[SCHEDULE 13D/A] Hagerty, Inc. SEC Filing

Rhea-AI Filing Summary

Hagerty, Inc. (HGTY): Markel Group Inc. filed Amendment No. 4 to Schedule 13D, updating its beneficial ownership. Markel reports beneficial ownership of 79,380,265 shares of Class A Common Stock (on an as-converted basis), representing 44.9% of the Class A shares outstanding under Rule 13d-3(d)(1)(i). The filing states the update reflects changes solely from an increase in Class A shares outstanding and a decrease in Class V shares outstanding due to another holder’s conversion.

The position includes 75,000,000 shares of Class V Common Stock and an equal number of OpCo Units (exchangeable 1-for-1 into Class A or, if conditions are met, cash at the Company’s option), 1,590,668 shares of Series A Preferred Stock (exchangeable into 1,272,265 Class A shares), and 3,108,000 Class A shares. Based on both classes and their voting rights, Markel controls approximately 29.9% of the Company’s voting power.

The percentage calculation uses 100,511,893 Class A shares outstanding as of October 24, 2025. The date of the event requiring the filing is November 4, 2025.

Insights

Equity ownership analyst

Ownership percentage updated due to denominator changes; no new purchases disclosed.

Markel Group reports beneficial ownership of 79,380,265 Class A shares (as-converted), or 44.9%, reflecting an update from capital structure shifts rather than reported acquisitions. The mix comprises Class V plus OpCo Units (1:1 exchangeability), Series A Preferred (convertible into 1,272,265 Class A), and existing Class A shares.

The filing notes the change occurred because another holder converted Class V into Class A, increasing the publicly outstanding Class A count used for Rule 13d-3(d)(1)(i) calculations. Markel’s stated voting power is about 29.9%, given class voting mechanics.

Key anchors are the October 24, 2025 Class A outstanding figure used in the calculation and the November 4, 2025 event date. Actual impact depends on future conversions and class structures disclosed in subsequent company filings.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Hagerty, Inc.

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

405166109

(CUSIP Number)

Richard R. Grinnan
Markel Group Inc., 4521 Highwoods Parkway
Glen Allen, VA, 23060
(804) 747-0136

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

11/04/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 405166109

1

Name of reporting person

MARKEL GROUP INC.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

VIRGINIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 79,380,265.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 79,380,265.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

79,380,265.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

44.9 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) The quantity reported in Row 7, Row 9, and Row 11 includes 75,000,000 shares of Class V Common Stock (as defined in the Original Schedule 13D) and an equal number of OpCo Units (as defined in the Original Schedule 13D), which are, together, exchangeable, at the option of the holder, on a one-for-one basis for a share of Class A Common Stock (as defined herein) or, if certain conditions set forth in the Amended and Restated Exchange Agreement (as defined in Amendment No. 1) are met, an equivalent value in cash at the option of the Company (as defined herein). (2) The quantity reported in Row 7, Row 9, and Row 11 includes 1,272,265 shares of Class A Common Stock that the Reporting Person has the right to acquire within 60 days as a result of the conversion mechanisms of the Series A Preferred Stock (as defined in Amendment No. 1), which are exchangeable, at the option of the Reporting Person, into shares of Class A Common Stock at the Conversion Rate (as defined in Amendment No. 1). (3) Percent of class represented by amount in Row 11 is based on the sum of (i) 100,511,893 shares of Class A Common Stock outstanding as of October 24, 2025, based on the Company's quarterly report on Form 10-Q filed with the SEC (as defined in the Original Schedule 13D) on November 4, 2025; (ii) 75,000,000 shares of Class A Common Stock that could be issued upon conversion of Class V Common Stock and OpCo Units held by the Reporting Person; and (iii) 1,272,265 shares of Class A Common Stock that could be issued upon conversion of Series A Preferred Stock held by the Reporting Person, each of (ii) and (iii) of which have been added to the total shares of Class A Common Stock outstanding for purposes of calculating the Reporting Person's beneficial ownership percentage in accordance with Rule 13d-3(d)(1)(i) under the Act. Notwithstanding the percentage reported herein, based on the aggregate total of Class A Common Stock and Class V Common Stock outstanding, and the voting power assigned to each class, the Reporting Person controls approximately 29.9% of the voting power of the Company.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, par value $0.0001 per share
(b)	Name of Issuer: Hagerty, Inc.
(c)	Address of Issuer's Principal Executive Offices: 121 Drivers Edge, Traverse City, MICHIGAN , 49684.
Item 1 Comment: Markel Group Inc. (f/k/a Markel Corporation), a Virginia corporation ("Markel Group" or the "Reporting Person") is hereby filing this Amendment No. 4 (this "Amendment No. 4") to the Schedule 13D filed by the Reporting Person on December 10, 2021 (the "Original Schedule 13D"), as amended by Amendment No. 1 filed by the Reporting Person on June 27, 2023 ("Amendment No. 1"), Amendment No. 2 filed by the Reporting Person on July 8, 2024 ("Amendment No. 2"), and Amendment No. 3 filed by the Reporting Person on April 18, 2025 ("Amendment No. 3" and collectively, the "Schedule 13D"), relating to the Class A Common Stock, par value $0.0001 per share (the "Class A Common Stock") of Hagerty, Inc., a Delaware corporation (the "Company"). Capitalized terms used in this Amendment No. 4 and not otherwise defined herein have the meanings set forth in the Schedule 13D. Except as specifically provided herein, this Amendment No. 4 does not modify any of the information previously reported in the Schedule 13D. This Amendment No. 4 is being filed to update the Reporting Person's beneficial ownership percentage and voting power percentage, each of which changed solely as a result of an increase in the number of shares of Class A Common Stock outstanding and corresponding decrease in the number of shares of Class V Common Stock outstanding in connection with a conversion of Class V Common Stock into Class A Common Stock by another holder of Class V Common Stock.
Item 2.	Identity and Background
(c)	Item 2(c) of the Schedule 13D is hereby amended and supplemented as follows: The name, business address, present principal occupation or employment, and citizenship of each director and each executive officer of Markel Group, as well as the number of shares of Class A Common Stock beneficially owned by each person, as applicable, are set forth in Annex A hereto and are incorporated by reference herein.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) of the Schedule 13D is hereby amended and supplemented as follows: As of the date of this Amendment No. 4, the Reporting Person may be deemed to be the beneficial owner of 79,380,265 shares of Class A Common Stock, or approximately 44.9% of the shares of Class A Common Stock outstanding. The Reporting Person's beneficial ownership is composed of (i) 75,000,000 shares of Class V Common Stock and an equal number of OpCo Units, which are, together, exchangeable, at the option of the holder, on a one-for-one basis for a share of Class A Common Stock or, if certain conditions set forth in the Amended and Restated Exchange Agreement are met, an equivalent value in cash at the option of the Company; (ii) 1,590,668 shares of Series A Preferred Stock, which are exchangeable, at the option of the Reporting Person, into 1,272,265 shares of Class A Common Stock at the Conversion Rate, which is subject to customary anti-dilution protections; and (iii) 3,108,000 shares of Class A Common Stock. 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. The Series A Preferred Stock votes together with the Class A Common Stock on an as-converted basis (one vote per share), and not as a separate class. The beneficial ownership percentage reported herein was calculated based on the sum of (i) 100,511,893 shares of Class A Common Stock outstanding as of October 24, 2025, based on the Company's quarterly report on Form 10-Q filed with the SEC on November 4, 2025; (ii) 75,000,000 shares of Class A Common Stock that could be issued upon conversion of Class V Common Stock and OpCo Units held by the Reporting Person; and (iii) 1,272,265 shares of Class A Common Stock that could be issued upon conversion of Series A Preferred Stock held by the Reporting Person, each of (ii) and (iii) of which have been added to the total shares of Class A Common Stock outstanding for purposes of calculating the Reporting Person's beneficial ownership percentage in accordance with Rule 13d-3(d)(1)(i) under the Act. Notwithstanding the percentage reported herein, based on the aggregate total of Class A Common Stock and Class V Common Stock outstanding, and the voting power assigned to each class, the Reporting Person controls approximately 29.9% of the voting power of the Company.
Item 7.	Material to be Filed as Exhibits.
	Item 7 of the Schedule 13D is hereby amended and supplemented as follows: Exhibit 99.14: Annex A, dated November 5, 2025

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

MARKEL GROUP INC.

Signature:	/s/ Richard R. Grinnan
Name/Title:	Richard R. Grinnan, Senior Vice President, Chief Legal Officer and Secretary
Date:	11/05/2025