Hagerty

Hagerty, Inc. engages in the provision of automotive insurance services. It offers insurance for classic and enthusiast vehicles. The company is headquartered in Traverse City, MI.

Earnings data Q4 2021

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Hagerty reports strong Q4 earnings, eyes profitability in 2023

Hagerty's Q4 2022 performance reflects solid revenue growth and progress towards profitability in 2023 through operational enhancements.
While facing financial challenges in the short term, the company's strategic initiatives and projected EBITDA improvement indicate a positive trajectory.
Analyst inquiries and management's responses underscore the importance of continued operational optimization and expense management for sustained success.

Hagerty reports strong Q1 growth and profitability outlook for 2023

Hagerty's Q1 2023 performance reflects robust revenue growth and positive adjusted EBITDA, underlining its strategic focus on expansion and profitability.
While facing challenges such as operating losses and non-operating impacts on net income, the company is actively addressing cost management and operational efficiency.
Opportunities lie in the projected revenue growth for 2023 and strategic initiatives like the State Farm integration, positioning Hagerty for sustained growth and market leadership.

Hagerty reports robust Q2 earnings, eyes growth through partnerships

Hagerty's Q2 2023 earnings call showcased strong financial performance, with notable revenue growth, profitability, and strategic partnerships driving the company's growth trajectory. While challenges exist in a competitive market, Hagerty's focus on efficiency and revenue diversification positions it well for future success. The company's increased revenue and EBITDA outlooks signal confidence in its ability to deliver sustained growth and profitability.

Hagerty reports robust Q3 earnings, eyes marketplace growth opportunities

Hagerty's Q3 2023 earnings call highlighted a strong financial performance, with revenue growth, improved EBITDA, and a focus on operational efficiency and profitability.
The company's solid financial standing, reinforced by a top-tier financial strength rating, positions them well for sustained growth and market credibility.
Optimism about future growth opportunities, especially in the marketplace segment, underscores Hagerty's strategic vision and potential for continued success.

Hagerty achieves $1B revenue milestone, eyes growth and profitability

Hagerty's Q4 2023 performance showcased robust revenue growth, improved margins, and a positive EBITDA turnaround, underlining its operational strength.
While facing challenges such as operational losses and the need for sustained profitability, Hagerty's strategic priorities for 2024 signal a focus on growth and efficiency.
With a positive outlook for 2024 and a strong foundation in place, Hagerty is poised to capitalize on opportunities for revenue expansion and market leadership.

Hagerty reports robust Q1 growth and reaffirms strong 2024 outlook

Hagerty's Q1 performance reflects strong revenue growth, improved margins, and a positive outlook for 2024.
The company's emphasis on customer experience, loyalty, and strategic initiatives positions it well for future growth.
While challenges exist in sustaining growth and managing partnerships, Hagerty's focus on opportunities for expansion and profitability bodes well for its long-term prospects.

Hagerty reports robust Q2 performance, eyes growth through strategic priorities

Hagerty's Q2 2024 performance reflects strong growth, financial health, and strategic actions to simplify its business and drive future expansion.
The company's focus on loyalty, member experience, and marketplace development aligns with its priorities for sustained growth and profitability.
With an increased outlook for revenue growth and adjusted EBITDA, Hagerty is poised for continued success in 2024 amidst market challenges and opportunities.

Hagerty reports strong Q3 performance and strategic growth outlook

Hagerty's Q3 2024 performance reflects a company on a growth trajectory, with a focus on member experience and sustained profitability.
Despite operational challenges, Hagerty's financial results demonstrate resilience and a strategic outlook for continued success in 2024.
By leveraging its strengths, addressing challenges, and seizing opportunities, Hagerty is poised to navigate market dynamics and drive future growth.

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Broad Arrow, a Hagerty (NYSE: HGTY) company, helped clients buy, sell, and finance collector cars resulting in nearly $316 million in total transactions across auctions, private sales, and financing in just its third year of operation. This represents 75 percent growth over 2023 results ($180 million in total transactions) despite challenging market conditions for collector cars. Look back at 2024 highlights via  this video .

Broad Arrow Delivers 75% Year-Over-Year Growth in 2024 with $316 Million in Transactions Across Auctions, Private Sales, and Financing

Grosse Pointe, Michigan, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Broad Arrow Auctions, a Hagerty (NYSE: HGTY) company, is thrilled to announce a 1959 Ferrari 250 GT LWB California Spider Competizione with coachwork by Scaglietti, chassis no. 1451 GT, to headline its third Amelia Auction on March 7-8, 2025.

Broad Arrow to Offer Ferrari 250 GT LWB California Spider Competizione at 2025 Amelia Auction

Analysis Reveals Upward Trend for Vehicles from post-1980s vehicles TRAVERSE CITY, Mich. , Dec. 9, 2024 /PRNewswire/ -- Hagerty, Inc., (NYSE: HGTY), an automotive enthusiast brand and leading specialty vehicle insurance provider, today announced its 2025 U.S. Bull Market list, the eighth annual selection of enthusiast vehicles the company expects to increase in value over the next year.

Hagerty Announces 2025 Bull Market List: 11 Collector Cars Poised to Gain Value in 2025

Grosse Pointe, Michigan, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Broad Arrow Auctions, a Hagerty (NYSE: HGTY) company, is delighted to present The Academy of Art University Collection as a stand-alone auction in San Francisco on February 15, 2025. The collection comprises more than 100 cars—including some of the most desirable American, European, and British pre- and post-War automobiles ever produced—offered entirely without reserve.

Broad Arrow Presents the Academy of Art University Collection of Over 100 Collectors Cars at Auction in February 2025

Grosse Pointe, Michigan, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Broad Arrow Auctions, a Hagerty (NYSE: HGTY) company, is thrilled to announce its partnership with BMW AG to become the official auction partner of the Concorso d'Eleganza Villa d'Este, starting in May 2025. As part of the Concorso d'Eleganza Villa d'Este event, Broad Arrow Auctions is expected to offer up to 70 of the highest quality collector cars for sale on the shores of Lake Como.

Broad Arrow Auctions, a Hagerty Company, Announces Partnership with BMW AG to Become the Official Auction Partner of The Concorso d'Eleganza Villa d'Este Beginning May 2025

TRAVERSE CITY, Mich. , Nov. 20, 2024 /PRNewswire/ -- The Amelia, a leading global concours weekend known for its racing roots and luxurious setting at the beautiful Ritz-Carlton, Amelia Island, today announced Hélio Castroneves as honoree for 2025, continuing the event's longstanding tradition as "the racer's concours.

Hélio Castroneves Named Honoree at The Amelia in 2025

TRAVERSE CITY, Mich. , Nov. 11, 2024 /PRNewswire/ -- Hagerty, Inc. (NYSE: HGTY), an automotive enthusiast brand and leading specialty vehicle insurance provider, announced today a new docuseries, Back on Track, following actor Patrick Dempsey's return to racing.

Patrick Dempsey Returns to Racing in Back on Track Docuseries from the Mobil 1™ brand and Hagerty

Hagerty, Inc. (NYSE:HGTY ) Q3 2024 Earnings Conference Call November 7, 2024 10:00 AM ET Company Participants Jay Koval - Senior Vice President, Investor Relations McKeel Hagerty - Chief Executive Officer & Chairman Patrick McClymont - Chief Financial Officer Conference Call Participants Pablo Singzon - JPMorgan Mark Hughes - Truist Securities Operator Greetings and welcome to the Hagerty Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode.

Hagerty, Inc. (HGTY) Q3 2024 Earnings Call Transcript

Hagerty, Inc. (HGTY) came out with quarterly earnings of $0.05 per share, missing the Zacks Consensus Estimate of $0.08 per share. This compares to earnings of $0.05 per share a year ago.

Hagerty, Inc. (HGTY) Misses Q3 Earnings Estimates

Third quarter 2024 Total Revenue increased 17% year-over-year to $323.4 million, and year-to-date 2024 Total Revenue increased 20% year-over-year to $908.3 million Third quarter 2024 Written Premium increased 13% year-over-year to $287.6 million, and year-to-date 2024 Written Premium increased 16% year-over-year to $827.1 million Third quarter 2024 Marketplace revenue increased 66% year-over-year to $21.6 million, and year-to-date 2024 Marketplace revenue increased 54% year-over-year to $38.3 million Third quarter 2024 Loss Ratio of 60.0% (includes $24.7 million of pre-tax catastrophe losses related to Hurricane Helene) compared to 41.1% in the prior year period. Year-to-date 2024 Loss Ratio of 47.7% compared to 41.5% in the prior year period Third quarter 2024 Net Income of $19.0 million, an increase of $0.4 million compared to the prior year period, and year-to-date 2024 Net Income of $69.9 million, an increase of $50.7 million compared to the prior year period Third quarter 2024 Adjusted EBITDA of $24.2 million, a decrease of $13.2 million compared to the prior year period, and year-to-date 2024 Adjusted EBITDA of $104.6 million, an increase of $26.2 million compared to the prior year period Increased 2024 growth outlook for Total Revenue to 18-19% and Written Premium to 15%.

Hagerty Reports Third Quarter 2024 Results; Updates 2024 Outlook for Revenue and Profit Growth

TRAVERSE CITY, Mich., Oct. 24, 2024 /PRNewswire/ -- Hagerty, Inc. (NYSE: HGTY), an automotive enthusiast brand and a leading specialty vehicle insurance provider, today announced it will report its third quarter 2024 financial results before the market opens on Thursday, November 7, 2024.

Hagerty to Report Third Quarter 2024 Results and Host Conference Call on Thursday, November 7, 2024

Grosse Pointe, Michigan, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Broad Arrow Auctions, a Hagerty (NYSE: HGTY) company, has released the complete digital catalog for its upcoming inaugural Chattanooga Auction, set for October 12, 2024 at the Chattanooga Convention Center in Tennessee. With more than 90 collector cars on offer at the single-day sale, the auction presents standout models from nearly every collecting category, from American and European classics of the 1950s to sought-after modern supercars.

Complete Digital Catalog for Broad Arrow's Inaugural Chattanooga Auction Now Available

Grosse Pointe, Michigan, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Broad Arrow Auctions is delighted to announce additional featured consignments for its inaugural Chattanooga Auction, set for October 12 in partnership with the 2024 Chattanooga Motorcar Festival.

Broad Arrow Brings Alan Mann Heritage Edition Ford GT and Unique Private Collections to Debut Chattanooga Auction

MEDFORD, Mass. & TRAVERSE CITY, Mich.--(BUSINESS WIRE)--Agero, the leading white-label provider of digital driver assistance services and software for the majority of automotive and auto insurance companies, today announced it has renewed its multi-year partnership with Hagerty (NYSE: HGTY), an automotive enthusiast brand and a leading specialty vehicle insurance provider. With this agreement, Agero will continue providing unparalleled roadside assistance services to Hagerty clients and Hagerty.

Hagerty Renews Multi-Year Partnership with Agero to Continue Delivering Specialized Roadside Assistance to Driving Enthusiasts

Here is how Hagerty, Inc. (HGTY) and Prosus N.V. Sponsored ADR (PROSY) have performed compared to their sector so far this year.

Are Retail-Wholesale Stocks Lagging Hagerty (HGTY) This Year?

TRAVERSE CITY, Mich. , Aug. 30, 2024 /PRNewswire/ -- Hagerty is thrilled to announce the return of an expanded, festival experience at RADwood Detroit – the ultimate '80s and '90s car and music festival – set against the backdrop of the iconic city of Detroit on Saturday, September 14 (11:30 a.m.

Hagerty Celebrates Car Culture in the Heart of Motor City with Return of RADwood Detroit and New 'Cars at the Station' Community Pre-Event

Live Webcast Available TRAVERSE CITY, Mich. , Aug. 29, 2024 /PRNewswire/ -- Hagerty, Inc. (NYSE: HGTY), an automotive enthusiast brand and a leading specialty vehicle insurance provider, today announced it will present at the KBW Insurance Conference at 4:35 p.m.

Hagerty to Participate in the KBW Insurance Conference on September 5th, 2024

Purchase Your Automotive Experience Starting September 12, 2024 TRAVERSE CITY, Mich. , Aug. 28, 2024 /PRNewswire/ -- The Amelia by Hagerty (NYSE: HGTY) celebrates 30 years of global motoring excellence as it returns to the breathtaking oceanside Golf Club of Amelia Island and The Ritz-Carlton Resort from March 6 – March 9, 2025.

The Amelia Celebrates 30 Years of Global Motoring Excellence; Welcomes New Era of Automotive Passion

Premier event featured Broad Arrow Auction which generated $71.5M during two-day sale TRAVERSE CITY, Mich. , Aug. 20, 2024 /PRNewswire/ --­­ Motorlux, a Hagerty event, once again served as the iconic party that sets the stage for Monterey Car Week at the Monterey Jet Center on Wednesday, August 14, 2024.

Motorlux Attracts 4,100 Guests to Celebrate Automotive Artistry, Luxury Travel, Culinary Creativity and Runway-Inspired Auction

Here is how Hagerty, Inc. (HGTY) and Tecnoglass (TGLS) have performed compared to their sector so far this year.

Is Hagerty (HGTY) Stock Outpacing Its Retail-Wholesale Peers This Year?

TRAVERSE CITY, Mich. , Aug. 7, 2024 /PRNewswire/ -- Motorlux will celebrate the start of Monterey Car Week at the Monterey Jet Center on Wednesday, August 14, 2024, alongside Broad Arrow Auctions for the first day of their two-day auction.

Global Vehicle Debuts, Iconic Cars and Luxury Aviation Pair with Local Wines, Superstar Chefs and Auction Action at Motorlux

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Hagerty, Inc. (HGTY) came out with quarterly earnings of $0.12 per share, beating the Zacks Consensus Estimate of $0.09 per share. This compares to earnings of $0.05 per share a year ago.

Hagerty, Inc. (HGTY) Q2 Earnings and Revenues Surpass Estimates

Increases 2024 Outlook for Revenue and Profit Growth Second quarter 2024 Total Revenue increased 20% year-over-year to $313.2 million, and year-to-date 2024 Total Revenue increased 22% year-over-year to $584.9 million Second quarter 2024 Written Premium increased 16% year-over-year to $321.2 million, and year-to-date 2024 Written Premium increased 18% year-over-year to $539.5 million Second quarter 2024 Operating Income margin expanded by 560 bps compared to the prior year period, and year-to-date 2024 Operating Income margin expanded by 840 bps compared to the prior year period Second quarter 2024 Net Income of $42.7 million, an increase of $27.1 million compared to the prior year period, and year-to-date 2024 Net Income of $50.9 million, an increase of $50.3 million compared to the prior year period Second quarter 2024 Adjusted EBITDA of $53.1 million, an increase of $18.7 million compared to the prior year period, and year-to-date 2024 Adjusted EBITDA of $80.4 million, an increase of $39.4 million compared to the prior year period Delivered Policies in Force Retention of 89% and maintained a Net Promoter Score of 82 Increased 2024 growth outlook for Total Revenue to 16-18%, Written Premium of 14-15%, Net Income of 170-198% and Adjusted EBITDA of 47-59% Completed warrant exchange offer and mandatory exchange in July 2024, whereby the Company issued 3.9 million shares of Class A Common Stock in exchange for 19.5 million warrants TRAVERSE CITY, Mich. , Aug. 6, 2024 /PRNewswire/ -- Hagerty, Inc. (NYSE: HGTY), an automotive enthusiast brand and leading specialty vehicle insurance provider, announced today financial results for the three and six months ended June 30, 2024.

Hagerty Reports Second Quarter 2024 Results

TRAVERSE CITY, Mich., Aug. 1, 2024 /PRNewswire/ -- Hagerty, Inc., (NYSE: HGTY) an automotive enthusiast brand and leading specialty vehicle insurance provider, has named Sean McMullan, Amazon veteran and intrapreneur, as its new Senior Vice President of Digital Marketplace and Valuation, effective August 26, 2024.

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