Highlights from Hagerty’s Q2’24 earnings call

Hagerty held its Q2’24 earnings call on Aug 6, 2024, led by CEO McKeel Hagerty. Key highlights include:

• Team of 1,700 Hagerty employees.
• 2.4 million cars insured, the same figure reported last year.
• Written premium growth of 18% in the first half of 2024.
• 20% growth in total revenue to $313 million.
• Hired Sean McMullan from Amazon as SVP of Digital Marketplace and Valuation.
• Membership revenue grew in the mid-teens, offset by lower garage and social revenue due to fewer locations following the dissolution of the joint venture last fall.
• Expanded the borrowing capacity of the credit facility by $75 million with the addition of a new bank, Wells Fargo.
• Sold MotorsportReg, its motorsport event calendar and online management platform, and created a long-term marketing partnership with Parella Motorsports, which owns and operates events such as the Sports Car Vintage Racing Association, the Trans Am Series, Formula Regional Americas, and Formula 4 in the US.