Intangible Assets
The following table provides a summary of the Company's intangible assets:
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| ($ in thousands) | | | Intangible Assets
Subject to Amortization | | Intangible Assets not Subject to Amortization | | Total |
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| Net balance, December 31, 2023 | | | $ | 53,788 | | | $ | 37,208 | | | $ | 90,996 | |
| Plus: additions | | | 17,645 | | | — | | | 17,645 | |
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| Less: amortization | | | (15,520) | | | — | | | (15,520) | |
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| Net balance, December 31, 2024 | | | 55,913 | | | 37,208 | | | 93,121 | |
| Plus: additions | | | 9,212 | | | — | | | 9,212 | |
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| Less: amortization | | | (15,709) | | | — | | | (15,709) | |
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| Net balance, December 31, 2025 | | | $ | 49,416 | | | $ | 37,208 | | | $ | 86,624 | |
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| Gross balance, December 31, 2025 | | | $ | 115,894 | | | $ | 37,208 | | | $ | 153,102 | |
| Accumulated amortization | | | (66,478) | | | — | | | (66,478) | |
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| Net balance, December 31, 2025 | | | $ | 49,416 | | | $ | 37,208 | | | $ | 86,624 | |
The following tables present the components of intangible assets:
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| December 31, 2025 |
| ($ in thousands) | Gross Balance | | Accumulated Amortization and Impairment | | Net Balance |
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| Intangible assets subject to amortization | | | | | |
| Coverholder and broker relationships | $ | 44,515 | | | $ | (28,159) | | | $ | 16,356 | |
| Internally developed software | 71,379 | | | (38,319) | | | 33,060 | |
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| Intangible assets not subject to amortization | | | | | |
| Lloyd's syndicate capacity | 35,583 | | | — | | | 35,583 | |
| Licenses | 1,625 | | | — | | | 1,625 | |
| $ | 153,102 | | | $ | (66,478) | | | $ | 86,624 | |
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| December 31, 2024 |
| ($ in thousands) | Gross Balance | | Accumulated Amortization and Impairment | | Net Balance |
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| Intangible assets subject to amortization | | | | | |
| Coverholder and broker relationships | $ | 44,515 | | | $ | (23,707) | | | $ | 20,808 | |
| Internally developed software | 62,166 | | | (27,061) | | | 35,105 | |
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| Intangible assets not subject to amortization | | | | | |
| Lloyd's syndicate capacity | 35,583 | | | — | | | 35,583 | |
| Licenses | 1,625 | | | — | | | 1,625 | |
| $ | 143,889 | | | $ | (50,768) | | | $ | 93,121 | |
The Company's finite-lived intangible assets are amortized on a straight-line basis over their useful lives. As of December 31, 2025, the estimated weighted average amortization period by class consisted of coverholder and broker relationships (10 years) and internally developed software (5 years). Costs incurred to renew or extend the assets' useful lives are expensed straight-line over the remaining life of the related asset or asset class. The weighted-average amortization period is 2.3 years and the estimated amortization expense for each of the five succeeding fiscal years and thereafter related to these assets is as follows:
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| Estimated Amortization Expense |
| ($ in thousands) |
Year Ending December 31, |
| 2026 | $ | 15,596 | |
| 2027 | 14,373 | |
| 2028 | 11,434 | |
| 2029 | 6,411 | |
| 2030 | 1,602 | |
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| Total | $ | 49,416 | |
Intangible assets not subject to amortization consist of Lloyd's syndicate capacity and insurance licenses. The Company did not recognize any impairment losses as a result of the annual impairment review of indefinite-lived assets for the years ended December 31, 2025, 2024 or 2023.
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.