Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Goodwill

The carrying amount of goodwill, both at March 31, 2021 and December 31, 2020, was $73,045,000. There was no goodwill acquired or disposed of during the three-month periods ended March 31, 2021 and 2020.

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.

No impairment loss in the value of goodwill was recognized during the three-month periods ended March 31, 2021 and 2020. Additionally, there was no accumulated impairment related to goodwill at March 31, 2021 or December 31, 2020.

Intangible Assets

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


	March 31, 2021		December 31, 2020
Intangible assets subject to amortization	$	17,130	$	18,173
Indefinite-lived intangible assets(1)	3,757		3,757
Total	$	20,887	$	21,930

(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
March 31, 2021
Value of business acquired	—	$	42,788	$	(42,788)	$	—
Agency agreements acquired	6.0	34,661		(19,957)		14,704
Trade names acquired	3.0	6,381		(3,955)		2,426
Total		$	83,830	$	(66,700)	$	17,130

December 31, 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

No impairment in the value of amortizing or non-amortizing intangible assets was recognized during the three-months ended March 31, 2021 and 2020.

Amortization expense of our intangible assets was $1,043,000 and $1,137,000 for the three-months ended March 31, 2021 and 2020, respectively.

Estimated amortization expense of our intangible assets to be recognized by the Company during the remainder of 2021 and over the next five years is as follows:


Year ending December 31,	Estimated Amortization Expense
Remaining in 2021	$	2,512
2022	3,246
2023	3,246
2024	2,640
2025	2,438