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Goodwill And Intangible Assets
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill And Intangible Assets Goodwill and Intangible Assets

The following table presents a rollforward of the components of goodwill by reportable segment.

(dollars in thousands)
Insurance
 
Reinsurance
 
Markel Ventures
 
Other(1)
 
Total
January 1, 2018
$
771,821

 
$
122,745

 
$
424,981

 
$
457,917

 
$
1,777,464

Acquisitions (see note 2)
—

 
—

 
73,174

 
474,901

 
548,075

Impairment of goodwill
—

 
—

 
—

 
(91,910
)
 
(91,910
)
Foreign currency movements and other adjustments (2)
(1,637
)
 
—

 
(817
)
 
6,800

 
4,346

December 31, 2018 (3)
$
770,184

 
$
122,745

 
$
497,338

 
$
847,708

 
$
2,237,975

Acquisitions (see note 2)
—

 
—

 
118,878

 
—

 
118,878

Foreign currency movements and other adjustments (2)
1,263

 
—

 
(9,439
)
 
(40,129
)
 
(48,305
)
December 31, 2019 (3)
$
771,447

 
$
122,745

 
$
606,777

 
$
807,579

 
$
2,308,548

(1) 
Amounts included in Other reflect the Company's operations that are not included in a reportable segment.
(2) 
Foreign currency movements and other adjustments includes adjustments to goodwill resulting from changes to the preliminary purchase price allocation, if any, for acquisitions that occurred in the prior year.
(3) 
As of December 31, 2019 and 2018, goodwill was net of accumulated impairment losses of $139.2 million, of which $91.9 million was in Other and $47.3 million was in Markel Ventures.

Goodwill and indefinite-lived intangible assets are tested for impairment at least annually. The Company completes an annual test during the fourth quarter of each year based upon the results of operations through September 30. There was no impairment of goodwill during 2019 or 2017. Total impairment of goodwill for the year ended December 31, 2018 was $91.9 million.

During 2018, the Company recorded a goodwill and intangible asset impairment charge at MCIM totaling $179.0 million. In light of governmental inquiries into loss reserves recorded in late 2017 and early 2018 at Markel CATCo Re Ltd. (Markel CATCo Re), an unconsolidated subsidiary managed by MCIM, and taking into consideration the departure of two senior MCIM executives and special redemption rights that were offered to investors in the Markel CATCo Funds, as defined in note 16, the Company concluded MCIM’s ability to maintain or raise capital had been adversely impacted. As a result, the Company performed an assessment of the recoverability of goodwill and intangible assets at the MCIM reporting unit as of December 31, 2018. As a result of the assessment, the Company reduced the carrying value of the goodwill and intangible assets of the MCIM reporting unit to zero, which resulted in a goodwill impairment charge of $91.9 million and an intangible asset impairment charge of $87.1 million, both of which were recorded to impairment of goodwill and intangible assets in the consolidated statement of loss and comprehensive loss for the year ended December 31, 2018. The intangible asset charge primarily related to intangible assets associated with MCIM's investment management agreements with the Markel CATCo Funds. In July 2019, MCIM announced it would cease accepting new investments in the Markel CATCo Funds and would not write any new business in Markel CATCo Re. Both the Markel CATCo Funds and Markel CATCo Re have been placed into run-off, returning capital to investors as it becomes available. See note 20 for further details.



The following table presents a rollforward of the components of net intangible assets.

(dollars in thousands)
Underwriting(1)
 
Markel Ventures
 
Other(2)
 
Total
January 1, 2018
$
537,957

 
$
400,589

 
$
417,135

 
$
1,355,681

Acquisitions (see note 2)
1,538

 
85,736

 
521,071

 
608,345

Amortization of intangible assets
(44,464
)
 
(40,208
)
 
(31,258
)
 
(115,930
)
Impairment of intangible assets
(4,431
)
 
(14,904
)
 
(87,953
)
 
(107,288
)
Foreign currency movements and other adjustments (3)
(1,512
)
 
244

 
(13,344
)
 
(14,612
)
December 31, 2018
$
489,088

 
$
431,457

 
$
805,651

 
$
1,726,196

Acquisitions (see note 2)
41,506

 
71,629

 
—

 
113,135

Amortization of intangible assets
(39,667
)
 
(41,973
)
 
(66,998
)
 
(148,638
)
Foreign currency movements and other adjustments (3)
(6,767
)
 
12,009

 
42,539

 
47,781

December 31, 2019
$
484,160

 
$
473,122

 
$
781,192

 
$
1,738,474

(1) 
Amounts included in Underwriting reflect the intangible assets associated with the Company's underwriting segments, which are not allocated between the Insurance and Reinsurance segments.
(2) 
Amounts included in Other reflect the Company's operations that are not included in a reportable segment.
(3) 
Foreign currency movements and other adjustments include adjustments to intangible assets resulting from changes to the preliminary purchase price allocation, if any, for acquisitions that occurred in the prior year.

Amortization of intangible assets is estimated to be $150.2 million for 2020, $146.3 million for 2021, $142.9 million for 2022, $141.0 million for 2023 and $139.1 million for 2024. Indefinite-lived intangible assets were $92.4 million at both December 31, 2019 and 2018.

For the year ended December 31, 2019, the Company acquired $113.1 million of intangible assets, all of which is amortizable over a weighted average period of 11 years. The definite-lived intangible assets acquired during 2019 include customer relationships, trade names and other intangible assets, which are expected to be amortized over a weighted average period of 12, 12 and 10 years, respectively.

The following table presents the components of intangible assets.

 
December 31,
 
2019
 
2018
(dollars in thousands)
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Gross
Carrying
Amount
 
Accumulated
Amortization
Customer relationships
$
1,021,427

 
$
(267,580
)
 
$
953,739

 
$
(204,261
)
Investment management agreements
468,000

 
(33,345
)
 
441,000

 
—

Broker relationships
206,249

 
(89,234
)
 
204,367

 
(78,559
)
Trade names
208,959

 
(68,961
)
 
193,154

 
(62,827
)
Technology
113,389

 
(60,611
)
 
109,208

 
(47,090
)
Agent relationships
92,000

 
(16,355
)
 
92,000

 
(10,175
)
Insurance licenses
74,635

 
—

 
74,635

 
—

Renewal rights
21,449

 
(19,366
)
 
21,053

 
(18,272
)
Other
151,978

 
(64,160
)
 
107,441

 
(49,217
)
Total
$
2,358,086

 
$
(619,612
)
 
$
2,196,597

 
$
(470,401
)