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v3.24.3

Revenue (Tables) | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | The tables below present Hagerty's revenue by distribution channel, as well as a reconciliation to total revenue for the three and nine months ended September 30, 2024 and 2023. Commission and fee revenue and contingent underwriting commission ("CUC") revenue earned from the agent distribution channel includes revenue generated through Hagerty's relationships with independent agents and brokers. Commission and fee revenue and CUC revenue earned from the direct distribution channel includes revenue generated by Hagerty's employee agents.
| Three months ended September 30, 2024
| Agent |  | Direct |  | Total
in thousands
Commission and fee revenue | $ | 57,857 |  |  | $ | 47,606 |  |  | $ | 105,463 |
Contingent commission revenue | 5,997 |  |  | 4,701 |  |  | 10,698 |
Membership revenue | — |  |  | 14,800 |  |  | 14,800 |
Marketplace and other revenue | — |  |  | 26,727 |  |  | 26,727 |
Total revenue from customer contracts | 63,854 |  |  | 93,834 |  |  | 157,688 |
Earned premium |  |  |  |  | 165,686 |
Total revenue |  |  |  |  | $ | 323,374 |
| Three months ended September 30, 2023
| Agent |  | Direct |  | Total
| in thousands
Commission and fee revenue | $ | 44,387 |  |  | $ | 37,388 |  |  | $ | 81,775 |
Contingent commission revenue | 11,825 |  |  | 9,573 |  |  | 21,398 |
Membership revenue | — |  |  | 13,835 |  |  | 13,835 |
Marketplace and other revenue | — |  |  | 18,781 |  |  | 18,781 |
Total revenue from customer contracts | 56,212 |  |  | 79,577 |  |  | 135,789 |
Earned premium |  |  |  |  | 139,785 |
Total revenue |  |  |  |  | $ | 275,574 |
| Nine months ended September 30, 2024
| Agent |  | Direct |  | Total
in thousands
Commission and fee revenue | $ | 164,737 |  |  | $ | 136,597 |  |  | $ | 301,334 |
Contingent commission revenue | 17,869 |  |  | 14,614 |  |  | 32,483 |
Membership revenue | — |  |  | 42,385 |  |  | 42,385 |
Marketplace and other revenue | — |  |  | 57,188 |  |  | 57,188 |
Total revenue from customer contracts | 182,606 |  |  | 250,784 |  |  | 433,390 |
Earned premium |  |  |  |  | 474,917 |
Total revenue |  |  |  |  | $ | 908,307 |
| Nine months ended September 30, 2023
| Agent |  | Direct |  | Total
| in thousands
Commission and fee revenue | $ | 123,046 |  |  | $ | 104,229 |  |  | $ | 227,275 |
Contingent commission revenue | 33,506 |  |  | 27,191 |  |  | 60,697 |
Membership revenue | — |  |  | 39,528 |  |  | 39,528 |
Marketplace and other revenue | — |  |  | 43,172 |  |  | 43,172 |
Total revenue from customer contracts | 156,552 |  |  | 214,120 |  |  | 370,672 |
Earned premium |  |  |  |  | 384,498 |
Total revenue |  |  |  |  | $ | 755,170 |
The following tables present Hagerty's revenue disaggregated by geographic area, as well as a reconciliation to total revenue for the three months ended September 30, 2024 and 2023:
| Three months ended September 30, 2024
| U.S. |  | Canada |  | Europe |  | Total
| in thousands
Commission and fee revenue | $ | 96,688 |  |  | $ | 6,952 |  |  | $ | 1,823 |  |  | $ | 105,463 |
Contingent commission revenue | 10,544 |  |  | — |  |  | 154 |  |  | 10,698 |
Membership revenue | 13,844 |  |  | 955 |  |  | 1 |  |  | 14,800 |
Marketplace and other revenue | 25,229 |  |  | 205 |  |  | 1,293 |  |  | 26,727 |
Total revenue from customer contracts | 146,305 |  |  | 8,112 |  |  | 3,271 |  |  | 157,688 |
Earned premium |  |  |  |  |  |  | 165,686 |
Total revenue |  |  |  |  |  |  | $ | 323,374 |
| Three months ended September 30, 2023
| U.S. |  | Canada |  | Europe |  | Total
| in thousands
Commission and fee revenue | $ | 73,891 |  |  | $ | 6,422 |  |  | $ | 1,462 |  |  | $ | 81,775 |
Contingent commission revenue | 21,360 |  |  | — |  |  | 38 |  |  | 21,398 |
Membership revenue | 12,942 |  |  | 893 |  |  | — |  |  | 13,835 |
Marketplace and other revenue | 17,779 |  |  | 229 |  |  | 773 |  |  | 18,781 |
Total revenue from customer contracts | 125,972 |  |  | 7,544 |  |  | 2,273 |  |  | 135,789 |
Earned premium |  |  |  |  |  |  | 139,785 |
Total revenue |  |  |  |  |  |  | $ | 275,574 |
The following tables present Hagerty's revenue disaggregated by geographic area, as well as a reconciliation to total revenue for the nine months ended September 30, 2024 and 2023:
| Nine months ended September 30, 2024
| U.S. |  | Canada |  | Europe |  | Total
in thousands
Commission and fee revenue | $ | 277,613 |  |  | $ | 18,878 |  |  | $ | 4,843 |  |  | $ | 301,334 |
Contingent commission revenue | 32,235 |  |  | — |  |  | 248 |  |  | 32,483 |
Membership revenue | 39,592 |  |  | 2,792 |  |  | 1 |  |  | 42,385 |
Marketplace and other revenue | 52,911 |  |  | 1,230 |  |  | 3,047 |  |  | 57,188 |
Total revenue from customer contracts | 402,351 |  |  | 22,900 |  |  | 8,139 |  |  | 433,390 |
Earned premium |  |  |  |  |  |  | 474,917 |
Total revenue |  |  |  |  |  |  | $ | 908,307 |
| Nine months ended September 30, 2023
| U.S. |  | Canada |  | Europe |  | Total
| in thousands
Commission and fee revenue | $ | 206,099 |  |  | $ | 17,379 |  |  | $ | 3,797 |  |  | $ | 227,275 |
Contingent commission revenue | 60,590 |  |  | — |  |  | 107 |  |  | 60,697 |
Membership revenue | 36,865 |  |  | 2,663 |  |  | — |  |  | 39,528 |
Marketplace and other revenue | 40,366 |  |  | 741 |  |  | 2,065 |  |  | 43,172 |
Total revenue from customer contracts | 343,920 |  |  | 20,783 |  |  | 5,969 |  |  | 370,672 |
Earned premium |  |  |  |  |  |  | 384,498 |
Total revenue |  |  |  |  |  |  | $ | 755,170 |
Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable | The following table is a summary of the Company's contract assets and liabilities as of September 30, 2024 and December 31, 2023:
| September 30, |  | December 31,
| 2024 |  | 2023
| in thousands
Contract assets | $ | 13,581 |  |  | $ | 75,891 |
Contract liabilities | $ | 54,724 |  |  | $ | 47,651 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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