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INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
The carrying value of our goodwill was $15,091 at both December 31, 2019 and 2018, respectively. The goodwill is fully allocated to our property and casualty insurance business.
Our major classes of intangible assets are presented in the following table:
 
Year Ended December 31,
 
2019
 
2018
Agency relationships
$
10,338

 
$
10,338

Accumulated amortization - agency relationships
(6,731
)
 
(6,153
)
 
$
3,607

 
$
4,185

 
 
 
 
Software
$
3,260

 
$
3,260

Accumulated amortization - software
(3,260
)
 
(3,260
)
 
$
—

 
$
—

 
 
 
 
Trade names
$
1,978

 
$
1,978

Accumulated amortization - trade names
(1,154
)
 
(1,022
)
 
$
824

 
$
956

 
 
 
 
Favorable contract
$
286

 
$
286

Accumulated amortization - favorable contract
(286
)
 
(286
)
 
$
—

 
$
—

 
 
 
 
State insurance licenses (1)
$
3,020

 
$
3,020

 
 
 
 
Net intangible assets
$
7,451

 
$
8,161

(1) The intangible asset for licenses has an indefinite life and therefore is not amortized.

The estimated useful lives assigned to our major classes of amortizable intangible assets are as follows:
 
Useful Life
Agency relationships
Fifteen years
Software
Two years
Trade names
Fifteen years
Favorable contract
Two years

Our estimated aggregate amortization expense for each of the next five years is as follows:
2020
$
709

2021
709

2022
709

2023
709

2024
709