The following tables show an analysis of goodwill and other intangible assets, net of foreign currency translation adjustments, included in goodwill and other intangible assets on the Company’s consolidated balance sheets:



	Goodwill and Other Intangible Assets
At December 31,	2025		2024
Goodwill, net	$	300,534	$	300,507
Other intangible assets, net	332,553		403,625
Total goodwill and other intangible assets	$	633,087	$	704,132

Included in goodwill and other intangible assets on the Company’s consolidated balance sheet at December 31, 2025 was gross goodwill of $302.8 million (2024 - $302.8 million, 2023 - $302.8 million). Included in goodwill, net at December 31, 2025 was accumulated impairment losses of $2.3 million (2024 - $2.3 million).

In addition, the Company has also recorded goodwill and other intangible assets included in investments in other ventures, under equity method on the Company’s consolidated balance sheets:



	Goodwill and Other Intangible Assets Included in Investments in Other Ventures, Under Equity Method
At December 31,	2025		2024
Goodwill, net	$	8,724	$	8,724
Other intangible assets, net	183		207
Total goodwill and other intangible assets	$	8,907	$	8,931

Included in investments in other ventures, under equity method on the Company’s consolidated balance sheet at December 31, 2025 was gross goodwill of $13.2 million (2024 - $13.2 million, 2023 - $15.3 million). Included in gross goodwill and gross other intangible assets was a reduction of $2.1 million and $6.9 million, respectively, related to a change in the classification of the Company’s investment in TWFG, from investment in other ventures, under equity method to fair value, as a result of TWFG, Inc’s initial public offering in 2024. Included in goodwill, net at December 31, 2025, was accumulated impairment losses of $4.5 million (2024 - $4.5 million).

The following table shows a roll forward of goodwill included in goodwill and other intangible assets and goodwill included in investments in other ventures, under equity method on the Company’s consolidated balance sheets:



	Goodwill
	Goodwill and Other Intangible Assets		Investments in Other Ventures, Under Equity Method
Balance at December 31, 2023, net	$	300,542	$	10,808

Adjustments	—		(2,084)

Foreign currency translation	(35)		—
Balance at December 31, 2024, net	300,507		8,724



Foreign currency translation	27		—
Balance at December 31, 2025, net	$	300,534	$	8,724

The gross carrying value, accumulated amortization and accumulated impairment losses by major category of other intangible assets included in goodwill and other intangible assets and investments in other ventures, under equity method on the Company’s consolidated balance sheets are shown below:



	Other Intangible Assets
At December 31, 2025	Gross Carrying Value		Accumulated Amortization		Accumulated Impairment Losses		Net
Customer relationships and customer lists	$	530,534	$	(216,129)	$	(1,403)	$	313,002
Licenses (1)	30,951		—		(20,567)		10,384
Value of business acquired	20,200		(20,200)		—		—
Asset management contracts	20,000		(10,833)		—		9,167
Software	12,230		(12,230)		—		—
Patents and intellectual property	4,500		(1,875)		(2,625)		—
Covenants not-to-compete	4,030		(4,030)		—		—
Trademarks and trade names	6,710		(6,527)		—		183
	$	629,155	$	(271,824)	$	(24,595)	$	332,736



	Other Intangible Assets
At December 31, 2024	Gross Carrying Value		Accumulated Amortization		Accumulated Impairment Losses		Net
Customer relationships and customer lists	$	530,528	$	(150,051)	$	(1,403)	$	379,074
Licenses (1)	30,951		—		(20,567)		10,384
Value of business acquired	20,200		(20,200)		—		—
Asset management contracts	20,000		(5,833)		—		14,167
Software	12,230		(12,230)		—		—
Patents and intellectual property	4,500		(1,875)		(2,625)		—
Covenants not-to-compete	4,030		(4,030)		—		—
Trademarks and trade names	6,710		(6,503)		—		207
	$	629,149	$	(200,722)	$	(24,595)	$	403,832

The Company recorded amortization expense of $71.1 million and an impairment loss of $Nil related to other intangible assets during 2025 (2024 - $57.6 million and $13.8 million, respectively).

In performing the impairment assessment, the Company first assessed qualitative factors to determine whether it was necessary to perform a quantitative impairment test. Based on its qualitative assessment, the Company determined it was not more likely than not that the fair value of the goodwill and other intangible assets in question were less than their respective carrying amounts. The qualitative assessment included the following factors which the Company determined had not significantly deteriorated given specific facts and circumstances: macroeconomic conditions; industry and market conditions; costs factors; and overall financial performance. Other than normal course amortization of intangible assets, in accordance with the Company’s established accounting policy, there were no adjustments to carried goodwill and other intangible assets during 2025.

During 2024, the Company amalgamated and merged certain Validus Re entities into the Company. As a result of management’s review and analysis, it was determined that certain licenses associated with these entities were either cancelled upon amalgamation or merger, or that there was no new business written using these licenses in 2024, and no new business would be incepting using these licenses on a go forward

basis. Accordingly, and in connection with the Company’s impairment testing performed, it was determined that certain licenses associated with these acquired Validus entities, which were initially reflected as indefinite lived intangible assets of $13.9 million at the time of the acquisition of Validus, should be written down to $Nil. The Company recorded an intangible asset impairment charge of $13.8 million during 2024.

The remaining useful life of intangible assets with finite lives ranges from 1.83 years to 12.83 years, with a weighted-average amortization period of 11.89 years. Expected amortization of the other intangible assets, including other intangible assets recorded in investments in other ventures, under equity method, is shown below:



	Other Intangible Assets
	Other Intangibles Assets		Investments in Other Ventures, Under Equity Method		Total
2026	$	61,324	$	24	$	61,348
2027	53,505		24		53,529
2028	42,492		24		42,516
2029	34,386		24		34,410
2030	28,787		24		28,811
2031 and thereafter	101,675		63		101,738
Total remaining amortization expense	322,169		183		322,352
Indefinite lived	10,384		—		10,384
Total	$	332,553	$	183	$	332,736