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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | The Company conducts impairment testing for goodwill and intangible assets at least annually, or more often if events, changes or circumstances indicate that the carrying amount may not be recoverable. See Part II - Item 8, Note 1 in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 for further description of impairment testing. There were no changes in the carrying amount of goodwill by reporting unit for the three months ended March 31, 2021. The carrying amount of goodwill by reporting unit as of March 31, 2021 was as follows:
($ in millions) |  | March 31, 2021 |  |  |  |  |  |
Property and Casualty |  | $ | 9.5 |  |  |  |  |  |  |
Supplemental |  | 19.6 |  |  |  |  |  |  |
Retirement |  | 4.5 |  |  |  |  |  |  |
Life |  | 9.9 |  |  |  |  |  |  |
Total |  | $ | 43.5 |  |  |  |  |  |  |
As of March 31, 2021, the outstanding amounts of definite-lived intangible assets subject to amortization are attributable to the acquisitions of Benefit Consultants Group, Inc. (BCG) and NTA Life Enterprises, LLC (NTA) during 2019. The acquisition of BCG resulted in initial recognition of definite-lived intangible assets subject to amortization in the amount of $14.1 million and the acquisition of NTA resulted in initial recognition of definite-lived intangible assets subject to amortization in the amount of $160.4 million. As of March 31, 2021 the outstanding amounts of definite-lived intangible assets subject to amortization were as follows:
($ in millions) |  | Weighted Average |  |
|  | Useful Life (in Years) |  |
At inception: |  |  |  |
Value of business acquired |  | 30 |  | $ | 94.4 |
Value of distribution acquired |  | 17 |  | 54.0 |
Value of agency relationships |  | 14 |  | 17.0 |
Value of customer relationships |  | 10 |  | 9.1 |
Total |  | 23 |  | 174.5 |
Accumulated amortization and impairments: |  |  |  |
Value of business acquired |  |  |  | (12.6) |
Value of distribution acquired |  |  |  | (9.4) |
Value of agency relationships |  |  |  | (4.6) |
Value of customer relationships |  |  |  | (3.5) |
Total |  |  |  | (30.1) |
Net intangible assets subject to amortization: |  |  |  | $ | 144.4 |
With regards to the definite-lived intangible assets in the table above, the value of business acquired intangible asset represents the present value of the expected underwriting profit within policies that were in force on the date of acquisition. The value of distribution acquired intangible asset represents the present value of future business to be written by the existing agency force. The value of agency relationships intangible asset represents the present value of the commission overrides retained by NTA. The value of customer relationships intangible asset represents the present value of the expected profits from existing BCG customers in force at the date of acquisition. All of the aforementioned definite-lived intangible assets were valued using the income approach. Estimated future amortization of the Company's definite-lived intangible assets were as follows:
($ in millions) |  |
Year Ending December 31, |  |
2021 (excluding the three months ended March 31, 2021) |  | $ | 9.8 |
2022 |  | 12.1 |
2023 |  | 11.2 |
2024 |  | 10.5 |
2025 |  | 9.8 |
Thereafter |  | 91.0 |
Total |  | $ | 144.4 |
The value of business acquired intangible asset is being amortized by product based on the present value of future premiums to be received. The value of distribution acquired intangible asset is being amortized on a straight-line basis. The value of agency relationships intangible asset is being amortized based on the present value of future premiums to be received. The value of customer relationships intangible asset is being amortized based on the present value of future profits to be received. Indefinite-lived intangible assets (not subject to amortization) as of March 31, 2021 were as follows:
($ in millions) |  |
Trade names |  | $ | 7.9 |
State licenses |  | 2.9 |
Total |  | $ | 10.8 |
The trade names intangible asset represents the present value of future savings accruing to NTA and BCG by virtue of not having to pay royalties for the use of the trade names, valued using the relief from royalty method. The state licenses intangible asset represents the regulatory licenses held by NTA that were valued using the cost approach.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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