Intangible Assets and Goodwill

9 Months Ended

Sep. 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 September 30, 2021:

	Weighted
	Average	Intangible				Intangible
	Useful Life	Assets,		Accumulated		Assets,
	(in years)	gross		Amortization		Net
Customer relationships	9.0	$	48,590	$	(5,006)	$	43,584
Acquired technology	6.0		19,565		(8,008)		11,557
Trademarks and tradenames	9.0		23,873		(2,009)		21,864
Non-compete agreements	2.0		410		(179)		231
Value of business acquired	1.0		400		(194)		206
Renewal rights	8.0		9,734		(486)		9,248
Insurance licenses	Indefinite		4,960		—		4,960
Total intangible assets		$	107,532	$	(15,882)	$	91,650

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 $2,983 and $672 for the three months ended September 30, 2021 and 2020, respectively, and $7,043 and $2,141 for the nine months ended September 30, 2021 and 2020, respectively.

Goodwill

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

	Goodwill
Balance as of December 31, 2020	$	28,289
Acquisitions		142,750
Purchase price adjustments		(612)
Balance as of September 30, 2021	$	170,427