Hagerty Announces Secondary Offering of its Class A Common Stock
Hagerty (NYSE: HGTY), an automotive enthusiast brand and specialty vehicle insurance provider, announced a secondary public offering of 8.7 million shares of Class A Common Stock by selling stockholders Hagerty Holding Corp. (HHC) and Aldel LLC. The underwriters will have a 30-day option to purchase up to an additional 1.305 million shares.
Keefe, Bruyette & Woods and J.P. Morgan are leading the offering as representatives and bookrunning managers, with BMO Capital Markets, Citizens Capital Markets, and Wells Fargo Securities as additional book running managers. Hagerty will not receive any proceeds from the sale, and HHC plans to use its net proceeds to redeem shares for the benefit of Kim Hagerty's estate.
Hagerty (NYSE: HGTY), un marchio per appassionati di automobili e fornitore di assicurazioni per veicoli speciali, ha annunciato un'offerta pubblica secondaria di 8,7 milioni di azioni di Azioni Ordinarie di Classe A da parte degli azionisti venditori Hagerty Holding Corp. (HHC) e Aldel LLC. Gli underwriter avranno un'opzione di 30 giorni per acquistare fino a ulteriori 1,305 milioni di azioni.
Keefe, Bruyette & Woods e J.P. Morgan guidano l'offerta come rappresentanti e gestori principali del libro ordini, con BMO Capital Markets, Citizens Capital Markets e Wells Fargo Securities come gestori aggiuntivi. Hagerty non ricever脿 alcun ricavato dalla vendita, e HHC prevede di utilizzare i proventi netti per riscattare azioni a beneficio dell'eredit脿 di Kim Hagerty.
Hagerty (NYSE: HGTY), una marca para entusiastas del autom贸vil y proveedor de seguros para veh铆culos especiales, anunci贸 una oferta p煤blica secundaria de 8.7 millones de acciones de acciones comunes Clase A por parte de los accionistas vendedores Hagerty Holding Corp. (HHC) y Aldel LLC. Los suscriptores tendr谩n una opci贸n de 30 d铆as para comprar hasta 1.305 millones de acciones adicionales.
Keefe, Bruyette & Woods y J.P. Morgan lideran la oferta como representantes y gestores principales del libro de 贸rdenes, con BMO Capital Markets, Citizens Capital Markets y Wells Fargo Securities como gestores adicionales. Hagerty no recibir谩 ingresos por la venta, y HHC planea usar las ganancias netas para redimir acciones en beneficio del patrimonio de Kim Hagerty.
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Hagerty (NYSE : HGTY), une marque pour passionn茅s d'automobile et fournisseur d'assurance pour v茅hicules sp茅cialis茅s, a annonc茅 une offre publique secondaire de 8,7 millions d'actions ordinaires de classe A par les actionnaires vendeurs Hagerty Holding Corp. (HHC) et Aldel LLC. Les souscripteurs disposeront d'une option de 30 jours pour acheter jusqu'脿 1,305 million d'actions 蝉耻辫辫濒茅尘别苍迟补颈谤别蝉.
Keefe, Bruyette & Woods et J.P. Morgan dirigent l'offre en tant que repr茅sentants et chefs de file, avec BMO Capital Markets, Citizens Capital Markets et Wells Fargo Securities comme co-chefs de file 蝉耻辫辫濒茅尘别苍迟补颈谤别蝉. Hagerty ne recevra aucun produit de la vente, et HHC pr茅voit d'utiliser le produit net pour racheter des actions au b茅n茅fice de la succession de Kim Hagerty.
Hagerty (NYSE: HGTY), eine Marke f眉r Autoenthusiasten und Anbieter von Spezialfahrzeugversicherungen, gab eine sekund盲re 枚ffentliche Platzierung von 8,7 Millionen Aktien der Klasse A Stammaktien durch die verkaufenden Aktion盲re Hagerty Holding Corp. (HHC) und Aldel LLC bekannt. Die Underwriter haben eine 30-t盲gige Option, bis zu 1,305 Millionen weitere Aktien zu erwerben.
Keefe, Bruyette & Woods und J.P. Morgan f眉hren das Angebot als Vertreter und Hauptbuchmanager an, mit BMO Capital Markets, Citizens Capital Markets und Wells Fargo Securities als zus盲tzliche Buchmanager. Hagerty erh盲lt keine Erl枚se aus dem Verkauf, und HHC plant, die Nettoerl枚se zur R眉cknahme von Aktien zugunsten des Nachlasses von Kim Hagerty zu verwenden.
- None.
- Secondary offering of 8.7 million shares could create selling pressure
- Significant insider selling through HHC and Aldel LLC
- Company receives no proceeds from the offering
Insights
Hagerty's secondary offering allows selling stockholders to liquidate 8.7M shares, with proceeds going to estate redemption, not company operations.
Hagerty (NYSE: HGTY) has announced a secondary offering of
What's particularly notable is the stated purpose of the offering: HHC plans to use the proceeds for a redemption benefiting the estate of Kim Hagerty. This suggests this secondary offering is primarily for estate planning or wealth transfer purposes rather than signaling concerns about company fundamentals.
The involvement of multiple high-profile underwriters - Keefe, Bruyette & Woods (a Stifel Company), J.P. Morgan, BMO Capital Markets, Citizens Capital Markets, and Wells Fargo Securities - indicates strong institutional support for the offering, which could help ensure orderly market execution despite the size of the share block being sold.
For existing shareholders, this secondary offering could potentially create temporary selling pressure on HGTY shares, as typically happens when large blocks of shares enter the market. However, since this is a known quantity with clear selling stockholders and purpose, much of this impact may already be priced into the stock.
TRAVERSE CITY,聽Mich., Aug. 6, 2025 /PRNewswire/ -- Hagerty, Inc. (NYSE: HGTY) ("Hagerty"), an automotive enthusiast brand and leading specialty vehicle insurance provider, announced that聽Hagerty Holding Corp. ("HHC") and Aldel LLC ("Aldel" and together with HHC, the "Selling Stockholders") intend to offer 8,700,000 shares of Hagerty's Class A Common Stock in an underwritten secondary public offering. In connection with the offering, the Selling Stockholders also intend to grant the underwriters a 30-day option to purchase up to an additional 1,305,000 shares of Hagerty's Class A Common Stock.
Hagerty will not receive any of the proceeds from the sale of the shares of its Class A Common Stock offered by the Selling Stockholders, and the Selling Stockholders will bear the underwriting discounts and commissions associated with the sale of such shares. HHC has advised us that the net proceeds from the sale of its shares in this offering will be used to effect a redemption, for the benefit of the estate of Kim Hagerty, of a corresponding number of its聽HHC shares. Keefe, Bruyette & Woods, a Stifel Company, and J.P. Morgan are acting as representatives of the underwriters and lead bookrunning managers of the offering. BMO Capital Markets, Citizens Capital Markets and Wells Fargo Securities are acting as additional book running managers of the offering and Oppenheimer & Co. is acting as co-manager of the offering.
Hagerty has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents, including a prospectus supplement, when available, that Hagerty has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at . Alternatively, Hagerty, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting Keefe, Bruyette & Woods, Inc., 787 Seventh Ave., 4th Floor,
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. All statements provided, other than statements of historical fact, are forward-looking statements, including those relating to the offering, including the timing and size of the offering and the grant of the option to purchase additional shares. The words "anticipate," "believe," "envision," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," "ongoing," "contemplate," and similar expressions, and the negative of these expressions, are intended to identify forward-looking statements.
Hagerty has based these forward-looking statements largely on current expectations about future events, which may not materialize. Actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.聽These factors include, among other things, Hagerty's ability to: (i) compete effectively within our industry and attract and retain our insurance policyholders and paid Hagerty Drivers Club ("HDC") subscribers; (ii) maintain key strategic relationships with our insurance distribution and underwriting carrier partners; (iii) prevent, monitor, and detect fraudulent activity; (iv) manage risks associated with disruptions, interruptions, outages or other issues with our technology platforms or our use of third-party services; (v) accelerate the adoption of our membership and marketplace products and services, as well as any new insurance programs and products we offer; (vi)聽complete the proposed fronting arrangement with Markel Group Inc. and achieve its intended benefits, (vii) manage the cyclical nature of the insurance business, including through any periods of recession, economic downturn or inflation; (viii) address unexpected increases in the frequency or severity of claims, and (ix) comply with the numerous laws and regulations applicable to our business, including state, federal and foreign laws relating to insurance and rate increases, privacy, the internet, and accounting matters.
The forward-looking statements herein represent the judgment of聽Hagerty as of the date of this release and Hagerty disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in the Hagerty's other press releases, reports and other filings with the Securities and Exchange Commission.
About聽Hagerty, Inc. (NYSE: HGTY)
Hagerty is an automotive enthusiast brand committed to saving driving and to fueling car culture for future generations. The company is a leading provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events and automotive entertainment custom made for the 67 million Americans who self-describe as car enthusiasts. Hagerty also operates in
More information can be found at聽.
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FAQ
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