<SEC-DOCUMENT>0001096343-23-000161.txt : 20230627
<SEC-HEADER>0001096343-23-000161.hdr.sgml : 20230627
<ACCEPTANCE-DATETIME>20230627190742
ACCESSION NUMBER:		0001096343-23-000161
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230623
FILED AS OF DATE:		20230627
DATE AS OF CHANGE:		20230627

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MARKEL GROUP INC.
		CENTRAL INDEX KEY:			0001096343
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40244
		FILM NUMBER:		231048843

	BUSINESS ADDRESS:	
		STREET 1:		4521 HIGHWOODS PARKWAY
		CITY:			GLEN ALLEN
		STATE:			VA
		ZIP:			23060-6148
		BUSINESS PHONE:		8047470136

	MAIL ADDRESS:	
		STREET 1:		4521 HIGHWOODS PKWY
		CITY:			GLEN ALLEN
		STATE:			VA
		ZIP:			23060

	FORMER NAME:	
		FORMER CONFORMED NAME:	MARKEL GROUP, INC.
		DATE OF NAME CHANGE:	20230526

	FORMER NAME:	
		FORMER CONFORMED NAME:	MARKEL CORP
		DATE OF NAME CHANGE:	20000411

	FORMER NAME:	
		FORMER CONFORMED NAME:	MARKEL HOLDINGS INC
		DATE OF NAME CHANGE:	19991005

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hagerty, Inc.
		CENTRAL INDEX KEY:			0001840776
		STANDARD INDUSTRIAL CLASSIFICATION:	INSURANCE AGENTS BROKERS & SERVICES [6411]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		121 DRIVERS EDGE
		CITY:			TRAVERSE CITY
		STATE:			MI
		ZIP:			49684
		BUSINESS PHONE:		800-922-4050

	MAIL ADDRESS:	
		STREET 1:		121 DRIVERS EDGE
		CITY:			TRAVERSE CITY
		STATE:			MI
		ZIP:			49684

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Aldel Financial Inc.
		DATE OF NAME CHANGE:	20210115
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wk-form4_1687907250.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0407</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2023-06-23</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001840776</issuerCik>
        <issuerName>Hagerty, Inc.</issuerName>
        <issuerTradingSymbol>HGTY</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001096343</rptOwnerCik>
            <rptOwnerName>MARKEL GROUP INC.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4521 HIGHWOODS PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>GLEN ALLEN</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>23060</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Series A Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2023-06-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1590668</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>9.43</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2023-06-23</value>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1590668</value>
                    <footnoteId id="F1"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1590668</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each share of Series A Preferred Stock is exchangeable, at the holder's option, into shares of the Issuer's Class A Common Stock at an initial ratio of 1.25 shares of Series A Preferred Stock for 1 share of Class A Common Stock (the Conversion Rate). Dividends on Series A Preferred Stock are cumulative and accrue from the date of issuance at a rate per annum of 7.0% of the per share purchase price of Series A Preferred Stock ($9.43), plus the amount of previously accrued dividends, compounded annually (Accruing Dividends). The Issuer may elect to pay Accruing Dividends either in cash or additional shares of Series A Preferred Stock. Prior to the third anniversary of June 23, 2023 (the Closing), Series A Preferred Stock will participate on an as converted basis in dividends declared and paid on Class A Common Stock. Series A Preferred Stock votes together with Class A Common Stock on an as-converted basis (one vote per share), and not as a separate class.</footnote>
        <footnote id="F2">Series A Preferred Stock has no expiration date, but the Issuer has the option to require that all or any portion of the then-outstanding shares of Series A Preferred Stock be converted into Class A Common Stock at the Conversion Rate: (i) on or after the third anniversary of the Closing and prior to the seventh anniversary of the Closing, if the closing price of Class A Common Stock (the Closing Price) exceeds 150% of the Conversion Price (as defined in this footnote 2) for at least 20 out of 30 consecutive trading days; (ii) on or after the seventh anniversary of the Closing and prior to the tenth anniversary of the Closing, if the Closing Price exceeds 100% of the Conversion Price for at least 20 out of 30 consecutive trading days; or (iii) on the tenth anniversary of the Closing. The &quot;Conversion Price&quot; is the per share purchase price of Series A Preferred Stock ($9.43) multiplied by the Conversion Rate (initially, $11.79).</footnote>
        <footnote id="F3">The Issuer also has certain redemption rights with respect to Series A Preferred Stock, including in connection with (i) a change of control transaction (a Change of Control), (ii) an acquisition by the Issuer with a transaction value of at least $500.0 million or any equity or debt financing by the Issuer that raises at least $500.0 million (a Fundamental Transaction), or (iii) otherwise after the fifth anniversary of the Closing, as described further in the Certificate of Designations, Preferences and Rights of the Series A Preferred Stock.  Each holder of Series A Preferred Stock, including the Reporting Person, may, individually, require the Issuer to redeem all or any portion of its Series A Preferred Stock in connection with a Change of Control or a Fundamental Transaction.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Richard R. Grinnan, Senior Vice President, Chief Legal Officer and Secretary</signatureName>
        <signatureDate>2023-06-27</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
