Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure

GOODWILL AND INTANGIBLE ASSETS

Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2017 were as follows:

	December 31,
	2018		2017
Balance at beginning of period	$	73,045	$	14,254
Acquisitions	—		59,475
Adjustment to finalize purchase price allocation	—		(684		)
Impairment	—		—
Balance at end of period	$	73,045	$	73,045

We completed our most recent goodwill impairment testing during the fourth quarter of 2018 and determined that there was no impairment in the value of our assets as of December 31, 2018. No impairment loss in the value of goodwill was recognized during the years ended December 31, 2018 and 2017. Additionally, there was no accumulated impairment related to goodwill at December 31, 2018 or 2017.

Intangible Assets

The following is a summary of intangible assets excluding goodwill recorded as other assets on our Consolidated Balance Sheets at December 31, 2018 and 2017:

	December 31, 2018		December 31, 2017
Intangible assets subject to amortization	$	27,795	$	41,715
Indefinite-lived intangible assets(1)	3,556		3,556
Total	$	31,351	$	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
2018
Amortizing intangible assets
Value of Business Acquired	—	$	42,788	$	(42,788	)	$	—
Agency agreements acquired	7.3	34,661		(11,164		)	23,497
Trade names acquired	5.2	6,381		(2,083		)	4,298
Total		$	83,830	$	(56,035	)	$	27,795
2017
Amortizing intangible assets
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 years ended December 31, 2018 and 2017.

Amortization expense of our intangible assets was $13,920,000, $31,200,000 and $10,910,000 for the years ended December 31, 2018, 2017 and 2016, respectively. The large increase in amortization expense in 2017 was primarily due to the amortization of intangible assets and Value of Business Acquired acquired as part of the AmCo acquisition.

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
2019	$	5,355
2020	4,267
2021	3,555
2022	3,246
2023	3,246