Yesterday, Hagerty, Inc., (NYSE: HGTY) an automotive lifestyle brand and a leading specialty insurance provider focused on the global automotive enthusiast market, rang the opening bell at the New York Stock Exchange to celebrate its recently completed public listing under the ticker symbols HGTY and HGTY.WS, respectively. New York Stock Exchange visitors and live social media audiences enjoyed a unique “Cars & Caffeine Wall Street” featuring a special 1967 Porsche 911S, the first-ever production Duesenberg and the 24 Hours of Le Mans-winning 1966 Ford GT40 racecar.
“This is a huge moment for our brand, our team and our purpose to save driving and car culture for future generations,” said CEO McKeel Hagerty. “There are millions upon millions of people out there who love cars, not so they can get from Point A to Point B but because cars are fun, exciting and fulfilling. As a public company, we are well-positioned to give car lovers more of what they want – cool events, shared experiences, automotive intel and resources, along with best-in-class insurance and amazing service.”
Hagerty is a leading provider of specialty automotive insurance, with 2 million cars insured globally, an industry-leading 84 Net Promoter Score (NPS) and partnerships with nine of the top 10 U.S. automotive insurers.
Hagerty has invested in a unique business model that integrates omni-channel distribution, risk management & reinsurance, and subscription & membership with a rich source of first-party data to drive multiple revenue streams and several compelling market advantages. The company’s omni-channel insurance distribution model positions Hagerty to scale through national insurance partners, local agents and brokers, and direct distribution.
In addition, Hagerty’s highly differentiated membership model delivers loyalty and retention by engaging, entertaining and connecting with members at every stop of their journey — digitally, on the track, in the garage, at an event or on the road. The company’s portfolio of automotive offerings includes Hagerty Drivers Club (1.8 million members), HDC magazine (1.2 million readership), Hagerty YouTube (1.75 million subscribers), three major concours events, a nationwide collection of premium social and car storage membership facilities called Hagerty Garage + Social, and DriveShare, a peer-to-peer service that lets people rent vintage and cool enthusiast vehicles.
“We have built Hagerty to optimize growth across the vast automotive enthusiast market, which today stands strong at over 69 million enthusiasts in the U.S. alone,” said Hagerty. “Our goal is not only to provide car lovers with great insurance, but to help them connect with one another and have fun with their cars. We are focused on preserving the parts of driving that created American car culture in the first place – family, fun, community, competition, road trips and so much more.
“Being listed on the NYSE marks the start of an exciting new chapter in Hagerty’s history. We are confident that we have sufficient capital to advance our strategy, which remains focused on investing in our digital user experience to support and accelerate membership growth, while expanding our portfolio of engaging and exciting car-focused events and services. We believe this strategy will create rewarding new experiences for car lovers and sustainable value for our shareholders over the long term.”