Here are 1-3 brief analogies for Overseas Shipholding Group, Inc. (OSG), which is identified by the symbol OSG. (Please note that "Octave Specialty" does not appear to be the correct company name for the OSG symbol; OSG refers to Overseas Shipholding Group, Inc.):

• A marine **Kinder Morgan**, for crude oil and refined products.
• The **Maersk** of U.S. domestic oil tankers.
• A floating **Union Pacific** for U.S. coastal oil transport.

• Crude Oil and Petroleum Product Transportation: Overseas Shipholding Group (OSG) operates a fleet of tankers to transport crude oil and various refined petroleum products globally.
• Specialty Jones Act Services: The company provides specialized maritime transportation services within the U.S. Jones Act trade, including shuttle tankers and vessels for niche liquid cargoes.

Octave Specialty (symbol: OSG) refers to Overseas Shipholding Group, Inc. (OSG), a public company specializing in crude oil and petroleum product transportation services, primarily in the U.S. flag market.

The company sells primarily to other companies (B2B). Its major customers are large integrated oil companies and refiners that require marine transportation services. Based on their public filings, key customer companies include:

• BP Shipping Limited (part of BP plc, symbol: BP)
• ExxonMobil Oil Corporation (part of Exxon Mobil Corporation, symbol: XOM)
• Phillips 66 Company (part of Phillips 66, symbol: PSX)
• Valero Marketing and Supply Company (part of Valero Energy Corporation, symbol: VLO)

Overseas Shipholding Group's 2023 10-K filing indicates significant customer concentration, with two customers each accounting for 20% or more of their voyage and charter revenues during that year.

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Claude LeBlanc President and Chief Executive Officer

Mr. LeBlanc has served as President and Chief Executive Officer of Octave Specialty Group, Inc. (formerly Ambac Financial Group, Inc.) since January 1, 2017. He is an accomplished financial executive with nearly three decades of experience in the financial services sector, encompassing strategic management, corporate development, and financial restructuring. Prior to his current role, he was the Chief Financial Officer and Chief Restructuring Officer at Syncora Holdings Ltd. from January 2010 to December 2016, and served as Executive Vice President and Special Advisor to the Board at Syncora from 2006 to 2009. His career also includes serving as Senior Vice President of Corporate Development & Strategy at XL Capital from 2001 to 2006, and Chief Operating Officer and Head of Corporate Development at TransWorld International (London Telecom) from 1999 to 2001. He began his career at PwC, where he was a Principal and Vice President from 1991 to 1999. Mr. LeBlanc oversaw the successful sale of the company's legacy financial guarantee business, marking a significant step in the company's transformation.

David Trick Director of Finance/CFO

Mr. Trick has served as the Director of Finance/CFO of Octave Specialty Group, Inc. (formerly Ambac Financial Group, Inc.) since January 7, 2010. Further background details regarding his previous companies managed, sales of companies, or a pattern of managing companies backed by private equity firms are not available in the provided information.

Dan McGinnis Chief Operating Officer

Mr. McGinnis has served as the Chief Operating Officer of Octave Specialty Group, Inc. (formerly Ambac Financial Group, Inc.) since November 30, 2021. Further background details regarding his previous companies managed, sales of companies, or a pattern of managing companies backed by private equity firms are not available in the provided information.

Karen Beyer Managing Director, Head of Investor Relations

Ms. Beyer was appointed as Managing Director, Head of Investor Relations for Octave Specialty Group, Inc. (formerly Ambac Financial Group, Inc.) on November 10, 2025. Further background details regarding her previous companies managed, sales of companies, or a pattern of managing companies backed by private equity firms are not available in the provided information.

The global energy transition and decarbonization efforts pose a clear emerging threat. A significant and accelerating shift towards renewable energy sources, electric vehicles, and other non-fossil fuel technologies, coupled with increasing environmental regulations and targets from international bodies like the IMO, threatens the long-term demand for crude oil and petroleum products. As the core business of OSG (Overseas Shipholding Group, Inc.) is the ocean transportation of these fossil fuels, a sustained decline in demand for these commodities could fundamentally erode its market, necessitating costly fleet modernization towards alternative fuels or cargo types.

Octave Specialty Group Inc. (OSG), formerly known as Ambac Financial Group, Inc., is a global specialty insurance firm. The company's primary business involves building, acquiring, and scaling niche insurance distribution and underwriting businesses. Its operations are focused on the U.S., U.K., and Bermuda markets.

Currently, the specific addressable market size for Octave Specialty Group's niche insurance products and services cannot be identified as a single, consolidated figure from publicly available information. While the company operates within the broader specialty insurance sector, detailed market sizing for their specific "niche" businesses across their targeted regions (U.S., U.K., and Bermuda) is not readily available. Therefore, the addressable markets for their main products or services cannot be precisely sized at this time.

Here are 3-5 expected drivers of future revenue growth for Octave Specialty (OSG) over the next 2-3 years:

1. Acquisition and Expansion of Managing General Agencies (MGAs): Octave Specialty Group's core strategy post-rebranding is to build and acquire high-performing managing general agency (MGA) businesses across the US, UK, and Bermuda. This focused acquisition strategy is expected to be a primary driver of revenue growth as the company integrates new businesses into its portfolio.
2. Organic Growth within the Insurance Distribution Segment: The company's Insurance Distribution segment has already demonstrated significant organic revenue growth, with a 40% increase in Q3 2025. This indicates a strong performance and expansion within its existing insurance distribution operations.
3. Geographic Market Expansion: Octave Specialty Group's stated focus on acquiring MGA businesses "across the US, UK, and Bermuda" signals a clear intent for geographical expansion. This broader market reach is anticipated to contribute to increased revenue.
4. Diversification into Specialty Insurance and Tech-Driven Operations: Octave's strategy involves diversification into specialty insurance and leveraging technology in its operations. This approach is aimed at improving revenue stability and operational efficiency, which can lead to enhanced market competitiveness and, consequently, revenue growth through more attractive and efficient product offerings.

Share Repurchases

• Octave Specialty Group completed the repurchase of 3,100,000 shares, equivalent to 6.5% of the weighted average shares outstanding, as part of its capital management strategy.
• Under an equity buyback plan announced on November 12, 2024, the company completed the repurchase of 1,229,332 shares for $15.11 million.
• A buyback announced on March 30, 2022, resulted in the repurchase of 1,945,329 shares for $18.91 million.

Share Issuance

• Shareholders of Octave Specialty Group have not been meaningfully diluted in the past year.

Outbound Investments

• Octave Specialty Group successfully sold its legacy financial guarantee business for $420 million, enabling a strategic focus on its core specialty insurance operations.
• The company has launched new professional lines Managing General Agents (MGAs) and converted an investment in a recently launched MGA to a majority stake.
• Octave Specialty Group plans disciplined capital allocation to support startups and technology investments for future growth.

Capital Expenditures

• The company plans disciplined capital allocation to support technology investments, aiming for robust performance in 2026 and beyond.
• Octave Specialty Group has generated cashflows in excess of scheduled debt service and planned capital expenditures, allowing for returns to stockholders.