Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The following table shows the Company’s goodwill and intangible assets at December 31, 2014 and 2013:



	Goodwill		Indefinite-Lived Intangible Assets		Finite-Lived Intangible Assets
	Net Carrying Value		Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Balance at December 31, 2012	$	268,376	$	23,920	$	41,334	$	(13,890	)	$	27,444
Amortization of intangible assets	—		—		—		(2,533		)	(2,533		)
Balance at December 31, 2013	268,376		23,920		41,334		(16,423		)	24,911
Additions	9,882		—		—		—			—
Amortization of intangible assets	—		—		—		(2,533		)	(2,533		)
Balance at December 31, 2014	$	278,258	$	23,920	$	41,334	$	(18,956	)	$	22,378

The Company acquired the remaining interest in a claims administration services company it did not own in 2014 and recorded goodwill of $9,882 related to the transaction. The goodwill related to this acquisition has been allocated to the U.S. direct insurance operations of the North American Insurance segment.

Goodwill of $274,341 is allocated to the U.S. direct insurance operations of the North American Insurance segment while the remainder of the goodwill of $3,917 is allocated to the Reinsurance segment. The impairment reviews for goodwill and indefinite-lived intangibles did not result in the recognition of impairment losses for the years ended December 31, 2014, 2013 and 2012. The net carrying value of the goodwill is net of accumulated impairment charges of $156 that occurred prior to December 31, 2012.

The net carrying value of the finite-lived intangible assets is net of accumulated impairment charges of $6,866 that occurred prior to December 31, 2012. The remaining finite-lived intangible assets as of December 31, 2013 will be amortized over an expected remaining useful life of 8.8 years. The estimated amortization expense for each of the five succeeding fiscal years and thereafter related to the Company’s finite-lived intangible assets is as follows:



	Amount
2015	$	2,533
2016	2,533
2017	2,533
2018	2,533
2019	2,533
2020 and thereafter	9,713
Total	$	22,378

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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