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Octave Specialty trims property premiums while MGA distribution surges
Everspan’s gross premiums written fell 2% year-over-year to $95 million in Q2, while the MGA distribution segment’s revenue climbed 77% to $58 million.
Octave Specialty Group reported a split performance in its second quarter, with its specialty carrier shrinking property exposure as market conditions softened, while its MGA distribution platform expanded. The New York-based firm operates two segments, an MGA distribution business and the specialty carrier Everspan.
Everspan’s gross premiums written fell 2% year-over-year to $95 million in Q2, which Octave attributed to soft property market conditions. Net premiums written rose 52% to $23 million as the carrier retained more of its book rather than ceding it to reinsurers, and its combined ratio improved to 100.6% from 106.7% a year earlier, helped by a loss ratio dropping to 61.4% from 67.8%.
On the distribution side, Octave’s total revenue reached $58 million in Q2, up 77% from $33 million a year earlier, with 44% organic revenue growth. Premiums placed through the insurance distribution segment were $314 million in Q2, up 26% year-over-year.
Octave said its distribution results reflect growth drivers including its 2025 acquisition of ArmadaCare for $250 million and an increased stake in Octave Ventures to 70% from 60%. The company also launched an AI-driven underwriting platform during the quarter that it says converts unstructured submissions into decision-ready risks to speed underwriting decisions and bring new MGAs to market more quickly.