v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information

12. Segment Information

The Company manages its operations through three reportable segments:

•
Agency and Insurance Services includes (i) four agencies focused on sourcing, underwriting, and servicing primary and assumed reinsurance business; and (ii) three specialized insurance service businesses providing technology, AI-enabled marketplace and claims services.
•
Belmont Insurance Companies - Core (“Belmont Core”) - insurance company operations for ongoing direct insurance and assumed reinsurance products written in the excess and surplus lines marketplace.
•
Belmont Insurance Companies - Non-Core (“Belmont Non-Core”) - insurance company operations for lines of business that have been de-emphasized or are no longer being written.

 

Certain entities within the Agency and Insurance Services segment executed new affiliated service agreements with Belmont Holdings GX, Inc. and its insurance company subsidiaries effective January 1, 2025.

The Company's segments are reported on a stand-alone basis. Intercompany transactions are eliminated in consolidation.

The Company analyzes the operating performance of each segment using the segment’s income (loss). Segment income (loss) does not equate to “net income (loss)” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Company's Chief Operating Decision Maker ("CODM"), the Chief Executive Officer of Global Indemnity Group, LLC, to evaluate segment performance and allocate resources, and consistent with authoritative guidance, is the measure of segment performance presented below.

 

The following are tabulations of business segment information for the quarters ended March 31, 2026 and 2025. Corporate information is included to reconcile segment data to the consolidated financial statements.

 

Quarter Ended March 31, 2026
(Dollars in thousands)

 

Agency and Insurance Services

 

 

Belmont Core

 

 

Belmont
Non-Core

 

 

Elimination

 

 

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

—

 

 

$

96,507

 

 

$

(57

)

 

$

—

 

 

$

96,450

 

Net written premiums

 

$

—

 

 

$

92,625

 

 

$

(57

)

 

$

—

 

 

$

92,568

 

Net earned premiums

 

$

—

 

 

$

98,371

 

 

$

(16

)

 

$

—

 

 

$

98,355

 

Commission and service fee income (1)

 

 

12,778

 

 

 

—

 

 

 

—

 

 

 

(12,390

)

 

 

388

 

Policy and installment fee income

 

 

461

 

 

 

—

 

 

 

(2

)

 

 

—

 

 

 

459

 

Total segment revenues

 

 

13,239

 

 

 

98,371

 

 

 

(18

)

 

 

(12,390

)

 

 

99,202

 

Reconciliation of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,218

 

Net realized investment gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,243

)

Total consolidated revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

$

109,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

—

 

 

 

54,304

 

 

 

(2

)

 

 

(441

)

 

 

53,861

 

Net commission expenses

 

 

—

 

 

 

32,695

 

 

 

167

 

 

 

(9,524

)

 

 

23,338

 

Other operating expenses (3)

 

 

13,633

 

 

 

6,130

 

 

 

87

 

 

 

(2,425

)

 

 

17,425

 

Income (loss) from segments

 

$

(394

)

 

$

5,242

 

 

$

(270

)

 

$

—

 

 

$

4,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,218

 

Net realized investment gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,243

)

Corporate expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,038

)

Income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,515

 

Income tax expense (benefit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,269

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment assets

 

$

44,924

 

 

$

154,957

 

 

$

74,995

 

 

$

(16,106

)

 

 

258,770

 

Corporate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,421,346

 

Total assets

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,680,116

 

 

(1)
Consists of intersegment revenues of $12.4 million, which are eliminated in consolidation, and third party commission and service fee income of $0.4 million in 2026.
(2)
The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)
Other operating expenses consist primarily of personnel expenses and general operating expenses related to underwriting and distribution activities.

 

 

Quarter Ended March 31, 2025
(Dollars in thousands)

 

Agency and Insurance Services

 

 

Belmont Core

 

 

Belmont
Non-Core

 

 

Elimination

 

 

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

—

 

 

$

98,389

 

 

$

286

 

 

$

—

 

 

$

98,675

 

Net written premiums

 

$

—

 

 

$

95,634

 

 

$

230

 

 

$

—

 

 

$

95,864

 

Net earned premiums

 

$

—

 

 

$

92,260

 

 

$

1,056

 

 

$

—

 

 

$

93,316

 

Commission and service fee income (1)

 

 

14,049

 

 

 

—

 

 

 

—

 

 

 

(14,049

)

 

 

—

 

Policy and installment fee income

 

 

387

 

 

 

—

 

 

 

30

 

 

 

—

 

 

 

417

 

Total segment revenues

 

 

14,436

 

 

 

92,260

 

 

 

1,086

 

 

 

(14,049

)

 

 

93,733

 

Reconciliation of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,782

 

Net realized investment gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

136

 

Total consolidated revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

$

108,651

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

—

 

 

 

66,452

 

 

 

619

 

 

 

(333

)

 

 

66,738

 

Net commission expenses

 

 

—

 

 

 

32,404

 

 

 

501

 

 

 

(10,571

)

 

 

22,334

 

Other operating expenses (3)

 

 

12,632

 

 

 

4,986

 

 

 

700

 

 

 

(3,145

)

 

 

15,173

 

Income (loss) from segments

 

$

1,804

 

 

$

(11,582

)

 

$

(734

)

 

$

—

 

 

$

(10,512

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,782

 

Net realized investment gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

136

 

Corporate expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,500

)

Income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,094

)

Income tax expense (benefit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,105

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(3,989

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment assets

 

$

41,886

 

 

$

153,788

 

 

$

86,130

 

 

$

(29,871

)

 

 

251,933

 

Corporate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,461,673

 

Total assets

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,713,606

 

 

(1)
Consists of intersegment revenues of $14.0 million, 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 operating expenses consist primarily of personnel expenses and general operating expenses related to underwriting activities.