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Note 7 - Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]

7. Intangible Assets and Goodwill

Intangible assets and goodwill consist of the following:

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

($ in thousands)

 

Goodwill from acquisitions:

 

$

30,466

 

 

$

3,755

 

Indefinite-lived intangibles:

 

 

 

 

 

 

State insurance licenses

 

$

2,344

 

 

$

744

 

Finite-lived intangibles:

 

 

 

 

 

 

Customer relationships

 

 

38,472

 

 

 

14,288

 

Accumulated amortization on finite-lived intangibles

 

 

(10,228

)

 

 

(5,545

)

Total Goodwill and intangible assets, net

 

$

61,054

 

 

$

13,242

 

 

Goodwill of $4.9 million was recognized upon the Company’s acquisition of FIA in January 2025 and goodwill of $21.8 million was recognized upon the Company’s acquisition of AAP.

 

State insurance licenses consist of licenses acquired at the inception of PSIC and in connection with the acquisition of First Indemnity of America Insurance Co. (“FIA”). Customer relationships were recognized in connection with the FIA and AAP Advanced AgProtection, LLC (“AAP”) acquisitions.

Customer relationships are amortized on a straight line over a period of 8 years. Amortization expense was $4.7 million for the year ended December 31, 2025 and $1.6 million for the year ended December 31, 2024.