The following table represents a reconciliation of changes in the ending balance of each major intangible asset class:


			Customer
			Relationships			Value of
			and Other			Business
			Intangible			Acquired
	Goodwill		Assets(1)			(VOBA)			State Licenses		Total
	($ in thousands)
Balance at January 1, 2026	$	30,466	$	28,244		$	—		$	2,344	$	61,054
Capitalizations		105,097		61,500			26,532			5,000		198,129
Amortization		—		(5,910	)		(16,517	)		—		(22,427	)
Balance at June 30, 2026	$	135,563	$	83,834		$	10,015		$	7,344	$	236,756

(1)

Customer relationships and other intangible assets consist of customer lists, tradenames, non-compete agreements, and renewal rights acquired in connection with the Company’s business combinations. Each asset is amortized on a straight-line basis over its respective useful life.

Goodwill and customer relationships were recognized in connection with the FIA, Advanced AgProtection, LLC (“AAP”), and The Gray Casualty and Surety Company (“Gray Surety”) acquisitions. Value of business acquired (“VOBA”) was recognized in connection with the Gray Surety acquisition. State insurance licenses consist of licenses acquired at the inception of PSIC and in connection with the acquisitions of FIA and Gray Surety. No impairment of goodwill or other intangible assets was identified as of June 30, 2026.

The following table presents information of each major intangible asset class subject to amortization as of June 30, 2026:


	Customer
	Relationships			Value of
	and Other			Business
	Intangible			Acquired
	Assets			(VOBA)			Total
	($ in thousands)
Cost	$	99,972		$	26,532		$	126,504
Accumulated amortization		(16,138	)		(16,517	)		(32,655	)
Net carrying amount	$	83,834		$	10,015		$	93,849

The estimated future amortization expense to be reported for the next five years is as follows:


	Amount
	($ in thousands)
Remainder of 2026	$	14,177
Year ended December 31, 2027		15,015
Year ended December 31, 2028		13,045
Year ended December 31, 2029		11,038
Year ended December 31, 2030		10,822
Year ended December 31, 2031		10,564
Thereafter		19,188
Total	$	93,849