Hagerty Inc
investor.hagerty.comWhat Do They Do?
Insures collector cars and enthusiast vehicles for their owners, and runs vehicle auctions and brokered sales for collectors and enthusiasts.
10-K for FY2025, filed Feb 26, 2026Our insurance offerings are centered around our "Guaranteed Value" insurance policy, which differentiates our coverage from the standard…View ↗
We strive to be the most trusted marketplace where collectors and enthusiasts can buy and sell a wide range of vehicles, ranging from entry…View ↗
At the high-end of the collector car and enthusiast vehicle market, where values typically exceed $100,000, our live auctions and brokered…View ↗
How Do They Make Money?
Insurance commissions and fees come when policies take effect; Hagerty Re earns premiums over the term of reinsured policies, while membership fees cover benefits over the membership term. Marketplace earns commissions when vehicles sell at auctions or through private sales, and finance revenue from loans secured by cars.
10-K for FY2025, filed Feb 26, 2026We generate commission and fee revenue through our MGA subsidiaries, primarily from the underwriting, sale, and servicing of collector car…View ↗
Earned premium, net represents the earned portion of written premiums that Hagerty Re has assumed under quota share reinsurance agreements…View ↗
We earn subscription revenue from the sale of HDC memberships, which are bundled with our insurance policies and give members access to an…View ↗
As compensation for our live auction services, we earn a commission from both the buyer ("buyer's premium") and, to a lesser extent, the…View ↗
Our marketplace business earns commission and fee-based revenue primarily from the sale of collector cars and enthusiast vehicles through…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by reportable segment ↗
$1.5B
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10-K for FY2025, filed Feb 26, 2026
$1.5B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Insurance
|
92% |
Insurance, FY2025
$1.3B Sources
|
|
|
Marketplace
Sold outright
|
8.3% |
Marketplace, FY2025
$120.1M Sources
|
Sold outright |
Who Are Their Customers?
Collector-car and enthusiast-vehicle owners buy insurance directly from Hagerty or through independent agents, brokers and insurer partners. Collectors and enthusiasts use its auctions and online and brokered sales to buy or sell vehicles, while collectors and businesses can borrow against collector cars.
10-K for FY2025, filed Feb 26, 2026Operating as an MGA allows us to offer our insurance products through an omnichannel distribution model, enabling us to sell our insurance…View ↗
We market our insurance products through our insurance distribution partnerships, which include 9 of the top 10 largest auto insurers, as…View ↗
We strive to be the most trusted marketplace where collectors and enthusiasts can buy and sell a wide range of vehicles, ranging from entry…View ↗
At the high-end of the collector car and enthusiast vehicle market, where values typically exceed $100,000, our live auctions and brokered…View ↗
Our marketplace business earns commission and fee-based revenue primarily from the sale of collector cars and enthusiast vehicles through…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 10 cents of every revenue dollar as net income in FY2025 and turned 13 cents into free cash flow.
10-K for FY2025, filed Feb 26, 2026
$149.2MView ↗
10-K for FY2025, filed Feb 26, 2026
$194.5MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
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Aug 5, 2026
Raises its 2026 outlook
The company increased its outlook for written-premium growth, net income and adjusted EBITDA.
Sources
8-K, filed Aug 5, 2026
Strong underlying operational performance with record growth in members, written premium, and earned premium First half 2026 Written…View ↗
Growing. Revenue grew 2.4x in 4 years, from $619.1M in FY2021 to $1.5B in FY2025, about 24% a year.
More insurance risk retained
Hagerty previously described reinsuring a portion of written premiums through Hagerty Re. Under the Markel Fronting Arrangement, Hagerty Re assumes all of the premium and risk for policies issued through Essentia, while Hagerty continues to issue those policies through Essentia.
10-K for FY2022, filed Mar 14, 2023 10-K for FY2025, filed Feb 26, 2026Our insurance model generates two types of revenue: (1) commission and fees and (2) earned premium. As a Managing General Agent ("MGA"), we…View ↗
On December 31, 2025, we entered into new contractual arrangements and amended the terms of our existing contractual arrangements with…View ↗
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