Hagerty, Inc., an automotive lifestyle brand and a leading specialty insurance provider focused on the global automotive enthusiast market, announced that the company is raising $105 million in capital from existing strategic investors including State Farm, Markel Group and the Hagerty family.
The capital raise is comprised of $80 million of convertible preferred equity, which closed on June 23rd, 2023, as well as a $25 million commitment of long-term debt financing for Hagerty Reinsurance Limited. The funds will help support the company’s profitable growth initiatives focused on serving the car enthusiast community. This includes evolving the company’s risk appetite and core product to augment its offerings to current members and reach new members who represent 33 million enthusiast vehicles in the United States which is expected to drive meaningful written premium and operating profit growth over the coming years.
The capital will also allow Hagerty to make ongoing technology investments that should drive operating efficiencies while improving customer facing interactions.
Source: Hagerty, Inc.
Was this article valuable?
Here are more articles you may enjoy.
Coverage Needed: Hundreds of Thousands in SE Now in Flood Zones With New Maps 
GEICO Tops Progressive With Higher J.D. Power Scores 
Supreme Court Overturns Chevron Rule in Blow to Regulators 
Big ‘I’ Report: Independent Agency Channel Placed 62% of Premiums in 2023 
