XML 51 R14.htm IDEA: XBRL DOCUMENT
v3.23.1

Goodwill and Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets Disclosure | GOODWILL AND INTANGIBLE ASSETS Goodwill The carrying amount of goodwill at December 31, 2022 was $59,476,000. The carrying amount of goodwill at December 31, 2021 and 2020 was $73,045,000. For the 2022 annual goodwill impairment tests we utilized the quantitative assessment for our commercial lines reporting segment, determining that the goodwill was not impaired for the reporting segment. During the third quarter of 2022, as a result of the strategic decision to place UPC into an orderly runoff, we recognized an impairment of our personal lines reporting segment’s goodwill totaling $13,569,000. We completed our most recent goodwill impairment testing during the fourth quarter and determined that there was no additional impairment in the value of the asset as of December 31, 2022. Goodwill allocated to our commercial lines reporting segment was $59,476,000 at December 31, 2022. There was no goodwill allocated to our personal lines reporting segment at December 31, 2022. Goodwill allocated to our personal lines and commercial lines reporting segments was $13,569,000 and $59,476,000, respectively, at both December 31, 2021 and 2020. There was no additional goodwill acquired or disposed of during the years ended December 31, 2022, 2021 and 2020. Accumulated impairment related to goodwill was $13,569,000 at December 31, 2022. There was no accumulated impairment related to goodwill at December 31, 2021 and 2020. Intangible Assets The following is a summary of intangible assets excluding goodwill recorded as other assets on our Consolidated Balance Sheets at:
|  | December 31, 2022 |  | December 31, 2021
Intangible assets subject to amortization |  | $ | 11,371 |  |  | $ | 14,618 |
Indefinite-lived intangible assets(1) |  | 1,398 |  |  | 3,757 |
Total |  | $ | 12,769 |  |  | $ | 18,375 |
(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
2022 |  |  |  |  |  |  |  |
Value of Business Acquired |  | — |  | $ | 42,788 |  |  | $ | (42,788) |  |  | $ | — |
Agency agreements acquired |  | 4.3 |  | 34,661 |  |  | (24,301) |  |  | 10,360 |
Trade names acquired |  | 1.3 |  | 6,381 |  |  | (5,370) |  |  | 1,011 |
Total |  |  |  | $ | 83,830 |  |  | $ | (72,459) |  |  | $ | 11,371 |
2021 |  |  |  |  |  |  |  |
Value of Business Acquired |  | — |  | $ | 42,788 |  |  | $ | (42,788) |  |  | $ | — |
Agency agreements acquired |  | 5.3 |  | 34,661 |  |  | (21,863) |  |  | 12,798 |
Trade names acquired |  | 2.3 |  | 6,381 |  |  | (4,561) |  |  | 1,820 |
Total |  |  |  | $ | 83,830 |  |  | $ | (69,212) |  |  | $ | 14,618 |
No impairment in the value of amortizing or non-amortizing intangible assets was recognized during the years ended December 31, 2022 and 2021, however, during the year ended December 31, 2022, we disposed of intangible assets totaling $2,359,000. Amortization expense of our intangible assets was $3,247,000, $3,555,000 and $4,267,000 for the years ended December 31, 2022, 2021 and 2020, 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
2023 |  | $ | 3,246 |
2024 |  | 2,640 |
2025 |  | 2,438 |
2026 |  | 2,438 |
2027 |  | 609 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration