Hagerty Stock Earnings Reports

Hagerty reported a strong start to 2026 with underlying operating momentum despite a GAAP net loss driven by a one-time accounting effect. Key operating results: written premiums +18% to $289M (Q1), earned premiums +42% to $240M (reflecting Hagerty Re assuming 100% of U.S. economics), record 112K policies added, PIF growth +15% with industry-leading retention of 89%, adjusted EBITDA +77% to $85M, and Hagerty Re combined ratio ~87% (including a $6M favorable prior-year reserve development). Broad Arrow Auctions delivered historic results (Amelia: $111M in sales, 92% sell-through) and is being used as a customer-acquisition flywheel for insurance and marketplace revenue. The company emphasized investments in claims capabilities, B2B distribution (State Farm and independent agents), technology, and international auction expansion. GAAP revenue fell ~5% and GAAP net loss of $13M in Q1 primarily reflect amortization of $89M of deferred ceding commissions paid in 2025 under the prior fronting arrangement with Markel; that amortization will fully unwind by year-end 2026. Hagerty reaffirmed full-year 2026 guidance (written premium growth 15–16%; adjusted EBITDA $236–$247M; GAAP net loss $41–$51M) and said it is trending toward the high end. Balance sheet highlights: $212M unrestricted cash, >$1.1B total investments, $229M total debt (including Broad Arrow leverage). Management reiterated the multi-year strategy: compound premium growth driven by PIF additions, deepen partnerships (notably State Farm conversions of ~525K policies over time), scale Marketplace/Auctions as an acquisition engine, and continue targeted investments to drive LTV and margin expansion.