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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | ) GOODWILL AND INTANGIBLE ASSETS Goodwill The carrying amount of goodwill at March 31, 2024 and December 31, 2023 was $59,476,000. No impairment in the value of goodwill was recognized during the three month period ended March 31, 2024. Goodwill allocated to our commercial lines reporting unit was $59,476,000 at March 31, 2024 and December 31, 2023. There was no goodwill allocated to our personal lines reporting unit at March 31, 2024 and December 31, 2023. There was no goodwill acquired or disposed of during the three month periods ended March 31, 2024 and 2023. Accumulated impairment related to goodwill was $10,156,000 at March 31, 2024 and December 31, 2023. Accumulated impairment can be attributed to our personal lines segment. 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, 2024 |  | December 31, 2023
Intangible assets subject to amortization |  | $ | 7,313 |  |  | $ | 8,125 |
Indefinite-lived intangible assets(1) |  | 1,198 |  |  | 1,198 |
Total |  | $ | 8,511 |  |  | $ | 9,323 |
(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, 2024 |  |  |  |  |  |  |  |
Value of business acquired |  | — |  | $ | 42,788 |  |  | $ | (42,788) |  |  | $ | — |
Agency agreements acquired |  | 3.0 |  | 34,661 |  |  | (27,348) |  |  | 7,313 |
Trade names acquired |  | — |  | 6,381 |  |  | (6,381) |  |  | — |
Total |  |  |  | $ | 83,830 |  |  | $ | (76,517) |  |  | $ | 7,313 |
December 31, 2023 |  |  |  |  |  |  |  |
Value of business acquired |  | — |  | $ | 42,788 |  |  | $ | (42,788) |  |  | $ | — |
Agency agreements acquired |  | 3.3 |  | 34,661 |  |  | (26,738) |  |  | 7,923 |
Trade names acquired |  | 0.3 |  | 6,381 |  |  | (6,179) |  |  | 202 |
Total |  |  |  | $ | 83,830 |  |  | $ | (75,705) |  |  | $ | 8,125 |
No impairment in the value of amortizing or non-amortizing intangible assets was recognized during the three months ended March 31, 2024 and 2023. However, during the three months ended March 31, 2023, we disposed of intangible assets totaling $200,000. Amortization expense of our intangible assets was $812,000 for both the three months ended March 31, 2024 and 2023. Estimated amortization expense of our intangible assets to be recognized by the Company during the remainder of 2024 and over the next five years is as follows:
Year ending December 31, |  | Estimated Amortization Expense
Remaining in 2024 |  | $ | 1,829 |
2025 |  | 2,438 |
2026 |  | 2,438 |
2027 |  | 608 |
2028 |  | — |
2029 |  | — |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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