v3.21.2
Intangible Assets, Net and Goodwill (Notes)
 9 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net and Goodwill 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 nine months ended September 30, 2021. Intangible assets consist of the following:
September 30, 2021December 31, 2020
(in thousands)Gross Carrying ValueAccumulated AmortizationNet Carrying ValueGross Carrying ValueAccumulated AmortizationNet Carrying Value
Purchased customer accounts (1)
$616,144 $(43,666)$572,478 $501,512 $(18,604)$482,908 
Distributor relationships37,226 (2,562)34,664 32,380 (1,377)31,003 
Software39,659 (16,334)23,325 30,828 (10,801)20,027 
Trade names (1)
18,380 (2,802)15,578 14,439 (932)13,507 
Carrier relationships7,859 (1,181)6,678 7,859 (984)6,875 
Totals$719,268 $(66,545)$652,723 $587,018 $(32,698)$554,320 
__________
(1)    During the nine months ended September 30, 2021, the Company recorded measurement period adjustments relating to certain businesses acquired in the fourth quarter of 2020, which decreased purchased customer accounts and trade names by $4.6 million and $156,000, respectively.
Amortization expense recorded for intangible assets was $12.6 million and $5.2 million for the three months ended September 30, 2021 and 2020, respectively, and $33.9 million and $13.2 million for the nine months ended September 30, 2021 and 2020, respectively.
Refer to Note 3 for a summary of goodwill recorded in connection with business combinations during the nine months ended September 30, 2021. 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, 2020$526,858 $65,319 $38,892 $20,433 $651,502 
Goodwill of acquired businesses143,266 88,022 — 4,241 235,529 
Measurement period adjustments (1)
(1,710)— — — (1,710)
Balance at September 30, 2021$668,414 $153,341 $38,892 $24,674 $885,321 
__________
(1)    Measurement period adjustments relating to businesses acquired in the fourth quarter of 2020 increased accrued expenses and other current liabilities by $93,000, decreased property and equipment by $124,000, decreased premiums, commissions and fees receivable, net by $545,000