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Goodwill And Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill And Intangible Assets | Goodwill and Intangible Assets The following table presents a rollforward of the components of goodwill by reportable segment.
(dollars in thousands) | Insurance |  | Reinsurance |  | Markel Ventures |  | Other(1) |  | Total
January 1, 2022 | $ | 774,712 |  |  | $ | 122,745 |  |  | $ | 1,196,590 |  |  | $ | 805,093 |  |  | $ | 2,899,140 |
Acquisitions | — |  |  | — |  |  | 41,905 |  |  | — |  |  | 41,905 |
Dispositions | — |  |  | — |  |  | — |  |  | (132,455) |  |  | (132,455) |
Impairment of goodwill | — |  |  | — |  |  | — |  |  | (80,000) |  |  | (80,000) |
Adjustments to preliminary purchase price allocation | — |  |  | — |  |  | (83,358) |  |  | — |  |  | (83,358) |
Foreign currency movements and other adjustments | (3,084) |  |  | — |  |  | (1,228) |  |  | (2,082) |  |  | (6,394) |
December 31, 2022 (2) | $ | 771,628 |  |  | $ | 122,745 |  |  | $ | 1,153,909 |  |  | $ | 590,556 |  |  | $ | 2,638,838 |
Adjustments to preliminary purchase price allocation | — |  |  | — |  |  | (16,752) |  |  | — |  |  | (16,752) |
Foreign currency movements and other adjustments | 1,195 |  |  | — |  |  | 497 |  |  | 971 |  |  | 2,663 |
December 31, 2023 (2) | $ | 772,823 |  |  | $ | 122,745 |  |  | $ | 1,137,654 |  |  | $ | 591,527 |  |  | $ | 2,624,749 |
(1) Amounts included in Other reflect the Company's operations that are not included in a reportable segment and are primarily related to the Company's program services and insurance-linked securities operations. (2) As of December 31, 2023 and 2022, goodwill was net of accumulated impairment losses of $190.6 million, of which $171.9 million was in Other and $18.7 million was in Markel Ventures. The Company completed its annual tests for goodwill and indefinite-lived intangible asset impairment as of October 1, 2023 based upon results of operations through September 30, 2023. See note 1 for further details regarding impairment testing. There was no impairment of goodwill during 2023 or 2021 and no impairment of indefinite-lived intangible assets during 2023, 2022 or 2021. For the year ended December 31, 2022, impairment of goodwill was $80.0 million, which was attributable to our Nephila ILS operations. Subsequent to the acquisition of Nephila in 2018, through 2022, investment performance in the broader ILS market was adversely impacted by consecutive years of elevated catastrophe losses. These events, as well as volatility in the capital markets, impacted investor decisions around allocation of capital to ILS, which in turn impacted capital raises and redemptions within the funds Nephila manages. As a result, the Company performed a quantitative impairment assessment for the Nephila reporting unit in 2022. The Company estimated the fair value of the Nephila reporting unit primarily using an income approach based on a discounted cash flow model. The discount rates used to determine the fair value estimates were developed based on a capital asset pricing model using market-based inputs, as well as an assessment of the inherent risk in projected future cash flows. As a result of the assessment, the Company recorded an impairment of goodwill attributable to Nephila totaling $80.0 million, reducing the goodwill of the Nephila reporting unit to $221.8 million. The Company also evaluated the intangible assets within the Nephila reporting unit for impairment and determined they were not impaired. The following table presents a rollforward of net intangible assets by reportable segment.
(dollars in thousands) | Underwriting(1) |  | Markel Ventures |  | Other(2) |  | Total
January 1, 2022 | $ | 401,255 |  |  | $ | 766,179 |  |  | $ | 655,052 |  |  | $ | 1,822,486 |
Acquisitions | — |  |  | 21,614 |  |  | — |  |  | 21,614 |
Dispositions | — |  |  | — |  |  | (2,716) |  |  | (2,716) |
Amortization of intangible assets | (38,533) |  |  | (79,043) |  |  | (61,202) |  |  | (178,778) |
Adjustments to preliminary purchase price allocation | — |  |  | 86,773 |  |  | — |  |  | 86,773 |
Foreign currency movements and other adjustments | (400) |  |  | 774 |  |  | (2,289) |  |  | (1,915) |
December 31, 2022 | $ | 362,322 |  |  | $ | 796,297 |  |  | $ | 588,845 |  |  | $ | 1,747,464 |
Dispositions | — |  |  | — |  |  | (2,000) |  |  | (2,000) |
Amortization of intangible assets | (37,076) |  |  | (82,370) |  |  | (61,168) |  |  | (180,614) |
Adjustments to preliminary purchase price allocation | — |  |  | 22,671 |  |  | — |  |  | 22,671 |
Foreign currency movements and other adjustments | 98 |  |  | 119 |  |  | 946 |  |  | 1,163 |
December 31, 2023 | $ | 325,344 |  |  | $ | 736,717 |  |  | $ | 526,623 |  |  | $ | 1,588,684 |
(1) Amounts included in Underwriting reflect the intangible assets associated with the Company's underwriting segments, which are not allocated between the Insurance and Reinsurance segments. (2) Amounts included in Other reflect the Company's operations that are not included in a reportable segment and are primarily related to the Company's program services and insurance-linked securities operations. Amortization of intangible assets is estimated to be $175.7 million for 2024, $169.0 million for 2025, $160.6 million for 2026, $150.7 million for 2027 and $140.8 million for 2028. Indefinite-lived intangible assets were $90.4 million and $92.4 million at December 31, 2023 and 2022, respectively. The following table presents the components of intangible assets.
| December 31,
| 2023 |  | 2022
(dollars in thousands) | Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Customer relationships | $ | 1,450,503 |  |  | $ | (600,724) |  |  | $ | 1,425,330 |  |  | $ | (498,987) |
Investment management agreements | 464,000 |  |  | (149,560) |  |  | 464,000 |  |  | (120,394) |
Broker and agent relationships | 297,693 |  |  | (168,586) |  |  | 296,972 |  |  | (152,142) |
Trade names | 293,270 |  |  | (138,040) |  |  | 293,194 |  |  | (118,976) |
Technology | 113,248 |  |  | (100,781) |  |  | 113,170 |  |  | (92,646) |
Insurance licenses | 72,333 |  |  | — |  |  | 74,333 |  |  | — |
Other | 169,681 |  |  | (114,353) |  |  | 169,775 |  |  | (106,165) |
Total | $ | 2,860,728 |  |  | $ | (1,272,044) |  |  | $ | 2,836,774 |  |  | $ | (1,089,310) |

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