HAGERTY INC Stock Price, News & Analysis

Hagerty, the automotive lifestyle brand and specialty insurance provider, has appointed David Pattillo as Senior Vice President of Commercial Partnerships. Pattillo will lead the commercial partnerships team, focusing on enhancing media, data, and event sales. With previous roles at Bleav, WWE, and the NFL, he brings extensive experience in sales and marketing. Hagerty aims to strengthen its partnerships and advertising efforts to preserve car culture for future generations. The company, based in Traverse City, Michigan, serves the global automotive enthusiast market and boasts 719,000 members in its Hagerty Drivers Club.

Hagerty, a leading specialty insurance provider for automotive enthusiasts, has expanded its executive team by appointing Shoba Menon as Senior Vice President of Talent on March 30, 2022. Menon brings over 20 years of experience in human resources and talent acquisition, with roles at Travel and Leisure Co. and PepsiCo. Her focus will be on implementing a long-term talent strategy and improving talent acquisition and management processes. CEO McKeel Hagerty emphasized the importance of talent development for the company’s growth.

Hagerty, Inc. (HGTY) reported a strong financial performance for the year ended December 31, 2021, with total revenue increasing by 24% year-over-year to $619.1 million. The company also saw a 17% growth in written premiums, reaching $674.3 million, and an increase in active members by 13% to 2.4 million. CEO McKeel Hagerty highlighted ongoing growth opportunities and the delay in launching their partnership with State Farm due to compliance and integration challenges. A conference call to discuss financial results was held on March 24, 2022.

Hagerty has added RADwood, an '80s and '90s automotive lifestyle event brand, to its portfolio, enhancing its mission to preserve automotive culture. RADwood will continue its standalone events while also participating in other prestigious car shows. The founders, Art Cervantes and Warren Madsen, join Hagerty to ensure continuity. RADwood has successfully grown since its inception in 2017, hosting multiple shows and launching an auction site for era-related vehicles. The next RADwood event is set for April 23, 2022, in Austin, Texas.

The Amelia, held from March 3-6, 2022, in Florida, drew over 22,000 attendees, showcasing over 450 vehicles and raising more than $200,000 for local charities. Attendees participated in events like Cars & Community and the Concours d'Elegance, where significant awards were given. Hagerty's CEO highlighted positive feedback from participants and plans for future events. Youth engagement was significant, with over 500 kids involved in various activities. The event demonstrated a commitment to sustainability by saving the equivalent of 2,000 plastic bottles.

Hagerty has formed a global gaming partnership with Sony's Gran Turismo 7, available on PS4 and PS5. This collaboration allows players to explore the Hagerty Collection, featuring over 70 iconic vehicles, with Hagerty CEO McKeel Hagerty as an in-game avatar providing insights. Players can acquire cars through game progression, influenced by real-world pricing from the Hagerty Valuation Tool. Additionally, Hagerty Drivers Club members can enjoy exclusive in-game benefits. This initiative marks Hagerty's first significant step into gaming, aimed at engaging car enthusiasts across generations.

Hagerty, a leading automotive lifestyle brand and specialty insurance provider, will report its fourth quarter and full year 2021 financial results on March 24, 2022. The call starts at 5:00 PM Eastern Time, with dial-in options available for participants. The results will be discussed in a conference call that includes a video and slide presentation available on Hagerty's investor relations website. A replay of the webcast will be accessible for 90 days post-call. Visit www.hagerty.com for more information.

Hagerty has appointed Prakash Ranjan as vice president of marketing technology, tasked with leading the company's digital transformation efforts. Ranjan brings extensive experience, having previously held leadership roles at MGM Resorts International and several Fortune 50 companies. His expertise includes AI, cloud computing, and digital strategy. According to Kelly Smith, Hagerty's chief digital officer, Ranjan's knowledge will be essential in engaging the automotive enthusiast community as the company evolves. Hagerty aims to preserve car culture and enhance its global business.