Hagerty, Inc. (HGTY)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Market value

$5.4B

Cash

$298.3M

Debt

$216.0M

Debt to equity

1.00

Shares outstanding

346.8M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the Q2 2026 results, filed 5 August 2026.

• Premium and new members grew. Written premium grew 19% in the first half. The company added a record 279,000 new members, its best six-month total, helped by the first State Farm conversions.
• Adjusted EBITDA rose 32%. Retention held at 88%. Adjusted EBITDA grew 32% to $160 million.
• Fourteenth consecutive quarter of growth. Management said operating measures reflecting the health of the business grew at high rates for the 14th consecutive quarter.
• Six growth engines toward 3 million. Management lists six engines: core insurance growth, top-50 carrier partnerships, Enthusiast+ expansion, agency ease of use, automotive media, and live and digital auctions. The first is core insurance growth from about 7% penetration.
• Partnerships with top carriers. Management plans to broaden and deepen partnerships with the top 50 US carriers.
• Agency ease of doing business. Management plans to make it easier for the 54,000 agencies it works with to do business with the company.
• Drivers Club magazine audience. Drivers Club magazine reaches more than 2 million readers an issue, according to management.
• Amelia sales above $111 million. The Amelia Concours auction opened the US season with more than $111 million in sales at a 92% sell-through rate.
• Villa d'Este European sale. The Villa d'Este sale was described as a record, with €41 million in sales at an 87% sell-through rate.
• Gordon Murray T.50 public sale. The first North American public sale of a Gordon Murray Automotive T.50 brought more than $8 million at the California Mille.
• Source of Broad Arrow's edge. Management attributes the auction house's edge to specialists with deep relationships across the collector community.
• Marketplace ranks third in North America. Hagerty Marketplace is the No. 3 online enthusiast-auction platform in North America by lots sold. Volume nearly doubled year over year, with sell-through approaching 80%.
• Marketplace links buyers and sellers. Management said Marketplace captures cars on both sides of the buy-sell transaction and directs new enthusiasts toward insurance.
• Online auctions in a large market. Management puts the US secondary enthusiast market near $60 billion, with about 4 million transactions a year. Online auctions, about 15% of that, are its fastest-growing channel.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

Company events

The newest 8-K filings of 62 held.

Every filing

The newest filings with the SEC of 168 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

135 funds held it at 30 Jun 2026: 58 added and 32 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Marsh & McLennan Companies, Inc. (MRSH): revenue $28.5B, market value $91.4B
• Aon plc (AON): revenue $17.7B, market value $67.0B
• Arthur J. Gallagher & Co. (AJG): revenue $15.8B, market value $66.8B
• Willis Towers Watson plc (WTW): revenue $10.1B, market value $29.9B
• Brown & Brown, Inc. (BRO): revenue $6.9B, market value $21.5B
• Equitable Holdings, Inc. (EQH): revenue $10.6B, market value $14.9B
• Erie Indemnity Co. (ERIE): revenue $4.1B, market value $12.9B
• Enact Holdings, Inc. (ACT): revenue $1.3B, market value $6.6B
• Corvel Corp. (CRVL): revenue $983.7M, market value $4.1B
• Accelerant Holdings (ARX): revenue $1.1B, market value $3.3B

What the company does

Hagerty provides insurance for collector cars and enthusiast vehicles, a business it has run for more than 40 years, and the company calls itself a market leader in it. The insurance is paired with Hagerty Drivers Club, a membership product, along with car events, media and entertainment platforms, and a marketplace for buying and selling vehicles.

How the business is organised

The Insurance segment works as a Managing General Agent (MGA). It underwrites, sells and services policies on behalf of insurance carrier partners and handles claims for them. Hagerty earns commission and fees from this work, which was 33% of total revenue through its MGA subsidiaries.

Hagerty also owns a reinsurer, Hagerty Re, which takes on a large share of the risk its MGA subsidiaries write. Hagerty Re's earned premium was 50% of total revenue. Hagerty Re is a registered Class 3A reinsurer under the Bermuda Insurance Act of 1978 and is overseen by the Bermuda Monetary Authority.

The Marketplace segment covers auctions, private sales and lending against collector cars.

What it sells

The core product is the "Guaranteed Value" policy, which insures a vehicle at an agreed value rather than its depreciated value. Hagerty uses its Hagerty Valuation Tools, built from vehicle sales information collected over decades, to set coverage.

Hagerty Drivers Club memberships are bundled with insurance policies. They include emergency roadside assistance, Hagerty Drivers Club Magazine, access to enthusiast events, a vehicle valuation tool and vehicle-related discounts.

It covers modern enthusiast vehicles that are driven more often and stored more flexibly than traditional collector cars. The company says it plans a phased, nationwide rollout over four years.

How it sells

Hagerty sells through two channels. Employee agents sell directly in the United States, Canada and the United Kingdom, and this channel produced about 44% of total auto written premium. The agent channel produced about 56% of total U.S. auto written premium. It includes distribution partnerships with 9 of the 10 largest auto insurers, ranked by direct premiums written in 2024, and relationships with over 54,000 independent agents and brokers.

Its carrier partners

- Markel: Policies in the United States are issued through Essentia Insurance Company, a Markel subsidiary that writes only policies Hagerty produces. Commission revenue under the Markel Alliance Agreement was 91% of total commission revenue. Hagerty Re's quota share of Essentia risk was 80% at 31 December 2025 and rose to 100% in 2026 under the Markel Fronting Arrangement, which took effect on 1 January 2026. Hagerty's underwriting and claims authority was expanded under that arrangement. - Aviva Canada: Aviva is the carrier for Hagerty Canada's policies, and Hagerty Re reinsures 50% of that risk. The agreements expire in 2030. - State Farm: Under a 10-year agreement, State Farm Classic+ policies have been offered through State Farm agents since September 2023, in 27 states as of 31 December 2025. Hagerty Re does not reinsure these policies.

The marketplace

Broad Arrow, a wholly owned subsidiary, runs live auctions and brokered private sales, mainly for vehicles valued above $100,000. It earns commissions from buyers and, to a lesser extent, sellers. It also buys cars or whole collections outright when a seller wants an immediate sale. In 2025 it held its first European auctions, in Italy, Belgium and Switzerland.

Below that price point, Hagerty Marketplace runs online auctions and earns a bidder fee on successful introductions. It also offers Members a classifieds platform that earns no fee. Broad Arrow Capital LLC makes loans secured by collector cars to collectors and businesses in the United States, Canada, the United Kingdom and certain European countries.

Competitors and staff

Hagerty says other collector car insurers are small next to it. Most collector cars are insured through traditional auto insurers, so it partners with many of them rather than competing head on. Broad Arrow competes with RM Sotheby's, Gooding Christie's, Bonhams and Artcurial. Hagerty Marketplace competes with Barrett-Jackson, Mecum, Bring a Trailer Auctions, Cars & Bids, PCARMARKET and Collecting Cars.

None of the company's employees are covered by a labor union or collective bargaining agreement.

*From Hagerty's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1840776/000184077626000013/hgty-20251231.htm)*

From the company's 10-K.