Hagerty Inc (NYSE:HGTY)

Q1 2025 Hagerty Inc Earnings Call Transcript

May 7, 2025 / 02:00 PM GMT

Release Date Price: $9.75 (+9.80%)

Transcript 10-Q8-K

Key Points

Positve

Hagerty Inc (HGTY) reported an 18% increase in total revenue for Q1 2025, reaching $320 million.
The company experienced a 12% growth in written premium, driven by new business count gains and high retention rates.
Operating margins improved by 360 basis points, resulting in a 233% increase in net income.
Membership, marketplace, and other revenue surged by 60%, boosted by successful auctions.
Hagerty Inc (HGTY) is expanding its specialty insurance offerings and international marketplace business, positioning for future growth.

Negative

The company incurred $10 million in losses due to Southern California wildfires, impacting the loss ratio.
Despite strong revenue growth, the technology transformation and expansion efforts are compressing margins in 2025.
There is slower than anticipated growth in new customer acquisition, partly due to weather-related factors and internal process changes.
The transition to the new technology platform involves significant upfront costs, affecting short-term profitability.
Tariffs and supply chain complexities could potentially impact claims costs, although the effect is expected to be muted.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

HGTY.N - Hagerty Inc
Q1 2025 Hagerty Inc Earnings Call
May 07, 2025 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings and welcome to the Haggerty 1st quarter 2025 earnings call.

At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation.

If anyone should require operator assistance, please press 0 on your telephone keypad.

As a reminder, this conference is being recorded. It's not my pleasure to introduce Jay Coal, senior Vice President of industrial relations. Please go ahead.

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Unidentified_2 [2]
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Thank you, operator, and good morning, everyone.

Thank you all for joining us

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