Hagerty Reports Full Year 2021 Results | 2022-03-24 | Press Releases

Complete Calendar year 2021

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– Whole Revenue grew 24% calendar year-in excess of-year to $619.1 million

– Penned High quality grew 17% 12 months-in excess of-yr to $674.3 million

– Overall Lively Members grew 13% year-above-yr to 2.4 million

TRAVERSE Metropolis, Mich., March 24, 2022 /PRNewswire/ – Hagerty, Inc. (NYSE: HGTY), an automotive way of life brand name and a top specialty insurance coverage provider focused on the world wide automotive fanatic marketplace, today announced fiscal benefits for the calendar year ended December 31, 2021. The entire entire 12 months 2021 fiscal effects, as very well as management commentary, can be located by accessing the Firm’s shareholder letter on its investor relations web-site.

“Our development is attributable to our sturdy and one of a kind model and the remarkable people today at the rear of it – our Hagerty staff – who deal with our customers like they are component of the household and share their enthusiasm for cars and driving,” said McKeel Hagerty, Main Govt Officer of Hagerty.

“Through 2021, we ongoing our robust observe record of membership development, ending the year with 2.4 million users, as well as 2.1 million vehicles insured. We created sturdy profits growth of 24%, and published high quality grew 17% to $674.3 million. Our solid profits advancement proceeds to be improved by our recurring earnings product with contributions coming from throughout our ecosystem of merchandise choices,” added Mr. Hagerty.

“As we move by way of 2022 and outside of, we are effectively positioned to travel natural and organic advancement across our insurance policies and membership choices. We see obvious chances to additional monetize our sizable addressable market and increase our industry share hence, we prepare to go on to make investments in our abilities in 2022 to capitalize on these opportunities. Importantly, though we glance forward to launching our relationship with Point out Farm, we have deferred the start till later in 2022 as the corporations work through point out licensing and merchandise fee filing procedures as properly as major plan and membership systems integration to make sure the highest typical of agent and client knowledge,” concluded Mr. Hagerty.

Convention Connect with Information

Hagerty will hold a convention simply call to explore the fiscal success today at 5:00 pm Eastern Time. A simultaneous webcast of the convention get in touch with, including a shorter Hagerty movie adopted by a slide presentation highlighting full 12 months 2021 economical effects, will be available on Hagerty’s trader relations site at investor.hagerty.com. The dial-in for the conference phone is (877) 423-9813 (toll-absolutely free) or (201) 689-8573 (intercontinental). Remember to dial the range 10 minutes prior to the scheduled start off time.

A webcast replay of the connect with will be available at trader.hagerty.com for 90 days following the call.

Ahead Hunting Statements

This press release is made up of forward-searching statements within just the indicating of the Personal Securities Litigation Reform Act of 1995. Ahead-on the lookout statements contain all statements that are not historical points. These forward-looking statements reflect Hagerty’s present anticipations and projections with regard to its anticipated long run small business and monetary efficiency, like, between other matters: (i) expected operating success, this kind of as profits advancement and raises in earned top quality (ii) alterations in the market for Hagerty’s products and services, (iii) Hagerty’s designs to broaden market share, together with planned investments and partnerships (iv) predicted business goals and (v) the energy of Hagerty’s company product. These statements may well be preceded by, adopted by or incorporate the words and phrases “goal,” “foresee,” “consider,” “estimate,” “anticipate,” “forecast,” “upcoming,” “target,” “intend,” “probably,” “outlook,” “strategy,” “potential,” “undertaking,” “find,” “goal,” “can,” “could,” “may perhaps,” “should,” “would,” “will,” the negatives thereof and other words and terms of identical that means.

A range of aspects could lead to genuine final results or results to vary materially from those indicated by these ahead-hunting statements. These elements incorporate, but are not constrained to: (i) Hagerty’s means to contend proficiently inside its industry and attract and retain associates (ii) its dependence on a constrained amount of coverage distribution and underwriting provider associates (iii) Hagerty’s means to protect against, keep track of and detect fraudulent action, including its reliance on a minimal quantity of payment processing products and services (iv) disruptions, interruptions, outages with its engineering platforms or 3rd-bash services (v) the constrained functioning historical past of some or Hagerty’s membership products and the achievements of any new coverage courses and items (iv) adverse impacts from the COVID-19 pandemic and present-day and long term variants of the virus (vii) the cyclical character of the insurance coverage company and Hagerty’s capability to obtain car utilization and driving information (viii) unanticipated raises in the frequency or severity of claims (ix) compliance with the quite a few guidelines and polices relevant to Hagerty’s organization, which include point out, federal and international laws relating to insurance policy and amount raises, privateness, the world wide web and accounting matters (x) no matter whether buyers or securities analysts perspective Hagerty’s stock framework unfavorably, specially its twin-class construction (xi) the point that Hagerty is a managed business and (xii) other hazards and uncertainties indicated from time to time in documents submitted or to be filed with the Securities and Exchange Commission (the “SEC”) by Hagerty.

The ahead-on the lookout statements herein signify the judgment of Hagerty as of the date of this release and Hagerty disclaims any intent or obligation to publicly update or overview any ahead-on the lookout statement, no matter whether as a end result of new information and facts, upcoming developments, or or else. This press release should be read through in conjunction with the facts incorporated in the Firm’s other push releases, stories and other filings with the SEC. Knowledge the facts contained in these filings is important in buy to completely realize Hagerty’s claimed financial success and our business outlook for upcoming periods.

About Hagerty, Inc. (NYSE: HGTY)

Primarily based in Traverse Metropolis, Michigan, Hagerty’s function is to preserve driving and car culture for foreseeable future generations and its mission is to develop a international business to fund that objective. Hagerty is an automotive enthusiast brand name supplying integrated membership goods and systems as very well as a specialty coverage provider targeted on the global automotive enthusiast industry. Hagerty is property to Hagerty Drivers Club, Hagerty Drivers Club journal, Hagerty Motorists Foundation, Hagerty DriveShare, Hagerty Valuation Instruments, Hagerty Media, MotorsportReg, Hagerty Garage + Social, Hagerty Marketplace, The Amelia, the Detroit Concours d’Elegance, the Greenwich Concours d’Elegance, the California Mille, Motorworks Revival and a lot more. For a lot more data on Hagerty, you should visit www.hagerty.com, or link with us on Facebook, Instagram and Twitter.

Extra facts can be found at newsroom.hagerty.com.

Class: Economical

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