Intangible Assets, Net

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

NOTE 7. INTANGIBLE ASSETS, NET

At March 31, 2024 and December 31, 2023, intangible assets were $41.0 million and $42.6 million, respectively. The Company has determined the useful life of its intangible assets to range between 2.5-15 years. Intangible assets include $1.3 million relating to insurance licenses which is classified as an indefinite lived intangible and is subject to annual impairment testing.

The Company’s intangible assets consist of brand, agent relationships, renewal rights, customer relations, trade names and insurance licenses.

Amortization expense of the Company’s intangible assets for each of the respective three month periods ended March 31, 2024 and 2023 was $1.5 million and $1.6 million, respectively. No impairment in the value of amortizing or non-amortizing intangible assets was recognized during the three months ended March 31, 2024 or 2023.

Estimated annual pretax amortization of intangible assets for each of the next five years and thereafter is as follows (in thousands):

Year	Amount
2024 − remaining	$	4,638
2025	$	6,183
2026	$	6,033
2027	$	5,836
2028	$	3,913
Thereafter	$	13,090
Total	$	39,694