Business Context and Reporting Period
Company: Octave Specialty Group, Inc. (formerly Ambac Financial Group, Inc.)
Filing Type: Form 8-K (Current Report)
Date of Report: December 10, 2025
Reporting Period: The filing addresses a corporate governance event occurring on December 10, 2025, regarding the change of the independent registered public accounting firm for the fiscal year ending December 31, 2026.
Key Financial Metrics
This Form 8-K filing does not contain financial performance data. There are no reported values for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
- Dismissal of Auditor: The Audit Committee dismissed KPMG LLP, the Company's independent registered public accounting firm since 1985, effective upon completion of the 2025 fiscal year audit.
- Appointment of New Auditor: The Audit Committee appointed Ernst & Young LLP (EY) as the new independent registered public accounting firm for the fiscal year ending December 31, 2026.
- Rationale: The change is part of a planned audit firm rotation strategy driven by recent acquisitions that resulted in the Company utilizing multiple audit firms.
Guidance, Outlook, and Risks
Management Commentary: The transition is described as a matter of good corporate governance. The Audit Committee conducted a competitive Request for Proposal (RFP) process involving several firms, including KPMG, before selecting EY.
Risks and Contingencies:
- Audit Disagreements: The filing explicitly states there were no disagreements with KPMG regarding accounting principles, financial statement disclosure, or auditing scope during the two most recent fiscal years (2023-2024) and the interim period through December 10, 2025.
- Reportable Events: No reportable events occurred during the same period.
- Opinion Status: KPMG's audit reports for 2023 and 2024 did not contain adverse opinions, disclaimers, or qualifications.
Investor Verification Checklist
- Verify the effective date of the transition from KPMG to EY (post-completion of 2025 audits).
- Review the letter from KPMG (Exhibit 16.1) to confirm their agreement with the Company's statements regarding the dismissal.
- Confirm the completion of EY's client acceptance procedures and the execution of the engagement agreement.
- Monitor future filings for the first audit report issued by EY for the fiscal year ending December 31, 2026.