Intangible Assets, Net and Goodwill

The Company recognizes certain separately identifiable intangible assets acquired in connection with business combinations and asset acquisitions. Refer to Note 3 for a summary of intangible assets acquired in connection with business combinations during the three months ended March 31, 2020. Intangible assets consist of the following:



	March 31, 2020							December 31, 2019
(in thousands)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Purchased customer accounts	$	60,295	$	(10,576	)	$	49,719	$	53,987	$	(9,143	)	$	44,844
Software	31,162		(6,625		)	24,537		30,590		(5,070		)	25,520
Distributor relationships	27,600		(550		)	27,050		13,000		(331		)	12,669
Carrier relationships	7,859		(429		)	7,430		7,200		(170		)	7,030
Trade names	2,884		(356		)	2,528		2,613		(226		)	2,387
Totals	$	129,800	$	(18,536	)	$	111,264	$	107,390	$	(14,940	)	$	92,450

Amortization expense recorded for intangible assets was $3.6 million and $876,000 for the three months ended March 31, 2020 and 2019, respectively.

Refer to Note 3 for a summary of goodwill recorded in connection with business combinations during the three months ended March 31, 2020. The changes in carrying value of goodwill by Operating Group for the period are as follows:



(in thousands)	Middle Market		Specialty		MainStreet		Medicare		Total
Balance at December 31, 2019	$	52,932	$	60,115	$	38,892	$	12,531	$	164,470
Goodwill of acquired businesses	23,739		4,228		—		5,094		33,061
Balance at March 31, 2020	$	76,671	$	64,343	$	38,892	$	17,625	$	197,531