olivLaw · US equity research
Hagerty, Inc. HGTY
Insurance Agents, Brokers & Service · SIC 6411 · Vertical: Insurance Agents, Brokers & Service (SIC 6411)
Hagerty is a market leader in insuring collector and enthusiast vehicles, complemented by a membership club, events, media and an online resale marketplace. In the first half of 2026 the company grew quickly on operating measures, while GAAP results were affected by the shift to the new Markel arrangement, which changed how commission revenue is recognised.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Hagerty, Inc. (HGTY) stock was 18.71 USD (+9.86% on the day), with market capitalisation 6.5 bn USD, P/E 48.0 on diluted EPS of 0.39 USD over the last 12 months, beta 0.45, 52-week range 9.67–18.71 USD. Latest reported quarter (Q3 2026): revenue of 354.2 m USD (−9.5% YoY), net income of 36.3 m USD (−21.4% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 86.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 13.65 – 17.45
- above the upper band · %B 1.33 · band width 24.4%
- SMA 50 / 200
- 14.36 / 12.12
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.78 / 0.57
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +36.1% | −1.1% | +37.2 pp | — |
| 3 months | +38.4% | −0.5% | +38.8 pp | — |
| 6 months | +85.8% | +4.4% | +81.4 pp | — |
| Year to date | +39.2% | +12.3% | +26.9 pp | — |
| 1 year | +68.0% | +13.5% | +54.4 pp | −3.9% |
| 3 years | +141.4% | +76.4% | +65.0 pp | +1.3% |
| 5 years | +83.6% | +63.7% | +19.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 333.2 m | 328.3 m | 379.3 m | 391.4 m | 357.3 m | 311.8 m | 354.8 m | 354.2 m |
| SG&A | — | 144.0 m | 161.6 m | 178.1 m | — | 72.4 m | 95.3 m | 92.8 m |
| Operating income | 6.0 m | 25.7 m | 47.7 m | 34.3 m | — | — | — | — |
| Depreciation & amortisation | 9.1 m | 9.5 m | 8.8 m | 9.4 m | 9.8 m | 9.7 m | 9.7 m ≈ | 9.8 m ≈ |
| Interest expense | — | 1.4 m | 1.5 m | 1.5 m | 1.1 m | 1.1 m | 1.2 m | -1.4 m |
| Pre-tax income | 13.9 m | 32.8 m | 53.4 m | 13.3 m | 39.7 m | -20.9 m | 2.2 m | 41.4 m |
| Income tax | 5.5 m | 5.5 m | 6.2 m | -32.8 m | 11.1 m | -8.2 m | -5.8 m | 5.1 m |
| Net income | 8.4 m | 27.3 m | 47.2 m | 46.2 m | 28.6 m | -12.7 m | 8.0 m | 36.3 m |
| Operating cash flow | -12.6 m | 43.8 m | 53.9 m ≈ | 92.2 m ≈ | 29.1 m | 16.3 m | 169.9 m ≈ | 94.0 m ≈ |
| Capex | 4.1 m | 5.4 m | 6.2 m ≈ | 7.0 m ≈ | 6.0 m | 7.7 m | 8.2 m ≈ | 7.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 0.1, median 0.2, max 0.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 499.5 m | 619.1 m | 787.6 m | 1.0 bn | 1.2 bn | 1.5 bn |
| Revenue YoY | unavailable | +23.9% | +27.2% | +30.4% | +20.9% | +17.3% |
| Net income | 10.2 m | -46.4 m | 32.1 m | 28.2 m | 78.3 m | 149.2 m |
| Net income YoY | unavailable | −556.0% | unavailable | −12.2% | +177.9% | +90.6% |
| Diluted EPS | 101.66 | -0.56 | 0.39 | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | −100.6% | unavailable | unavailable | unavailable | unavailable |
| net % | 2.0% | -7.5% | 4.1% | 2.7% | 6.3% | 10.2% |
| Free cash flow | 46.3 m | -1.1 m | 11.0 m | 107.3 m | 155.7 m | 194.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 160.2 m USD
- Financial debt
- 177.9 m USD
- Net debt
- 17.7 m USD
- Equity
- 660.4 m USD
- Total assets
- 2.1 bn USD
- Debt / equity
- 0.27x
- Current ratio
- unavailable
- ROE
- 25.2%
- ROA
- 7.8%
- FCF margin
- 13.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 499.5 m | 619.1 m | 787.6 m | 1.0 bn | 1.2 bn | 1.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 15.8 m | -10.1 m | -67.6 m | 10.4 m | 66.4 m | — | SEC (XBRL)· 04 Mar 2025verified |
| Depreciation & amortisation | 11.8 m | 22.1 m | 33.9 m | 45.8 m | 38.9 m | 37.5 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 27.6 m ≈ | 12.1 m ≈ | -33.7 m ≈ | 56.2 m ≈ | 105.3 m ≈ | — | SEC (XBRL)· 04 Mar 2025derived |
| Interest expense | — | — | — | 5.4 m | 1.4 m | 5.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 14.9 m | -54.6 m | 11.1 m | 44.8 m | 93.7 m | 139.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 4.8 m | 6.8 m | 7.0 m | 16.6 m | 15.4 m | -10.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 10.2 m | -46.4 m | 32.1 m | 28.2 m | 78.3 m | 149.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 101.66 | -0.56 | 0.39 | — | — | — | SEC (XBRL)· 14 Mar 2023verified |
| Weighted average diluted shares | 100.0 k | 82.3 m | — | — | — | — | SEC (XBRL)· 24 Mar 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 38.1 m | 275.3 m | 95.2 m | 108.3 m | 104.8 m | 160.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 33.9 m | 46.7 m | 58.3 m | 71.5 m | 84.8 m | 98.9 m | SEC (XBRL)· 06 May 2026verified |
| Inventories | — | — | 2.1 m | 5.0 m | 18.5 m | 12.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 513.4 m | 895.3 m | 936.8 m | 1.3 bn | 858.4 m | — | SEC (XBRL)· 04 Mar 2025verified |
| Property, plant & equipment, net | 25.8 m | 28.4 m | 25.3 m | 20.8 m | 18.2 m | 16.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 4.7 m | 11.5 m | 115.0 m | 114.2 m | 114.1 m | 114.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 46.6 m | 76.2 m | 104.0 m | 91.9 m | 90.1 m | 88.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 610.7 m | 1.0 bn | 1.3 bn | 1.6 bn | 1.7 bn | 2.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 11.5 m | 9.1 m | 16.3 m | — | — | — | SEC (XBRL)· 14 Mar 2023verified |
| Short-term debt | 1.0 m | 1.0 m | 0 | 3.7 m | 792.0 k | — | SEC (XBRL)· 04 Mar 2025verified |
| Long-term debt | 69.0 m | 135.5 m | 108.3 m | 130.7 m | 105.8 m | 177.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 384.8 m | 495.8 m | 667.4 m | 842.3 m | 915.4 m | — | SEC (XBRL)· 04 Mar 2025verified |
| Total liabilities | 493.4 m | 771.1 m | 945.1 m | 1.1 bn | 1.1 bn | 1.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 117.3 m | -322.5 m | 367.4 m | 410.5 m | 523.5 m | 660.4 m | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 84.6 m | 42.3 m | 55.3 m | 133.7 m | 177.0 m | 219.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 38.3 m | 43.4 m | 44.4 m | 26.4 m | 21.3 m | 24.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 46.3 m ≈ | -1.1 m ≈ | 11.0 m ≈ | 107.3 m ≈ | 155.7 m ≈ | 194.5 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -47.4 m | -69.0 m | -91.5 m | -52.6 m | -618.6 m | -185.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 39.9 m | 332.1 m | -28.1 m | 103.2 m | -46.9 m | 29.9 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 61 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 6.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality83
- Growth100
- Valuation23
- Balance sheet79
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.91 – 21.50 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)14.19 – 21.50 (Mid 17.03)WACC 9.2% · starting FCFF 281.6 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 19.7%
- Peers: EV/EBITDA5.53 – 7.26 (Mid 6.65)4 companies used · median multiple 13.7x · quartiles 11.2x – 15.1xBWIN, GSHD, MRSH, SLQT
- Peers: P/E2.91 – 7.10 (Mid 4.09)12 companies used · median multiple 23.6x · quartiles 16.8x – 41.0xACT, AJG, AON, BRO, CRVL, GSHD, MRSH, RYAN, SLQT, TWFG, WDH, WTW
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 61/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 20.0% | 93 (vs peers) | 14% |
| Net margin · Quality | 4.4% | 48 (vs peers) | 8% |
| FCF conversion · Quality | 465.1% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 22.7% | 100 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -1.4x | 67 (vs peers) | 14% |
| Interest coverage · Balance sheet | 57.3x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 108.0x | 0 (vs peers) | 14% |
| EV/EBITDA · Valuation | 41.1x | 20 (vs peers) | 14% |
| FCF yield · Valuation | 4.3% | 54 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet79/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality83/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation23/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HAGERTY, INC. (HGTY). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.5 bn USD in 2025; YoY growth 17.3%; net margin 4.4%; ROE 25.6%; net debt/EBITDA -1.4x.
The estimated value range is 5.53–7.26 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 6.65 USD, the price of 18.71 USD leaves a potential of -64.5% (value / price − 1) and a margin of safety of -181.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 61/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 20.0%
- FCF conversion: 465.1%
- Revenue CAGR 3Y: 22.7%
- Interest coverage: 57.3x
What contradicts it
- P/E (TTM): 108.0x
- EV/EBITDA: 41.1x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Current ratio, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Insurance Agents, Brokers & Service (SIC 6411) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MRSHMarsh & Mclennan Companies, Inc. | 100.0 bn | 25.2 | 26.7% | 14.2% | +10.3% | +15% / +5% |
| XHGXChange TEC.INC | 85.9 bn | — | — | -204.9% | +24.9% | +253% / −100% |
| AJGArthur J. Gallagher & Co. | 73.9 bn | 47.1 | 6.7% | 10.0% | +20.7% | +16% / +16% |
| AONAon plc | 73.1 bn | 18.9 | 43.6% | 22.2% | +9.4% | −3% / +5% |
| WTWWillis Towers Watson PLC | 31.1 bn | 20.5 | 20.2% | 15.2% | −2.2% | +5% / +37% |
| BROBrown & Brown, Inc. | 24.5 bn | 22.1 | 9.7% | 17.6% | +22.8% | −8% / −1% |
| EQHEquitable Holdings, Inc. | 15.3 bn | — | -508.8% | -8.7% | −6.1% | +20% / +83% |
| AIFUAIFU Inc. | 10.5 bn | — | -155.9% | -408.8% | −67.9% | −84% / −100% |
| ACTEnact Holdings, Inc. | 6.6 bn | 10.7 | 12.7% | 53.8% | +2.8% | +25% / +74% |
| HGTYHagerty, Inc. | 6.5 bn | 108.0 | 25.6% | 4.4% | +17.3% | +68% / +141% |
| RYANRyan Specialty Holdings, Inc. | 5.2 bn | 49.9 | 19.4% | 3.2% | +21.3% | −18% / +4% |
| CRVLCorvel Corporation | 4.4 bn | 38.9 | 30.7% | 11.7% | +7.0% | +19% / +26% |
| WDHWaterdrop Inc. | 3.6 bn | 50.5 | 11.6% | 14.2% | +49.8% | −44% / −16% |
| ARXAccelerant Holdings | 3.3 bn | — | -241.6% | -112.1% | +51.5% | +36% / unavailable |
| NPNeptune Insurance Holdings Inc. | 2.7 bn | 91.6 | — | 22.7% | +33.7% | +22% / unavailable |
| GSHDGoosehead Insurance, Inc. | 1.2 bn | 33.8 | — | 8.8% | +16.2% | −21% / −23% |
| HUIZHuize Holding Limited | 1.1 bn | — | 1.0% | 0.3% | +32.2% | −31% / −48% |
| BWINThe Baldwin Insurance Group, Inc. | 1.1 bn | — | -10.7% | -4.7% | +8.3% | +13% / +84% |
| RDZNRoadzen Inc. | 92.8 m | — | — | -46.9% | +24.2% | −37% / −78% |
| SLQTSelectQuote, Inc. | 88.1 m | 7.3 | 23.4% | 4.6% | +6.0% | −66% / −61% |
| EHTHeHealth, Inc | 20.3 m | — | 5.0% | 5.4% | +4.1% | −84% / −91% |
| EZRAReliance Global Group, Inc. | 2.4 m | — | -123.4% | -54.3% | −11.6% | −91% / −100% |
| YBYuanbao Inc. | — | — | 152.7% | 29.9% | +33.1% | −43% / unavailable |
| CCGCheche Group Inc. | — | — | -5.0% | -0.6% | −13.3% | +751% / +6% |
| HITHealth In Tech, Inc. | — | — | -21.9% | -12.0% | +71.0% | −61% / unavailable |
1- and 3-year price returns: for HGTY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 12.23 Total return -35% · Per year -35% | 21.52 Total return 15% · Per year 15% | 32.27 Total return 73% · Per year 73% |
| 3 years | 14.50 Total return -22% · Per year -8% | 28.46 Total return 52% · Per year 15% | 46.48 Total return 148% · Per year 35% |
| 5 years | 17.20 Total return -8% · Per year -2% | 37.63 Total return 101% · Per year 15% | 66.92 Total return 258% · Per year 29% |
- Exit P/E± 7.11
- Net margin± 4.98
- Annual revenue growth± 3.71
- Annual dilution± 0.42
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
Hagerty is a market leader in insuring collector and enthusiast vehicles, complemented by a membership club, events, media and an online resale marketplace. In the first half of 2026 the company grew quickly on operating measures, while GAAP results were affected by the shift to the new Markel arrangement, which changed how commission revenue is recognised 123.
SWOT
Strengths
- A recognised leader in collector car insurance with high policy retention and very strong customer satisfaction scores.
- An integrated ecosystem in which the membership club, events, media and online marketplace feed customer acquisition and loyalty.
- Solid reinsurance underwriting results over the last three years, with loss ratios well below the auto industry average.
Weaknesses
- Dependence on a small number of distribution relationships, some of which have limited duration, could expose the company to volume losses.
- GAAP results are harder to read this year because the shift to the new Markel arrangement lowers reported revenue.
- The Marketplace segment depends on collector car price volatility, which can affect the value of collateral in the loan portfolio.
Opportunities
- Expanding Enthusiast+ into more states could open access to a broader range of modern vehicles.
- The Bennetts acquisition and Broad Arrow's European presence could create cross-selling opportunities in the UK and Europe.
- Growth in online auctions, described as the fastest-growing channel, could increase Hagerty Marketplace volume.
Threats
- A fall in collector car values could reduce both premiums and returns in the financing and marketplace businesses.
- Tariffs on imported goods could raise costs and reduce consumer spending on collector cars.
- A catastrophic event or cyberattack could disrupt services and reputation, affecting member retention.
Risks
- Distribution dependencehigh
A limited group of distribution partners brings in a large part of policy volume, and their expiry or withdrawal could slow growth.
- Reinsurance and underwriting riskhigh
Hagerty Re now assumes all the risk on Essentia policies, so an unexpected rise in claims could directly affect results.
- Collector market volatilitymedium
Falls in collector vehicle prices could reduce the value of collateral and assets in the Marketplace segment.
- Fraud and cybersecurity riskmedium
Fraud and cyberattacks are growing more sophisticated and could bring costs, penalties and loss of trust.
- Controlling shareholder influencelow
The dual-class share structure and control exercised by a related entity could create conflicts of interest with minority shareholders.
Investment thesis
What would need to be true (bull case)
- If premium and member growth persist and the new Markel arrangement delivers higher profitability, the company could turn its control advantage into a sustainable margin.
- The ecosystem of members, events and auctions could generate cross-selling that raises the long-term value of each customer.
- International expansion through Bennetts and Broad Arrow could open new growth markets, particularly in the UK.
What would break the thesis
- GAAP results could stay weak for longer than management expects, and investors could react negatively to lower reported revenue.
- If the collector car market cools, sales volume and collateral values could fall at the same time, hurting both insurance and financing.
- Reliance on a few large distribution partners could leave the company vulnerable to changes in their strategy.
What to watch
- Closing and integration of the Bennetts acquisitionQ3 2026
- Evolution of GAAP revenue as the Markel-related amortisation effects fadeQ4 2026
- Reported full-year 2026 results and updated guidance2027
- Rollout of Enthusiast+ into more states and its loss experience2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
Hagerty operates as a managing general agent, issuing and administering collector car and enthusiast vehicle insurance policies through its own subsidiaries and through carrier partners such as Essentia. A significant share of the risk is reinsured through Hagerty Re, a Bermuda-based entity. The business model rests on Hagerty Drivers Club, events and media content that bring in members and support high policy retention 1. At the end of 2025 the company reported about 2.8 million insured vehicles 1.
From 2026 the company reports two segments, Insurance and Marketplace, and applies Article 7 of Regulation S-X, the accounting framework for insurers. The new Markel arrangement means Hagerty Re controls premium and risk on Essentia policies, and from the first quarter of 2026 the company no longer recognises commission revenue on those policies, which lowers reported revenue 2. Management nonetheless expects higher profitability as the accounting effects fade by year-end 2026 3.
The Marketplace segment covers live and digital auctions, brokered private sales and financing secured by collector cars. The company announced the acquisition of Bennetts, a UK specialty motorcycle insurance broker, expected to close in the third quarter of 2026 23.
Segments
Insurance
The Insurance segment accounted for 92% of total revenue in 2025, and distribution runs through direct sales and a network of agents and brokers numbering over 54,000 1. In the first six months of 2026 the company added 279,000 new members and reported a retention rate of 88% 3.
Marketplace
The Marketplace segment, reported separately since the fourth quarter of 2025, includes live and digital auctions, brokered private sales and collector car financing 12. Management describes Hagerty Marketplace as a fast-growing channel within a US secondary enthusiast market estimated at roughly 60 billion dollars a year 3.
Market context
The company estimates that its US target market of collector cars and enthusiast vehicles represents about 15 billion dollars of annual written premium, based on an average premium of 423 dollars per vehicle 1. Its overall market share is about 7%, rising to an estimated 15% for pre-1981 classic vehicles 1. The US secondary enthusiast market, estimated at about 60 billion dollars, offers an additional opportunity for the Marketplace segment 3.
The company notes that online transactions currently make up about 15% of the secondary market and are its fastest-growing channel, which could support expansion of Hagerty Marketplace if the trend holds 3. Internationally, the Bennetts acquisition signals an intention to grow in the UK, where further vehicles could enter the company's ecosystem 3.
Trends
- Transition to the new Markel arrangementmixed
From January 2026 Hagerty Re assumes the full premium and risk on Essentia policies, and the company pays an initial fronting fee. Accounting-wise, commission revenue falls, although management expects higher profitability 23.
- Growth in members and premiumstailwind
Written premium grew 19% in the first half of 2026, and new member additions reached a record level 3. Growth could continue if retention stays high.
- Expansion of the Enthusiast+ productmixed
The product for modern enthusiast vehicles, launched in 2025, will be rolled out nationally over four years. Higher premiums and higher loss ratios could affect margins in the near term 1.
- Volatility in the collector car marketheadwind
If collector car values fall or tariffs rise, demand and the value of assets in the Marketplace segment and the loan portfolio could be hurt 1.
Competitive position
Hagerty competes with mainstream auto insurers offering standard policies for depreciated vehicles, as well as with other specialist insurers of collector cars. The sources do not name specific competitors, but note that large insurers can offer multi-line bundles, which could intensify price competition 1.
According to the sources, the company's advantages lie in its enthusiast brand, Hagerty Valuation Tools and its distribution partnerships, which could reduce competitive pressure if they hold 1. In the UK, the Bennetts acquisition adds scale in a market where the member-focused model is seen as a strength 3.
- Mainstream auto insurers
Offer standard policies for modern vehicles and compete mainly on price, as the company itself points out 1.
- Multi-line partner insurers
Can offer bundles covering auto, home and boats, which could reduce the appeal of a specialist offer for their customers 1.
- Collector car auction houses
Compete for sellers and buyers of high-end vehicles in live and digital auctions, a segment where Broad Arrow operates 3.
- Online enthusiast vehicle sales platforms
Compete with Hagerty Marketplace in digital auctions, the fastest-growing channel 3.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Hagerty wins second Senate term in TennesseeThe Hill · 04 Nov 2026 · EN
- Insuring Rare and Collectible Cars and Boats: Masters in Business with McKeel HagertyBloomberg Markets · 10 Jul 2026 · EN
SEC filings
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report11 Sept 2026Material agreement · Other events · Financial statements and exhibits
- Current report09 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report17 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report12 Jun 2026Shareholder vote
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Hagerty, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Hagerty, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Hagerty, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.