Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets

Identifiable intangible assets consist of the following ($ in millions):

		December 31, 2023						December 31, 2022
	Weighted Average Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Insurance licenses	Indefinite	$	7.5	$	—	$	7.5	$	7.5	$	—	$	7.5
Trademark	Indefinite	0.6		—		0.6		0.6		—		0.6
Technology	3	28.0		13.2		14.8		28.0		3.9		24.1
VOBA	0.5	1.7		1.7		—		1.7		1.4		0.3
		$	37.8	$	14.9	$	22.9	$	37.8	$	5.3	$	32.5

Intangible assets noted in the above table were acquired as part of the Metromile acquisition except for trademark associated with the Company’s name which was acquired in 2019. The Company intends to maintain the trademark and renewals will take place as needed.

Amortization expense amounted to $9.6 million and $5.3 million for the year ended December 31, 2023 and 2022, respectively, and is included in “General and administrative expense” in the consolidated statement of operations and comprehensive loss.

As of December 31, 2023, the estimated aggregate amortization expense for the Company’s intangible assets for the next five years is as follows ($ in millions):

2024	$	9.3
2025	5.5
2026	—
2027	—
2028	—
Thereafter	—
	$	14.8