As a result of an acquisition in 2010, the Company has goodwill of $4.8 million within the Commercial Specialty segment. The goodwill represents the excess purchase price over the Company’s best estimate of the fair value of the assets acquired.

As a result of an acquisition in 2015, the Company had goodwill of $1.7 million. Of this amount, $0.6 million was allocated to its Farm, Ranch & Stable business and $1.1 million was allocated to its specialty property business. This goodwill, which is part of the Exited Lines segment, was impaired due to the sale of the renewal rights related to Farm, Ranch & Stable business and manufactured and dwelling homes business. An impairment loss of $0.6 million and $1.1 million was included in corporate and other operating expenses on the Company’s consolidated statements of operations for the years ended December 31, 2022 and 2021, respectively. Please see Note 3 for additional information on the sale of the renewal rights related to the Company’s Farm, Ranch & Stable business and the Company's manufactured and dwelling homes business.

Impairment testing performed in 2020 did not result in an impairment of goodwill acquired.

The changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2021 are as follows:


(Dollars in thousands)	Commercial Specialty		Exited Lines			Total
Balance as of January 1, 2021	$	4,820	$	1,701		$	6,521
Impairment		—		(1,123	)		(1,123	)
Balance as of December 31, 2021		4,820		578			5,398
Impairment		—		(578	)		(578	)
Balance as of December 31, 2022	$	4,820	$	—		$	4,820

Accumulated impairment losses were $0.6 million and $1.1 million at December 31, 2022 and 2021, respectively. There were no accumulated impairment losses at January 1, 2021.

The following table presents details of the Company’s intangible assets as of December 31, 2022:


(Dollars in thousands) Description	Weighted Average Amortization Period	Cost		Accumulated Amortization		Impairment		Net Value
Trademarks	Indefinite	$	4,800	$	—	$	—	$	4,800
Tradenames	Indefinite		4,200		—		—		4,200
State insurance licenses	Indefinite		10,000		—		5,000		5,000
Customer relationships	15 years		5,300		4,490		—		810
Agent relationships	10 years		900		649		251		—
Tradenames	7 years		600		600		—		—
		$	25,800	$	5,739	$	5,251	$	14,810

The following table presents details of the Company’s intangible assets as of December 31, 2021:


(Dollars in thousands) Description	Weighted Average Amortization Period	Cost		Accumulated Amortization		Impairment		Net Value
Trademarks	Indefinite	$	4,800	$	—	$	—	$	4,800
Tradenames	Indefinite		4,200		—		—		4,200
State insurance licenses	Indefinite		10,000		—		—		10,000
Customer relationships	15 years		5,300		4,137		—		1,163
Agent relationships	10 years		900		630		172		98
Tradenames	7 years		600		600		—		—
		$	25,800	$	5,367	$	172	$	20,261

Amortization related to the Company’s definite lived intangible assets was $0.4 million, $0.5 million, and $0.5 million for the years ended December 31, 2022, 2021, and 2020, respectively. The weighted average amortization period for total definite lived intangible assets was 13.6 years.

The Company expects that amortization expense for the next five years will be as follows:


(Dollars in thousands)
2023	$	353
2024		353
2025		103
2026		—
2027		—

As of December 31, 2022 and 2021, indefinite lived intangible assets, which are comprised of tradenames, trademarks, and state insurance licenses, was $14.0 million and $19.0 million, respectively.

State licenses with a net value of $5.0 million, within the Company’s Exited Lines segment, were impaired due to the sale of the renewal rights related to the Company’s Farm, Ranch & Stable business. This impairment loss of $5.0 million was included in corporate and other operating expenses on the Company’s consolidated statements of operations for the year ended December 31, 2022. Please see Note 3 for additional information on the sale of the renewal rights related to the Company’s Farm, Ranch & Stable business.

Other than the impairment of state insurance licenses due to the sale of the Farm, Ranch & Stable renewal rights, there was no impairment of intangible assets with indefinite lives in 2022, 2021, and 2020.

As of December 31, 2022 and 2021, definite lived intangible assets, net of accumulated amortization, were $0.8 million and $1.3 million, respectively, and were comprised of customer relationships, agent relationships, and tradenames.

Agent relationships with a net value of $0.1 million were impaired due to the sale of the renewal rights related to the Company's Farm, Ranch & Stable business and agent relationships with a net value of $0.2 million were impaired due to the sale of renewal rights related to the Company’s manufactured and dwelling homes business. Both of these impairments were within the Company’s Exited Lines segment. These impairment losses of $0.1 million and $0.2 million was included in corporate and other operating expenses on the Company’s consolidated statements of operations for the years ended December 31, 2022 and 2021, respectively. Please see Note 3 for additional information on the sale of the renewal rights related to the Company’s Farm, Ranch & Stable business and the Company's manufactured and dwelling homes business.

Other than the impairments of agent relationships due to the sales of renewal rights, there was no impairment of intangible assets with definite lives in 2022, 2021, and 2020.