Hagerty Q1 Earnings Call Highlights

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MarketBeat

Sun, May 10, 2026 astatine 3:06 PM CDT 7 min read

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Hagerty posted its strongest archetypal 4th to date, with written premiums up 18% to $289 million, policies successful unit up 15%, and adjusted EBITDA rising 77% to $85 million. Management said maturation was driven by caller concern and grounds argumentation additions alternatively than complaint increases.
GAAP results were pressured by accounting changes tied to Hagerty’s caller Markel reinsurance/fronting structure, which caused reported gross to autumn 5% and led to a $13 cardinal nett loss. The institution said the resistance from deferred ceding committee amortization should upwind down to zero by year-end 2026.
Partnerships and auctions stay large maturation engines, with State Farm conversion advancement connected way and Broad Arrow delivering grounds Amelia auction income of $111 million. Hagerty reaffirmed full-year 2026 guidance and said results are trending toward the precocious extremity of its targets.

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Hagerty (NYSE:HGTY) reported what executives described arsenic its strongest first-quarter show to date, citing grounds argumentation additions, accelerating premium maturation and improved adjusted earnings, adjacent arsenic accounting changes tied to a caller reinsurance operation weighed connected GAAP results.

On the company’s Q1 2026 net call, CEO and Chairman McKeel Hagerty said written premiums accrued 18% twelvemonth implicit year, up of the company’s full-year expectations. He said the 4th marked Hagerty’s 13th consecutive 4th of executing connected its maturation strategy.

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“We are disconnected to an fantabulous commencement to 2026,” McKeel Hagerty said, adding that the institution added a grounds 112,000 policies during what is typically a seasonally lighter quarter.

Premium Growth and Retention Drive First-Quarter Results

Chief Financial Officer Patrick McClymont said written premium totaled $289 cardinal successful the quarter, up 18% from the prior-year period. Earned premium roseate 42% to $240 million, reflecting some premium maturation and Hagerty Re assuming 100% of the underwriting hazard connected the company’s U.S. publication of concern opening Jan. 1.

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The institution reported 15% maturation successful policies successful force, portion retention remained astatine 89%, a level absorption characterized arsenic industry-leading. McKeel Hagerty said maturation has been driven by caller concern number alternatively than complaint increases, distinguishing the institution from broader trends successful modular car insurance.

McClymont said Hagerty Re’s combined ratio was astir 87% successful the quarter, with a 38% nonaccomplishment ratio. The institution besides reduced reserves by $6 cardinal owed to favorable prior-year development. During the question-and-answer session, McClymont said the reserve simplification was astir $6.5 cardinal and was predominantly related to the 2025 mishap year.

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