HAGERTY INC Stock Price, News & Analysis

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.

Hagerty (NYSE: HGTY) has appointed Joyce Bellows as the new Senior Vice President of Internal Audit, effective May 24, 2022. Bellows brings over 20 years of experience in the financial services sector, previously working at CNA Insurance and other notable firms. In her new role, she will lead Hagerty's risk-based internal audit program, aimed at enhancing governance and control processes. The hiring reflects Hagerty's commitment to maintaining strong risk management practices as it continues to cater to the global automotive enthusiast market.

Hagerty (HGTY) has appointed Candace Mueller as Vice President of Brand Communications, enhancing its leadership team. Mueller, with over 20 years of experience, will manage all external brand communications to boost Hagerty's reputation and visibility in the automotive lifestyle sector. CEO McKeel Hagerty emphasized the significance of effective communication for engaging members and investors. Prior to Hagerty, Mueller held senior roles at the University of Chicago, Hyatt Hotels, and Quaker Oats, showcasing her expertise in strategic communications.

Total Revenue increased 30% year-over-year to $167.8 million in Q1 2022. Written Premium rose 16% to $154.8 million, while Total Active Members grew 11% to 2.5 million.

This growth reflects Hagerty's commitment to automotive enthusiasts and is a strong start for 2022. The company aims to maintain double-digit organic growth, despite anticipated investments this year. The partnership with State Farm is set to launch by year-end 2022.

Hagerty, Inc. (HGTY) announced the launch of **Digital Labs**, a strategic initiative aimed at enhancing innovation and adapting business models in the automotive sector. This new platform will accelerate product development, highlighted by the **Mileage Verification App** and updated **Hagerty Valuation Tools**. CEO McKeel Hagerty emphasized the initiative's role in attracting talent and fostering creativity to serve their customer base better. The company is also undertaking a recruiting campaign for engineers and product managers to bolster its innovative capabilities.

Hagerty, a leading automotive lifestyle brand, has announced the acquisition of Speed Digital, a provider of cloud-based technology for the collector car market. This acquisition aims to enhance Hagerty's offerings and bolster its marketplace capabilities, which already include Hagerty Valuation Tools and DriveShare. In 2021, Speed Digital's software facilitated over $1.5 billion in collector car sales, with its network receiving more than 300 million page views. Speed Digital CEO Neil Pitt will become Hagerty's Vice President and General Manager.

Hagerty, an automotive lifestyle brand and specialty insurance provider focused on the global automotive enthusiast market, will announce its first quarter 2022 financial results on May 9, 2022, after market close. A conference call is scheduled at 5:00 pm ET on the same day, with a live webcast available on Hagerty's investor relations website. The dial-in numbers are (877) 423-9813 (toll-free) and (201) 689-8573 (international). A replay of the call will be accessible for 90 days post-event.