Segment

	Three Months Ended June 30,								Six Months Ended June 30,
($ in thousands)⁽¹⁾		2026			2025		% Change			2026			2025		% Change
Premiums placed	$	314,367		$	249,912		26	%	$	741,200		$	483,098		53	%
Total revenues	$	58,418		$	33,041		77	%	$	136,944		$	74,039		85	%
Pretax income (loss)	$	(846	)	$	(10,173	)	NM		$	15,939		$	(12,416	)	NM
Pretax income (loss) to shareholders⁽²⁾	$	(3,232	)	$	(9,919	)	NM		$	9,565		$	(13,816	)	NM
Net income (loss)	$	(1,325	)	$	(7,992	)	NM		$	15,828		$	(9,735	)	NM
Net income (loss) to shareholders⁽²⁾	$	(3,711	)	$	(7,738	)	NM		$	9,454		$	(11,135	)	NM
EBITDA⁽⁴⁾	$	13,887		$	4,698		196	%	$	44,704		$	16,781		166	%
EBITDA to shareholders⁽²⁾⁽⁴⁾	$	8,670		$	2,513		245	%	$	32,137		$	9,576		236	%
Adjusted EBITDA⁽⁴⁾	$	15,329		$	4,580		235	%	$	48,324		$	16,692		190	%
Adjusted EBITDA to shareholders⁽²⁾⁽⁴⁾	$	9,792		$	2,519		289	%	$	35,132		$	9,611		266	%
Adjusted net income (loss)⁽⁴⁾	$	9,419		$	(701	)	NM		$	38,168		$	6,348		501	%
Adjusted net income (loss) to shareholders⁽²⁾⁽⁴⁾	$	4,605		$	(3,013	)	NM		$	26,650		$	(464	)	NM
Pretax income margin to shareholders⁽³⁾		(5.5	)%		(30.0	)%	2450 bps			7.0	%		(18.7	)%	2570 bps
Adjusted EBITDA margin to shareholders^(4),(5)		16.8	%		7.6	%	920 bps			25.7	%		13.0	%	1270 bps
Organic Growth⁽⁴⁾		44.1	%		(2.6	)%				42.9	%		(2.3	)%
⁽¹⁾Reflects segment results prior to intersegment activities eliminated in consolidation. ⁽²⁾ After the impact of noncontrolling interests ⁽³⁾ Represents Pretax income (loss) to shareholders divided by total revenues ⁽⁴⁾ See Non-GAAP Financial Data section of this press release for further information ⁽⁵⁾Represents Adjusted EBITDA to shareholders divided by total revenues

Specialty Property & Casualty Insurance Segment

	Three Months Ended June 30,								Six Months Ended June 30,
($ in thousands)⁽¹⁾		2026			2025		% Change			2026			2025		% Change
Gross premium written	$	94,702		$	96,247		(2	)%	$	198,418		$	183,162		8	%
Net premiums written	$	23,142		$	15,207		52	%	$	55,591		$	33,212		67	%
Net premiums earned	$	21,749		$	16,203		34	%	$	41,750		$	31,881		31	%
Total revenue	$	26,403		$	21,390		23	%	$	51,702		$	42,561		21	%
Net income (loss)	$	1,119		$	428		161	%	$	(6,571	)	$	1,852		NM
Adjusted EBITDA to shareholders⁽²⁾	$	1,757		$	681		158	%	$	3,375		$	2,270		49	%
Loss Ratio		61.4	%		67.8	%	(640) bps			79.1	%		67.4	%	1170 bps
Expense Ratio		39.2	%		38.9	%	30 bps			45.0	%		37.1	%	790 bps
Combined Ratio		100.6	%		106.7	%	(610) bps			124.1	%		104.5	%	1960 bps
⁽¹⁾ Reflects segment results prior to intersegment activities eliminated in consolidation. ⁽²⁾ See Non-GAAP Financial Data section of this press release for further information

OSG Corporate (holding company only)

OSG on a standalone basis, excluding its ownership interests in its Specialty P&C Insurance and Insurance Distribution subsidiaries, had net assets of $48 million as of June 30, 2026. Assets included cash and liquid securities of $26 million and other investments of $22 million.

Consolidated Octave Specialty Group, Inc. Stockholders' Equity and Noncontrolling Interests ("NCI") Impact to EPS

Stockholders’ equity attributable to common shareholders at June 30, 2026, was $699 million, or $15.52 per share, compared to $713 million, or $15.83 per share, as of March 31, 2026. The decline was primarily a result of the total comprehensive loss attributable to common shareholders of $(12) million.

Calculation of Earnings (Loss) Per Share (EPS)

Diluted net income (loss) per share is computed by dividing net income (loss) attributable to shareholders, adjusted for the direct retained earnings impacts of changes to redeemable noncontrolling interests, by the basic weighted-average shares outstanding plus all potentially dilutive common shares outstanding during the period. The following table provides a reconciliation of net income (loss) attributable to shareholders to the numerator in the diluted earnings per share calculation, together with the resulting earnings per share amounts:

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share data)		2026			2025			2026			2025
Net income (loss) from continuing operations attributable to shareholders	$	(14,429	)	$	(20,548	)	$	(21,280	)	$	(36,692	)
Adjustment for Redeemable NCI		(737	)		220		$	70		$	(10,605	)
Numerator of diluted EPS	$	(15,166	)	$	(20,328	)	$	(21,210	)	$	(47,297	)
Per Share — Diluted	$	(0.33	)	$	(0.42	)	$	(0.47	)	$	(0.99	)

Net income (loss) attributable to shareholders	$	(14,429	)	$	(72,699	)	$	(21,280	)	$	(119,090	)
Adjustment for Redeemable NCI		(737	)		220			70			(10,605	)
Numerator of diluted EPS	$	(15,166	)	$	(72,479	)	$	(21,210	)	$	(129,695	)
Per Share — Diluted	$	(0.33	)	$	(1.51	)	$	(0.47	)	$	(2.72	)

WASO-Diluted		45,391			48,117			45,347			47,738

OCTAVE SPECIALTY GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Income (Loss) (Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
($ in thousands, except share data)		2026			2025			2026			2025
Revenues:
Commissions	$	49,728		$	30,322		$	117,906		$	67,093
Servicing and other fees		5,913			4,472			15,275			9,436
Net premiums earned		21,749			16,203			41,750			31,881
Program fees		3,293			3,497			6,937			7,149
Investment income		1,877			2,609			4,232			5,424
Other		435			(2,146	)		1,065			(3,270	)
Total revenues		82,995			54,957			187,165			117,713
Expenses:
Commissions		8,508			7,403			22,513			17,768
Losses and loss adjustment expenses		13,346			10,978			33,025			21,474
Policy acquisition costs		6,359			3,699			12,730			7,540
General and administrative		51,415			40,540			104,570			79,071
Intangible amortization and depreciation		12,264			9,741			24,478			18,917
Interest		2,774			5,570			4,864			11,024
Total expenses		94,666			77,931			202,180			155,794
Pretax income (loss) from continuing operations		(11,671	)		(22,974	)		(15,015	)		(38,081	)
Provision (benefit) for income taxes from continuing operations		485			(2,172	)		4			(2,789	)
Net income (loss) from continuing operations		(12,156	)		(20,802	)		(15,019	)		(35,292	)
Net income (loss) from discontinued operations		—			(52,151	)		—			(82,398	)
Net income (loss)		(12,156	)		(72,953	)		(15,019	)		(117,690	)
Net (gain) loss attributable to noncontrolling interest		(2,273	)		254			(6,261	)		(1,400	)
Net income (loss) attributable to shareholders	$	(14,429	)	$	(72,699	)	$	(21,280	)	$	(119,090	)

Net income (loss) from continuing operations attributable to shareholders	$	(14,429	)	$	(20,548	)	$	(21,280	)	$	(36,692	)
Net income (loss) from discontinued operations attributable to shareholders		—			(52,151	)		—			(82,398	)
Net income (loss) attributable to shareholders	$	(14,429	)	$	(72,699	)	$	(21,280	)	$	(119,090	)

Net income (loss) from continuing operations per share attributable to shareholders
Basic	$	(0.33	)	$	(0.42	)	$	(0.47	)	$	(0.99	)
Diluted	$	(0.33	)	$	(0.42	)	$	(0.47	)	$	(0.99	)

Net income (loss) per share attributable to shareholders
Basic	$	(0.33	)	$	(1.51	)	$	(0.47	)	$	(2.72	)
Diluted	$	(0.33	)	$	(1.51	)	$	(0.47	)	$	(2.72	)

Weighted-average number of common shares outstanding:
Basic		45,390,612			48,116,503			45,347,014			47,738,050
Diluted		45,390,612			48,116,503			45,347,014			47,738,050

OCTAVE SPECIALTY GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets (Unaudited)

($ in thousands, except share data)	June 30, 2026			March 31, 2026
Assets:
Investments:
Fixed maturity securities, at fair value (amortized cost: $136,793 and $139,242)	$	134,141		$	137,092
Short-term investments, at fair value (amortized cost: $82,513 and $92,295)		82,513			92,295
Other investments (includes $7,498 and $7,454 at fair value)		25,015			24,971
Total investments (net of allowance for credit losses of $0 and $0)		241,669			254,358
Cash and cash equivalents (including $52,308 and $46,634 of restricted cash)		79,096			93,537
Premium receivables (net of allowance for credit losses of $500 and $500)		94,635			87,653
Commission and fees receivable		100,537			106,198
Reinsurance recoverable on paid and unpaid losses (net of allowance for credit losses of $100 and $100)		495,653			469,859
Deferred ceded premium		148,236			145,420
Policy acquisition costs		16,423			16,451
Intangible assets, less accumulated amortization		447,448			458,380
Goodwill		534,304			533,497
Other assets (net of allowance for credit losses of $350 and $350)		122,856			101,673
Total assets	$	2,280,857		$	2,267,026
Liabilities and Stockholders’ Equity:
Liabilities:
Unearned premiums	$	202,890		$	198,681
Loss and loss adjustment expense reserves		499,043			487,261
Ceded premiums payable		93,346			89,148
Deferred program fees and reinsurance commissions		6,989			6,929
Commission payable		128,231			118,086
Deferred taxes		58,855			60,553
Long-term debt		155,459			117,062
Accrued interest payable		27			1,305
Other liabilities		120,643			158,458
Total liabilities		1,265,483			1,237,483
Redeemable noncontrolling interest		197,529			195,969
Stockholders’ equity:
Preferred stock, par value $0.01 per share; 20,000,000 shares authorized shares; issued and outstanding shares—none		—			—
Common stock, par value $0.01 per share; 130,000,000 shares authorized; issued shares: 48,876,882 and 48,876,882		489			489
Additional paid-in capital		379,561			380,263
Accumulated other comprehensive income		3,292			1,224
Retained earnings		348,474			363,751
Treasury stock, shares at cost: 3,859,121 and 3,863,290		(33,063	)		(33,109	)
Total Octave Specialty Group, Inc. stockholders’ equity		698,753			712,618
Nonredeemable noncontrolling interest		119,092			120,956
Total stockholders’ equity		817,845			833,574
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	2,280,857		$	2,267,026

Non-GAAP Financial Data

In addition to reporting the Company’s quarterly financial results in accordance with GAAP, the Company is reporting non-GAAP financial measures: EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin, Organic Revenue Growth Rate (Insurance Distribution segment only), Adjusted Net Income and Adjusted Net Income Margin. These amounts are derived from our consolidated financial information, but are not presented in our consolidated financial results because they are not calculated in accordance with GAAP.

We present non-GAAP supplemental financial information because we believe such information is of interest to the investment community, and that it provides greater transparency and enhanced visibility into the underlying drivers and performance of our businesses on a basis that may not be otherwise apparent on a GAAP basis. We view these non-GAAP financial measures as important indicators when assessing and evaluating our performance on a segmented and consolidated basis, and they are presented to improve the comparability of our results between periods by eliminating the impact of the items that may not be representative of our core operating performance. These non-GAAP financial measures are not substitutes for the Company’s GAAP reporting, should not be viewed in isolation, and may differ from similar reporting provided by other companies, which may define non-GAAP measures differently

The following paragraphs define each non-GAAP financial measure. A tabular reconciliation of the non-GAAP financial measure to the most comparable GAAP financial measure is also presented below.

Non-GAAP Financial Measures

Organic Revenue Growth & Rate (Insurance Distribution Only) — Organic revenue is based on commissions and fees for the relevant period by excluding (i) the first twelve months of commissions and fees generated from acquisitions, (ii) commissions and fees from divestitures and (iii) other items such as contingent commissions, profit commissions and the impact of changes in foreign exchange rates.

Organic Revenue Growth is the change in organic revenue period-to-period, with prior period results adjusted to (i) include commissions and fees that were excluded from organic revenue in the prior period and reached the twelve-month owned mark in the current period, and (ii) exclude commissions and fees related to divestitures from organic revenue.

Total Specialty P&C Insurance Production includes gross premiums written by Octave's Specialty P&C Insurance segment and premiums placed by the Insurance Distribution segment. Specialty P&C Insurance revenues are dependent on gross premiums written, as specialty program insurance companies earn premiums based on the portion of gross premiums written retained (i.e., net premiums written) and fees on gross premiums written that are ceded to reinsurers. Insurance Distribution revenues are dependent on premium volume, as Managing General Agents/Underwriters and brokers receive commissions based on the amount of premiums placed (i.e., gross premiums written on behalf of insurance carriers) with insurance carriers.

EBITDA — EBITDA is net income (loss) from continuing operations before interest expense, income taxes, depreciation and amortization of intangible assets.

EBITDA Margin — EBITDA divided by total revenues.

Adjusted EBITDA and Adjusted EBITDA Margin — We define Adjusted EBITDA as net income (loss) from continuing operations before interest expense, income taxes, depreciation, amortization of intangible assets, change in fair value of contingent consideration and certain items of income and expense, including share-based compensation expense, acquisition and integration-related expenses, severance, and other exceptional or non-recurring items, including those related to raising capital. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of income and expenses that may obfuscate business performance, and that the presentation of this measure enhances an investor's understanding of our financial performance.

Adjusted Net Income and Adjusted Net Income Margin — We define Adjusted Net Income as net income (loss) from continuing operations attributable to shareholders adjusted for amortization of intangible assets, change in fair value of contingent consideration and certain items of income and expense, including share-based compensation expense, acquisition and integration-related expenses, severance and non-recurring income and loss items that, in the opinion of management, significantly affect the period-over-period assessment of operating results, and the related tax effect of those adjustments. Per share amounts exclude any impact of revaluing noncontrolling interests as otherwise reported under GAAP earnings per share. We believe that Adjusted Net Income is an appropriate measure of operating performance because it eliminates the impact of income and expenses that may obfuscate business performance.

Results of Operations by Segment (Continued)

Three Months Ended June 30, 2026	Specialty Property & Casualty Insurance			Insurance Distribution			Corporate & Other			Eliminations			Consolidated
($ in thousands)
Gross premiums written	$	94,702											$	94,702
Net premiums written		23,142												23,142
Total revenues		26,403		$	58,418		$	232		$	(2,058	)		82,995
Total expenses		25,159			59,264			11,988			(1,745	)		94,666
Pretax income (loss)		1,244			(846	)		(11,756	)		(313	)		(11,671	)
Provision (benefit) for income taxes		125			479			(119	)		—			485
Net income (loss)	$	1,119		$	(1,325	)	$	(11,637	)	$	(313	)	$	(12,156	)

Adjustments to EBITDA
Add: Interest expense	$	—		$	2,774		$	—			—		$	2,774
Add: Income tax expense		125			479			(119	)		—			485
Add: Depreciation		—			350			305			—			655
Add: Intangible amortization		—			11,609			—			—			11,609
EBITDA	$	1,244		$	13,887		$	(11,451	)	$	(313	)	$	3,367
EBITDA attributable to shareholders	$	1,244		$	8,670		$	(11,451	)	$	(200	)	$	(1,737	)

Adjustments to Adjusted EBITDA
Add: Acquisition and integration-related expenses	$	—		$	451		$	688		$	—		$	1,139
Add: Equity-based compensation expense		372			991			2,650			—			4,013
Add: Severance and restructuring expense		141			—			449			—			590
Add: Other non-operating (income) losses		—			—			—			—			—
Adjusted EBITDA	$	1,757		$	15,329		$	(7,664	)	$	(313	)	$	9,109
Adjusted EBITDA attributable to shareholders	$	1,757		$	9,792		$	(7,664	)	$	(200	)	$	3,685

Net income (loss)	$	1,119		$	(1,325	)	$	(11,637	)	$	(313	)	$	(12,156	)
Adjustments:
Add: Acquisition and integration-related expenses		—			451			688			—			1,139
Add: Intangible amortization		—			11,609			—			—			11,609
Add: Equity-based compensation expense		372			991			2,650			—			4,013
Add: Severance and restructuring expense		141			—			449			—			590
Add: Other non-operating (income) losses		—			—			—			—			—
Adjusted net income (loss) before tax adjustments and NCI		1,632			11,726			(7,850	)		(313	)		5,195
Income tax effects		(1,132	)		(2,307	)		1,132			—			(2,307	)
Adjusted net income (loss) before NCI		500			9,419			(6,718	)		(313	)		2,888
Net (income) loss attributable to noncontrolling interest		—			(4,814	)		—			113			(4,701	)
Adjusted net income (loss) attributable to shareholders	$	500		$	4,605		$	(6,718	)	$	(200	)	$	(1,813	)

Net income (loss) margin		4.2	%		(2.3	)%		NM			NM			(14.6	)%
Adjusted EBITDA Margin		6.7	%		26.2	%		NM			NM			11.0	%
Adjusted EBITDA Margin to shareholders		6.7	%		16.8	%		NM			NM			4.4	%
Adjusted net income (loss) after NCI margin		1.9	%		7.9	%		NM			NM			(2.2	)%

Three Months Ended June 30, 2025	Specialty Property & Casualty Insurance			Insurance Distribution			Corporate & Other			Eliminations		Consolidated
($ in thousands)
Gross premiums written	$	96,247										$	96,247
Net premiums written		15,207											15,207
Total revenues		21,390		$	33,041		$	526		$	—		54,957
Total expenses		20,770			43,214			13,949			—		77,931
Pretax income (loss)		620			(10,173	)		(13,423	)		—		(22,974	)
Provision (benefit) for income taxes		192			(2,181	)		(183	)		—		(2,172	)
Net income (loss) from Continuing Operations	$	428		$	(7,992	)	$	(13,240	)	$	—	$	(20,802	)

Adjustments to EBITDA
Add: Interest expense	$	—		$	5,570		$	—		$	—	$	5,570
Add: Income tax expense		192			(2,181	)		(183	)		—		(2,172	)
Add: Depreciation		—			—			440			—		440
Add: Intangible amortization		—			9,301			—			—		9,301
EBITDA	$	620		$	4,698		$	(12,983	)	$	—	$	(7,663	)
EBITDA attributable to shareholders	$	620		$	2,513		$	(12,983	)	$	—	$	(9,848	)

Adjustments to Adjusted EBITDA
Add: Acquisition and integration-related expenses	$	—		$	375		$	399		$	—	$	774
Add: Equity-based compensation expense		61			67			1,895			—		2,023
Add: Severance and restructuring expense		—			31			2,918			—		2,949
Add: Other non-operating (income) losses		—			(591	)		—			—		(591	)
Adjusted EBITDA	$	681		$	4,580		$	(7,771	)	$	—	$	(2,508	)
Adjusted EBITDA to attributable to shareholders	$	681		$	2,519		$	(7,771	)	$	—	$	(4,569	)

Net income (loss) (Continuing Operations)	$	428		$	(7,992	)	$	(13,240	)	$	—	$	(20,802	)
Adjustments:
Add: Acquisition and integration-related expenses		—			375			399			—		774
Add: Intangible amortization		—			9,301			—			—		9,301
Add: Equity-based compensation expense		61			67			1,895			—		2,023
Add: Severance and restructuring expense		—			31			2,918			—		2,949
Add: Other non-operating (income) losses		—			(591	)		—			—		(591	)
Adjusted net income (loss) before tax adjustments and NCI		489			1,191			(8,028	)		—		(6,348	)
Income tax effects		(15	)		(1,892	)		15			—		(1,892	)
Adjusted net income (loss) before NCI		474			(701	)		(8,013	)		—		(8,240	)
Net (income) loss attributable to noncontrolling interest		—			(2,312	)		—			—		(2,312	)
Adjusted net income (loss) attributable to shareholders	$	474		$	(3,013	)	$	(8,013	)	$	—	$	(10,552	)

Net income (loss) margin		2.0	%		(24.2	)%		NM			NM		(37.9	)%
Adjusted EBITDA Margin		3.2	%		13.9	%		NM			NM		(4.6	)%
Adjusted EBITDA Margin to shareholders		3.2	%		7.6	%		NM			NM		(8.3	)%
Adjusted net income (loss) after NCI margin		2.2	%		(9.1	)%		NM			NM		(19.2	)%

Results of Operations by Segment (Continued)

Six Months Ended June 30, 2026	Specialty Property & Casualty Insurance			Insurance Distribution		Corporate & Other			Eliminations			Consolidated
($ in thousands)
Gross premiums written	$	198,418										$	198,418
Net premiums written		55,591											55,591
Total revenues		51,702		$	136,944	$	577		$	(2,058	)		187,165
Total expenses		58,740			121,005		24,180			(1,745	)		202,180
Pretax income (loss)		(7,038	)		15,939		(23,603	)		(313	)		(15,015	)
Provision (benefit) for income taxes		(467	)		111		360			—			4
Net income (loss)	$	(6,571	)	$	15,828	$	(23,963	)	$	(313	)	$	(15,019	)

Adjustments to EBITDA
Add: Interest expense	$	—		$	4,864	$	—		$	—		$	4,864
Add: Income tax expense		(467	)		111		360			—			4
Add: Depreciation		—			645		577			—			1,222
Add: Intangible amortization		—			23,256		—			—			23,256
EBITDA	$	(7,038	)	$	44,704	$	(23,026	)	$	(313	)	$