Hagerty customers take good care of their toys

Hagerty hosted its Q2’23 earnings call on Aug 8, 2023. Select highlights:

• Delivered written premium growth for 20 years.
• Preparing to launch State Farm commercial partnership.
• Total revenue increased by 28% in the first 6 months of 2023, reaching $480 million. Both written premiums and commission revenue grew by 17%.
• In the first half of 2023, Hagerty added a record number of new policies, surpassing its 2021 numbers.
• Regarding Hagerty’s commercial partnership with State Farm – it will soon start writing new policies in 4 states under a 10-year agreement.
• Q2’23: Total money earned (revenue) increased by 27% to $261 million.
• 42% loss ratio – “Our book performs differently from daily drivers because our customers take good care of their toys.”
• The second quarter operating profit was $17 million, up $15 million from the previous year.
• $3 million charge primarily related to the impairment of leases for facilities Hagerty is no longer using and is working to sublease.