Hagerty Inc (N:HGTY)
Business Focus: Insurance - Automobile
| Sector: Financials | Industry: Property & Casualty Insurance |
| See Regulatory Filings on SEC | |
| Company Contact | |
| Address: | 121 Drivers Edge TRAVERSE CITY MI 49684 |
| Tel: | 1-855-9845192 |
| Website: | https://investor.hagerty.com/overview/default.aspx |
| IR: | See website |
| Key People | ||
| Mckeel O. Hagerty Chief Executive Officer, Director | Patrick S. Mcclymont Chief Financial Officer | Kenneth Ahn President - Hagerty Marketplace |
| Paul E. Rehrig President - Hagerty Media and Entertainment | Collette Champagne Chief Operating Officer | Barbara E. Matthews Senior Vice President |
| Kevin M. Delaney Principal Accounting Officer | Charles Favour Chief Underwriting Officer | Diana Chafey Chief Legal Officer and Corporate Secretary |
| Business Overview |
| Hagerty, Inc. is an automotive enthusiast brand and specialty vehicle insurance provider. The Company is a provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events and automotive entertainment custom made for the Americans who self-describe as car enthusiasts. Through its insurance model, the Company acts as a Managing General Agent (MGA) by underwriting, selling, and servicing classic car and enthusiast vehicle insurance policies. In addition, the Company offers Hagerty Drivers Club (HDC) memberships, which can be bundled with its insurance policies and give subscribers access to an array of products and services, including Hagerty Drivers Club Magazine, automotive enthusiast events, its proprietary vehicle valuation tool, emergency roadside assistance, and special vehicle-related discounts. The Company provides insurance for approximately 2.4 million classic cars and enthusiast vehicles. |
| Financial Overview |
| For the fiscal year ended 31 December 2023, Hagerty Inc revenues increased 22% to $1B. Net income applicable to common stockholders decreased 50% to $15.9M. Revenues reflect Earned premium increase of 32% to $531.9M. Net income was offset by Ceding commission increase of 32% to $251.8M (expense), Change in fair value of warrant liabilit decrease of 72% to $11.5M (income), Sales expense - Balancing value increase of 16% to $130.9M (expense). |
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