Major Hagerty Investor's Steady Stock Sales Raise Questions About Long-term Holdings

Rhea-AI Filing Summary

Form 144 filing reveals significant insider selling activity at Hagerty by Robert I. Kauffman and Aldel LLC. The filing indicates a proposed sale of 12,610 shares with an aggregate market value of $126,730, to be executed through Merrill Lynch on the NYSE around June 25, 2025.

Key details of the transaction:

• Original acquisition of 3.5 million shares occurred on December 2, 2021, through PIPE financing during business combination
• Extensive recent selling activity over past 3 months totaling approximately 400,000 shares between March-June 2025
• Largest single-day sales include 33,765 shares ($326,508) on May 7 and 31,110 shares ($315,455) on June 24

The company has 90,032,391 shares outstanding. This consistent selling pattern by a significant holder may indicate a systematic liquidation strategy, though represents a relatively small percentage of total shares outstanding.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Merrill Lynch 200 Park Ave, 13th Fl New York NY 10166	12610	126730.00	90032391	06/25/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	12/02/2021	Per the 8-K filed in December 2021 announcing the business combination with Hagerty, Aldel LLC acquired the stock as a part of the connected PIPE financing	Hagerty Inc.			3500000	12/02/2021	Stock

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	03/17/2025	12950	120280.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	03/18/2025	14918	136351.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	03/19/2025	5872	54022.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	03/20/2025	3642	33397.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	03/21/2025	10420	95239.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	03/24/2025	10468	96620.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	03/25/2025	7985	74819.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	03/26/2025	9770	90275.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	03/27/2025	8736	80196.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	03/28/2025	9300	84165.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	03/31/2025	9170	83080.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041, New York NY 10001-8600	Common	04/01/2025	8354	75687.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	04/02/2025	1215	11008.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	04/24/2025	8179	74429.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	04/25/2025	1149	10364.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	05/02/2025	1453	13135.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	05/05/2025	2455	22144.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041, New York NY 10001-8600	Common	05/07/2025	33765	326508.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	05/08/2025	4710	45970.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041, New York NY 10001-8600	Common	05/09/2025	4183	40617.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	05/12/2025	8326	78640.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	05/13/2025	29849	292222.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	05/14/2025	7239	70074.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	05/15/2025	12044	117068.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	05/16/2025	8361	81018.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	05/19/2025	24110	237725.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	05/20/2025	8964	85517.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	05/21/2025	3164	29330.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	05/22/2025	2644	24298.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	05/23/2025	2144	19553.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	05/27/2025	7400	68968.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041, New York NY 10001-8600	Common	05/28/2025	7000	65590.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	05/29/2025	16070	156200.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	05/30/2025	11112	108898.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	06/02/2025	3726	36701.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	06/03/2025	7681	76196.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	06/04/2025	9726	97357.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	06/05/2025	15823	159496.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	06/06/2025	12326	124000.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	06/09/2025	6427	62985.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	06/10/2025	3927	37699.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	06/11/2025	8764	84222.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	06/12/2025	4277	40674.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	06/13/2025	8127	76691.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	06/16/2025	4010	38255.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	06/17/2025	4610	44025.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	06/18/2025	10380	100270.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	06/20/2025	7747	76075.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041 New York NY 10001-8600	Common	06/23/2025	11710	117334.00
Robert I. Kauffman, Aldel LLC 1 Manhattan W Rm. 06-1041, New York NY 10001-8600	Common	06/24/2025	31110	315455.00

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)