Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure

GOODWILL AND INTANGIBLE ASSETS

Goodwill

The carrying amount of goodwill, both at December 31, 2020 and 2019 was $73,045,000. There was no goodwill acquired or disposed of during the years ended December 31, 2020 and 2019.

We completed our most recent goodwill impairment testing during the fourth quarter of 2020 and determined that there was no impairment in the value of the asset as of December 31, 2020. The future potential impacts of COVID-19 on the operating

results of our reporting units are uncertain, as we continue to monitor the global economic volatility. However, we remain

committed to our strategic plan to realize our long-term forecasts.

No impairment loss in the value of goodwill was recognized during the years ended December 31, 2020, 2019 and 2018. Additionally, there was no accumulated impairment related to goodwill at December 31, 2020 or 2019.

Intangible Assets

The following is a summary of intangible assets excluding goodwill recorded as other assets on our Consolidated Balance Sheets at:


	December 31, 2020		December 31, 2019
Intangible assets subject to amortization	$	18,173	$	22,440
Indefinite-lived intangible assets(1)	3,757		3,639
Total	$	21,930	$	26,079

(1) Indefinite-lived intangible assets are comprised of state insurance and agent licenses, as well as perpetual software licenses.

Intangible assets subject to amortization consisted of the following:


	Weighted-average remaining amortization period (in years)	Gross carrying amount		Accumulated amortization		Net carrying amount
2020
Value of Business Acquired	—	$	42,788	$	(42,788)	$	—
Agency agreements acquired	6.1	34,661		(19,116)		15,545
Trade names acquired	3.3	6,381		(3,753)		2,628
Total		$	83,830	$	(65,657)	$	18,173
2019
Value of Business Acquired	—	$	42,788	$	(42,788)	$	—
Agency agreements acquired	6.8	34,661		(15,658)		19,003
Trade names acquired	4.3	6,381		(2,944)		3,437
Total		$	83,830	$	(61,390)	$	22,440

No impairment in the value of amortizing or non-amortizing intangible assets was recognized during the years ended December 31, 2020 and 2019.

Amortization expense of our intangible assets was $4,267,000, $5,355,000 and $13,920,000 for the years ended December 31, 2020, 2019 and 2018, respectively.

Estimated amortization expense of our intangible assets to be recognized by the Company over the next five years is as follows:


Year ending December 31,	Estimated Amortization Expense
2021	$	3,555
2022	3,246
2023	3,246
2024	2,640
2025	2,438