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Business Combinations, Intangible Assets, Goodwill and Title Plants
 6 Months Ended
Jun. 30, 2022
Business Combinations [Abstract]  
Business Combinations, Intangible Assets, Goodwill and Title Plants Intangible Assets, Goodwill and Title Plants
The Company evaluates nonorganic growth opportunities, such as acquisitions of title insurance agencies, from time to time in the ordinary course of business. During the six-month period ended June 30, 2022, a subsidiary of the Company acquired a title insurance agency doing business in the state of Texas.

Intangible Assets

The estimated fair values of intangible assets recognized as the result of title insurance agency acquisitions, all Level 3 inputs, are principally based on values obtained from an independent third-party valuation service. In accordance with ASC 350, Intangibles – Goodwill and Other, management determined that no events or changes in circumstances occurred during the six-month periods ended June 30, 2022 and 2021 that would indicate the carrying amounts may not be recoverable, and therefore, determined that no identifiable intangible assets were impaired.

Identifiable intangible assets consist of the following:
(in thousands)As of
June 30, 2022		As of
December 31, 2021
Referral relationships$8,898 $8,567 
Non-compete agreements3,155 2,938 
Tradename747 747 
Total
12,800 12,252 
Accumulated amortization(4,158)(3,505)
Identifiable intangible assets, net
$8,642 $8,747 
The following table provides the estimated aggregate amortization expense for each of the five succeeding fiscal years:
Year Ended (in thousands)
2022$656 
20231,345 
20241,162 
20251,079 
20261,079 
Thereafter3,134 
Total
$8,455 

Goodwill and Title Plants

As of June 30, 2022, the Company recognized $9.7 million in goodwill and $1.4 million in title plants, net of impairments, as the result of title insurance agency acquisitions.  The title plants are included with other assets in the unaudited Consolidated Balance Sheets. The fair values of goodwill and the title plants as of the date of acquisition, both Level 3 inputs, were principally based on values obtained from an independent third-party valuation service. In accordance with ASC 350, management determined that no events or changes in circumstances occurred during the six-month periods ended June 30, 2022 and 2021 that would indicate the carrying amounts may not be recoverable, and therefore, determined that there were no goodwill or title plant impairments.