Hagerty, Inc. - HGTY STOCK NEWS

Hagerty (HGTY) has announced a definitive agreement to acquire the remaining 60% of Broad Arrow Group for $64.8 million in an all-stock deal, expected to close on August 16, 2022. This follows an earlier investment where Hagerty acquired 40% equity in Broad Arrow. The acquisition aims to enhance Hagerty's Marketplace strategy, providing new platforms for buying, selling, and financing collectible cars. Over the last year, Hagerty's members have engaged in transactions worth nearly $12 billion, indicating strong market potential in the collector car segment.

Hagerty (HGTY), a leading specialty insurance provider, has appointed Russell Page as its Chief Data and Information Officer. His responsibilities include overseeing data strategies, technology advancements, and data security. Page aims to enhance Hagerty's data infrastructure and ensure quality data access, which is crucial for the company's growth. With a background in innovation at General Motors and DaRK Capital, he is set to maximize the value of recent tech investments. COO Collette Champagne emphasized the importance of top-notch technology practices to better serve Hagerty's members and drive growth.

Hagerty, Inc. (NYSE: HGTY), a leading specialty insurance provider for automotive enthusiasts, will report its Q2 2022 financial results after market close on August 10, 2022. A conference call to discuss these results will take place at 5:00 pm ET, with a live webcast available on the investor relations website. Interested parties can join via dial-in or access a webcast replay for 90 days afterward. Hagerty aims to preserve car culture through various membership and insurance products.

Hagerty (NYSE: HGTY) has appointed Jay Koval as Senior Vice President of Investor Relations, a new role aimed at enhancing the company's investor engagement. Reporting to CFO Frederick J. Turcotte, Koval will focus on building relationships with the investment community and communicating Hagerty's strategy for value creation. With over 20 years of capital markets experience, Koval previously developed investor relations programs at Brown-Forman and Starwood Hotels and Resorts, significantly increasing their market capitalizations.

The 2022 Greenwich Concours d'Elegance, held from June 3-5 in Greenwich, Connecticut, attracted over 8,000 attendees celebrating car culture. The event featured 140 historically significant vehicles and included activities like the Hagerty Drivers Foundation's unveiling of the 1952 Hudson Hornet.

Highlights included the Cars & Community event showcasing 125 vehicles, and participation from over 600 youth in activities. A significant charity contribution supported local students.

Hagerty, a leading specialty insurance provider focused on automotive enthusiasts, has launched a new digital classifieds platform for Hagerty Drivers Club (HDC) members to buy and sell collectible vehicles. The platform aims to tap into the estimated 43 million insurable vehicles in the U.S., with HDC members recently transacting around 280,000 collector cars valued at $9.5 billion in 2021. The platform offers no listing fees and features a messaging system, attracting nearly 1,000 listings shortly after its launch.

Hagerty (NYSE: HGTY) has appointed Joyce Bellows as the new Senior Vice President of Internal Audit, effective May 24, 2022. Bellows brings over 20 years of experience in the financial services sector, previously working at CNA Insurance and other notable firms. In her new role, she will lead Hagerty's risk-based internal audit program, aimed at enhancing governance and control processes. The hiring reflects Hagerty's commitment to maintaining strong risk management practices as it continues to cater to the global automotive enthusiast market.

Hagerty (HGTY) has appointed Candace Mueller as Vice President of Brand Communications, enhancing its leadership team. Mueller, with over 20 years of experience, will manage all external brand communications to boost Hagerty's reputation and visibility in the automotive lifestyle sector. CEO McKeel Hagerty emphasized the significance of effective communication for engaging members and investors. Prior to Hagerty, Mueller held senior roles at the University of Chicago, Hyatt Hotels, and Quaker Oats, showcasing her expertise in strategic communications.

Total Revenue increased 30% year-over-year to $167.8 million in Q1 2022. Written Premium rose 16% to $154.8 million, while Total Active Members grew 11% to 2.5 million.

This growth reflects Hagerty's commitment to automotive enthusiasts and is a strong start for 2022. The company aims to maintain double-digit organic growth, despite anticipated investments this year. The partnership with State Farm is set to launch by year-end 2022.