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Intangible Assets, Net and Goodwill (Notes) | 6 Months Ended
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Jun. 30, 2026
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill | Intangible Assets, Net and Goodwill The Company has recognized separately identifiable intangible assets in connection with its partnerships, including business combinations and asset acquisitions, as well as software purchased and developed for internal use. During the six months ended June 30, 2026, the Company completed three asset acquisitions and recognized $12.1 million of acquired relationships, representing the full purchase consideration of the acquisitions, which are being amortized over an estimated weighted-average useful life of 15 years. Intangible assets consist of the following:
|  | June 30, 2026 |  | December 31, 2025
(in thousands) |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Acquired relationships |  | $ | 1,739,517 |  |  | $ | (430,185) |  |  | $ | 1,309,332 |  |  | $ | 1,253,396 |  |  | $ | (344,992) |  |  | $ | 908,404 |
Software |  | 211,823 |  |  | (116,073) |  |  | 95,750 |  |  | 163,514 |  |  | (95,547) |  |  | 67,967 |
Trade names |  | 76,724 |  |  | (31,766) |  |  | 44,958 |  |  | 28,474 |  |  | (26,411) |  |  | 2,063 |
Total intangible assets |  | $ | 2,028,064 |  |  | $ | (578,024) |  |  | $ | 1,450,040 |  |  | $ | 1,445,384 |  |  | $ | (466,950) |  |  | $ | 978,434 |
Amortization expense recorded for intangible assets was $56.0 million and $26.0 million for the three months ended June 30, 2026 and 2025, respectively, and $111.1 million and $51.9 million for the six months ended June 30, 2026 and 2025, respectively. Future annual estimated amortization expense over the next five years for intangible assets is as follows:
(in thousands) |  | Amortization
For the remainder of 2026 |  | $ | 111,472 |
2027 |  | 192,865 |
2028 |  | 165,578 |
2029 |  | 143,361 |
2030 |  | 129,979 |
2031 |  | 104,071 |
The changes in carrying value of goodwill by operating group for the periods are as follows:
(in thousands) |  | Insurance Advisory Solutions |  | Underwriting, Capacity & Technology Solutions |  | Mainstreet Insurance Solutions |  | Total
Balance at December 31, 2025 |  | $ | 932,487 |  |  | $ | 241,905 |  |  | $ | 342,779 |  |  | $ | 1,517,171 |
Goodwill of acquired businesses |  | 940,290 |  |  | 194,605 |  |  | — |  |  | 1,134,895 |
Measurement period adjustments(1) |  | — |  |  | 341 |  |  | — |  |  | 341 |
Balance at June 30, 2026 |  | $ | 1,872,777 |  |  | $ | 436,851 |  |  | $ | 342,779 |  |  | $ | 2,652,407 |
__________ (1) Adjustments were made within the permitted measurement period to reflect a decrease in assumed premiums, commissions and fees receivable, net related to partnerships entered into in the prior year. The measurement period adjustments have been reflected as current‑period adjustments in accordance with Topic 805 and had no effect on results of operations or cash flows.

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