Hagerty, Inc. operates as a vertically integrated automotive enthusiast brand and specialty insurance provider. The company's core business is acting as a Managing General Agent (MGA), where it underwrites, sells, and services agreed-value insurance policies for classic cars, enthusiast vehicles, and boats. Insurance operations account for the vast majority of its total revenue, which reached $1.2 billion in 2024. Hagerty generates revenue through two main insurance streams: earned premium from its own risk-taking entity, Hagerty Reinsurance, which takes a quota share of the policies it underwrites (accounting for over 50% of revenue), and commission and fee revenue from its MGA operations (accounting for roughly 35% of revenue). Beyond insurance, the company generates revenue through its Hagerty Drivers Club membership program, which offers roadside assistance, automotive events, and a proprietary vehicle valuation tool. Additionally, Hagerty has expanded into the marketplace segment, generating revenue from live and digital car auctions (via Broad Arrow Group) and financing streams. Geographically, the company is headquartered in Traverse City, Michigan, and operates in the United States, Canada, Germany, and the United Kingdom. Hagerty's competitive position is bolstered by its deep integration into car culture, boasting over 2.6 million insured vehicles and a highly engaged membership base that drives strong customer retention and organic growth.
