Goodwill was $76,426,000 as of June 30, 2026, compared to $76,569,000 as of December 31, 2025. The Company tests goodwill for impairment annually on October 1st of each year, or more frequently if events or circumstances indicate potential impairment. In assessing goodwill for impairment, the carrying value of each reporting unit, including goodwill, is compared with its estimated fair value, which is determined utilizing a combination of the income and market approaches. The Company performed its annual goodwill impairment analysis as of October 1, 2025, and concluded that the estimated fair value of each reporting unit exceeded its carrying value. Accordingly, no goodwill impairment was recorded in 2025.

On January 1, 2026 the Company realigned its reportable segments as described in Note 1, “Basis of Presentation” and further described in Note 11, "Segment Information". This change resulted in the allocation of $3,736,000 of goodwill from the U.S. Property & Casualty segment to the International Operations segment based on the relative fair value approach. The Company performed an interim goodwill impairment test utilizing the income approach. The estimated fair value of each reporting unit tested exceeded its carrying value. The Company did not identify any impairment indicators during the six months ended June 30, 2026.

The following table shows the changes in the carrying amount of goodwill for the six months ended June 30, 2026:


	U.S. Property & Casualty			Broadspire			International Operations			Total
	(In thousands)
Balance at December 31, 2025:
Goodwill	$	128,202		$	139,568		$	81,779		$	349,549
Accumulated impairment losses		(80,113	)		(111,088	)		(81,779	)		(272,980	)
Net goodwill	$	48,089		$	28,480		$	—		$	76,569
2026 Activity:
Reallocation		(3,736	)		—			3,736			—
Foreign currency effects		—			—			(143	)		(143	)
Balance at June 30, 2026:
Goodwill	$	124,466		$	139,568		$	85,372		$	349,406
Accumulated impairment losses		(80,113	)		(111,088	)		(81,779	)		(272,980	)
Net goodwill	$	44,353		$	28,480		$	3,593		$	76,426