HGTY on NYSE

Hagerty Insurance Agency

Logo: The Hagerty Group, LLC, Public domain, via Wikimedia Commons4

American classic vehicles insurance company

Hagerty, Inc. is an American automotive lifestyle and membership company, as well as the world's largest provider of specialty insurance for classic vehicles. Hagerty is based in Traverse City, Michigan and also operates in Canada, Germany and the United Kingdom.3 Its shares trade on NYSE under the symbol HGTY.1 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

$677.6MRevenue, fiscal 20255
$149.2MNet income, fiscal 20255
1984Founded1

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  • TickerHGTY on NYSE1
  • Industryinsurance1
  • HeadquartersTraverse City1
  • Founded inTraverse City1
  • Websitewww.hagerty.com
  • Incorporated inDE6
  • Business address121 Drivers Edge, Traverse City, Mi 496846
  • Filer categoryAccelerated filer6
  • Legal formCorporation

Hagerty, Inc. is an American automotive lifestyle and membership company, as well as the world's largest provider of specialty insurance for classic vehicles. Hagerty is based in Traverse City, Michigan and also operates in Canada, Germany and the United Kingdom.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

22.0%Net margin5
23.5%Revenue growth, 20255
67.4%Return on equity5
0.80×Debt to equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Commission And Fee Revenue brought in 76% of the revenue Hagerty Insurance Agency broke down this way in fiscal 2025.

  1. Commission And Fee Revenue$433.7M576%up 14% from 2024
  2. Membership And Other Revenue$82.4M514%up 4% from 2024
  3. Contingent Commission$52.7M59%up 26% from 2024
Products and services by year
Products and services202320242025
Commission And Fee Revenue$289.5M$381.3M$433.7M
Membership And Other Revenue$74.8M$78.9M$82.4M
Contingent Commission$76.0M$41.9M$52.7M

Business segments

Insurance brought in 84% of the revenue Hagerty Insurance Agency broke down this way in fiscal 2025.

  1. Insurance$568.8M584%up 13% from 2024
  2. Marketplace$108.9M516%up 134% from 2024
Business segments by year
Business segments202320242025
Insurance$440.3M$502.2M$568.8M
Marketplace$24.0M$46.5M$108.9M

Regions

United States brought in 91% of the revenue Hagerty Insurance Agency broke down this way in fiscal 2025.

  1. United States$616.5M591%up 20% from 2024
  2. Outside the United States$61.1M59%up 70% from 2024
Regions by year
Regions202320242025
United States$432.2M$512.7M$616.5M
Outside the United States$32.1M$36.0M$61.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs76¢$518.4M
  • Income tax1¢$10.0M
  • Profit22¢$149.2M

Out of $677.6M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$219.0M

Out of $219.0M of cash from operations.5

Financial statements

Revenue910115$677.6M in 2025+143% since 2020
0$200.0M$400.0M$600.0M$800.0M2020: $279.0M$279.0M20202021: $323.3M$323.3M2021+16%2022: $383.7M$383.7M2022+19%2023: $464.3M$464.3M2023+21%2024: $548.6M$548.6M2024+18%2025: $677.6M$677.6M2025+24%
Operating income91011$66.4M in 2024+319% since 2020
-$100.0M-$50.0M0$50.0M$100.0M2020: $15.8M$15.8M20202021: -$10.1M-$10.1M20212022: -$67.6M-$67.6M2022+571%2023: $10.4M$10.4M20232024: $66.4M$66.4M2024+538%
Net income9125$149.2M in 2025+1368% since 2020
-$50.0M0$50.0M$100.0M$150.0M2020: $10.2M$10.2M20202021: -$46.4M-$46.4M20212022: $32.1M$32.1M20222023: $28.2M$28.2M2023−12%2024: $78.3M$78.3M2024+178%2025: $149.2M$149.2M2025+91%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Earned premium, net$726.7M$643.3M$531.9M
Marketplace revenue$119.2M$54.5M$28.1M
Net investment income$38.6M$39.2M$26.9M
Net investment gains$3.1M$2.2M$0
Total revenue$1.5B$1.2B$1.0B
Losses and loss adjustment expenses$285.4M$298.6M$220.7M
Ceding commissions, net$337.1M$301.7M$251.8M
Sales expense$258.2M$190.5M$156.4M
Salaries and benefits$263.6M$221.5M$216.9M
General and administrative expenses$94.5M$82.5M$85.4M
Depreciation and amortization$37.5M$38.9M$45.8M
Restructuring, impairment and related charges, net$0$0$8.8M
Gains, losses, and impairments related to divestitures$0-$87.0K$4.0M
Loss (gain) related to warrant liabilities, net$0$8.5M-$11.5M
Interest expense and other, net$40.9M$5.7M$4.1M
Total expenses$1.3B$1.1B$982.3M
INCOME BEFORE TAXES$139.2M$93.7M$44.8M
Income tax benefit$10.0M-$15.4M-$16.6M
NET INCOME$149.2M$78.3M$28.2M
Net income attributable to non-controlling interest-$100.2M-$61.3M-$7.9M
Accretion of Series A Convertible Preferred Stock-$7.6M-$7.4M-$3.7M
NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS$41.5M$9.6M$16.6M

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Corporate structure

Hagerty Insurance Agency sits at the top of its group. 49 entities, 6 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Hagerty Insurance Agency

  • Hagerty Insurance Agency Traverse City
    • 1000022443 Ontario Inc. Subsidiary · Canada
    • BAC Funding 2023-1, LLC Subsidiary · Delaware, United States
    • BAC Funding UK Limited Subsidiary · United Kingdom
    • Broad Arrow Auctions LLC Subsidiary · Michigan, United States
    • Broad Arrow Capital Europe Limited Subsidiary · United Kingdom
    • Broad Arrow Capital Financial Trust Subsidiary · Delaware, United States
    • Broad Arrow Capital FP Limited Subsidiary · United Kingdom
    • Broad Arrow Capital LLC Subsidiary · Michigan, United States
    • Broad Arrow Capital UK Limited Subsidiary · United Kingdom
    • Broad Arrow Deutschland GmbH Subsidiary · Germany
    • Broad Arrow France SAS Subsidiary · France
    • Broad Arrow Group UK Limited Subsidiary · United Kingdom
    • Broad Arrow Group, Inc. Subsidiary · Delaware, United States
    • Broad Arrow Licenses, LLC Subsidiary · Michigan, United States
    • Broad Arrow Private Sales, LLC Subsidiary · Michigan, United States
    • Cavallino Café, LLC Subsidiary · Michigan, United States
    • Classic Car Analytics GMBH Subsidiary · Germany
    • Drivers Edge Insurance Company Subsidiary · Colorado, United States
    • Hagerty Asset Management, LLC Subsidiary · Michigan, United States
    • Hagerty Canada, LLC Subsidiary · Delaware, United States
    • Hagerty Classic Analytics, LLC Subsidiary · Delaware, United States
    • Hagerty Classic Marine Insurance Agency, LLC Subsidiary · Delaware, United States
    • Hagerty Digital Solutions, LLC Subsidiary · Delaware, United States
    • Hagerty Drivers Club Canada, LLC Subsidiary · Delaware, United States
    • Hagerty Drivers Club, LLC Subsidiary · Delaware, United States
    • and 23 more

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Hagerty Insurance Agency reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$45.6M11 Dec 31, 2024$45.0M11 Dec 31, 2023+1.3%
Accumulated depreciation$27.3M11 Dec 31, 2024$24.2M11 Dec 31, 2023+13.0%
Property and equipment, net$16.3M5 Dec 31, 2025$18.2M5 Dec 31, 2024−10.7%
Operating-lease assets (leased space)$40.7M5 Dec 31, 2025$44.5M5 Dec 31, 2024−8.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$160.2M5 Dec 31, 2025$104.8M5 Dec 31, 2024+52.9%
Marketable securities, current$74.0M11 Dec 31, 2024$10.9M11 Dec 31, 2023+575.7%
Debt securities available for sale$696.3M5 Dec 31, 2025$577.7M5 Dec 31, 2024+20.5%
Long-term investments$515.6M11 Dec 31, 2024$5.5M11 Dec 31, 2023+9229.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$114.2M5 Dec 31, 2025$114.1M5 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$88.9M5 Dec 31, 2025$90.1M5 Dec 31, 2024−1.3%
Accumulated amortization$120.4M5 Dec 31, 2025$97.7M5 Dec 31, 2024+23.2%
Finite-lived intangibles, net$77.7M5 Dec 31, 2025$78.8M11 Dec 31, 2024−1.5%

Inventory

ItemLatestA year beforeChange
Inventory, total$12.4M5 Dec 31, 2025$18.5M5 Dec 31, 2024−32.9%

Properties, in its own words

Our material properties include our corporate headquarters located in Traverse City, Michigan, which consists of approximately 109,500 square feet of office space under a lease agreement that expires in March 2036. We believe our facilities are adequate and suitable for our current needs and that, should it be needed, suitable additional or alternative space will be available to accommodate our operations.

Item 2 of the 10-K filed Feb 26, 2026.17

The story

Hagerty was launched in 1984 by Frank and Louise Hagerty after they could not find good insurance coverage for their wooden boats. The company initially focused on providing coverage for antique boats, and later expanded into cars and other vehicles. In 1991, the company added coverage for classic cars.

In 2000, McKeel Hagerty, son of Frank and Louise, became CEO. Under McKeel Hagerty's guidance, the company developed an automotive media arm by launching Hagerty magazine (ISSN 2162-8033), covering the classic and enthusiast vehicle market. In 2020, the magazine was renamed Hagerty Drivers Club Magazine.

Hagerty published its first annual Hagerty Price Guide in 2008, a valuation tool that informs classic car buyers on how to best navigate the digital automotive age. Hagerty also originated both the Historic Vehicle Association (HVA) and the RPM Foundation.

In 2017, the company adopted saving driving and preserving automotive culture for future generations as its corporate mission. To support the mission, Hagerty launched Hagerty Drivers Club, offering members access to events, automotive discounts, roadside service and more. In 2017, Hagerty also acquired DriveShare. The company became the owner and organizer of the Greenwich Concours d'Elégance and established MotorsportReg.com and Hagerty Garage + Social in 2019. In 2021 it bought the California Mille, the Concours d’Elegance of America, and the Amelia Island Concours d'Elegance.

In December 2021, Hagerty went public by merging with Aldel Financial, a SPAC, under the symbol HGTY. The merger deal was valued at $3.13 billion.

In January 2023, Hagerty launched Hagerty ECO (Enthusiast Carbon Offset) scheme for classic motorists to offset their carbon emissions. Hagerty partner with a third party to plant trees on your behalf. The scheme quickly came under scruitiny when the third party was found to be taking 20-30% of offset donations to simply pass the funds on to other charities. There are also no calculations provided as to how they achieve their CO2 or 'Trees' figures.

A 2023 Bloomberg News article documented how within two years McKeel Hagerty turned the small family business into a conglomerate with dominance in the industry and classic car insurance markets.

From Wikipedia’s article on Hagerty (insurance), shared under CC BY-SA 4.0.7

Leadership

Who has led Hagerty Insurance Agency, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (22)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorMika Salmi named Jul 5, 202347

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • 1000022443 Ontario Inc. Canada8
  • BAC Funding 2023-1, LLC Delaware8
  • BAC Funding UK Limited United Kingdom8
  • Broad Arrow Auctions LLC Michigan8
  • Broad Arrow Capital Europe Limited United Kingdom8
  • Broad Arrow Capital FP Limited United Kingdom8
  • Broad Arrow Capital Financial Trust Delaware8
  • Broad Arrow Capital LLC Michigan8
  • Broad Arrow Capital UK Limited United Kingdom8
  • Broad Arrow Deutschland GmbH Germany8
  • Broad Arrow France SAS France8
  • Broad Arrow Group UK Limited United Kingdom8
  • Broad Arrow Group, Inc. Delaware8
  • Broad Arrow Licenses, LLC Michigan8
  • Broad Arrow Private Sales, LLC Michigan8
  • Cavallino Café, LLC Michigan8
  • Classic Car Analytics GMBH Germany8
  • Drivers Edge Insurance Company Colorado8
  • Hagerty Asset Management, LLC Michigan8
  • Hagerty Canada, LLC Delaware8
  • Hagerty Classic Analytics, LLC Delaware8
  • Hagerty Classic Marine Insurance Agency, LLC Delaware8
  • Hagerty Digital Solutions, LLC Delaware8
  • Hagerty Drivers Club Canada, LLC Delaware8
All 49 listed subsidiaries
  • Hagerty Drivers Club, LLC Delaware8
  • Hagerty Enthusiast Limited United Kingdom8
  • Hagerty Events, LLC Delaware8
  • Hagerty Garage and Social Services, LLC Delaware8
  • Hagerty Insurance Agency, LLC Delaware8
  • Hagerty Insurance Holdings Inc Delaware8
  • Hagerty International Holdings Limited United Kingdom8
  • Hagerty International Limited United Kingdom8
  • Hagerty Management, LLC Delaware8
  • Hagerty Media Properties, LLC Michigan8
  • Hagerty Motorsports, LLC Delaware8
  • Hagerty Radwood, Inc. Delaware8
  • Hagerty Reinsurance Limited Bermuda8
  • Hagerty Ventures, LLC Delaware8
  • Hagerty Wellness Center, LLC Michigan8
  • Historic Vehicle Association Canada, LLC Delaware8
  • Historic Vehicle Association, LLC Delaware8
  • Member Hubs Canada ULC Canada8
  • Member Hubs Haskell, LLC Delaware8
  • Member Hubs Holdings, LLC Delaware8
  • Member Hubs Hospitality LLC Delaware8
  • Member Hubs Miami, LLC Delaware8
  • Member Hubs Savannah, LLC Delaware8
  • Speed Digital, LLC North Carolina8
  • The Hagerty Group, LLC Delaware8

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Aldel Financial Inc.Jan 19, 2021 to Nov 22, 20216

Timeline

  1. Sep 11, 20268-K Entered a material agreement; Other events48
  2. Sep 9, 20268-K Regulation FD disclosure49
  3. Aug 5, 20268-K Results of operations; Regulation FD disclosure50
  4. Jul 17, 20268-K Executive or director change51
  5. Jun 12, 20268-K Shareholder vote52
  6. May 6, 20268-K Results of operations; Regulation FD disclosure53
  7. Apr 15, 20268-K Executive or director change54
  8. Feb 26, 20268-K Results of operations; Regulation FD disclosure55
  9. Jan 2, 20268-K Entered a material agreement56
  10. Nov 4, 20258-K Results of operations; Regulation FD disclosure57
  11. Aug 11, 20258-K Entered a material agreement; Other events58
  12. Aug 6, 20258-K Regulation FD disclosure59
  13. Dec 13, 2021New chief executive McKeel Hagerty becomes CEO19
  14. Apr 13, 2021New chief executive Robert I. Kauffman becomes CEO18
  15. 1984Founded Founded in Traverse City1

Calendar

Coming up

  1. Nov 3, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.13 a share, on Nov 4, 2025.60

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results50
  2. May 6, 2026Reported quarterly or annual results53
  3. Feb 26, 2026Reported quarterly or annual results55
  4. Nov 4, 2025Reported quarterly or annual results57
  5. Aug 4, 2025Reported quarterly or annual results61
  6. May 7, 2025Reported quarterly or annual results62
  7. Mar 4, 2025Reported quarterly or annual results63
  8. Nov 7, 2024Reported quarterly or annual results64

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

858 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 59 major events, 313 insider forms, 30 large holders, 1 private raises, 435 other. The latest 20:

  1. Oct 6, 2026SCHEDULE 13G/A EDGAR
  2. Oct 5, 20264 EDGAR
  3. Oct 5, 20264 EDGAR
  4. Oct 5, 20264 EDGAR
  5. Sep 25, 20264 EDGAR
  6. Sep 14, 2026SCHEDULE 13D/A EDGAR
  7. Sep 14, 20264 EDGAR
  8. Sep 11, 20268-K EDGAR
  9. Sep 11, 20264 OWNERSHIP DOCUMENT EDGAR
  10. Sep 11, 2026SCHEDULE 13D/A EDGAR
  11. Sep 10, 2026424B7 EDGAR
  12. Sep 9, 2026424B7 EDGAR
  13. Sep 9, 20268-K EDGAR
  14. Aug 5, 202610-Q EDGAR
  15. Aug 5, 20268-K EDGAR
  16. Jul 17, 20268-K EDGAR
  17. Jul 6, 20264 EDGAR
  18. Jul 2, 2026144 EDGAR
  19. Jul 2, 20264 EDGAR
  20. Jul 2, 20264 EDGAR

The 858 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

366 open-market trades by officers, directors and large owners since October 2021: 9 buys and 357 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 11, 2026Hagerty Holding Corp.10% ownerSale1,387,500$11.47$15.9MForm 4
Sep 9, 2026Hagerty Holding Corp.10% ownerSale9,250,000$11.47$106.1MForm 4
Jul 2, 2026DELANEY KEVIN MChief Accounting OfficerSale3,113$12.25$38.1KForm 4
Jul 1, 2026DELANEY KEVIN MChief Accounting OfficerSale9,440$12.10$114.2KForm 4
Jun 30, 2026DELANEY KEVIN MChief Accounting OfficerSale905$12.01$10.9KForm 4
May 15, 2026Kuczinski Anthony JDirectorBuy9,500$10.46$99.4KForm 4
Apr 7, 2026Harris LaurieDirectorSale5,531$11.01$60.9KForm 4
Mar 12, 2026Kuczinski Anthony JDirectorBuy4,000$9.50$38.0KForm 4
Mar 3, 2026Kuczinski Anthony JDirectorBuy15,000$10.72$160.8KForm 4
Jan 26, 2026Ahn KennethPresident, Hagerty MarketplaceSale50,000$12.41$620.5KForm 4
Jan 20, 2026Ahn KennethPresident, Hagerty MarketplaceSale50,000$12.55$627.5KForm 4
Jan 12, 2026Ahn KennethPresident, Hagerty MarketplaceSale50,000$12.86$643.0KForm 4
Jan 9, 2026Ahn KennethPresident, Hagerty MarketplaceSale1,350$13.25$17.9KForm 4
Jan 7, 2026Ahn KennethPresident, Hagerty MarketplaceSale24,247$13.08$317.2KForm 4
Jan 6, 2026Ahn KennethPresident, Hagerty MarketplaceSale10,883$12.85$139.8KForm 4
Jan 5, 2026Ahn KennethPresident, Hagerty MarketplaceSale164,870$12.79$2.1MForm 4
Dec 15, 2025Ahn KennethPresident, Hagerty MarketplaceSale100,000$12.80$1.3MForm 4
Oct 27, 2025KAUFFMAN ROBERT IDirectorSale15,270$11.12$169.8KForm 4
Oct 24, 2025KAUFFMAN ROBERT IDirectorSale14,731$11.16$164.4KForm 4
Oct 23, 2025KAUFFMAN ROBERT IDirectorSale15,000$11.12$166.8KForm 4

All 366 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025McKeel Hagerty58$1.2M$4.7M73
2025Patrick McClymont56$646.9K$2.7M73
2025Jeffrey Briglia56$650.0K$2.3M73
2025Russell Page55$650.0K$1.9M73
2025Kenneth Ahn48$600.0K$1.7M73
2024CEO$850.0K$3.2M73
2024CFO$575.0K$2.9M73
2024CIO$650.0K$1.6M73
2023CEO$850.0K$2.4M73
2023CFO$575.0K$2.3M73

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jun 23, 2023Raised $80 million in a private offering of equity Form D: 4 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
State Farm Mutual Automobile Insurance Co51,800,000$617.5M0.4%No change
Neuberger Berman Group LLC9,528,505$113.6M0.1%+807,137
Polar Capital Holdings Plc6,000,000$71.5M0.2%No change
Pembroke Management, LTD3,405,852$40.6M2.9%+1,667,846
Markel Group Inc.3,108,000$35.9M0.3%No change
Vanguard Capital Management LLC1,928,492$23.0M0.0%+60,919
Greenhaven Road Investment Management, L.P.1,865,430$22.2M14.4%−504,548
Vanguard Portfolio Management LLC1,650,329$19.7M0.0%+19,358
Lincoln Capital LLC973,651$11.6M2.1%+22,999
BlackRock, Inc.718,484$8.6M0.0%+28,391
Royce & Associates LP525,000$6.3M0.1%No change
Geode Capital Management, LLC446,889$5.3M0.0%+28,082
Dimensional Fund Advisors LP374,615$4.5M0.0%+103,269
First Trust Advisors LP335,852$4.0M0.0%New
Scholtz & Company, LLC308,405$3.7M1.8%−17,100
Morgan Stanley307,146$3.7M0.0%+9,994
State Street Corp264,359$3.2M0.0%+30,571
Vanguard Fiduciary Trust Co238,881$2.8M0.0%+4,063
Brown Advisory Inc218,000$2.6M0.0%+109,000
Charles Schwab Investment Management Inc213,947$2.6M0.0%−3,575
Woodline Partners LP212,918$2.5M0.0%−47,626
UBS Group AG205,591$2.5M0.0%−140,367
Garner Asset Management Corp172,825$2.1M0.7%New
Oxford Financial Group, Ltd. LLC170,000$2.0M0.1%No change
LPL Financial LLC152,501$1.8M0.0%+11,252

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Hagerty Insurance Agency is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARHagerty, Inc.2
  • CIK0001840776
  • Employer ID (EIN)86-121314417
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company17
  • Incorporated inDelaware17
  • Fiscal year endsDecember 312
  • Industry code (SIC)6411 Insurance Agents, Brokers & Service2
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance2
  • Business address121 Drivers Edge, Traverse City, MI 496842
  • Phone800-922-40502
  • Shares outstanding101,066,533 Common Class A shares; 241,552,156 Common Class V shares as of Feb 20, 202617
  • Public float$309.9M as of Jun 30, 202517
  • AuditorDELOITTE & TOUCHE LLP, Detroit, Michigan PCAOB ID 34; it also attests to the company’s internal control over financial reporting17
  • On EDGAR sinceJan 19, 20212
  • Filings908 in all: 144 (351), 4 (281), 8-K (62), 3 (35), 10-Q (17), 424B3 (16), DEFA14A (15), CORRESP (13)2
    All 43 form types

    UPLOAD (10), 144/A (9), SCHEDULE 13D/A (8), 4/A (7), EFFECT (7), SC 13D/A (7), S-1/A (6), 10-K (5), 424B7 (5), DEF 14A (5), SC 13G (5), 425 (4), ARS (4), SC 13D (4), SC 13G/A (4), POS AM (3), SCHEDULE 13G/A (3), 25-NSE (2), S-1 (2), S-3 (2), SCHEDULE 13G (2), 3/A (1), 424B4 (1), 5 (1), 8-A12B (1), CERT (1), D (1), DEFM14A (1), DRS (1), PREM14A (1), PRER14A (1), S-4 (1), S-8 (1), SC TO-I (1), SC TO-I/A (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Sep 11, 2026

Securities registered for trading

ClassSymbolExchange
Class A common stock, par value $0.0001 per shareHGTYThe New York Stock Exchange

From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).17

Risk factors and legal proceedings

The risks Hagerty Insurance Agency names in Item 1A of its 10-K filed Feb 26, 2026: 73 risks under these headings, as written.17

  • Risks Related to Our Business
  • We have experienced significant Member growth in recent years. Our business and revenue growth depend on our ability to continuously attract and retain Members, which we cannot assure, and Member retention may decline.
  • A large percentage of our Insurance segment products and services are distributed through a few relationships and the loss of business provided by any one of them could have an adverse effect on us.
  • We may not be able to prevent, monitor, or detect fraudulent activity, including transactions with insurance policies or payments of claims as well as transactions through our Marketplace segment.
  • Like others in our industry, we face potential exposures to operational disruptions caused by cyber breaches or resiliency failures impacting us or third party technology providers upon whom we rely, which could impair website availability and crucial technology operations.
  • Our technology platforms may not function properly, which might subject us to loss of business and revenue, breach of contractual obligations, and place us out of compliance with state and federal rules and regulations.
  • Our future success depends on our ability to continue to develop and implement technology to transform or replace legacy technology, and to maintain the security and confidentiality of our legacy technology, each in compliance with evolving privacy and cybersecurity laws.
  • Future legal or regulatory requirements impacting internet and mobile technologies, marketing and advertising practices, transactions, or the collection and use of personal data may impact how we interact with our Members and prospective Members, and could adversely affect our business, financial condition, and results of operations.
  • We may not be able to prevent or address the misappropriation of Hagerty-owned data or websites.
  • Rapid evolution and adoption of artificial intelligence could adversely affect our competitive position, operations, and brand.
  • We rely on our Chief Executive Officer and other key employees. If we cannot attract, retain, or motivate key personnel, our business may be severely impacted.
  • Our unique culture has contributed to our success, and if we are not able to maintain this culture in the future, our business could be harmed.
The other 62 risks
  • Our future growth and profitability may be affected by new entrants into the market or current competitors developing preferred offerings.
  • Future acquisitions or investments contain inherent strategic, execution, and compliance risks that could disrupt our business and harm our financial condition.
  • From time to time we introduce new products and services that have limited operating history, making it difficult to forecast operating results. We may not achieve profitability from these offerings as quickly as anticipated, or at all.
  • We are subject to payment processing risks which could adversely affect our results of operations.
  • Current economic conditions including inflation and interest rate uncertainty may affect demand for our products and services.
  • The imposition of tariffs on imported goods could increase costs, reduce consumer spending on collector cars and related services, and negatively impact our business, financial condition, and results of operations.
  • Performance of our investment portfolio is subject to a variety of investment risks that may adversely affect our financial results.
  • Changes to the law and social attitudes towards petroleum-powered vehicles may make ownership of collector vehicles less desirable, leading to a decline in demand for our products and services.
  • Our day-to-day operations create transactions, events, and conditions that give rise to the need for accounting estimates to be recognized or disclosed in our Consolidated Financial Statements. There is a risk that these estimates are incorrect, which could have a material adverse effect on our financial condition and/or results of operations.
  • We may require additional capital in the future, which may not be available or may only be available on unfavorable terms, and we may encounter difficulty in obtaining funds to meet our commitments.
  • Our estimates of market opportunity and forecasts of market growth may prove to be inaccurate, and even if the market in which we compete achieves the forecasted growth, our business could fail to grow at a similar rate, if at all.
  • Risks Related to Our Insurance Segment
  • The insurance products that we develop and sell for our underwriting carriers are subject to regulatory approval, and we may incur significant expenses in connection with the development and filing of new products before revenue is generated from new products.
  • Our Insurance segment operates in a highly regulated environment for insurance product distribution and faces risks associated with compliance requirements, some of which cause us to make judgments that could have an adverse effect on us.
  • Unexpected increases in the frequency or severity of claims may adversely affect the operations of our Insurance segment and our financial condition.
  • Severe weather events, catastrophes, and unnatural events are unpredictable, and we may experience losses or disruptions from these events.
  • We may not be able to adapt effectively and timely to any changes in law.
  • Our MGA subsidiaries do business with a limited number of key underwriting carrier partners in our insurance markets, and we may not be able to find suitable replacements for our existing carriers.
  • Rapid growth may strain our infrastructure, resources, and relationships, which could then impair service quality, operational execution, and financial performance of our Insurance segment.
  • A regulatory environment that requires rate increases to be approved and that can dictate underwriting and pricing and mandate participation in loss sharing arrangements may adversely affect our financial condition and the results of operations of our Insurance segment.
  • The underwriting companies that we work with, Driver's Edge, and our MGA subsidiaries are periodically subject to examinations and audits by insurance regulators, which could result in adverse findings, enforcement actions, require payments of fines or penalties, and necessitate remedial actions.
  • We rely on external data and our digital platform to collect and evaluate information that we utilize in producing, pricing, and underwriting insurance policies (in accordance with the rates, rules, and forms filed with regulators, where required), managing claims and customer support, and improving business processes. Any future legal or regulatory requirements that might restrict our ability to collect or utilize this data could potentially have an adverse effect on the business, financial condition, and prospects of our Insurance segment.
  • The insurance business, including the market for property and casualty insurance, is historically cyclical in nature, and there may be periods with excess underwriting capacity and unfavorable premium rates, which could adversely affect our Insurance segment.
  • The shift to Hagerty Re assuming 100% of the risk for policies written through the Markel Fronting Arrangement increases our exposure to underwriting volatility, catastrophes, reinsurance counterparty risk, and legal, compliance, and regulatory risks, which could adversely affect the capital, liquidity, and results of our Insurance segment.
  • The reinsurance Hagerty Re purchases to protect against catastrophic and large losses may become unavailable on current coverage terms, limits, or pricing.
  • If we do not price and underwrite risks accurately at competitive, profitable rates, the business and financial condition of our Insurance segment could be adversely affected.
  • Reinsurance subjects Hagerty Re to counterparty risk if reinsurers fail to pay or timely pay claims due to insolvency or otherwise fail to honor their obligations.
  • Unexpected changes in the interpretation of coverage or provisions, including loss limitations and exclusions, in the insurance policies we sell and service could have a material adverse effect on the financial condition and operations of our Insurance segment.
  • Hagerty Re's ultimate loss liability could exceed our loss and loss adjustment expense reserves, materially adversely affecting the financial condition and results of operations of our Insurance segment.
  • Our expansion into different insurance products and jurisdictions may subject us to additional costs and expenses, and our plans might not be as profitable as projected.
  • Our reliance on technology and intellectual property from third parties for pricing and underwriting insurance policies, handling claims, and maximizing automation, could cause an adverse impact on the business and operations of our Insurance segment if these third parties become unavailable or provide us with inaccurate information.
  • Our failure to accurately and timely pay claims on our insurance programs could have an adverse impact on the business, financial condition and prospects of our Insurance segment.
  • A downgrade in the financial strength rating of the carriers on our insurance programs may adversely affect our ability to conduct business as currently conducted.
  • Hagerty Re is subject to regulatory requirements to maintain its license in Bermuda as a Class 3A insurer.
  • Risks Related to Our Marketplace Segment
  • Our growth strategy involves the development and expansion of our Marketplace segment offerings, and if we are unable to realize the anticipated benefits from their growth and integration with our Insurance segment, the business, financial condition, and results of operations of our Marketplace segment could be materially and adversely affected.
  • Expansion into new markets exposes our Marketplace segment to complex, inconsistent global regulations and higher compliance costs, which may result in disruption to our ongoing businesses.
  • Competition in the global market for sales of collector cars and enthusiast vehicles and the variability of the value, demand and availability of quality collector cars for sale may adversely impact the business, financial condition, and results of operations of our Marketplace segment.
  • Our Marketplace segment could be exposed to losses in the event of title, authenticity or other claims related to damage or theft.
  • If we are unable to maintain or obtain our dealer licenses, auctioneer licenses, and/or other applicable permits and licenses as required in certain jurisdictions in which we operate, or plan to operate, such licensing issues may adversely impact the business, financial condition, and results of operation of our Marketplace segment.
  • The limited operating history of BAC may not represent BAC's future operating results and the fact that there have been no material loan losses on the BAC loan portfolio to date may not be indicative of future loan loss experience. In addition, our ability to realize proceeds from the sale of collateral for BAC loans may be delayed or limited.
  • Changes to tax laws may affect the volume of collector car and enthusiast vehicle inventory available for our Marketplace segment and increase our compliance risks.
  • Legal, Regulatory and Political Risks
  • The legal and regulatory requirements applicable to our business are extensive. If we are not able to comply, it could have an adverse effect on us. Extensive regulation and potential further restrictive regulation could increase our operating costs and limit our growth.
  • Complex legal, regulatory, and contractual requirements regarding data privacy and cybersecurity may impact how we market and interact with existing and future Members, and could have an adverse effect on our business, financial condition, and operations.
  • Our intellectual property rights are extremely valuable and if they are not properly protected, our products, services, and brand could be adversely impacted.
  • Risks Related to Ownership of Our Securities
  • Our entry into the Markel Fronting Arrangement will reduce our reported commission revenue and ceding commission expense beginning in 2026 and reduce period‑to‑period comparability of our Consolidated Financial Statements.
  • Our entry into the Markel Fronting Arrangement may not result in the commercial benefits we are expecting.
  • Our stock may be diluted by future issuances of additional Hagerty, Inc. Class A Common Stock ("Class A Common Stock") in connection with our incentive plans, acquisitions or otherwise; future sales of such shares in the public market or the expectations that such sales may occur could lower our stock price.
  • Under the 2021 Employee Stock Purchase Plan.
  • Substantial blocks of our total outstanding shares may be sold into the market. If there are substantial sales of shares of our Class A Common Stock, the price of our Class A Common Stock could decline.
  • We qualify as, and have elected to be treated as, a "controlled company" within the meaning of the NYSE listing standards and, as a result, our stockholders may not have certain corporate governance protections that are available to stockholders of companies that are not controlled companies.
  • The dual class structure of our common stock may adversely affect the trading market for our Class A Common Stock.
  • The dual class structure of our common stock will have the effect of concentrating voting power with two stockholders, which will limit your ability to influence the outcome of important transactions, including a change in control.
  • Our three largest stockholders hold significant voting power, have the right to designate directors to our Board and are entitled to preemptive rights with respect to the issuance of new shares of Class A Common Stock, which provides these stockholders with significant power to influence our business and affairs.
  • Because we have no current plans to pay cash dividends on our Class A Common Stock for the foreseeable future, you may not receive any return on investment unless you sell your Class A Common Stock for a price greater than that which you paid for it.
  • Anti-takeover provisions in our organizational documents and applicable insurance laws could delay or prevent a change of control.
  • Our Amended and Restated Charter designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees, or stockholders.
  • There is no public market for our Series A Convertible Preferred Stock.
  • The price of our securities may be volatile or may decline regardless of our operating performance and you could lose all or part of your investment as a result.
  • If securities or industry analysts do not publish research or publish inaccurate or unfavorable research reports about our business, or if they downgrade our stock or our sector, our stock price and trading volume could decline.
  • Risks Related to Tax
  • Hagerty, Inc. is a holding company, whose only material asset is its interest in THG. Hagerty, Inc. depends on THG distributions to pay taxes, make payments under the TRA, and pay other expenses.
  • Hagerty, Inc. is required to pay Legacy Unit Holders and any other party to the TRA for certain tax benefits we may receive and the amounts payable may be substantial.
  • To the extent we receive tax distributions in excess of our actual tax liabilities and retain such excess cash, the Legacy Unit Holders may benefit from such accumulated cash balances if they exercise their exchange rights.
  • We are subject to VAT and other indirect tax laws in multiple jurisdictions, and the complexity and interpretation of these rules could result in additional tax liabilities and compliance costs.

Legal proceedings

From time to time, we are involved in various claims and legal actions that arise in the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, we do not believe that the ultimate resolution of these actions will have a material adverse effect on our financial position, results of operations, liquidity or capital resources.

Future litigation may be necessary to defend ourselves and our partners by determining the scope, enforceability and validity of third party proprietary rights or to establish our proprietary rights. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

Refer to Note 25 — Commitments and Contingencies in Item 8 of Part II of this Annual Report for additional information related to legal proceedings.

The opening of Item 3, Legal Proceedings.17

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