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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The following tables show an analysis of goodwill and other intangible assets, net of foreign currency translation adjustments, included in goodwill and other intangible assets on the Company’s consolidated balance sheets:
|  | Goodwill and Other Intangible Assets |
| At December 31, | 2021 |  | 2020 |
| Goodwill, net | $ | 210,920 |  |  | $ | 211,013 |  |
| Other intangible assets, net | 32,576 |  |  | 38,628 |  |
| Total goodwill and other intangible assets | $ | 243,496 |  |  | $ | 249,641 |  |
Included in goodwill and other intangible assets on the Company’s consolidated balance sheet at December 31, 2021 was gross goodwill of $213.2 million (2020 - $213.3 million, 2019 - $213.0 million). Included in goodwill, net at December 31, 2021 was accumulated impairment losses of $2.3 million (2020 - $2.3 million). In addition, the Company has also recorded goodwill and other intangible assets included in investments in other ventures, under equity method on the Company’s consolidated balance sheets:
|  | Goodwill and Other Intangible Assets Included in Investments in Other Ventures, Under Equity Method |
| At December 31, | 2021 |  | 2020 |
| Goodwill, net | $ | 9,903 |  |  | $ | 10,598 |  |
| Other intangible assets, net | 8,716 |  |  | 12,368 |  |
| Total goodwill and other intangible assets | $ | 18,619 |  |  | $ | 22,966 |  |
Included in Investments and other ventures, under equity method on the Company’s consolidated balance sheet at December 31, 2021 was gross goodwill of $14.4 million (2020 - $15.1 million, 2019 - $15.1 million). Included in goodwill, net at December 31, 2021 was accumulated impairment losses of $4.5 million (2020 - $4.5 million). The following table shows a roll forward of goodwill included in goodwill and other intangible assets and goodwill included in investments in other ventures, under equity method on the Company’s consolidated balance sheets:
|  | Goodwill |
|  | Goodwill and Other Intangible Assets |  | Goodwill and Other Intangible Assets Included in Investments in Other Ventures, Under Equity Method |
| Balance at December 31, 2019, net | $ | 210,665 |  |  | $ | 10,598 |  |
| Foreign currency translation | 348 |  |  | — |  |
| Balance at December 31, 2020, net | 211,013 |  |  | 10,598 |  |
| Acquired | — |  |  | (695) |  |
| Foreign currency translation | (93) |  |  | — |  |
| Balance at December 31, 2021, net | $ | 210,920 |  |  | $ | 9,903 |  |
The gross carrying value, accumulated amortization and accumulated impairment losses by major category of other intangible assets included in goodwill and other intangible assets and investments in other ventures, under equity method on the Company’s consolidated balance sheets are shown below:
|  | Other Intangible Assets |
| At December 31, 2021 | Gross Carrying Value |  | Accumulated Amortization |  | Accumulated Impairment Losses |  |  |  | Net |
| Customer relationships and customer lists | $ | 108,742 |  |  | $ | (83,307) |  |  | $ | (1,403) |  |  |  |  | $ | 24,032 |  |
| Licenses (1) | 23,779 |  |  | — |  |  | (6,800) |  |  |  |  | 16,979 |  |
| Value of business acquired | 20,200 |  |  | (20,200) |  |  | — |  |  |  |  | — |  |
| Software | 12,230 |  |  | (12,230) |  |  | — |  |  |  |  | — |  |
| Patents and intellectual property | 4,500 |  |  | (1,875) |  |  | (2,625) |  |  |  |  | — |  |
| Covenants not-to-compete | 4,030 |  |  | (4,030) |  |  | — |  |  |  |  | — |  |
| Trademarks and trade names | 1,710 |  |  | (1,429) |  |  | — |  |  |  |  | 281 |  |
|  | $ | 175,191 |  |  | $ | (123,071) |  |  | $ | (10,828) |  |  |  |  | $ | 41,292 |  |
(1)Licenses is comprised of $17.0 million of indefinite lived other intangible assets, included in other intangible assets, net, as of December 31, 2021
|  | Other Intangible Assets |  |
| At December 31, 2020 | Gross Carrying Value |  | Accumulated Amortization |  | Accumulated Impairment Losses |  | Net |  |
| Customer relationships and customer lists | $ | 108,798 |  |  | $ | (76,118) |  |  | $ | (1,403) |  |  | $ | 31,277 |  |  |
| Licenses (1) | 26,214 |  |  | — |  |  | (6,800) |  |  | 19,414 |  |  |
| Value of business acquired | 20,200 |  |  | (20,200) |  |  | — |  |  | — |  |  |
| Software | 12,230 |  |  | (12,230) |  |  | — |  |  | — |  |  |
| Patents and intellectual property | 4,500 |  |  | (1,875) |  |  | (2,625) |  |  | — |  |  |
| Covenants not-to-compete | 4,030 |  |  | (4,030) |  |  | — |  |  | — |  |  |
| Trademarks and trade names | 1,710 |  |  | (1,405) |  |  | — |  |  | 305 |  |  |
|  | $ | 177,682 |  |  | $ | (115,858) |  |  | $ | (10,828) |  |  | $ | 50,996 |  |  |
(1)Licenses is comprised of $19.4 million of indefinite lived other intangible assets, included in other intangible assets, net, as of December 31, 2020 During 2021, the Company recorded amortization expense of $7.2 million and an impairment loss of $Nil related to other intangible assets (2020 - $8.3 million and $6.8 million, respectively). During the quarter ended March 31, 2019, the Company recognized goodwill of $13.1 million, based on foreign exchange rates on March 22, 2019, attributable to the excess of the purchase price over the fair value of the net assets acquired in the TMR Stock Purchase. In addition, the Company recognized identifiable finite lived intangible assets of $11.2 million and identifiable indefinite lived intangible assets of $6.8 million associated with TMR. Refer to “Note 3. Acquisition of Tokio Millennium Re” for additional information related to goodwill and other intangible assets associated with the acquisition of TMR. In accordance with the Company’s established accounting policy, the Company performed goodwill and other intangible assets impairment tests during the fourth quarter. During 2020, the Company elected to renew certain reinsurance contracts, that had previously been written on one of the acquired TMR balance sheets, on other balance sheets within the consolidated group and placed the TMR entity into run-off. Accordingly and in connection with the Company’s impairment assessment performed during the fourth quarter of 2020, it was determined that the license associated with this acquired TMR entity, which was initially reflected as an indefinite lived intangible asset of $6.8 million at the time of the acquisition of TMR, should be written down to $Nil. The Company recorded an intangible asset impairment charge of $Nil during the year ended December 31, 2021. In performing the impairment assessment, the Company first assessed qualitative factors to determine whether it was necessary to perform a quantitative impairment test. Based on its qualitative assessment, the Company determined it was not more likely than not that the fair value of the goodwill and other intangible assets in question were less than their respective carrying amounts. The qualitative assessment included the following factors which the Company determined had not significantly deteriorated given specific facts and circumstances: macroeconomic conditions; industry and market conditions; costs factors; and overall financial performance. Other than the goodwill and other intangible assets acquired and the intangible assets impaired as noted above and normal course amortization of intangible assets, in accordance with the Company’s established accounting policy, there were no adjustments to carried goodwill and other intangible assets during the year ended December 31, 2021. The remaining useful life of intangible assets with finite lives ranges from 1.3 to 12.2 years, with a weighted-average amortization period of 5.5 years. Expected amortization of the other intangible assets, including other intangible assets recorded in investments in other ventures, under equity method, is shown below:
|  | Other Intangibles Assets |  | Other Intangible Assets Included in Investments in Other Ventures, Under Equity Method |  | Total |
| 2022 | $ | 5,602 |  |  | $ | 997 |  |  | $ | 6,599 |  |
| 2023 | 5,173 |  |  | 606 |  |  | 5,779 |  |
| 2024 | 4,716 |  |  | 194 |  |  | 4,910 |  |
| 2025 | 1,976 |  |  | 24 |  |  | 2,000 |  |
| 2026 | 1,377 |  |  | 24 |  |  | 1,401 |  |
| 2027 and thereafter | 3,465 |  |  | 159 |  |  | 3,624 |  |
| Total remaining amortization expense | 22,309 |  |  | 2,004 |  |  | 24,313 |  |
| Indefinite lived | 10,267 |  |  | 6,712 |  |  | 16,979 |  |
| Total | $ | 32,576 |  |  | $ | 8,716 |  |  | $ | 41,292 |  |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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