Welcome to our dedicated page for HAGERTY news (Ticker: HGTY), a resource for investors and traders seeking the latest updates and insights on HAGERTY stock.
Hagerty, Inc. (NYSE: HGTY) generates a steady stream of news as a specialty vehicle insurance provider and automotive enthusiast brand. Its announcements span financial performance, strategic partnerships, marketplace developments and collector car auction results, reflecting the company’s role in both the insurance and enthusiast car ecosystems.
On the financial side, Hagerty regularly issues quarterly results and outlook updates, reporting metrics such as total revenue, written premium, earned premium, membership and marketplace revenue, operating income, net income and Adjusted EBITDA. These releases often discuss factors influencing performance, including catastrophe losses, technology investments and growth in insurance, membership and marketplace businesses.
Hagerty’s news also highlights strategic partnerships and corporate agreements. Examples include a partnership with Liberty Mutual Insurance to offer enhanced collectible car coverage to Liberty Mutual and Safeco customers, and a fronting arrangement with Markel Group Inc. and Essentia Insurance Company that expands Hagerty’s underwriting and claims authority and shifts 100% of specified policy risk to Hagerty Reinsurance Limited under a new quota share agreement.
Through its Broad Arrow subsidiary, Hagerty issues detailed reports on collector car auctions, private sales and financing activity. News items describe auction calendars, debut events in new regions, top sale results, sell-through rates and notable consignments ranging from historic racing cars to modern supercars. Broad Arrow announcements also cover multi-year event partnerships and new auction formats, such as the Global Icons online series and collaborations with major concours and automotive festivals.
Investors and enthusiasts visiting this news page can review Hagerty’s latest press releases, auction recaps, partnership announcements and financial disclosures in one place, making it easier to follow developments across its insurance, membership and marketplace activities over time.
Hagerty, Inc. (NYSE: HGTY), an automotive lifestyle brand and specialty insurance provider, announced it will report its Q3 2022 financial results on November 10, 2022, before market opening. A conference call to discuss these results will be held at 10:00 am ET, with a live webcast available on Hagerty's investor relations website. The dial-in numbers for the call are (877) 423-9813 (toll-free) and (201) 689-8573 (international). A replay will be accessible for 90 days following the event.
Hagerty has expanded its premium clubhouse and car storage network with the opening of Garage + Social Palm Beach in Florida. This facility can store up to 450 classic, collector, and exotic cars, offering climate-controlled space, maintenance, and detailing services. The location boasts over 50,000 sq. ft. of area for social gatherings and events, enhancing South Florida's car culture. With existing sites in Miami and Delray Beach, Hagerty continues to strengthen its community for car enthusiasts.
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Hagerty, an automotive lifestyle brand and specialty insurance provider, will present at the KBW Insurance Conference on September 8, 2022, at 3:15 p.m. ET. CEO McKeel Hagerty will engage in a fireside chat addressing various industry and company topics. The live webcast can be accessed here, with a replay available for 365 days. Based in Traverse City, Michigan, Hagerty aims to preserve car culture and operates multiple membership programs and insurance services for automotive enthusiasts.
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.