HAGERTY INC Stock Price, News & Analysis

Hagerty reported third quarter 2024 results, highlighting a 17% increase in total revenue year-over-year to $323.4 million and a 13% rise in written premium to $287.6 million. Year-to-date, total revenue grew by 20% to $908.3 million, and written premium increased by 16% to $827.1 million.

Marketplace revenue surged 66% year-over-year in Q3 to $21.6 million. However, the loss ratio increased to 60.0% from 41.1% due to $24.7 million in pre-tax catastrophe losses from Hurricane Helene.

Net income for Q3 was $19.0 million, up slightly by $0.4 million, whereas adjusted EBITDA decreased by $13.2 million to $24.2 million. Despite these challenges, Hagerty raised its 2024 revenue growth outlook to 18-19% and written premium growth to 15%, adjusting for hurricane-related losses.

Net income growth is projected at 131-163%, with adjusted EBITDA expected to grow by 25-36%.

Hagerty (NYSE: HGTY), an automotive enthusiast brand and specialty vehicle insurance provider, announced it will release its third quarter 2024 financial results before market opening on Thursday, November 7, 2024. The company will host a conference call at 10:00 am Eastern Time to discuss the results. Investors can access the call via toll-free number (877) 423-9813 or international number (201) 689-8573, and should dial in 10 minutes before start time. A live webcast and replay will be available on Hagerty's investor relations website.

Agero, a leading provider of digital driver assistance services, has renewed its multi-year partnership with Hagerty (NYSE: HGTY), an automotive enthusiast brand and specialty vehicle insurance provider. This renewal allows Hagerty to continue offering specialized roadside assistance to its 770,500+ U.S. Drivers Club members.

The partnership addresses unique challenges faced by rare and exotic car enthusiasts, with 90% of Hagerty customers requiring towing services. Agero's platform offers personalized experiences, meeting specific equipment needs and providing top-tier customer support. The collaboration aims to enhance driver experiences, promote safety, and exceed member expectations, particularly during peak summer months when service requests double.

Hagerty announces the return of RADwood Detroit, an expanded '80s and '90s car and music festival, on September 14, 2024 at Hart Plaza. The event celebrates car culture with period-correct dress, iconic vehicles, and live music. Additionally, Hagerty introduces 'Cars at the Station', a free community event on September 13 at Michigan Central.

The new event features automotive debuts, ride-and-drives, and exhibits across three main areas: Michigan Central Station, Newlab at Michigan Central, and Roosevelt Park. Highlights include NACTOY Awards' 'Best of 2025' vehicle announcements, access to Newlab's innovation hub, and a community-centric car show. Both events aim to celebrate Detroit's automotive heritage and future, bringing together enthusiasts, innovators, and the local community.

Hagerty Inc. (NYSE: HGTY), a leading automotive enthusiast brand and specialty vehicle insurance provider, has announced its participation in the KBW Insurance Conference on September 5, 2024. CEO and Chairman McKeel Hagerty and CFO Patrick McClymont will engage in a fireside chat at 4:35 p.m. ET, discussing various industry and company-specific topics.

The presentation will be streamed live and accessible via a webcast link. Interested parties are advised to register and download necessary streaming software at least 15 minutes before the event. A replay will be available for 365 days through Hagerty's investor relations site under the Events and Presentations section.

The Amelia by Hagerty (NYSE: HGTY) celebrates its 30th anniversary of global motoring excellence from March 6-9, 2025, at the Golf Club of Amelia Island and The Ritz-Carlton Resort. Tickets go on sale September 12, 2024, at AmeliaConcours.com. The event kicks off The Amelia Car Week, featuring luxury automotive brands, immersive experiences, and live entertainment.

Concours d'Elegance highlights include Corvette at Sebring, Alfa Romeos of the 1930s, and Formula 1 Cars 1950-Present. The new showfield format will showcase nearly 300 cars across 30+ classes. The Amelia has donated over $4 million to charitable organizations since 1996 and will continue supporting local causes.

Motorlux, a Hagerty event, attracted 4,100 guests to the Monterey Jet Center on August 14, 2024, kicking off Monterey Car Week. The luxury event showcased 225 enthusiast vehicles and 14 aircraft, alongside culinary creations from 25 local chefs. The event featured global debuts of vehicles like the Kindred Motorworks EV Bronco and Meyers Manx Tarmac Touring Edition.

The Broad Arrow Auction, held during Motorlux, generated $71.5 million over two days, with an 85% sell-through rate. The auction's highlight was a 1997 Porsche 911 GT1 Rennversion, selling for $7,045,000. Five auction records were set, including a 1998 RUF CTR 2 at $2,095,000.

Motorlux benefits the CHP 11-99 Foundation and the Navy Post Graduate School Foundation. The next event is scheduled for August 13, 2025, at the Monterey Jet Center.

Motorlux, kicking off Monterey Car Week on August 14, 2024, at the Monterey Jet Center, promises an exciting blend of automotive excellence and culinary delights. The event will feature global vehicle debuts, iconic cars, and luxury aviation displays. Highlights include:

- Broad Arrow Auctions offering 65 cars, including rare models like the Porsche 911 GT1 Rennversion
- McLaren showcasing the new Artura Spider and 750S
- Kindred Motorworks debuting its EV Bronco
- Lotus Cars presenting the 400hp Emira Turbo
- Vista Jet displaying its Challenger 350 aircraft

The event will also feature culinary offerings from 25 world-class chefs and a selection of premier local Monterey wines.

Hagerty (NYSE: HGTY) reported strong Q2 2024 results, with Total Revenue up 20% year-over-year to $313.2 million. The company saw significant growth across key metrics:

- Written Premium increased 16% to $321.2 million
- Net Income rose to $42.7 million, up $27.1 million from last year
- Adjusted EBITDA grew to $53.1 million, an $18.7 million increase

Hagerty also raised its 2024 outlook, now expecting:
- Written Premium growth of 14-15%
- Total Revenue growth of 16-18%
- Net Income growth of 170-198%
- Adjusted EBITDA growth of 47-59%

The company maintained strong customer retention with a Policies in Force Retention of 89% and a Net Promoter Score of 82.