Hagerty, Inc. Q3 2025 Earnings Recap

Hagerty delivered robust third-quarter results with total revenue increasing 18% year-over-year, driven by strong new business growth and an improved operating margin. Notable gains in membership and strategic partnerships position the company for continued expansion in the collectible vehicle insurance market.

Key Takeaways

• Total revenue reached $380 million, a significant 18% increase, fueled by a 16% rise in written premium and an impressive retention rate of 89%.
• Net income surged by 73% to $121 million, supported by a 350 basis point improvement in operating margins and adjusted EBITDA growth of 46% to $153 million.
• The launch of the Safe Storage Concierge service and a new partnership with Liberty Mutual enhances Hagerty's distribution capabilities and customer engagement.
• Membership and marketplace revenue grew by 54%, reflecting recent international expansion efforts and the introduction of the Enthusiast Plus program.
• Anticipating increased profitability, Hagerty is moving towards a 100% control of premium and risk management in collaboration with Markel, set to commence in 2026.