HGTY
NYSE · Financial Services · Insurance - Property & Casualty · US
Research · Sep 3, 2026
[HGTY] Hagerty Thesis 2026: Insurance Flywheel Meets Membership Platform at Margin Inflection
Hagerty FY2025 revenue ~$500M with adj. EBITDA ~$62M as collector vehicle insurance (92% retention, 44% loss ratio, ~$455 avg premium) compounds with Hagerty Drivers Club (780K members, 42% cross-sell to insurance) and Marketplace/Broad Arrow auctions. Markel reinsurance partnership provides carrier capacity without full balance sheet burden. FY2026 thesis: platform fixed costs scaling over growing insurance premium base drives adj. EBITDA margin toward 18-20% by FY2028; HDC member → insurance cross-sell flywheel reaching 45%+ accelerates per-member economics; collector car market structural demand from aging enthusiast demographics.
Research · Aug 25, 2026
European Motor Own-Damage Insurance Shrinks With Falling Used-Car Values
PZU and UNIQA said on August 20, 2026 that Europe's motor own-damage premium base is shrinking with used-car values while repair severity climbs.