HGTY insider sale: 96,792 Class A shares sold under 10b5-1 plan
Rhea-AI Filing Summary
Insider sale disclosure: This Form 4 shows Robert I. Kauffman, a director of Hagerty, Inc. (HGTY), sold a total of 96,792 shares of Class A common stock under a pre-established Rule 10b5-1 trading plan. The filings report sales on 10/07/2025 and 10/08/2025 in multiple trades at prices ranging roughly from $11.71 to $12.13, with weighted-average prices reported as $11.90 and $12.00 for the respective trade dates.
Kauffman reports indirect ownership through Aldel LLC, for which he is manager and disclaims beneficial ownership except to the extent of his pecuniary interest. After the reported transactions, the filing shows Aldel LLC beneficially owned 1,079,049 Class A shares following the 10/08/2025 sale. The sales were executed pursuant to a 10b5-1 plan adopted 08/09/2024.
Positive
- Sales conducted under a Rule 10b5-1 plan, which typically documents pre-arranged transactions
- Reporting provides weighted-average price ranges and offers to supply detailed trade-level data on request
Negative
- Director sold 96,792 shares, a sizable block that reduces insider-held Class A shares
- Significant indirect ownership remaining through Aldel LLC (1,079,049 shares) may complicate governance signaling
Insights
TL;DR: A director sold shares under a pre-set trading plan, keeping indirect control via Aldel LLC.
The director, Robert I. Kauffman, executed planned sales totaling 96,792 Class A shares across 10/07/2025 and 10/08/2025, with weighted-average prices near $12.00. Because the trades were made under a Rule 10b5-1 plan adopted on 08/09/2024, they are structured to provide an affirmative defense to insider trading claims when correctly implemented.
The reporting person remains manager of Aldel LLC and retains voting and investment discretion for the shares held by that entity; the filing disclaims beneficial ownership except for pecuniary interest. Watch for future Form 4s that change the indirect ownership level or disclose additional plan modifications within the next reporting cycle.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 22,629 | $12.00 | $272K |
| Sale | Class A Common Stock | 6,861 | $11.90 | $82K |
| holding | Class A Common Stock | -- | -- | -- |
Footnotes (1)
- The reported sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 9, 2024. This transaction was executed in multiple trades at prices ranging from $11.84 to $12.02. The price reported above reflects the weighted average purchase price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected. Held by Aldel LLC. The Reporting Person is the manager of Aldel LLC and has voting and investment discretion with respect to the securities held of record by Aldel LLC. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein. This transaction was executed in multiple trades at prices ranging from $11.71 to $12.13. The price reported above reflects the weighted average purchase price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.
