Hagerty Inc (NYSE:HGTY)

Q4 2025 Hagerty Inc Earnings Call Transcript

Feb 26, 2026 / 03:00 PM GMT

Release Date Price: $12.09 (+4.04%)

Transcript 10-K8-K

Key Points

Positve

Hagerty Inc (HGTY) reported a 17% increase in revenue and a 91% surge in net income for the full year 2025, exceeding original expectations.
The company welcomed a record 371,000 new members, contributing to a 14% gain in written premiums.
Hagerty Inc (HGTY) expanded its marketplace and auction businesses into Europe, doubling revenue and becoming the number two global player in vehicle transactions.
The company successfully transitioned to a new fronting arrangement with Markel, allowing it to retain 100% of the premium, which is rare in the insurance industry.
Hagerty Inc (HGTY) has strong retention rates and net promoter scores, operating from a position of strength with plans to grow its market share from 7% of the 36 million vehicle target market.

Negative

The transition to the new fronting arrangement with Markel involves complex non-cash transitional costs, impacting 2026 financials.
2026 revenue is expected to be below 2025 levels due to changes in accounting related to the Markel arrangement.
The company faces a transitional year in 2026 with temporary noise in GAAP reported results due to the amortization of seeding commission expenses.
Marketplace revenue, while strong, is described as 'chunky and episodic,' making it difficult to predict consistent growth.
The integration and conversion of State Farm policies are ongoing, with full benefits not expected until 2027.

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

HGTY.N - Hagerty Inc
Q4 2025 Hagerty Inc Earnings Call
Feb 26, 2026 / 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 fourth 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 during the conference, please press 0 on your telephone keypad.

Please note, this call is being recorded. I would now like to turn the conference over to your host today, Jay Covi, senior Vice President of Investor relations.

Thank you, sir. You may begin.

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Unidentified_2 [2]
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Thank you, operator, and good

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