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Liability for Unpaid Losses and Loss Adjustment Expenses | 6 Months Ended
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Jun. 30, 2025
Insurance [Abstract] |
Liability for Unpaid Losses and Loss Adjustment Expenses | 6. Liability for Unpaid Losses and Loss Adjustment Expenses Activity in the liability for unpaid losses and loss adjustment expenses is summarized as follows:
|  | Quarters Ended June 30, |  |  | Six Months Ended June 30, |
(Dollars in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Balance at beginning of period |  | $ | 794,848 |  |  | $ | 853,602 |  |  | $ | 800,391 |  |  | $ | 850,599 |
Less: ceded reinsurance receivables |  |  | 62,731 |  |  |  | 71,814 |  |  |  | 60,754 |  |  |  | 72,829 |
Net balance at beginning of period |  |  | 732,117 |  |  |  | 781,788 |  |  |  | 739,637 |  |  |  | 777,770 |
Net losses and loss adjustment expenses related to: |  |  |  |  |  |  |  |  |  |  |  |
Current year |  |  | 52,946 |  |  |  | 53,744 |  |  |  | 119,681 |  |  |  | 107,127 |
Prior years |  |  | 2 |  |  |  | (82 | ) |  |  | 5 |  |  |  | (81 | )
Total net losses and loss adjustment expenses |  |  | 52,948 |  |  |  | 53,662 |  |  |  | 119,686 |  |  |  | 107,046 |
Paid net losses and loss adjustment expenses related to: |  |  |  |  |  |  |  |  |  |  |  |
Current year |  |  | 15,785 |  |  |  | 18,489 |  |  |  | 33,776 |  |  |  | 24,086 |
Prior years |  |  | 52,631 |  |  |  | 43,147 |  |  |  | 108,898 |  |  |  | 86,916 |
Total paid net losses and loss adjustment expenses |  |  | 68,416 |  |  |  | 61,636 |  |  |  | 142,674 |  |  |  | 111,002 |
Net balance at end of period |  |  | 716,649 |  |  |  | 773,814 |  |  |  | 716,649 |  |  |  | 773,814 |
Plus: ceded reinsurance receivables |  |  | 59,478 |  |  |  | 70,392 |  |  |  | 59,478 |  |  |  | 70,392 |
Balance at end of period |  | $ | 776,127 |  |  | $ | 844,206 |  |  | $ | 776,127 |  |  | $ | 844,206 |
When analyzing unpaid losses and loss adjustment expenses ("loss reserves") and prior year development, the Company considers many factors, including the frequency and severity of claims, loss trends, case reserve settlements that may have resulted in significant development, and any other additional or pertinent factors that may impact reserve estimates. During the second quarter of 2025, the Company's adjustments to prior accident year loss reserves netted to an increase of less than $0.1 million. • Belmont Insurance Companies - Core (“Belmont Core”) had an increase of $1.4 million consisting of (i) $4.2 million decrease for property lines primarily related to the 2022 through 2024 accident years and (ii) $5.6 million increase for casualty lines primarily related to the 2020 through 2022 accident years. • Belmont Insurance Companies - Non-Core ("Belmont Non-Core") had an decrease of $1.4 million mainly driven by its property lines for the 2020 through 2022 accident years. During the second quarter of 2024, the Company's adjustments to prior accident year loss reserves netted to a decrease of $0.1 million. • Belmont Core had a decrease of $0.5 million consisting of (i) $0.4 million decrease for property lines related to the 2020 through 2022 accident years and (ii) $0.1 million decrease for casualty lines across various accident years. • Belmont Non-Core had an increase of $0.4 million driven by its casualty lines across various accident years. During the first six months of 2025, the Company's adjustments to prior accident year loss reserves netted to an increase of less than $0.1 million. • Belmont Core had an increase of $1.4 million consisting of (i) $4.6 million decrease for property lines primarily related to the 2022 through 2024 accident years and (ii) $6.0 million increase for casualty lines primarily related to the 2020 through 2022 accident years. • Belmont Non-Core had a decrease of $1.4 million mainly driven by its property lines for the 2020 through 2022 accident years. During the first six months of 2024, the Company's adjustments to prior accident year loss reserves netted to a decrease of $0.1 million. • Belmont Core had a decrease of $0.4 million consisting of (i) $0.3 million decrease for property lines related to the 2020 and 2021 accident years and (ii) $0.1 million decrease for casualty lines across various accident years. • Belmont Non-Core had an increase of $0.3 million consisting of (i) $0.5 million increase for property lines in the 2019, 2020 and 2022 accident years, (ii) a $0.5 million increase in aggregate for casualty lines across various accident years, and (iii) $0.7 million decrease in reinsurance across various accident years.

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-40/tableOfContent + Details
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