GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

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

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)
Impairment charges	—		—		—		—
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)
At December 31, 2021
Gross amount	95,890		120,784		394,604		611,278
Accumulated amortization	n/a		n/a		(291,901)		(291,901)
Accumulated translation adjustment	4,911		—		—		4,911
	100,801		120,784		102,703		324,288
Amortization	n/a		n/a		(14,770)		(14,770)
Impairment charges	—		—		—		—
	$	100,801	$	120,784	$	87,933	$	309,518

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, 2021, 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, 2020, an impairment loss of $1 million was recognized 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.

The tables below provide details of the gross amount and accumulated amortization by category of VOBA and intangible assets:


	VOBA and intangible assets
At December 31, 2021	Gross amount		Accumulated amortization		Total

U.S. state licenses	$	26,036	n/a		$	26,036
Syndicate capacity (2)	94,748		n/a		94,748
Customer relationships and customers lists - Ternian (1)	13,330		(8,997)		4,333
VOBA - Novae (2)	256,942		(256,942)		—
Coverholders (2)	63,565		(22,514)		41,051
Large brokers (2)	46,641		(13,215)		33,426
SME brokers (2)	14,126		(5,003)		9,123
	$	515,388	$	(306,671)	$	208,717

n/a – not applicable

(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
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

n/a – not applicable

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

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



	Total


2022	$	10,916
2023	10,916
2024	10,916
2025	9,921
2026	9,583
After 2026	35,681
Total remaining amortization expense	87,933
Indefinite lived intangible assets	120,784
Total intangible assets	$	208,717

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