Hagerty Business Summary

Hagerty, Inc. (HGTY) operates as a specialized automotive enthusiast brand, generating revenue through a vertically integrated model that combines specialty insurance commissions, subscription-based membership fees, and marketplace transaction commissions. The company’s operations are divided into three primary segments: Insurance, which provides tailored coverage for over 2.4 million classic and enthusiast vehicles; Membership, anchored by the Hagerty Drivers Club (HDC) offering roadside assistance and proprietary valuation tools; and Marketplace, which facilitates high-value vehicle transactions through live and digital auctions via Broad Arrow and Hagerty Classifieds. Hagerty leverages its massive repository of valuation data and media content to drive industry-leading retention rates and cross-sell opportunities. In the competitive landscape, Hagerty faces pressure from generalist carriers like Progressive, GEICO, and Allstate, as well as specialty brokerage firms such as Ryan Specialty and Baldwin Insurance Group. However, Hagerty maintains a dominant niche position by functioning as a lifestyle ecosystem rather than a pure-play insurer, allowing it to command higher customer loyalty and valuation premiums relative to traditional peers. The company is led by CEO and Chairman McKeel Hagerty, who transformed the family agency founded by Frank and Louise Hagerty in 1984 into a global public enterprise; he is a former International Board Chair for YPO and co-founder of Grand Ventures. The executive suite includes Chief Financial Officer Patrick McClymont, formerly of Orchard Homes and Goldman Sachs, and Chief Information Officer Russell Page, who leads the firm’s data, AI, and infrastructure strategy following leadership tenures at GM Financial and OnStar Insurance. In February 2026, the company further strengthened its growth team by promoting Marc Burns to Chief Marketing Officer to oversee a unified, tiered membership experience. Hagerty’s strategic trajectory is heavily influenced by its board and major investors, most notably State Farm Mutual Automobile Insurance Co, which serves as its largest shareholder and a primary distribution partner, alongside significant backing from Markel Corporation and institutional investors like Vanguard and T. Rowe Price.