As a result of an acquisition in 2010, the Company has goodwill within the Penn-America segment of $4.8 million at December 31, 2024 and 2023. The goodwill represents the excess purchase price over the Company’s best estimate of the fair value of the assets acquired. There were no changes in the carrying value of Penn-America's goodwill during 2024 and 2023 and there were no accumulated impairment losses at December 31, 2024 and 2023. Impairment testing performed in 2024, 2023, and 2022 did not result in an impairment of goodwill within the Penn-America segment.

As a result of an acquisition in 2015, the Company had goodwill of $1.7 million within the Non-Core Operations segment. 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. The goodwill allocated to the specialty business of $1.1 million was impaired in 2021 due to the sale of the renewal rights related to the manufactured and dwelling homes business. The remaining goodwill of $0.6 million was impaired due to the sale of the Farm, Ranch & Stable renewal rights resulting in an impairment loss of $0.6 million which was included in corporate and other operating expenses on the Company’s consolidated statements of operations for the year ended December 31, 2022. There was no goodwill within the Non-Core Operations segment at December 31, 2024 and 2023.

Please see Note 2 of this report for additional information on the sale of the renewal rights related to the Company’s Farm, Ranch & Stable business and Note 2 of the notes to the consolidated financial statements in Item 8 Part II of the Company’s 2023 Annual Report on Form 10-K for more information on the sale of renewal rights related to the Company's manufactured and dwelling homes business.

The following table presents details of the Company’s intangible assets as of December 31, 2024:


(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		5,000		—		—		5,000
Customer relationships	15 years		5,300		5,197		—		103
		$	19,300	$	5,197	$	—	$	14,103

The following table presents details of the Company’s intangible assets as of December 31, 2023:


(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		5,000		—		—		5,000
Customer relationships	15 years		5,300		4,844		—		456
		$	19,300	$	4,844	$	—	$	14,456

Amortization related to the Company’s definite lived intangible assets was $0.4 million for each of the years ended December 31, 2024, 2023, and 2022. The weighted average amortization period for total definite lived intangible assets was 15.0 years at both December 31, 2024 and 2023.

As of both December 31, 2024 and 2023, indefinite lived intangible assets, which are comprised of tradenames, trademarks, and state insurance licenses, was $14.0 million.

State licenses with a net value of $5.0 million, within the Company’s Non-Core Operations 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 2 for additional information on the sale of the renewal rights related to the Company’s Farm, Ranch & Stable business.

There was no impairment of intangible assets with indefinite lives in 2024 and 2023.

As of December 31, 2024 and 2023, definite lived intangible assets, net of accumulated amortization, were $0.1 million and $0.5 million, respectively, and were comprised of customer relationships.

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. This impairment was within the Company’s Non-Core Operations segment. This impairment loss of $0.1 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 2 for additional information on the sale of the renewal rights related to the Company’s Farm, Ranch & Stable business.

There was no impairment of intangible assets with definite lives in 2024 and 2023.