Hagerty, Inc.
- Open
- 12.33
- Day high
- 12.57
- Day low
- 12.17
- Prev close
- 12.23
- Volume
- 134K
- Mkt cap
- $1.3B
- P/E (TTM)
- 23.5
- EPS (TTM)
- $0.53
- P/B
- 5.7
- P/S
- 0.9
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$64K over the last 3 months (1 open-market buy, 3 sales)
- 🏛Institutions mixed (13F)
Hagerty, Inc. (HGTY) is a Financial Services company listed on NYSE. The stock is up 20% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 3 sales (SEC Form 4).
Hagerty, Inc. (HGTY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HGTY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.01 | $-0.04 | -500.0% | $312M | +9.5% |
| Feb 26, 2026 | $0.04 | $0.08 | +100.0% | $357M | +10.3% |
| Nov 4, 2025 | $0.09 | $0.13 | +44.4% | $380M | +17.5% |
| Mar 4, 2025 | $0.01 | $0.02 | +100.0% | $300M | -2.1% |
| Nov 7, 2024 | $0.08 | $0.05 | -37.5% | $323M | +15.7% |
| Mar 12, 2024 | $-0.00 | $-0.01 | -228.9% | $258M | +5.2% |
| Mar 14, 2023 | $-0.08 | $-0.10 | -25.0% | $201M | +1.2% |
| Nov 10, 2022 | $0.07 | $-0.06 | -185.7% | $228M | +10.4% |
| Aug 10, 2022 | — | $-0.07 | — | $201M | — |
| Mar 24, 2022 | — | $-0.56 | — | $112M | — |
| Nov 12, 2021 | — | $-0.01 | — | $168M | — |
| May 13, 2021 | — | $-0.08 | — | $129M | — |
HGTY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | DELANEY KEVIN Mofficer: Chief Accounting Officer | Sell | 3,113 | $12.25 |
| Jul 2, 2026 | DELANEY KEVIN Mofficer: Chief Accounting Officer | Sell | 9,440 | $12.10 |
| Jul 2, 2026 | DELANEY KEVIN Mofficer: Chief Accounting Officer | Sell | 905 | $12.01 |
| Jul 2, 2026 | DELANEY KEVIN Mofficer: Chief Accounting Officer | Tax | 2,525 | $12.06 |
| Jul 2, 2026 | Briglia Jeffrey Edwardofficer: President of Insurance | Tax | 4,892 | $12.06 |
| Jul 2, 2026 | Bjornstad Henrik Waersteddirector | Grant | 10,114 | — |
| May 19, 2026 | Kuczinski Anthony Jdirector | Buy | 9,500 | $10.46 |
| Apr 8, 2026 | Harris Lauriedirector | Sell | 5,531 | $11.01 |
| Apr 3, 2026 | Heaton Michael Rdirector | Grant | 11,871 | — |
| Apr 3, 2026 | DELANEY KEVIN Mofficer: Chief Accounting Officer | Tax | 8,456 | $10.66 |
| Apr 3, 2026 | Harbert Randall Houstondirector | Grant | 11,871 | — |
| Apr 3, 2026 | McClymont Patrickofficer: Chief Financial Officer | Grant | 962 | $10.13 |
| Apr 3, 2026 | Briglia Jeffrey Edwardofficer: President of Insurance | Grant | 46,297 | — |
| Apr 3, 2026 | Chafey Dianaofficer: Chief Legal Officer | Grant | 1,165 | $10.13 |
| Apr 3, 2026 | DELANEY KEVIN Mofficer: Chief Accounting Officer | Grant | 17,614 | — |
Source: HGTY SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full HGTY insider & 13F page →Hagerty, Inc. company profile
Overview
Hagerty, Inc. (NYSE:HGTY) is a specialty insurance company founded in 1984 and headquartered in Traverse City, Michigan. The company went public in June 2021 through a SPAC merger. Hagerty has evolved from a traditional collector car insurance provider into a comprehensive automotive enthusiast ecosystem, serving car collectors, classic car owners, and automotive enthusiasts worldwide. The company has experienced significant growth in recent years, crossing $1 billion in annual revenue in 2023 and positioning itself as the leading specialty insurer for collector and classic vehicles.
Business
Hagerty operates in the specialty property and casualty insurance sector, focusing specifically on collector cars, classic vehicles, boats, and other specialty automotive assets. The company's core business revolves around three main segments that collectively serve automotive enthusiasts: Insurance Services (approximately 85% of revenue): Hagerty provides specialized insurance coverage for collector cars, classic vehicles, motorcycles, boats, and other specialty automotive assets. Unlike standard auto insurance, collector car insurance recognizes that these vehicles appreciate in value over time and are driven less frequently. The company offers both direct insurance through its own carrier and acts as an agent distributing insurance products from other carriers. Their Hagerty Reinsurance division allows them to retain a portion of the underwriting risk, typically maintaining a 70% quota share of policies they write. Membership and Media (approximately 10% of revenue): The Hagerty Drivers Club (HDC) is a subscription-based membership program that provides automotive enthusiasts with exclusive content, events, roadside assistance, and vehicle valuation tools. The membership includes access to HDC Magazine, automotive events, and special discounts. Hagerty Media produces content through various channels including YouTube, magazines, and digital platforms, creating an engaged community of car enthusiasts. Marketplace and Events (approximately 5% of revenue): Hagerty Marketplace serves as a platform for buying and selling collector vehicles, while Hagerty Valuation Tools (HVT) provides current and historic pricing data for collector cars, trucks, SUVs, and motorcycles. The company also operates DriveShare, a peer-to-peer rental platform for collector vehicles, Motorsport Reg for event management, and Hagerty Garage + Social, which provides clubhouse and car storage facilities. Additionally, they host various automotive events and auctions, including their recent expansion into international markets with auctions in Italy.
Revenue model
Hagerty generates revenue through multiple complementary business models that create a comprehensive ecosystem around automotive enthusiasm. The primary revenue streams include insurance premiums, where customers pay annual premiums for specialty vehicle coverage, and commission and fee revenue from distributing insurance products from partner carriers like State Farm through their Classic Plus program. The company's membership subscriptions through the Hagerty Drivers Club provide recurring revenue, while their marketplace operations generate transaction fees and commissions from vehicle sales, auctions, and peer-to-peer rentals. The reinsurance business model allows Hagerty to retain underwriting profits by keeping a significant portion (typically 70%) of the risk on policies they write, rather than simply collecting agent commissions. Several factors influence Hagerty's profit margins. Positive margin drivers include the company's pricing power in the specialty insurance market, where they maintain strong relationships with customers who value expertise in collector vehicles. The membership model creates high-margin recurring revenue, while their marketplace business can achieve contribution margins of 30-35%. Their technology investments in platforms like Duck Creek are expected to improve operational efficiency and scalability. Margin pressures come from catastrophic events like wildfires and hurricanes that can significantly impact loss ratios, as seen with $10 million in Southern California wildfire losses in Q1 2025. Competition from traditional insurers expanding into specialty markets could pressure pricing, while regulatory changes in insurance markets and economic downturns affecting discretionary spending on collector vehicles pose additional risks. The company's significant technology transformation investments, while necessary for long-term growth, create near-term expense pressures.
Competitive moat
Hagerty possesses a moderate to strong competitive moat built primarily around specialized expertise and network effects in the collector car insurance market. The company's deep understanding of collector vehicle values, restoration costs, and usage patterns creates significant barriers for traditional insurers to replicate. Their Hagerty Valuation Tools represent decades of accumulated pricing data and market intelligence that would be difficult and expensive for competitors to duplicate. The company benefits from network effects through its membership community and marketplace platform, where more collectors attract more buyers and sellers, creating a self-reinforcing ecosystem. Their brand recognition in the collector car community, built over 40 years, provides significant customer loyalty with retention rates of 89%. The regulatory requirements and specialized underwriting expertise needed for collector car insurance create additional barriers to entry. However, Hagerty's moat faces several potential threats. Large traditional insurers like State Farm could potentially develop competing products, though their partnership approach suggests collaboration rather than competition. Technology disruption could commoditize vehicle valuation and marketplace functions, while changing demographics in car collecting could shift demand patterns. The company's expansion into post-1980s vehicles and broader enthusiast markets helps address demographic shifts but also brings them into competition with mainstream insurers. The specialty nature of their market, while protective, also limits total addressable market size compared to broad-based insurers.
Risks & safety
Hagerty demonstrates a moderate margin of safety with solid financial fundamentals but some areas of concern: • Liquidity and Solvency: Strong cash position of $128 million as of Q1 2025, with positive free cash flow of $38 million in the quarter. Current ratio of 2.03 indicates good short-term liquidity, though it has fluctuated significantly across quarters. • Debt Management: Debt-to-equity ratio of 1.07 is manageable for an insurance company, though higher than some peers. The company maintains adequate capital reserves for insurance operations. • Valuation Metrics: Trading at 24.3x P/E ratio and 5.1x EV/EBITDA, which appears reasonable for a growing specialty insurer. Price-to-book ratio of 5.0x reflects premium valuation but justified by growth prospects. • Profitability Trends: Strong improvement in profitability with net income growing from $2.4 million in 2022 to $78 million in 2024. Operating margins have expanded significantly. • Growth Sustainability: Revenue growth of 20% in 2024 with guidance for 12-13% growth in 2025, indicating sustainable expansion. Technology investments of $20 million in 2025 support long-term scalability.
Recent development
Over the past few years, Hagerty has undergone significant strategic transformation from a traditional insurance agent to a comprehensive automotive enthusiast ecosystem. The company's most significant recent development is the Apex Project, a major technology transformation involving migration to the Duck Creek cloud-based insurance platform, requiring $20 million in investments during 2025 to improve scalability and operational efficiency. The State Farm partnership represents a major growth driver, with the Classic Plus program expanding from initial pilot states to 25 states by the end of 2025, potentially reaching over 500,000 vehicles. This partnership allows Hagerty to leverage State Farm's massive customer base while maintaining their specialty expertise. Additionally, the company is launching the Enthusiast Plus program in Colorado, targeting younger collectors interested in post-1980s vehicles, addressing demographic shifts in the collector car market. Hagerty has significantly expanded its marketplace and events business, achieving 60% growth in membership, marketplace, and other revenue in Q1 2025. The company launched its first international auction at Villa d'Este Concorso in Italy, signaling global expansion ambitions. The acquisition of Broad Arrow Group strengthened their auction capabilities, while investments in digital marketplace technology aim to create the most trusted platform for collectible vehicle transactions. The company has also made key leadership additions, including Jeff Briglia as President of Insurance and Sean McMullen as SVP of Digital Marketplace and Valuation, strengthening their operational capabilities. These strategic moves support Hagerty's ambitious goal of reaching 3 million policies by 2030, representing significant growth from their current base.
HGTY company profile · for informational purposes only — not investment advice.
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