Goodwill and Intangible Assets, net

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The following table presents identifiable finite and indefinite-lived intangible assets, accumulated amortization, and goodwill by operating segment and/or reporting unit, as appropriate:


	As of March 31, 2024						As of December 31, 2023
Finite-Lived Intangible Assets:	Insurance		Other		Total			Insurance		Other		Total

Customer relationships	$	162,680	$	—	$	162,680		$	162,844	$	—	$	162,844
Accumulated amortization	(78,051)		—		(78,051)			(74,776)		—		(74,776)
Trade names	16,215		800		17,015			16,227		800		17,027
Accumulated amortization	(8,812)		(700)		(9,512)			(8,452)		(680)		(9,132)
Software licensing	17,304		640		17,944			17,372		640		18,012
Accumulated amortization	(10,131)		(640)		(10,771)			(9,891)		(640)		(10,531)
Insurance policies and contracts acquired	36,500		—		36,500			36,500		—		36,500
Accumulated amortization	(36,500)		—		(36,500)			(36,500)		—		(36,500)
Other	1,085		—		1,085			1,088		—		1,088
Accumulated amortization	(611)		—		(611)			(536)		—		(536)
Total finite-lived intangible assets	99,679		100		99,779			103,876		120		103,996
Indefinite-Lived Intangible Assets: (1)
Insurance licensing agreements	13,761		—		13,761			13,761		—		13,761
Other	—		1,000		1,000			—		1,000		1,000
Total indefinite-lived intangible assets	13,761		1,000		14,761			13,761		1,000		14,761
Total intangible assets, net	$	113,440	$	1,100	$	114,540		$	117,637	$	1,120	$	118,757

Goodwill	204,220		1,708		205,928			204,447		1,708		206,155
Total goodwill and intangible assets, net	$	317,660	$	2,808	$	320,468		$	322,084	$	2,828	$	324,912

(1) Impairment tests are performed at least annually on indefinite-lived intangible assets.

Goodwill

The following table presents the activity in goodwill, by operating segment and/or reporting unit, as appropriate, and includes the adjustments made to the balance of goodwill to reflect the effect of the final valuation adjustments made for acquisitions, as well as the reduction to any goodwill attributable to impairment related charges:



	Insurance		Other		Total
Balance at December 31, 2022	$	184,900	$	1,708	$	186,608
Goodwill acquired (1)	18,359		—		18,359
Foreign currency translation and other	1,188		—		1,188
Balance at December 31, 2023	$	204,447	$	1,708	$	206,155

Foreign currency translation and other	(227)		—		(227)
Balance at March 31, 2024	$	204,220	$	1,708	$	205,928

(1) See Note (3) Acquisitions for more information.

The Company conducts annual impairment tests of its goodwill as of October 1. For the three months ended March 31, 2024 and 2023, no impairments were recorded on the Company’s goodwill. There was no accumulated impairment recorded in the goodwill balance as of March 31, 2024.

Intangible Assets, net

The following table presents the activity, by operating segment and/or reporting unit, as appropriate, in finite and indefinite-lived other intangible assets and includes the adjustments made to the balance to reflect the effect of any final valuation adjustments made for acquisitions, as well as any reduction attributable to impairment-related charges:


	Insurance		Other		Total




Balance at December 31, 2022	$	115,087	$	1,928	$	117,015
Intangible assets acquired (1)	18,152		—		18,152
Amortization expense	(16,921)		(80)		(17,001)
Foreign currency translation and other	1,319		—		1,319
Impairment	—		(728)		(728)
Balance at December 31, 2023	$	117,637	$	1,120	$	118,757

Amortization expense	(3,971)		(20)		(3,991)
Foreign currency translation and other	(226)		—		(226)

Balance at March 31, 2024	$	113,440	$	1,100	$	114,540

(1) See Note (3) Acquisitions for more information.

The following table presents the amortization expense on finite-lived intangible assets for the following periods:


	Three Months Ended March 31,
	2024		2023
Amortization expense on intangible assets	$	3,991	$	3,926

For the three months ended March 31, 2024 and 2023, no impairments were recorded on the Company’s intangible assets. The Company recorded $728 of accumulated impairment on intangible assets as of March 31, 2024.

The following table presents the amortization expense on finite-lived intangible assets for the next five years and thereafter by operating segment and/or reporting unit, as appropriate:


	As of March 31, 2024
	Insurance (1)		Other		Total
Remainder of 2024	$	11,514	$	60	$	11,574
2025	13,240		40		13,280
2026	10,894		—		10,894
2027	9,543		—		9,543
2028	8,341		—		8,341
2029 and thereafter	46,101		—		46,101
Total	$	99,633	$	100	$	99,733

(1) Does not include foreign currency translation adjustment of $46 as of March 31, 2024.