HAGERTY INC SEC Filings

Hagerty, Inc. reported first-quarter 2026 revenue of $311.8 million, down from $328.3 million a year earlier, and a net loss of $12.7 million versus prior net income of $27.3 million. Earned premium, net rose to $239.6 million, but higher losses, policy acquisition costs, and underwriting expenses pushed results negative.

Commission and fee revenue fell sharply to $16.4 million as the new Markel Fronting Arrangement shifted Essentia commission economics and Hagerty Re began assuming 100% of that risk. Basic and diluted EPS for Class A stockholders were ($0.06), compared with $0.07 a year earlier.

Operating cash flow remained positive at $16.3 million. Total assets were $2.0 billion with debt of $229.1 million and cash and restricted cash of $366.7 million. A $50.5 million loss portfolio transfer with Markel-generated Essentia liabilities is being recognized as deferred gain over future claim payments.

Hagerty, Inc. reported first quarter 2026 results showing strong underlying insurance growth but a GAAP loss driven by transition costs from a new reinsurance structure. Written premium rose 18% year-over-year to $289 million, while policies in force grew 15% to 1.8 million with about 112,000 new policies added.

Earned premium increased 42% to $240 million after Hagerty Re began retaining 100% of the quota share under the new Markel Fronting Arrangement. Total revenue declined 5% to $312 million as Markel-related commission revenue is now eliminated in consolidation. The company posted a net loss of $13 million, including $89 million of pre-tax transitional costs tied to deferred ceding commissions on 2025 policies, versus net income of $27 million a year earlier.

On a non-GAAP basis, Adjusted EBITDA rose 77% to $85 million, reflecting higher underwriting profitability and scale benefits. Hagerty reaffirmed its 2026 outlook, targeting written premium growth of 15–16%, total revenue down 11–12% due to accounting changes, a net loss of $41–51 million including about $190 million of transitional costs, and Adjusted EBITDA between $236 million and $247 million.

Hagerty, Inc. is asking stockholders to vote at its virtual 2026 Annual Meeting on June 9, 2026 at 11:00 a.m. ET. Investors will elect nine directors, approve an advisory say‑on‑pay vote, choose the frequency of future say‑on‑pay votes, and ratify Deloitte & Touche LLP as auditor for 2026.

All Class A, Class V, and Preferred Stock holders as of April 10, 2026 may vote, with Class V shares carrying ten votes each, leaving Hagerty Holding Corp. with majority voting control. The proxy details board and committee structure, non‑employee director pay, and a performance‑focused executive compensation program tied to 2025 results.

For 2025, Hagerty reports total revenue of $1.456 billion, written premium of $1.194 billion, net income of $149 million, Adjusted EBITDA of $237 million, and an 86.6% combined ratio. Strong performance drove a 140% payout of target under the annual incentive plan, based on Adjusted AIP EBITDA, revenue growth, and policy retention.

Hagerty, Inc. director Bjornstad Henrik Waersted filed an initial ownership report on Form 3 for the company’s common stock. The filing is an administrative disclosure of his status as a director and does not report any buy, sell, or other share transactions.

Markel Group Inc. filed Amendment No. 5 to its Schedule 13D on Hagerty, Inc., reporting beneficial ownership of 79,380,265 shares of Hagerty Class A Common Stock, or about 44.8% of the class. This reflects various convertible securities and gives Markel Group roughly 29.9% of the company’s voting power.

The filing also notes governance changes: Michael R. Heaton resigned from Hagerty’s board on April 13, 2026, and Markel Group selected former employee Henrik Bjornstad as its new board designee, with the board appointing him effective April 14, 2026.

Hagerty, Inc. reported a change to its Board of Directors. On April 13, 2026, Michael R. Heaton resigned as a director, with the company stating his departure did not involve any disagreement over operations, policies, or practices.

Because of his resignation, the Board accelerated vesting of 10,230 restricted stock units that had been granted to him on July 1, 2025, so they fully vested on April 14, 2026 instead of July 1, 2026. Under an Investor Rights Agreement, Markel Group Inc. designated Henrik W. Bjørnstad to replace Mr. Heaton on the Board.

Effective April 14, 2026, Mr. Bjørnstad joined the Board and was appointed to the Talent, Culture, and Compensation Committee and the Nominating and Governance Committee. He will be paid like the company’s other non-employee directors and the company notes there are no related-party transactions requiring disclosure.

Hagerty, Inc. director Laurie Harris sold 5,531 shares of Class A Common Stock in an open-market transaction. The sale took place on April 7, 2026 at a weighted average price of $11.01 per share, with trade prices ranging from $10.91 to $11.10.

According to the disclosure, the sale occurred automatically under a Rule 10b5-1 trading plan adopted on November 10, 2025 and was a non-discretionary "sell to cover" transaction. The shares sold were used to satisfy tax withholding obligations related to the vesting of Harris's restricted stock units. Following this transaction, Harris directly owns 36,689 shares of Hagerty Class A Common Stock.