Hagerty Raises 2026 Outlook After Record Premium Growth

The Tip Desk · November 10, 2026 · 3 min read

The specialty insurer lifted its full-year Adjusted EBITDA range to $305 million–$315 million after nine-month written premium reached $1,099 million.

Hagerty, Inc. (HGTY), the specialty vehicle insurer and collector-car marketplace, raised its 2026 profit outlook after a record run of member additions and written premium growth in the first nine months of the year.

The company now anticipates full-year Adjusted EBITDA of $305 million–$315 million, up from a prior range of $270 million–$280 million, and Net Income of $48 million–$60 million, up from $18 million–$30 million. Written Premium guidance was left unchanged at $1,385 million–$1,397 million, or 16%–17% growth. Total Revenue is still expected to decline 8%–7% because Markel-related commission revenue is eliminated under the new fronting arrangement.

Chief Executive Officer McKeel Hagerty said third-quarter results continued the momentum from the first half and that the company was again increasing its full-year expectations given the strength of results and current trajectory.

Written Premium grew 18% year-over-year to $1,099 million in the nine months ended September 30, 2026, after 19% growth in the first half. In the third quarter alone, Written Premium increased 16% to $386 million. Earned Premium rose 42% to $757 million for the nine months.

Hagerty added a record 402,000 new members in the first nine months, lifting Policies in Force 18% to 1.9 million. Retention was 88.2% as of September 30, compared with 88.6% a year earlier. The company said it is on pace to reach its 2030 goal of 3 million policies in force, after 15 consecutive quarters of growth on the operating measures it highlights.

The January 1, 2026 move to a 100% quota share with Markel, including assumption of the Essentia book, is reshaping the income statement. Consolidated Commission and fee revenue fell 84% year-over-year to $62 million for the nine months, after eliminating $385 million of that revenue. MGA+ reporting-unit Commission and fee revenue, which the company treats as the underlying fee business, increased 17% to $447 million. Total Revenue decreased 7% to $1,021 million for the nine months.

Hagerty Re’s Combined Ratio was 85.2% for the nine months, including $32 million of lower estimated losses—$26 million related to the current accident year and $6 million for the 2025 accident year. The Loss Ratio was 37.8%. In the third quarter, the Combined Ratio was 79.7% and the Loss Ratio 32.6%.

Year-to-date Net Income was $32 million, including $189 million of pre-tax Markel Fronting Arrangement transitional costs, compared with $121 million in the prior-year nine months. Adjusted EBITDA increased 43% to $257 million. Cash Flow from Operating Activities rose 48% to $280 million.

Marketplace revenue increased 8% year-over-year to $97 million for the nine months; the company said 83% year-to-date growth in auction sales was offset by lower inventory sales. Membership and other revenue rose 4% to $65 million. Hagerty Drivers Club paid members increased 6% to over 977,000. Net investment income rose 19% to $34 million.

As of September 30, the company had $461 million of unrestricted cash and $247 million of total debt, including $103 million of back leverage for Broad Arrow Capital’s collector-car loan portfolio.

The projected 2026 Net Income includes about $199 million of pre-tax transitional costs representing deferred ceding commissions on policies written before January 1, 2026, which the company said will be amortized ratably over the remaining term of those policies and decline to about $10 million in the fourth quarter as 2025 policies expire. Excluding those costs, Hagerty said it expects 2026 to reflect underlying profitability improvement.