Hagerty Earnings Call Transcripts
Fiscal Year 2026
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Record first half results with 19% written premium growth, 32% adjusted EBITDA increase, and strong policy gains led to raised 2026 guidance. Marketplace and partnership channels are accelerating, while the Bennetts acquisition expands U.K. presence.
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The meeting established a quorum and proceeded with voting on director elections, executive compensation, advisory vote frequency, and auditor ratification. All proposals passed with strong majority support, including over 99% approval for all director nominees.
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Written premiums grew 18% and adjusted EBITDA rose 77% in Q1 2026, driven by strong policy growth, State Farm conversions, and robust auction results. GAAP net loss was $13 million due to deferred ceding commission amortization, but underlying business momentum remains strong.
Fiscal Year 2025
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Revenue and net income saw strong double-digit growth in 2025, driven by record new members, premium gains, and Marketplace expansion. 2026 will be a transitional year with accounting changes impacting reported net income, but underlying premium and cash flow growth remain robust.
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Revenue grew 18% to $380M in Q3 2025, with net income up 143% and adjusted EBITDA up 106%. Strategic partnerships and marketplace expansion fueled growth, while guidance for 2025 was raised on strong performance and margin expansion.
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The business leverages a unique ecosystem around collectible vehicles, combining insurance, auctions, and media to drive growth. Major initiatives include full risk retention by 2026, a large-scale State Farm partnership, and the Enthusiast+ program targeting younger collectors. Policy count is projected to double by 2030, supported by technology investments and expanding distribution.
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Q2 2025 saw 18% revenue growth and 11% higher net income, with strong marketplace gains and robust retention. Full-year guidance was raised for both revenue and profits, supported by State Farm integration and a new Markel fronting deal.
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Q1 2025 saw 18% revenue growth and a 233% increase in net income, with strong gains in membership and marketplace revenue. Guidance for 2025 is reaffirmed, with margin expansion expected as technology investments and State Farm partnership scale.
Fiscal Year 2024
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Delivered strong 2024 results with 20% revenue growth, 178% net income increase, and robust membership gains. 2025 guidance calls for double-digit revenue and net income growth, with major investments in technology and State Farm partnership expansion.
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Revenue grew 20% year-to-date and 17% in Q3, with strong new member growth and robust marketplace performance. Catastrophe losses impacted margins, but full-year guidance was raised, and margin expansion is expected as investments are completed.
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A leading specialty insurer and lifestyle brand in the collector car market is expanding through direct, agent, and partnership channels, with a growing focus on events, media, and digital auctions. Increased risk retention, strong financials, and a major technology upgrade support future growth.
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Second quarter revenue grew 20% to $313 million, with net income up to $43 million and operating margins expanding. Full-year guidance was raised for revenue, net income, and adjusted EBITDA, reflecting strong growth, cost discipline, and operational leverage.