GOODWILL AND INTANGIBLE ASSETS

Goodwill

The carrying amount of goodwill, both at December 31, 2019 and 2018 was $73,045,000. There was no goodwill acquired or disposed of during the years ended December 31, 2019 and 2018.

We completed our most recent goodwill impairment testing during the fourth quarter of 2019 and determined that there was no impairment in the value of the asset as of December 31, 2019. No impairment loss in the value of goodwill was recognized during the years ended December 31, 2019, 2018 and 2017. Additionally, there was no accumulated impairment related to goodwill at December 31, 2019 or 2018.

Intangible Assets

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



	December 31, 2019		December 31, 2018
Intangible assets subject to amortization	$	22,440	$	27,795
Indefinite-lived intangible assets⁽¹⁾	3,639		3,556
Total	$	26,079	$	31,351

⁽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
2019
Amortizing intangible assets
Value of Business Acquired	—	$	42,788	$	(42,788	)	$	—
Agency agreements acquired	6.8	34,661		(15,658		)	19,003
Trade names acquired	4.3	6,381		(2,944		)	3,437
Total		$	83,830	$	(61,390	)	$	22,440
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

No impairment in the value of amortizing or non-amortizing intangible assets was recognized during the years ended December 31, 2019 and 2018.

Amortization expense of our intangible assets was $5,355,000, $13,920,000 and $31,200,000 for the years ended December 31, 2019, 2018 and 2017, respectively. The large decrease in amortization expense from 2017 to 2018 was primarily due to the amortization of the Value of Business Acquired intangible asset acquired as part of the AmCo acquisition in 2017 that was fully amortized in the first quarter of 2018.

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
2020	$	4,267
2021	3,555
2022	3,246
2023	3,246
2024	2,640