XML 46 R34.htm IDEA: XBRL DOCUMENT v3.24.3

Revenue (Tables)

9 Months Ended

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

X

- 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

Name:	us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

+ Details

Name:	us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration