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Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

) GOODWILL AND INTANGIBLE ASSETS

Goodwill

The carrying amount of goodwill at September 30, 2024 and December 31, 2023 was $59,476,000.

No impairment in the value of goodwill was recognized during the nine month period ended September 30, 2024.

There was no goodwill acquired or disposed of during the nine month periods ended September 30, 2024 and 2023. Accumulated impairment related to goodwill was $10,156,000 at September 30, 2024 and December 31, 2023. Accumulated impairment is attributed to IIC.

Intangible Assets

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

						September 30, 2024						December 31, 2023
Intangible assets subject to amortization						$	6,095					$	8,125
Indefinite-lived intangible assets(1)						423						423
Total						$	6,518					$	8,548

(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
September 30, 2024
Agency agreements acquired						2.5						34,661						(28,566)						6,095
Trade names acquired						—						6,381						(6,381)						—
Total												$	41,042					$	(34,947)					$	6,095
December 31, 2023
Agency agreements acquired						3.3						34,661						(26,738)						7,923
Trade names acquired						0.3						6,381						(6,179)						202
Total												$	41,042					$	(32,917)					$	8,125

No impairment in the value of amortizing or non-amortizing intangible assets was recognized during the nine months ended September 30, 2024 and 2023. However, during the nine months ended September 30, 2023, we disposed of intangible assets totaling $200,000.

Amortization expense of our intangible assets was $610,000 and $812,000 for the three months ended September 30, 2024 and 2023, respectively. Amortization expense of our intangible assets was $2,030,000 and $2,436,000 for the nine months ended September 30, 2024 and 2023, respectively.

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						$	611
2025						2,438
2026						2,438
2027						608
2028						—
2029						—

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- References

No definition available.

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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

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