GOODWILL AND INTANGIBLE ASSETS

Goodwill

The carrying amount of goodwill, both at September 30, 2018 and December 31, 2017, was $73,045,000. There was no goodwill acquired or disposed of during the three month or nine month periods ended September 30, 2018.

Using a qualitative assessment, we completed our most recent goodwill impairment testing during the fourth quarter of 2017 and determined that there was no impairment in the value of the asset as of December 31, 2017. No impairment loss in the value of goodwill was recognized during the nine months ended September 30, 2018. Additionally, there was no accumulated impairment or accumulated amortization related to goodwill at September 30, 2018 or December 31, 2017.

Intangible Assets

The following is a summary of intangible assets excluding goodwill recorded as intangible assets on our Unaudited Condensed Consolidated Balance Sheets:



	September 30, 2018		December 31, 2017
Intangible assets subject to amortization	$	29,160	$	41,715
Indefinite-lived intangible assets⁽¹⁾	3,556		3,556
Total	$	32,716	$	45,271

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

Intangible assets subject to amortization consisted of the following:



	Weighted-average remaining amortization period (in years)	Gross carrying amount		Accumulated amortization			Net carrying amount
September 30, 2018
Value of business acquired	—	$	42,788	$	(42,788	)	$	—
Agency agreements acquired	7.5	34,661		(10,040		)	24,621
Trade names acquired	5.4	6,381		(1,842		)	4,539
Total		$	83,830	$	(54,670	)	$	29,160

December 31, 2017
Value of business acquired	0.3	$	42,788	$	(34,335	)	$	8,453
Agency agreements acquired	8.0	34,661		(6,669		)	27,992
Trade names acquired	6.0	6,381		(1,111		)	5,270
Total		$	83,830	$	(42,115	)	$	41,715

No impairment in the value of amortizing or non-amortizing intangible assets was recognized during the three and nine months ended September 30, 2018 and 2017.

Amortization expense of our intangible assets was $1,365,000 and $9,839,000 for the three months ended September 30, 2018 and 2017, respectively. Amortization expense of our intangible assets was $12,555,000 and $21,361,000 for the nine months ended September 30, 2018 and 2017, respectively.

Estimated amortization expense of our intangible assets to be recognized by the Company over the next five years is as follows:



Year ending December 31,	Estimated Amortization Expense
Remaining 2018	$	1,365
2019	5,355
2020	4,267
2021	3,555
2022	3,246
2023	3,246