Hagerty Family Trust to sell $111 million in stock

Hagerty Holding Corp. is selling 9.25 million Hagerty shares at $11.95 each in an upsized secondary offering valued at approximately $110.5 million.

The underwriters have a 30-day option to purchase an additional 1.39 million shares, potentially increasing the offering to about $127.1 million.

Hagerty will not receive any proceeds. The money will be used to redeem Hagerty Holding Corp. shares for the benefit of the Kim Hagerty Revocable Trust.

Wells Fargo Securities and J.P. Morgan are leading the offering, which is expected to close on September 11.