v3.26.1
Goodwill and Intangible Assets
6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill and Intangible Assets
10)
GOODWILL AND INTANGIBLE ASSETS

Goodwill

The carrying amount of goodwill at June 30, 2026 and December 31, 2025 was $59,476,000.

There was no goodwill acquired, disposed of or impaired during the six months ended June 30, 2026 and 2025.

Intangible Assets

The following is a summary of intangible assets excluding goodwill recorded as intangible assets on the Company's Unaudited Condensed Consolidated Balance Sheets:

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Intangible assets subject to amortization

 

$

1,828

 

 

$

3,048

 

Indefinite-lived intangible assets(1)

 

 

375

 

 

 

423

 

Total

 

$

2,203

 

 

$

3,471

 

(1) Indefinite-lived intangible assets are comprised of state insurance and agent licenses, as well as perpetual software licenses.

Intangible assets subject to amortization and not fully amortized consisted of the following:

 

 

 

Weighted-average remaining amortization period (in years)

 

 

Gross carrying amount

 

 

Accumulated amortization

 

 

Net carrying amount

 

June 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

Agency agreements acquired

 

 

0.8

 

 

$

34,661

 

 

$

(32,833

)

 

$

1,828

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Agency agreements acquired

 

 

1.3

 

 

$

34,661

 

 

$

(31,613

)

 

$

3,048

 

 

No impairment in the value of amortizing or non-amortizing intangible assets was recognized during the six months ended June 30, 2026 and 2025. However, during the six months ended June 30, 2026, we disposed of intangible assets totaling approximately $49,000.

Amortization expense of the Company's intangible assets was $610,000 and $610,000 for the three months ended June 30, 2026 and 2025, respectively. Amortization expense of the Company's intangible assets was $1,220,000 and $1,219,000 for the six months ended June 30, 2026 and 2025, respectively. Estimated amortization expense of the Company's intangible assets to be recognized by the Company during the remainder of 2026 and over the next four years is as follows:

 

Year ending December 31,

 

Estimated Amortization Expense

 

Remaining in 2026

 

$

1,219

 

2027

 

 

609

 

2028

 

 

 

2029

 

 

 

2030