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Hagerty Q2 2023 Earnings Report
Hagerty's total revenue grew and operations were streamlined to enhance profitability.
Key Takeaways
Hagerty reported a 28% increase in total revenue during the first six months of 2023. The company is focused on streamlining operations to enhance profitability and is on a path to becoming leaner and stronger.
Hagerty is the biggest provider of specialty insurance for the collectible car market, insuring more than 2 million vehicles.
Hagerty's retention rate allows them to begin each year with nearly 90% of their revenue secured.
Hagerty has become a full spectrum automotive lifestyle provider through Hagerty Drivers Club, live and digital auctions, and event and automotive media portfolios.
Hagerty expects to commence offering the State Farm Classic+ program and Hagerty Drivers Club in four states during the fall of 2023.
Forward Guidance
Hagerty is integrating their systems with State Farm to prepare for the launch of their commercial partnership, which is expected to commence in the fall of 2023.
Positive Outlook
- Increase scale and profitability
- Drive significant growth in State Farm’s Classic book of business
- Saving State Farm's customers money
- Providing excellent Hagerty service
- Improving membership experience
Challenges Ahead
- Uncertain economic environment
- Reshaping business practices to align with vision for the future
- Adjusting sails
- Making select technology investments
- Requires collaboration
Historical Earnings Impact
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Avg. Return Before/After Earnings
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