XML 37 R14.htm IDEA: XBRL DOCUMENT v3.25.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
On December 11, 2007, the Company completed an acquisition of James River Group by acquiring 100% of the outstanding shares of James River Group common stock, referred to herein as the “Merger”. The transaction was accounted for under the purchase method of accounting, and goodwill and intangible assets were recognized by the Company as a result of the transaction.
All of the Company’s goodwill is an asset of the Excess and Surplus Lines segment. The Company’s annual testing performed in the fourth quarter of 2025, 2024 and 2023 indicated that no impairment of goodwill had occurred. The carrying amount of goodwill at December 31, 2025 and 2024 was $181.8 million. Accumulated goodwill impairment losses were $99.6 million at December 31, 2025 and 2024. The most recent goodwill impairment losses occurred in 2010.
Specifically identifiable intangible assets were acquired in the Merger. In September, 2023, the Company sold the renewal rights to the Individual Risk Workers’ Compensation (“IRWC”) business in the Specialty Admitted Insurance segment. Upon closing of the transaction, the Company recognized an impairment charge of $2.5 million related to the trademark intangible asset associated with the IRWC business. During the fourth quarters of 2025, 2024 and 2023, the indefinite-lived intangible assets for trademarks and insurance licenses and authorities were tested for impairment. Intangible assets for broker relationships that have specific lives and are subject to amortization were also reviewed for impairment. There were no additional impairments recognized in 2025, 2024, or 2023.
The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows:
December 31,
20252024

Life
(Years)		Gross
Carrying
Amount		Accumulated
Amortization		Gross
Carrying
Amount		Accumulated
Amortization
(in thousands)
TrademarksIndefinite$19,700 $— $19,700 $— 
Insurance licenses and authoritiesIndefinite8,964 — 8,964 — 
Identifiable intangibles not subject to amortization28,664 — 28,664 — 
Broker relationships24.611,611 8,188 11,611 7,825 
Identifiable intangible assets subject to amortization11,611 8,188 11,611 7,825 
$40,275 $8,188 $40,275 $7,825 
Future estimated amortization of specifically identifiable intangible assets as of December 31, 2025 is as follows (in thousands):
2026$363 
2027363 
2028363 
2029363 
2030363 
Thereafter1,608 
Total$3,423 
The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2025:
December 31, 2024December 31, 2025
Net Carrying
Value		AmortizationImpairment
Losses		Net Carrying
Value
(in thousands)
Excess and Surplus Lines
Trademarks$19,700 $— $— $19,700 
Insurance licenses and authorities4,900 — — 4,900 
Broker relationships3,785 (363)— 3,422 
28,385 (363)— 28,022 
Specialty Admitted Insurance
Insurance licenses and authorities4,065 — — 4,065 
4,065 — — 4,065 
Total identifiable intangible assets$32,450 $(363)$— $32,087 
The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2024:
December 31, 2023December 31, 2024
Net Carrying
Value		AmortizationImpairment
Losses		Net Carrying
Value
(in thousands)
Excess and Surplus Lines
Trademarks$19,700 $— $— $19,700 
Insurance licenses and authorities4,900 — — 4,900 
Broker relationships4,148 (363)— 3,785 
28,748 (363)— 28,385 
Specialty Admitted Insurance
Insurance licenses and authorities4,065 — — 4,065 
4,065 — — 4,065 
Total identifiable intangible assets$32,813 $(363)$— $32,450 
Amortization of intangible assets was $363,000 for the Excess and Surplus Lines segment and $0 for the Specialty Admitted Insurance segment for the year ended December 31, 2023.