Hagerty, Inc.: A Focus on CEO Compensation and Strategic Developments

Hagerty, Inc. (NYSE: HGTY), a leading name in the specialty vehicle insurance industry, has taken a unique approach in corporate compensation, aligning closely with its business model, which deeply intertwines with the automotive enthusiast community. McKeel Hagerty, the CEO of Hagerty, Inc., exemplifies this approach with a substantial reliance on stock awards as part of his compensation. For the fiscal year 2024, McKeel Hagerty received no traditional salary or bonus. Instead, his compensation package featured $1.7 million in stock awards and $39,888 in other compensation-related benefits, reaching a total of approximately $1.74 million.^1 This compensation strategy underscores a commitment to aligning executive interests with shareholder value and long-term company performance, as stock awards directly tie the CEO's incentives to the company's market performance.


Recent company activities highlight Hagerty's strategic moves to bolster its position in the insurance industry while retaining its prowess in the automotive collectible sector. On April 9, 2025, Hagerty announced a collaboration with The Hanover Insurance Group to provide specialized collector car insurance solutions.^2 This partnership aims to leverage both companies’ expertise to better serve the niche market of classic car ownership. Such collaborations signify Hagerty’s focus on expanding its influence and capabilities across the insurance landscape.

Another notable facet of Hagerty’s business involves Broad Arrow Auctions, a subsidiary that has been making significant strides in the collectible car auction domain. On February 18, 2025, Broad Arrow made headlines by achieving $14.5 million in total sales from The Academy of Art University Collection Auction, featuring 105 of the collector car hobby's highly coveted vehicles.^3 This reflects Hagerty’s ongoing commitment to capitalizing on its strengths in the classic car market, further emphasizing its dual role as an insurance provider and a staple in the automotive enthusiast community.

Despite these advancements, Hagerty's stock performance reflects the broader challenges faced by the company. As of the most recent snapshot, the stock is trading at $8.79, marking a slight dip from previous highs in the year.^4 This fluctuation could be attributed to various factors, including market conditions and investor sentiment, highlighting the volatility that can accompany companies deeply embedded in specialized markets.

Looking ahead, the company is set to report its fourth-quarter 2024 financial results on March 4, 2025, an event likely to provide further insights into its financial health and future trajectory.^5 As Hagerty navigates the complexities of both the insurance and collectible vehicle sectors, its commitment to strategic partnerships and unique compensation structures underscores a carefully balanced approach to growth and sustainability.

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1. Compensation Data: SEC filing for Hagerty, Inc., McKeel Hagerty compensation details.
2. Press Release: "The Hanover and Hagerty Collaborate to Provide Collector Car Protection," PRNewswire, April 9, 2025.
3. Press Release: "Broad Arrow Starts 2025 Strong with $14.5 Million in Total Sales for The Academy of Art University Collection Auction," Globe Newswire, February 18, 2025.
4. Current Price Data: Market snapshot of Hagerty, Inc. as of recent data.
5. Press Release: "Hagerty to Report Fourth Quarter 2024 Results and Host Conference Call on Tuesday, March 4, 2025," PRNewswire, February 18, 2025.