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Hagerty (HGTY) investor relations material
Hagerty KBW Insurance Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.KBW Insurance Conference 2025 summary4 Sep, 2025
Business model and growth strategy
Focuses on insuring special vehicles, leveraging owners' emotional attachment and careful maintenance to create favorable risk dynamics and stable loss ratios.
Employs an omnichannel distribution model: direct-to-consumer, agents/brokers, and exclusive partnerships with major insurers, notably State Farm.
Expanded into the automotive trade by acquiring an auction company and launching a digital marketplace, complementing the insurance business.
Media presence includes a top-circulation car magazine and a YouTube channel with 3.5 million subscribers, enhancing brand engagement.
Membership model fosters customer loyalty, with members viewing themselves as part of a community rather than just policyholders.
Risk retention and new programs
Transitioned from an MGA model to taking on 80% risk, now moving to 100% risk retention from 2026, ending the quota share with Markel.
New Enthusiast+ program underwritten 100% through the Drivers Edge subsidiary, targeting younger demographics and newer collectible cars.
Enthusiast+ allows more flexible pricing and underwriting, aiming to capture previously unserved segments and maintain target loss ratios.
Investments in technology, including a new Duck Creek platform, are designed to improve efficiency and support program scalability.
The program is expected to ramp up in 2027–2028 as it expands to more states.
Partnerships and distribution
State Farm partnership is a major growth driver, with a book roll of 525,000 vehicles expected to be converted, representing a significant increase relative to the current policy count.
The State Farm relationship is strictly MGA, with no risk retention, and is expected to accelerate growth as it expands to 27 states by year-end.
Partnerships with other top carriers and regional insurers are being pursued, with a goal to double policy count by 2030.
Growth projections are split roughly into thirds: State Farm, Enthusiast+, and core business.
Customers previously turned away are being re-engaged as new programs roll out.
Impact of 100% risk retention on financials?
Enthusiast Plus: How will it impact loss ratios?
Digital auction marketplace scaling strategy?
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Q3 20254 Nov, 2025
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Frequently asked questions
Hagerty Inc. is an automotive lifestyle and insurance company specializing in the niche market of classic and collectible vehicles. The company provides insurance products tailored to the needs of classic car owners, covering vintage, antique, and collectible vehicles. In addition to its insurance offerings, Hagerty engages in the broader automotive enthusiast community by organizing events, publishing automotive content, and offering membership programs through the Hagerty Drivers Club. Its services cater to car enthusiasts, collectors, and hobbyists, focusing on preserving and celebrating automotive culture. The company is headquartered in Traverse City, Michigan, and its shares are listed on the NYSE.
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