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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | The table below provides details of goodwill and intangible assets related to the Company's insurance segment:
|  | Goodwill |  | Intangible assets with an indefinite life |  | Intangible assets with a finite life |  | Total |
| Balance at December 31, 2017 |  |  |  |  |  |  |  |
| Gross amount | $ | 42,237 |  |  | $ | 26,036 |  |  | $ | 23,030 |  |  | $ | 91,303 |  |
| Accumulated amortization | n/a |  |  | n/a |  |  | (11,165 | ) |  | (11,165 | ) |
| Accumulated translation adjustment | 4,911 |  |  | — |  |  | — |  |  | 4,911 |  |
|  | 47,148 |  |  | 26,036 |  |  | 11,865 |  |  | 85,049 |  |
| Acquired during the year | 54,855 |  |  | 94,748 |  |  | 387,545 |  |  | 537,148 |  |
| Amortization | n/a |  |  | n/a |  |  | (55,369 | ) |  | (55,369 | ) |
| Balance at December 31, 2018 |  |  |  |  |  |  |  |
| Gross amount | 97,092 |  |  | 120,784 |  |  | 410,575 |  |  | 628,451 |  |
| Accumulated amortization | n/a |  |  | n/a |  |  | (66,534 | ) |  | (66,534 | ) |
| Accumulated translation adjustment | 4,911 |  |  | — |  |  | — |  |  | 4,911 |  |
|  | 102,003 |  |  | 120,784 |  |  | 344,041 |  |  | 566,828 |  |
| Amortization | n/a |  |  | n/a |  |  | (184,043 | ) |  | (184,043 | ) |
| Impairment charges | — |  |  | — |  |  | (3,500 | ) |  | (3,500 | ) |
| Balance at December 31, 2019 |  |  |  |  |  |  |  |
| Gross amount | $ | 97,092 |  |  | $ | 120,784 |  |  | $ | 404,304 |  |  | $ | 622,180 |  |
| Accumulated amortization | n/a |  |  | n/a |  |  | (247,804 | ) |  | (247,804 | ) |
| Accumulated translation adjustment | 4,911 |  |  | — |  |  | — |  |  | 4,911 |  |
|  | 102,003 |  |  | 120,784 |  |  | 156,500 |  |  | 379,287 |  |
| Amortization | n/a |  |  | n/a |  |  | (37,742 | ) |  | (37,742 | ) |
|  | $ | 102,003 |  |  | $ | 120,784 |  |  | $ | 118,758 |  |  | $ | 341,545 |  |
n/a – not applicable Acquisitions in 2017 In connection with the acquisition of Novae, the Company identified finite lived intangible assets of $385 million, including Value of Business Acquired ("VOBA") which represents the present value of the expected underwriting profit within policies that were in-force at the closing date of the transaction, of $257 million and other finite lived intangible assets primarily related to distribution networks of $128 million. In addition, the Company identified indefinite lived intangible assets related to Lloyd's syndicate capacity of $95 million. The Company also recognized goodwill of $54 million. In connection with the acquisition of Contessa Limited, the Company recognized goodwill of $1 million. Intangible Assets with an Indefinite Life Intangible assets with an indefinite life include U.S. state licenses that provide a legal right to transact business indefinitely and the value of Lloyd's syndicate capacity, which represents Novae's right to underwrite a certain allocated limit of premium in the Lloyd's market. Impairment Review The Company's impairment review of goodwill and indefinite lived intangibles did not result in the recognition of an impairment loss for the years ended December 31, 2019 and 2017. For the year ended December 31 2018, an impairment loss of $4 million was recognized related to the termination of the Managing General Agent ("MGA") contract intangible asset identified in connection with the acquisition of Novae. The tables below provide details of the gross amount and accumulated amortization by category of VOBA and intangible assets:
|  |  | VOBA and intangible assets |
| Balance At December 31, 2019 |  | Gross amount |  | Accumulated amortization |  | Total |
| U.S. state licenses |  | $ | 26,036 |  |  | n/a |  |  | $ | 26,036 |  |
| Customer lists, trademark and non-compete - Media Pro (1) |  | 9,700 |  |  | (9,700 | ) |  | — |  |
| Customer relationships and customers lists - Ternian (2) |  | 13,330 |  |  | (6,333 | ) |  | 6,997 |  |
| VOBA - Novae |  | 256,942 |  |  | (247,950 | ) |  | 8,992 |  |
| Syndicate capacity |  | 94,748 |  |  | n/a |  |  | 94,748 |  |
| Coverholders |  | 63,565 |  |  | (11,918 | ) |  | 51,647 |  |
| Large brokers |  | 46,641 |  |  | (6,996 | ) |  | 39,645 |  |
| SME brokers |  | 14,126 |  |  | (2,649 | ) |  | 11,477 |  |
|  |  | $ | 525,088 |  |  | $ | (285,546 | ) |  | $ | 239,542 |  |
(1) On May 1, 2007, the Company acquired the assets and operations of Media/Professional Insurance (Media/Pro) and recognized the definite life intangible assets detailed above. (2) On April 1, 2015, the Company completed its acquisition of Ternian Insurance Group LLC and recognized definite life intangible assets detailed above.
|  |  | VOBA and intangible assets |
| Balance At December 31, 2018 |  | Gross amount |  | Accumulated amortization and impairment |  | Total |
| U.S. state licenses |  | $ | 26,036 |  |  | n/a |  |  | $ | 26,036 |  |
| Customer lists, trademark and non-compete - Media Pro |  | 9,700 |  |  | (9,598 | ) |  | 102 |  |
| Customer relationships and customers lists - Ternian |  | 13,330 |  |  | (4,999 | ) |  | 8,331 |  |
| VOBA - Aviabel |  | 2,140 |  |  | (2,140 | ) |  | — |  |
| VOBA - Novae |  | 256,942 |  |  | (221,228 | ) |  | 35,714 |  |
| Syndicate capacity |  | 94,748 |  |  | n/a |  |  | 94,748 |  |
| Coverholders |  | 63,565 |  |  | (6,622 | ) |  | 56,943 |  |
| Large brokers |  | 46,641 |  |  | (3,888 | ) |  | 42,753 |  |
| SME brokers |  | 14,126 |  |  | (1,471 | ) |  | 12,655 |  |
| MGA contract(1) |  | 4,131 |  |  | (4,131 | ) |  | — |  |
|  |  | $ | 531,359 |  |  | $ | (254,077 | ) |  | $ | 277,282 |  |
(1) During the year ended December 31, 2018, an impairment charge of $3,500 was recognized related to the termination of the MGA contract intangible asset identified in connection with the acquisition of Novae. The table below provides details of estimated amortization expense of VOBA and intangible assets with a finite life:
|  |  | VOBA |  | Intangible assets |  | Total |
| 2020 |  | 5,139 |  |  | 10,916 |  |  | 16,055 |  |
| 2021 |  | 3,853 |  |  | 10,916 |  |  | 14,769 |  |
| 2022 |  | — |  |  | 10,916 |  |  | 10,916 |  |
| 2023 |  | — |  |  | 10,916 |  |  | 10,916 |  |
| 2024 |  | — |  |  | 10,916 |  |  | 10,916 |  |
| 2025 and thereafter |  | — |  |  | 55,186 |  |  | 55,186 |  |
| Total remaining amortization expense |  | 8,992 |  |  | 109,766 |  |  | 118,758 |  |
| Indefinite lived intangible assets |  | — |  |  | 120,784 |  |  | 120,784 |  |
| Total intangible assets |  | $ | 8,992 |  |  | $ | 230,550 |  |  | $ | 239,542 |  |
The estimated remaining useful lives of finite lived intangible assets range from 2 to 13 years.

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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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