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Related-Party Transactions (Tables) | 12 Months Ended
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Dec. 31, 2025
Related Party Transactions [Abstract] |
Schedule of Ownership Interests, by Affiliates | As of December 31, 2025, Markel and State Farm had the following equity interests in Hagerty and, as a result, are considered related parties:
|  | Markel |  | State Farm
Equity Interest |  | Shares/Units |  | Percentage of total outstanding (1) |  | Shares/Units |  | Percentage of total outstanding (1)
Hagerty, Inc. Class A Common Stock |  | 3,108,000 |  |  | 3.1 | % |  | 51,800,000 |  |  | 51.4 | %
Hagerty, Inc. Class V Common Stock |  | 75,000,000 |  |  | 31.0 | % |  | — |  |  | — | %
Hagerty, Inc. Series A Convertible Preferred Stock |  | 1,590,668 |  |  | 18.8 | % |  | 5,302,226 |  |  | 62.5 | %
THG units |  | 75,000,000 |  |  | 21.7 | % |  | — |  |  | — | %
Controlling interest |  | 3,108,000 |  |  | 3.1 | % |  | 51,800,000 |  |  | 51.4 | %
Non-controlling interest |  | 75,000,000 |  |  | 30.6 | % |  | — |  |  | — | %
(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 provide information related to Markel-affiliated "Commission revenue" and "Due to insurer" liabilities associated with the Markel Alliance Agreement:
|  |  | Year ended December 31,
|  |  |  |  | 2025 |  | 2024 |  | 2023
|  |  |  |  | in thousands (except percentages)
Commission revenue |  |  |  |  | $ | 436,843 |  |  | $ | 387,951 |  |  | $ | 340,534 |
Percent of total |  |  |  |  | 91.1 | % |  | 93.1 | % |  | 94.7 | %
| December 31,
| 2025 |  | 2024
| in thousands (except percentages)
Due to insurer | $ | 88,888 |  |  | $ | 78,792 |
Percent of total | 93.6 | % |  | 93.8 | %
The following tables summarize all balances related to the Company's reinsurance business with Markel subsidiaries:
|  |  | Year ended December 31,
|  |  |  |  | 2025 |  | 2024 |  | 2023
Revenue: |  |  |  |  | in thousands
Earned premium, net |  |  |  |  | $ | 745,669 |  |  | $ | 662,791 |  |  | $ | 535,352 |
Expenses: |  |  |  |  |  |  |  |  |
Losses and loss adjustment expenses |  |  |  |  | $ | 293,268 |  |  | $ | 302,088 |  |  | $ | 214,401 |
Ceding commission, net |  |  |  |  | 344,208 |  |  | 307,759 |  |  | 247,918 |
Total expenses |  |  |  |  | $ | 637,476 |  |  | $ | 609,847 |  |  | $ | 462,319 |
| December 31,
| 2025 |  | 2024
Assets: | in thousands
Commissions receivable | $ | 1,321 |  |  | $ | 489 |
Premiums receivable | 174,169 |  |  | 150,436 |
Deferred acquisition costs, net | 181,972 |  |  | 160,360 |
Reinsurance recoverable | 1,958 |  |  | 1,215 |
Prepaid reinsurance premium | 2,376 |  |  | 1,711 |
Total assets | $ | 361,796 |  |  | $ | 314,211 |
Liabilities: |  |  |
Losses payable | $ | 92,001 |  |  | $ | 95,906 |
Provision for unpaid losses and loss adjustment expenses | 155,757 |  |  | 158,516 |
Ceding commissions payable | 83,494 |  |  | 76,001 |
Unearned premiums | 395,239 |  |  | 347,501 |
Other liabilities | 2,470 |  |  | 806 |
Total liabilities | $ | 728,961 |  |  | $ | 678,730 |
The following tables summarize all balances related to the risk ceded by Hagerty Re to State Farm subsidiaries:
|  |  |  | Year ended December 31,
|  |  |  |  |  | 2025 |  | 2024 |  | 2023
Revenue: |  |  |  |  |  | in thousands
Earned premium, net (1) |  |  |  |  |  | $ | (19,442) |  |  | $ | (15,950) |  |  | $ | (5,883) |
Expenses: |  |  |  |  |  |  |  |  |  |
Losses and loss adjustment expenses (3) |  |  |  |  |  | $ | (11,256) |  |  | $ | (7,502) |  |  | $ | (1,877) |
Ceding commission, net (2) |  |  |  |  |  | (10,110) |  |  | (8,294) |  |  | (3,059) |
Total expenses |  |  |  |  |  | $ | (21,366) |  |  | $ | (15,796) |  |  | $ | (4,936) |
(1) Represents premiums ceded to State Farm subsidiaries, which are accounted for as a reduction to "Earned premium, net". (2) Represents commissions earned 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".
|  | December 31,
|  | 2025 |  | 2024
Assets: |  | in thousands
Commissions receivable |  | $ | 2,716 |  |  | $ | 2,095 |
Deferred acquisition costs, net (1) |  | (5,400) |  |  | (4,448) |
Reinsurance recoverable |  | 6,668 |  |  | 6,205 |
Prepaid reinsurance premium |  | 10,385 |  |  | 8,554 |
Total assets |  | $ | 14,369 |  |  | $ | 12,406 |
Liabilities: |  |  |  |
Other liabilities (2) |  | $ | 5,224 |  |  | $ | 4,028 |
Total liabilities |  | $ | 5,224 |  |  | $ | 4,028 |
(1) Represents unearned ceding commission received from State Farm subsidiaries. (2) Represents reinsurance premiums due to State Farm subsidiaries.

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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 + Details
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