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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | 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 |
| At December 31, 2022 |  |  |  |  |  |  |  |
| Gross amount | $ | 95,890 |  |  | $ | 120,785 |  |  | $ | 394,604 |  |  | $ | 611,279 |  |
| Accumulated amortization | n/a |  | n/a |  | (306,671) |  |  | (306,671) |  |
| Accumulated translation adjustment | 4,911 |  |  | — |  |  | — |  |  | 4,911 |  |
|  | 100,801 |  |  | 120,785 |  |  | 87,933 |  |  | 309,519 |  |
| Amortization | n/a |  | n/a |  | (10,917) |  |  | (10,917) |  |
| Impairment charges | — |  |  | — |  |  | — |  |  | — |  |
| At December 31, 2023 |  |  |  |  |  |  |  |
| Gross amount | 95,890 |  |  | 120,785 |  |  | 394,604 |  |  | 611,279 |  |
| Accumulated amortization | n/a |  | n/a |  | (317,588) |  |  | (317,588) |  |
| Accumulated translation adjustment | 4,911 |  |  | — |  |  | — |  |  | 4,911 |  |
|  | 100,801 |  |  | 120,785 |  |  | 77,016 |  |  | 298,602 |  |
| Amortization | n/a |  | n/a |  | (10,917) |  |  | (10,917) |  |
| Impairment charges | — |  |  | — |  |  | — |  |  | — |  |
| At December 31, 2024 |  |  |  |  |  |  |  |
| Gross amount | 95,890 |  |  | 120,785 |  |  | 394,604 |  |  | 611,279 |  |
| Accumulated amortization | n/a |  | n/a |  | (328,505) |  |  | (328,505) |  |
| Accumulated translation adjustment | 4,911 |  |  | — |  |  | — |  |  | 4,911 |  |
|  | 100,801 |  |  | 120,785 |  |  | 66,099 |  |  | 287,685 |  |
| Amortization | n/a |  | n/a |  | (10,917) |  |  | (10,917) |  |
| Impairment charges | — |  |  | — |  |  | — |  |  | — |  |
| Tax-related adjustments | (34,303) |  |  | — |  |  | — |  |  | (34,303) |  |
|  | $ | 66,498 |  |  | $ | 120,785 |  |  | $ | 55,182 |  |  | $ | 242,465 |  |
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 years ended December 31, 2024, 2023 and 2022, the Company's impairment review of goodwill did not result in the recognition of an impairment loss. Tax-related Adjustments During the year ended December 31, 2024, the Company assessed that certain deferred tax assets and deferred tax liabilities were no longer required and recognized a tax-related adjustment of $34 million. The tables below provide details of the gross amount and accumulated amortization by category of value of business acquired ("VOBA") and intangible assets:
|  |  | VOBA and intangible assets |
| At December 31, 2024 |  | 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 (1) |  | 13,330 |  |  | (12,993) |  |  | 337 |  |
| VOBA(2) |  | 256,942 |  |  | (256,942) |  |  | — |  |
| Coverholders (2) |  | 63,565 |  |  | (38,408) |  |  | 25,157 |  |
| Large brokers (2) |  | 46,641 |  |  | (22,545) |  |  | 24,096 |  |
| SME brokers (2) |  | 14,126 |  |  | (8,533) |  |  | 5,593 |  |
|  |  | $ | 515,388 |  |  | $ | (339,421) |  |  | $ | 175,967 |  |
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 VOBA, distribution networks, and indefinite lived intangible assets related to Lloyd's syndicate capacity, all detailed above.
|  |  | VOBA and intangible assets |
| At December 31, 2023 |  | 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 (1) |  | 13,330 |  |  | (11,661) |  |  | 1,669 |  |
| VOBA(2) |  | 256,942 |  |  | (256,942) |  |  | — |  |
| Coverholders (2) |  | 63,565 |  |  | (33,110) |  |  | 30,455 |  |
| Large brokers (2) |  | 46,641 |  |  | (19,435) |  |  | 27,206 |  |
| SME brokers (2) |  | 14,126 |  |  | (7,357) |  |  | 6,769 |  |
|  |  | $ | 515,388 |  |  | $ | (328,505) |  |  | $ | 186,883 |  |
n/a – not applicable (1) On April 1, 2015, the Company completed its acquisition of Ternian Insurance Group LLC (renamed AXIS Group Benefits LLC in 2022) and recognized the definite life intangible assets detailed above. (2) On October 2, 2017, the Company acquired Novae Group plc ("Novae") and recognized finite lived intangible assets, including VOBA, distribution networks, and indefinite lived intangible assets related to Lloyd's syndicate capacity, all detailed above. The table below provides details of estimated amortization expense of intangible assets with a finite life:
|  |  |  |  |  |  | Total |
| 2025 |  |  |  |  |  | $ | 9,921 |  |
| 2026 |  |  |  |  |  | 9,583 |  |
| 2027 |  |  |  |  |  | 9,583 |  |
| 2028 |  |  |  |  |  | 9,583 |  |
| 2029 |  |  |  |  |  | 7,965 |  |
| After 2029 |  |  |  |  |  | 8,547 |  |
| Total remaining amortization expense |  |  |  |  |  | 55,182 |  |
| Indefinite lived intangible assets |  |  |  |  |  | 120,785 |  |
| Total intangible assets |  |  |  |  |  | $ | 175,967 |  |
The estimated remaining average useful life of finite lived intangible assets is 6 years.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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