What is the 13F Pro Quality Score for HGTY?

13F Pro ranks Hagerty, Inc. (HGTY) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View HGTY's current score at https://13fpro.ai/research/HGTY (free sign-up required for the full ranking).

Where does 13F Pro source HGTY data?

All Hagerty, Inc. fundamentals and ownership data come directly from SEC EDGAR. Hagerty, Inc. files with the SEC under CIK 1840776. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is HGTY in?

Hagerty, Inc. (HGTY) is classified in the Financials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/financials.

What drives HGTY's revenue?

Per Hagerty, Inc.'s latest 10-Q filed with the SEC on 2026-05-06, the biggest revenue drivers are: Earned premium, net ($239.6M, +41.5% YoY); Commission and fee revenue ($16.4M, -83.6% YoY); Marketplace revenue ($25.7M, -11.8% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/research/HGTY.

What are HGTY's largest expenses?

Hagerty, Inc.'s latest 10-Q reports these as the largest expense items: Losses and loss adjustment expenses, net ($97.9M, +37.7% YoY); Policy acquisition costs, net ($101.9M, +31.8% YoY); Underwriting and other insurance expenses ($59.6M, N/M (+$58.2M)). Sourced directly from SEC EDGAR filing text for Q1 2026 (quarter ended March 31, 2026).

How often is HGTY research updated on 13F Pro?

HGTY's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Hagerty, Inc.(HGTY)Stock Analysis

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13F Pro Quality Score

68.2/100

Rank #428 of 2,879 stocksTOP 25%

View Financials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

64.5/100

Profitability

84.5/100

Balance Sheet

70.8/100

Earnings Quality

92.5/100

Free Cash Flow

86.2/100

Institutional Flow

37.2/100

Revenue Scale

39.5/100

Dilution Risk

50.2/100

HGTY Stock Analysis & AI Quality Score

AI stock analysis and institutional research for Hagerty, Inc. (HGTY), a Financials sector company. 13F Pro's AI-powered ranking engine scores HGTY at 68.2/100 on a 32-signal composite quality model, placing it at rank #428 of 2,879 stocks — the top 25% of the AI-ranked universe. HGTY scores in the top quartile across earnings quality (92.5), free cash flow (86.2), profitability (84.5). Areas of concern include institutional flow (37.2) and revenue scale (39.5), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q1 2026), Hagerty, Inc. reports quarterly revenue of $311.8M, net income of $-12.7M, free cash flow of $8.5M. Top institutional holders of HGTY by reported 13-F value include STATE FARM MUTUAL AUTOMOBILE INSURANCE CO, Neuberger Berman Group, Polar Capital Holdings Plc, 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. Hagerty, Inc.'s 13F Pro composite quality score has ranged between 8 and 84 since 2022, currently 68.2 — an improving long-term trajectory across 52 quarterly and live scoring snapshots.

✦

Fun facts about Hagerty, Inc.

Quirks, history, and lore behind HGTY — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. financial services company · listed on the NYSE · headquartered in Michigan · focused on a very specific slice of the insurance market.
2
The Numbers
Annual revenue in the hundreds of millions of dollars, with a membership community of over 700,000 enthusiasts who pay to belong — not just to insure.
3
The History
Founded in the 1980s, it grew by doing what big insurers refused to bother with: properly valuing and covering vehicles most carriers dismissed as oddities.
4
The Secret
It's not just an insurer — it operates a valuation database, a media brand, and a lifestyle club, making money from the passion itself, not just the policy.
5
The Lore
It went public via a SPAC merger and counts General Motors as a major strategic partner — because who better to love old cars than the people who once built them.
6
The Giveaway
If your prized possession sits under a car cover in the garage and only comes out on sunny weekends, this is the insurer that actually understands your classic car.

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What's Driving HGTY's Business? Latest 10-Q Breakdown

✓ 46/46 datapoints verified

AI-extracted from Hagerty, Inc.'s 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

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.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q1 2026

$311.8M

Net Income

Q1 2026

$-12.7M

Free Cash Flow

Q1 2026

$8.5M

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+17.3% YoY

$1.46BFY 2025

FY22 $787.6MFY23 $1.03BFY24 $1.24BFY25 $1.46B

Net Income

+90.6% YoY

$149.2MFY 2025

FY22 $32.1MFY23 $28.2MFY24 $78.3MFY25 $149.2M

Operating Income

—FY 2025

FY22 $-67.6MFY23 $10.4MFY24 $66.4MFY25 —

EPS (Diluted)

—FY 2025

FY22 —FY23 —FY24 —FY25 —

Total Assets

+22.5% YoY

$2.09BFY 2025

FY22 $1.31BFY23 $1.59BFY24 $1.71BFY25 $2.09B

Total Debt

+67.0% YoY

$177.9MFY 2025

FY22 $108.3MFY23 $134.3MFY24 $106.6MFY25 $177.9M

Op. Cash Flow

+23.7% YoY

$219.0MFY 2025

FY22 $55.3MFY23 $133.7MFY24 $177.0MFY25 $219.0M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$1.46B +17.3%	$1.24B +20.9%	$1.03B +30.4%	$787.6M +27.2%	$619.1M +23.9%	$499.5M
Net Income	$149.2M +90.6%	$78.3M +177.9%	$28.2M -12.2%	$32.1M +169.2%	$-46.4M -556.0%	$10.2M
Operating Income	—	$66.4M +538.1%	$10.4M +115.4%	$-67.6M -571.0%	$-10.1M -163.5%	$15.8M
EPS (Diluted)	—	—	—	—	$-0.56 -163.9%	$0.88
Total Assets	$2.09B +22.5%	$1.71B +7.6%	$1.59B +21.0%	$1.31B +26.0%	$1.04B +1894210.9%	$55.0K
Total Debt	$177.9M +67.0%	$106.6M -20.7%	$134.3M +24.1%	$108.3M -21.3%	$137.5M +93.7%	$71.0M
Operating Cash Flow	$219.0M +23.7%	$177.0M +32.4%	$133.7M +141.7%	$55.3M +30.9%	$42.3M -50.0%	$84.6M

AI Insight: HGTY Financial Trends

Revenue climbed 21% year-over-year to $388M in Q4 2025, but debt surged to $229M by Q1 2026 as operating cash flow collapsed to $16M.

• Revenue grew from $313M in Q2 2024 to $388M in Q4 2025, a ~24% rise over six quarters, before dipping to $312M in Q1 2026.

• Operating income improved year-over-year: $48M in Q2 2025 vs. $38M in Q2 2024, and $34M in Q3 2025 vs. $10M in Q3 2024.

• Total debt more than doubled from $99M in Q2 2024 to $229M in Q1 2026, while equity grew only modestly from $94M to $219M.

• Operating cash flow deteriorated sharply: from $92M in Q3 2025 to $29M in Q4 2025 and just $16M in Q1 2026.

⚠ Debt jumped $51M in a single quarter to $229M in Q1 2026 — the fastest quarterly increase in the dataset; leverage trajectory warrants close scrutiny.

⚠ Operating CF swung negative (-$13M) in Q4 2024 and is now trending down again; seasonal patterns or structural cash burn need monitoring.

⚠ Operating income data is absent for Q4 2025 and Q1 2026, limiting visibility into profitability at the exact moment debt is accelerating.

AI Insight: HGTY Ratio Trends

Hagerty's Q1 2026 operating margin swung to -6.7%, its worst quarter in the dataset, reversing a four-quarter recovery trend.

• Operating margin recovered from 2.1% in Q4 2024 to a peak of 12.9% in Q2 2025, before collapsing to -6.7% in Q1 2026.

• ROIC followed the same arc: rising from 9.4% in Q4 2024 to 58.6% in Q2 2025, then turning negative at -18.7% in Q1 2026.

• D/E ratio improved from 1.05 in Q2 2024 to 0.71 in Q4 2024, but has since rebounded back to 1.05 in Q1 2026.

⚠ Q1 seasonality may partly explain the -6.7% operating margin — confirm whether Q2 2026 rebounds toward the 12–13% range seen in prior Q2s.

⚠ D/E rising back to 1.05 alongside negative ROIC signals deteriorating returns on a leverage base that had been improving.

⚠ NPM, ROE, and ROA remain entirely absent from the dataset, limiting full profitability assessment.

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Available Research

13F Pro tracks comprehensive data for Hagerty, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of HGTY

STATE FARM MUTUAL AUTOMOBILE INSURANCE CO
$545.5M51,800,000 sh
Neuberger Berman Group LLC
$91.8M8,721,368 sh
Polar Capital Holdings Plc
$63.2M6,000,000 sh
MARKEL GROUP INC.
$32.7M3,108,000 sh
Greenhaven Road Investment Management, L.P.
$25.0M2,369,978 sh
VANGUARD CAPITAL MANAGEMENT LLC
$19.7M1,867,573 sh
Pembroke Management, LTD
$18.3M1,738,006 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$17.2M1,630,971 sh
Lincoln Capital LLC
$10.0M950,652 sh
BlackRock, Inc.
$7.3M690,093 sh

Fund	Value	Shares
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO	$545.5M	51,800,000
Neuberger Berman Group LLC	$91.8M	8,721,368
Polar Capital Holdings Plc	$63.2M	6,000,000
MARKEL GROUP INC.	$32.7M	3,108,000
Greenhaven Road Investment Management, L.P.	$25.0M	2,369,978
VANGUARD CAPITAL MANAGEMENT LLC	$19.7M	1,867,573
Pembroke Management, LTD	$18.3M	1,738,006
VANGUARD PORTFOLIO MANAGEMENT LLC	$17.2M	1,630,971
Lincoln Capital LLC	$10.0M	950,652
BlackRock, Inc.	$7.3M	690,093

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Is HGTY a good stock to buy?

13F Pro's AI-powered analysis of Hagerty, Inc. (HGTY) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Financials sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for HGTY are available on the HGTY stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own HGTY?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling HGTY. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Hagerty, Inc.'s investment landscape.