Highlights of Consolidated Results for the Three Months Ended March 31, 2026
As-Reported Operating Performance
Operating income of $8.3 million, or $0.57 per share, compared to an operating loss of $4.1 million, or ($0.30) per share, in 2025. Net income available to common shareholders of $4.1 million, or $0.29 per share, compared to a net loss of $4.1 million, or ($0.30) per share, in 2025. Both measures for 2025 included $12.2 million of after-tax loss from the January 2025 California Wildfires ("California Wildfires").
Calendar year combined ratio improved 16.6 points to 95.1% compared to 111.7% in 2025, driven primarily by the impact of the California Wildfires in 2025. The loss ratio remains strong at 54.8% driving underwriting income.
Operating Performance (excluding California Wildfires)
Current accident year underwriting income grew 4% to $5.5 million compared to $5.3 million in 2025 supported by 5.4% growth in net earned premiums to $98.4 million.
Current accident year combined ratio of 94.9% was in line with 94.8% in 2025 reflecting stable underlying loss experience and a stable expense ratio.
Operating income of $8.3 million, or $0.57 per share, compared to $8.1 million, or $0.57 per share, in 2025.
Investment Results
Net investment income of $12.2 million compared to $14.8 million in 2025 reflecting a $2.3 million market value decline on a single limited partnership position for which the Company expects to record a full recovery in the second quarter of 2026 and an increased allocation to U.S. Treasuries.
Total investment return of $6.7 million, or 1.9% annualized, compared to $19.3 million, or 5.4%, in 2025 primarily driven by mark-to-market adjustments on fixed income securities due to an increase in Treasury rates and which are expected to recover.
Premium Growth
Gross written premiums of $96.5 million compared to $98.7 million in 2025. Excluding terminated business in 2025, gross written premiums were down 0.7%.
Wholesale Commercial: $61.5 million, down 5.2% from $64.9 million, reflects the Company maintaining pricing and return standards amidst competitive market conditions, particularly as regards property rate reductions. Wholesale Commercial's property rate change was flat for the first quarter of 2026.
Vacant Express: $11.5 million, up 4.9%, and Collectibles: $4.6 million, up 12.6%, driven by premium rate increases, new agency appointments, and organic growth from existing agents.
Specialty Products: $7.7 million, up 2.4% from $7.6 million, with growth from new products and existing programs more than offsetting the impact of terminated business; excluding terminated products, Specialty Products grew 21.3%.
Assumed Reinsurance: $11.2 million, compared to $10.9 million, reflecting new treaties incepting during 2025 and 2026.
Capital Position and Book Value
Common shareholders' equity of $700.1 million at March 31, 2026 compared to $702.6 million at December 31, 2025; impacted by $2.6 million of unrealized losses, net of tax, within the fixed income portfolio due to an increase in Treasury rates.
Book value per share of $47.92 at March 31, 2026 compared to $48.96 at December 31, 2025.
The Company paid dividends of $5.1 million, or $0.35 per common share, during the quarter. Since its 2003 initial public offering, the Company has returned $654.6 million to shareholders, including $522.2 million in share repurchases and $132.4 million in dividends and distributions.
Selected Consolidated Operating Information for the Three Months Ended March 31,
$ in Millions, except per share data
2026
2025
Gross written premiums
$
96.5
$
98.7
Gross written premiums - Belmont Core
$
96.5
$
98.4
Investment income
$
12.2
$
14.8
Annualized investment return
1.9
%
5.4
%
Underwriting income (loss)
$
5.3
$
(10.5
)
Underwriting income (loss), current accident year
$
5.5
$
(10.3
)
Underwriting income, current accident year, excluding California Wildfires
$
5.5
$
5.3
Corporate expenses
$
9.0
$
9.5
Operating income (loss)
$
8.3
$
(4.1
)
Operating income excluding California Wildfires
$
8.3
$
8.1
Pretax adjusted operating contribution (1)
$
20.0
$
20.1
Net income (loss) available to common shareholders
$
4.1
$
(4.1
)
Net income available to common shareholders excluding California Wildfires
$
4.1
$
8.1
Adjusted return on equity, annualized, excluding California Wildfires (2)
12.5
%
12.5
%
Per Share Data:
Net income (loss) available to common shareholders per share
$
0.29
$
(0.30
)
Net income available to common shareholders per share excluding California Wildfires
$
0.29
$
0.58
Operating income (loss) per share
$
0.57
$
(0.30
)
Operating income per share excluding California Wildfires
$
0.57
$
0.57
Combined ratio:
Loss ratio
54.8
%
71.5
%
Expense ratio
40.3
%
40.2
%
Combined ratio
95.1
%
111.7
%
Combined ratio, current accident year
94.9
%
111.5
%
Combined ratio, current accident year excluding California Wildfires
94.9
%
94.8
%
(1)
Equals investment income plus underwriting income for current accident year excluding losses and loss adjustment expenses incurred from California Wildfires and market value decline on a single limited partnership position that the Company expects to record a full recovery in the second quarter of 2026.
(2)
Excludes corporate expenses, investment income on excess capital, and prior year underwriting income (loss).
Segment Income (Loss) for the Three Months Ended March 31,
$ in Millions
Agency and Insurance Services
Belmont Core
Belmont Non-Core
Eliminations
Consolidated
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
Revenues:
Net earned premiums
$
—
$
—
$
98.4
$
92.3
$
—
$
1.0
$
—
$
—
$
98.4
$
93.3
Commissions and fee income
13.2
14.4
—
—
—
—
(12.4
)
(14.0
)
0.8
0.4
Total revenues
$
13.2
$
14.4
$
98.4
$
92.3
$
—
$
1.0
$
(12.4
)
$
(14.0
)
$
99.2
$
93.7
Losses and expenses
Net loss and loss adjustment expenses
$
—
$
—
$
54.3
$
66.5
$
—
$
0.5
$
(0.4
)
$
(0.3
)
$
53.9
$
66.7
Acquisition costs and other operating expenses
13.6
12.6
38.9
37.4
0.3
1.2
(12.0
)
(13.7
)
40.8
37.5
Total losses and expenses
$
13.6
$
12.6
$
93.2
$
103.9
$
0.3
$
1.7
$
(12.4
)
$
(14.0
)
$
94.7
$
104.2
Segment income (loss)
$
(0.4
)
$
1.8
$
5.2
$
(11.6
)
$
(0.3
)
$
(0.7
)
$
—
$
—
$
4.5
$
(10.5
)
Segment income (loss) excluding California Wildfires
$
(0.4
)
$
1.8
$
5.2
$
4.0
$
(0.3
)
$
(0.7
)
$
—
$
—
$
4.5
$
5.1
Segment Written Premiums for the Three Months Ended March 31,
$ in Millions
Belmont Core
Belmont Non-Core
Total
2026
