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Segment Reporting and Disaggregated Revenue | 12 Months Ended
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Dec. 31, 2025
Revenue from Contract with Customer [Abstract] |
Segment Reporting and Disaggregated Revenue | 4 — Segment Reporting and Disaggregated Revenue Segment Reporting Due to the continued revenue growth and recent geographic expansion of Hagerty's marketplace business, beginning in the fourth quarter of 2025, the Company updated its segment reporting to reflect two operating and reportable segments: Insurance and Marketplace. Previously, the Company operated as a single operating and reportable segment. Prior period segment information has been recast to conform to the current presentation in this Annual Report. The Insurance segment principally includes the Company's MGA and reinsurance operations, as well as its membership, events and media activities which support and enhance the Company's insurance offerings. The Marketplace segment offers a trusted marketplace where automotive enthusiasts can buy, sell, and finance collector cars. The Company's Chief Executive Officer ("CEO") and Chairman of its Board of Directors ("the Board") acts as the Chief Operating Decision Maker ("CODM"). The CODM evaluates performance and makes resource allocation decisions about the Company's reportable segments using a number of measures, including income before taxes, which is the Company's measure of segment profitability. The CODM regularly receives information about the significant expenses of each reportable segment, including (i) Losses and loss adjustment expenses; (ii) Ceding commissions, net; (iii) Sales expense; and (iv) other expenses, which is an aggregation of Salaries and benefits, General and administrative expenses, and Depreciation and amortization. These expenses are not regularly used by the CODM on a disaggregated basis for purposes of evaluating segment profitability. The Company does not report total assets by segment for internal or external reporting purposes as the Company's CODM does not receive segment balance sheets or assess performance, make strategic decisions, or allocate resources based on assets. Income before taxes for each segment includes an allocation of attributable shared service expenses. Certain corporate expenses are excluded from segment income before taxes as they are not attributable to the operations of the reportable segments. These unallocated expenses are included in the reconciliation of total segment income before taxes to consolidated income before taxes below. The table below presents the Company's segment information for the years ended December 31, 2025, 2024, and 2023:
| Year ended December 31, 2025
| Insurance |  | Marketplace |  | Total
REVENUES: | (in thousands)
Commission and fee revenue | $ | 486,376 |  |  | $ | — |  |  | $ | 486,376 |
Earned premium, net | 726,726 |  |  | — |  |  | 726,726 |
Marketplace revenue | — |  |  | 119,199 |  |  | 119,199 |
Membership and other revenue | 82,376 |  |  | — |  |  | 82,376 |
Net investment income | 37,739 |  |  | 909 |  |  | 38,648 |
Net investment gains | 3,064 |  |  | — |  |  | 3,064 |
Total revenue | 1,336,281 |  |  | 120,108 |  |  | 1,456,389 |
EXPENSES: |  |  |  |  |
Losses and loss adjustment expenses | 285,394 |  |  | — |  |  | 285,394 |
Ceding commissions, net | 337,087 |  |  | — |  |  | 337,087 |
Sales expense | 165,894 |  |  | 92,307 |  |  | 258,201 |
Other expenses | 356,749 |  |  | 38,930 |  |  | 395,679 |
Total segment expenses | 1,145,124 |  |  | 131,237 |  |  | 1,276,361 |
Segment income (loss) before taxes | 191,157 |  |  | (11,129) |  |  | 180,028 |
Corporate expenses |  |  |  |  | (3,171) |
Interest expense |  |  |  |  | (5,440) |
Change in TRA Liability |  |  |  |  | (32,235) |
Income before taxes |  |  |  |  | $ | 139,182 |
| Year ended December 31, 2024
| Insurance |  | Marketplace |  | Total
REVENUES: | (in thousands)
Commission and fee revenue | $ | 423,240 |  |  | $ | — |  |  | $ | 423,240 |
Earned premium, net | 643,324 |  |  | — |  |  | 643,324 |
Marketplace revenue | — |  |  | 54,549 |  |  | 54,549 |
Membership and other revenue | 78,925 |  |  | — |  |  | 78,925 |
Net investment income | 38,357 |  |  | 892 |  |  | 39,249 |
Net investment gains | 2,223 |  |  | — |  |  | 2,223 |
Total revenue | 1,186,069 |  |  | 55,441 |  |  | 1,241,510 |
EXPENSES: |  |  |  |  |
Losses and loss adjustment expenses | 298,593 |  | $ | — |  | — |  |  | 298,593 |
Ceding commissions, net | 301,719 |  |  | — |  |  | 301,719 |
Sales expense | 151,295 |  |  | 39,226 |  |  | 190,521 |
Other expenses | 311,914 |  |  | 30,622 |  |  | 342,536 |
Total segment expenses | 1,063,521 |  |  | 69,848 |  |  | 1,133,369 |
Segment income (loss) before taxes | 122,548 |  |  | (14,407) |  |  | 108,141 |
Corporate expenses |  |  |  |  | (3,004) |
Gain related to divestiture |  |  |  |  | 87 |
Loss related to warrant liabilities, net |  |  |  |  | (8,544) |
Interest expense |  |  |  |  | (1,396) |
Change in TRA Liability |  |  |  |  | (1,602) |
Income before taxes |  |  |  |  | $ | 93,682 |
| Year ended December 31, 2023
| Insurance |  | Marketplace |  | Total
REVENUES: | (in thousands)
Commission and fee revenue | $ | 365,512 |  |  | $ | — |  |  | $ | 365,512 |
Earned premium, net | 531,866 |  |  | — |  |  | 531,866 |
Marketplace revenue | — |  |  | 28,085 |  |  | 28,085 |
Membership and other revenue | 74,750 |  |  | — |  |  | 74,750 |
Net investment income | 26,904 |  |  | — |  |  | 26,904 |
Total revenue | 999,032 |  |  | 28,085 |  |  | 1,027,117 |
EXPENSES: |  |  |  |  |
Losses and loss adjustment expenses | 220,658 |  | $ | — |  | — |  |  | 220,658 |
Ceding commissions, net | 251,805 |  |  | — |  |  | 251,805 |
Sales expense | 141,454 |  |  | 14,918 |  |  | 156,372 |
Other expenses | 321,837 |  |  | 26,036 |  |  | 347,873 |
Total segment expenses | 935,754 |  |  | 40,954 |  |  | 976,708 |
Segment income (loss) before taxes | 63,278 |  |  | (12,869) |  |  | 50,409 |
Corporate expenses |  |  |  |  | (1,608) |
Restructuring, impairment and related charges, net |  |  |  |  | (8,812) |
Losses and impairments related to divestitures |  |  |  |  | (4,013) |
Gain related to warrant liabilities |  |  |  |  | 11,543 |
Interest expense |  |  |  |  | (5,383) |
Change in TRA Liability |  |  |  |  | 2,636 |
Income before taxes |  |  |  |  | $ | 44,772 |
Disaggregation of Revenue The following tables present revenues from customer contracts that are recognized in accordance with ASC 606, disaggregated by geographic area, as well as a reconciliation to total revenue for the years ended December 31, 2025, 2024, and 2023:
| Year ended December 31, 2025
| Insurance |  | Marketplace |  | Total
| in thousands
United States | $ | 528,023 |  |  | $ | 88,502 |  |  | $ | 616,525 |
International | 40,729 |  |  | 20,380 |  |  | 61,109 |
Total revenue from customer contracts | 568,752 |  |  | 108,882 |  |  | 677,634 |
Earned premium, net | 726,726 |  |  | — |  |  | 726,726 |
Net investment income | 37,739 |  |  | 909 |  |  | 38,648 |
Net investment gains | 3,064 |  |  | — |  |  | 3,064 |
Finance revenue | — |  |  | 10,317 |  |  | 10,317 |
Total revenue | $ | 1,336,281 |  |  | $ | 120,108 |  |  | $ | 1,456,389 |
| Year ended December 31, 2024
| Insurance |  | Marketplace |  | Total
| in thousands
United States | $ | 467,478 |  |  | $ | 45,184 |  |  | $ | 512,662 |
International | 34,687 |  |  | 1,282 |  |  | 35,969 |
Total revenue from customer contracts | 502,165 |  |  | 46,466 |  |  | 548,631 |
Earned premium, net | 643,324 |  |  | — |  |  | 643,324 |
Net investment income | 38,357 |  |  | 892 |  |  | 39,249 |
Net investment gains | 2,223 |  |  | — |  |  | 2,223 |
Finance revenue | — |  |  | 8,083 |  |  | 8,083 |
Total revenue | $ | 1,186,069 |  |  | $ | 55,441 |  |  | $ | 1,241,510 |
| Year ended December 31, 2023
| Insurance |  | Marketplace |  | Total
| in thousands
United States | $ | 409,345 |  |  | $ | 22,816 |  |  | $ | 432,161 |
International | 30,917 |  |  | 1,195 |  |  | 32,112 |
Total revenue from customer contracts | 440,262 |  |  | 24,011 |  |  | 464,273 |
Earned premium, net | 531,866 |  |  | — |  |  | 531,866 |
Net investment income | 26,904 |  |  | — |  |  | 26,904 |
Finance revenue | — |  |  | 4,074 |  |  | 4,074 |
Total revenue | $ | 999,032 |  |  | $ | 28,085 |  |  | $ | 1,027,117 |
Commission and fee revenue is earned through two distribution channels: direct and agent. Revenue earned from the direct distribution channel includes revenue generated by Hagerty's employee agents. Revenue earned from the agent distribution channel includes revenue generated through the Company's insurance distribution partnerships, as well as its relationships with independent agents and brokers. The tables below present the Company's revenue by distribution channel for the years ended December 31, 2025, 2024, and 2023:
| Year ended December 31, 2025
| Agent |  | Direct |  | Total
| in thousands
Commission and fee revenue | $ | 241,080 |  |  | $ | 192,611 |  |  | $ | 433,691 |
Contingent commission | 28,105 |  |  | 24,580 |  |  | 52,685 |
Total commission and fee revenue | $ | 269,185 |  |  | $ | 217,191 |  |  | $ | 486,376 |
| Year ended December 31, 2024
| Agent |  | Direct |  | Total
| in thousands
Commission and fee revenue | $ | 210,052 |  |  | $ | 171,252 |  |  | $ | 381,304 |
Contingent commission | 23,228 |  |  | 18,708 |  |  | 41,936 |
Total commission and fee revenue | $ | 233,280 |  |  | $ | 189,960 |  |  | $ | 423,240 |
| Year ended December 31, 2023
| Agent |  | Direct |  | Total
| in thousands
Commission and fee revenue | $ | 158,354 |  |  | $ | 131,178 |  |  | $ | 289,532 |
Contingent commission | 42,408 |  |  | 33,572 |  |  | 75,980 |
Total commission and fee revenue | $ | 200,762 |  |  | $ | 164,750 |  |  | $ | 365,512 |
Refer to Note 16 — Reinsurance for information regarding "Earned premium, net", Note 5 — Investments for information regarding "Net investment income" and "Net investment gains", and Note 7 — Notes Receivable for information regarding "Finance revenue".

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