| Summary of Business Segment Information |
The following are tabulations of business segment information for the quarters and six months ended June 30, 2026 and 2025. Corporate information is included to reconcile segment data to the consolidated financial statements.
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Quarter Ended June 30, 2026
(Dollars in thousands) |
|
Agency and Insurance Services |
|
|
Belmont Core |
|
|
Belmont
Non-Core |
|
|
Elimination |
|
|
Total |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums |
|
$ |
— |
|
|
$ |
117,257 |
|
|
$ |
(161 |
) |
|
$ |
— |
|
|
$ |
117,096 |
|
Net written premiums |
|
$ |
— |
|
|
$ |
114,134 |
|
|
$ |
(163 |
) |
|
$ |
— |
|
|
$ |
113,971 |
|
Net earned premiums |
|
$ |
— |
|
|
$ |
98,834 |
|
|
$ |
(145 |
) |
|
$ |
— |
|
|
$ |
98,689 |
|
Commission and service fee income (1) |
|
|
13,752 |
|
|
|
— |
|
|
|
— |
|
|
|
(13,412 |
) |
|
|
340 |
|
Policy and installment fee income |
|
|
523 |
|
|
|
— |
|
|
|
(9 |
) |
|
|
— |
|
|
|
514 |
|
Total segment revenues |
|
|
14,275 |
|
|
|
98,834 |
|
|
|
(154 |
) |
|
|
(13,412 |
) |
|
|
99,543 |
|
Reconciliation of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,361 |
|
Net realized investment gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
198 |
|
Total consolidated revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
116,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net losses and loss adjustment expenses |
|
|
— |
|
|
|
53,480 |
|
|
|
(105 |
) |
|
|
(328 |
) |
|
|
53,047 |
|
Net commission expenses |
|
|
— |
|
|
|
34,615 |
|
|
|
(84 |
) |
|
|
(10,482 |
) |
|
|
24,049 |
|
Other operating expenses (3) |
|
|
12,916 |
|
|
|
7,365 |
|
|
|
60 |
|
|
|
(2,602 |
) |
|
|
17,739 |
|
Income (loss) from segments |
|
$ |
1,359 |
|
|
$ |
3,374 |
|
|
$ |
(25 |
) |
|
$ |
— |
|
|
$ |
4,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of segment profit (loss) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,361 |
|
Net realized investment gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
198 |
|
Corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,842 |
) |
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,425 |
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,343 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment assets |
|
$ |
46,112 |
|
|
$ |
170,355 |
|
|
$ |
75,026 |
|
|
$ |
(15,704 |
) |
|
|
275,789 |
|
Corporate assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,447,704 |
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,723,493 |
|
(1)Consists of intersegment revenues of $13.4 million, which are eliminated in consolidation, and third party commission and service fee income of $0.3 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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|
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|
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 operating 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 of $14.9 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026
(Dollars in thousands) |
|
Agency and Insurance Services |
|
|
Belmont Core |
|
|
Belmont
Non-Core |
|
|
Elimination |
|
|
Total |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums |
|
$ |
— |
|
|
$ |
213,764 |
|
|
$ |
(218 |
) |
|
$ |
— |
|
|
$ |
213,546 |
|
Net written premiums |
|
$ |
— |
|
|
$ |
206,759 |
|
|
$ |
(220 |
) |
|
$ |
— |
|
|
$ |
206,539 |
|
Net earned premiums |
|
$ |
— |
|
|
$ |
197,205 |
|
|
$ |
(161 |
) |
|
$ |
— |
|
|
$ |
197,044 |
|
Commission and service fee income (1) |
|
|
26,530 |
|
|
|
— |
|
|
|
— |
|
|
|
(25,802 |
) |
|
|
728 |
|
Policy and installment fee income |
|
|
984 |
|
|
|
— |
|
|
|
(11 |
) |
|
|
— |
|
|
|
973 |
|
Total segment revenues |
|
|
27,514 |
|
|
|
197,205 |
|
|
|
(172 |
) |
|
|
(25,802 |
) |
|
|
198,745 |
|
Reconciliation of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,579 |
|
Net realized investment losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,045 |
) |
Total consolidated revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
225,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net losses and loss adjustment expenses |
|
|
— |
|
|
|
107,784 |
|
|
|
(107 |
) |
|
|
(769 |
) |
|
|
106,908 |
|
Net commission expenses |
|
|
— |
|
|
|
67,310 |
|
|
|
83 |
|
|
|
(20,006 |
) |
|
|
47,387 |
|
Other operating expenses (3) |
|
|
26,549 |
|
|
|
13,495 |
|
|
|
147 |
|
|
|
(5,027 |
) |
|
|
35,164 |
|
Income (loss) from segments |
|
$ |
965 |
|
|
$ |
8,616 |
|
|
$ |
(295 |
) |
|
$ |
— |
|
|
$ |
9,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of segment profit (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,579 |
|
Net realized investment losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,045 |
) |
Corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,880 |
) |
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,940 |
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,612 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
15,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment assets |
|
$ |
46,112 |
|
|
$ |
170,355 |
|
|
$ |
75,026 |
|
|
$ |
(15,704 |
) |
|
|
275,789 |
|
Corporate assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,447,704 |
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,723,493 |
|
(1)Consists of intersegment revenues of $25.8 million, which are eliminated in consolidation, and third party commission and service fee income of $0.7 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 operating 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 of $28.9 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.
|