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Sep 30, 2023
Hagerty Q3 2023 Earnings Report
Hagerty reported Q3 2023 earnings with a focus on community building and growth.
Key Takeaways
Hagerty reported year-to-date 2023 results with revenue growth of 28% and significantly improved profitability. The company is focused on growing its Hagerty Drivers Club (HDC) membership and enhancing its value proposition.
Hagerty is the largest provider of specialty insurance for the collectible car market, insuring 2.4 million vehicles.
The company's business model is predictable, with over 88% of revenue secured at the start of the year due to high customer retention.
Hagerty's Net Promoter Score is 83, almost twice that of its competitors.
Hagerty Drivers Club (HDC) has over 800,000 members and is the world’s largest membership organization for auto enthusiasts.
Forward Guidance
Hagerty plans to focus on making HDC even more useful, profitable, and sticky over the coming quarters.
Positive Outlook
- Better digital user experience
- Improved bundling at point of sale
- Establishing new, compelling partnerships for members
- Reinvesting in the business
- Creating value for investors
Historical Earnings Impact
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Avg. Return Before/After Earnings
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