Octave Specialty Group, a US-listed global specialty insurance company operating across insurance distribution and specialty property and casualty insurance, has announced its financial results for the third quarter of 2026, reporting a 28% year on year increase in total revenue, and an improved net loss of $13.8 million.
Total revenue for Q3 2026 stood at $85.3 million, an increase of 28% compared to $66.6 million in the prior-year period.
The increase was driven by 35% revenue growth in the Insurance Distribution segment, to $58 million, reflecting organic revenue growth of 23% and the acquisition of ArmadaCare, as well as 52% earned premium growth at Everspan.
At $13.8 million, Octave’s net loss from continuing operations attributable to shareholders for Q3 2026 improved from the $31.7 million loss reported for Q3 2025.
Primary drivers behind this operational progress include its Insurance Distribution segment, which reported a net loss of $4.2 million for Q3 2026, compared to $5.4 million in the same period last year.
Q3 2026’s net loss improvement was also attributed to the Specialty P&C Insurance segment, where Everspan reported net income of $1.3 million, compared to a net loss of $0.1 million in the prior-year period, and a reduction in the Corporate net loss to $10.8 million from $26.3 million in Q3 2025.
On an adjusted basis, net loss contracted to $1.3 million from the $10.0 million reported for Q3 2026, reflecting lower interest expense, growth in the Insurance Distribution and Specialty P&C Insurance segments, and a smaller Corporate Adjusted net loss.
Adjusted EBITDA to shareholders for Q3 2026 improved to $3.3 million, compared to a loss of $2.9 million in the prior-year period. The improvement was driven by a $2.3 million increase in Insurance Distribution Adjusted EBITDA to shareholders.
In addition, the third quarter of 2026 Adjusted EBITDA to shareholders improved for Everspan and Corporate by $2.2 million and $1.8 million, respectively, from a year ago.
Claude LeBlanc, President and Chief Executive Officer of Octave, commented: “Octave delivered a solid third quarter, with continued growth in our Insurance Distribution business and further progress at Everspan, despite a P&C market that has become more competitive as the year has progressed.
“ While we expect market softening to continue into 2027, we believe that our operating model was built to perform through market cycles, and Octave is well positioned to deliver sustained, profitable growth toward our long-term goals.”
