Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2021

Intangible Assets and Goodwill

Intangible Assets and Goodwill

6. Intangible Assets and Goodwill

Intangible Assets

Intangible assets are stated at cost or acquisition-date fair value less accumulated amortization, and consist of the following, as of June 30, 2021:

	Weighted
	Average	Intangible				Intangible
	Useful Life	Assets,		Accumulated		Assets,
	(in years)	gross		Amortization		Net
Customer relationships	10.0	$	45,890	$	(3,603)	$	42,287
Acquired technology	6.0		19,583		(7,057)		12,526
Trademarks and tradenames	11.0		18,375		(1,511)		16,864
Non-compete agreements	2.0		370		(110)		260
Value of business acquired	1.0		400		(94)		306
Renewal rights	8.0		7,692		(225)		7,467
Insurance licenses	Indefinite		4,960		—		4,960
Total intangible assets		$	97,270	$	(12,600)	$	84,670

Intangible assets consist of the following, as of December 31, 2020:

	Weighted
	Average	Intangible				Intangible
	Useful Life	Assets,		Accumulated		Assets,
	(in years)	gross		Amortization		Net
Customer relationships	7.0	$	8,440	$	(2,173)	$	6,267
Acquired technology	6.0		12,170		(5,481)		6,689
Trademarks and tradenames	9.0		3,688		(893)		2,795
Non-compete agreements	2.0		225		(15)		210
Total intangible assets		$	24,523	$	(8,562)	$	15,961

The aggregate amortization expense related to intangibles was $2,720 and $662 for the three months ended June 30, 2021 and 2020, respectively, and $4,060 and $1,469 for the six months ended June 30, 2021 and 2020, respectively.

Goodwill

The following tables summarize the changes in the carrying amount of goodwill for the six months ended June 30, 2021:

	Goodwill
Balance as of December 31, 2020	$	28,289
Acquisitions		92,672
Balance as of June 30, 2021	$	120,961