Hagerty Inc. Announces Secondary Offering of 8.25M Shares

Hagerty Inc. (NYSE: HGTY), a provider of automotive insurance and enthusiast services, has completed a secondary offering of 8.25 million shares of its Class A common stock. The transaction, led by underwriters including Wells Fargo Securities and J.P. Morgan, was structured as a non-proceeding sale, meaning Hagerty Inc. itself will not receive any net proceeds from the offering. Instead, the proceeds will be used to fund a share redemption for the Kim Hagerty Revocable Trust, a selling stockholder in the transaction. The underwriters were granted a 30-day option to purchase an additional 1.2375 million shares, capped at 1,237,500 shares, under the terms of the deal. Hagerty Holding Corp., the parent company, bears the remaining underwriting expenses, while the selling stockholder covers the underwriting discount for its portion of the shares sold. The offering was filed with the Securities and Exchange Commission (SEC) and declared effective, marking Hagerty’s latest capital-raising effort in a market where the company protects approximately 3.0 million vehicles through its insurance, auctions, media, and membership services, including the Hagerty Drivers Club. Hagerty operates globally, serving customers in the United States, Canada, and the United Kingdom.