Goodwill and Intangible Assets, net

3 Months Ended

Mar. 31, 2022

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, 2022						As of December 31, 2021
Finite-Lived Intangible Assets:	Insurance		Other		Total			Insurance		Other		Total

Customer relationships	$	143,300	$	—	$	143,300		$	143,300	$	—	$	143,300
Accumulated amortization	(49,552)		—		(49,552)			(45,997)		—		(45,997)
Trade names	14,750		800		15,550			14,750		800		15,550
Accumulated amortization	(6,033)		(540)		(6,573)			(5,633)		(520)		(6,153)
Software licensing	9,300		640		9,940			9,300		640		9,940
Accumulated amortization	(8,825)		(617)		(9,442)			(8,790)		(594)		(9,384)
Insurance policies and contracts acquired	36,500		—		36,500			36,500		—		36,500
Accumulated amortization	(36,335)		—		(36,335)			(36,320)		—		(36,320)
Other	640		—		640			640		—		640
Accumulated amortization	(160)		—		(160)			(203)		—		(203)
Total finite-lived intangible assets	103,585		283		103,868			107,547		326		107,873
Indefinite-Lived Intangible Assets: (1)
Insurance licensing agreements	13,761		—		13,761			13,761		—		13,761
Other	—		1,728		1,728			—		1,124		1,124
Total indefinite-lived intangible assets	13,761		1,728		15,489			13,761		1,124		14,885

Total intangible assets, net	$	117,346	$	2,011	$	119,357		$	121,308	$	1,450	$	122,758

Goodwill	177,395		1,708		179,103			177,395		1,708		179,103
Total goodwill and intangible assets, net	$	294,741	$	3,719	$	298,460		$	298,703	$	3,158	$	301,861

(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:


			Tiptree Capital
	Insurance		Other		Total


Balance at December 31, 2021	$	177,395	$	1,708	$	179,103


Balance at March 31, 2022	$	177,395	$	1,708	$	179,103

Accumulated impairments (1)	$	—	$	699	$	699

(1) Relates to Luxury, which is classified as Held for Sale. See Note (3) Assets and Liabilities Held for Sale.

The Company conducts annual impairment tests of its goodwill as of October 1. For the three months ended March 31, 2022 and 2021, 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, 2021	$	121,308	$	1,450	$	122,758
Intangibles acquired	—		604		604
Less: amortization expense	(3,962)		(43)		(4,005)
Balance at March 31, 2022	$	117,346	$	2,011	$	119,357

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


	Three Months Ended March 31,
	2022		2021
Amortization expense on intangible assets	$	4,005	$	3,900

For the three months ended March 31, 2022 and 2021, 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, 2022
	Insurance		Other		Total
Remainder of 2022	$	11,886	$	83	$	11,969
2023	15,031		80		15,111
2024	13,344		80		13,424
2025	11,229		40		11,269
2026	9,003		—		9,003
2027 and thereafter	43,092		—		43,092
Total	$	103,585	$	283	$	103,868