Intangible Assets, Net and Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets consist of the following:


	December 31, 2025						December 31, 2024
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Acquired relationships	$	1,253,396	$	(344,992)	$	908,404	$	1,136,326	$	(259,125)	$	877,201
Software	163,514		(95,547)		67,967		138,119		(65,190)		72,929
Trade names	28,474		(26,411)		2,063		27,924		(24,562)		3,362
Total intangible assets	$	1,445,384	$	(466,950)	$	978,434	$	1,302,369	$	(348,877)	$	953,492

Schedule of Future Amortization Expense for Intangible Assets

Future annual estimated amortization expense over the next five years for intangible assets is as follows (in thousands):


For the Years Ending December 31,	Amortization
2026	$	126,061
2027	108,232
2028	90,334
2029	79,422
2030	72,271

Schedule of Goodwill

The changes in carrying value of goodwill by operating group are as follows:


(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Total
Balance at December 31, 2023 and 2024	$	932,487	$	235,589	$	244,293	$	1,412,369
Goodwill of acquired businesses	—		6,316		98,486		104,802
Balance at December 31, 2025	$	932,487	$	241,905	$	342,779	$	1,517,171

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Baldwin Insurance Group, Inc. 10-K