Intangible Assets

12 Months Ended

Dec. 31, 2021

Intangible Assets

Intangible Assets

6. Intangible Assets

Intangible assets consist of the following:

	December 31,
	2021		2020
	(in thousands)
Indefinite-lived intangibles:
State insurance licenses	$	744	$	744
Finite-lived intangibles:
Customer relationships		10,008		10,768
Accumulated amortization on finite-lived intangibles		(1,251)		—
Total intangible assets	$	9,501	$	11,512

State insurance licenses consist of licenses acquired at the inception of PSIC.

Customer relationships represents the fair value of acquired policy renewal rights. The Company began amortizing this intangible asset on a straight line basis in 2021 and is amortizing it over a period of 8 years. Amortization expense for the year ended December 31, 2021 was $1.3 million.