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GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
SCHEDULE OF GOODWILL AND INTANGIBLE ASSETS
Goodwill and intangible assets are shown in the following table:
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill
 
Intangible
assets with an
indefinite life
 
Intangible
assets with a
finite life
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2015
 
 
 
 
 
 
 
 
 
Gross amount
$
42,237

 
$
26,036

 
$
29,166

 
$
97,439

 
 
Accumulated amortization
n/a

 
n/a

 
(13,390
)
 
(13,390
)
 
 
Accumulated translation adjustment
4,911

 
—

 
—

 
4,911

 
 
 
47,148

 
26,036

 
15,776

 
88,960

 
 
Acquired during the year
—

 
—

 
13,330

 
13,330

 
 
Amortization
n/a

 
n/a

 
(2,493
)
 
(2,493
)
 
 
Impairment charges
—

 
—

 
(12,939
)
 
(12,939
)
 
 
Balance at December 31, 2016
 
 
 
 
 
 
 
 
 
Gross amount (1)
42,237

 
26,036

 
23,030

 
91,303

 
 
Accumulated amortization (1)
n/a

 
n/a

 
(9,356
)
 
(9,356
)
 
 
Accumulated translation adjustment
4,911

 
—

 
—

 
4,911

 
 
 
47,148

 
26,036

 
13,674

 
86,858

 
 
Amortization
n/a

 
n/a

 
(1,809
)
 
(1,809
)
 
 
Balance at December 31, 2017
 
 
 
 
 
 
 
 
 
Gross amount
$
42,237

 
$
26,036

 
$
23,030

 
$
91,303

 
 
Accumulated amortization
n/a

 
n/a

 
(11,165
)
 
(11,165
)
 
 
Accumulated translation adjustment
4,911

 
—

 
—

 
4,911

 
 
 
47,148

 
26,036

 
11,865

 
85,049

 
 
Acquired during the year
54,855

 
94,748

 
387,545

 
537,148

 
 
Amortization
n/a

 
n/a

 
(55,369
)
 
(55,369
)
 
 
 
$
102,003

 
$
120,784

 
$
344,041

 
$
566,828

 
 
 
 
 
 
 
 
 
 
 

n/a – not applicable
(1)
During the year ended December 31, 2017, an amount of $6,136 and 7,945 was adjusted from gross amount and accumulated amortization, respectively, as a result of the wind-down of the Company's retail insurance operations in Australia.
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS
The gross amount and accumulated amortization by category of VOBA and intangible assets is shown in the following table:
 
 
 
VOBA and intangible assets
 
 
Balance At December 31, 2017
 
Gross amount
 
Accumulated amortization
 
Total
 
 
 
 
 
 
 
 
 
 
 
U.S. state licenses
 
$
26,036

 
n/a

 
$
26,036

 
 
Customer lists, trademark and non-compete - Media Pro
 
9,700

 
(9,244
)
 
456

 
 
Customer relationships and customers lists - Ternian
 
13,330

 
(3,666
)
 
9,664

 
 
Other intangibles - Aviabel
 
2,140

 
(977
)
 
1,163

 
 
VOBA - Novae
 
256,942

 
(50,104
)
 
206,838

 
 
Syndicate capacity
 
94,748

 
n/a

 
94,748

 
 
Coverholders
 
63,565

 
(1,324
)
 
62,241

 
 
Large brokers
 
46,641

 
(777
)
 
45,864

 
 
SME brokers
 
14,126

 
(294
)
 
13,832

 
 
MGA contract
 
4,131

 
(148
)
 
3,983

 
 
 
 
$
531,359

 
$
(66,534
)
 
$
464,825

 
 
 
 
 
 
 
 
 
 

 
 
 
Intangible assets
 
 
Balance At December 31, 2016
 
Gross amount
 
Accumulated amortization
 
Total
 
 
 
 
 
 
 
 
 
 
 
U.S. state licenses
 
$
26,036

 
n/a

 
$
26,036

 
 
Customer lists, trademark and non-compete - Media Pro
 
9,700

 
(8,832
)
 
868

 
 
Customer relationships and customers lists - Ternian
 
13,330

 
(2,333
)
 
10,997

 
 
 
 
$
49,066

 
$
(11,165
)
 
$
37,901

 
 
 
 
 
 
 
 
 
 
SCHEDULE OF INDEFINITE-LIVED INTANGIBLE ASSETS
The gross amount and accumulated amortization by category of VOBA and intangible assets is shown in the following table:
 
 
 
VOBA and intangible assets
 
 
Balance At December 31, 2017
 
Gross amount
 
Accumulated amortization
 
Total
 
 
 
 
 
 
 
 
 
 
 
U.S. state licenses
 
$
26,036

 
n/a

 
$
26,036

 
 
Customer lists, trademark and non-compete - Media Pro
 
9,700

 
(9,244
)
 
456

 
 
Customer relationships and customers lists - Ternian
 
13,330

 
(3,666
)
 
9,664

 
 
Other intangibles - Aviabel
 
2,140

 
(977
)
 
1,163

 
 
VOBA - Novae
 
256,942

 
(50,104
)
 
206,838

 
 
Syndicate capacity
 
94,748

 
n/a

 
94,748

 
 
Coverholders
 
63,565

 
(1,324
)
 
62,241

 
 
Large brokers
 
46,641

 
(777
)
 
45,864

 
 
SME brokers
 
14,126

 
(294
)
 
13,832

 
 
MGA contract
 
4,131

 
(148
)
 
3,983

 
 
 
 
$
531,359

 
$
(66,534
)
 
$
464,825

 
 
 
 
 
 
 
 
 
 

 
 
 
Intangible assets
 
 
Balance At December 31, 2016
 
Gross amount
 
Accumulated amortization
 
Total
 
 
 
 
 
 
 
 
 
 
 
U.S. state licenses
 
$
26,036

 
n/a

 
$
26,036

 
 
Customer lists, trademark and non-compete - Media Pro
 
9,700

 
(8,832
)
 
868

 
 
Customer relationships and customers lists - Ternian
 
13,330

 
(2,333
)
 
10,997

 
 
 
 
$
49,066

 
$
(11,165
)
 
$
37,901

 
 
 
 
 
 
 
 
 
 
FUTURE AMORTIZATION EXPENSE
The estimated amortization expense of VOBA and intangible assets with a finite life is shown in the following table:
 
 
 
 
 
 
 
 
 
 
 
 
VOBA
 
Intangible assets
 
Total
 
 
2018
 
$
171,124

 
$
13,025

 
$
184,149

 
 
2019
 
26,722

 
11,606

 
38,328

 
 
2020
 
5,139

 
11,506

 
16,645

 
 
2021
 
3,853

 
11,506

 
15,359

 
 
2022
 
—

 
11,506

 
11,506

 
 
2023 and thereafter
 
—

 
78,054

 
78,054

 
 
Total remaining amortization expense
 
206,838

 
137,203

 
344,041

 
 
Indefinite lived intangible assets
 
—

 
120,784

 
120,784

 
 
Total intangible assets
 
$
206,838

 
$
257,987

 
$
464,825