Hagerty announces secondary offering of 8.7 million shares

TRAVERSE CITY, Mich. - Hagerty, Inc. (NYSE:HGTY), an automotive enthusiast brand and specialty vehicle insurance provider with a market capitalization of $3.8 billion and strong recent performance (+10.76% in the past week), announced Wednesday that two of its stockholders plan to offer 8.7 million shares of the company’s Class A Common Stock in an underwritten secondary public offering. According to InvestingPro analysis, the company appears undervalued based on its Fair Value calculations.

The selling stockholders, Hagerty Holding Corp. and Aldel LLC, will also grant underwriters a 30-day option to purchase up to an additional 1.3 million shares. Hagerty will not receive any proceeds from the sale of these shares, according to the company’s statement. The company maintains a healthy financial profile, with InvestingPro data showing impressive revenue growth of 17.9% over the last twelve months and a "GREAT" overall financial health score.

Hagerty Holding Corp. indicated that net proceeds from selling its shares will be used to redeem a corresponding number of its shares for the benefit of the estate of Kim Hagerty.

Keefe, Bruyette & Woods and J.P. Morgan are acting as lead bookrunning managers for the offering, with BMO Capital Markets, Citizens Capital Markets, and Wells Fargo Securities serving as additional book running managers. Oppenheimer & Co. is acting as co-manager.

The company has filed a registration statement with the SEC for the offering. The announcement was made in a press release statement from the company.

Hagerty, which describes itself as committed to "saving driving and fueling car culture for future generations," provides specialty vehicle insurance, car valuation data, auction services, and automotive events. The company reports that its Hagerty Drivers Club has over 900,000 members. Discover more detailed insights and 8 additional ProTips about HGTY’s performance and outlook through InvestingPro’s comprehensive research reports.

In other recent news, Hagerty Inc. reported its second-quarter earnings for 2025, showcasing a mixed financial performance. The company posted earnings per share of $0.09, which fell short of the analyst forecast of $0.11, missing expectations by 18.18%. Despite this, Hagerty experienced a significant revenue surge, reporting $369 million against the forecasted $293.87 million, resulting in a 25.46% surprise. This revenue growth demonstrates a notable achievement for the company. Analysts had anticipated different results, highlighting the importance of these earnings reports for investors. These developments are crucial for stakeholders as they assess Hagerty’s financial health and future prospects. Investors will be closely watching how the company continues to perform in the coming quarters.

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