Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

The following are tabulations of business segment information for the quarters and six months ended June 30, 2025 and 2024. Corporate information is included to reconcile segment data to the consolidated financial statements. Segment results for the quarter and six months ended June 30, 2024 have been recast to conform to the new reportable segments.


Quarter Ended June 30, 2025 (Dollars in thousands)	Agency and Insurance Services		Belmont Core		Belmont Non-Core			Elimination			Total
Revenues:
Gross written premiums	$	—	$	109,819	$	(3,018	)	$	—		$	106,801
Net written premiums	$	—	$	106,873	$	(2,959	)	$	—		$	103,914
Net earned premiums	$	—	$	97,513	$	(2,367	)	$	—		$	95,146
Commission and service fee income (1)		14,851		—		—			(14,851	)		—
Policy and installment fee income		499		—		41			—			540
Total segment revenues		15,350		97,513		(2,326	)		(14,851	)		95,686
Reconciliation of revenue
Net investment income												14,707
Net realized investment gains												127
Total consolidated revenues											$	110,520

Less: (2)
Net losses and loss adjustment expenses		—		56,109		(2,829	)		(332	)		52,948
Net commission expenses		—		34,079		(780	)		(11,456	)		21,843
Other underwriting expenses (3)		13,042		4,591		502			(3,063	)		15,072
Income from segments	$	2,308	$	2,734	$	781		$	—		$	5,823

Reconciliation of segment profit (loss)
Unallocated items:
Net investment income												14,707
Net realized investment gains												127
Corporate expenses												(7,528	)
Income before income taxes												13,129
Income tax expense												2,785
Net income											$	10,344

Segment assets	$	33,730	$	154,811	$	85,360		$	(19,644	)		254,257
Corporate assets												1,466,328
Total assets											$	1,720,585

(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.


Quarter Ended June 30, 2024 (Dollars in thousands)	Agency and Insurance Services		Belmont Core		Belmont Non-Core			Elimination		Total
Revenues:
Gross written premiums	$	—	$	100,552	$	154		$	—	$	100,706
Net written premiums	$	—	$	97,602	$	149		$	—	$	97,751
Net earned premiums	$	—	$	89,353	$	3,461		$	—	$	92,814
Commission and service fee income		—		—		—			—		—
Policy and installment fee income		—		344		13			—		357
Total segment revenues		—		89,697		3,474			—		93,171
Reconciliation of revenue
Net investment income											15,311
Net realized investment gains											205
Total consolidated revenues										$	108,687

Less: (1)
Net losses and loss adjustment expenses		—		51,126		2,536			—		53,662
Net commission expenses		—		20,589		1,094			—		21,683
Other underwriting expenses (2)		—		13,309		976			—		14,285
Income (loss) from segments	$	—	$	4,673	$	(1,132	)	$	—	$	3,541

Reconciliation of segment profit (loss)
Unallocated items:
Net investment income											15,311
Net realized investment gains											205
Corporate expenses											(6,383	)
Income before income taxes											12,674
Income tax expense											2,581
Net income										$	10,093

Segment assets	$	—	$	152,534	$	108,847		$	—		261,381
Corporate assets											1,477,168
Total assets										$	1,738,549

(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.


Six Months Ended June 30, 2025 (Dollars in thousands)	Agency and Insurance Services		Belmont Core			Belmont Non-Core			Elimination			Total
Revenues:
Gross written premiums	$	—	$	208,208		$	(2,732	)	$	—		$	205,476
Net written premiums	$	—	$	202,507		$	(2,729	)	$	—		$	199,778
Net earned premiums	$	—	$	189,773		$	(1,311	)	$	—		$	188,462
Commission and service fee income (1)		28,900		—			—			(28,900	)		—
Policy and installment fee income		886		—			71			—			957
Total segment revenues		29,786		189,773			(1,240	)		(28,900	)		189,419
Reconciliation of revenue
Net investment income													29,489
Net realized investment gains													263
Total consolidated revenues												$	219,171

Less: (2)
Net losses and loss adjustment expenses		—		122,561			(2,210	)		(665	)		119,686
Net commission expenses		—		66,483			(279	)		(22,027	)		44,177
Other underwriting expenses (3)		25,674		9,577			1,202			(6,208	)		30,245
Income (loss) from segments	$	4,112	$	(8,848	)	$	47		$	—		$	(4,689	)

Reconciliation of segment profit (loss)
Unallocated items:
Net investment income													29,489
Net realized investment gains													263
Corporate expenses													(17,028	)
Income before income taxes													8,035
Income tax expense													1,680
Net income												$	6,355

Segment assets	$	33,730	$	154,811		$	85,360		$	(19,644	)		254,257
Corporate assets													1,466,328
Total assets												$	1,720,585

(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


Six months ended June 30, 2024 (Dollars in thousands)	Agency and Insurance Services		Belmont Core		Belmont Non-Core			Elimination		Total
Revenues:
Gross written premiums	$	—	$	194,600	$	(406	)	$	—	$	194,194
Net written premiums	$	—	$	190,198	$	(362	)	$	—	$	189,836
Net earned premiums	$	—	$	178,485	$	10,908		$	—	$	189,393
Commission and service fee income		—		—		—			—		—
Policy and installment fee income		—		683		19			—		702
Total segment revenues		—		179,168		10,927			—		190,095
Reconciliation of revenue
Net investment income											29,831
Net realized investment gains											1,052
Total consolidated revenues										$	220,978

Less: (1)
Net losses and loss adjustment expenses		—		100,035		7,011			—		107,046
Net commission expenses		—		41,480		3,626			—		45,106
Other underwriting expenses (2)		—		27,345		1,786			—		29,131
Income (loss) from segments	$	—	$	10,308	$	(1,496	)	$	—	$	8,812

Reconciliation of segment profit (loss)
Unallocated items:
Net investment income											29,831
Net realized investment gains											1,052
Corporate expenses											(12,756	)
Income before income taxes											26,939
Income tax expense											5,480
Net income										$	21,459

Segment assets	$	—	$	152,534	$	108,847		$	—		261,381
Corporate assets											1,477,168
Total assets										$	1,738,549

(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.