Goodwill

The Company historically recognized $4.5 million in goodwill as the result of the acquisition of 50% of TAV on September 1, 2021, and an additional $2.0 million in goodwill as a result of the business combination with Omega Title Florida, LLC ("OTF") on August 1, 2022. The fair value of goodwill as of the date of these acquisitions was principally based on Level 3 inputs, such as values obtained from public and private market comparisons. In accordance with ASC Topic 350, Intangibles – Goodwill and Other, the Company did not record any goodwill impairment losses during the three months ended March 31, 2025 and 2024. The Company’s goodwill is allocated to the Title Insurance Segment. See Note 8, Segment Information for allocation of goodwill and intangible assets to the Company’s segments.

Intangible Assets

The following is a summary of intangible assets excluding goodwill recorded as intangible assets on our Unaudited Consolidated Balance Sheets at  March 31, 2025 and  December 31, 2024 (in thousands):

Intangible assets subject to amortization consisted of the following as of March 31, 2025 (dollars in thousands):

No impairment in the value of intangible assets was recognized during the three months ended March 31, 2025 and 2024. 

Amortization expense of the intangible assets for the three-month periods ended March 31, 2025 and 2024 was $19,000 and $18,000, respectively. 

Estimated amortization expense of the intangible assets to be recognized by the Company during the remainder of 2025 and over the following years is as follows (in thousands):