As a result of acquisitions in 2015 and 2010, the Company has goodwill, within the Specialty Property and Farm, Ranch & Stable segments, of $6.5 million as of December 31, 2020 and 2019. The goodwill represents the excess purchase price over the Company’s best estimate of the fair value of the assets acquired. Impairment testing performed in 2020 and 2019 did not result in impairment of the goodwill acquired.

The following table presents details of the Company’s intangible assets as of December 31, 2020:

(Dollars in thousands) Description	Weighted Average Amortization Period	Cost		Accumulated Amortization		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		3,784		1,516
Agent relationships	10 years		900		535		365
Tradenames	7 years		600		519		81
		$	25,800	$	4,838	$	20,962

The following table presents details of the Company’s intangible assets as of December 31, 2019:

(Dollars in thousands) Description	Weighted Average Amortization Period	Cost		Accumulated Amortization		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		3,430		1,870
Agent relationships	10 years		900		444		456
Tradenames	7 years		600		435		165
		$	25,800	$	4,309	$	21,491

Amortization related to the Company’s definite lived intangible assets was $0.5 million for each of the years ended December 31, 2020, 2019, and 2018. 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)
2021	$	524
2022		443
2023		443
2024		443
2025		108

As of December 31, 2020 and 2019, indefinite lived intangible assets, which are comprised of tradenames, trademarks, and state insurance licenses, were $19.0 million. Impairment testing performed in 2020 and 2019 indicated that there was no impairment of these assets.

As of December 31, 2020 and 2019, definite lived intangible assets, net of accumulated amortization, were $2.0 million and $2.5 million, respectively, and were comprised of customer relationships, agent relationships, and tradenames. There was no impairment of these assets in 2020 or 2019.