Goodwill and Intangible Assets, net

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

The following table presents identifiable finite and indefinite-lived intangible assets, accumulated amortization, and goodwill by operating segment and/or reporting unit, as appropriate:


	As of March 31, 2021						As of December 31, 2020
Finite-Lived Intangible Assets:	Insurance		Other		Total		Insurance		Other		Total

Customer relationships	$	143,300	$	—	$	143,300	$	143,300	$	—	$	143,300
Accumulated amortization	(35,700)		—		(35,700)		(32,263)		—		(32,263)
Trade names	14,750		800		15,550		14,750		800		15,550
Accumulated amortization	(4,712)		(461)		(5,173)		(4,382)		(440)		(4,822)
Software licensing	9,300		640		9,940		9,300		640		9,940
Accumulated amortization	(8,684)		(527)		(9,211)		(8,650)		(503)		(9,153)
Insurance policies and contracts acquired	36,500		—		36,500		36,500		—		36,500
Accumulated amortization	(36,261)		—		(36,261)		(36,238)		—		(36,238)
Other	640		—		640		640		—		640
Accumulated amortization	(31)		—		(31)		—		—		—
Total finite-lived intangible assets	119,102		452		119,554		122,957		497		123,454
Indefinite-Lived Intangible Assets: (1)
Insurance licensing agreements	13,761		—		13,761		13,761		—		13,761
Other	—		1,000		1,000		—		1,000		1,000
Total indefinite-lived intangible assets	13,761		1,000		14,761		13,761		1,000		14,761

Total intangible assets, net	$	132,863	$	1,452	$	134,315	$	136,718	$	1,497	$	138,215

Goodwill	177,528		1,708		179,236		177,528		1,708		179,236
Total goodwill and intangible assets, net	$	310,391	$	3,160	$	313,551	$	314,246	$	3,205	$	317,451

(1) Impairment tests are performed at least annually on indefinite-lived intangible assets.

Goodwill

The following table presents the activity in goodwill, by operating segment and/or reporting unit, as appropriate, and includes the adjustments made to the balance of goodwill to reflect the effect of the final valuation adjustments made for acquisitions, as well as the reduction to any goodwill attributable to impairment related charges:



	Insurance		Other		Total








Balance at December 31, 2020	$	177,528	$	1,708	$	179,236


Balance at March 31, 2021	$	177,528	$	1,708	$	179,236



Accumulated impairments	$	—	$	699	$	699

The Company conducts annual impairment tests of its goodwill as of October 1. For the three months ended March 31, 2021 and 2020, no impairments were recorded on the Company’s goodwill.

Intangible Assets, net

The following table presents the activity, by operating segment and/or reporting unit, as appropriate, in finite and indefinite-lived other intangible assets and includes the adjustments made to the balance to reflect the effect of any final valuation adjustments made for acquisitions, as well as any reduction attributable to impairment-related charges:


	Insurance		Other		Total







Balance at December 31, 2020	$	136,718	$	1,497	$	138,215
Less: amortization expense	(3,855)		(45)		(3,900)
Balance at March 31, 2021	$	132,863	$	1,452	$	134,315

The following table presents the amortization expense on finite-lived intangible assets for the following periods:


	Three Months Ended March 31, 2020
	2021		2020
Amortization expense on intangible assets	$	3,900	$	2,245

For the three months ended March 31, 2021 and 2020, no impairments were recorded on the Company’s intangible assets.

The following table presents the amortization expense on finite-lived intangible assets for the next five years and thereafter by operating segment and/or reporting unit, as appropriate:


	As of March 31, 2021
	Insurance		Other		Total
Remainder of 2021	$	11,548	$	125	$	11,673
2022	15,852		127		15,979
2023	15,031		80		15,111
2024	13,344		80		13,424
2025	11,230		40		11,270
2026 and thereafter	52,097		—		52,097
Total	$	119,102	$	452	$	119,554