Revenue Growth - Full year 2024 Total Revenue increased 20% year-over-year to $1.200 billion, with Written Premium up 15% to $1.044 billion[6]. - For 2025, Hagerty anticipates Total Revenue growth of 12-13% and Written Premium growth of 13-14%[14]. - Total revenue for the three months ended December 31, 2024, was $291,731,000, representing a 19.1% increase from $245,043,000 in the same period of 2023[23]. - For the year ended December 31, 2024, total revenue was $1,200,038,000, a 20.0% increase from $1,000,213,000 in 2023[25]. - Total revenue rose to $1,200,038,000, reflecting a 20.0% increase from $1,000,213,000 in the previous year[31]. Net Income and Earnings - Full year 2024 Net Income surged 178% to $78.3 million, while Adjusted EBITDA rose 41% to $124.5 million[6]. - The company expects Net Income growth of 30-40% and Adjusted EBITDA growth of 21-29% in 2025, incorporating $20 million in elevated technology investments[14]. - Net income for the year rose to $78,303,000, reflecting a 177.9% increase from $28,179,000 in 2023[25]. - The consolidated net income for the year ended December 31, 2024, was $78,303,000, compared to $28,179,000 in 2023, showing a substantial increase[41]. - The adjusted consolidated net income for the year ended December 31, 2024, was $86,847,000, up from $16,636,000 in 2023, indicating strong year-over-year growth[41]. Operating Performance - Fourth quarter 2024 Operating Income increased 538% year-over-year to $66.4 million, with a full year Operating Income margin expanding by 450 basis points[8][10]. - Operating income for the year increased dramatically by 538.1% to $66,418,000 from $10,408,000 in the previous year[25]. - Operating income improved significantly to $6,038,000, a 193.3% increase from a loss of $6,473,000 in the previous year[23]. - Adjusted EBITDA for the year was $124,473,000, representing a 41.2% increase from $88,162,000 in 2023[31]. Membership and Marketplace Growth - Hagerty added a record 279,000 new members in 2024, contributing to a 90% increase in Marketplace revenue to $54.3 million[3][6]. - Hagerty's membership revenue for 2024 increased 10% year-over-year to $57.5 million, with Hagerty Drivers Club paid members rising 7% to approximately 876,000[8]. - Membership, marketplace, and other revenue surged by 68.4%, reaching $33,901,000 compared to $20,135,000 in the prior year[23]. Policy and Retention Metrics - Policies in Force Retention improved to 89.0% as of December 31, 2024, with total insured vehicles increasing 8% year-over-year to 2.6 million[8]. - The number of new business counts in insurance grew to 278,556, a 9.5% increase from 254,386 in 2023[31]. Financial Position - Total assets as of December 31, 2024, amounted to $1,709,338,000, up from $1,588,212,000 in 2023[27]. - Total liabilities increased slightly to $1,101,169,000 from $1,094,867,000 year-over-year[27]. - The company reported a net cash provided by operating activities of $177,024,000, compared to $133,706,000 in 2023[31]. - Ending cash and cash equivalents decreased to $232,845,000 from $724,276,000 in 2023[31]. Earnings Per Share - The company reported a basic earnings per share of $0.10 for the year ended December 31, 2024, down from $0.19 in 2023[25]. - The Basic EPS for the year ended December 31, 2024, was $0.10, down from $0.19 in 2023, while the Adjusted EPS increased to $0.24 from $0.04[41]. Loss Ratios and Other Metrics - The fourth quarter 2024 Loss Ratio was 42.8%, including a 2.4% impact from catastrophe losses, compared to 41.5% in the prior year[8]. - The Hagerty Re loss ratio increased to 46.4% from 41.5%, indicating a 4.9% rise[31]. - The company experienced a loss of $5,529,000 attributable to non-controlling interest for the three months ended December 31, 2023, highlighting volatility in this area[41].

Core Insights - Broad Arrow Auctions, a subsidiary of Hagerty, is set to feature a highly valued 1959 Ferrari 250 GT LWB California Spider Competizione at the upcoming Amelia Auction, with an estimated value between $10,000,000 and $14,000,000 [1][2][3] Company Overview - Broad Arrow Auctions is recognized as a leading global collector car auction house, founded in 2021 by industry veterans, and has rapidly grown to become a significant player in the auction market [6] - The company has expanded its global presence, with plans to launch its first European auction in May 2025, further solidifying its position in the collector car segment [6] Auction Details - The Amelia Auction will take place on March 7-8, featuring a total of 169 lots, including 166 cars, 2 tractors, and 1 child's go-kart, with more than half of the catalog offered without reserve [3][4] - The auction will showcase a variety of vehicles, from pre-war classics to modern supercars, highlighting the diversity and appeal of collector cars [3][8] Featured Vehicles - The auction will include notable vehicles such as a 1954 Jaguar D-Type Works Competition, estimated at $6,500,000 to $8,500,000, and a 1971 Lamborghini Miura P400 SV, estimated at $4,500,000 to $5,000,000 [8] - Other highlighted vehicles include a 1990 Ferrari F40 and a 2015 Porsche 918 Spyder, with estimates of $3,800,000 to $4,200,000 and $2,250,000 to $2,400,000 respectively [8]

Core Viewpoint - Hagerty, Inc. is set to report its fourth quarter 2024 financial results on March 4, 2025, before market opening [1] Group 1: Financial Reporting - The financial results will be discussed in a conference call scheduled for 10:00 am Eastern Time on the same day [2] - A live webcast of the conference call will be available on Hagerty's investor relations website [2] Group 2: Company Overview - Hagerty is a leading specialty vehicle insurance provider and an automotive enthusiast brand, dedicated to preserving driving culture for future generations [3] - The company offers specialty vehicle insurance, car valuation data, auction services, and automotive entertainment for over 67 million car enthusiasts in the U.S. [3] - Hagerty operates in Canada and the U.K. and has a community of over 865,000 members in the Hagerty Drivers Club [3]

Core Insights - Broad Arrow Auctions successfully launched its 2025 auction calendar with The Academy of Art University Collection Auction, achieving total sales of $14.5 million from 105 collector cars sold without reserve [1][2][3] Auction Highlights - The auction featured enthusiastic bidding from 13 countries, with over 50% of registered bidders participating online [2] - The top sale was a 1955 Mercedes-Benz 300 SL Gullwing, which sold for $1,490,000, exceeding its estimate of $1,200,000 - $1,500,000 [2][3] - Other notable sales included a 1933 Chrysler Custom Imperial Phaeton at $1,039,000 and a 1937 Squire Drophead Coupe at $643,000, both surpassing their estimates [3][4] Company Performance - Caroline Cassini, Senior Car Specialist at Broad Arrow, emphasized the strong demand for classic collector cars, indicating the company's expertise in matching cars with buyers [3] - The auction demonstrated continued enthusiasm for the classic car market, with many lots fiercely contested by bidders [3] Upcoming Events - Broad Arrow Auctions will focus on its third annual Amelia Auction scheduled for March 7-8, featuring over 165 collector cars, including notable Le Mans legends [5]

Core Viewpoint - Broad Arrow Auctions, a subsidiary of Hagerty, is set to host its third annual Amelia Auction on March 7-8, 2025, featuring a total of 169 lots, including 166 cars, 2 tractors, and 1 child's go-kart, showcasing a range of highly desirable supercars and collector vehicles [1][3]. Auction Highlights - The auction will feature a 1971 Lamborghini Miura P400 SV, estimated between $4,500,000 and $5,000,000, recognized as the world's first true supercar, with only about 150 "SV" specification Miuras built [2][3]. - A 1990 Ferrari F40, estimated at $3,800,000 to $4,200,000, is included, being one of only 213 F40s delivered to the U.S. and showing just 1,248 original miles [3]. - A 2018 Pagani Huayra Roadster, estimated between $3,200,000 and $3,600,000, is presented in essentially as-new condition with only 99 miles [4]. - The auction will also feature a 2015 Porsche 918 Spyder, estimated at $2,250,000 to $2,400,000, one of only 300 U.S.-market examples with just 887 miles [5]. - A 2008 Bugatti Veyron 16.4, estimated between $1,800,000 and $2,000,000, is highlighted as a first-generation hypercar with only 3,756 miles [6]. - Additional notable vehicles include a 2019 Lamborghini Aventador SVJ 63, estimated at $950,000 to $1,100,000, and a 1959 Ferrari 250 GT LWB California Spider Competizione, among others [7][11]. Company Background - Broad Arrow Auctions, founded in 2021, is a leading global collector car auction house and is recognized as the fastest-growing auction house in its segment, with flagship events including The Amelia Auction and plans for expansion into Europe in May 2025 [8]. - Hagerty, the parent company, is a prominent automotive enthusiast brand providing specialty vehicle insurance and car valuation services, catering to a community of over 865,000 car enthusiasts [9].

Core Insights - Broad Arrow Auctions, a subsidiary of Hagerty, will feature the 1954 Jaguar D-Type Works Competition Car, chassis no. XKD 403, at its 2025 Amelia Auction, with an estimated sale price of $6,500,000 to $8,500,000 [1][4] Company Overview - Broad Arrow Auctions is a leading global collector car auction house, founded in 2021, and has rapidly expanded its presence in the auction market [11] - The company is known for its flagship events, including The Amelia Auction and plans to launch its first European auction in May 2025 [11] Industry Context - The Jaguar D-Type is recognized for its revolutionary design and engineering, contributing to Jaguar's three consecutive Le Mans victories [2] - The car on offer, 'OKV 2,' was part of Jaguar's initial strategy for the 1954 24 Hours of Le Mans and was driven by notable racers including Stirling Moss [3][4] Auction Details - The 2025 Amelia Auction is scheduled for March 7-8, 2025, at the Ritz-Carlton Amelia Island, and will feature other significant cars alongside the D-Type [8][9] - The auction will be conducted without reserve, indicating that the car will be sold to the highest bidder regardless of the price [1][4]

Core Insights - Broad Arrow Auctions, a subsidiary of Hagerty, is set to auction a significant early Ferrari model, the 1948 Ferrari 166 Spyder Corsa, at the inaugural Concorso d'Eleganza Villa d'Este Auction with an estimated value of €5.5 million to €7.5 million [1][3] Company Overview - Broad Arrow Auctions is a leading global collector car auction house founded in 2021, known for its high-quality car offerings and rapid growth in the auction segment [5] - The company is expanding its global presence, launching its first European auction in May 2025 in partnership with BMW AG at the prestigious Concorso d'Eleganza Villa d'Este [3][5] Auction Details - The 1948 Ferrari 166 Spyder Corsa, chassis number 004 C, has a rich history, including participation in notable races such as the 1948 Targa Florio and Mille Miglia [1][2] - The car comes with Ferrari Classiche White Book certification and has been in the same family for 50 years, enhancing its provenance [2] - Broad Arrow will feature 70 high-quality collector cars during the auction weekend, providing a premium auction experience [3] Auctioneer Profile - Thomas Forrester, a prominent UK auctioneer with over 20 years of experience, will lead the auction at the Concorso d'Eleganza Villa d'Este [3]

Core Insights - Reverie is an immersive hospitality experience celebrating 30 years of The Amelia, featuring automotive-themed culinary pairings and entertainment [1][2][3] - The event will take place on March 6, 2025, at the Ritz-Carlton Amelia Island, showcasing a blend of automotive passion and gourmet cuisine [1][3] Event Details - Guests will enjoy a cocktail reception with roving performers, followed by themed vignettes featuring automotive marques from the Broad Arrow Auction preview [2] - Culinary pairings include dishes inspired by classic cars, such as risotto with shaved black truffle paired with a 1959 Ferrari 250 GT and fresh gulf oysters with a 1998 Ferrari 550 Maranello [5] Immersive Experiences - The event will feature a live DJ, exclusive lounges, and a hosted bar with top-shelf cocktails and cuisine prepared by Ritz-Carlton chefs [3] - Additional experiences include a Fedora Hat & Cigar Bar, a Fragrance Studio for creating personalized scents, and live poetry and sketch artists [6] Broader Context - The Amelia is a prestigious motoring event that attracted a record-breaking 27,000 enthusiasts in its 29th year, highlighting the growing interest in automotive culture [8] - Hagerty, the parent company of Broad Arrow Auctions, is a leading provider of specialty vehicle insurance and automotive entertainment, catering to a community of over 865,000 car enthusiasts [9]

Core Insights - Broad Arrow Auctions, a subsidiary of Hagerty, will feature a 1959 Ferrari 250 GT LWB California Spider Competizione at its upcoming Amelia Auction, with an estimated sale price between $10 million and $14 million [1][6]. Auction Details - The auction is scheduled for March 7-8, 2025, at the Ritz-Carlton Amelia Island in Florida [1]. - This Ferrari is noted as one of the most valuable cars ever offered in the history of the Amelia Island auction week [6]. Vehicle Specifications - The car is one of only eight aluminum-bodied Ferrari 250 GT LWB California Spider Competizione models produced, featuring a competition-specification engine and various rare competition features [2]. - It has a 9.6:1 compression ratio, producing 262.5 horsepower, and includes a 35-gallon fuel tank [2]. Historical Significance - Completed just before the 1959 24 Hours of Le Mans, the car achieved a fifth-place overall finish and third in the GT Class during its racing debut [3]. - The vehicle has a rich racing history and has participated in numerous prestigious events, including the Pebble Beach Concours d'Elegance [4][5]. Company Background - Broad Arrow Auctions is recognized as a leading global collector car auction house, founded in 2021 by industry veterans [7]. - The company is expanding its global presence, with plans for its first European auction in May 2025 [7].

Core Insights - Broad Arrow Auctions has partnered with BMW AG to become the official auction partner of the Concorso d'Eleganza Villa d'Este, starting in May 2025 [1][3] - The Concorso d'Eleganza Villa d'Este is one of the oldest and most prestigious concours events, founded in 1929, and will feature Broad Arrow's auction on May 24, 2025 [2] - This partnership marks Broad Arrow's debut in overseas live auctions, following successful sales in North America, indicating the company's rapid growth in the collector car auction market [3][4] Company Overview - Broad Arrow Auctions is a subsidiary of Hagerty, which has established itself as a leader in the collector car auction industry within a short span of three years [4] - The company aims to enhance its presence in Europe and better serve high net worth clients and automotive enthusiasts [4] Event Details - The auction will take place at Villa Erba, with up to 70 high-quality collector cars expected to be offered for sale [1][2] - The event will include a public parade of Historic Cars on Sunday, following the limited ticketed events on Saturday [2] Strategic Importance - The partnership with BMW is seen as a significant endorsement of Broad Arrow's capabilities and reputation in the auction space [3] - The collaboration is expected to create a highlight for visitors and elevate the overall experience of the Concorso d'Eleganza Villa d'Este [3]