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10-K Filing

OCTAVE SPECIALTY GROUP INC CIK: 874501 FY 2012
Filing Information
Form Type 10-K
Accession Number 0001193125-13-122346
Period End Date 20121231
Filing Date 20130322
Fiscal Year 2012
Fiscal Period FY
XBRL Instance abk-20121231.xml
Filing Contents

This filing contains the following financial statements:

Income Statement 82 line items
Line Item Tag Value Unit Period
Unrealized gains on securities, taxes OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax - USD Annual
Reclassification adjustment for net gain (loss) included in net loss, tax OtherComprehensiveIncomeLossReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeTax - USD Annual
Net premiums earned PremiumsEarnedNetFinancialGuaranteeInsuranceContracts $414.60M USD Annual
Net premiums earned PremiumsEarnedNetFinancialGuaranteeInsuranceContracts $405.97M USD Annual
Net investment income NetInvestmentIncome $382.90M USD Annual
(Loss) gain on foreign currency translation, taxes OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax - USD Annual
Net investment income NetInvestmentIncome $354.80M USD Annual
Amortization of postretirement benefit, taxes OtherComprehensiveIncomeLossAmortizationPensionAndOtherPostretirementBenefitPlansNetPriorServiceCostRecognizedInNetPeriodicPensionCostNetOfTaxes - USD Annual
Total other-than-temporary impairment losses OtherThanTemporaryImpairmentLosses $90.36M USD Annual
Total other-than-temporary impairment losses OtherThanTemporaryImpairmentLosses $15.66M USD Annual
Portion of loss recognized in other comprehensive income PortionOfLossRecognizedInOtherComprehensiveIncome $-9.67M USD Annual
Portion of loss recognized in other comprehensive income PortionOfLossRecognizedInOtherComprehensiveIncome $-26.51M USD Annual
Net other-than-temporary impairment losses recognized in earnings NetOtherThanTemporaryImpairmentLossesRecognizedInEarnings $-5.99M USD Annual
Net other-than-temporary impairment losses recognized in earnings NetOtherThanTemporaryImpairmentLossesRecognizedInEarnings $-63.84M USD Annual
Net realized investment gains NetRealizedInvestmentGainsLosses $17.35M USD Annual
Net realized investment gains NetRealizedInvestmentGainsLosses $72.10M USD Annual
Realized gains and other settlements RealizedGainsLossesAndOtherSettlements $13.71M USD Annual
Realized gains and other settlements RealizedGainsLossesAndOtherSettlements $17.00M USD Annual
Unrealized (losses) gains UnrealizedGainsLosses $-22.93M USD Annual
Unrealized (losses) gains UnrealizedGainsLosses $31.03M USD Annual
Net change in fair value of credit derivatives GainLossOnDerivativeInstrumentsNetPretax $48.03M USD Annual
Net change in fair value of credit derivatives GainLossOnDerivativeInstrumentsNetPretax $-9.22M USD Annual
Derivative products GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet $-125.00M USD Annual
Derivative products GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet $-280.82M USD Annual
Net realized (losses) gains on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $3.12M USD Annual
Net realized (losses) gains on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-177.58M USD Annual
Other income OtherIncome $106.10M USD Annual
Other income OtherIncome $25.54M USD Annual
Income (loss) on variable interest entities IncomeLossOnVariableInterestEntities $27.78M USD Annual
Income (loss) on variable interest entities IncomeLossOnVariableInterestEntities $-214.37M USD Annual
Total revenues before expenses and reorganization items Revenues $685.69M USD Annual
Total revenues before expenses and reorganization items Revenues $295.76M USD Annual
Losses and loss expenses IncurredClaimsFinancialGuaranteeInsuranceContracts $1.86B USD Annual
Losses and loss expenses IncurredClaimsFinancialGuaranteeInsuranceContracts $683.63M USD Annual
Underwriting and operating expenses OtherUnderwritingExpense $139.03M USD Annual
Underwriting and operating expenses OtherUnderwritingExpense $141.31M USD Annual
Interest expense InterestExpenseDebt $128.09M USD Annual
Interest expense InterestExpenseDebt $112.32M USD Annual
Total expenses before reorganization items BenefitsLossesAndExpenses $934.98M USD Annual
Total expenses before reorganization items BenefitsLossesAndExpenses $2.13B USD Annual
Pre-tax loss from continuing operations before reorganization items IncomeLossFromContinuingOperationsBeforeReorganizationItemsAndIncomeTaxes $-249.29M USD Annual
Pre-tax loss from continuing operations before reorganization items IncomeLossFromContinuingOperationsBeforeReorganizationItemsAndIncomeTaxes $-1.83B USD Annual
Reorganization items ReorganizationItems $49.86M USD Annual
Reorganization items ReorganizationItems $7.21M USD Annual
Pre-tax loss from continuing operations IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-1.88B USD Annual
Pre-tax loss from continuing operations IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-256.50M USD Annual
Provision for income taxes IncomeTaxExpenseBenefit $2.85M USD Annual
Provision for income taxes IncomeTaxExpenseBenefit $77.42M USD Annual
Net loss ProfitLoss $-259.35M USD Annual
Net loss ProfitLoss $-1.96B USD Annual
Less: net (loss) gain attributable to the noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $60.00K USD Annual
Less: net (loss) gain attributable to the noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $-2.68M USD Annual
Net loss attributable to common shareholders. NetIncomeLoss $-256.68M USD Annual
Net loss attributable to common shareholders. NetIncomeLoss $-1.96B USD Annual
Net loss ProfitLoss $-259.35M USD Annual
Net loss ProfitLoss $-1.96B USD Annual
Unrealized gains on securities, net of deferred income taxes of $0 OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $221.15M USD Annual
Unrealized gains on securities, net of deferred income taxes of $0 OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $120.64M USD Annual
Less: reclassification adjustment for net gain (loss) included in net loss, net of tax of $0 OtherComprehensiveIncomeLossReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax $48.61M USD Annual
Less: reclassification adjustment for net gain (loss) included in net loss, net of tax of $0 OtherComprehensiveIncomeLossReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax $-54.90M USD Annual
(Loss) gain on foreign currency translation, net of deferred income taxes of $0 OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $1.53M USD Annual
(Loss) gain on foreign currency translation, net of deferred income taxes of $0 OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-540.00K USD Annual
Amortization of postretirement benefit, net of tax of $0 OtherComprehensiveIncomeLossAmortizationPensionAndOtherPostretirementBenefitPlansNetPriorServiceCostRecognizedInNetPeriodicPensionCostNetOfTax $3.79M USD Annual
Amortization of postretirement benefit, net of tax of $0 OtherComprehensiveIncomeLossAmortizationPensionAndOtherPostretirementBenefitPlansNetPriorServiceCostRecognizedInNetPeriodicPensionCostNetOfTax $-753.00K USD Annual
Total other comprehensive income, net of tax OtherComprehensiveIncomeLossNetOfTax $171.53M USD Annual
Total other comprehensive income, net of tax OtherComprehensiveIncomeLossNetOfTax $161.92M USD Annual
Total comprehensive loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-97.43M USD Annual
Total comprehensive loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-1.79B USD Annual
Net (loss) income NetIncomeLossAttributableToNoncontrollingInterest $60.00K USD Annual
Net (loss) income NetIncomeLossAttributableToNoncontrollingInterest $-2.68M USD Annual
Currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest $47.00K USD Annual
Currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest $-206.00K USD Annual
Total comprehensive loss attributable to Ambac Financial Group, Inc. ComprehensiveIncomeNetOfTax $-94.55M USD Annual
Total comprehensive loss attributable to Ambac Financial Group, Inc. ComprehensiveIncomeNetOfTax $-1.79B USD Annual
Loss per share attributable to Ambac Financial Group, Inc. common shareholders EarningsPerShareBasic $-0.85 USD Annual
Loss per share attributable to Ambac Financial Group, Inc. common shareholders EarningsPerShareBasic $-6.48 USD Annual
Loss per diluted share attributable to Ambac Financial Group, Inc. common shareholders EarningsPerShareDiluted $-0.85 USD Annual
Loss per diluted share attributable to Ambac Financial Group, Inc. common shareholders EarningsPerShareDiluted $-6.48 USD Annual
Basic WeightedAverageNumberOfSharesOutstandingBasic 302.44M shares Annual
Basic WeightedAverageNumberOfSharesOutstandingBasic 302.47M shares Annual
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 302.44M shares Annual
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 302.47M shares Annual
Cash Flow Statement 86 line items
Line Item Tag Value Unit Period
Surplus notes SurplusNotes $3.00M USD Point-in-time
Net loss attributable to common shareholders NetIncomeLoss $-256.68M USD Annual
Junior surplus notes JuniorSurplusNotesParValue $36.08M USD Point-in-time
Net loss attributable to common shareholders NetIncomeLoss $-1.96B USD Annual
Noncontrolling interest in subsidiaries' earnings NetIncomeLossAttributableToNoncontrollingInterest $60.00K USD Annual
Noncontrolling interest in subsidiaries' earnings NetIncomeLossAttributableToNoncontrollingInterest $-2.68M USD Annual
Net loss ProfitLoss $-259.35M USD Annual
Net loss ProfitLoss $-1.96B USD Annual
Depreciation and amortization DepreciationAmortizationAndAccretionNet $3.73M USD Annual
Depreciation and amortization DepreciationAmortizationAndAccretionNet $3.07M USD Annual
Amortization of bond premium and discount AccretionAmortizationOfDiscountsAndPremiumsInvestments $186.31M USD Annual
Amortization of bond premium and discount AccretionAmortizationOfDiscountsAndPremiumsInvestments $189.40M USD Annual
Reorganization items ReorganizationItems $49.86M USD Annual
Reorganization items ReorganizationItems $7.21M USD Annual
Share-based compensation ShareBasedCompensation $-15.46M USD Annual
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $-1.59M USD Annual
Current income taxes IncreaseDecreaseInAccruedIncomeTaxesPayable $73.17M USD Annual
Current income taxes IncreaseDecreaseInAccruedIncomeTaxesPayable $1.07M USD Annual
Deferred acquisition costs IncreaseDecreaseInDeferredPolicyAcquisitionCosts $-27.14M USD Annual
Deferred acquisition costs IncreaseDecreaseInDeferredPolicyAcquisitionCosts $-24.35M USD Annual
Unearned premiums, net IncreaseDecreaseInUnearnedPremiums $-507.17M USD Annual
Unearned premiums, net IncreaseDecreaseInUnearnedPremiums $-635.35M USD Annual
Losses and loss expenses, net IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve $1.79B USD Annual
Losses and loss expenses, net IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve $-261.30M USD Annual
Ceded premiums payable IncreaseDecreaseInReinsurancePayables $-21.03M USD Annual
Ceded premiums payable IncreaseDecreaseInReinsurancePayables $-25.89M USD Annual
Investment income due and accrued IncreaseDecreaseInAccruedInvestmentIncomeReceivable $-5.59M USD Annual
Investment income due and accrued IncreaseDecreaseInAccruedInvestmentIncomeReceivable $262.00K USD Annual
Premium receivables IncreaseDecreaseInPremiumsReceivable $-394.12M USD Annual
Premium receivables IncreaseDecreaseInPremiumsReceivable $-407.86M USD Annual
Accrued interest payable IncreaseDecreaseInInterestPayableNet $89.28M USD Annual
Accrued interest payable IncreaseDecreaseInInterestPayableNet $108.46M USD Annual
Net mark-to-market losses (gains) UnrealizedGainLossOnDerivatives $31.03M USD Annual
Net mark-to-market losses (gains) UnrealizedGainLossOnDerivatives $-22.93M USD Annual
Net realized investment gains RealizedInvestmentGainsLosses $17.35M USD Annual
Net realized investment gains RealizedInvestmentGainsLosses $72.10M USD Annual
Other-than-temporary impairment charges OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet $5.99M USD Annual
Other-than-temporary impairment charges OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet $63.84M USD Annual
Losses (gains) on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $3.12M USD Annual
Losses (gains) on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-177.58M USD Annual
Variable interest entity activities IncreaseDecreaseVariableInterestEntityActivities $27.78M USD Annual
Variable interest entity activities IncreaseDecreaseVariableInterestEntityActivities $-214.37M USD Annual
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $-105.91M USD Annual
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $-28.87M USD Annual
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $-613.90M USD Annual
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $3.56M USD Annual
Proceeds from sales of bonds ProceedsFromSaleOfAvailableForSaleSecurities $635.18M USD Annual
Proceeds from sales of bonds ProceedsFromSaleOfAvailableForSaleSecurities $592.67M USD Annual
Proceeds from matured bonds ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $675.93M USD Annual
Proceeds from matured bonds ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $1.11B USD Annual
Purchases of bonds PaymentsToAcquireAvailableForSaleSecurities $798.74M USD Annual
Purchases of bonds PaymentsToAcquireAvailableForSaleSecurities $1.25B USD Annual
Change in short-term investments PaymentsForProceedsFromShortTermInvestments $-121.41M USD Annual
Change in short-term investments PaymentsForProceedsFromShortTermInvestments $-208.50M USD Annual
Loans, net PaymentsForProceedsFromLoansReceivable $-1.17M USD Annual
Loans, net PaymentsForProceedsFromLoansReceivable $-9.79M USD Annual
Change in swap collateral receivable IncreaseDecreaseCashCollateralFromCounterparties $43.63M USD Annual
Change in swap collateral receivable IncreaseDecreaseCashCollateralFromCounterparties $-45.38M USD Annual
Other, net PaymentsForProceedsFromOtherInvestingActivities $40.26M USD Annual
Other, net PaymentsForProceedsFromOtherInvestingActivities $-3.90M USD Annual
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $228.03M USD Annual
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $1.04B USD Annual
Proceeds received from a newly established variable interest entity ProceedsReceivedFromVariableInterestEntity $35.60M USD Annual
Paydowns of variable interest entity secured borrowing PaydownOfVariableInterestEntitySecuredBorrowing $21.01M USD Annual
Proceeds from issuance of investment and repurchase agreements ProceedsFromIssuanceOfBorrowingsUnderGuaranteedInvestmentAgreements $123.00K USD Annual
Payments for investment and repurchase agreement draws PaymentsFromDrawdownsOfBorrowingsUnderGuaranteedInvestmentAgreements $258.36M USD Annual
Payments for investment and repurchase agreement draws PaymentsFromDrawdownsOfBorrowingsUnderGuaranteedInvestmentAgreements $186.79M USD Annual
Payments for extinguishment of debt RepaymentsOfLongTermDebt $188.45M USD Annual
Net cash collateral received IncreaseDecreaseInCashCollateralForBorrowedSecurities $2.44M USD Annual
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-225.08M USD Annual
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-396.24M USD Annual
Net cash flow CashAndCashEquivalentsPeriodIncreaseDecrease $6.50M USD Annual
Net cash flow CashAndCashEquivalentsPeriodIncreaseDecrease $27.84M USD Annual
Cash at January 1 CashAndCashEquivalentsAtCarryingValue $16.00M USD Point-in-time
Cash at January 1 CashAndCashEquivalentsAtCarryingValue $43.84M USD Point-in-time
Cash at January 1 CashAndCashEquivalentsAtCarryingValue $9.50M USD Point-in-time
Cash at December 31 CashAndCashEquivalentsAtCarryingValue $16.00M USD Point-in-time
Cash at December 31 CashAndCashEquivalentsAtCarryingValue $43.84M USD Point-in-time
Cash at December 31 CashAndCashEquivalentsAtCarryingValue $9.50M USD Point-in-time
Income taxes IncomeTaxesPaid $1.49M USD Annual
Income taxes IncomeTaxesPaid $1.99M USD Annual
Interest on variable interest entity secured borrowing InterestPaidOnVariableInterestEntitySecuredBorrowing $1.57M USD Annual
Interest on investment agreements InterestPaidOnInvestmentAgreements $7.26M USD Annual
Interest on investment agreements InterestPaidOnInvestmentAgreements $8.46M USD Annual
Professional fees paid for services rendered in connection with the Chapter 11 proceeding ProfessionalFeesPaidRelatingToChapterElevenProceeding $31.25M USD Annual
Professional fees paid for services rendered in connection with the Chapter 11 proceeding ProfessionalFeesPaidRelatingToChapterElevenProceeding $9.14M USD Annual
Stockholders Equity 14 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-3.25B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-1.35B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-3.15B USD Point-in-time
Total comprehensive loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-97.43M USD Annual
Total comprehensive loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-1.79B USD Annual
Adjustment to correct balance sheet misclassification NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 $9.03M USD Point-in-time
Stock-based compensation StockBasedCompensation $52.61M USD Annual
Stock-based compensation StockBasedCompensation $664.00K USD Annual
Cost of shares acquired TreasuryStockValueAcquiredCostMethod $35.00K USD Annual
Shares issued under equity plans StockIssuedDuringPeriodValueShareBasedCompensation $37.16M USD Annual
Shares issued under equity plans StockIssuedDuringPeriodValueShareBasedCompensation $664.00K USD Annual
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-3.25B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-1.35B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-3.15B USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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