GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The table below provides details of goodwill and intangible assets related to the Company's insurance segment:



	Goodwill		Intangible assets with an indefinite life		Intangible assets with a finite life		Total

At December 31, 2022
Gross amount	$	95,890	$	120,785	$	394,604	$	611,279
Accumulated amortization	n/a		n/a		(306,671)		(306,671)
Accumulated translation adjustment	4,911		—		—		4,911
	100,801		120,785		87,933		309,519
Amortization	n/a		n/a		(10,917)		(10,917)
Impairment charges	—		—		—		—
At December 31, 2023
Gross amount	95,890		120,785		394,604		611,279
Accumulated amortization	n/a		n/a		(317,588)		(317,588)
Accumulated translation adjustment	4,911		—		—		4,911
	100,801		120,785		77,016		298,602
Amortization	n/a		n/a		(10,917)		(10,917)
Impairment charges	—		—		—		—
At December 31, 2024
Gross amount	95,890		120,785		394,604		611,279
Accumulated amortization	n/a		n/a		(328,505)		(328,505)
Accumulated translation adjustment	4,911		—		—		4,911
	100,801		120,785		66,099		287,685
Amortization	n/a		n/a		(10,917)		(10,917)
Impairment charges	—		—		—		—
Tax-related adjustments	(34,303)		—		—		(34,303)
	$	66,498	$	120,785	$	55,182	$	242,465

n/a – not applicable

Intangible Assets with an Indefinite Life

Intangible assets with an indefinite life include U.S. state licenses that provide a legal right to transact business indefinitely and the value of Lloyd's syndicate capacity, which represents the right to underwrite a certain allocated limit of premium in the Lloyd's market.

Impairment Review

For the years ended December 31, 2024, 2023 and 2022, the Company's impairment review of goodwill did not result in the recognition of an impairment loss.

Tax-related Adjustments

During the year ended December 31, 2024, the Company assessed that certain deferred tax assets and deferred tax liabilities were no longer required and recognized a tax-related adjustment of $34 million.

The tables below provide details of the gross amount and accumulated amortization by category of value of business acquired ("VOBA") and intangible assets:


	VOBA and intangible assets
At December 31, 2024	Gross amount		Accumulated amortization		Total

U.S. state licenses	$	26,036	n/a		$	26,036
Syndicate capacity (2)	94,748		n/a		94,748
Customer relationships and customers lists (1)	13,330		(12,993)		337
VOBA(2)	256,942		(256,942)		—
Coverholders (2)	63,565		(38,408)		25,157
Large brokers (2)	46,641		(22,545)		24,096
SME brokers (2)	14,126		(8,533)		5,593
	$	515,388	$	(339,421)	$	175,967

n/a – not applicable

(1) On April 1, 2015, the Company completed its acquisition of Ternian Insurance Group LLC and recognized the definite life intangible assets detailed above.

(2) On October 2, 2017, the Company acquired Novae and recognized finite lived intangible assets, including VOBA, distribution networks, and indefinite lived intangible assets related to Lloyd's syndicate capacity, all detailed above.


	VOBA and intangible assets
At December 31, 2023	Gross amount		Accumulated amortization		Total

U.S. state licenses	$	26,036	n/a		$	26,036
Syndicate capacity (2)	94,748		n/a		94,748
Customer relationships and customers lists (1)	13,330		(11,661)		1,669
VOBA(2)	256,942		(256,942)		—
Coverholders (2)	63,565		(33,110)		30,455
Large brokers (2)	46,641		(19,435)		27,206
SME brokers (2)	14,126		(7,357)		6,769
	$	515,388	$	(328,505)	$	186,883

n/a – not applicable

(1) On April 1, 2015, the Company completed its acquisition of Ternian Insurance Group LLC (renamed AXIS Group Benefits LLC in 2022) and recognized the definite life intangible assets detailed above.

(2) On October 2, 2017, the Company acquired Novae Group plc ("Novae") and recognized finite lived intangible assets, including VOBA, distribution networks, and indefinite lived intangible assets related to Lloyd's syndicate capacity, all detailed above.

The table below provides details of estimated amortization expense of intangible assets with a finite life:



	Total


2025	$	9,921
2026	9,583
2027	9,583
2028	9,583
2029	7,965
After 2029	8,547
Total remaining amortization expense	55,182
Indefinite lived intangible assets	120,785
Total intangible assets	$	175,967

The estimated remaining average useful life of finite lived intangible assets is 6 years.