Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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,	2023		2022
Goodwill, net	$	300,542	$	210,894
Other intangible assets, net	474,810		26,934
Total goodwill and other intangible assets	$	775,352	$	237,828

Included in goodwill and other intangible assets on the Company’s consolidated balance sheet at December 31, 2023 was gross goodwill of $302.8 million (2022 - $213.2 million, 2021 - $213.2 million). Included in goodwill, net at December 31, 2023 was accumulated impairment losses of $2.3 million (2022 - $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,	2023		2022
Goodwill, net	$	10,808	$	9,903
Other intangible assets, net	7,260		7,866
Total goodwill and other intangible assets	$	18,068	$	17,769

Included in investments in other ventures, under equity method on the Company’s consolidated balance sheet at December 31, 2023 was gross goodwill of $15.3 million (2022 - $14.4 million, 2021 - $14.4 million). Included in goodwill, net at December 31, 2023, was accumulated impairment losses of $4.5 million (2022 - $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, 2021, net	$	210,920	$	9,903


Foreign currency translation	(26)		—
Balance at December 31, 2022, net	210,894		9,903
Acquired	89,648		905


Balance at December 31, 2023, net	$	300,542	$	10,808

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, 2023	Gross Carrying Value		Accumulated Amortization		Accumulated Impairment Losses		Net
Customer relationships and customer lists	$	530,704	$	(101,659)	$	(1,550)	$	427,495
Licenses (1)	37,663		—		(6,653)		31,010
Value of business acquired	20,200		(20,200)		—		—
Asset management contracts	20,000		(833)		—		19,167
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	6,710		(2,312)		—		4,398
	$	636,037	$	(143,139)	$	(10,828)	$	482,070

(1)Licenses is comprised of $31.0 million of indefinite lived other intangible assets, included in other intangible assets, net, as of December 31, 2023



	Other Intangible Assets
At December 31, 2022	Gross Carrying Value		Accumulated Amortization		Accumulated Impairment Losses		Net
Customer relationships and customer lists	$	108,704	$	(89,736)	$	(1,550)	$	17,418
Licenses (1)	23,779		—		(6,653)		17,126
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		(1,454)		—		256
	$	175,153	$	(129,525)	$	(10,828)	$	34,800

(1)Licenses is comprised of $17.1 million of indefinite lived other intangible assets, included in other intangible assets, net, as of December 31, 2022

During 2023, the Company recorded $460.9 million of gross identifiable intangible assets identified in connection with the Validus Acquisition. Also during 2023, the Company recorded amortization expense of $13.6 million and an impairment loss of $Nil related to other intangible assets (2022 - $6.5 million and $Nil, respectively).

See “Note 3. Acquisition of Validus” for additional information regarding the Validus Acquisition.

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 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, 2023.

The remaining useful life of intangible assets with finite lives ranges from 0.3 to 14.8 years, with a weighted-average amortization period of 13.4 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
2024	$	57,470	$	194	$	57,664
2025	70,210		24		70,234
2026	61,622		24		61,646
2027	53,737		24		53,761
2028	42,661		24		42,685
2029 and thereafter	164,960		110		165,070
Total remaining amortization expense	450,660		400		451,060
Indefinite lived	24,150		6,860		31,010
Total	$	474,810	$	7,260	$	482,070