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Liability for Unpaid Losses and Loss Adjustment Expenses | 9 Months Ended
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Sep. 30, 2025
Insurance [Abstract] |
Liability for Unpaid Losses and Loss Adjustment Expenses | 7. 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 September 30, |  |  | Nine Months Ended September 30, |
(Dollars in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Balance at beginning of period |  | $ | 776,127 |  |  | $ | 844,206 |  |  | $ | 800,391 |  |  | $ | 850,599 |
Less: ceded reinsurance receivables |  |  | 59,478 |  |  |  | 70,392 |  |  |  | 60,754 |  |  |  | 72,829 |
Net balance at beginning of period |  |  | 716,649 |  |  |  | 773,814 |  |  |  | 739,637 |  |  |  | 777,770 |
Net losses and loss adjustment expenses related to: |  |  |  |  |  |  |  |  |  |  |  |
Current year |  |  | 49,919 |  |  |  | 52,434 |  |  |  | 169,600 |  |  |  | 159,561 |
Prior years |  |  | (44 | ) |  |  | (34 | ) |  |  | (39 | ) |  |  | (115 | )
Total net losses and loss adjustment expenses |  |  | 49,875 |  |  |  | 52,400 |  |  |  | 169,561 |  |  |  | 159,446 |
Paid net losses and loss adjustment expenses related to: |  |  |  |  |  |  |  |  |  |  |  |
Current year |  |  | 13,208 |  |  |  | 8,415 |  |  |  | 46,984 |  |  |  | 32,501 |
Prior years |  |  | 50,425 |  |  |  | 48,520 |  |  |  | 159,323 |  |  |  | 135,436 |
Total paid net losses and loss adjustment expenses |  |  | 63,633 |  |  |  | 56,935 |  |  |  | 206,307 |  |  |  | 167,937 |
Net balance at end of period |  |  | 702,891 |  |  |  | 769,279 |  |  |  | 702,891 |  |  |  | 769,279 |
Plus: ceded reinsurance receivables |  |  | 58,790 |  |  |  | 70,897 |  |  |  | 58,790 |  |  |  | 70,897 |
Balance at end of period |  | $ | 761,681 |  |  | $ | 840,176 |  |  | $ | 761,681 |  |  | $ | 840,176 |
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 third quarter of 2025, the Company's adjustments to prior accident year loss reserves netted to a decrease of less than $0.1 million. • Belmont Insurance Companies - Core (“Belmont Core”) had an increase of $2.6 million consisting of (i) $1.6 million decrease for property lines primarily related to the 2023 and 2024 accident years and (ii) $4.2 million increase for casualty lines primarily related to the 2019 through 2022 accident years mainly due to increased severity on claims. • Belmont Insurance Companies - Non-Core ("Belmont Non-Core") had a decrease of $2.7 million consisting of: (i) $1.2 million decrease for property lines primarily related to the 2019 through 2022 accident years and (ii) $1.5 million decrease for casualty lines across various accident years prior to 2012. During the third quarter of 2024, the Company's adjustments to prior accident year loss reserves netted to a decrease of less than $0.1 million. • Belmont Core had an increase of less than $0.1 million consisting of a $3.7 million decrease for property lines offset by a $3.7 million increase for casualty lines across various accident years. • Belmont Non-Core had a decrease of less than $0.1 million across various accident years. During the first nine months of 2025, the Company's adjustments to prior accident year loss reserves netted to a decrease of less than $0.1 million. • Belmont Core had an increase of $4.0 million consisting of (i) $6.1 million decrease for property lines primarily related to the 2019 through 2024 accident years and (ii) $10.1 million increase for casualty lines primarily related to the 2017 through 2022 accident years mainly due to increased severity on claims. • Belmont Non-Core had a decrease of $4.0 million consisting of: (i) $3.4 million decrease for property lines primarily related to the 2019 through 2022 accident years and (ii) $0.6 million decrease for casualty lines across various accident years for 2022 and prior. During the first nine 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 $4.0 million decrease for property lines offset by a $3.6 million increase for casualty lines across various accident years. • Belmont Non-Core had an increase of $0.3 million 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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