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Segment Information (Tables)

9 Months Ended

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.

X

- 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

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X

- References

No definition available.

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