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Intangible Assets, Net and Goodwill (Notes)
 6 Months Ended
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, 2026December 31, 2025
(in thousands)Gross Carrying ValueAccumulated AmortizationNet Carrying ValueGross Carrying ValueAccumulated AmortizationNet Carrying Value
Acquired relationships$1,739,517 $(430,185)$1,309,332 $1,253,396 $(344,992)$908,404 
Software211,823 (116,073)95,750 163,514 (95,547)67,967 
Trade names76,724 (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 
2027192,865 
2028165,578 
2029143,361 
2030129,979 
2031104,071 
The changes in carrying value of goodwill by operating group for the periods are as follows:
(in thousands)Insurance Advisory SolutionsUnderwriting, Capacity & Technology SolutionsMainstreet Insurance Solutions Total
Balance at December 31, 2025$932,487 $241,905 $342,779 $1,517,171 
Goodwill of acquired businesses940,290 194,605 — 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.