Ambac Financial Group, Inc.

Ladies and gentlemen, good morning, and welcome to the Octave Specialty Group's third quarter 2025 earnings call. At this time, all participants are in listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please signal the operator by pressing star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Karen Beyer, Head of Investor Relations. Please go ahead, Karen.

Thank you. Hello, I'm Karen Beyer, the new head of investor relations for Octave, and it is my pleasure to welcome you to our third quarter 2025 earnings call. For those of you following along on the webcast, we have posted a new investor presentation on our website, which Claude will be speaking to during his prepared remarks. Our call today includes forward-looking statements. The company cautions investors that any forward-looking statement involves risks and uncertainties, and it is not a guarantee of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. These factors are described under the forward-looking statements in our press release and our most recent 10Q and 10K filed with the SEC. We do not undertake any obligation to update forward-looking statements. Also in our prepared remarks and responses to questions, we may mention some non-GAAP financial measures. Reconciliation to those non-GAAP measures are included in our recent earnings release, investor presentation, and operating supplement and other materials available to investors on our website, OctaveGroup.com. Speaking today will be Claude LeBlanc, President and CEO of Octave, and David Trick, Chief Financial Officer. With that, I will turn over the call to Claude LeBlanc, President and CEO of Octave.

Thank you, Karen. We are very pleased to have you participating on the call today, and I would like to extend a warm welcome to you as the newest member of our team. For those joining our call today, we are excited to welcome you to the inaugural earnings call for Octave Specialty Group, the new name and brand replacing AMBAC Financial Group, which we announced last night. We have a number of significant updates to share with you today. I will start by providing you with key highlights for the quarter, followed by David, who will cover our financial update. Following David's remarks, I will provide an overview of key themes included in the new investor presentation posted to our website last evening. Today begins a new era for our company as a pure play specialty P&C insurance business. This transformation reflects the culmination of years of hard work underscored by significant milestone achievements, starting with the successful restructuring and exit from rehabilitation of our financial guarantee business in 2018, ultimately leading to its recent sale. In parallel, we defined a vision and strategy for our new business, which we launched just under five years ago. These accomplishments have progressed our company from a runoff business with no access to future distributable earnings to a thriving high-growth insurance distribution platform. I am very proud of our accomplishments, and I want to thank our employees, board of directors, and others who have supported us throughout this monumental transformation. Turning to our quarterly highlights and progress against our recently announced 120-day plan. I am pleased to report we have made material progress against this plan, including, one, the launch of Okta's specialty group, our new corporate brand and vision. Two, we made material progress in executing our capital management plan, completing repurchases totaling 3.1 million shares or 6.5% of weighted average shares outstanding. Three, we undertook additional material corporate expense reductions this quarter that will result in more than a $10 million decrease in our run rate adjusted corporate expenses. And four, In addition to the successful close of the sale of our legacy financial guarantee business to Oak Tree for $420 million, we announced and closed the purchase of RamadaCare, a leading specialty A&H MGA platform. With respect to our organic growth initiatives, we announced the launch of a new Professional Alliance MGA, 1889 Specialty Insurance Services, the launch of the Alcor US MGA, and we converted our investment in the recently launched PIVX MGA led by Meg Miller to a majority stake, bringing our total class of 2025 MGA startups to three. We expect to continue to make material progress on our strategic initiatives during the fourth quarter, positioning our company for strong performance in 2026 and beyond. As we enter 2026, we expect to maintain robust organic growth, bolstered by continued momentum across our core businesses including the significant number of startups launched in the 2024 and 2025 period. We also remain focused on reducing corporate expenses to a more cost-efficient and sustainable level with an initial target of approximately $30 million of adjusted expenses for 2026. Capital management continues to be a top priority guided by our multi-pronged strategy that includes investment in startups, organic growth opportunities, share repurchases, selective and disciplined acquisitions, and continued investments in data, AI, and core technologies that will advance growth opportunities and lead to reductions in operating expenses. We look forward to providing you with guidance for 2026 during our fourth quarter earnings call. Before I turn it over to David, I would like to share some further thoughts on our new brand, Octave Specialty Group. Our new brand is much more than a name change. It is tied to a new vision, strategy, and culture that defines our business and our future. We've evolved from a capital business to one that is defined by people and services working in a collaborative and entrepreneurial ecosystem. We believe Octave captures the essence of who we are today, a collection of unique, high-performing businesses working in harmony. I should note that our aligned capacity, including our Lloyds syndicates and Everspan, will retain their brand identity, as will the individual MGAs within our portfolio. The new Octa brand encompasses the holding company, Octa Specialty Group, along with our two insurance distribution divisions, formerly known as Serrata and B. I will now turn the call over to David to walk us through our financial results for the quarter. David.