Goodwill is recognized in conjunction with business acquisitions as the excess of the purchase consideration for the business acquisition over the fair value of identifiable assets acquired and liabilities assumed. The fair value of identifiable assets acquired and liabilities assumed, and thus goodwill, is subject to redetermination within a measurement period of up to one year following completion of a business acquisition. See Note 1 and Note 6 of the Notes to Consolidated Financial Statements in ProAssurance's December 31, 2023 report on Form 10-K for further information on how the Company tests goodwill for impairment.

Goodwill is tested for impairment annually or more frequently if circumstances indicate an impairment may have occurred. The date of the Company's annual goodwill impairment test is October 1. Impairment of goodwill is tested at the reporting unit level. These reporting units are: Specialty P&C, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance, Lloyd's Syndicates and Corporate. Of the five reporting units, only the Segregated Portfolio Cell Reinsurance reporting unit has goodwill at September 30, 2024.

The table below presents the changes in the carrying amount of goodwill and accumulated impairment losses by reporting unit for the nine months ended September 30, 2024 and year ended December 31, 2023:


	Reporting Unit
(In thousands)	Specialty P&C		Workers' Compensation Insurance		Segregated Portfolio Cell Reinsurance		Total
At September 30, 2024:
Goodwill, gross	$	161,115	$	44,110	$	5,500	$	210,725
Accumulated impairment losses*	(161,115)		(44,110)		—		(205,225)
Goodwill, net	$	—	$	—	$	5,500	$	5,500

Goodwill, net as of January 1, 2023	$	—	$	44,110	$	5,500	$	49,610
Impairment losses	—		(44,110)		—		(44,110)
Goodwill, net as of December 31, 2023	—		—		5,500		5,500
Impairment losses	—		—		—		—
Goodwill, net as of September 30, 2024	$	—	$	—	$	5,500	$	5,500
*Accumulated impairment losses include the $44.1 million impairment loss recognized in relation to the Workers' Compensation Insurance reporting unit during the third quarter of 2023 and the $161.1 million impairment loss recognized during the third quarter of 2020 in relation to the Specialty P&C reporting unit.