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Related-Party Transactions (Tables)
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Schedule of Ownership Interests, by Affiliates
As of September 30, 2024, Markel and State Farm had the following equity interests in Hagerty and, as a result, are considered related parties:

Markel
State Farm
Equity InterestShares/Units
Percentage of total outstanding (1)
Shares/Units
Percentage of total outstanding (1)
Hagerty, Inc. Class A Common Stock3,108,000 3.5 %51,800,000 57.6 %
Hagerty, Inc. Class V Common Stock75,000,000 29.9 %— — %
Hagerty, Inc. Series A Convertible Preferred Stock1,590,668 18.8 %5,302,226 62.5 %
THG units
75,000,000 21.7 %— — %
Controlling Interest3,108,000 3.5 %51,800,000 57.6 %
Non-controlling Interest75,000,000 29.4 %— — 
(1)    The percentages reflected represent only the ownership of the specific security identified in each row, and are not reflective of the total economic ownership in Hagerty.
Schedule of Related Party Transactions
The following tables summarize all balances related to the risk ceded by Hagerty Re to State Farm subsidiaries:

September 30,December 31,
20242023
Assets:in thousands
Commissions receivable$2,338 $1,963 
Deferred acquisition costs, net (1)
(4,646)(3,898)
Other current assets13,169 9,268 
Total assets$10,861 $7,333 
Liabilities:
Accounts payable, accrued expenses and other current liabilities$4,497 $3,775 
Total liabilities$4,497 $3,775 
(1)    Represents unearned ceding commission received from State Farm subsidiaries.

Three months ended
September 30,		Nine months ended
September 30,
2024202320242023
Revenue:in thousands
Earned premium (1)
$(4,089)$(1,645)$(12,111)$(3,035)
Expenses:
Ceding commission, net (2)
$(2,126)$(855)$(6,298)$(1,578)
Losses and loss adjustment expenses (3)
(906)(329)(4,510)(607)
Total expenses$(3,032)$(1,184)$(10,808)$(2,185)
(1)    Represents premiums ceded to State Farm subsidiaries, which are accounted for as a reduction to "Earned premium".
(2)    Represents commissions from State Farm subsidiaries related to ceded reinsurance, which are accounted for as a reduction to "Ceding commissions, net".
(3)    Represents loss recoveries associated with reinsurance ceded to State Farm subsidiaries, which are accounted for as a reduction to "Losses and loss adjustment expenses".
The following tables provide information related to Markel-affiliated "Due to insurer" liabilities and "Commission revenue" associated with the Markel Alliance Agreement:

September 30,December 31,
20242023
in thousands (except percentages)
Due to insurer$108,039 $75,922 
Percent of total91 %95 %

Three months ended
September 30,		Nine months ended
September 30,
2024202320242023
in thousands (except percentages)
Commission revenue$105,461 $95,559 $305,105 $267,935 
Percent of total92 %94 %93 %95 %
The following tables summarize all balances related to the Company's reinsurance business with Markel subsidiaries:

September 30,December 31,
20242023
Assets:in thousands
Premiums receivable$195,802 $134,376 
Commissions receivable568 630 
Deferred acquisition costs, net171,776 141,880 
Other current assets2,602 1,915 
Total assets$370,748 $278,801 
Liabilities:
Accounts payable, accrued expenses and other current liabilities$899 $1,553 
Losses payable and provision for unpaid losses and loss adjustment expenses246,883 189,520 
Commissions payable91,406 107,286 
Unearned premiums373,038 307,504 
Total liabilities$712,226 $605,863 
Three months ended
September 30,		Nine months ended
September 30,
2024202320242023
Revenue:in thousands
Earned premium$170,921 $140,674 $489,577 $384,646 
Expenses:
Ceding commission, net$79,193 $64,391 $226,589 $177,568 
Losses and loss adjustment expenses98,070 55,909 227,491 153,758 
Total expenses$177,263 $120,300 $454,080 $331,326