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Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
8)
GOODWILL AND INTANGIBLE ASSETS

Goodwill

The carrying amount of goodwill at September 30, 2025 and December 31, 2024 was $59,476,000.

There was no goodwill acquired, disposed of or impaired during the nine months ended September 30, 2025 and 2024.

Intangible Assets

The following is a summary of intangible assets excluding goodwill recorded as intangible assets on the Company's Unaudited Condensed Consolidated Balance Sheets:

 

 

 

September 30, 2025

 

 

December 31, 2024

 

Intangible assets subject to amortization

 

$

3,657

 

 

$

5,485

 

Indefinite-lived intangible assets(1)

 

 

423

 

 

 

423

 

Total

 

$

4,080

 

 

$

5,908

 

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

 

 

 

 

 

Intangible assets subject to amortization and not fully amortized consisted of the following:

 

 

 

Weighted-average remaining amortization period (in years)

 

 

Gross carrying amount

 

 

Accumulated amortization

 

 

Net carrying amount

 

September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Agency agreements acquired

 

 

1.5

 

 

$

34,661

 

 

$

(31,004

)

 

$

3,657

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Agency agreements acquired

 

 

2.3

 

 

$

34,661

 

 

$

(29,176

)

 

$

5,485

 

 

No impairment in the value of amortizing or non-amortizing intangible assets was recognized during the nine months ended September 30, 2025 and 2024.

Amortization expense of the Company's intangible assets was $609,000 and $610,000 for the three months ended September 30, 2025 and 2024, respectively. Amortization expense of the Company's intangible assets was $1,828,000 and $2,030,000 for the nine months ended September 30, 2025 and 2024, respectively. Estimated amortization expense of the Company's intangible assets to be recognized by the Company during the remainder of 2025 and over the next five years is as follows:

 

Year ending December 31,

 

Estimated Amortization Expense

 

Remaining in 2025

 

$

610

 

2026

 

 

2,438

 

2027

 

 

609

 

2028

 

 

—

 

2029

 

 

—

 

2030

 

 

—