Improve efficiency of our member service center focused on reducing handle times and freeing up existing resources to handle continued growth in new members.
Adding resources to claims team to optimize spend and reduce losses.
1 See Appendix for additional information regarding this non-GAAP financial information
Further improve loyalty to drive renewals and referrals
Enhance member experience in a cost effective and efficient way
Build Hagerty Marketplace into the most trusted and preferred place to buy, sell and finance collector cars
Expand insurance offerings, particularly in the post-1980s collectible space
Commission + fee revenue (+19%)
Written premium growth of 19%
Policies in Force retention of 89%
Membership, marketplace + other revenue (+18%)
Membership revenue growth of 7%
Marketplace revenue growth of 58%
Earned premium in Hagerty Re (+29%)
Contractual quota share2 ~80% in 2024
Q1 2022 Net Income includes a $32 million gain as a result of a decrease in fair value of warrant liabilities, Q1 2023 Net Income includes a $1 million loss and Q1 2024 includes a $6 million loss as a result of an increase in fair value of warrant liabilities.
See Appendix for additional information regarding this non-GAAP financial measure.
IN THOUSANDS
2023 RESULTS
2024 OUTLOOK ($)
2024 OUTLOOK (%)
Total Written Premium
$907,175
$1,025,000
- $1,034,000
13% - 14%
Total Revenue
$1,000,213
$1,150,000 - $1,170,000
15% - 17%
Net Income1
$28,179
$61,000
- $70,000
116%
- 148%
Adjusted EBITDA2
$88,162
$124,000
- $135,000
41%
- 53%
HAGERTY Q1 2024 | 9
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Hagerty Inc. published this content on
07 May 2024 and is solely responsible for the information contained therein. Distributed by
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07 May 2024 11:06:15 UTC.
Hagerty, Inc. is an automotive enthusiast brand and specialty vehicle insurance provider. The Company is a provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events and automotive entertainment custom made for the Americans who self-describe as car enthusiasts. Through its insurance model, the Company acts as a Managing General Agent (MGA) by underwriting, selling, and servicing classic car and enthusiast vehicle insurance policies. In addition, the Company offers Hagerty Drivers Club (HDC) memberships, which can be bundled with its insurance policies and give subscribers access to an array of products and services, including Hagerty Drivers Club Magazine, automotive enthusiast events, its proprietary vehicle valuation tool, emergency roadside assistance, and special vehicle-related discounts. The Company provides insurance for approximately 2.4 million classic cars and enthusiast vehicles.