HAGERTY INC Stock Price, News & Analysis

Hagerty (HGTY) has appointed Patrick McClymont as its new Chief Financial Officer, effective September 6, 2022, succeeding Fred Turcotte, who will retire but remain as a senior advisor through 2023. McClymont brings extensive experience from various leadership roles in finance, including past CFO positions at IMAX and Sotheby's. The transition aims to strengthen Hagerty’s financial strategy as it pursues global growth opportunities. CEO McKeel Hagerty acknowledged Turcotte's contributions to the company’s success over the last decade.

Broad Arrow Auctions, a subsidiary of Hagerty (HGTY), achieved remarkable sales of $55.3 million during its inaugural auction at the Monterey Jet Center on August 18. A total of 88 percent of the 93 lots were sold, featuring notable highlights like the 1957 Ferrari 250 GT LWB selling for $5.5 million and the 1995 Ferrari F50 reaching a record price of $5.175 million. The auction was buoyed by a strong turnout and participation from global bidders, showcasing a solid demand in the collectible car market.

Hagerty reported a 23% increase in Total Revenue for Q2 2022, reaching $206.0 million, and a 26% year-to-date growth at $373.8 million. The number of Total Members rose by 9% to 2.5 million. Despite strong revenue growth, the company faced a net loss of $5.5 million, down from $12.5 million in Q2 2021. The acquisition of Broad Arrow Group is set to enhance Hagerty's market position. The company anticipates activating State Farm's agents for classic car policies in 2023, aiming to boost customer engagement.

Hagerty (HGTY) has announced a definitive agreement to acquire the remaining 60% of Broad Arrow Group for $64.8 million in an all-stock deal, expected to close on August 16, 2022. This follows an earlier investment where Hagerty acquired 40% equity in Broad Arrow. The acquisition aims to enhance Hagerty's Marketplace strategy, providing new platforms for buying, selling, and financing collectible cars. Over the last year, Hagerty's members have engaged in transactions worth nearly $12 billion, indicating strong market potential in the collector car segment.

Hagerty (HGTY), a leading specialty insurance provider, has appointed Russell Page as its Chief Data and Information Officer. His responsibilities include overseeing data strategies, technology advancements, and data security. Page aims to enhance Hagerty's data infrastructure and ensure quality data access, which is crucial for the company's growth. With a background in innovation at General Motors and DaRK Capital, he is set to maximize the value of recent tech investments. COO Collette Champagne emphasized the importance of top-notch technology practices to better serve Hagerty's members and drive growth.

Hagerty, Inc. (NYSE: HGTY), a leading specialty insurance provider for automotive enthusiasts, will report its Q2 2022 financial results after market close on August 10, 2022. A conference call to discuss these results will take place at 5:00 pm ET, with a live webcast available on the investor relations website. Interested parties can join via dial-in or access a webcast replay for 90 days afterward. Hagerty aims to preserve car culture through various membership and insurance products.

Hagerty (NYSE: HGTY) has appointed Jay Koval as Senior Vice President of Investor Relations, a new role aimed at enhancing the company's investor engagement. Reporting to CFO Frederick J. Turcotte, Koval will focus on building relationships with the investment community and communicating Hagerty's strategy for value creation. With over 20 years of capital markets experience, Koval previously developed investor relations programs at Brown-Forman and Starwood Hotels and Resorts, significantly increasing their market capitalizations.

The 2022 Greenwich Concours d'Elegance, held from June 3-5 in Greenwich, Connecticut, attracted over 8,000 attendees celebrating car culture. The event featured 140 historically significant vehicles and included activities like the Hagerty Drivers Foundation's unveiling of the 1952 Hudson Hornet.

Highlights included the Cars & Community event showcasing 125 vehicles, and participation from over 600 youth in activities. A significant charity contribution supported local students.

Hagerty, a leading specialty insurance provider focused on automotive enthusiasts, has launched a new digital classifieds platform for Hagerty Drivers Club (HDC) members to buy and sell collectible vehicles. The platform aims to tap into the estimated 43 million insurable vehicles in the U.S., with HDC members recently transacting around 280,000 collector cars valued at $9.5 billion in 2021. The platform offers no listing fees and features a messaging system, attracting nearly 1,000 listings shortly after its launch.