Hagerty, Inc.(HGTY)— Stock Profile, AI Score & Financials
Financials · NYSE · AI-powered stock analysis, 32-signal quality score, SEC EDGAR financials, and institutional holdings. Updated .
Hagerty, Inc. (HGTY) stock profile, AI quality score, and SEC EDGAR financial data, a Financials sector company. 13F Pro's AI-powered ranking engine scores HGTY at 54.5/100 on a 32-signal composite quality model, placing it at rank #1,322 of 2,962 stocks — the top half of the AI-ranked universe. HGTY scores in the top quartile across earnings quality (92.9). Shareholder dilution risk is elevated at 49.8/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Hagerty, Inc. reports quarterly revenue of $354.8M, net income of $8.0M, free cash flow of $161.7M. Top institutional holders of HGTY by reported 13-F value include STATE FARM MUTUAL AUTOMOBILE INSURANCE, Neuberger Berman Group, T. Rowe Price Investment Management, based on the most recent SEC filings. HGTY trades on the NYSE exchange and files with the SEC under CIK 1840776. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate HGTY daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Hagerty, Inc. directly from SEC EDGAR.
AI Quality Score
54.5/100
AI Rank
#1,322
Revenue
$354.8M
Net Income
$8.0M
Free Cash Flow
$161.7M
HGTY key financials by period
Hagerty, Inc. reported revenue, net income and margins by fiscal period, from SEC filings.
Period
Form
Revenue
Net income
Operating margin
FY 2025
10-K
$1.5B
$149.2M
9.6%
FY 2024
10-K
$1.2B
$78.3M
5.3%
FY 2023
10-K
$1.0B
$28.2M
1.0%
FY 2022
10-K
$787.6M
$32.1M
-8.6%
FY 2021
10-K
$619.1M
$-46.4M
-1.6%
FY 2020
10-K
$499.5M
$10.2M
3.2%
Institutions holding HGTY
Institutional investors reporting a position in Hagerty, Inc. on SEC Form 13F.
AI-extracted from the 10-Q filed 2026-05-06 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Net loss of $12.7M driven by Markel Fronting Arrangement transition; Adjusted EBITDA surged 77% to $85.2M as earned premium jumped 41.5% from quota share increase to 100%.
Biggest Revenue Drivers
Earned premium, net$239.6M+41.5% YoY
Markel Fronting Arrangement increased Hagerty Re's U.S. quota share from 80% to 100% effective January 1, 2026, plus continued growth of subject premiums.
Commission and fee revenue$16.4M-83.6% YoY
Eliminated commission revenue for Essentia-originated policies under Markel Fronting Arrangement; no longer recognized as benefit received by Hagerty Re rather than Essentia.
Biggest Revenue Drivers
Total revenue: $311.8M-5.0% YoY
Earned premium, net$239.6M+41.5% YoY
Markel Fronting Arrangement increased Hagerty Re's U.S. quota share from 80% to 100% effective January 1, 2026, plus continued growth of subject premiums.
Commission and fee revenue$16.4M-83.6% YoY
Eliminated commission revenue for Essentia-originated policies under Markel Fronting Arrangement; no longer recognized as benefit received by Hagerty Re rather than Essentia.
Marketplace revenue$25.7M-11.8% YoY
Decrease from lower inventory sales, partially offset by 81% increase in Net Auction Sales at 2026 Amelia auction and increased BAC finance revenue.
Membership and other revenue$22.1M+6.0% YoY
Increase driven by higher revenue from new insurance policies issued with bundled HDC memberships.
Net investment income$10.3M+12.7% YoY
Increase due to larger fixed maturity securities portfolio.
Largest Expense Items
Losses and loss adjustment expenses, net$97.9M+37.7% YoY
Markel Fronting Arrangement increased U.S. quota share to 100%, plus continued premium growth; Hagerty Re loss ratio improved to 38.4% from 42.0% YoY due to favorable prior year development.
Policy acquisition costs, net$101.9M+31.8% YoY
Incremental ceding commission expense for 2025 in-force policies assumed at 100%, partially offset by deferral of 2026 MGA policy acquisition costs to be amortized over 12 months.
Underwriting and other insurance expenses$59.6MN/M (+$58.2M)
Markel Fronting Arrangement reclassified MGA risk-taking costs previously in SG&A to this category; reflects control of Essentia book of business.
Selling, general, and administrative expenses$72.4M-59.6% YoY
Markel Fronting Arrangement reclassified risk-taking costs to Losses & LAE and Underwriting expenses; reflected 46.9M in Insurance segment vs. 115.9M prior year.
Margins: Gross underwriting margin improved with Hagerty Re combined ratio of 86.5% vs. 88.5% YoY, driven by favorable prior-year loss development. However, net loss reflects $89M in amortization of deferred ceding commissions from 2025 policies transitioning under Markel arrangement, which management excludes from Adjusted EBITDA as one-time transitional charge running off by end of 2026.
Watch Items from the Filing
Markel Fronting Arrangement introduces material operational risk: 100% underwriting risk now assumed on Essentia book; company controls claims authority and pricing but must manage catastrophe reinsurance retention ($35M per-event), with $50.5M LPT proceeds accounting uncertainty.
State Farm represents 51.2% of Class A voting control and 62.5% of Series A Preferred; related-party quota share reinsurance ($5.2M ceded Q1 2026) and State Farm Term Loan ($25M outstanding at 8% fixed to 2033) create concentrated dependency.
BAC loan portfolio grew 38.3% to $143M; one borrower represents 23.7% of notes receivable; LTV improved to 54.5% from 51.8% but concentration and collector car market volatility remain material risks.
Series A Convertible Preferred Stock estimated redemption value of $107.8M represents 16.7% of stockholders' equity; optional term redemption exercisable after June 2028 could require substantial cash outlay or dilution.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
