Hagerty Reports Second Quarter 2026 Results
Hagerty, Inc. (NYSE: HGTY) reported second quarter and first-half 2026 results, citing record member and premium growth and an increased 2026 outlook. First-half written premium rose 19% to $713 million and earned premium rose 42% to $492 million. Net loss was $5 million, including $153 million of Markel Fronting transitional costs. Adjusted EBITDA rose 32% to $160 million; 2026 guidance: written premium growth 16% to 17%, net income $18 to $30 million, and adjusted EBITDA $270 to $280 million.
How this was made
The 30-second read
Why it matters
The company’s Q2 and H1 growth metrics and the raised 2026 outlook are the key decision inputs for traders, but transitional costs and reporting reclassifications complicate clean earnings interpretation.
Market read
Traders can update positions based on the explicit 2026 guidance ranges and the magnitude of growth in written and earned premium, while monitoring retention and loss ratio stability.
What to watch
Policy retention slipped slightly (88.2% vs 88.7% YoY) and the loss ratio/comparability effects tied to reporting changes could mask underlying underwriting trend.
Background
Hagerty is transitioning to a Markel Fronting Arrangement that increases its U.S. quota share to 100% and changes how certain revenue and costs are reported.
Ticker impact
Hagerty reported Q2 2026 written premium up 19% YoY to $425M and raised full-year outlook for written premium, net income, and Adjusted EBITDA.
Near-term bias positive as the company raised 2026 guidance, though investors may discount earnings due to transitional costs and revenue reclassification.
The article provides multiple Q2 and H1 operating metrics plus explicit 2026 outlook ranges, which are direct inputs to valuation and positioning.
Market effects
Specialty insurance and MGA fronting economics are highlighted, with investors likely watching how quota-share control changes reported revenue and expense classification.
Primarily US-focused due to the U.S. book economics and quota-share transition.
Auction and membership momentum is described as multi-continent, but the financial guidance is company-specific.
Counterpoint
The guidance confidence may be overstated because reported revenue and earnings are heavily affected by the Markel Fronting Arrangement transition and reclassification of costs.
Key entities
- public_companyHagerty, Inc.
Reported Q2 2026 results and increased full-year outlook, citing control of 100% of U.S. book economics and growth in members and premium.
- agreementMarkel Fronting Arrangement
Quota-share transition to 100% that reduces reported revenue comparability and drives transitional costs.
- business_unitEssentia book of business
Hagerty expects to assume control through the arrangement, affecting commission and fee revenue elimination in the statements.
