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Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in Carrying Amount of Goodwill

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

 

 
Intangible assets

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

 
Expected Amortization Expense

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

 

 

—