| Summary of Business Segment Information |
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.
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Quarter Ended March 31, 2026
(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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$ |
96,507 |
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$ |
(57 |
) |
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$ |
— |
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$ |
96,450 |
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Net written premiums |
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$ |
— |
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$ |
92,625 |
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$ |
(57 |
) |
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$ |
— |
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$ |
92,568 |
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Net earned premiums |
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$ |
— |
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$ |
98,371 |
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$ |
(16 |
) |
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$ |
— |
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$ |
98,355 |
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Commission and service fee income (1) |
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12,778 |
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— |
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— |
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(12,390 |
) |
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388 |
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Policy and installment fee income |
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461 |
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— |
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(2 |
) |
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— |
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459 |
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Total segment revenues |
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13,239 |
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98,371 |
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(18 |
) |
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(12,390 |
) |
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99,202 |
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Reconciliation of revenue |
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Net investment income |
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12,218 |
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Net realized investment gains (losses) |
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(2,243 |
) |
Total consolidated revenues |
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$ |
109,177 |
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Less: (2) |
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Net losses and loss adjustment expenses |
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— |
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54,304 |
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(2 |
) |
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(441 |
) |
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53,861 |
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Net commission expenses |
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— |
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32,695 |
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167 |
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(9,524 |
) |
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23,338 |
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Other operating expenses (3) |
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13,633 |
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6,130 |
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87 |
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(2,425 |
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17,425 |
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Income (loss) from segments |
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$ |
(394 |
) |
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$ |
5,242 |
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$ |
(270 |
) |
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$ |
— |
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$ |
4,578 |
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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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12,218 |
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Net realized investment gains (losses) |
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(2,243 |
) |
Corporate expenses |
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(9,038 |
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Income (loss) before income taxes |
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5,515 |
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Income tax expense (benefit) |
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1,269 |
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Net income (loss) |
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$ |
4,246 |
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Segment assets |
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$ |
44,924 |
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$ |
154,957 |
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$ |
74,995 |
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$ |
(16,106 |
) |
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258,770 |
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Corporate assets |
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1,421,346 |
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Total assets |
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$ |
1,680,116 |
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(1)Consists of intersegment revenues of $12.4 million, which are eliminated in consolidation, and third party commission and service fee income of $0.4 million in 2026. (2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (3)Other operating expenses consist primarily of personnel expenses and general operating expenses related to underwriting and distribution activities.
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Quarter Ended March 31, 2025
(Dollars in thousands) |
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Agency and Insurance Services |
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|
Belmont Core |
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|
Belmont
Non-Core |
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|
Elimination |
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Total |
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Revenues: |
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Gross written premiums |
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$ |
— |
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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 (losses) |
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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 operating 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 |
|
$ |
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 (losses) |
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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 |
) |
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 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.
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