Hagerty reduces workforce

According to a SEC filing, Hagerty is making a 6% reduction in its workforce by laying off 103 employees as the company “continues its focus on managing expenses in order to achieve growth and profitability goals.”

Hagerty expects to realize a non-recurring charge of approximately $11 million, primarily in the fourth quarter, associated with this headcount reduction and the previously announced voluntary retirement program. The company also expects to realize annualized savings of approximately $19 million as a result of both the reduction in force and the voluntary retirement program.

Last month, Hagerty reported its third quarter results. Net income for the quarter was $24.3 million and net income for the first nine months of 2022 was $34.6 million.