Hagerty, Inc.

Listed Company

HGTYCIK 0001840776NYSEAcceleratedInsurance Agents, Brokers & ServiceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.46B

Net Income

$149.22M

Total Assets

$2.09B

Equity

$221.32M

Shares Out

346.04M

Op. Cash Flow

$218.99M

Business

Hagerty, Inc. provides specialty insurance for collector cars and enthusiast vehicles, acting as a managing general agent (MGA) and reinsurer through Hagerty Re. Its primary offerings include Guaranteed Value insurance policies, Hagerty Drivers Club memberships, a marketplace for buying, selling and financing vehicles, vehicle valuation tools, events, media content, and roadside assistance. Key business segments include its MGA insurance operations, reinsurance through Hagerty Re, membership services, marketplace and auction services (including Broad Arrow and Broad Arrow Capital), and media and events. The company operates across the U.S., Canada, the U.K. and parts of Europe and distributes products via an omnichannel model—direct sales, a broad agent and broker network, and strategic partnerships with large insurers.

Summary from filing dated 2025-03-04

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Earned premium, net	727	643	532	403	296
Marketplace revenue	119	55	28	—	—
Net investment income	39	39	27	—	—
Net investment gains	3	2	0	—	—
Total revenue	1,456	1,242	1,027	788	619
Losses and loss adjustment expenses	285	299	221	182	122
Ceding commissions, net	337	302	252	191	141
Sales expense	258	191	156	141	107
Salaries and benefits	264	221	217	200	172
General and administrative expenses	95	83	85	89	65
Depreciation and amortization	38	39	46	34	22
Restructuring, impairment and related charges, net	0	0	9	18	0
Gains, losses, and impairments related to divestitures	0	−87,000	4	0	0
Loss (gain) related to warrant liabilities, net	0	9	−12	42	—
Interest expense and other, net	41	6	4	2	−2
Total expenses	1,317	1,148	982	855	629
INCOME BEFORE TAXES	139	94	45	—	−55
Income tax benefit	10	−15	−17	−7	−7
NET INCOME	149	78	28	2	−61
Net income attributable to non-controlling interest	−100	−61	−8	30	398,000
Accretion of Series A Convertible Preferred Stock	−8	−7	−4	0	0
NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS	41	10	17	32	−46

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturity securities	696	578	—	—	—
Equity securities	35	12	—	—	—
Total investments	731	590	—	—	—
Cash and cash equivalents	160	105	108	95	275
Restricted cash and cash equivalents	139	128	616	—	—
Accounts receivable	96	85	72	58	47
Commissions receivable	29	20	79	—	—
Premiums receivable	181	154	138	101	75
Deferred acquisition costs, net	179	156	142	107	82
Reinsurance recoverables	15	12	—	—	—
Prepaid reinsurance premiums	22	19	—	—	—
Notes receivable	114	57	—	—	—
Intangible assets, net	89	90	92	104	76
Goodwill	114	114	114	115	11
Deferred income tax assets	43	0	—	—	—
Other assets	182	180	—	—	—
TOTAL ASSETS	2,094	1,709	1,588	1,313	1,042
Accounts payable and accrued expenses	112	59	87	77	—
Advance premiums and due to insurers	123	108	100	—	—
Losses payable	95	98	62	56	34
Reserves for unpaid losses and loss adjustment expenses	169	168	137	112	75
Unearned premiums	412	358	317	235	175
Ceding commissions payable	86	77	109	77	61
Debt, net	178	106	131	108	136
Contract liabilities	47	47	—	—	—
Deferred tax liability	23	18	16	13	11
Tax receivable agreement liability	40	2	—	—	—
Other liabilities	62	59	—	—	—
TOTAL LIABILITIES	1,347	1,101	1,095	945	771
Commitments and Contingencies (Note 25)	0	0	0	0	—
Preferred stock, $0.0001 par value (20,000,000 shares authorized, 8,483,561 Series A Convertible Preferred Stock issued and outstanding as of December 31, 2025 and December 31, 2024)	87	85	83	0	593
Additional paid-in capital	623	604	562	549	160
Accumulated earnings (deficit)	−403	−452	−469	−490	−482
Accumulated other comprehensive income (loss)	1	−2	−88,000	−213,000	−2
Total stockholders' equity	221	150	93	59	−324
Non-controlling interest	439	373	318	308	1
Total equity (Note 20)	660	524	411	367	−322
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY	2,094	1,709	1,588	1,313	1,042

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loss on disposals of equipment, software and other assets	2	500,000	2	4	2
Change in TRA Liability	32	2	−3	—	—
Provision for deferred taxes	−35	3	3	3	3
Share-based compensation expense	19	17	18	12	0
Non-cash lease expense	9	8	12	11	0
Net investment gains	−3	−2	0	0	—
(Accretion) amortization of discount and premium, net	−4	−3	34,000	196,000	—
Other	1	4	5	2	155,000
Accounts, premiums and commissions receivable	−63	26	−70	−52	−39
Deferred acquisition costs, net	−23	−15	−34	−26	−23
Reinsurance recoverables	−3	−9	−1	—	—
Prepaid reinsurance premiums	−3	−8	−10	—	—
Advance premiums and due to insurers	14	8	15	14	—
Losses payable and provision for unpaid losses and loss adjustment expenses	−3	36	6	21	13
Increase (Decrease) in Liability for Claims and Claims Adjustment Expense Reserve	359,000	32	25	37	20
Unearned premiums	55	40	82	60	50
Ceding commissions payable	9	−31	32	—	—
Other assets and liabilities, net	28	−57	−9	−2	−13
Net Cash Provided by Operating Activities	219	177	134	55	42
Capital expenditures	−25	−21	−26	−44	−43
Acquisitions, net of cash acquired, and other investments	−2	−25	−9	−15	−15
Issuance of notes receivable	−75	−66	−25	−6	0
Collection of notes receivable	38	60	10	370,000	0
Purchases of fixed maturity securities	−333	−669	−11	−4	−12
Purchases of equity securities	−22	−11	0	0	—
Proceeds from maturities of fixed maturity securities	230	113	7	1	1
Other investing activities	3	979,000	121,000	−721,000	48,000
Net Cash Used in Investing Activities	−185	−619	−53	−92	−69
Payments on long-term debt	−188	−91	−140	−123	−43
Proceeds from long-term debt, net of issuance costs	257	62	162	94	108
Proceeds from Issuance of Preferred Stock and Preference Stock	0	0	79	0	0
Distributions paid to non-controlling interest unit holders	−30	−7	0	0	—
Payment of Series A Convertible Preferred Stock dividends	−6	−6	0	0	—
Funding of TRA Liability payments	−223,000	0	0	—	—
Funding of employee tax obligations upon vesting of share-based payments	−4	−6	0	0	—
Other financing activities	552,000	0	2	49,000	—
Net Cash Provided by (Used in) Financing Activities	30	−47	103	−28	332
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	2	−3	865,000	−504,000	−464,000
Change in cash and cash equivalents and restricted cash and cash equivalents	66	−491	185	−65	305

Filings

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