Here are 1-3 brief analogies to describe Hagerty:

• Like a specialized blend of **AAA and ESPN** for collector car enthusiasts, offering essential services, roadside assistance, insurance, and a rich media and event ecosystem.
• The **Harley-Davidson** of the collector car world, building a full lifestyle and service ecosystem around vehicle enthusiasts, including media, events, insurance, and community, rather than selling the vehicles themselves.
• A blend of **IMDb and AAA** for collectible vehicles, providing both comprehensive data and media content alongside essential services like specialized insurance and roadside assistance.

• Insurance Services: Provides automobile and boat insurance products, as well as reinsurance products.
• Hagerty Media: Publishes content through a magazine, video content, and a YouTube channel for automotive enthusiasts.
• Hagerty Drivers Club (HDC): A subscription-based club offering benefits such as the HDC Magazine, automotive events, valuation tools, emergency roadside services, and special discounts.
• Hagerty Valuation Tools (HVT): A tool enabling customers to access current and historic pricing data for collector cars, trucks, SUVs, and motorcycles.
• Hagerty Events: Organizes a variety of small and large events catering to the automotive enthusiast community.
• DriveShare: A peer-to-peer rental platform that allows users to rent out or borrow collector and unique vehicles.
• MotorsportReg: An online management system designed for motorsport membership, licensing, and events, automating listings, registration, and payment processing.
• Hagerty Garage + Social: Provides clubhouses and car storage facilities for automotive enthusiasts.

Hagerty (HGTY) primarily sells its products and services to individuals. Based on the company description, its major customer categories include:

• Collector Vehicle Owners: This category encompasses individuals who own classic, antique, or special interest cars, trucks, SUVs, and motorcycles. They are the primary users of Hagerty's specialized collector vehicle insurance products, subscription-based Hagerty Drivers Club (HDC) benefits (including exclusive content, events, and roadside assistance), the Hagerty Valuation Tool (HVT), DriveShare (peer-to-peer rentals of collector vehicles), and Hagerty Garage + Social clubhouses and car storage facilities.

• General Automotive and Motorsport Enthusiasts: This broader category includes individuals with a passion for automobiles and motorsports, whether they own collector vehicles or not. They are consumers of Hagerty Media content (through magazines, video, and YouTube channels), attendees of Hagerty Events, and participants in motorsport activities managed through the Motorsport Reg system.

• Boat Owners: This specific category refers to individuals who purchase Hagerty's boat insurance products, highlighting a distinct segment of their recreational vehicle insurance offerings.

• Essentia Insurance Company (subsidiary of Markel Group Inc., symbol: MKL)
• Nationwide Mutual Insurance Company

McKeel Hagerty, Chief Executive Officer & Chairman of the Board

McKeel Hagerty was appointed CEO in 2000 and has served as combined Chairman and CEO since April 2, 2024. His parents initiated Hagerty Insurance Agency in 1984. He became co-CEO in 2000 and sole CEO in 2012, having previously led the company as vice president of marketing in 1995. Under his leadership, the company has expanded from a local insurance agency to a global market leader. He served as the international board chair for YPO (Young Presidents' Organization) from 2016 to 2017. He is also a general partner and co-founder of Grand Ventures, a venture capital firm. His entrepreneurial insight led him to refocus the business beyond just insurance to building a "community" for car enthusiasts.

Patrick McClymont, Chief Financial Officer

Patrick McClymont joined Hagerty as Chief Financial Officer in September 2022. Prior to his role at Hagerty, he served as CFO of Orchard Technologies, a residential real estate services company, from 2021 to 2022. His experience also includes CFO positions at IMAX Corporation (2016-2021) and Sotheby's (2013-2016). Before these roles, he spent 15 years at Goldman Sachs, where he became a Partner Managing Director and led the Global Transportation & Infrastructure Group. He currently sits on the board of directors for Standard Motor Products.

Jeff Briglia, President of Insurance

Jeff Briglia was appointed President of Insurance, effective July 1, 2024. He brings 22 years of experience in the insurance sector to Hagerty. Most recently, he was the President and CEO of Plymouth Rock Assurance's Direct and Partner Group. His previous leadership roles include Chief Operating Officer and Chief Insurance Officer for Metromile, as well as executive positions at Progressive, Allstate, and Mercury Insurance.

Kenneth Ahn, President of Marketplace & Radius

Kenneth Ahn serves as President of Hagerty Marketplace & Radius. He co-founded Broad Arrow Group and served as its CEO before Hagerty acquired the group in 2022. Prior to that, he was President of RM Sotheby's. He also worked as a Vice President in the Investment Banking Division at Goldman Sachs, where he focused on M&A and financing transactions, and began his career as a strategy and management consultant at the Boston Consulting Group.

Coco Champagne, Chief Human Resources Officer & Administrative Officer

Coco Champagne has been a member of the Hagerty Executive Team for over a decade. She joined Hagerty in 1999 as the leader of sales and service operations and transitioned to Human Resources in 2002, becoming Senior Vice President of Human Resources and Chief People Officer. In 2018, she was promoted to Chief Operating Officer. Prior to joining Hagerty, Coco was an officer of a national bank, focusing on retail consumer lending.

Hagerty (HGTY) faces several key risks inherent in its specialized business model, primarily revolving around the niche collector vehicle market, its insurance operations, and the broader economic environment.

Key Risks to Hagerty's Business:

1. Sensitivity to the Health of the Collector Vehicle Market and Economic Conditions: Hagerty's business is highly dependent on the stability and growth of the collector car and automotive enthusiast market, which relies on discretionary spending by high-net-worth individuals. Economic downturns, inflation, rising interest rates, and increasing ownership and maintenance costs can directly lead to reduced demand for collector vehicle insurance products, lower engagement in enthusiast events, and fewer subscriptions to their services. Recent trends indicate a cooling in the collector car market with median sale prices experiencing declines, highlighting this sensitivity.
2. Increased Underwriting Volatility and Reliance on Strategic Partnerships: As Hagerty transitions to assuming a greater percentage of the risk for policies written through its arrangements, such as the Markel Fronting Arrangement, it faces increased exposure to underwriting volatility. Furthermore, the company's success and ability to offer competitive products are closely tied to its strategic relationships with a limited number of insurance distribution and underwriting carrier partners. Any disruption or adverse change in these partnerships could materially affect Hagerty's financial performance and market position.
3. Competitive Market Landscape: Hagerty operates in a competitive environment across its various business segments. It faces intense competition in the specialty automotive insurance market from other niche providers and the potential for larger, traditional property and casualty insurers to expand their offerings in this space. Additionally, its digital platforms and event services compete with global auction houses, digital marketplaces, and other automotive enthusiast groups.

Hagerty, Inc. operates in several substantial addressable markets related to automotive enthusiasts and collector vehicles.

Insurance Products

• Collector Automobile and Boat Insurance: The global collector auto insurance market was valued at approximately $1.85 billion in 2025 and is projected to reach $3.12 billion by 2034. In the U.S. alone, there are around 43 million cars that fit Hagerty's definition of a collector vehicle, representing an estimated $1 trillion in total insurable value. Hagerty currently insures approximately 2.8 million vehicles, indicating a significant penetration opportunity within a 36 million addressable market for collector vehicles in the U.S.
• Reinsurance: The global reinsurance market was valued at approximately $621.39 billion in 2025 and is projected to grow to $1,403.7 billion by 2034. North America accounted for a significant share of this market, contributing over 44% of the revenue in 2024.

Membership, Media, and Marketplace Services

• Automotive Enthusiast Market (Hagerty Drivers Club, Media, Events, Valuation Tools): There are approximately 67 million automotive enthusiasts in the U.S. and 500 million globally, representing a broad audience for Hagerty's content, events, and club services. The global classic car market, which underpins much of the enthusiast interest, was valued at an estimated $37.52 billion in 2024 and is projected to reach $94.13 billion by 2035. North America is the largest market for classic cars, holding about 45% of the global market share.
• DriveShare (Peer-to-Peer Collector Vehicle Rentals): The global peer-to-peer carsharing market is estimated at approximately $3.07 billion in 2025, with projections to reach about $9.6 billion by 2032. Another report estimates the global peer-to-peer car rental platforms market size at $5.2 billion in 2025, expected to reach $12.4 billion by 2032. North America leads this market, accounting for over 35% of the share in 2025.
• MotorsportReg (Motorsport Event Management): The global motorsport market was valued at approximately $9.5 billion in 2024 and is estimated to reach $20.1 billion by 2034. The broader global sports events market was estimated at $485.14 billion in 2025.
• Hagerty Garage + Social (Car Storage Facilities): The global vehicle storage unit service market was valued at approximately $4.97 billion in 2024 and is expected to grow to $9 billion by 2035. North America dominates this market, with a valuation of $2.1 billion in 2024, projected to increase to $3.4 billion in 2035.

Expected Drivers of Future Revenue Growth for Hagerty (HGTY)

Over the next 2-3 years, Hagerty (HGTY) is expected to drive future revenue growth through several key initiatives:

1. Expansion of the State Farm Classic Plus Program: Hagerty plans to accelerate its top-line growth by expanding the State Farm Classic Plus program into over 25 states in the latter half of 2025. This initiative is anticipated to leverage State Farm's extensive distribution network to attract new customers and significantly increase market share. The program is expected to materially expand Hagerty's customer acquisition funnel and generate recurring commission revenues over the coming years, with plans to add approximately 525,000 policies by 2026.
2. Growth in Hagerty Drivers Club (HDC) Membership and Services: Hagerty's strategy emphasizes building an integrated ecosystem for car enthusiasts, which includes expanding its membership base. The company added a record 371,000 new members in 2025, bringing its Hagerty Drivers Club paid membership to approximately 930,000. Further growth is expected through initiatives aimed at increasing member engagement, monetizing subscriptions, and launching new products such as "Enthusiast+".
3. Expansion and Monetization of the Marketplace: The Hagerty Marketplace, encompassing auctions and private sales, is a significant growth driver. In 2025, Marketplace revenue more than doubled, surging by 119% to $119 million, fueled by a 271% increase in private sales and expansion into Europe. The integration of Broad Arrow auctions with the Hagerty Marketplace aims to create a unified demand engine, enhancing sell-through rates, consignor satisfaction, and cross-selling opportunities for insurance and other add-ons.
4. Benefits from the New Markel Fronting Arrangement: Effective January 1, 2026, Hagerty will transition to a 100% quota share arrangement with Markel, allowing it to retain the full premium and risk from its underwriting book. This strategic shift is expected to materially boost underwriting profits and margins from 2026, enhancing profitability and operational control, and ultimately leading to higher rates of underlying profit growth and cash flow for shareholders.
5. Strategic Technology Investments and Operational Efficiencies: Hagerty is making significant investments in technology, including a $20 million investment in 2025 for a new cloud-based platform (Duck Creek), to enhance risk rating capabilities, streamline operations, and improve customer experience. These technology-led efficiency initiatives are anticipated to contribute to lower loss ratios, improved retention, and increased subscription and marketplace revenue by leveraging data, APIs, and artificial intelligence.

Share Repurchases

• Hagerty does not currently have a share repurchase program.

Share Issuance

• Hagerty became a public company in December 2021 through a business combination with Aldel Financial Inc.
• The total number of shares outstanding, including Class A and Class V, increased from approximately 334.24 million as of March 1, 2023, to about 335.69 million as of March 1, 2024.

Inbound Investments

• Hagerty's business combination with Aldel Financial Inc. in December 2021 represented a significant inbound investment, facilitating the company's public market listing.

Outbound Investments

• Hagerty has invested in expanding its Marketplace, which includes the growth of Broad Arrow's live and European auctions and online sales, and has increased Broad Arrow Capital's revolving credit capacity to $150 million.
• The company is expanding its insurance and marketplace reach by introducing new offerings such as the Enthusiast+ product and the Drivers Edge Insurance Company, while also increasing risk assumption through Hagerty Re.

Capital Expenditures

• Capital expenditures for the last 12 months totaled -$24.54 million.
• In Q4 2025, Hagerty invested $6.0 million in capital expenditures, focused on funding long-term assets and infrastructure.
• Annual capital expenditures were approximately -$43.4 million in 2021, -$44.4 million in 2022, and -$26.4 million in 2023.