GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

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, 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)
Balance at December 31, 2020
Gross amount	$	97,092	$	120,784	$	394,604	$	612,480
Accumulated amortization	n/a		n/a		(275,846)		(275,846)
Accumulated translation adjustment	4,911		—		—		4,911
	102,003		120,784		118,758		341,545
Amortization	n/a		n/a		(16,055)		(16,055)
Impairment charges	(1,202)		—		—		(1,202)
	$	100,801	$	120,784	$	102,703	$	324,288

n/a – not applicable

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 the right to underwrite a certain allocated limit of premium in the Lloyd's market.

Impairment Review

For the year ended December 31, 2020, the Company's impairment review of goodwill and indefinite lived intangibles resulted in the recognition of an impairment loss of $1 million related to the exit from certain program business. For the year ended December 31, 2019, the Company's impairment review of goodwill and indefinite lived intangibles did not result in the recognition of an impairment loss. For the year ended December 31, 2018, the Company's impairment review of goodwill and indefinite lived intangibles resulted in the recognition of an impairment loss of $4 million 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, 2020	Gross amount		Accumulated amortization		Total

U.S. state licenses	$	26,036	n/a		$	26,036
Customer relationships and customers lists - Ternian (1)	13,330		(7,665)		5,665
VOBA - Novae (2)	256,942		(253,088)		3,854
Syndicate capacity (2)	94,748		n/a		94,748
Coverholders (2)	63,565		(17,216)		46,349
Large brokers (2)	46,641		(10,106)		36,535
SME brokers (2)	14,126		(3,826)		10,300
	$	515,388	$	(291,901)	$	223,487

(1) On April 1, 2015, the Company completed its acquisition of Ternian Insurance Group LLC and recognized the definite life intangible assets detailed above.

(2) On October 2, 2017, the Company acquired Novae and recognized finite lived intangible assets, including Value of Business Acquired ("VOBA"), distribution networks, and indefinite lived intangible assets related to Lloyd's syndicate capacity, all detailed above.


	VOBA and intangible assets
Balance At December 31, 2019	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 (3)	9,700		(9,700)		—
Customer relationships and customers lists - Ternian	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

(3) 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.

The table below provides details of estimated amortization expense of VOBA and intangible assets with a finite life:



	VOBA		Intangible assets		Total

2021	3,854		10,916		14,770
2022	—		10,916		10,916
2023	—		10,916		10,916
2024	—		10,916		10,916
2025	—		9,921		9,921
2026 and thereafter	—		45,264		45,264
Total remaining amortization expense	3,854		98,849		102,703
Indefinite lived intangible assets	—		120,784		120,784
Total intangible assets	$	3,854	$	219,633	$	223,487

The estimated remaining average useful life of finite lived intangible assets is 9 years.