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Hagerty Q2 earnings call highlights. August 8, 2026 Key points. * Strong growth lifted Hagerty's outlook: Written premium rose 19% in the second quarter and first half, while adjusted EBITDA increased 32% year over year to $75 million in Q2. The company raised 2026 guidance to 16%-17% written-premium growth, $18 million-$30 million in GAAP net income and $270 million-$280 million in adjusted EBITDA. * Fronting arrangement affected reported results: Hagerty reassumed 100% of U.S. underwriting risk under its Markel arrangement, increasing its participation in underwriting profits but distorting GAAP revenue presentation. Management expects the accounting effects to largely normalize in 2027. * Distribution and marketplace expansion continued: Hagerty surpassed 3 million insured vehicles, advanced State Farm policy conversions and acquired U.K. motorcycle insurer Bennetts for £34 million. Marketplace sales rose 17% to $65 million in the first half, led by a 74% increase in Broad Arrow auction sales. * Five stocks to consider instead of Hagerty. Hagerty NYSE: HGTY reported second-quarter results marked by continued policy growth, higher written and earned premiums, and increased adjusted EBITDA, prompting the specialty insurer to raise its full-year outlook. Chief Executive Officer and Chairman McKeel Hagerty said the first half of 2026 was the company's strongest on record based on growth in policies in force, written premium, earned premium and adjusted EBITDA. The company surpassed 3 million insured vehicles during the second quarter and added a record 279,000 new members in the first half, aided by State Farm policy conversions. Written premium increased 19% in both the second quarter and first six months of 2026, accelerating from 14% growth a year earlier, according to Chief Financial Officer Patrick McClymont. Earned premium rose 42% to $252 million in the second quarter, reflecting policy growth and the company's increased participation in underwriting economics under its new Markel fronting arrangement. Markel arrangement changes reported financial presentation. Hagerty reassumed 100% of underwriting risk on its U.S. book beginning Jan. 1 under the Markel Fronting Arrangement. McClymont said the structure provides Hagerty with a 25% step-up in underwriting profits and investment income, but it also changes the presentation of its GAAP revenue and income statement. First-half reported GAAP revenue declined 6% to $667 million despite 19% written premium growth, as MGA commission revenue and related ceding commission expense are eliminated in consolidation. Hagerty reported GAAP net income of $8 million in the second quarter, while its first-half GAAP net loss was $5 million. Second-quarter net loss attributable to Class A common shareholders was $2 million, or $0.02 per share on both a GAAP and adjusted basis. The company's second-quarter results included $64 million in amortization of deferred ceding commissions related to 2025 policies. McClymont said Hagerty capitalized about $57 million in new acquisition expenses during the first half, with $16 million recognized through the income statement. That created a $41 million cumulative first-half benefit, including $20 million during the second quarter. The company expects that benefit to decline to $15 million in the second half and to be absent in the fourth quarter as policy acquisition expense amortization catches up with costs. Management expects the accounting effects of the fronting transition to be largely resolved in 2027, when revenue and earnings should present a more normalized view of operating performance. Profitability, cash flow and outlook. Hagerty Re reported a 90% combined ratio during the second quarter, following an 88% combined ratio for the first half. The first-half loss ratio was 41%. Management cited investments in underwriting and in-house claims capabilities as factors supporting member outcomes and lower loss costs. Adjusted EBITDA was $75 million in the second quarter and $160 million in the first half, up 32% year over year. Operating cash flow for the first six months totaled $186 million, nearly double the amount generated in the first half of 2025. As of June, Hagerty had $298 million of unrestricted cash and $216 million of total debt, including $88 million of back leverage associated with Broad Arrow's portfolio of collector-car loans. Based on first-half performance and momentum entering the second half, the company raised its 2026 guidance. Hagerty now expects: * Written premium growth of 16% to 17% for the full year. * GAAP net income of $18 million to $30 million. * Adjusted EBITDA of $270 million to $280 million. McClymont said stronger-than-expected cost efficiency and better Marketplace profitability were contributing to the increased EBITDA outlook. He also noted that Hagerty's Marketplace business, which includes auctions and private sales, had performed better than expected and had major sales planned for the second half. Distribution expansion and marketplace growth. Management said growth was broad-based across its distribution channels. The State Farm Classic+ program was active for new Hagerty policies in 37 states as of the end of the second quarter. Conversion of State Farm's existing 525,000 collector-car policies was underway in 14 states, with Hagerty maintaining its target to complete the transition by 2028. The company said its independent agency channel includes 54,000 agents and remains a significant opportunity. Hagerty is investing in automated vehicle-identification tools, straight-through processing and agent education to identify enthusiast vehicles insured under standard daily-driver policies. Hagerty also cited expanding relationships with carriers including Progressive and Liberty Mutual. McClymont said the Progressive relationship has expanded beyond vehicles built before 1981 to include vehicles that are at least 25 years old, adding 17 years of potential vehicle cohorts on a rolling basis. Enthusiast+, Hagerty's offering for more modern enthusiast vehicles, was performing in line with revised pricing assumptions in Colorado. The company expanded the program into three additional states in July. McKeel Hagerty said younger collectors were increasingly driving demand, with year-to-date quote volume from Gen X, millennial and Gen Z consumers exceeding 60% of total demand. Bennetts acquisition and marketplace results. After the quarter ended, Hagerty acquired Bennetts, the second-largest specialty motorcycle insurer in the United Kingdom, for £34 million. McClymont said the acquisition immediately triples Hagerty's scale in the U.K. market. Management characterized acquisitions as likely to be modest and infrequent, with capital allocation remaining focused primarily on investments that grow policy count, improve unit economics and deepen the company's member ecosystem. Hagerty Marketplace generated $65 million in first-half total sales, up 17%. Broad Arrow, the company's high-end live auction business, recorded a 74% increase in first-half sales and a 91% sell-through rate. Private sales declined from the prior-year period, which had benefited from the sale of a large single-owner collection. McKeel Hagerty said the marketplace operation also serves as a customer-acquisition channel, as vehicles sold through auctions and private transactions may become Hagerty insurance policies. The company said it remains focused on reaching 3 million policies by 2030. About Hagerty (NYSE:HGTY). Hagerty is a specialized automotive lifestyle and insurance company that caters primarily to collectible car enthusiasts. Its core business centers on offering classic vehicle insurance policies designed to protect antique, vintage and specialty automobiles, motorcycles and boats. These policies typically feature agreed-value coverage, flexible usage options and access to restoration services, aligning with the unique needs of collectors and hobbyists. Beyond insurance, Hagerty operates a comprehensive suite of community and content services under its automotive lifestyle brand. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. Continue following MarketBeat Before you consider Hagerty, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Hagerty wasn't on the list. While Hagerty currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys. The space race is growing fast, and you don't have to have gotten in early on SpaceX to profit. 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"National Treasures" at the Savoy Automobile Museum is about more than cars. August 4, 2026 Hagerty Drivers Foundation 8 min A 1918 Cadillac that served at the front in World War I. A Maserati that won Indianapolis twice despite being built for European road courses. Amelia Earhart's last car. A Volkswagen that was a footsoldier in the civil rights movement. A replica Ferrari so convincing it starred in one of the most beloved films of the 1980s. Together, they make the case that automobiles are not just machines - they are primary documents of American history. And now, for the first time, eight of them are in the same room. The Hagerty Drivers Foundation has partnered with the Savoy Automobile Museum to present "National Treasures: Cars on the National Historic Vehicle Register", open to the public through December 6, 2026. Each vehicle in the exhibition has been officially documented on the National Historic Vehicle Register, administered by the Hagerty Drivers Foundation in partnership with the U.S. Department of the Interior, with records permanently archived at the Library of Congress - recognizing each car as historically significant to the American story. The National Historic Vehicle Register was established in 2013, taking its cues from the Historic American Engineering Record - a federal program dating to 1969 that preserves bridges, industrial sites, and other significant structures through documentation rather than physical protection. The NHVR applies the same principle to automobiles. When a vehicle is nominated, specialists produce a comprehensive record: historical research, photography, technical documentation, and laser scanning to capture precise measurements of the vehicle. Everything is permanently archived at the Library of Congress. The first car added to the Register, in January 2014, was a 1964 Shelby Cobra Daytona Coupe. The eight vehicles in the "National Treasures" exhibition span NHVR entries No. 3, 4, 13, 22, 26, 33, 35, and 36 - a cross-section of more than a decade of documentation work. The Hagerty Drivers Foundation administers the National Historic Vehicle Register in partnership with the U.S. Department of the Interior. Beyond documentation, the Foundation works to bring these vehicles before the public - through exhibitions, documentary films, and an annual display on the National Mall in Washington, D.C. The "National Treasures" exhibition at the Savoy Automobile Museum is the latest expression of that mission. The 1938 Maserati 8CTF - "Boyle Special" (NHVR No. 3) Built in September 1938, the Maserati 8CTF was acquired by Chicago union leader and race team owner Mike Boyle, whose mechanic Harry W. "Cotton" Henning prepared it for Indianapolis. Driven by Wilbur Shaw, it won the Indianapolis 500 back to back in 1939 and 1940, and remains the most successful automobile to compete at the race, with two wins, two third-place finishes, and a fourth. It is part of the collection of the Indianapolis Motor Speedway Hall of Fame Museum. The 1918 Cadillac Type 57 - U.S. 1257X (NHVR No. 4) Purchased in August 1917 by Rev. Dr. John Hopkins Denison, a YMCA secretary who donated the car and his services as driver to support the American Expeditionary Forces in France, this Cadillac became the 257th passenger car registered by the AEF. Rev. Denison chauffeured Mrs. Theodore Roosevelt Jr. - the first American woman sent to France by the YMCA - and served at the front during the Second Battle of the Marne, the turning point that led to the armistice on November 11, 1918. It is owned by Marc Lassen of Gardiner, Washington. The 1920 Anderson Six Convertible Roadster (NHVR No. 13) The Anderson Motor Company was based in Rock Hill, South Carolina, and produced cars from 1916 to 1926. This Anderson Six - car number 34142 - is the only known surviving example of the company's patented Convertible Roadster body style, which could quickly convert from a sleek roadster to a five-passenger touring car. It has never been fully restored and still runs its original numbers-matching Continental 7-R engine. The car is owned by Mr. Ianaurio, who acquired it in 1989 and brought it back to South Carolina. The 1985 Modena Spyder California (NHVR No. 22) In 1984, Mark Goyette and Neil Glassmoyer of Modena Design & Development in El Cajon, California built a fiberglass replica of a Ferrari 250GT California. Before they could launch their business, director John Hughes called them about using the car for Ferris Bueller's Day Off - an actual Ferrari was too expensive for the studio to rent or use. Three cars were built on a tight timeline for the film, and this one - the completed car used for wide shots - is documented on the National Historic Vehicle Register. The film premiered in June 1986. It is owned by Bob Winegard, who had it restored to its original film specifications. The 1937 Cord 812 Phaeton Convertible (NHVR No. 33) Amelia Earhart acquired this Cord less than a year before she and navigator Fred Noonan disappeared over the South Pacific in 1937. In September 1936, she was photographed standing with the Cord alongside the Lockheed Electra she would take on her final flight. After her disappearance, her husband George Putnam sold the car. It passed through many owners, was eventually disassembled, and its parts were scattered across the country. After decades of research, the body, frame, and engine were reunited by Ray Foster in 2004 and fully restored in 2018 by LaVine Restorations. It is now in the care of the JBS Collection. The Beatnik Bandit - Ed "Big Daddy" Roth (NHVR No. 35) Ed "Big Daddy" Roth built the Beatnik Bandit in 1960-61 with "Dirty Doug" Kinney in a one-car garage, based on a design by illustrator Joe Henning originally created for Rod and Custom magazine. Built on a shortened 1950 Oldsmobile chassis with a handmade fiberglass body, it is topped with a bubble top covering the cockpit. Revell immortalized it as a model car kit, and it later became one of the first Hot Wheels ever produced. It is owned by the National Automobile Museum in Reno, Nevada, where it is on permanent public display. The Dodge Deora - Alexander Brothers (NHVR No. 36) In the 1960s, brothers Mike and Larry Alexander took a basic Dodge A100 truck and built this wildly customized vehicle from a design by Harry Bentley Bradley. They debuted the Deora at the 1967 Detroit Autorama, where it took the coveted Ridler Award. Dodge leased it and used it at auto shows as a promotional vehicle. AMT immortalized it in a best-selling model kit, and in 1968 Mattel featured the Deora in its popular Hot Wheels line. It is now part of the Tom Abrams Collection. The 1966 Volkswagen Transporter (NHVR No. 26) Born in 1910 and married in 1927, Esau and Janie B. Jenkins were successful business owners and parents of 13 children who spent their lives working to improve the lives of African Americans on Johns Island, South Carolina. They established the Progressive Club in 1948 - a community center offering voter education, literacy classes, childcare, and a grocery store. In 1957, they helped develop the first Citizenship School in the South, working with Septima Clark and Bernice Robinson to help thousands of residents register to vote. The green Volkswagen, with Esau's motto "Love is Progress, Hate is Expensive" painted on the rear, was their primary transportation and a fixture in the Charleston area. After Esau passed in 1972, the VW remained in the family's care. In 2019, the Hagerty Drivers Foundation excavated and stabilized it. The rear panels bearing Esau's motto are now in the collection of the Smithsonian National Museum of African American History & Culture. The vehicle remains in the care of the Jenkins family. The Savoy Automobile Museum is a natural home for this exhibition. Founded with a mission to connect people to the cultural diversity of the automobile, the Savoy has built a reputation for changing exhibitions that explore the full breadth of automotive history - not just performance and design, but the cultural, social, and human stories that cars carry with them. The Hagerty Drivers Foundation is proud to partner with the Savoy Automobile Museum to bring these eight vehicles together and make their stories accessible to the public. The photographs, research, and documentation for each vehicle on the National Historic Vehicle Register are archived at the Library of Congress in perpetuity - ensuring the automobiles that shaped American history are never lost nor forgotten. "National Treasures: Cars on the National Historic Vehicle Register" is open to the public at the Savoy Automobile Museum, 3 Savoy Lane, Cartersville, Georgia, through December 6, 2026. Visit savoymuseum.org for hours and admission information.

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