Hagerty, Inc. filed its third-quarter 2026 financial results on November 3, 2026, reporting nine-month Written Premium of $1,099 million, a 43% rise in Adjusted EBITDA to $257 million, and an increased full-year 2026 profit outlook.

Key Highlights

  • Written Premium growth: Year-to-date 2026 Written Premium increased 18% year-over-year to $1,099 million; third quarter alone increased 16% to $386 million.
  • Record member additions: Hagerty added a record 402,000 new members during the first nine months of 2026, bringing Policies in Force to 1.9 million, an 18% year-over-year increase.
  • Adjusted EBITDA: Year-to-date 2026 Adjusted EBITDA (a non-GAAP measure) increased 43% to $257 million, compared to $180 million in the prior year period.
  • Net Income impact: Year-to-date 2026 Net Income was $32 million, including $189 million of pre-tax Markel Fronting Arrangement transitional costs, compared to $121 million in the prior year period.
  • Hagerty Re Combined Ratio: Year-to-date 2026 Hagerty Re Combined Ratio was 85.2%, compared to 89.3% in the prior year period, including $32 million of lower estimated losses.
  • Cash position: As of September 30, the company held $461 million of unrestricted cash and $247 million of total debt.
  • Raised full-year outlook: Hagerty increased its 2026 Net Income guidance to a range of $48 million to $60 million and Adjusted EBITDA to a range of $305 million to $315 million.

Hagerty's Nine-Month 2026 Results: Markel Transition Reshapes Revenue Presentation

According to the filing, Hagerty, Inc. (NYSE:HGTY) reported year-to-date 2026 Earned Premium of $757 million, a 42% increase year-over-year, driven by the Markel Fronting Arrangement that increased Hagerty Re's U.S. quota share from 80% to 100%, as well as growth in subject premiums written by the company's MGA subsidiaries. The transition, which took effect January 1, 2026, also required the elimination of $385 million in Commission and fee revenue in the year-to-date period on the Condensed Consolidated Statements of Operations, causing year-to-date 2026 Total Revenue to decrease 7% year-over-year to $1,021 million.

The filing noted that year-to-date 2026 Hagerty Re Loss Ratio improved to 37.8% from 42.1% in the prior year period, and the third quarter Loss Ratio was 32.6% compared to 42.0% a year earlier. These improvements were attributed in part to a $26 million reduction in estimated loss and loss adjustment expenses for the current accident year recorded in the third quarter, and a $6 million reduction to 2025 accident year loss estimates recorded in the first quarter of 2026. Hagerty Drivers Club paid members increased 6% year-over-year to over 977,000, and year-to-date auction sales grew 83%, though the filing noted that growth was "offset by lower inventory sales."

Third quarter 2026 Basic and Diluted Earnings Per Share were both $0.08, while year-to-date Basic and Diluted Earnings Per Share were $0.00, the filing disclosed. Year-to-date Adjusted Diluted Earnings Per Share (a non-GAAP measure) was $0.05. Cash Flow from Operating Activities increased 48% year-to-date to $280 million. For full year 2026, the company disclosed an anticipated Written Premium growth range of 16% to 17% and a Total Revenue change of (8)% to (7)%, the latter reflecting elimination of Markel-related commission revenue under the new arrangement.

What Was Disclosed

Hagerty disclosed its financial results for the three and nine months ended September 30, 2026, including Written Premium, Earned Premium, Net Income, Adjusted EBITDA, cash flow figures, and an increased full-year 2026 profit outlook reflecting the Markel Fronting Arrangement transition.