Hagerty Inc (NYSE:HGTY)

Q3 2025 Hagerty Inc Earnings Call Transcript

Nov 4, 2025 / 03:00 PM GMT

Release Date Price: $11.14 (-1.33%)

Transcript 10-Q8-K

Key Points

Positve

Hagerty Inc (HGTY) reported an 18% increase in total revenue, driven by a 13% rise in written premium and 14% growth in commission revenue.
The company achieved a 73% increase in net income to $121 million and a 46% growth in adjusted EBIT to $153 million.
Hagerty Inc (HGTY) has signed a new partnership with Liberty Mutual and Safeco, expanding its distribution network.
The company's membership, marketplace, and other revenue jumped 54% due to the launch of its European auction business.
Operating margins improved by 350 basis points, reflecting a relentless focus on operating efficiencies and sustained margin expansion.

Negative

G&A expenses increased by 17% due to higher software licensing costs and professional fees.
Salaries and benefits grew by 44% due to higher year-over-year incentive compensation accruals.
The attach rates for Hagerty Drivers Club have been lower than expected through the State Farm partnership.
The marketplace business, while growing, is still relatively small and contributes single-digit millions to the bottom line.
The transition to a new fronting arrangement with Markel involves technical adjustments and may impact operational processes.

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

HGTY.N - Hagerty Inc
Q3 2025 Hagerty Inc Earnings Call
Nov 04, 2025 / 03:00PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings and welcome to the Haggerty 3rd 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 requires operator assistance during the conference, please press 0 on your telephone keypad. As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host Jay Coval, head of investor relations. You may begin.

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Unidentified_2 [2]
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Thank you, operator. Good morning, everyone, and thank you for joining us to

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