Acquisition and related Goodwill and Intangibles

12 Months Ended

Dec. 31, 2013

Acquisition and related Goodwill and Intangibles [Abstract]

Acquisition and related Goodwill and Intangibles

 

Note M – Acquisition and related Goodwill and Intangibles

On October 31, 2008, the Company purchased a commercial lines specialty insurance agency primarily focusing on the needs of the transportation industry including trucking independent contractors as well as fleet trucking companies for a cash purchase price of $3,500.  The acquisition is part of the Company’s property and casualty insurance segment.  As part of the purchase, the Company recorded goodwill of $3,152 and intangible assets related to customer relationships and employment agreements of $179 which are included in Other Assets in the consolidated balance sheets and has recorded amortization of intangible assets of $17, $28 and $35 during 2013, 2012, and 2011, respectively.  Accumulated amortization on intangible assets was $175 and $158 as of December 31, 2013 and 2012, respectively.