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v3.25.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Summary of Business Segment Information | The following are tabulations of business segment information for the quarters and nine months ended September 30, 2025 and 2024. Corporate information is included to reconcile segment data to the consolidated financial statements. Segment results for the quarter and nine months ended September 30, 2024 have been recast to conform to the new reportable segments.
Quarter Ended September 30, 2025 (Dollars in thousands) |  | Agency and Insurance Services |  |  | Belmont Core |  |  | Belmont Non-Core |  |  | Elimination |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross written premiums |  | $ | — |  |  | $ | 108,541 |  |  | $ | (172 | ) |  | $ | — |  |  | $ | 108,369 |
Net written premiums |  | $ | — |  |  | $ | 105,708 |  |  | $ | (165 | ) |  | $ | — |  |  | $ | 105,543 |
Net earned premiums |  | $ | — |  |  | $ | 99,388 |  |  | $ | 282 |  |  | $ | — |  |  | $ | 99,670 |
Commission and service fee income (1) |  |  | 14,408 |  |  |  | — |  |  |  | — |  |  |  | (14,408 | ) |  |  | — |
Policy and installment fee income |  |  | 570 |  |  |  | — |  |  |  | 41 |  |  |  | — |  |  |  | 611 |
Total segment revenues |  |  | 14,978 |  |  |  | 99,388 |  |  |  | 323 |  |  |  | (14,408 | ) |  |  | 100,281 |
Reconciliation of revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17,911 |
Net realized investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,994 | )
Total consolidated revenues |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 114,198 |
Less: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net losses and loss adjustment expenses |  |  | — |  |  |  | 52,665 |  |  |  | (2,446 | ) |  |  | (344 | ) |  |  | 49,875 |
Net commission expenses |  |  | — |  |  |  | 34,859 |  |  |  | 259 |  |  |  | (11,031 | ) |  |  | 24,087 |
Other underwriting expenses (3) |  |  | 13,800 |  |  |  | 5,361 |  |  |  | 200 |  |  |  | (3,033 | ) |  |  | 16,328 |
Income (loss) from segments |  | $ | 1,178 |  |  | $ | 6,503 |  |  | $ | 2,310 |  |  | $ | — |  |  | $ | 9,991 |
Reconciliation of segment profit (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unallocated items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17,911 |
Net realized investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,994 | )
Corporate expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7,844 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,064 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,541 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 12,523 |
Segment assets |  | $ | 43,083 |  |  | $ | 162,084 |  |  | $ | 79,162 |  |  | $ | (16,911 | ) |  |  | 267,418 |
Corporate assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,466,670 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,734,088 |
(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 September 30, 2024 (Dollars in thousands) |  | Agency and Insurance Services |  |  | Belmont Core |  |  | Belmont Non-Core |  |  | Elimination |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross written premiums |  | $ | — |  |  | $ | 103,244 |  |  | $ | (3,477 | ) |  | $ | — |  |  | $ | 99,767 |
Net written premiums |  | $ | — |  |  | $ | 100,712 |  |  | $ | (3,535 | ) |  | $ | — |  |  | $ | 97,177 |
Net earned premiums |  | $ | — |  |  | $ | 93,982 |  |  | $ | 1,431 |  |  | $ | — |  |  | $ | 95,413 |
Commission and service fee income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Policy and installment fee income |  |  | — |  |  |  | 337 |  |  |  | 35 |  |  |  | — |  |  |  | 372 |
Total segment revenues |  |  | — |  |  |  | 94,319 |  |  |  | 1,466 |  |  |  | — |  |  |  | 95,785 |
Reconciliation of revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,488 |
Net realized investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (512 | )
Total consolidated revenues |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 111,761 |
Less: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net losses and loss adjustment expenses |  |  | — |  |  |  | 51,382 |  |  |  | 1,018 |  |  |  | — |  |  |  | 52,400 |
Net commission expenses |  |  | — |  |  |  | 21,926 |  |  |  | 973 |  |  |  | — |  |  |  | 22,899 |
Other underwriting expenses (2) |  |  | — |  |  |  | 13,703 |  |  |  | 951 |  |  |  | — |  |  |  | 14,654 |
Income (loss) from segments |  | $ | — |  |  | $ | 7,308 |  |  | $ | (1,476 | ) |  | $ | — |  |  | $ | 5,832 |
Reconciliation of segment profit (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unallocated items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,488 |
Net realized investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (512 | )
Corporate expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,923 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,885 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,125 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 12,760 |
Segment assets |  | $ | — |  |  | $ | 165,820 |  |  | $ | 97,058 |  |  | $ | — |  |  |  | 262,878 |
Corporate assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,498,239 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,761,117 |
(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.
Nine Months Ended September 30, 2025 (Dollars in thousands) |  | Agency and Insurance Services |  |  | Belmont Core |  |  | Belmont Non-Core |  |  | Elimination |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross written premiums |  | $ | — |  |  | $ | 316,749 |  |  | $ | (2,904 | ) |  | $ | — |  |  | $ | 313,845 |
Net written premiums |  | $ | — |  |  | $ | 308,215 |  |  | $ | (2,894 | ) |  | $ | — |  |  | $ | 305,321 |
Net earned premiums |  | $ | — |  |  | $ | 289,161 |  |  | $ | (1,029 | ) |  | $ | — |  |  | $ | 288,132 |
Commission and service fee income (1) |  |  | 43,308 |  |  |  | — |  |  |  | — |  |  |  | (43,308 | ) |  |  | — |
Policy and installment fee income |  |  | 1,456 |  |  |  | — |  |  |  | 112 |  |  |  | — |  |  |  | 1,568 |
Total segment revenues |  |  | 44,764 |  |  |  | 289,161 |  |  |  | (917 | ) |  |  | (43,308 | ) |  |  | 289,700 |
Reconciliation of revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 47,400 |
Net realized investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,731 | )
Total consolidated revenues |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 333,369 |
Less: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net losses and loss adjustment expenses |  |  | — |  |  |  | 175,226 |  |  |  | (4,656 | ) |  |  | (1,009 | ) |  |  | 169,561 |
Net commission expenses |  |  | — |  |  |  | 101,342 |  |  |  | (20 | ) |  |  | (33,058 | ) |  |  | 68,264 |
Other underwriting expenses (3) |  |  | 39,474 |  |  |  | 14,938 |  |  |  | 1,402 |  |  |  | (9,241 | ) |  |  | 46,573 |
Income (loss) from segments |  | $ | 5,290 |  |  | $ | (2,345 | ) |  | $ | 2,357 |  |  | $ | — |  |  | $ | 5,302 |
Reconciliation of segment profit (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unallocated items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 47,400 |
Net realized investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,731 | )
Corporate expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (24,872 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24,099 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,221 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 18,878 |
Segment assets |  | $ | 43,083 |  |  | $ | 162,084 |  |  | $ | 79,162 |  |  | $ | (16,911 | ) |  |  | 267,418 |
Corporate assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,466,670 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,734,088 |
(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
Nine months ended September 30, 2024 (Dollars in thousands) |  | Agency and Insurance Services |  |  | Belmont Core |  |  | Belmont Non-Core |  |  | Elimination |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross written premiums |  | $ | — |  |  | $ | 297,844 |  |  | $ | (3,883 | ) |  | $ | — |  |  | $ | 293,961 |
Net written premiums |  | $ | — |  |  | $ | 290,910 |  |  | $ | (3,897 | ) |  | $ | — |  |  | $ | 287,013 |
Net earned premiums |  | $ | — |  |  | $ | 272,467 |  |  | $ | 12,339 |  |  | $ | — |  |  | $ | 284,806 |
Commission and service fee income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Policy and installment fee income |  |  | — |  |  |  | 1,020 |  |  |  | 54 |  |  |  | — |  |  |  | 1,074 |
Total segment revenues |  |  | — |  |  |  | 273,487 |  |  |  | 12,393 |  |  |  | — |  |  |  | 285,880 |
Reconciliation of revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 46,319 |
Net realized investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 540 |
Total consolidated revenues |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 332,739 |
Less: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net losses and loss adjustment expenses |  |  | — |  |  |  | 151,417 |  |  |  | 8,029 |  |  |  | — |  |  |  | 159,446 |
Net commission expenses |  |  | — |  |  |  | 63,406 |  |  |  | 4,599 |  |  |  | — |  |  |  | 68,005 |
Other underwriting expenses (2) |  |  | — |  |  |  | 41,048 |  |  |  | 2,737 |  |  |  | — |  |  |  | 43,785 |
Income (loss) from segments |  | $ | — |  |  | $ | 17,616 |  |  | $ | (2,972 | ) |  | $ | — |  |  | $ | 14,644 |
Reconciliation of segment profit (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unallocated items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 46,319 |
Net realized investment gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 540 |
Corporate expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (18,679 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 42,824 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,605 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 34,219 |
Segment assets |  | $ | — |  |  | $ | 165,820 |  |  | $ | 97,058 |  |  | $ | — |  |  |  | 262,878 |
Corporate assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,498,239 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,761,117 |
(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.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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