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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
9)
GOODWILL AND INTANGIBLE ASSETS

Goodwill

The carrying amount of goodwill at December 31, 2025, 2024, and 2023 was $59,476,000.

For the 2025 annual goodwill impairment test, we utilized the quantitative assessment for our goodwill, determining that it was not impaired. This testing took place during the third quarter of 2025.

There was no additional goodwill acquired or disposed of during the years ended December 31, 2025, 2024 and 2023. Accumulated impairment related to goodwill was $10,156,000 at December 31, 2024 and 2023, attributable wholly to IIC, and was disposed of with the sale of IIC as described in Note 4 above.

Intangible Assets

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

 

 

 

December 31, 2025

 

 

December 31, 2024

 

Intangible assets subject to amortization

 

$

3,048

 

 

$

5,485

 

Indefinite-lived intangible assets(1)

 

 

423

 

 

 

423

 

Total

 

$

3,471

 

 

$

5,908

 

(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

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Agency agreements acquired

 

 

1.3

 

 

$

34,661

 

 

$

(31,613

)

 

$

3,048

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Agency agreements acquired

 

 

2.3

 

 

$

34,661

 

 

$

(29,176

)

 

$

5,485

 

 

No impairment in the value of amortizing or non-amortizing intangible assets was recognized during the years ended December 31, 2025 and 2024.

Amortization expense of our intangible assets was $2,437,000, $2,640,000 and $3,247,000 for the years ended December 31, 2025, 2024 and 2023, 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

 

2026

 

$

2,439

 

2027

 

 

609

 

2028

 

 

—

 

2029

 

 

—

 

2030

 

 

—