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Hagerty, Inc. (NYSE: HGTY) is a globally recognized automotive enthusiast brand, deeply rooted in the car culture with a mission to save driving for future generations. Established initially as a niche insurance agency focusing on collector cars, Hagerty has grown into the world’s largest membership organization for car lovers. The company's offerings include specialty automotive insurance, car valuation data and insights, live and digital car auction services, and a suite of immersive events catering to car enthusiasts.
Hagerty's core business revolves around providing specialty automotive insurance, underwriting, selling, and servicing policies for classic cars and enthusiast vehicles. The majority of its revenue comes from commissions and fees, and it serves customers in Europe, Canada, and the United States.
Key to Hagerty’s appeal is its Hagerty Drivers Club, which boasts over 800,000 members globally. The club offers integrated membership products and unique programs that create engaging experiences for car lovers. Events like the Greenwich Concours d’Elegance and the California Mille, alongside media and valuation services, further cement Hagerty's position in the automotive community.
Hagerty is also notable for its extensive media presence, providing automotive content through various channels including the recently launched Hagerty Media on Samsung TV Plus, reaching millions of viewers with original programming.
Financially, Hagerty has demonstrated robust growth, achieving over $1 billion in revenue in 2023, with expectations of continued strong performance in 2024. The company’s strategic focus on efficiency and expanding its product offerings has resulted in significant profitability improvements. Hagerty is also actively involved in community and environmental initiatives, embodying a purpose-driven approach to its business operations.
Motorlux, kicking off Monterey Car Week on August 14, 2024, at the Monterey Jet Center, promises an exciting blend of automotive excellence and culinary delights. The event will feature global vehicle debuts, iconic cars, and luxury aviation displays. Highlights include:
- Broad Arrow Auctions offering 65 cars, including rare models like the Porsche 911 GT1 Rennversion
- McLaren showcasing the new Artura Spider and 750S
- Kindred Motorworks debuting its EV Bronco
- Lotus Cars presenting the 400hp Emira Turbo
- Vista Jet displaying its Challenger 350 aircraft
The event will also feature culinary offerings from 25 world-class chefs and a selection of premier local Monterey wines.
Hagerty (NYSE: HGTY) reported strong Q2 2024 results, with Total Revenue up 20% year-over-year to $313.2 million. The company saw significant growth across key metrics:
- Written Premium increased 16% to $321.2 million
- Net Income rose to $42.7 million, up $27.1 million from last year
- Adjusted EBITDA grew to $53.1 million, an $18.7 million increase
Hagerty also raised its 2024 outlook, now expecting:
- Written Premium growth of 14-15%
- Total Revenue growth of 16-18%
- Net Income growth of 170-198%
- Adjusted EBITDA growth of 47-59%
The company maintained strong customer retention with a Policies in Force Retention of 89% and a Net Promoter Score of 82.
Hagerty, Inc. (NYSE: HGTY), a leading specialty vehicle insurance provider, has appointed Sean McMullan as its new Senior Vice President of Digital Marketplace and Valuation, effective August 26, 2024. McMullan, a former Amazon executive with nearly two decades of experience, will focus on driving profitable growth for Hagerty's Digital Marketplace and enhancing digital product offerings, including the Hagerty Valuation Tool.
At Amazon, McMullan held various leadership roles, most recently serving as Director of Artist Services for Amazon Music. His experience includes launching innovative products, international expansion, and building digital retail businesses. CEO McKeel Hagerty expressed excitement about McMullan's innovative mindset and expertise in digital marketplaces, which are expected to drive future growth and improve the buying and selling experience for auto enthusiasts.
Hagerty, Inc. (NYSE: HGTY), an automotive enthusiast brand and leading specialty vehicle insurance provider, has announced its plans to report second quarter 2024 financial results on Tuesday, August 6, 2024, before the market opens. The company will host a conference call to discuss the results at 10:00 am Eastern Time on the same day.
Investors and interested parties can access the live webcast of the conference call on Hagerty's investor relations website at investor.hagerty.com. For those who prefer to dial in, the toll-free number is (877) 423-9813, and the international number is (201) 689-8573. Participants are advised to dial in 10 minutes before the scheduled start time. A webcast replay of the call will be available on the investor relations website following the event.
Hagerty's 2024 'Future of Driving' survey reveals a strong interest in collector vehicles among Gen-Z, with 60% expressing interest compared to 31% of Baby Boomers. Key findings include:
- 77% of Gen Z respondents love or like driving
- 32% of Gen-Z and 30% of Millennials have owned or currently own a classic enthusiast vehicle
- SUVs are the most popular vehicle type overall, but Gen Z shows nearly equal interest in luxury cars
- 50% of drivers feel a sense of freedom when driving
- 27% perform DIY repairs, with Millennials most likely at 34%
The survey highlights a generational shift in car collecting, with younger enthusiasts showing interest in vehicles from the past four decades. Social media and car shows play important roles in introducing Gen Z to classic cars. Mazda Miatas (1990-1998) are the most inquired-about cars for insurance coverage among Gen Z enthusiasts.
Hagerty (NYSE: HGTY), an automotive enthusiast brand and specialty vehicle insurance provider, has appointed Anthony (Tony) J. Kuczinski to its Board of Directors, effective July 9, 2024. Kuczinski brings over 34 years of extensive experience in the insurance industry, having served as CEO of Munich Re US and holding various leadership roles. He also offers strategic advisory services and serves on multiple boards in the insurance sector. His appointment is expected to contribute significantly to Hagerty's long-term growth strategies. McKeel Hagerty, CEO and Chairman of the Board, expressed confidence in Kuczinski's ability to bolster Hagerty's profitable growth and enhance its offerings for automotive enthusiasts.
Hagerty, an automotive enthusiast brand and specialty vehicle insurance provider, announced the expiration and results of its exchange offer and consent solicitation for its various outstanding warrants. The offer expired on July 2, 2024, with 87.3% of Public Warrants, 98.4% of Private Placement Warrants, and 97.6% of PIPE Warrants being validly tendered. Hagerty will settle the exchange of these warrants for 0.2 shares of Class A common stock around July 5, 2024. The company received the necessary consent to amend the warrant agreements and will exchange remaining warrants for 0.18 shares each on July 22, 2024, with July 19, 2024, being the last trading day for the Public Warrants under the symbol HGTY.WS.
Hagerty Drivers Club (HDC) is launching 'HDC Days' from June 21-23, 2024, a special event celebrating its 830,000 members with exclusive experiences, discounts, and contests. Over 20 live events across the U.S. and Canada will be held, and members can participate in a 'Get Out and Drive Contest' by driving 50 miles and sharing their experience for a chance to win prizes such as Michelin and BFGoodrich gift certificates and tickets to The Amelia 2025.
Members can also win prizes by posting on social media with the hashtag #HDCdays2024, including Formula 1 Miami tickets and Xtreme Xperience packages. Additional offers include discounts from partners like Griots and WeatherTech, and voting on future HDC magazine covers. For more details, members can log into their accounts or visit Hagerty’s website.
Hagerty (NYSE: HGTY) has commenced an exchange offer and consent solicitation concerning its various warrants to simplify capital structure and reduce potential dilution. The Offer allows warrant holders to exchange each warrant for 0.20 shares of Class A Common Stock, with up to 3,896,707 shares available. Concurrently, the Consent Solicitation seeks to amend warrant agreements to enable compulsory exchange at 0.18 shares per warrant. The offering period concludes on July 2, 2024. Parties holding significant percentages of these warrants have agreed to the exchange and amendments.
The 1931 Cadillac 452A won Best of Show at the 28th annual Greenwich Concours d'Elegance, attended by a record 12,000 automotive enthusiasts. Similarly, the 1957 Chevrolet 210 'El Capitola' secured the Best of Show at the Concours de Sport event. The event highlighted car culture, showcasing over 150 vehicles each day and involving local communities with $15,000 pledged to local nonprofits, engaging hundreds of young enthusiasts, and offering numerous test drives and ride experiences. Upcoming Hagerty events include RADwood NorCal, Motorlux, RADwood Detroit, and The Amelia.
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