Hagerty: Markel exchanges interests for 4.69M shares
Sentiment and the balance of points
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Form Type
4
Rhea-AI Filing Summary
Hagerty, Inc. ten-percent owner Markel Group Inc. exchanged 4,693,570 Paired Interests on November 12, 2026, receiving an equal number of Class A shares at the issuer’s election. The exchange accompanied an underwritten secondary offering by Hagerty Holding Corp. that closed that day. Afterward, Markel reported holdings of 62,470,019 Class V shares and 15,637,981 Class A shares.
Insider Trade Summary
4,693,570 shares exercised/converted
Exercise
2 txns
Insider
MARKEL GROUP INC.
Role
10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Class V Common Stock F1, F2 | 4,693,570 | -- | -- |
| Conversion | Class A Common Stock F2, F1 | 4,693,570 | -- | -- |
Holdings After Transaction:
Class V Common Stock — 62,470,019 shares (Direct);
Class A Common Stock — 15,637,981 shares (Direct)
Holdings Before and After:
Class V Common Stock, 67,163,589 to 62,470,019 shares (Direct);
Class A Common Stock, 10,944,411 to 15,637,981 shares (Direct)
Footnotes (2)
- F1. Each share of Class V Common Stock is paired with one unit of limited liability company interest of The Hagerty Group, LLC (each, an "OpCo Unit" and, together with each corresponding share of Class V Common Stock, a "Paired Interest"). Each Paired Interest has no expiration date and is exchangeable, at the option of the holder, on a one-for-one basis for a share of Class A Common Stock of the Issuer or, at the option of the Issuer, an equivalent value in cash, pursuant to the Exchange Agreement, dated as of December 2, 2021, and amended and restated as of March 23, 2022, among the Reporting Person, The Hagerty Group, LLC, Hagerty Holding Corp., and the Issuer (the "Amended and Restated Exchange Agreement"). Each share of Class V Common Stock has no incidents of economic ownership and has ten (10) votes per share until the earlier of (i) December 2, 2036, and (ii) transfer to a non-qualified transferee, after which it has one (1) vote per share.
- F2. In connection with an underwritten secondary offering of shares of Class A Common Stock by Hagerty Holding Corp. that closed on November 12, 2026, and pursuant to the terms of the Amended and Restated Exchange Agreement, the Reporting Person exchanged 4,693,570 Paired Interests for, at the election of the Issuer, an equal number of shares of Class A Common Stock.
Key Figures
Paired Interests exchanged: 4,693,570 Paired Interests
Class A shares acquired: 4,693,570 shares
Class V shares held after exchange: 62,470,019 shares
+1 more
4 metrics
Paired Interests exchanged
4,693,570 Paired Interests
November 12, 2026; exchanged for an equal number of Class A shares
Class A shares acquired
4,693,570 shares
Received in the exchange on November 12, 2026
Class V shares held after exchange
62,470,019 shares
Markel Group Inc.’s reported position following the November 12, 2026 exchange
Class A shares held after exchange
15,637,981 shares
Markel Group Inc.’s reported position following the November 12, 2026 exchange
Key Terms
Paired Interest, OpCo Unit, Amended and Restated Exchange Agreement, underwritten secondary offering
4 terms
Paired Interest financial
"each corresponding share of Class V Common Stock, a “Paired Interest”"
OpCo Unit financial
"each, an “OpCo Unit”"
Amended and Restated Exchange Agreement financial
"pursuant to the terms of the Amended and Restated Exchange Agreement"
underwritten secondary offering financial
"an underwritten secondary offering of shares of Class A Common Stock"
An underwritten secondary offering is when existing shareholders sell a block of already-issued shares and an investment bank agrees to buy and resell them to the public, guaranteeing the sale will go through. Think of it as a store owner pre-selling a large shipment to a wholesaler who then sells it to customers; for investors, it can increase the number of shares available, affect short-term price pressure, and signal that insiders are taking profits or diversifying holdings.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many HGTY Paired Interests did Markel Group Inc. exchange?
Markel Group Inc. exchanged 4,693,570 Paired Interests on November 12, 2026, receiving an equal number of Class A shares at Hagerty, Inc.’s election. The exchange was made under the Amended and Restated Exchange Agreement.
What were Markel Group Inc.’s HGTY holdings after the exchange?
After the exchange, Markel reported 62,470,019 Class V shares and 15,637,981 Class A shares.
AI-generated analysis. How Rhea-AI works. Not financial advice.
