Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The Company’s goodwill related to the acquisitions of PartnerRe SA, Winterthur Re, Paris Re and Presidio and intangible assets related to the acquisitions of Paris Re, Presidio, Aurigen and Claims Analytics at December 31, 2021, 2020 and 2019 were as follows (in thousands of U.S. dollars):


	Goodwill		Definite- lived intangible assets		Indefinite- lived intangible assets		Total intangible assets
Balance at December 31, 2018	$	456,380	$	119,344	$	9,555	$	128,899
Foreign currency translation	—		73		—		73
Intangible assets amortization	n/a		(11,434)		n/a		(11,434)
Balance at December 31, 2019	$	456,380	$	107,983	$	9,555	$	117,538
Foreign currency translation	—		119		—		119
Intangible assets amortization	n/a		(9,988)		n/a		(9,988)
Balance at December 31, 2020	$	456,380	$	98,114	$	9,555	$	107,669
Foreign currency translation	—		10		—		10
Intangible assets amortization	n/a		(8,861)		n/a		(8,861)
Balance at December 31, 2021	$	456,380	$	89,263	$	9,555	$	98,818

n/a: Not applicable

The gross carrying value and accumulated amortization of intangible assets included in the Consolidated Balance Sheets at December 31, 2021 and 2020 were as follows (in thousands of U.S. dollars):


	December 31, 2021						December 31, 2020
	Gross carrying value		Accumulated amortization		Net carrying value		Gross carrying value		Accumulated amortization		Net carrying value
Definite-lived intangible assets:
Renewal rights	$	48,163	$	(40,786)	$	7,377	$	48,163	$	(38,205)	$	9,958
Customer relationships	67,748		(52,661)		15,087		67,738		(47,867)		19,871
Life VOBA	75,583		(8,784)		66,799		75,583		(7,298)		68,285
Total definite-lived intangible assets	$	191,494	$	(102,231)	$	89,263	$	191,484	$	(93,370)	$	98,114
Indefinite-lived intangible assets:
Insurance licenses	9,555		n/a		9,555		9,555		n/a		9,555
Total intangible assets	$	201,049	$	(102,231)	$	98,818	$	201,039	$	(93,370)	$	107,669

n/a: Not applicable

Definite-lived intangible assets are amortized over a period of 10-13 years for renewal rights and customer relationships, and 100 years for life VOBA.

The allocation of the goodwill to the Company’s segments at December 31, 2021 and 2020 was as follows (in thousands of U.S. dollars):


	2021		2020
P&C segment	$	242,376	$	242,376
Specialty segment	196,047		196,047
Life and Health segment	17,957		17,957
Total	$	456,380	$	456,380

The estimated future amortization expense related to the Company’s definite-lived intangible assets is as follows (in thousands of U.S. dollars):


Year	VOBA		Other definite- lived intangible assets		Total definite- lived intangible assets
2022	$	2,478	$	6,423	$	8,901
2023	2,272		5,641		7,913
2024	2,296		4,960		7,256
2025	2,070		4,367		6,437
2026	1,892		402		2,294
Thereafter	55,791		671		56,462
Total	$	66,799	$	22,464	$	89,263