Global Indemnity Group, LLC Goodwill & Intangibles Disclosure
Goodwill
As a result of an acquisition in 2010, the Company has goodwill within the Belmont Core segment of $4.8 million at December 31, 2025 and 2024. The goodwill represents the excess purchase price over the Company’s best estimate of the fair value of the assets acquired. There were no changes in the carrying value of Belmont Core's goodwill during 2025 and 2024 and there were no accumulated impairment losses at December 31, 2025 and 2024. Impairment testing performed in 2025, 2024, and 2023 did not result in an impairment of goodwill within the Belmont Core segment.
Intangible assets
The following table presents details of the Company’s intangible assets as of December 31, 2025:
(Dollars in thousands) |
|
Weighted Average Amortization Period |
|
Cost |
|
|
Accumulated |
|
|
Impairment |
|
|
Net Value |
|
||||
Trademarks |
|
Indefinite |
|
$ |
5,480 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,480 |
|
Tradenames |
|
Indefinite |
|
|
4,200 |
|
|
|
— |
|
|
|
— |
|
|
|
4,200 |
|
State licenses |
|
Indefinite |
|
|
5,000 |
|
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
Customer relationships |
|
15 years |
|
|
5,330 |
|
|
|
5,302 |
|
|
|
— |
|
|
|
28 |
|
Developed technology |
|
5 years |
|
|
2,290 |
|
|
|
153 |
|
|
|
— |
|
|
|
2,137 |
|
|
|
|
|
$ |
22,300 |
|
|
$ |
5,455 |
|
|
$ |
— |
|
|
$ |
16,845 |
|
In connection with the acquisition of Sayata, the Company acquired intangible assets of $3.0 million which are included in the table above. They consist of developed technology of $2.3 million, trademarks of $0.7 million, and customer relationships of less than $0.1 million. See Note 2 for additional information on the acquisition of Sayata.
The following table presents details of the Company’s intangible assets as of December 31, 2024:
(Dollars in thousands) |
|
Weighted Average Amortization Period |
|
Cost |
|
|
Accumulated |
|
|
Impairment |
|
|
Net Value |
|
||||
Trademarks |
|
Indefinite |
|
$ |
4,800 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,800 |
|
Tradenames |
|
Indefinite |
|
|
4,200 |
|
|
|
— |
|
|
|
— |
|
|
|
4,200 |
|
State licenses |
|
Indefinite |
|
|
5,000 |
|
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
Customer relationships |
|
15 years |
|
|
5,300 |
|
|
|
5,197 |
|
|
|
— |
|
|
|
103 |
|
|
|
|
|
$ |
19,300 |
|
|
$ |
5,197 |
|
|
$ |
— |
|
|
$ |
14,103 |
|
Amortization related to the Company’s definite lived intangible assets was $0.3 million, $0.4 million, and $0.4 million for the years ended December 31, 2025, 2024, and 2023, respectively. The weighted average amortization period for total definite lived intangible assets was 12.0 years and 15.0 years at December 31, 2025 and 2024, respectively.
The Company expects that amortization expense for the next five years will be as follows:
(Dollars in thousands) |
|
|
|
|
2026 |
|
$ |
464 |
|
2027 |
|
|
464 |
|
2028 |
|
|
464 |
|
2029 |
|
|
464 |
|
2030 |
|
|
309 |
|
Intangible assets with indefinite lives
As of December 31, 2025 and 2024, indefinite lived intangible assets, which are comprised of tradenames, trademarks, and state insurance licenses, was $14.7 million and $14.0 million, respectively.
There was no impairment of intangible assets with indefinite lives in 2025, 2024, and 2023.
Intangible assets with definite lives
As of December 31, 2025 and 2024, definite lived intangible assets, net of accumulated amortization, were $2.2 million and $0.1 million, respectively, and were comprised of customer relationships.
There was no impairment of intangible assets with definite lives in 2025, 2024, and 2023.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 10, 2026 | Showing above |
| 2024 | Mar 11, 2025 | |
| 2023 | Mar 15, 2024 | |
| 2022 | Mar 15, 2023 | |
| 2021 | Mar 16, 2022 | |
| 2020 | Mar 12, 2021 | |
| 2019 | Mar 6, 2020 | |
| 2018 | Mar 14, 2019 | |
| 2017 | Mar 9, 2018 | |
| 2016 | Mar 10, 2017 | |
| 2015 | Mar 14, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.