Hagerty, Inc. (HGTY): Results of Operations and Financial Condition
Hagerty, Inc. (HGTY) filed an SEC Form 8-K — Results of Operations and Financial Condition. STOCKHOLDER LETTER Q3 2026 While many of our members in North America are closing their garages for the winter, the action in the car collecting world moves indoors. For Hagerty, that means Broad Arrow’s Wynn Concours auction in Las Vegas, and Zoute and Zurich auctions in Europe.
How this was made
The 30-second read
Why it matters
The earnings beat and raised guidance provide fresh, material information that can move the stock.
Market read
The disclosure is a primary earnings event for a U.S.-listed mid‑cap, offering a clear trading catalyst.
What to watch
Potential headwinds from a possible slowdown in high‑end car auction prices could temper growth.
Hagerty reported 18% year-to-date written premium growth, more than 400,000 new members since January, and 43% first-nine-month adjusted EBITDA growth while raising its full-year outlook again.
The filing describes double-digit year-to-date written premium growth, substantial member additions tied to State Farm conversions, 43% adjusted EBITDA growth over the first nine months, favorable loss trends, and another increase to the full-year outlook. It does not provide quarterly financial statements or quantified guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Year-to-date written premium gainsother | 18% | – | 18% |
| New members added since Januaryother | more than 400,000 | – | – |
| Adjusted EBITDA growth over the first nine monthsnon-GAAP | 43% | – | 43% |
| Member experience ratings averageother | 4.93 out of 5 stars | – | – |
| Net Promoter Scoreother | over 80 | – | – |
| Retentionother | above 88% | – | – |
| Broad Arrow Zoute auction hammer salesother | €36M | – | 35% |
| Total sales across all auction houses at Monterey Car Weekother | $756M | – | – |
| Hagerty Drivers Club magazine readership per issueother | more than two million readers | – | – |
| Vehicles protected across the U.S., Canada and the U.K.other | 3.1 million vehicles | – | – |
| Collector car transactions through members' hands over the last yearother | $19B | – | – |
| U.S. target marketother | 36M | – | – |
What drove it
- State Farm conversions ramped up, contributing to more than 400,000 new members since January.
- Favorable loss trends in physical damage and liability contributed to the raised full-year outlook.
- The company cited steady share gains, new partnerships, and technology investments that reduce administrative work and increase time for member engagement.
- Broad Arrow's Zoute auction produced €36 million of hammer sales, with sales up 35% from last year.
- Barrett-Jackson named Hagerty its official insurance partner.
Concerns
- Management said it would be careful about reading too much into recent top-end auction trends after a surge in supercar and hypercar prices during 2026.
- Management stated that markets have peaks and troughs and that a record August does not mean every future auction will look the same.
- Management said it would not be surprised to see top-end prices take a breather at some point.
- Member vehicle sales are described as Hagerty's biggest source of attrition.
What to watch
- The pace of State Farm conversions and resulting member additions.
- Written premium growth and progress toward the stated 2030 goal of 3 million policies in force.
- Physical damage and liability loss trends that supported the increased full-year outlook.
- Auction-market conditions, particularly demand and pricing for modern supercars and hypercars.
- Execution of technology investments intended to expand policy capacity and member engagement.
Analysis
Hagerty's Q3 2026 stockholder letter presents continued operating momentum in its insurance business. The company reported year-to-date written premium gains of 18% and said it added more than 400,000 new members since January as State Farm conversions ramped up. Management also characterized insurance as the core of Hagerty and said it remains on pace toward its 2030 goal of 3 million policies in force.
Profitability trends were also favorable in the disclosed narrative. Adjusted EBITDA jumped 43% over the first nine months, and management raised its full-year outlook again. The stated support for the outlook increase was favorable loss trends in physical damage and liability. The filing does not provide the adjusted EBITDA amount, quarterly earnings, revenue, margins, or a numerical version of the revised outlook.
The member model remains central to management's growth case. Hagerty reported retention above 88%, a Member experience rating average of 4.93 out of 5 stars, and a Net Promoter Score over 80. Management identified member vehicle sales as its largest source of attrition, but also described an opportunity to capture auction commissions and introduce Hagerty services to the purchasers of those vehicles. The company said it protects 3.1 million vehicles across the U.S., Canada and the U.K.
Broad Arrow provided evidence of auction activity, with the second Zoute auction generating €36 million of hammer sales and sales up 35% from last year. Management also cited $756 million of total sales across all auction houses at Monterey Car Week. At the same time, the letter explicitly cautioned that recent strength in top-end supercar and hypercar pricing may not persist and that future auctions may not resemble the record August market. Investors should focus on conversion-driven member growth, loss trends, the numerical details of the raised outlook when available, and whether auction activity continues to translate into insurance and membership opportunities.
Management, verbatim
Adjusted EBITDA jumped 43% over the first nine months, and we raised our full-year outlook again, due in part to favorable loss trends in physical damage and liability.
McKeel Hagerty, CEO and Chairman
Retention is above 88%, and it would be even higher if not for members selling their cars, our biggest source of attrition.
McKeel Hagerty, CEO and Chairman
Given the surge in prices at the top end in 2026, I would not be surprised to see them take a breather at some point.
McKeel Hagerty, CEO and Chairman
Not in the filing
stated, not guessed- Period-end date.
- GAAP total revenue and prior-year comparison.
- Non-GAAP total revenue and prior-year comparison.
- Segment revenue, segment profitability, and segment comparisons.
- GAAP gross profit, gross margin, operating income, net income, and EPS.
- Non-GAAP operating income, net income, and EPS.
- Adjusted EBITDA amount and prior-year adjusted EBITDA amount.
- Quarterly written premium amount and prior-year written premium amount.
- Operating cash flow and free cash flow.
- Cash, investments, debt, and other balance-sheet amounts.
- Share repurchases, dividends, and other capital-return amounts.
- Numerical full-year guidance for revenue, gross margin, operating expenses, tax rate, or other financial metrics.
- Prior outlook figures needed for comparison with actual results.
- Quarterly financial statements and detailed Q3 income-statement metrics.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Hagerty, a specialty insurer for collector cars, filed its Q3 2026 results via an SEC 8‑K, highlighting strong premium growth and a raised full‑year outlook.
Ticker impact
Hagerty disclosed Q3 results with adjusted EBITDA up 43% YTD and raised its full‑year outlook, providing fresh guidance.
likely upward pressure as investors price in the raised outlook
The 8‑K filing is the first public disclosure of the earnings beat and guidance raise, which typically drives buying interest.
Market effects
Strong performance may boost sentiment in the specialty insurance and collector‑car niche.
U.S. investors may increase exposure to niche insurance stocks.
Limited to markets where Hagerty is listed; no broader macro effect.
Counterpoint
If the raised outlook is already priced in, the stock could face a short‑term pullback.
Key entities
- companyHagerty, Inc.
Specialty insurer for collector automobiles.
