Hagerty, Inc. reported significant financial growth in its latest quarterly results, with total revenue reaching $379.99 million for the three months ended September 30, 2025, a 17.5% increase from $323.37 million in the same period last year. The company's net income surged to $46.17 million, marking a 142.9% increase compared to $19.01 million in the prior year. For the nine months ending September 30, 2025, total revenue was $1.07 billion, up 17.6% from $908.31 million, while net income rose 72.7% to $120.67 million from $69.86 million.
The growth in revenue was driven by a 16.1% increase in written premiums, which contributed to an 18.0% rise in commission and fee revenue, and a 12.9% increase in earned premiums. Membership, marketplace, and other revenue also saw a notable increase of 34.5%, reaching $55.85 million, largely due to higher sales in the marketplace segment. The company reported a loss ratio of 42.0% for the quarter, a significant improvement from 60.0% in the previous year, primarily due to the absence of catastrophic losses that impacted the prior year's results.
Strategically, Hagerty has made significant moves, including the launch of its new insurance product, Enthusiast+, aimed at modern enthusiast vehicles, which is expected to broaden its market reach. The company also announced a proposed fronting arrangement with Markel Group Inc., which would enhance its underwriting authority and operational efficiencies. This arrangement is anticipated to be finalized in the fourth quarter of 2025, pending regulatory approvals.
Operationally, Hagerty reported a 47.9% increase in new business count for insurance policies, reflecting strong growth in customer acquisition. The company also noted a 7.4% increase in policies in force, totaling 1.62 million, and a 5.1% rise in Hagerty Drivers Club paid member count, reaching 920,725. The company’s employee headcount has also increased, reflecting its growth trajectory and expansion plans.
Looking ahead, Hagerty remains optimistic about its growth prospects, bolstered by its strategic initiatives and product offerings. The company anticipates continued revenue growth driven by its insurance and membership services, alongside the successful rollout of Enthusiast+. However, it acknowledges potential challenges, including market conditions and the cyclical nature of the insurance industry, which could impact future performance.
About Hagerty, Inc.
Hagerty, Inc. is a leader in providing insurance, memberships, and marketplace services for collector cars and enthusiast vehicles. Its core offerings include "Guaranteed Value" insurance policies, HDC memberships, and a trusted marketplace for buying, selling, and financing collector cars. The company leverages community engagement, proprietary data, and strategic partnerships to serve automotive enthusiasts globally, fostering loyalty and recurring revenue through an ecosystem of specialized products and services.
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