Supporting the community known for killer cars and fly attire, Mobil 1 Totally RAD Live features concert series, awesome cars, and fashion of the '80s and '90s plus new awardsTRAVERSE CITY, Mich., April 22, 2024 /PRNewswire/ -- RADwood, the original automotive lifestyle event celebrating the '80s and '90s, is getting radder thanks to its newest title sponsor, Mobil 1, the world's leading synthetic motor oil. Returning to Austin's Circuit of The Americas with a new format, RADwood attendees can expect a new, ...

Grosse Pointe, Michigan, April 17, 2024 (GLOBE NEWSWIRE) -- Broad Arrow Auctions, a Hagerty (NYSE:HGTY) company, is thrilled to announce the final list of consignments for the exclusive Porsche-only auction in partnership with the first-ever Air|Water standalone event, view the complete Digital Catalogue here. Air|Water is the brainchild of Luftgekühlt founder Patrick Long, who is well-known and respected in the Porsche world and has organized world-class gatherings for the Porsche community to celebrate no ...

Hagerty, Inc. (HGTY) shares ended the last trading session 5.8% higher at $8.93. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 0.4% loss over the past four weeks. Shares have risen as investors are optimistic about the company's focus on expanding its Insurance, Membership, and Marketplace businesses, setting it up for consistent profit growth in the years ahead. This company is expected to post quarterly earning ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2023 grew by 24% to $245 million, with full-year revenue growth of 27%, surpassing $1 billion for the first time [6][17] - Adjusted EBITDA improved from a loss of $2 million in 2022 to a positive $10 million in Q4 2023, marking a $12 million improvement [7][26] - Full-year operating income exceeded $10 million, with a margin expansion of 960 basis points [18][51] - Net income for Q4 2023 was $9 million, a significant improvement from a loss of $32 million in the previous year [25] Business Line Data and Key Metrics Changes - Commission revenue grew by 22% to $78 million, driven by written premium gains and strong underwriting results [48] - Membership, Marketplace, and other revenue decreased by 3% to $20 million due to the absence of a live auction in Q4 2023 [48] - Written premium growth was 19%, supported by robust new business count and improved retention [48] Market Data and Key Metrics Changes - Earned premium grew by 31% to $147 million, driven by new premium growth and a 10-point increase in contractual reinsurance quota share [24] - The online marketplace saw significant growth, with over 300,000 vehicles bought and sold, valued at over $14 billion, representing a double-digit increase from the prior year [21] Company Strategy and Development Direction - The company aims to improve customer loyalty to drive renewals and referrals, expecting to add over 250,000 new members in 2024 [9] - The acquisition of CNIC is intended to enhance underwriting profits and allow for new product launches targeting the classic and enthusiast market [10][53] - The company is focused on building Hagerty Marketplace into a trusted platform for buying and selling collectible vehicles, with a goal of increasing transaction volume and value [21][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving another year of growth and margin expansion in 2024, with an initial revenue growth outlook of 15% to 17% [27] - The company anticipates net income to more than double in 2024, reaching between $61 million and $70 million, and adjusted EBITDA growth of 41% to 53% [52] - Management noted that the operating environment remains favorable, with expectations for continued price increases in the insurance market [58] Other Important Information - The company reported a significant improvement in operating cash flow, which jumped 142% to $134 million in 2023 [51] - The company is strategically investing in technology and personnel to support long-term growth and profitability [46][53] Q&A Session Summary Question: Differences in loss profile for post-1980s collectible vehicles - Management indicated that while there may be slightly different loss ratios for post-1980s vehicles, they are developing sophisticated pricing models to manage this segment effectively [30] Question: Quota share stability for 2024 - Management confirmed that the quota share has stepped up to 80% and will remain stable moving forward [31] Question: Gross sales value of live auctions for 2023 - The company disclosed a total of $29 million for live auctions, including online sales and financing [35] Question: Ability to continue price increases amid cooling inflation - Management noted that they are observing industry peers' rate actions and will continue to implement single-digit rate increases in 2024 [58] Question: Top of the funnel alignment with total addressable market (TAM) - Management confirmed that the types of vehicles they are interested in are increasing significantly, particularly from the 1980s and beyond, aligning with their TAM [39][61] Question: Growth expectations for written premium in 2024 - Management expects written premium growth of 13% to 14%, driven by new customer growth and rate increases [70]

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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, Trav ...

For Immediate Release Hagerty Reports 2023 Results Expects Strong Growth and Margin Expansion to Continue in 2024 TRAVERSE CITY, Mich., March 12, 2024 /PRNewswire/ – Hagerty, Inc. (NYSE: HGTY), an automotive enthusiast brand and leading specialty vehicle insurance provider, announced today financial results for the three months and year ended December 31, 2023. "2023 was an excellent year at Hagerty as we successfully executed on our 2023 priorities and delivered results that consistently exceeded expectati ...

Hagerty, Inc. (NYSE:HGTY) Q3 2023 Earnings Call November 8, 2023 10:00 AM ET Company Participants Jason Koval - Senior Vice President, Investor Relations McKeel Hagerty - Chief Executive Officer Patrick McClymont - Chief Financial Officer Conference Call Participants Sidney Schultz - Raymond James Dan Lukpanov - Dowling & Partners Pablo Singzon - JPMorgan Operator Greetings and welcome to the Hagerty Third Quarter 2023 Earnings Call. At this time all participants are in a listen only mode. A brief question ...

& Investor Speakers: McKeel Hagerty | Chief Executive Officer Patrick McClymont | Chief Financial Officer Presentation FORWARD LOOKING STATEMENTS / NON-GAAP FINANCIAL MEASURES HAGERTY Adjusted EBITDA 2 See Appendix for additional information regarding this non-GAAP financial measure. Individuals who have an in-force insurance policy or HDC membership as of a specified point in time. HDC Paid Member Count HDC standalone plus insurance + HDC. A customer with an active/in-force paying HDC membership that has f ...

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 ☐ 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) Delaware 86-1213144 121 Drivers Edge, Traverse City, Michigan 49684 (Address of prin ...

: Investor Speakers: McKeel Hagerty | Chief Executive Officer Patrick McClymont | Chief Financial Officer FORWARD LOOKING STATEMENTS / NON-GAAP FINANCIAL MEASURES membership products as well as any new insurance programs and products we offer; (vi) manage the cyclical nature of the insurance business, including through any periods of recession, economic downturn or inflation; (vii) address unexpected increases in the frequency or severity of claims; (viii) comply with the numerous laws and regulations appli ...