| Summary of Business Segment Information |
The following are tabulations of business segment information for the quarter ended March 31, 2025. Corporate information is included to reconcile segment data to the consolidated financial statements.
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Quarter Ended March 31, 2025:
(Dollars in thousands) |
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Agency and Insurance Services |
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Belmont Core |
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Belmont Non-Core |
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Elimination |
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Total |
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Revenues: |
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Gross written premiums |
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$ |
— |
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$ |
98,389 |
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$ |
286 |
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$ |
— |
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$ |
98,675 |
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Net written premiums |
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$ |
— |
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$ |
95,634 |
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$ |
230 |
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$ |
— |
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$ |
95,864 |
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Net earned premiums |
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$ |
— |
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$ |
92,260 |
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$ |
1,056 |
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$ |
— |
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$ |
93,316 |
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Commission and service fee income (1) |
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14,049 |
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— |
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— |
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(14,049 |
) |
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— |
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Policy and installment fee income |
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387 |
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— |
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30 |
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— |
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|
417 |
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Total segment revenues |
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14,436 |
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92,260 |
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1,086 |
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(14,049 |
) |
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93,733 |
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Reconciliation of revenue |
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Net investment income |
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14,782 |
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Net realized investment gains |
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136 |
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Total consolidated revenues |
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$ |
108,651 |
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Less: (2) |
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Net losses and loss adjustment expenses |
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— |
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66,452 |
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619 |
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(333 |
) |
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66,738 |
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Net commission expenses |
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— |
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32,404 |
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501 |
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(10,571 |
) |
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22,334 |
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Other underwriting expenses (3) |
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12,632 |
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4,986 |
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700 |
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(3,145 |
) |
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15,173 |
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Income (loss) from segments |
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1,804 |
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$ |
(11,582 |
) |
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$ |
(734 |
) |
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— |
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$ |
(10,512 |
) |
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Reconciliation of segment profit (loss) |
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Unallocated items: |
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Net investment income |
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14,782 |
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Net realized investment gains |
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136 |
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Corporate expenses |
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(9,500 |
) |
Income (loss) before income taxes |
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(5,094 |
) |
Income tax expense (benefit) |
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(1,105 |
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Net income (loss) |
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$ |
(3,989 |
) |
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Segment assets |
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$ |
41,886 |
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$ |
153,788 |
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$ |
86,130 |
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$ |
(29,871 |
) |
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251,933 |
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Corporate assets |
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1,461,673 |
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Total assets |
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$ |
1,713,606 |
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(1)Consists of intersegment revenues, which are eliminated in consolidation. (2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (3)Other underwriting expenses consist primarily of personnel expenses and general operating expenses related to underwriting activities. The following are tabulations of business segment information for the quarter ended March 31, 2024. Corporate information is included to reconcile segment data to the consolidated financial statements. Segment results for the quarter ended March 31, 2024 have been recast to conform to the new reportable segments.
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Quarter Ended March 31, 2024:
(Dollars in thousands) |
|
Agency and Insurance Services |
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|
Belmont Core |
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|
Belmont Non-Core |
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|
Elimination |
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Total |
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Revenues: |
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Gross written premiums |
|
$ |
— |
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$ |
94,048 |
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$ |
(560 |
) |
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$ |
— |
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$ |
93,488 |
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Net written premiums |
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$ |
— |
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$ |
92,596 |
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$ |
(511 |
) |
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$ |
— |
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$ |
92,085 |
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Net earned premiums |
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$ |
— |
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$ |
89,132 |
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$ |
7,447 |
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$ |
— |
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$ |
96,579 |
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Commission and service fee income |
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— |
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|
|
— |
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— |
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— |
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— |
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Policy and installment fee income |
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— |
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|
339 |
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6 |
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— |
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|
345 |
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Total segment revenues |
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— |
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89,471 |
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7,453 |
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— |
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96,924 |
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Reconciliation of revenue |
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Net investment income |
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14,520 |
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Net realized investment gains |
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|
847 |
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Total consolidated revenues |
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$ |
112,291 |
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Less: (1) |
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Net losses and loss adjustment expenses |
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— |
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48,909 |
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4,475 |
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— |
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53,384 |
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Net commission expenses |
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— |
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20,891 |
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2,532 |
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— |
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23,423 |
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Other underwriting expenses (2) |
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— |
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14,036 |
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|
810 |
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— |
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14,846 |
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Income (loss) from segments |
|
$ |
— |
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$ |
5,635 |
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$ |
(364 |
) |
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$ |
— |
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$ |
5,271 |
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Reconciliation of segment profit (loss) |
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Unallocated items: |
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Net investment income |
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14,520 |
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Net realized investment gains |
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|
847 |
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Corporate expenses |
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(6,373 |
) |
Income (loss) before income taxes |
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14,265 |
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Income tax expense (benefit) |
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2,899 |
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Net income (loss) |
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$ |
11,366 |
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Segment assets |
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$ |
— |
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$ |
154,078 |
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$ |
116,583 |
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$ |
— |
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270,661 |
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Corporate assets |
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1,457,581 |
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Total assets |
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$ |
1,728,242 |
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(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (2)Other underwriting expenses consist primarily of personnel expenses and general operating expenses related to underwriting activities.
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