Most recently, Briglia was the President and CEO of Plymouth Rock Assurance's Direct and Partner Group. In this role, he helped the company create the foundational processes to drive transformational improvements in the company's growth and profitability, particularly for their direct-to-consumer business. He also led important strategic and operational changes with key partners. TRAVERSE CITY, Mich., May 31, 2024 /PRNewswire/ -- Hagerty (NYSE: HGTY) announced today that Jeff Briglia has been named Hagerty' ...

Grosse Pointe, MI, May 13, 2024 (GLOBE NEWSWIRE) -- Broad Arrow Private Sales, a Hagerty Company, is thrilled to present the 1976 McLaren M23, chassis M23-12, a rare example of one of the most celebrated chassis to have come out of the McLaren Grand Prix factory, now available for purchase offered by Broad Arrow Private Sales, with pricing available upon request. An exquisite machine, it was driven exclusively in period by Jochen Mass in six Grand Prix events and includes points finishes in Spain and Monaco ...

Hagerty Inc. (NYSE:HGTY) Q1 2024 Earnings Conference Call May 7, 2024 10:00 AM ET Company Participants Jay Koval - Senior Vice President of Investor Relations McKeel Hagerty - CEO & Director Patrick McClymont - Chief Financial Officer Conference Call Participants Mark Hughes - Truist Securities Pablo Singzon - JPMorgan Operator Greetings and welcome to the Hagerty First Quarter 2024 Earnings Call. This time, all participants are in a listen-only mode, and a question-and-answer session will follow the formal ...

| --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | This presentation contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. These forward-looking statements reflect our current expectations and projections with respect to our expected future business and financial performan ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to _______ Commission file number: 001-40244 HAGERTY, INC. (Exact name of registrant as specified in its charter) 121 Drivers Edge, Traverse City, Mi ...

Hagerty, Inc. (HGTY) came out with quarterly earnings of $0.04 per share, beating the Zacks Consensus Estimate of $0.03 per share. This compares to loss of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 33.33%. A quarter ago, it was expected that this company would post a loss of $0.01 per share when it actually produced a loss of $0.01, delivering no surprise.Over the last four quarters, the company has surpassed conse ...

Financial Performance - First quarter 2024 Total Revenue increased 24% year-over-year to $271.7 million[5] - First quarter 2024 Written Premium increased 19% year-over-year to $218.3 million[5] - First quarter 2024 Net Income of $8.2 million, an increase of $23.2 million compared to the prior year period[5] - First quarter 2024 Adjusted EBITDA of $27.3 million, an increase of $20.6 million compared to the prior year period[5] - Total revenue for Q1 2024 was $271,708,000, representing a 24.4% increase from $218,352,000 in Q1 2023[20] - Net income for Q1 2024 was $8,199,000, a significant improvement compared to a net loss of $15,025,000 in Q1 2023, marking a 154.6% change[20] - Total written premium increased to $218,286,000 in Q1 2024, up from $182,850,000 in Q1 2023, reflecting a growth of 19.4%[26] - Adjusted EBITDA for Q1 2024 was $27,327,000, compared to $6,705,000 in Q1 2023, indicating a substantial increase[26] - Operating income for Q1 2024 was $12,224,000, a turnaround from an operating loss of $16,489,000 in Q1 2023, representing a 174.1% change[20] - Adjusted EPS for Q1 2024 was $0.04, compared to a loss of $0.04 in Q1 2023, demonstrating a turnaround in earnings per share[36] Revenue Breakdown - First quarter 2024 Marketplace revenue increased 58% year-over-year to $10.5 million[7] - First quarter 2024 Membership revenue increased 7% year-over-year to $13.5 million[7] - Membership, marketplace, and other revenue grew by 17.9% to $31,249,000 in Q1 2024 from $26,509,000 in Q1 2023[20] Operational Metrics - Policies in Force Retention was 88.7% as of March 31, 2024, compared to 87.9% as of March 31, 2023[7] - The company reported a loss ratio of 41.1% for Q1 2024, slightly improved from 41.3% in Q1 2023[26] - The number of new business counts in insurance reached 59,286 in Q1 2024, up from 51,762 in Q1 2023[26] Cash and Assets - Cash and cash equivalents increased to $131,207,000 as of March 31, 2024, compared to $108,326,000 at the end of 2023[22] - Total assets decreased slightly to $1,570,248,000 as of March 31, 2024, from $1,588,212,000 at the end of 2023[22] Future Outlook - Reaffirmed 2024 Outlook for Total Revenue growth of 15-17% and Net Income growth of 116-148%[11] - The company projects a net income range of $61,000 to $70,000 for the full year 2024, with an Adjusted EBITDA forecast between $124,000 and $135,000[31] - Key 2024 business priorities include expanding insurance offerings in the post-1980s collectible space[11] Shareholder Information - The weighted average shares of Class A Common Stock outstanding increased to 84,656 in Q1 2024 from 83,227 in Q1 2023[36] - The total potentially dilutive shares outstanding increased to 290,024 in Q1 2024 from 281,994 in Q1 2023, indicating potential dilution in future earnings[36] Expenses - Depreciation and amortization expenses for Q1 2024 were $10,560, down from $13,743 in Q1 2023, contributing to improved EBITDA[31] - Interest and other expenses for Q1 2024 were $7,244, compared to $5,647 in Q1 2023, reflecting increased financial costs[31] Valuation Metrics - The company reported a change in fair value of warrant liabilities of $6,140 in Q1 2024, compared to $515 in Q1 2023, indicating increased valuation of warrants[31] - The company has highlighted the importance of Adjusted EPS as a measure of operating performance, despite its limitations as a non-GAAP metric[35]

Grosse Pointe, MI, April 30, 2024 (GLOBE NEWSWIRE) -- Broad Arrow Auctions, a Hagerty (NYSE:HGTY) company, is pleased to announce the results for the exclusive Porsche-only auction in partnership with the first-ever Air|Water standalone event held this past Saturday, April 27th at the Orange County Fairgrounds in California.  The auction consisted of 56 cars and 41 lots of memorabilia and saw strong attendance from both registered bidders and their guests alongside show spectators, resulting in a standing-r ...

Featured classes in Saturday's Concours de Sport include The Cars of Alejandro De Tomaso, Performance Station Wagons and Racecars of Thompson Speedway; Sunday Concours d'Elegance will feature Bertone, Porsche Carrera and LamborghiniTRAVERSE CITY, Mich., April 26, 2024 /PRNewswire/ -- The Greenwich Concours d'Elegance, an annual enthusiast motoring event, features a meticulously curated selection of vehicles, embodying the pinnacle of automotive design and engineering from May 31st to June 2nd in Greenwich, ...

TRAVERSE CITY, Mich., April 23, 2024 /PRNewswire/ -- Hagerty, Inc. (NYSE: HGTY), an automotive enthusiast brand and a leading specialty vehicle insurance provider, today announced it will report its first quarter 2024 financial results before the market opens on Tuesday, May 7, 2024. Hagerty will hold a conference call to discuss the financial results at 10:00 am Eastern Time on that day. A live webcast of the conference call will be available on Hagerty's investor relations website at investor.hagerty.com. ...