Hagerty, Inc.
Hagerty, Inc. provides insurance and related services for collector cars and enthusiast vehicles, serving a community of owners who treat special cars as long-term assets and hobbies. The company also operates Hagerty Drivers Club, car events, media and entertainment, and a marketplace for buying and selling enthusiast vehicles, creating an integrated ecosystem around automotive passion.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaSpecialty insurance for collector cars and enthusiast vehicles, including MGA-originated policies and reinsurance participation.
Hagerty Drivers Club membership fees and related benefits that deepen engagement and retention.
Broad Arrow and related marketplace activities for buying, selling, and auctioning enthusiast vehicles.
Car events, content, and entertainment platforms that support brand awareness and community engagement.
Tuotteet
Raportoitu · osuus liikevaihdosta- Commission and Fee Revenue69,5 %
- Membership10,5 %
- Marketplace Revenue8,4 %
- Contingent Commission7,6 %
- Other3,9 %
Lähde: 10-K FY2024, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
Hagerty sells primarily to automotive enthusiasts, collector-car owners, and drivers of special-use vehicles who want specialized coverage and a brand aligned with their hobby. It also serves independent agents, brokers, and insurance distribution partners that refer customers into Hagerty’s products, plus buyers and sellers using its marketplace and auction channels.
Buy specialty insurance for high-value or collectible vehicles because standard auto policies do not fit their usage or valuation needs.
Buy insurance and membership products for hobby vehicles used for enjoyment, events, and occasional driving.
Refer customers to Hagerty because its niche focus helps them serve specialty auto demand without building the product themselves.
Use Broad Arrow and related channels to transact in collector and enthusiast vehicles, including auctions and private sales.
Buy HDC memberships and event access for community, content, and ownership support.
Strategia
Hagerty is prioritizing the highest-return parts of its automotive ecosystem: specialty insurance, membership engagement, marketplace transactions, and brand-led community building. Management is also increasing its participation in underwriting economics through Hagerty Re and the Markel Fronting Arrangement, while pruning lower-priority businesses to focus capital and management attention.
Higher quota share retention increases participation in underwriting profit but also raises risk exposure.
Community and club benefits support long policy life and recurring revenue.
Management is exiting or reorganizing lower-priority assets to improve growth and profit mix.
Marketplace activity broadens the ecosystem and creates additional transaction revenue.
Maantiede
Q1/2026Hagerty is primarily a U.S.-based business, with its insurance distribution, underwriting, and marketplace activity centered on the American collector-car market. It also operates foreign subsidiaries and a Bermuda reinsurance platform, which matter because capital, dividend, and solvency rules affect how much cash can be upstreamed to the holding company.
Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.
Riskit
Hagerty’s biggest risks come from concentration in specialty insurance distribution, underwriting performance, and reinsurance availability. Because the company is also a holding company with regulated insurance subsidiaries, capital, dividend, and tax-structure constraints can limit cash flow even when operating businesses perform well.
- Distribution partner concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen
A meaningful share of premium comes through a limited number of partners, so loss of one relationship could reduce new business and retention.
Kohdistuu: Approximately 17% of gross written premium came from five distribution partner relationships in 2025.
- Higher underwriting retentionVaikutus: KorkeaTodennäköisyys: Kohtalainen
Assuming more quota share increases exposure to adverse loss trends and large claims.
Kohdistuu: Hagerty Re began assuming 100% of quota share on U.S. MGA risks in 2026.
- Reinsurance counterparty and capacity riskVaikutus: KorkeaTodennäköisyys: Kohtalainen
If retrocessional protection becomes unavailable or counterparties fail, Hagerty may need to retain more risk or add capital.
Kohdistuu: Insurance segment and statutory capital position.
- Holding-company liquidity constraintsVaikutus: KorkeaTodennäköisyys: Kohtalainen
Hagerty, Inc. depends on distributions from THG and regulated subsidiaries to meet taxes and other obligations.
Kohdistuu: Corporate liquidity and TRA payments.
- Fraud and claims abuseVaikutus: KeskitasoTodennäköisyys: Matala
Insurance policies, claims, and marketplace transactions can be subject to fraudulent activity.
Kohdistuu: Insurance and Marketplace segments.
Kirjanpito
Harkinnanvaraiset erätPremiums are earned over policy periods while claims are estimated, so timing and reserve assumptions affect reported earnings.
Vaikutus: Insurance segment revenue and underwriting profit
Changes in quota share participation alter gross versus net results and the amount of risk retained on balance sheet.
Vaikutus: Insurance segment volatility and capital usage
Most goodwill sits in the Marketplace reporting unit, so weaker performance or higher discount rates could trigger impairment.
Vaikutus: Potential non-cash charge to earnings
TRA remeasurement and payments affect interest/other income and cash flow available to the holding company.
Vaikutus: Non-operating expense and liquidity
Fixed maturity and equity securities gains/losses flow through other income and can add volatility.
Vaikutus: Interest and other income (expense), net
Samankaltaisia listattuja yhtiöitä
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Päivitetty: 24.9.2026