Welcome to our dedicated page for HAGERTY news (Ticker: HGTY), a resource for investors and traders seeking the latest updates and insights on HAGERTY stock.
Hagerty Inc. (HGTY) delivers specialty insurance and automotive lifestyle services to global car enthusiasts. This news hub provides investors and collectors with essential updates on financial performance, market expansions, and cultural initiatives shaping the classic vehicle ecosystem.
Discover official press releases, earnings reports, and strategic announcements covering Hagerty's core operations: collector car insurance innovations, valuation data advancements, Drivers Club events, and digital marketplace developments. Our curated feed ensures transparent access to regulatory filings, partnership disclosures, and leadership updates impacting the automotive enthusiast community.
Key updates include quarterly financial results, acquisitions in the specialty insurance sector, new auction platform features, and exclusive member experience launches. Bookmark this page for real-time insights into Hagerty's role in preserving automotive heritage while driving modern engagement strategies.
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.
Hagerty (NYSE: HGTY) has appointed Jeff Briglia as President of Insurance, effective July 1, 2024. Briglia brings 22 years of experience in insurance, having held key roles at Plymouth Rock Assurance, Metromile Insurance, Progressive, Allstate, and Mercury Insurance. His strategic expertise in product, claims, marketing, and customer service is expected to drive Hagerty's profit growth. Briglia's appointment aims to enhance Hagerty's direct-to-consumer business, leveraging data and analytics for optimization. CEO McKeel Hagerty expressed confidence in Briglia's ability to add value and drive innovation for Hagerty's members.
Hagerty, Inc. (NYSE: HGTY) reported a 24% increase in total revenue, totaling $271.7 million in the first quarter of 2024. They also saw a 19% growth in written premium, resulting in an operating income margin expansion of 1,210 basis points. Additionally, Net Income increased by $23.2 million compared to the prior year, reaching $8.2 million. Adjusted EBITDA rose by $20.6 million. The company reaffirmed its 2024 outlook for strong growth in total revenue, net income, and adjusted EBITDA.
Esteemed Contemporary Architect Steven Harris Named Grand Marshal of Greenwich Concours d'Elegance
The Greenwich Concours d'Elegance, an annual motoring event in Greenwich, Connecticut, will feature architect Steven Harris as the Grand Marshal. Harris, known for his modernist designs and love for Porsches, will lead the event showcasing rare classics and iconic sports cars. The event includes a scenic tour, seminars, and classes celebrating automotive history.
