0001840776-26-000031 | 10-Q | XBRL Viewer

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Intangible Assets - Schedule of Cost and Accumulated Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]
Total intangible assets	$ 219,241	$ 209,296
Accumulated amortization	(129,926)	(120,381)
Total	89,315	88,915
State licenses
Intangible Asset, Finite-Lived [Line Items]
Gross carrying amount	11,263	11,263
Accumulated amortization	0	0
Total	11,263	11,263
Internally developed software
Intangible Asset, Finite-Lived [Line Items]
Gross carrying amount	166,260	155,933
Accumulated amortization	(110,158)	(102,326)
Total	$ 56,102	$ 53,607
Internally developed software \| Weighted average useful life
Intangible Asset, Finite-Lived [Line Items]
Weighted average useful life	3 years 4 months 24 days	3 years 4 months 24 days
Renewal rights
Intangible Asset, Finite-Lived [Line Items]
Gross carrying amount	$ 21,374	$ 21,740
Accumulated amortization	(11,575)	(10,693)
Total	$ 9,799	$ 11,047
Renewal rights \| Weighted average useful life
Intangible Asset, Finite-Lived [Line Items]
Weighted average useful life	10 years	10 years
Trade names and trademarks
Intangible Asset, Finite-Lived [Line Items]
Gross carrying amount	$ 11,867	$ 11,867
Accumulated amortization	(4,979)	(4,402)
Total	$ 6,888	$ 7,465
Trade names and trademarks \| Weighted average useful life
Intangible Asset, Finite-Lived [Line Items]
Weighted average useful life	14 years 2 months 12 days	14 years 2 months 12 days
Relationships and customer lists
Intangible Asset, Finite-Lived [Line Items]
Gross carrying amount	$ 7,900	$ 7,913
Accumulated amortization	(2,637)	(2,380)
Total	$ 5,263	$ 5,533
Relationships and customer lists \| Weighted average useful life
Intangible Asset, Finite-Lived [Line Items]
Weighted average useful life	15 years 6 months	15 years 6 months
Other
Intangible Asset, Finite-Lived [Line Items]
Gross carrying amount	$ 577	$ 580
Accumulated amortization	(577)	(580)
Total	$ 0	$ 0
Other \| Weighted average useful life
Intangible Asset, Finite-Lived [Line Items]
Weighted average useful life	3 years 6 months	3 years 6 months

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes the basic and diluted earnings (loss) per share calculations for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Basic Earnings (Loss) per Share	in thousands (except per share amounts)
Net income (loss) available to Class A Common Stockholders	$	(1,668)	$	8,465	$	(8,189)	$	14,505
Weighted average shares of Class A Common Stock outstanding	101,797		90,698		101,418		90,374
Basic earnings (loss) per share	$	(0.02)	$	0.09	$	(0.08)	$	0.16

Diluted Earnings (Loss) per Share
Net income (loss) available to Class A Common Stockholders	$	(1,668)	$	8,465	$	(8,189)	$	14,574
Weighted average shares of Class A Common Stock outstanding	101,797		90,698		101,418		91,247
Diluted earnings (loss) per share	$	(0.02)	$	0.09	$	(0.08)	$	0.16

Net income available to Class A Common Stockholders
Net income (loss)	$	8,041	$	47,202	$	(4,704)	$	74,495
Net (income) loss attributable to non-controlling interest	(7,761)		(36,229)		493		(55,151)
Accretion of Series A Convertible Preferred Stock	(1,948)		(1,875)		(3,978)		(3,750)
Undistributed earnings allocated to Series A Convertible Preferred Stock	—		(633)		—		(1,089)
Net income (loss) available to Class A Common Stockholders, Basic	(1,668)		8,465		(8,189)		14,505
Undistributed earnings reallocated to Series A Convertible Preferred Stock	—		—		—		—
Adjustment for potentially dilutive THG units	—		—		—		—
Adjustment for potentially dilutive Series A Convertible Preferred Stock	—		—		—		—
Adjustment for potentially dilutive share-based compensation awards	—		—		—		69
Net income (loss) available to Class A Common Stockholders, Diluted	$	(1,668)	$	8,465	$	(8,189)	$	14,574

Weighted Average Shares of Class A Common Stock Outstanding
Weighted average shares of Class A Common Stock outstanding, Basic	101,797		90,698		101,418		90,374
Adjustment for potentially dilutive THG units	—		—		—		—
Adjustment for potentially dilutive Series A Convertible Preferred Stock	—		—		—		—
Adjustment for potentially dilutive share-based compensation awards	—		—		—		873
Weighted average shares of Class A Common Stock outstanding, Diluted	101,797		90,698		101,418		91,247

Schedule of the Weighted Average Excluded from Diluted Earnings

The following table summarizes the weighted average potential shares of Class A Common Stock excluded from diluted earnings (loss) per share of Class A Common Stock as their effect would be anti-dilutive or, for certain PRSUs, the performance conditions were not met for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025

	in thousands
THG units	245,001	255,105	245,051	255,138
Series A Convertible Preferred Stock	6,785	6,785	6,785	6,785
Unvested shares associated with share-based compensation awards	7,951	8,580	7,979	4,453

Total	259,737	270,470	259,815	266,376

Taxation (Details) - USD ($)	3 Months Ended		6 Months Ended
Taxation (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Income tax (expense) benefit	$ 5,809,000	$ (6,161,000)	$ 14,001,000	$ (11,650,000)
Effective tax rate			74.90%	13.50%
Unrecognized tax benefits	$ 200,000		$ 200,000		$ 100,000
Tax benefit distributions to noncontrolling interest holders, percent	85.00%		85.00%
Tax benefit retained by parent, percent	15.00%		15.00%
Tax receivable agreement, fair value	$ 38,300,000		$ 38,300,000		$ 39,800,000
Interest expense and other, net			0	$ 0
Payments for tax receivable agreements			$ 1,500,000	$ 200,000

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2 — Summary of Significant Accounting Policies

Basis of Presentation — These unaudited Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as permitted by such rules and regulations.

These unaudited Condensed Consolidated Financial Statements reflect all normal recurring adjustments and accruals that are, in the opinion of management, necessary for a fair statement of the Company's financial position and results of operations for the interim periods presented.

These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in the Company's Annual Report on Form 10-K ("Annual Report") for the year ended December 31, 2025. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

Beginning with its Annual Report for the year ended December 31, 2025, the Company's Consolidated Financial Statements are presented in accordance with Article 7 of Regulation S-X ("Article 7"), which governs financial reporting for insurance companies. In prior reporting periods, the Company presented its Consolidated Financial Statements in accordance with Article 5 of Regulation S-X ("Article 5"), which is applicable to entities operating in non-specialized industries. The adoption of Article 7 reflects the continued expansion of the Company's insurance operations, including expanded risk assumption under the Markel Fronting Arrangement and the introduction of its Enthusiast+ product.

The principal changes resulting from the transition to Article 7 include the discontinuation of a classified balance sheet and the reclassification of certain line items on the Condensed Consolidated Balance Sheets. In addition, "Net investment income" and "Net investment gains" are reported as components of revenue within the Condensed Consolidated Statements of Operations. Prior period financial information has been recast to conform to the requirements of Article 7. The following table presents a reconciliation of Total revenue as presented in the prior period in accordance with Article 5, to the current presentation in accordance with Article 7:


	Three months ended		Six months ended
	June 30, 2025		June 30, 2025

	in thousands
Total revenue presented in accordance with Article 5	$	368,699	$	688,292
Net investment income	9,416		18,474
Net investment gains	1,194		879
Total revenue presented in accordance with Article 7	$	379,309	$	707,645

Principles of Consolidation — These unaudited Condensed Consolidated Financial Statements contain the accounts of Hagerty, Inc. and its majority-owned or controlled subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

As the sole managing member of THG, Hagerty operates and controls all of the business affairs of THG and has the sole voting interest in, and controls the management of, THG. Accordingly, Hagerty consolidates THG in its consolidated financial statements, resulting in a non-controlling interest related to the economic interest in THG held by other parties. As of June 30, 2026 and December 31, 2025, Hagerty, Inc.'s economic ownership of THG was 29.4% and 29.1%, respectively. Refer to Note 16 — Stockholders' Equity for additional information related to the non-controlling interest in THG.

The financial statements of THG are consolidated by the Company under the voting interest method in accordance with Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"). Non-controlling interest is presented separately in the Condensed Consolidated Statements of Operations, the Condensed Consolidated Statements of Comprehensive Income (Loss), the Condensed Consolidated Balance Sheets, and the Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' Equity.

Use of Estimates — The preparation of these unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements, as well as the reported amounts of revenue and expenses during the reporting period. Although the estimates are considered reasonable, actual results could materially differ from those estimates.

Significant estimates made by management include, but are not limited to: (i) the reserves for unpaid losses and loss adjustment expenses, including incurred but not reported ("IBNR") claims (see Note 12); (ii) the valuation of deferred income tax assets (see Note 19); (iii) the amount of the liability associated with the tax receivable agreement entered into in connection with the consummation of the business combination that formed Hagerty, Inc. in 2021 (the "TRA") (the "TRA Liability") (see Note 19); and (iv) the fair values of the reporting units used in assessing the recoverability of goodwill. Although some variability is inherent in these estimates, management believes that the current estimates are reasonable in all material respects. These estimates are reviewed regularly and adjusted as necessary. Adjustments related to changes in estimates are reflected in the Company's results of operations in the period during which those estimates changed.

Deferred Acquisition Costs — Deferred acquisition costs include costs directly related to the successful acquisition of insurance policies where the Company assumes risk. Deferred acquisition costs are amortized over the average policy life of 12 months within "Policy acquisition costs, net" on the Condensed Consolidated Statements of Operations.

Prior to January 1, 2026, Deferred acquisition costs included only the ceding commissions paid to insurance carriers for the risks assumed under quota share reinsurance agreements with those carriers. Effective January 1, 2026, the Company's accounting policy for Deferred acquisition costs also includes costs associated with policies issued through the Markel Fronting Arrangement (refer to Note 3 — Markel Fronting Arrangement) such as (i) third-party broker expense; (ii) certain salaries, benefits, and other costs associated with underwriting, selling, issuing, and processing policies; (iii) fees paid to the fronting carrier; and (iv) premium taxes.

Deferred acquisition costs are considered to be recoverable if the sum of expected future earned premiums exceeds expected future claims and expenses. Anticipated investment income is also a factor in the recoverability analysis. If, as a result of the recoverability analysis, a loss is determined to be probable, a premium deficiency reserve is recognized in the period in which such determination is made. As of June 30, 2026 and December 31, 2025, the Company did not have a premium deficiency reserve recorded related to its deferred acquisition costs.

Reclassifications — Beginning with its Quarterly Report on Form 10-Q ("Quarterly Report") for the period ended March 31, 2026, the Company updated certain line items presented in its Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets to reflect changes to its business resulting from the Markel Fronting Arrangement (refer to Note 3 — Markel Fronting Arrangement).

In the Condensed Consolidated Statements of Operations: (i) "Ceding commissions, net" was renamed "Policy acquisition costs, net" and expanded to include the amortization of Deferred acquisition costs associated with policies issued through the Markel Fronting Arrangement, as discussed above; (ii) expenses associated with the risk-taking activities of the Company's Insurance segment that were previously recorded within "Sales expense", "Salaries and benefits", "General and administrative expenses", and "Depreciation and amortization" have been reclassified within "Underwriting and other insurance expenses"; and (iii) expenses associated with the non-risk taking activities of the Insurance segment, the Marketplace segment, and corporate expenses that were previously recorded within "Sales expense", "Salaries and benefits", "General and administrative expenses", and "Depreciation and amortization" have been reclassified within "Selling, general, and administrative expenses".

On the Condensed Consolidated Balance Sheets, prior period contingent underwriting commission ("CUC") receivables previously reported within "Commissions receivable" have been reclassified to "Other assets" to conform to the current year presentation.

The reclassifications in the Condensed Consolidated Statements of Operations and the Condensed Consolidated Balance Sheets had no effect on previously reported net income or cash flows.

A comprehensive list of the Company's significant accounting policies is set forth in Note 2 — Summary of Significant Accounting Policies to the Consolidated Financial Statements contained in its Annual Report for the year ended December 31, 2025.

Accounting Standards Not Yet Adopted

Income Statement Expenses — In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, Disaggregation of Income Statement Expenses (ASC 220-40), which enables investors to better understand an entity's performance, assessing an entity's prospects for future cash flows, and comparing an entity's performance over time and with that of other entities. ASU No. 2024-03 primarily requires entities to disaggregate, in the notes to the financial statements, any relevant expense caption presented in the statement of operations within continuing operations into the following required natural expense categories: purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The new standard does not change the presentation of expense information in the Condensed Consolidated Statements of Operations. ASU 2024-03 is effective for annual periods beginning after December 15, 2026. The Company is still assessing the impact of ASU No. 2024-03 and, upon adoption, the Company may be required to include certain additional disclosures in its Condensed Consolidated Financial Statements.

Internal-Use Software — In September 2025, the FASB issued ASU No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software (ASC 350-40), which modernizes the accounting guidance for the costs to develop software for internal use. The targeted improvements primarily introduce a new capitalization threshold based on management's commitment to funding and the probability of project completion. It removes all references to a sequential software development method. The new standard does not change the types of costs eligible for capitalization, the point at which capitalization ends, or the associated amortization and impairment guidance. ASU 2025-06 is effective for annual periods beginning after December 15, 2027. The Company is still assessing the impact of ASU No. 2025-06.

Description of Business	6 Months Ended
Description of Business	Jun. 30, 2026
Accounting Policies [Abstract]
Description of Business	1 — Description of Business Hagerty, Inc. is a holding company and the sole managing member of The Hagerty Group, LLC ("THG"). Hagerty, Inc.'s sole material asset is its ownership in THG, through which all of its business is conducted. In these Notes to the Condensed Consolidated Financial Statements, the terms "Hagerty" and the "Company" refer to Hagerty, Inc. and its consolidated subsidiaries unless the context requires otherwise. Hagerty is a market leader in providing insurance for collector cars and enthusiast vehicles, helping the automotive enthusiast community protect and enjoy their special cars for over 40 years. Through Hagerty's insurance model, the Company's wholly owned subsidiary, Hagerty Reinsurance Limited ("Hagerty Re"), reinsures collector car and enthusiast vehicle insurance risks. Hagerty Re reinsures risks predominantly from policies issued by Essentia Insurance Company ("Essentia"), a subsidiary of Markel Group Inc. ("Markel"). Markel is a related party to the Company. Refer to Note 20 — Related-Party Transactions for additional information on related party transactions with Markel. The Company also operates as a Managing General Agent ("MGA") by underwriting, selling, and servicing collector car and enthusiast vehicle insurance policies on behalf of insurance carriers, including Hagerty Re under the Markel Fronting Arrangement. Hagerty's insurance products are complemented by its membership product, Hagerty Drivers Club ("HDC"), its renowned car events, and its media and entertainment platforms. Complementing its insurance offerings, Hagerty operates a trusted marketplace where collectors and enthusiasts can buy and sell a wide range of vehicles, from entry level enthusiast vehicles to high value collector cars. Through its marketplace, Hagerty also provides financing solutions by structuring loans secured by collector cars. On December 31, 2025, the Company entered into new contractual arrangements and amended the terms of its existing contractual arrangements with Markel and its affiliates. These coordinated transactions with Markel formed an arrangement that became effective January 1, 2026 (the "Markel Fronting Arrangement"). Due to the expanded underwriting and claims authority granted under the Markel Fronting Arrangement, the Company now controls the Essentia book of business, with Hagerty Re's quota share percentage for the risks that it assumes from Essentia increasing from 80% to 100% effective January 1, 2026. Refer to Note 3 — Markel Fronting Arrangement for additional information. Principles of Consolidation — These unaudited Condensed Consolidated Financial Statements contain the accounts of Hagerty, Inc. and its majority-owned or controlled subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. As the sole managing member of THG, Hagerty operates and controls all of the business affairs of THG and has the sole voting interest in, and controls the management of, THG. Accordingly, Hagerty consolidates THG in its consolidated financial statements, resulting in a non-controlling interest related to the economic interest in THG held by other parties. As of June 30, 2026 and December 31, 2025, Hagerty, Inc.'s economic ownership of THG was 29.4% and 29.1%, respectively. Refer to Note 16 — Stockholders' Equity for additional information related to the non-controlling interest in THG. The financial statements of THG are consolidated by the Company under the voting interest method in accordance with Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"). Non-controlling interest is presented separately in the Condensed Consolidated Statements of Operations, the Condensed Consolidated Statements of Comprehensive Income (Loss), the Condensed Consolidated Balance Sheets, and the Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' Equity.

Convertible Preferred Stock - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended			6 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($)	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) consecutiveTradingDay $ / shares shares	Dec. 31, 2025 $ / shares
Class of Stock [Line Items]
Temporary equity, par value (in dollars per share) \| $ / shares	$ 0.0001			$ 0.0001	$ 0.0001
Hagerty, Inc.
Class of Stock [Line Items]
Percentage of total outstanding			5.00%
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Number of shares issued in transaction (in shares) \| shares			8,483,561
Temporary equity, par value (in dollars per share) \| $ / shares			$ 0.0001
Sale of stock, consideration received per transaction			$ 80.0
Sale of stock, price per share ( in dollar per share) \| $ / shares			$ 9.43
Payments of debt issuance costs			$ 0.8
Consideration received on transaction			$ 79.2
Preferred stock, redemption amount	$ 100.8			$ 100.8
Preferred stock, dividend rate, percentage				7.00%
Dividends, preferred stock, cash	$ 5.6	$ 5.6
Convertible preferred stock Per-share purchase price (in dollars per shares) \| $ / shares	$ 11.79			$ 11.79
Conversion of stock, shares converted (in shares) \| shares				0
Class A Common Stock
Class of Stock [Line Items]
Debt instrument, convertible, threshold trading days \| consecutiveTradingDay				20
Debt instrument, convertible, threshold consecutive trading days \| consecutiveTradingDay				30
Preferred stock, convertible, shares issuable (in shares) \| shares	6,785,410			6,785,410
Class A Common Stock \| On or after the Third and Prior to the Seventh Anniversary
Class of Stock [Line Items]
Convertible preferred stock, threshold percentage of stock price trigger				150.00%
Class A Common Stock \| On or after the Seventh and Prior to the Tenth Anniversary
Class of Stock [Line Items]
Convertible preferred stock, threshold percentage of stock price trigger				100.00%

Investments - Schedule of Contractual Maturities of the Company's Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Amortized Cost
Due in one year or less	$ 73,526
Due after one year through five years	296,619
Due after five years through ten years	101,027
Due after ten years	367
Mortgage-backed and asset-backed securities	230,944
Total fixed maturity securities	702,483	$ 687,813
Estimated Fair Value
Due in one year or less	73,762
Due after one year through five years	295,562
Due after five years through ten years	100,449
Due after ten years	366
Mortgage-backed and asset-backed securities	231,422
Total fixed maturity securities	$ 701,561	$ 696,271

Leases - Schedule of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Operating lease expense	$ 2,066	$ 2,116	$ 4,174	$ 4,226
Variable lease expense	1,304	874	2,171	1,768
Sublease revenue	(226)	(254)	(449)	(555)
Lease cost, net	$ 3,144	$ 2,736	$ 5,896	$ 5,439

Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Apr. 30, 2022	Jun. 30, 2026	Jun. 30, 2025
Market Condition Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	3,707,136
Grant date fair value of performance restricted stock units	$ 19,200
Vested (in shares)		0
Unrecognized compensation cost		$ 7,100
Weighted average period awards are expected to be recognized (in years)		2 years 9 months
Market Condition Performance Shares \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	25.00%
Share price (in dollar per share)	$ 20.00
Number of consecutive days	60 days
Market Condition Performance Shares \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	25.00%
Share price (in dollar per share)	$ 25.00
Number of consecutive days	60 days
Market Condition Performance Shares \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	50.00%
Share price (in dollar per share)	$ 30.00
Number of consecutive days	60 days
Performance Condition Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		245,731
Unrecognized compensation cost		$ 6,322	$ 5,767
Weighted average period awards are expected to be recognized (in years)		2 years 1 month 13 days	2 years 2 months 8 days
Minimum \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
Minimum \| Market Condition Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)	3 years
Maximum \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		5 years
Maximum \| Market Condition Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)	7 years
Class A Common Stock \| Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		11,200,000
Issuance of shares under employee plans (in shares)		315,554
2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)		24,700,000
2021 Stock Incentive Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		38,300,000
2024 Performance Restricted Stock Unit Agreement \| Minimum \| Performance Condition Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage		35.00%
2024 Performance Restricted Stock Unit Agreement \| Maximum \| Performance Condition Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage		200.00%
2024 Performance Restricted Stock Unit Agreement \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs granted (in shares)		1,568,524

Reserves for Unpaid Losses and Loss Adjustment Expenses - Schedule of Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves for unpaid losses and loss adjustment expenses, beginning			$ 168,851	$ 168,492
Less: Reinsurance recoverable on unpaid losses and loss adjustment expenses			5,644	5,769
Net reserves for unpaid losses and loss adjustment expenses, beginning			163,207	162,723
Incurred losses and loss adjustment expenses:
Current accident year			214,762	146,343
Prior accident years			(6,134)	0
Total incurred losses and loss adjustment expenses	$ 110,709	$ 75,213	208,628	146,343
Payments:
Current accident year			84,679	21,250
Prior accident years			57,152	47,244
Total payments			141,831	68,494
Effect of foreign currency rate changes			(641)	233
Net reserves for unpaid losses and loss adjustment expenses, ending	229,363	240,805	229,363	240,805
Reinsurance recoverable on unpaid losses and loss adjustment expenses	12,342	18,138	12,342	18,138
Gross reserves for unpaid losses and loss adjustment expenses, ending	$ 241,705	$ 258,943	$ 241,705	$ 258,943

Related-Party Transactions (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Ownership Interests, by Affiliates

As of June 30, 2026, 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	50.9	%
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	21.6	%	—	—	%

Controlling interest	3,108,000	3.1	%	51,800,000	50.9	%
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 summarize all balances related to the Company's business with Markel subsidiaries:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Revenue:	in thousands
Earned premium, net	$	260,982	$	182,913	$	505,790	$	357,974
Commission and fee revenue	1,817		127,454		3,523		221,427
Total revenue	$	262,799	$	310,367	$	509,313	$	579,401
Expenses:
Losses and loss adjustment expenses, net	$	105,727	$	74,598	$	197,233	$	154,509
Policy acquisition costs, net	75,477		84,868		175,426		164,335
Underwriting and other insurance expenses	625		—		2,742		—
Total expenses	$	181,829	$	159,466	$	375,401	$	318,844


	June 30,		December 31,
	2026		2025

Assets:	in thousands
Accounts receivable	$	1,526	$	1,321
Premiums receivable	—		174,169
Reinsurance recoverables	1,181		1,958
Other assets	1,115		—
Total assets	$	3,822	$	177,448
Liabilities:
Accounts payable and accrued expenses	$	1,422	$	—
Losses payable and reserves for unpaid losses and loss adjustment expenses	—		247,758


Due to insurers	5,231		88,888
Ceding commissions payable	—		83,494
Other liabilities	1,477		2,470
Total liabilities	$	8,130	$	422,610

The following tables summarize all balances related to the risk ceded by Hagerty Re to State Farm subsidiaries:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Revenue:	in thousands
Earned premium, net (1)	$	(5,467)	$	(4,735)	$	(10,674)	$	(9,191)
Expenses:
Losses and loss adjustment expenses, net (2)	$	(1,910)	$	(1,420)	$	(3,472)	$	(7,507)
Policy acquisition costs, net (3)	(2,843)		(2,463)		(5,551)		(4,780)
Total expenses	$	(4,753)	$	(3,883)	$	(9,023)	$	(12,287)

(1) Represents premiums ceded to State Farm subsidiaries, which are accounted for as a reduction to "Earned premium, net".

(2) Represents loss recoveries associated with reinsurance ceded to State Farm subsidiaries, which are accounted for as a reduction to "Losses and loss adjustment expenses, net".

(3) Represents commissions earned from State Farm subsidiaries related to ceded reinsurance, which are accounted for as a reduction to "Policy acquisition costs, net".


	June 30,		December 31,
	2026		2025

Assets:	in thousands
Reinsurance recoverables	$	5,295	$	6,668
Other assets	3,075		2,716
Total assets	$	8,370	$	9,384
Liabilities:
Other liabilities (1)	$	5,914	$	5,224
Total liabilities	$	5,914	$	5,224

(1) Represents reinsurance premiums due to State Farm subsidiaries.

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

7 — Fair Value Measurements

Fair value measurements are classified within one of three levels in the fair value hierarchy. The level assigned to a fair value measurement is based on the lowest level input that management judges to be significant to the fair value measurement in its entirety.

The three levels of the fair value hierarchy are as follows:

•Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

•Level 2 — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date for substantially the full term of the asset or liability.

•Level 3 — Pricing inputs are unobservable, but management believes that such inputs are predicated on the assumptions market participants would use to measure the asset or liability at fair value.

The Company's policy is to recognize significant transfers between levels, if any, at the end of the reporting period. There were no transfers between levels during the current and prior reporting periods.

Investments

Fixed maturity securities are classified as Level 2 within the fair value hierarchy and equity securities are classified as Level 1. The fair value of these investments is determined after considering various sources of information, including information provided by a third-party pricing service, which provides prices for substantially all of the Company's fixed maturity securities and equity securities. In determining fair value, the Company generally does not adjust the prices obtained from the pricing service. The Company obtains an understanding of the pricing service's valuation methodologies and related inputs, which include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers, duration, credit ratings, estimated cash flows, and prepayment speeds.

Refer to Note 6 — Investments for additional information related to the Company's investment portfolio.

Summary of assets and liabilities measured at fair value

The fair values of the Company's financial assets as of June 30, 2026 and December 31, 2025 are shown in the following tables:


	Estimated Fair Value as of June 30, 2026
	Total		Level 1		Level 2		Level 3

Investments:	in thousands
Corporate	$	291,038	$	—	$	291,038	$	—
U.S. Treasury	108,938		—		108,938		—
States and municipalities	37,838		—		37,838		—
Foreign	32,325		—		32,325		—
Asset-backed securities	76,918		—		76,918		—
Mortgage-backed securities	154,504		—		154,504		—
Exchange traded funds	54,945		54,945		—		—
Total	$	756,506	$	54,945	$	701,561	$	—


	Estimated Fair Value as of December 31, 2025
	Total		Level 1		Level 2		Level 3

Investments:	in thousands
Corporate	$	266,168	$	—	$	266,168	$	—
U.S. Treasury	181,617		—		181,617		—
States and municipalities	30,146		—		30,146		—
Foreign	32,992		—		32,992		—
Asset-backed securities	32,251		—		32,251		—
Mortgage-backed securities	153,097		—		153,097		—
Common stocks	34,871		34,871		—		—
Total	$	731,142	$	34,871	$	696,271	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Earnings Per Share

18 — Earnings Per Share

Basic earnings (loss) per share is calculated under the Two-Class Method using basic Net income (loss) available to Class A Common Stockholders, divided by the weighted average number of shares of Class A Common Stock outstanding during the period.

Diluted earnings (loss) per share is calculated using diluted Net income (loss) available to Class A Common Stockholders divided by the weighted average number of shares of Class A Common Stock outstanding during the period, adjusted to give effect to potentially dilutive securities.

The Company's potentially dilutive securities consist of (i) unvested RSUs and shares issuable under the ESPP, with the dilutive effect calculated using the Treasury Stock Method; (ii) unvested PRSUs, with the dilutive effect calculated using the Contingently Issuable Method; and (iii) non-controlling interest THG units and Series A Convertible Preferred Stock, with the dilutive effect calculated using the more dilutive of the If-Converted Method and the Two-Class Method.

In periods in which the Company reports a net loss attributable to Class A Common Stockholders, diluted net loss per share attributable to Class A Common Stockholders is equal to basic net loss per share because potentially dilutive shares of Class A Common Stock are not assumed to be issued if their effect is anti-dilutive.

The following table summarizes the basic and diluted earnings (loss) per share calculations for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Basic Earnings (Loss) per Share	in thousands (except per share amounts)
Net income (loss) available to Class A Common Stockholders	$	(1,668)	$	8,465	$	(8,189)	$	14,505
Weighted average shares of Class A Common Stock outstanding	101,797		90,698		101,418		90,374
Basic earnings (loss) per share	$	(0.02)	$	0.09	$	(0.08)	$	0.16

Diluted Earnings (Loss) per Share
Net income (loss) available to Class A Common Stockholders	$	(1,668)	$	8,465	$	(8,189)	$	14,574
Weighted average shares of Class A Common Stock outstanding	101,797		90,698		101,418		91,247
Diluted earnings (loss) per share	$	(0.02)	$	0.09	$	(0.08)	$	0.16

Net income available to Class A Common Stockholders
Net income (loss)	$	8,041	$	47,202	$	(4,704)	$	74,495
Net (income) loss attributable to non-controlling interest	(7,761)		(36,229)		493		(55,151)
Accretion of Series A Convertible Preferred Stock	(1,948)		(1,875)		(3,978)		(3,750)
Undistributed earnings allocated to Series A Convertible Preferred Stock	—		(633)		—		(1,089)
Net income (loss) available to Class A Common Stockholders, Basic	(1,668)		8,465		(8,189)		14,505
Undistributed earnings reallocated to Series A Convertible Preferred Stock	—		—		—		—
Adjustment for potentially dilutive THG units	—		—		—		—
Adjustment for potentially dilutive Series A Convertible Preferred Stock	—		—		—		—
Adjustment for potentially dilutive share-based compensation awards	—		—		—		69
Net income (loss) available to Class A Common Stockholders, Diluted	$	(1,668)	$	8,465	$	(8,189)	$	14,574

Weighted Average Shares of Class A Common Stock Outstanding
Weighted average shares of Class A Common Stock outstanding, Basic	101,797		90,698		101,418		90,374
Adjustment for potentially dilutive THG units	—		—		—		—
Adjustment for potentially dilutive Series A Convertible Preferred Stock	—		—		—		—
Adjustment for potentially dilutive share-based compensation awards	—		—		—		873
Weighted average shares of Class A Common Stock outstanding, Diluted	101,797		90,698		101,418		91,247


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025

	in thousands
THG units	245,001	255,105	245,051	255,138
Series A Convertible Preferred Stock	6,785	6,785	6,785	6,785
Unvested shares associated with share-based compensation awards	7,951	8,580	7,979	4,453

Total	259,737	270,470	259,815	266,376

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Reinsurance (Tables)

6 Months Ended

Jun. 30, 2026

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

Schedule of Earned Premium

The following table presents the Company's total premiums on a written and earned basis for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Premiums written:	in thousands
Assumed	$	361,318	$	247,812	$	711,553	$	423,323
Ceded	(28,166)		(11,209)		(61,055)		(31,069)
Net	$	333,152	$	236,603	$	650,498	$	392,254

Premiums earned:
Assumed	$	270,676	$	189,976	$	524,747	$	370,909
Ceded	(18,720)		(12,191)		(33,149)		(23,769)
Net	$	251,956	$	177,785	$	491,598	$	347,140

Schedule of Effects of Reinsurance on Losses and Loss Adjustment Expenses

The following table presents the Company's total losses and loss adjustment expenses for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Losses and loss adjustment expenses:	in thousands
Assumed	$	116,797	$	78,059	$	218,449	$	161,385
Ceded	(6,088)		(2,846)		(9,821)		(15,042)
Net	$	110,709	$	75,213	$	208,628	$	146,343

Segment Reporting and Disaggregated Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Segment Information, by Segment

The tables below present the Company's segment information for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30, 2026
	Insurance		Marketplace		Total

REVENUES:	(in thousands)
Earned premium, net	$	251,956	$	—	$	251,956
Commission and fee revenue	23,665		—		23,665
Marketplace revenue	—		39,658		39,658
Membership and other revenue	21,361		—		21,361
Net investment income	10,731		272		11,003
Net investment gains	7,179		—		7,179
Total revenue	314,892		39,930		354,822
EXPENSES:
Losses and loss adjustment expenses, net	110,709		—		110,709
Policy acquisition costs, net	83,641		—		83,641
Underwriting and other insurance expenses	62,947		—		62,947
Selling, general, and administrative expenses	55,931		38,984		94,915
Interest expense and other, net	(1,103)		(106)		(1,209)
Total segment expenses	312,125		38,878		351,003
Segment income before taxes	2,767		1,052		3,819
Corporate expenses					(350)
Interest expense					(1,237)

Income before taxes					$	2,232


	Three months ended June 30, 2025
	Insurance		Marketplace		Total

REVENUES:	(in thousands)
Earned premium, net	$	177,785	$	—	$	177,785
Commission and fee revenue	143,287		—		143,287
Marketplace revenue	—		26,886		26,886
Membership and other revenue	20,741		—		20,741
Net investment income	9,287		129		9,416
Net investment gains	1,194		—		1,194
Total revenue	352,294		27,015		379,309
EXPENSES:
Losses and loss adjustment expenses, net	75,213		—		75,213
Policy acquisition costs, net	82,938		—		82,938
Underwriting and other insurance expenses	1,222		—		1,222
Selling, general, and administrative expenses	131,634		29,165		160,799
Interest expense and other, net	528		(144)		384
Total segment expenses	291,535		29,021		320,556
Segment income (loss) before taxes	60,759		(2,006)		58,753
Corporate expenses					(828)
Interest expense					(1,484)
Change in TRA Liability					(3,078)
Income before taxes					$	53,363


	Six months ended June 30, 2026
	Insurance		Marketplace		Total

REVENUES:	(in thousands)
Earned premium, net	$	491,598	$	—	$	491,598
Commission and fee revenue	40,100		—		40,100
Marketplace revenue	—		65,310		65,310
Membership and other revenue	43,488		—		43,488
Net investment income	20,745		521		21,266
Net investment gains	4,890		—		4,890
Total revenue	600,821		65,831		666,652
EXPENSES:
Losses and loss adjustment expenses, net	208,628		—		208,628
Policy acquisition costs, net	185,563		—		185,563
Underwriting and other insurance expenses	122,535		—		122,535
Selling, general, and administrative expenses	102,797		64,256		167,053
Interest expense and other, net	(1,119)		(263)		(1,382)
Total segment expenses	618,404		63,993		682,397
Segment income (loss) before taxes	(17,583)		1,838		(15,745)
Corporate expenses					(628)
Interest expense					(2,332)

Loss before taxes					$	(18,705)


	Six months ended June 30, 2025
	Insurance		Marketplace		Total

REVENUES:	(in thousands)
Earned premium, net	$	347,140	$	—	$	347,140
Commission and fee revenue	243,574		—		243,574
Marketplace revenue	—		55,972		55,972
Membership and other revenue	41,606		—		41,606
Net investment income	18,170		304		18,474
Net investment gains	879		—		879
Total revenue	651,369		56,276		707,645
EXPENSES:
Losses and loss adjustment expenses, net	146,343		—		146,343
Policy acquisition costs, net	160,271		—		160,271
Underwriting and other insurance expenses	2,579		—		2,579
Selling, general, and administrative expenses	247,575		57,004		304,579
Interest expense and other, net	940		(260)		680
Total segment expenses	557,708		56,744		614,452
Segment income (loss) before taxes	93,661		(468)		93,193
Corporate expenses					(1,093)
Interest expense					(2,877)
Change in TRA Liability					(3,078)
Income before taxes					$	86,145

Schedule of Disaggregation of Revenue

The following tables present revenues from customer contracts that are recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"), disaggregated by geographic area, as well as a reconciliation to total revenue for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30, 2026
	Insurance		Marketplace		Total

	in thousands
United States	$	29,153	$	18,449	$	47,602
International	15,873		17,351		33,224
Total revenue from customer contracts	45,026		35,800		80,826
Earned premium, net	251,956		—		251,956
Net investment income	10,731		272		11,003
Net investment gains	7,179		—		7,179
Finance revenue	—		3,858		3,858
Total revenue	$	314,892	$	39,930	$	354,822


	Three months ended June 30, 2025
	Insurance		Marketplace		Total

	in thousands
United States	$	149,030	$	17,655	$	166,685
International	14,998		6,748		21,746
Total revenue from customer contracts	164,028		24,403		188,431
Earned premium, net	177,785		—		177,785
Net investment income	9,287		129		9,416
Net investment gains	1,194		—		1,194
Finance revenue	—		2,483		2,483
Total revenue	$	352,294	$	27,015	$	379,309


	Six months ended June 30, 2026
	Insurance		Marketplace		Total

	in thousands
United States	$	60,131	$	35,480	$	95,611
International	23,457		22,851		46,308
Total revenue from customer contracts	83,588		58,331		141,919
Earned premium, net	491,598		—		491,598
Net investment income	20,745		521		21,266
Net investment gains	4,890		—		4,890
Finance revenue	—		6,979		6,979
Total revenue	$	600,821	$	65,831	$	666,652


	Six months ended June 30, 2025
	Insurance		Marketplace		Total

	in thousands
United States	$	264,330	$	43,750	$	308,080
International	20,850		7,893		28,743
Total revenue from customer contracts	285,180		51,643		336,823
Earned premium, net	347,140		—		347,140
Net investment income	18,170		304		18,474
Net investment gains	879		—		879
Finance revenue	—		4,329		4,329
Total revenue	$	651,369	$	56,276	$	707,645

The tables below present the Company's revenue by distribution channel for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30, 2026
	Agent		Direct		Total

	in thousands
Commission and fee revenue	$	14,534	$	9,000	$	23,534
Contingent commission	(324)		455		131
Total commission and fee revenue	$	14,210	$	9,455	$	23,665


	Three months ended June 30, 2025
	Agent		Direct		Total

	in thousands
Commission and fee revenue	$	69,678	$	58,755	$	128,433
Contingent commission	8,102		6,752		14,854
Total commission and fee revenue	$	77,780	$	65,507	$	143,287


	Six months ended June 30, 2026
	Agent		Direct		Total

	in thousands
Commission and fee revenue	$	24,346	$	12,915	$	37,261
Contingent commission	1,091		1,748		2,839
Total commission and fee revenue	$	25,437	$	14,663	$	40,100


	Six months ended June 30, 2025
	Agent		Direct		Total

	in thousands
Commission and fee revenue	$	118,770	$	98,833	$	217,603
Contingent commission	13,886		12,085		25,971
Total commission and fee revenue	$	132,656	$	110,918	$	243,574

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Components of Operating Lease Expense

The following table summarizes the components of the Company's operating lease expense for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

	in thousands
Operating lease expense (1)	$	2,066	$	2,116	$	4,174	$	4,226
Variable lease expense (1) (2)	1,304		874		2,171		1,768
Sublease revenue (3)	(226)		(254)		(449)		(555)
Lease cost, net	$	3,144	$	2,736	$	5,896	$	5,439

(1) Classified within "Selling, general, and administrative expenses" in the Condensed Consolidated Statements of Operations.

(2) Includes maintenance, taxes, insurance, and payments affected by the Consumer Price Index.

(3) Classified within "Membership and other revenue" in the Condensed Consolidated Statements of Operations.

The following table summarizes supplemental balance sheet information related to operating leases as of June 30, 2026 and December 31, 2025:


	June 30,			December 31,
	2026			2025

	dollars in thousands
ROU assets obtained in exchange for new operating lease liabilities during the period	$	206		$	2,446
Weighted average lease term	7.15			7.48
Weighted average discount rate	5.1		%	5.1		%

Schedule of Maturities of Lease Liabilities

The following table summarizes information about the amount and timing of the Company's future operating lease commitments as of June 30, 2026:


	in thousands
2026 - remaining	$	4,416
2027	8,655
2028	8,491
2029	6,651
2030	5,358
Thereafter	17,376
Total lease payments	50,947
Less: imputed interest	(8,587)
Total lease liabilities	$	42,360

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The fair values of the Company's financial assets as of June 30, 2026 and December 31, 2025 are shown in the following tables:


	Estimated Fair Value as of June 30, 2026
	Total		Level 1		Level 2		Level 3

Investments:	in thousands
Corporate	$	291,038	$	—	$	291,038	$	—
U.S. Treasury	108,938		—		108,938		—
States and municipalities	37,838		—		37,838		—
Foreign	32,325		—		32,325		—
Asset-backed securities	76,918		—		76,918		—
Mortgage-backed securities	154,504		—		154,504		—
Exchange traded funds	54,945		54,945		—		—
Total	$	756,506	$	54,945	$	701,561	$	—


	Estimated Fair Value as of December 31, 2025
	Total		Level 1		Level 2		Level 3

Investments:	in thousands
Corporate	$	266,168	$	—	$	266,168	$	—
U.S. Treasury	181,617		—		181,617		—
States and municipalities	30,146		—		30,146		—
Foreign	32,992		—		32,992		—
Asset-backed securities	32,251		—		32,251		—
Mortgage-backed securities	153,097		—		153,097		—
Common stocks	34,871		34,871		—		—
Total	$	731,142	$	34,871	$	696,271	$	—

Investments (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments, Available-for-Sale Securities

The following tables summarize the Company's available-for-sale investments as of June 30, 2026 and December 31, 2025:


	June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Fixed maturity securities:	in thousands
Corporate	$	291,301	$	1,410	$	(1,673)	$	291,038
U.S. Treasury	110,186		41		(1,289)		108,938
States and municipalities	37,683		382		(227)		37,838
Foreign	32,369		29		(73)		32,325
Asset-backed securities	76,881		243		(206)		76,918
Mortgage-backed securities	154,063		1,595		(1,154)		154,504
Total fixed maturity securities	$	702,483	$	3,700	$	(4,622)	$	701,561


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Fixed maturity securities:	in thousands
Corporate	$	262,302	$	3,982	$	(116)	$	266,168
U.S. Treasury	181,077		701		(161)		181,617
States and municipalities	29,182		967		(3)		30,146
Foreign	33,000		54		(62)		32,992
Asset-backed securities	31,899		394		(42)		32,251
Mortgage-backed securities	150,353		3,026		(282)		153,097
Total fixed maturity securities	$	687,813	$	9,124	$	(666)	$	696,271

Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

The following table summarizes gross unrealized losses and the estimated fair value of available-for-sale fixed maturity securities that have continuously been in an unrealized loss position, as well as the length of time that such securities were in an unrealized loss position, as of June 30, 2026 and December 31, 2025:


	June 30, 2026
	Less than 12 months				12 months or longer				Total
	Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses

Fixed maturity securities:	in thousands
Corporate	$	107,009	$	(1,660)	$	324	$	(13)	$	107,333	$	(1,673)
U.S. Treasury	93,738		(1,289)		—		—		93,738		(1,289)
States and municipalities	15,271		(227)		—		—		15,271		(227)
Foreign	18,910		(73)		—		—		18,910		(73)
Asset-backed securities	33,481		(206)		—		—		33,481		(206)
Mortgage-backed securities	69,641		(1,154)		—		—		69,641		(1,154)
Total fixed maturity securities	$	338,050	$	(4,609)	$	324	$	(13)	$	338,374	$	(4,622)


	December 31, 2025
	Less than 12 months				12 months or longer				Total
	Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses

Fixed maturity securities:	in thousands
Corporate	$	6,307	$	(7)	$	9,461	$	(108)	$	15,768	$	(115)
U.S. Treasury	35,150		(83)		14,948		(78)		50,098		(161)
States and municipalities	880		(3)		—		—		880		(3)
Foreign	17,009		(62)		—		—		17,009		(62)
Asset-backed securities	1,771		(5)		1,881		(37)		3,652		(42)
Mortgage-backed securities	10,312		(4)		20,889		(279)		31,201		(283)
Total fixed maturity securities	$	71,429	$	(164)	$	47,179	$	(502)	$	118,608	$	(666)

Schedule of Contractual Maturities of the Company's Available-for-Sale Investments

The following table summarizes the contractual maturities of the Company's available-for-sale investments as of June 30, 2026:



	Amortized Cost		Estimated Fair Value

	in thousands
Due in one year or less	$	73,526	$	73,762
Due after one year through five years	296,619		295,562
Due after five years through ten years	101,027		100,449
Due after ten years	367		366
Mortgage-backed and asset-backed securities	230,944		231,422
Total fixed maturity securities	$	702,483	$	701,561

Schedule of Net Investment Income Component

The following table presents the components of "Net investment income" reported in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Interest income:	in thousands
Cash and cash equivalents and restricted cash and cash equivalents	$	2,012	$	2,564	$	4,102	$	4,724
Fixed maturity securities	9,021		6,943		17,164		13,928
Total interest income	11,033		9,507		21,266		18,652
Dividends on equity securities	157		39		364		79
Gross investment income	11,190		9,546		21,630		18,731
Investment expenses	(187)		(130)		(364)		(257)
Net investment income	$	11,003	$	9,416	$	21,266	$	18,474

Schedule of Net Realized and Unrealized Gains (Losses) on Investments

The gross amounts of realized investment gains and losses on fixed maturity securities were not material to the Condensed Consolidated Financial Statements and are presented on a net basis in the table below:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Fixed maturity securities:	in thousands
Net realized investment gains	$	38	$	16	$	452	$	231
Equity securities:


Total change in fair value of equity securities	7,141		1,178		4,438		648
Net investment gains	$	7,179	$	1,194	$	4,890	$	879
Change in net unrealized gains (losses) on available-for-sale investments included in Other comprehensive income (loss):
Fixed maturity securities	$	(3,097)	$	1,323	$	(9,361)	$	6,421

Reinsurance - Narrative (Details) $ in Thousands	1 Months Ended		6 Months Ended
Reinsurance - Narrative (Details) $ in Thousands	Jan. 31, 2026 USD ($)	Jan. 31, 2025 USD ($)	Jun. 30, 2026 USD ($) letter_of_credit	Dec. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance recoverable on unpaid losses and loss adjustment expenses			$ 12,342	$ 5,644	$ 18,138	$ 5,769
Reinsurance retention policy, number of coverage layers \| letter_of_credit			2
Reinsurance Contract [Axis]: Catastrophe Reinsurance Layer One
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance, excess retention, amount reinsured, per event			$ 35,000
Reinsurance, amount retained, per event		$ 35,000
Reinsurance Contract [Axis]: Catastrophe Reinsurance Layer Two
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance, excess retention, amount reinsured, per event			63,000
Reinsurance, amount retained, per event	$ 70,000
Hurricane
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance recoverable on unpaid losses and loss adjustment expenses			35,000
Various reinsurers
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance retention policy, total insured amount			$ 5,000
Various reinsurers \| Reinsurance Contract [Axis]: Catastrophe Program - High Net Worth
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsured risk, percentage			100.00%

Markel Fronting Arrangement

6 Months Ended

Jun. 30, 2026

Markel Fronting Arrangement [Abstract]

Markel Fronting Arrangement

3 — Markel Fronting Arrangement

The Company is party to a master relationship agreement and associated agency and claims services agreements with Markel. Under these agreements, the Company's U.S. MGA subsidiary is licensed and authorized to underwrite, sell, and service insurance policies written through Essentia, which serves as the dedicated carrier for Hagerty's specialty collector vehicle insurance policies in the U.S.

On December 31, 2025, the Company entered into new contractual arrangements and amended the terms of its existing contractual arrangements with Markel and its affiliates. These coordinated transactions with Markel formed the Markel Fronting Arrangement, which became effective January 1, 2026. Under the Markel Fronting Arrangement: (i) the Company continues to issue policies through Essentia, with its underwriting authority (including pricing decisions, rate filing, insurance rating, and risk selections) and claims authority expanded to the maximum levels permitted by applicable law; (ii) the Company assumed increased administrative responsibilities for the policies issued through Essentia; (iii) Hagerty Re controls 100% of the premium and assumes 100% of the risk for policies issued through Essentia; and (iv) Hagerty Re pays an initial fronting fee, representing 2% of written premium, to Markel for administrative support, which incrementally decreases based on the level of written premium in each calendar year.

Due to the expanded underwriting and claims authority granted under the Markel Fronting Arrangement, the Company now controls the Essentia book of business. While the Company's U.S. MGA subsidiary and Hagerty Re continue to operate in the same manner they have historically, beginning on January 1, 2026, the benefit of the Company's MGA services with respect to the Essentia book of business is being received by Hagerty Re and not Essentia. As a result, effective in the first quarter of 2026, the Company is no longer recognizing commission revenue or the associated ceding commission expense for Essentia-originated policies in its Condensed Consolidated Financial Statements. However, ceding commission expense associated with Essentia policies issued in 2025 is continuing to be recognized ratably over the remaining term of those policies throughout 2026. In addition, policy acquisition costs incurred by the Company's U.S. MGA subsidiary for Essentia policies issued in 2026 are being deferred and amortized over the policy term.

On December 31, 2025, in connection with the Markel Fronting Arrangement, the Company entered into a loss portfolio transfer agreement (the "LPT Agreement") that became effective on January 1, 2026. Pursuant to the LPT Agreement, Hagerty Re assumed 100% of the net retained liabilities for Essentia-originated policies issued prior to January 1, 2026 and received $50.5 million in cash consideration. The Company is accounting for the LPT Agreement using the deposit method of accounting. At inception, the Company recorded the $50.5 million of cash consideration received as a deposit liability within "Other liabilities" on the Condensed Consolidated Balance Sheets. As of June 30, 2026, the estimated ultimate value of the liabilities assumed under the LPT Agreement was approximately $39.4 million and the deferred gain as of June 30, 2026 of $11.1 million is being recognized over the expected period of future claim payments within "Interest expense and other, net" in the Condensed Consolidated Statements of Operations. The table below presents changes in the deposit liability associated with the LPT Agreement during the six months ended June 30, 2026:


	in thousands
Balance as of January 1, 2026	$	50,500
Amortization of deferred gain	(2,940)
Claim payments	(13,259)
Balance as of June 30, 2026	$	34,301

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Reconciliation of Revenue from Segments to Consolidated

The following table presents a reconciliation of Total revenue as presented in the prior period in accordance with Article 5, to the current presentation in accordance with Article 7:


	Three months ended		Six months ended
	June 30, 2025		June 30, 2025

	in thousands
Total revenue presented in accordance with Article 5	$	368,699	$	688,292
Net investment income	9,416		18,474
Net investment gains	1,194		879
Total revenue presented in accordance with Article 7	$	379,309	$	707,645

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Cost and Accumulated Amortization

The cost and accumulated amortization of intangible assets as of June 30, 2026 and December 31, 2025 are as follows:


	June 30, 2026
	Weighted average useful life	Gross carrying amount		Accumulated amortization		Net carrying amount

		dollars in thousands
Internally developed software	3.4	$	166,260	$	(110,158)	$	56,102
Renewal rights	10.0	21,374		(11,575)		9,799
Trade names and trademarks	14.2	11,867		(4,979)		6,888
State licenses	Indefinite	11,263		—		11,263
Relationships and customer lists	15.5	7,900		(2,637)		5,263
Other	3.5	577		(577)		—
Total intangible assets		$	219,241	$	(129,926)	$	89,315


	December 31, 2025
	Weighted average useful life	Gross carrying amount		Accumulated amortization		Net carrying amount

		dollars in thousands
Internally developed software	3.4	$	155,933	$	(102,326)	$	53,607
Renewal rights	10.0	21,740		(10,693)		11,047
Trade names and trademarks	14.2	11,867		(4,402)		7,465
State licenses	Indefinite	11,263		—		11,263
Relationships and customer lists	15.5	7,913		(2,380)		5,533
Other	3.5	580		(580)		—
Total intangible assets		$	209,296	$	(120,381)	$	88,915

Schedule of Future Amortization Expense

Estimated future aggregate amortization expense related to intangible assets as of June 30, 2026 is as follows:


	in thousands
2026 - remaining	$	12,682
2027	24,726
2028	19,232
2029	9,558
2030	2,952
Thereafter	8,902
Total	$	78,052

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

The following table summarizes share-based compensation expense recognized during the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

	in thousands
Restricted stock units	$	3,425	$	3,719	$	6,608	$	6,921
Performance restricted stock units	1,668		1,427		3,102		2,617
Total share-based compensation expense	$	5,093	$	5,146	$	9,710	$	9,538

Schedule of Restricted Stock Units Activity

The following table provides a summary of RSU activity during the six months ended June 30, 2026:


	Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested balance as of January 1, 2026	3,548,091	$	9.56
Granted	874,106	10.53
Vested (1)	(947,102)	9.33
Forfeited	(225,430)	9.30
Unvested balance as of June 30, 2026	3,249,665	$	9.91

(1) For the six months ended June 30, 2026, 643,117 shares of Class A Common Stock were issued related to the vesting of RSUs in the period, net of shares withheld for the funding of employee tax obligations.

Schedule of Restricted Stock Units Award Activity

The following table provides additional data related to RSU activity during the six months ended June 30, 2026 and 2025:


	Six months ended June 30,
	2026		2025

	dollars in thousands
Total fair value of shares vested (1)	$	8,840	$	8,067
Unrecognized compensation expense	$	24,167	$	29,479
Weighted average period awards are expected to be recognized (in years)	2.32		2.73

(1) The tax impact related to vested RSUs for the six months ended June 30, 2026 and 2025 was not material to the Condensed Consolidated Financial Statements.

Schedule of Performance Stock Units Outstanding

The following table provides a summary of the activity related to PRSUs under the Performance Condition PRSU Agreement during the six months ended June 30, 2026:


	Performance Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested balance as of January 1, 2026	538,531	$	9.20
Granted	245,731	10.53


Unvested balance as of June 30, 2026	784,262	$	9.62

Schedule of Performance-based Units Award Activity

The following table provides additional data related to Performance Condition PRSU award activity during the six months ended June 30, 2026 and 2025:


	Six months ended June 30,
	2026		2025

	dollars in thousands

Unrecognized compensation expense	$	6,322	$	5,767
Weighted average period awards are expected to be recognized (in years)	2.12		2.19

Schedule of Grant-date Fair Value of Performance Stock Units

The following table summarizes the assumptions and related information used to determine the grant-date fair value of the market condition PRSUs awarded in April 2022:


Inputs						Performance Restricted Stock Units
Weighted average grant-date fair value per share						$5.19
Expected stock volatility						35%
Expected term (in years)						7.0
Risk-free interest rate						2.5%
Dividend yield						—%

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	22 — Subsequent Events Management has evaluated subsequent events through August 5, 2026, which is the date these Condensed Consolidated Financial Statements were issued, and no material subsequent events were identified that are required to be reported.

Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 5,093	$ 5,146	$ 9,710	$ 9,538
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	3,425	3,719	6,608	6,921
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 1,668	$ 1,427	$ 3,102	$ 2,617

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (f)(2)(ii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(1)(iii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Subparagraph (c)(1)(iv)(01)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(2)(iii)(01)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(2)(iii)(02)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Investments - Schedule of Security Holdings in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Less than 12 months, Estimated fair value	$ 338,050	$ 71,429
Less than 12 months, Gross unrealized losses	(4,609)	(164)
12 months or longer, Estimated fair value	324	47,179
12 months or longer, Gross unrealized losses	(13)	(502)
Estimated fair value	338,374	118,608
Gross unrealized losses	(4,622)	(666)
Corporate
Debt Securities, Available-for-Sale [Line Items]
Less than 12 months, Estimated fair value	107,009	6,307
Less than 12 months, Gross unrealized losses	(1,660)	(7)
12 months or longer, Estimated fair value	324	9,461
12 months or longer, Gross unrealized losses	(13)	(108)
Estimated fair value	107,333	15,768
Gross unrealized losses	(1,673)	(115)
U.S. Treasury
Debt Securities, Available-for-Sale [Line Items]
Less than 12 months, Estimated fair value	93,738	35,150
Less than 12 months, Gross unrealized losses	(1,289)	(83)
12 months or longer, Estimated fair value	0	14,948
12 months or longer, Gross unrealized losses	0	(78)
Estimated fair value	93,738	50,098
Gross unrealized losses	(1,289)	(161)
States and municipalities
Debt Securities, Available-for-Sale [Line Items]
Less than 12 months, Estimated fair value	15,271	880
Less than 12 months, Gross unrealized losses	(227)	(3)
12 months or longer, Estimated fair value	0	0
12 months or longer, Gross unrealized losses	0	0
Estimated fair value	15,271	880
Gross unrealized losses	(227)	(3)
Foreign
Debt Securities, Available-for-Sale [Line Items]
Less than 12 months, Estimated fair value	18,910	17,009
Less than 12 months, Gross unrealized losses	(73)	(62)
12 months or longer, Estimated fair value	0	0
12 months or longer, Gross unrealized losses	0	0
Estimated fair value	18,910	17,009
Gross unrealized losses	(73)	(62)
Asset-backed securities
Debt Securities, Available-for-Sale [Line Items]
Less than 12 months, Estimated fair value	33,481	1,771
Less than 12 months, Gross unrealized losses	(206)	(5)
12 months or longer, Estimated fair value	0	1,881
12 months or longer, Gross unrealized losses	0	(37)
Estimated fair value	33,481	3,652
Gross unrealized losses	(206)	(42)
Mortgage-backed securities
Debt Securities, Available-for-Sale [Line Items]
Less than 12 months, Estimated fair value	69,641	10,312
Less than 12 months, Gross unrealized losses	(1,154)	(4)
12 months or longer, Estimated fair value	0	20,889
12 months or longer, Gross unrealized losses	0	(279)
Estimated fair value	69,641	31,201
Gross unrealized losses	$ (1,154)	$ (283)

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	$ 701,561	$ 696,271
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	291,038	266,168
U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	108,938	181,617
States and municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	37,838	30,146
Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	32,325	32,992
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	76,918	32,251
Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	154,504	153,097
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	756,506	731,142
Fair Value, Recurring \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	291,038	266,168
Fair Value, Recurring \| U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	108,938	181,617
Fair Value, Recurring \| States and municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	37,838	30,146
Fair Value, Recurring \| Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	32,325	32,992
Fair Value, Recurring \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	76,918	32,251
Fair Value, Recurring \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	154,504	153,097
Fair Value, Recurring \| Exchange traded funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	54,945
Fair Value, Recurring \| Common stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value		34,871
Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	54,945	34,871
Fair Value, Recurring \| Level 1 \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring \| Level 1 \| U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring \| Level 1 \| States and municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring \| Level 1 \| Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring \| Level 1 \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring \| Level 1 \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring \| Level 1 \| Exchange traded funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	54,945
Fair Value, Recurring \| Level 1 \| Common stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value		34,871
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	701,561	696,271
Fair Value, Recurring \| Level 2 \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	291,038	266,168
Fair Value, Recurring \| Level 2 \| U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	108,938	181,617
Fair Value, Recurring \| Level 2 \| States and municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	37,838	30,146
Fair Value, Recurring \| Level 2 \| Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	32,325	32,992
Fair Value, Recurring \| Level 2 \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	76,918	32,251
Fair Value, Recurring \| Level 2 \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	154,504	153,097
Fair Value, Recurring \| Level 2 \| Exchange traded funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0
Fair Value, Recurring \| Level 2 \| Common stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value		0
Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Fair Value, Recurring \| Level 3 \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring \| Level 3 \| U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring \| Level 3 \| States and municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring \| Level 3 \| Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring \| Level 3 \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring \| Level 3 \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring \| Level 3 \| Exchange traded funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	$ 0
Fair Value, Recurring \| Level 3 \| Common stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value		$ 0

Share-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

17 — Share-Based Compensation

The 2021 Stock Incentive Plan provides for the issuance of up to approximately 38.3 million shares of Class A Common Stock to certain employees and non-employee directors. The 2021 Stock Incentive Plan allows for the issuance of incentive stock options, non-qualified stock options, restricted stock awards, stock appreciation rights, RSUs, and PRSUs. As of June 30, 2026, there were approximately 24.7 million shares available for future grants under the 2021 Stock Incentive Plan.

The following table summarizes share-based compensation expense recognized during the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

	in thousands
Restricted stock units	$	3,425	$	3,719	$	6,608	$	6,921
Performance restricted stock units	1,668		1,427		3,102		2,617
Total share-based compensation expense	$	5,093	$	5,146	$	9,710	$	9,538

Restricted Stock Units

RSUs typically vest over a three to five-year period based on the requisite service period. The grant date fair value is determined based on the closing market price of the Class A Common Stock on the business day prior to the grant date and the related share-based compensation expense is recognized over the requisite service period on a straight-line basis.

The following table provides a summary of RSU activity during the six months ended June 30, 2026:


	Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested balance as of January 1, 2026	3,548,091	$	9.56
Granted	874,106	10.53
Vested (1)	(947,102)	9.33
Forfeited	(225,430)	9.30
Unvested balance as of June 30, 2026	3,249,665	$	9.91

The following table provides additional data related to RSU activity during the six months ended June 30, 2026 and 2025:


	Six months ended June 30,
	2026		2025

	dollars in thousands
Total fair value of shares vested (1)	$	8,840	$	8,067
Unrecognized compensation expense	$	24,167	$	29,479
Weighted average period awards are expected to be recognized (in years)	2.32		2.73

(1) The tax impact related to vested RSUs for the six months ended June 30, 2026 and 2025 was not material to the Condensed Consolidated Financial Statements.

Performance Restricted Stock Units

Performance Condition PRSUs

PRSUs granted under the "Performance Condition PRSU Agreement", a form of PRSU agreement under the 2021 Stock Incentive Plan, are eligible to vest subject to the satisfaction of both performance-based and service-based conditions. The performance-based vesting condition will be satisfied contingent upon the Company's level of performance over the designated performance period (the "Performance Period") as measured against a financial performance target (the "Performance Target"), each as determined by the Compensation Committee. Following the end of the Performance Period, the Compensation Committee will determine the applicable attained performance level with payout percentages ranging from 35% to 200% (each, a "Payout Percentage") of the target number of PRSUs awarded. In the event of a Change in Control (as defined in the Performance Condition PRSU Agreement) before the end of a scheduled Performance Period, the Compensation Committee retains discretion to end the Performance Period early and measure performance levels as of a revised measurement date.

If both the service-based and performance-based vesting conditions are satisfied, the PRSU holder will be entitled to receive the number of shares of Class A Common Stock, if any, determined by multiplying the aggregate number of PRSUs subject to the applicable PRSU Agreement by the applicable Payout Percentage that corresponds to the level of achievement of the Performance Target pursuant to the payout formula approved by the Compensation Committee.

The amount of compensation expense ultimately recognized for PRSUs issued under the Performance Condition PRSU Agreement is based on the Company's ultimate performance relative to the Performance Target. The amount of compensation expense recognized prior to the end of the Performance Period is dependent upon management's assessment of the likelihood of achieving the applicable payout levels. If, as a result of management's assessment, it is projected that a greater number of PRSUs will vest than previously anticipated, a life-to-date adjustment to increase compensation expense is recorded in the period when such determination is made. Conversely, if, as a result of management's assessment, it is projected that a lower number of PRSUs will vest than previously anticipated, a life-to-date adjustment to decrease compensation expense is recorded in the period when such determination is made.

The following table provides a summary of the activity related to PRSUs under the Performance Condition PRSU Agreement during the six months ended June 30, 2026:


	Performance Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested balance as of January 1, 2026	538,531	$	9.20
Granted	245,731	10.53


Unvested balance as of June 30, 2026	784,262	$	9.62

As of June 30, 2026, the maximum number of shares of Class A Common Stock that may be issued with respect to PRSUs granted under the Performance Condition PRSU Agreement is 1,568,524, assuming maximum achievement of the Performance Target.

The following table provides additional data related to Performance Condition PRSU award activity during the six months ended June 30, 2026 and 2025:


	Six months ended June 30,
	2026		2025

	dollars in thousands

Unrecognized compensation expense	$	6,322	$	5,767
Weighted average period awards are expected to be recognized (in years)	2.12		2.19

Market Condition PRSUs

In April 2022, the Company's CEO was granted 3,707,136 market condition PRSUs, which provide him the opportunity to receive up to 3,707,136 shares of Class A Common Stock. The award had a grant date fair value of approximately $19.2 million, which was estimated using a Monte Carlo simulation model. These PRSUs have both market-based and service-based vesting conditions. Shares of Class A Common Stock issuable under this award can be earned based on the achievement of the following stock price targets: (i) 25% of the shares can be earned when the stock price of the Class A Common Stock exceeds $20.00 per share for 60 consecutive days; (ii) 25% of the shares can be earned when the stock price of the Class A Common Stock exceeds $25.00 per share for 60 consecutive days; and (iii) 50% of the shares can be earned when the stock price of the Class A Common Stock exceeds $30.00 per share for 60 consecutive days. These market-based conditions must be met in order for the PRSUs to vest; therefore, it is possible that no shares will ultimately vest. If any of the market-based conditions are met, the PRSUs will vest contingent upon continued service through the earlier of three years after achievement of the stock price target or the end of the seven-year performance period. As of June 30, 2026, no market condition PRSUs had vested.

The Company will recognize the entire $19.2 million of compensation expense for this award over the requisite service period, regardless of whether such market-based conditions are met. As of June 30, 2026, unrecognized compensation expense related to this award was $7.1 million, which the Company expects to recognize over a period of 2.75 years.

The following table summarizes the assumptions and related information used to determine the grant-date fair value of the market condition PRSUs awarded in April 2022:


Inputs						Performance Restricted Stock Units
Weighted average grant-date fair value per share						$5.19
Expected stock volatility						35%
Expected term (in years)						7.0
Risk-free interest rate						2.5%
Dividend yield						—%

Employee Stock Purchase Plan

The ESPP allows substantially all of the Company's employees to purchase shares of Class A Common Stock at a discount. As of June 30, 2026, 315,554 shares had been purchased under the ESPP and there were approximately 11.2 million shares available for future purchases.

Share-Based Compensation - Schedule of Performance-based Units Award Activity (Details) - Performance Condition Performance Shares - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 6,322	$ 5,767
Weighted average period awards are expected to be recognized (in years)	2 years 1 month 13 days	2 years 2 months 8 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Other Assets (Tables)

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Assets, Current and Long-term

As of June 30, 2026 and December 31, 2025, other assets consisted of:


	June 30,		December 31,
	2026		2025

	in thousands
Prepaid software-as-a-service ("SaaS") implementation costs	$	59,620	$	56,971
Prepaid selling, general, and administrative expenses	24,851		20,707
Inventory (1)	24,893		12,410
Property and equipment, net	16,655		16,253
Lease right-of-use assets (2)	37,702		40,657
Contract assets	1,561		18,233
Costs to obtain contracts with customers	8,640		9,965
Ceded commission receivable	9,275		8,004
Other investments (3)	10,758		10,135
Accrued investment income	6,108		5,613
Deferred financing costs related to revolving credit facilities	3,169		3,707
Other (4)	6,203		5,331
Other assets	$	209,435	$	207,986

(1) Inventory primarily includes vehicles owned by Broad Arrow that have been purchased for resale purposes.

(2) Refer to Note 10 — Leases for additional information.

(3) Other investments includes strategic investments, which are classified as Level 3 within the fair value hierarchy. Based on the nature and size of these investments, the carrying values approximate their fair values.

(4) As of June 30, 2026, Other primarily included $2.7 million of collector vehicle investments, $1.1 million related to capitalized digital media content, and $1.1 million of business tax recoverables. As of December 31, 2025, Other primarily included $2.7 million of collector vehicle investments, $1.4 million related to capitalized digital media content, and $1.0 million of business tax recoverables.

Investments - Schedule of Net Investment Income Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Debt Securities, Available-for-Sale [Line Items]
Interest income:	$ 11,033	$ 9,507	$ 21,266	$ 18,652
Dividends on equity securities	157	39	364	79
Gross investment income	11,190	9,546	21,630	18,731
Investment expenses	(187)	(130)	(364)	(257)
Net investment income	11,003	9,416	21,266	18,474
Cash and cash equivalents and restricted cash and cash equivalents
Debt Securities, Available-for-Sale [Line Items]
Interest income:	2,012	2,564	4,102	4,724
Fixed maturity securities
Debt Securities, Available-for-Sale [Line Items]
Interest income:	$ 9,021	$ 6,943	$ 17,164	$ 13,928

- Definition

Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments.

+ References + Details

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Summary of Significant Accounting Policies - Schedule of Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Product Information [Line Items]
Total revenue presented in accordance with Article 5	$ 80,826	$ 188,431	$ 141,919	$ 336,823
Net investment income	11,003	9,416	21,266	18,474
Total revenue	$ 354,822	379,309	$ 666,652	707,645
Revision of Prior Period, Reclassification, Adjustment
Product Information [Line Items]
Total revenue presented in accordance with Article 5		368,699		688,292
Net investment income		9,416		18,474
Net investment gains		1,194		879
Total revenue		$ 379,309		$ 707,645

- Definition

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

10 — Leases

The following table summarizes the components of the Company's operating lease expense for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

	in thousands
Operating lease expense (1)	$	2,066	$	2,116	$	4,174	$	4,226
Variable lease expense (1) (2)	1,304		874		2,171		1,768
Sublease revenue (3)	(226)		(254)		(449)		(555)
Lease cost, net	$	3,144	$	2,736	$	5,896	$	5,439

(1) Classified within "Selling, general, and administrative expenses" in the Condensed Consolidated Statements of Operations.

(2) Includes maintenance, taxes, insurance, and payments affected by the Consumer Price Index.

(3) Classified within "Membership and other revenue" in the Condensed Consolidated Statements of Operations.

The following table summarizes supplemental balance sheet information related to operating leases as of June 30, 2026 and December 31, 2025:


	June 30,			December 31,
	2026			2025

	dollars in thousands
ROU assets obtained in exchange for new operating lease liabilities during the period	$	206		$	2,446
Weighted average lease term	7.15			7.48
Weighted average discount rate	5.1		%	5.1		%

The following table summarizes information about the amount and timing of the Company's future operating lease commitments as of June 30, 2026:


	in thousands
2026 - remaining	$	4,416
2027	8,655
2028	8,491
2029	6,651
2030	5,358
Thereafter	17,376
Total lease payments	50,947
Less: imputed interest	(8,587)
Total lease liabilities	$	42,360

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

As of June 30, 2026 and December 31, 2025, "Debt, net" consisted of the following:


		June 30,		December 31,
	Maturity	2026		2025

		in thousands
2025 JPM Credit Facility	March 2030	$	103,857	$	84,945
BAC Credit Facility	November 2028	87,526		68,423
State Farm Term Loan	September 2033	25,000		25,000
Total debt		216,383		178,368
Less: Unamortized debt issuance costs related to the State Farm Term Loan		(432)		(461)
Debt, net		$	215,951	$	177,907

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Segment Reporting and Disaggregated Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Revenues	$ 80,826	$ 188,431	$ 141,919	$ 336,823
Earned premium, net	251,956	177,785	491,598	347,140
Net investment income	11,003	9,416	21,266	18,474
Net investment gains	7,179	1,194	4,890	879
Finance revenue	3,858	2,483	6,979	4,329
Total revenue	354,822	379,309	666,652	707,645
Insurance
Disaggregation of Revenue [Line Items]
Revenues	45,026	164,028	83,588	285,180
Earned premium, net	251,956	177,785	491,598	347,140
Net investment income	10,731	9,287	20,745	18,170
Net investment gains	7,179	1,194	4,890	879
Finance revenue	0	0	0	0
Total revenue	314,892	352,294	600,821	651,369
Marketplace
Disaggregation of Revenue [Line Items]
Revenues	35,800	24,403	58,331	51,643
Earned premium, net	0	0	0	0
Net investment income	272	129	521	304
Net investment gains	0	0	0	0
Finance revenue	3,858	2,483	6,979	4,329
Total revenue	39,930	27,015	65,831	56,276
United States
Disaggregation of Revenue [Line Items]
Revenues	47,602	166,685	95,611	308,080
United States \| Insurance
Disaggregation of Revenue [Line Items]
Revenues	29,153	149,030	60,131	264,330
United States \| Marketplace
Disaggregation of Revenue [Line Items]
Revenues	18,449	17,655	35,480	43,750
International
Disaggregation of Revenue [Line Items]
Revenues	33,224	21,746	46,308	28,743
International \| Insurance
Disaggregation of Revenue [Line Items]
Revenues	15,873	14,998	23,457	20,850
International \| Marketplace
Disaggregation of Revenue [Line Items]
Revenues	$ 17,351	$ 6,748	$ 22,851	$ 7,893

Supplemental Balance Sheet and Cash Flow Information - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 298,302	$ 160,177	$ 140,300
Restricted cash and cash equivalents	169,333	138,823	190,286
Total cash and cash equivalents and restricted cash and cash equivalents	$ 467,635	$ 299,000	$ 330,586	$ 232,845

- Definition

Amount of cash and cash equivalent restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposit with financial institution, and account with general characteristic of demand deposit. Cash equivalent includes, but is not limited to, short-term, highly liquid investment that is both readily convertible to known amount of cash and so near maturity that it presents insignificant risk of change in value because of change in interest rate.

+ References + Details

Commitments and Contingencies (Details) - 6 months ended Jun. 30, 2026 € in Millions, $ in Millions	USD ($)	EUR (€)
Bennetts Motorcycling Services Limited
Loss Contingencies [Line Items]
Purchase price	$ 43.0	€ 34.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
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+ Details

Segment Reporting and Disaggregated Revenue - Narrative (Details) $ in Thousands	6 Months Ended	9 Months Ended
	Jun. 30, 2026 USD ($) segment	Sep. 30, 2025 segment	Dec. 31, 2025 USD ($)
Revenue from Contract with Customer [Abstract]
Number of operating segments \| segment	2	1
Number of reportable segments \| segment	2	1
Contract assets \| $	$ 1,600		$ 18,200
Contract liabilities \| $	$ 50,841		$ 46,450

Markel Fronting Arrangement - Narrative (Details) - Hagerty Reinsurance Limited - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Markel Fronting Arrangment [Line Items]
Premium percentage		100.00%
Ownership interest		100.00%
Fronting fee percentage		2.00%
Consideration received, deposit liability		$ 50.5
Estimated value liability assumed	$ 39.4
Deposit liability, deferred gain	$ 11.1

Other Assets

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

9 — Other Assets

As of June 30, 2026 and December 31, 2025, other assets consisted of:


	June 30,		December 31,
	2026		2025

	in thousands
Prepaid software-as-a-service ("SaaS") implementation costs	$	59,620	$	56,971
Prepaid selling, general, and administrative expenses	24,851		20,707
Inventory (1)	24,893		12,410
Property and equipment, net	16,655		16,253
Lease right-of-use assets (2)	37,702		40,657
Contract assets	1,561		18,233
Costs to obtain contracts with customers	8,640		9,965
Ceded commission receivable	9,275		8,004
Other investments (3)	10,758		10,135
Accrued investment income	6,108		5,613
Deferred financing costs related to revolving credit facilities	3,169		3,707
Other (4)	6,203		5,331
Other assets	$	209,435	$	207,986

(1) Inventory primarily includes vehicles owned by Broad Arrow that have been purchased for resale purposes.

(2) Refer to Note 10 — Leases for additional information.

Share-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - Restricted stock units	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Restricted Stock Units
Beginning balance (in shares)	3,548,091
Granted (in shares)	874,106
Vested (in shares)	(947,102)
Forfeited (in shares)	(225,430)
Ending balance (in shares)	3,249,665
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 9.56
Granted (in dollars per share) \| $ / shares	10.53
Vested (in dollars per share) \| $ / shares	9.33
Forfeited (in dollars per share) \| $ / shares	9.30
Ending balance (in dollars per share) \| $ / shares	$ 9.91
Class A Common Stock
Weighted Average Grant Date Fair Value
Class A Common Stock were issued related to the vesting of RSUs (in shares)	643,117

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Jul. 24, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-40244
Entity Registrant Name	HAGERTY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-1213144
Entity Address, Address Line One	121 Drivers Edge
Entity Address, City or Town	Traverse City
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	49684
City Area Code	(800)
Local Phone Number	922-4050
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	HGTY
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
CIK	0001840776
Amendment Flag	false
Fiscal Period Focus	Q2
Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		102,070,523
Class V Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		241,552,156

Related-Party Transactions - Schedule of Reinsurance Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Earned premium, net	$ 251,956	$ 177,785	$ 491,598	$ 347,140
Total revenue	354,822	379,309	666,652	707,645
Losses and loss adjustment expenses, net	110,709	75,213	208,628	146,343
Policy acquisition costs, net	(83,641)	(82,938)	(185,563)	(160,271)
Underwriting and other insurance expenses	62,947	1,222	122,535	2,579
Total expenses	(352,590)	(325,946)	(685,357)	(621,500)
Accounts receivable	27,313		27,313		$ 98,872
Premiums receivable	120,382		120,382		180,529
Reinsurance recoverables	12,346		12,346		15,296
Other assets	209,435		209,435		207,986
TOTAL ASSETS	2,148,431		2,148,431		2,093,976
Accounts payable and accrued expenses	89,829		89,829		111,947
Losses payable and reserves for unpaid losses and loss adjustment expenses	241,705		241,705		264,204
Due to insurers	27,100		27,100		94,930
Other liabilities	95,213		95,213		61,684
TOTAL LIABILITIES	1,413,625		1,413,625		1,346,950
Markel \| Reinsurance Agreement \| Affiliated Entity
Related Party Transaction [Line Items]
Earned premium, net	260,982	182,913	505,790	357,974
Commission and fee revenue	1,817	127,454	3,523	221,427
Total revenue	262,799	310,367	509,313	579,401
Losses and loss adjustment expenses, net	105,727	74,598	197,233	154,509
Policy acquisition costs, net	75,477	84,868	175,426	164,335
Underwriting and other insurance expenses	625	0	2,742	0
Total expenses	(181,829)	(159,466)	(375,401)	(318,844)
Accounts receivable	1,526		1,526		1,321
Premiums receivable	0		0		174,169
Reinsurance recoverables	1,181		1,181		1,958
Other assets	1,115		1,115		0
TOTAL ASSETS	3,822		3,822		177,448
Accounts payable and accrued expenses	1,422		1,422		0
Losses payable and reserves for unpaid losses and loss adjustment expenses	0		0		247,758
Due to insurers	5,231		5,231		88,888
Ceding commissions payable	0		0		83,494
Other liabilities	1,477		1,477		2,470
TOTAL LIABILITIES	8,130		8,130		422,610
State Farm \| Reinsurance Agreement \| Affiliated Entity
Related Party Transaction [Line Items]
Earned premium, net	5,467	4,735	10,674	9,191
Losses and loss adjustment expenses, net	1,910	1,420	3,472	7,507
Policy acquisition costs, net	(2,843)	(2,463)	(5,551)	(4,780)
Total expenses	(4,753)	$ (3,883)	(9,023)	$ (12,287)
Reinsurance recoverables	5,295		5,295		6,668
Other assets	3,075		3,075		2,716
TOTAL ASSETS	8,370		8,370		9,384
Other liabilities	5,914		5,914		5,224
TOTAL LIABILITIES	$ 5,914		$ 5,914		$ 5,224

Description of Business (Details)	6 Months Ended	12 Months Ended
Description of Business (Details)	Jun. 30, 2026	Dec. 31, 2025
Hagerty Reinsurance Limited
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage by Hagerty, Inc increase in one year	100.00%	80.00%

Reserves for Unpaid Losses and Loss Adjustment Expenses

6 Months Ended

Jun. 30, 2026

Insurance [Abstract]

Reserves for Unpaid Losses and Loss Adjustment Expenses

12 — Reserves for Unpaid Losses and Loss Adjustment Expenses

The following table presents a reconciliation of the beginning and ending reserves for unpaid losses and loss adjustment expenses, net of amounts recoverable from various reinsurers:


	Six months ended June 30,
	2026		2025

	in thousands
Gross reserves for unpaid losses and loss adjustment expenses, beginning	$	168,851	$	168,492
Less: Reinsurance recoverable on unpaid losses and loss adjustment expenses	5,644		5,769
Net reserves for unpaid losses and loss adjustment expenses, beginning	163,207		162,723
Incurred losses and loss adjustment expenses:
Current accident year	214,762		146,343
Prior accident years	(6,134)		—
Total incurred losses and loss adjustment expenses	208,628		146,343
Payments:
Current accident year	84,679		21,250
Prior accident years	57,152		47,244
Total payments	141,831		68,494
Effect of foreign currency rate changes	(641)		233
Net reserves for unpaid losses and loss adjustment expenses, ending	229,363		240,805
Reinsurance recoverable on unpaid losses and loss adjustment expenses	12,342		18,138
Gross reserves for unpaid losses and loss adjustment expenses, ending	$	241,705	$	258,943

During the six months ended June 30, 2026, loss experience developed favorably resulting in a $6.1 million reserve reduction, primarily driven by the continued emergence of lower physical damage losses for the 2025 accident year. During the six months ended June 30, 2025, losses and loss adjustment expenses included $10.3 million of pre-tax losses related to the Southern California Wildfires.

Reserving Methodology

The Company records a quarterly estimate of losses and loss adjustment expenses for the current accident year using an annual loss ratio, which is based on statistical analysis performed by its internal and external actuarial teams. The annual loss ratio is reviewed regularly throughout the year and adjusted, as necessary. Management believes this approach provides a more consistent view of loss experience over the year given the seasonality of the Company's business.

The reserves for unpaid losses and loss adjustment expenses recorded on the Condensed Consolidated Balance Sheets represents (i) the difference between management's estimate of the ultimate cost of losses and loss adjustment expenses incurred by the Company; and (ii) the amount of paid losses and loss adjustment expenses as of the reporting date. These reserves reflect management's best estimate of unpaid losses related to reported claims and IBNR claims and also include management's best estimate of all expenses associated with processing and settling reported and unreported claims.

Reserves are reviewed by management quarterly and monitored throughout the year by combining historical results and current actual results. Claims are analyzed and reported based on the year in which the loss occurred (i.e., on an accident year basis). Accident year data is classified and utilized within actuarial models to prepare estimates of required reserves for payments to be made in the future.

When estimating reserves, the Company utilizes several actuarial reserving methods which consider historical claim reporting patterns, claim cycle time, claim frequency and severity, claims settlement practices, adequacy of case reserves over time, seasonality, and current economic conditions. Reserve estimates produced by various actuarial reserving methods are further analyzed to determine the actuarial central estimate which represents the expected value over the range of reasonably possible outcomes.

Any adjustments to the Company's reserves for unpaid losses and loss adjustment expenses are recognized in its Condensed Consolidated Statements of Operations in the period in which management determines that an adjustment is necessary.

- Definition

The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References + Details

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total debt	$ 216,383	$ 178,368
Less: Unamortized debt issuance costs related to the State Farm Term Loan	(432)	(461)
Debt, net	215,951	177,907
State Farm Term Loan \| 2025 JPM Credit Facility
Debt Instrument [Line Items]
Total debt	25,000	25,000
Revolving Credit Facility \| 2025 JPM Credit Facility \| 2025 JPM Credit Facility
Debt Instrument [Line Items]
Total debt	103,857	84,945
Revolving Credit Facility \| BAC Credit Facility \| 2025 JPM Credit Facility
Debt Instrument [Line Items]
Total debt	$ 87,526	$ 68,423

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Summary of Significant Accounting Policies - Narrative (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
The Hagerty Group, LLC
Product Information [Line Items]
Ownership percentage by Hagerty, Inc	29.40%	29.10%

Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Stockholders' Equity

16 — Stockholders' Equity

Class A Common Stock

Hagerty, Inc. is authorized to issue 500,000,000 shares of Class A Common Stock with a par value of $0.0001 per share. Holders of Class A Common Stock are entitled to one vote for each share. As of June 30, 2026 and December 31, 2025, there were 101,804,938 and 100,706,893 shares of Class A Common Stock issued and outstanding, respectively.

Class V Common Stock

Hagerty, Inc. is authorized to issue 300,000,000 shares of Class V Common Stock with a par value of $0.0001 per share. Class V Common Stock represents voting, non-economic interests in Hagerty, Inc. Holders of Class V Common Stock are entitled to 10 votes for each share. In connection with the business combination that formed Hagerty, Inc. in 2021, shares of Class V Common Stock were issued to HHC and Markel (together, the "Legacy Unit Holders") along with an equivalent number of THG units. Each share of Class V Common Stock, together with the corresponding THG unit, is exchangeable for one share of Class A Common Stock. As of June 30, 2026 and December 31, 2025, there were 241,552,156 shares of Class V Common Stock issued and outstanding. Refer to "Exchange of THG Units" below for additional information.

Preferred Stock

Hagerty, Inc. is authorized to issue 20,000,000 shares of Preferred Stock with a par value of $0.0001 per share. The Board has the authority to issue shares of Preferred Stock with such designations, voting and other rights and preferences as may be determined from time to time.

As of June 30, 2026 and December 31, 2025, there were 8,483,561 shares of Preferred Stock issued and outstanding, which may, at the option of the holder, be converted at any time into shares of Class A Common Stock. Refer to Note 15 — Convertible Preferred Stock for additional information.

Non-controlling Interests

Hagerty, Inc. owns one THG unit for each share of Class A Common Stock outstanding, and is the sole managing member of THG. As a result, Hagerty, Inc. consolidates the financial statements of THG into its Condensed Consolidated Financial Statements. The Company reports a non-controlling interest representing the economic interest in THG held by other unit holders of THG.

The following table summarizes the changes in ownership of THG units for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
THG units held by Hagerty, Inc.
Beginning of period	101,085,283		90,064,663		100,706,893		90,032,391
Issuance of shares under employee plans	665,353		596,683		673,643		604,955
Exchange of THG units for Class A Common Stock	54,302		54,302		424,402		78,302
End of period	101,804,938		90,715,648		101,804,938		90,715,648
Ownership percentage
Beginning of period	29.2	%	26.1	%	29.1	%	26.1	%
End of period	29.4	%	26.2	%	29.4	%	26.2	%

THG units held by other unit holders
Beginning of period	245,050,694		255,154,346		245,420,794		255,178,346
Exchange of THG units for Class A Common Stock	(54,302)		(54,302)		(424,402)		(78,302)
End of period	244,996,392		255,100,044		244,996,392		255,100,044
Ownership percentage
Beginning of period	70.8	%	73.9	%	70.9	%	73.9	%
End of period	70.6	%	73.8	%	70.6	%	73.8	%

Total THG units outstanding	346,801,330		345,815,692		346,801,330		345,815,692

At the end of each reporting period, THG equity attributable to Hagerty, Inc. and the non-controlling interest unit holders, respectively, is reallocated to reflect their current ownership in THG.

Shares Issued Under Employee Plans

Certain employees of THG subsidiaries are awarded share-based compensation in the form of restricted stock units ("RSUs") and performance restricted stock units ("PRSUs") under the 2021 Stock Incentive Plan. Upon the vesting of these awards, the employees receive shares of Class A Common Stock and the Company is issued an equivalent number of THG units, thereby increasing its ownership interest in THG. Employees of THG subsidiaries may also participate in the 2021 Employee Stock Purchase Plan (the "ESPP") under which these employees may purchase shares of Class A Common Stock at a discounted price and the Company is issued an equivalent number of THG units.

During the six months ended June 30, 2026 and 2025, the Company received 643,117 and 571,405 THG units, respectively, in connection with shares of Class A Common Stock that were issued as a result of share-based compensation awards vesting under the 2021 Stock Incentive Plan. In addition, during the six months ended June 30, 2026 and 2025, the Company received 30,526 and 33,550 THG units, respectively, in connection with shares of Class A Common Stock that were issued related to the ESPP.

Exchange of THG Units

Each THG unit and, if applicable, the associated share of Class V Common Stock, are exchangeable for, at the Company's option, one share of Class A Common Stock or cash. If the Company elects for an exchange to be settled in cash, the cash used to settle the exchange must be funded through a new equity offering of Class A Common Stock. Upon completion of any THG unit exchange, shares of any exchanged Class V Common Stock are cancelled and Hagerty, Inc. retains the exchanged THG units. Changes in Hagerty, Inc.'s ownership interest in THG while retaining its controlling interest are accounted for as equity transactions. Accordingly, exchanges of THG units by unit holders other than Hagerty, Inc. increase Hagerty, Inc.'s ownership in THG, thereby reducing the amount recorded as "Non-controlling interest" and increasing "Additional paid-in capital" on the Condensed Consolidated Balance Sheets.

In the third quarter of 2025, HHC completed an exchange of 9,481,750 THG units, together with the corresponding shares of Class V Common Stock, for 9,481,750 shares of Class A Common Stock (the "THG Unit Exchange"). Upon the consummation of the THG Unit Exchange, the exchanged shares of Class V Common Stock were cancelled.

During the six months ended June 30, 2026 and 2025, certain other holders of THG units that do not hold corresponding shares of Class V Common Stock exchanged 424,402 and 78,302, respectively, THG units for an equal number of shares of Class A Common Stock. These exchanges resulted in reductions to "Non-controlling interest" and corresponding increases to "Additional paid-in capital" of $0.8 million and $0.7 million, respectively.

THG Preferred Units

In connection with the Private Placement, the Fourth Amended and Restated Limited Liability Company Agreement of THG was amended and restated in the form of a Fifth Amended and Restated Limited Liability Company Agreement (as subsequently amended and restated, the "THG LLC Agreement"), to, among other things, create a new series of preferred units within THG (the "THG Preferred Units"). The terms of the THG Preferred Units parallel the terms of the Series A Convertible Preferred Stock and are held entirely by Hagerty, Inc.

The THG Preferred Units are recorded on the financial statements of THG based on their estimated redemption value, which represents the maximum cash payment, including cumulative dividends, that would be required to be paid to Hagerty, Inc. if the Optional Term Redemption of the Series A Convertible Preferred Stock is exercised. Amounts recognized to accrete the THG Preferred Units to their estimated redemption value are treated as a deemed dividend due to Hagerty, Inc. The amount of this deemed dividend is attributed entirely to Hagerty, Inc. prior to allocating the remainder of THG's consolidated net income or loss between controlling and non-controlling interests. In each of June 2026 and 2025, THG paid $5.6 million of cash dividends to Hagerty, Inc. on the THG Preferred Units. Refer to Note 15 — Convertible Preferred Stock for additional information on the Private Placement and the Series A Convertible Preferred Stock.

Distributions to Unit Holders of THG

Under the terms of the THG LLC Agreement, THG is obligated to make tax distributions to its unit holders. During the six months ended June 30, 2026 and 2025, THG made tax distributions of $0.8 million and $30.4 million, respectively, to non-controlling interest unit holders and $0.7 million and $11.8 million, respectively, of tax distributions to Hagerty, Inc.

Stockholders' Equity

16 — Stockholders' Equity

Class A Common Stock

Class V Common Stock

Preferred Stock

Non-controlling Interests

The following table summarizes the changes in ownership of THG units for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
THG units held by Hagerty, Inc.
Beginning of period	101,085,283		90,064,663		100,706,893		90,032,391
Issuance of shares under employee plans	665,353		596,683		673,643		604,955
Exchange of THG units for Class A Common Stock	54,302		54,302		424,402		78,302
End of period	101,804,938		90,715,648		101,804,938		90,715,648
Ownership percentage
Beginning of period	29.2	%	26.1	%	29.1	%	26.1	%
End of period	29.4	%	26.2	%	29.4	%	26.2	%

THG units held by other unit holders
Beginning of period	245,050,694		255,154,346		245,420,794		255,178,346
Exchange of THG units for Class A Common Stock	(54,302)		(54,302)		(424,402)		(78,302)
End of period	244,996,392		255,100,044		244,996,392		255,100,044
Ownership percentage
Beginning of period	70.8	%	73.9	%	70.9	%	73.9	%
End of period	70.6	%	73.8	%	70.6	%	73.8	%

Total THG units outstanding	346,801,330		345,815,692		346,801,330		345,815,692

At the end of each reporting period, THG equity attributable to Hagerty, Inc. and the non-controlling interest unit holders, respectively, is reallocated to reflect their current ownership in THG.

Shares Issued Under Employee Plans

Exchange of THG Units

THG Preferred Units

Distributions to Unit Holders of THG

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Reserves for Unpaid Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2026

Insurance [Abstract]

Schedule of Unpaid Losses and Loss Adjustment Expenses

The following table presents a reconciliation of the beginning and ending reserves for unpaid losses and loss adjustment expenses, net of amounts recoverable from various reinsurers:


	Six months ended June 30,
	2026		2025

	in thousands
Gross reserves for unpaid losses and loss adjustment expenses, beginning	$	168,851	$	168,492
Less: Reinsurance recoverable on unpaid losses and loss adjustment expenses	5,644		5,769
Net reserves for unpaid losses and loss adjustment expenses, beginning	163,207		162,723
Incurred losses and loss adjustment expenses:
Current accident year	214,762		146,343
Prior accident years	(6,134)		—
Total incurred losses and loss adjustment expenses	208,628		146,343
Payments:
Current accident year	84,679		21,250
Prior accident years	57,152		47,244
Total payments	141,831		68,494
Effect of foreign currency rate changes	(641)		233
Net reserves for unpaid losses and loss adjustment expenses, ending	229,363		240,805
Reinsurance recoverable on unpaid losses and loss adjustment expenses	12,342		18,138
Gross reserves for unpaid losses and loss adjustment expenses, ending	$	241,705	$	258,943

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Other Ownership Interests

The following table summarizes the changes in ownership of THG units for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
THG units held by Hagerty, Inc.
Beginning of period	101,085,283		90,064,663		100,706,893		90,032,391
Issuance of shares under employee plans	665,353		596,683		673,643		604,955
Exchange of THG units for Class A Common Stock	54,302		54,302		424,402		78,302
End of period	101,804,938		90,715,648		101,804,938		90,715,648
Ownership percentage
Beginning of period	29.2	%	26.1	%	29.1	%	26.1	%
End of period	29.4	%	26.2	%	29.4	%	26.2	%

THG units held by other unit holders
Beginning of period	245,050,694		255,154,346		245,420,794		255,178,346
Exchange of THG units for Class A Common Stock	(54,302)		(54,302)		(424,402)		(78,302)
End of period	244,996,392		255,100,044		244,996,392		255,100,044
Ownership percentage
Beginning of period	70.8	%	73.9	%	70.9	%	73.9	%
End of period	70.6	%	73.8	%	70.6	%	73.8	%

Total THG units outstanding	346,801,330		345,815,692		346,801,330		345,815,692

Share-Based Compensation - Schedule of Restricted Stock Units Award Activity (Details) - Restricted stock units - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares vested	$ 8,840	$ 8,067
Unrecognized compensation expense	$ 24,167	$ 29,479
Weighted average period awards are expected to be recognized (in years)	2 years 3 months 25 days	2 years 8 months 23 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Reinsurance

6 Months Ended

Jun. 30, 2026

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

Reinsurance

13 — Reinsurance

Hagerty Re assumes risk through the Markel Fronting Arrangement and through quota share arrangements with insurance carriers, including Drivers Edge, a wholly owned subsidiary. Separately, the Company purchases excess-of-loss ("XOL") reinsurance to manage risk exposure and safeguard capital. In addition, the Company enters into quota share reinsurance agreements under which it cedes a portion of its underwriting risk to highly rated reinsurers, thereby limiting the financial impact of potential losses. These reinsurance arrangements do not relieve the Company of its primary obligations to policyholders under the terms of its insurance contracts. The Company partners with reinsurers that are rated A- (Excellent) or better by A.M. Best or that fully collateralize their maximum obligations under the applicable agreements.

Ceding commissions are recognized ratably over the terms of the related policies, which are generally 12 months, and are recorded within "Policy acquisition costs, net" in the Condensed Consolidated Statements of Operations. Deferred portions of ceding commissions received are included in "Deferred acquisition costs, net" on the Condensed Consolidated Balance Sheets.

Hagerty Re renegotiated its catastrophe reinsurance coverage effective January 1, 2026, with terms similar to 2025. The 2026 catastrophe reinsurance program affords coverage for policies with total insured values ("TIV") of up to $5.0 million in excess of a per event retention of $35.0 million in two layers; $35.0 million excess of $35.0 million, and $63.0 million excess of $70.0 million.

In addition to the Company's XOL reinsurance, Hagerty Re cedes 100% of its physical damage exposure on U.S. policies written or renewed with TIV equal to or greater than $5.0 million ("High-Net-Worth Accounts") via quota share agreements with various reinsurers. Hagerty Re receives ceding commissions related to premiums ceded under reinsurance contracts related to these High-Net-Worth Accounts. Certain reinsurers involved in these quota share agreements are related parties. Hagerty Re also purchases facultative reinsurance to cede a portion of the physical damage exposure related to certain high value vehicles.

Refer to Note 20 — Related-Party Transactions for additional information on reinsurance transactions with Markel and State Farm.

The following table presents the Company's total premiums on a written and earned basis for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Premiums written:	in thousands
Assumed	$	361,318	$	247,812	$	711,553	$	423,323
Ceded	(28,166)		(11,209)		(61,055)		(31,069)
Net	$	333,152	$	236,603	$	650,498	$	392,254

Premiums earned:
Assumed	$	270,676	$	189,976	$	524,747	$	370,909
Ceded	(18,720)		(12,191)		(33,149)		(23,769)
Net	$	251,956	$	177,785	$	491,598	$	347,140

The following table presents the Company's total losses and loss adjustment expenses for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Losses and loss adjustment expenses:	in thousands
Assumed	$	116,797	$	78,059	$	218,449	$	161,385
Ceded	(6,088)		(2,846)		(9,821)		(15,042)
Net	$	110,709	$	75,213	$	208,628	$	146,343

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation — These unaudited Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as permitted by such rules and regulations. These unaudited Condensed Consolidated Financial Statements reflect all normal recurring adjustments and accruals that are, in the opinion of management, necessary for a fair statement of the Company's financial position and results of operations for the interim periods presented. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in the Company's Annual Report on Form 10-K ("Annual Report") for the year ended December 31, 2025. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.
Principles of Consolidation	Principles of Consolidation — These unaudited Condensed Consolidated Financial Statements contain the accounts of Hagerty, Inc. and its majority-owned or controlled subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. As the sole managing member of THG, Hagerty operates and controls all of the business affairs of THG and has the sole voting interest in, and controls the management of, THG. Accordingly, Hagerty consolidates THG in its consolidated financial statements, resulting in a non-controlling interest related to the economic interest in THG held by other parties. As of June 30, 2026 and December 31, 2025, Hagerty, Inc.'s economic ownership of THG was 29.4% and 29.1%, respectively. Refer to Note 16 — Stockholders' Equity for additional information related to the non-controlling interest in THG. The financial statements of THG are consolidated by the Company under the voting interest method in accordance with Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"). Non-controlling interest is presented separately in the Condensed Consolidated Statements of Operations, the Condensed Consolidated Statements of Comprehensive Income (Loss), the Condensed Consolidated Balance Sheets, and the Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' Equity.
Use of Estimates	Use of Estimates — The preparation of these unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements, as well as the reported amounts of revenue and expenses during the reporting period. Although the estimates are considered reasonable, actual results could materially differ from those estimates. Significant estimates made by management include, but are not limited to: (i) the reserves for unpaid losses and loss adjustment expenses, including incurred but not reported ("IBNR") claims (see Note 12); (ii) the valuation of deferred income tax assets (see Note 19); (iii) the amount of the liability associated with the tax receivable agreement entered into in connection with the consummation of the business combination that formed Hagerty, Inc. in 2021 (the "TRA") (the "TRA Liability") (see Note 19); and (iv) the fair values of the reporting units used in assessing the recoverability of goodwill. Although some variability is inherent in these estimates, management believes that the current estimates are reasonable in all material respects. These estimates are reviewed regularly and adjusted as necessary. Adjustments related to changes in estimates are reflected in the Company's results of operations in the period during which those estimates changed.
Deferred Acquisition Costs	Deferred Acquisition Costs — Deferred acquisition costs include costs directly related to the successful acquisition of insurance policies where the Company assumes risk. Deferred acquisition costs are amortized over the average policy life of 12 months within "Policy acquisition costs, net" on the Condensed Consolidated Statements of Operations. Prior to January 1, 2026, Deferred acquisition costs included only the ceding commissions paid to insurance carriers for the risks assumed under quota share reinsurance agreements with those carriers. Effective January 1, 2026, the Company's accounting policy for Deferred acquisition costs also includes costs associated with policies issued through the Markel Fronting Arrangement (refer to Note 3 — Markel Fronting Arrangement) such as (i) third-party broker expense; (ii) certain salaries, benefits, and other costs associated with underwriting, selling, issuing, and processing policies; (iii) fees paid to the fronting carrier; and (iv) premium taxes. Deferred acquisition costs are considered to be recoverable if the sum of expected future earned premiums exceeds expected future claims and expenses. Anticipated investment income is also a factor in the recoverability analysis. If, as a result of the recoverability analysis, a loss is determined to be probable, a premium deficiency reserve is recognized in the period in which such determination is made. As of June 30, 2026 and December 31, 2025, the Company did not have a premium deficiency reserve recorded related to its deferred acquisition costs.
Reclassifications	Reclassifications — Beginning with its Quarterly Report on Form 10-Q ("Quarterly Report") for the period ended March 31, 2026, the Company updated certain line items presented in its Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets to reflect changes to its business resulting from the Markel Fronting Arrangement (refer to Note 3 — Markel Fronting Arrangement). In the Condensed Consolidated Statements of Operations: (i) "Ceding commissions, net" was renamed "Policy acquisition costs, net" and expanded to include the amortization of Deferred acquisition costs associated with policies issued through the Markel Fronting Arrangement, as discussed above; (ii) expenses associated with the risk-taking activities of the Company's Insurance segment that were previously recorded within "Sales expense", "Salaries and benefits", "General and administrative expenses", and "Depreciation and amortization" have been reclassified within "Underwriting and other insurance expenses"; and (iii) expenses associated with the non-risk taking activities of the Insurance segment, the Marketplace segment, and corporate expenses that were previously recorded within "Sales expense", "Salaries and benefits", "General and administrative expenses", and "Depreciation and amortization" have been reclassified within "Selling, general, and administrative expenses". On the Condensed Consolidated Balance Sheets, prior period contingent underwriting commission ("CUC") receivables previously reported within "Commissions receivable" have been reclassified to "Other assets" to conform to the current year presentation. The reclassifications in the Condensed Consolidated Statements of Operations and the Condensed Consolidated Balance Sheets had no effect on previously reported net income or cash flows.
Accounting Standards Not Yet Adopted	Accounting Standards Not Yet Adopted Income Statement Expenses — In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, Disaggregation of Income Statement Expenses (ASC 220-40), which enables investors to better understand an entity's performance, assessing an entity's prospects for future cash flows, and comparing an entity's performance over time and with that of other entities. ASU No. 2024-03 primarily requires entities to disaggregate, in the notes to the financial statements, any relevant expense caption presented in the statement of operations within continuing operations into the following required natural expense categories: purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The new standard does not change the presentation of expense information in the Condensed Consolidated Statements of Operations. ASU 2024-03 is effective for annual periods beginning after December 15, 2026. The Company is still assessing the impact of ASU No. 2024-03 and, upon adoption, the Company may be required to include certain additional disclosures in its Condensed Consolidated Financial Statements. Internal-Use Software — In September 2025, the FASB issued ASU No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software (ASC 350-40), which modernizes the accounting guidance for the costs to develop software for internal use. The targeted improvements primarily introduce a new capitalization threshold based on management's commitment to funding and the probability of project completion. It removes all references to a sequential software development method. The new standard does not change the types of costs eligible for capitalization, the point at which capitalization ends, or the associated amortization and impairment guidance. ASU 2025-06 is effective for annual periods beginning after December 15, 2027. The Company is still assessing the impact of ASU No. 2025-06.
Restricted Assets	Restricted Assets Hagerty Re maintains trust accounts for the benefit of ceding insurers as security for its obligations for losses, loss expenses, and unearned premium. The Company's wholly owned insurance carrier subsidiary, Drivers Edge Insurance Company ("Drivers Edge"), maintains assets on deposit with a number of regulatory authorities to support its insurance operations. The Company's MGA subsidiaries collect premiums from insureds on behalf of various insurance carriers. Prior to remittance to the insurance carrier, these funds are required to be held in trust for the benefit of the insurance carriers and segregated from the Company's operating cash. Broad Arrow Capital LLC ("BAC") and its consolidated subsidiaries maintain bank accounts that are required for the operation of the BAC Credit Facility (as defined in Note 14 — Debt). The funds in these bank accounts represent security under the BAC Credit Facility and their use is restricted to the servicing of the debt outstanding under that facility.
Variable Interest Entities	Variable Interest Entities BAC and certain of its subsidiaries transfer notes receivable to wholly owned, bankruptcy-remote, special purpose entities (each, an "SPE") to secure borrowings under the BAC Credit Agreement (as defined in Note 14 — Debt). These SPEs are considered to be variable interest entities (each, a "VIE") under GAAP and their financial statements are consolidated by BAC, which is the primary beneficiary of the SPEs and also a consolidated subsidiary of the Company. BAC is considered to be the primary beneficiary of the SPEs because it has (i) power over the significant activities of the SPEs through its role as servicer of the notes receivable used to secure borrowings under the BAC Credit Agreement; and (ii) the obligation to absorb losses or the right to receive returns that could be significant through its interest in the residual cash flows of the SPEs. Refer to Note 8 — Notes Receivable and Note 14 — Debt for additional information.

- Definition

Disclosure of accounting policy for cost related directly to successful acquisition of new and renewal of insurance contract. Information includes, but is not limited to, input, judgment, assumption, and method used to determine amortization amount, and change in input, judgment, and assumption. Cost, includes but is not limited to, deferred policy acquisition cost, deferred sale inducement cost, and present value of future profit of insurance contract acquired in business combination.

+ References + Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

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-Section 55
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
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-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net income available to Class A Common Stockholders
Net income (loss)	$ 8,041	$ 47,202	$ (4,704)	$ 74,495
Net (income) loss attributable to non-controlling interest	(7,761)	(36,229)	493	(55,151)
Accretion of Series A Convertible Preferred Stock	(1,948)	(1,875)	(3,978)	(3,750)
Class A Common Stock
Basic Earnings (Loss) per Share
Net income (loss) available to Class A Common Stockholders	$ (1,668)	$ 8,465	$ (8,189)	$ 14,505
Weighted-average shares of Class A Common Stock outstanding (in shares)	101,797	90,698	101,418	90,374
Basic earnings (loss) per share (in dollars per share)	$ (0.02)	$ 0.09	$ (0.08)	$ 0.16
Diluted Earnings (Loss) per Share
Net income (loss) available to Class A Common Stockholders	$ (1,668)	$ 8,465	$ (8,189)	$ 14,574
Weighted-average shares of class A common stock outstanding (in shares)	101,797	90,698	101,418	91,247
Diluted earnings (loss) per share (in dollars per share)	$ (0.02)	$ 0.09	$ (0.08)	$ 0.16
Net income available to Class A Common Stockholders
Net income (loss)			$ (4,704)	$ 74,495
Net (income) loss attributable to non-controlling interest	$ (7,761)	$ (36,229)	493	(55,151)
Accretion of Series A Convertible Preferred Stock	(1,948)	(1,875)	(3,978)	(3,750)
Undistributed earnings allocated to Series A Convertible Preferred Stock	0	(633)	0	(1,089)
Net income (loss) available to Class A Common Stockholders, Basic	(1,668)	8,465	(8,189)	14,505
Undistributed earnings reallocated to Series A Convertible Preferred Stock	0	0	0	0
Adjustment for potentially dilutive THG units	0	0	0	0
Adjustment for potentially dilutive Series A Convertible Preferred Stock	0	0	0	0
Adjustment for potentially dilutive share-based compensation awards	0	0	0	69
Net income (loss) available to Class A Common Stockholders, Diluted	$ (1,668)	$ 8,465	$ (8,189)	$ 14,574
Weighted Average Shares of Class A Common Stock Outstanding
Weighted-average shares of Class A Common Stock outstanding, Basic (in shares)	101,797	90,698	101,418	90,374
Adjustment for potentially dilutive THG units (in shares)	0	0	0	0
Adjustment for potentially dilutive Series A Convertible Preferred Stock ( in shares)	0	0	0	0
Adjustment for potentially dilutive share-based compensation awards (in shares)	0	0	0	873
Weighted-average shares of class A common stock outstanding, Diluted (in shares)	101,797	90,698	101,418	91,247

Segment Reporting and Disaggregated Revenue

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Segment Reporting and Disaggregated Revenue

5 — 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 Quarterly Report.

The Insurance segment principally includes the Company's reinsurance and MGA operations, as well as its membership, events and media activities which support and enhance its 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, net; (ii) Policy acquisition costs, net; (iii) Underwriting and other insurance expenses; (iv) Selling, general, and administrative expenses; and (v) Interest expense and other, net. 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 (loss) before taxes for each segment includes an allocation of attributable shared service expenses. Certain corporate expenses are excluded from segment income (loss) 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 (loss) before taxes to consolidated income (loss) before taxes below.

The tables below present the Company's segment information for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30, 2026
	Insurance		Marketplace		Total

REVENUES:	(in thousands)
Earned premium, net	$	251,956	$	—	$	251,956
Commission and fee revenue	23,665		—		23,665
Marketplace revenue	—		39,658		39,658
Membership and other revenue	21,361		—		21,361
Net investment income	10,731		272		11,003
Net investment gains	7,179		—		7,179
Total revenue	314,892		39,930		354,822
EXPENSES:
Losses and loss adjustment expenses, net	110,709		—		110,709
Policy acquisition costs, net	83,641		—		83,641
Underwriting and other insurance expenses	62,947		—		62,947
Selling, general, and administrative expenses	55,931		38,984		94,915
Interest expense and other, net	(1,103)		(106)		(1,209)
Total segment expenses	312,125		38,878		351,003
Segment income before taxes	2,767		1,052		3,819
Corporate expenses					(350)
Interest expense					(1,237)

Income before taxes					$	2,232


	Three months ended June 30, 2025
	Insurance		Marketplace		Total

REVENUES:	(in thousands)
Earned premium, net	$	177,785	$	—	$	177,785
Commission and fee revenue	143,287		—		143,287
Marketplace revenue	—		26,886		26,886
Membership and other revenue	20,741		—		20,741
Net investment income	9,287		129		9,416
Net investment gains	1,194		—		1,194
Total revenue	352,294		27,015		379,309
EXPENSES:
Losses and loss adjustment expenses, net	75,213		—		75,213
Policy acquisition costs, net	82,938		—		82,938
Underwriting and other insurance expenses	1,222		—		1,222
Selling, general, and administrative expenses	131,634		29,165		160,799
Interest expense and other, net	528		(144)		384
Total segment expenses	291,535		29,021		320,556
Segment income (loss) before taxes	60,759		(2,006)		58,753
Corporate expenses					(828)
Interest expense					(1,484)
Change in TRA Liability					(3,078)
Income before taxes					$	53,363


	Six months ended June 30, 2026
	Insurance		Marketplace		Total

REVENUES:	(in thousands)
Earned premium, net	$	491,598	$	—	$	491,598
Commission and fee revenue	40,100		—		40,100
Marketplace revenue	—		65,310		65,310
Membership and other revenue	43,488		—		43,488
Net investment income	20,745		521		21,266
Net investment gains	4,890		—		4,890
Total revenue	600,821		65,831		666,652
EXPENSES:
Losses and loss adjustment expenses, net	208,628		—		208,628
Policy acquisition costs, net	185,563		—		185,563
Underwriting and other insurance expenses	122,535		—		122,535
Selling, general, and administrative expenses	102,797		64,256		167,053
Interest expense and other, net	(1,119)		(263)		(1,382)
Total segment expenses	618,404		63,993		682,397
Segment income (loss) before taxes	(17,583)		1,838		(15,745)
Corporate expenses					(628)
Interest expense					(2,332)

Loss before taxes					$	(18,705)


	Six months ended June 30, 2025
	Insurance		Marketplace		Total

REVENUES:	(in thousands)
Earned premium, net	$	347,140	$	—	$	347,140
Commission and fee revenue	243,574		—		243,574
Marketplace revenue	—		55,972		55,972
Membership and other revenue	41,606		—		41,606
Net investment income	18,170		304		18,474
Net investment gains	879		—		879
Total revenue	651,369		56,276		707,645
EXPENSES:
Losses and loss adjustment expenses, net	146,343		—		146,343
Policy acquisition costs, net	160,271		—		160,271
Underwriting and other insurance expenses	2,579		—		2,579
Selling, general, and administrative expenses	247,575		57,004		304,579
Interest expense and other, net	940		(260)		680
Total segment expenses	557,708		56,744		614,452
Segment income (loss) before taxes	93,661		(468)		93,193
Corporate expenses					(1,093)
Interest expense					(2,877)
Change in TRA Liability					(3,078)
Income before taxes					$	86,145

Disaggregation of Revenue


	Three months ended June 30, 2026
	Insurance		Marketplace		Total

	in thousands
United States	$	29,153	$	18,449	$	47,602
International	15,873		17,351		33,224
Total revenue from customer contracts	45,026		35,800		80,826
Earned premium, net	251,956		—		251,956
Net investment income	10,731		272		11,003
Net investment gains	7,179		—		7,179
Finance revenue	—		3,858		3,858
Total revenue	$	314,892	$	39,930	$	354,822


	Three months ended June 30, 2025
	Insurance		Marketplace		Total

	in thousands
United States	$	149,030	$	17,655	$	166,685
International	14,998		6,748		21,746
Total revenue from customer contracts	164,028		24,403		188,431
Earned premium, net	177,785		—		177,785
Net investment income	9,287		129		9,416
Net investment gains	1,194		—		1,194
Finance revenue	—		2,483		2,483
Total revenue	$	352,294	$	27,015	$	379,309


	Six months ended June 30, 2026
	Insurance		Marketplace		Total

	in thousands
United States	$	60,131	$	35,480	$	95,611
International	23,457		22,851		46,308
Total revenue from customer contracts	83,588		58,331		141,919
Earned premium, net	491,598		—		491,598
Net investment income	20,745		521		21,266
Net investment gains	4,890		—		4,890
Finance revenue	—		6,979		6,979
Total revenue	$	600,821	$	65,831	$	666,652


	Six months ended June 30, 2025
	Insurance		Marketplace		Total

	in thousands
United States	$	264,330	$	43,750	$	308,080
International	20,850		7,893		28,743
Total revenue from customer contracts	285,180		51,643		336,823
Earned premium, net	347,140		—		347,140
Net investment income	18,170		304		18,474
Net investment gains	879		—		879
Finance revenue	—		4,329		4,329
Total revenue	$	651,369	$	56,276	$	707,645

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 three and six months ended June 30, 2026 and 2025:


	Three months ended June 30, 2026
	Agent		Direct		Total

	in thousands
Commission and fee revenue	$	14,534	$	9,000	$	23,534
Contingent commission	(324)		455		131
Total commission and fee revenue	$	14,210	$	9,455	$	23,665


	Three months ended June 30, 2025
	Agent		Direct		Total

	in thousands
Commission and fee revenue	$	69,678	$	58,755	$	128,433
Contingent commission	8,102		6,752		14,854
Total commission and fee revenue	$	77,780	$	65,507	$	143,287


	Six months ended June 30, 2026
	Agent		Direct		Total

	in thousands
Commission and fee revenue	$	24,346	$	12,915	$	37,261
Contingent commission	1,091		1,748		2,839
Total commission and fee revenue	$	25,437	$	14,663	$	40,100


	Six months ended June 30, 2025
	Agent		Direct		Total

	in thousands
Commission and fee revenue	$	118,770	$	98,833	$	217,603
Contingent commission	13,886		12,085		25,971
Total commission and fee revenue	$	132,656	$	110,918	$	243,574

Refer to Note 13 — Reinsurance for information regarding "Earned premium, net", Note 6 — Investments for information regarding "Net investment income" and "Net investment gains", and Note 8 — Notes Receivable for information regarding "Finance revenue".

Contract Assets

Contract assets, primarily consisting of CUC receivables, are reported within "Other assets" on the Condensed Consolidated Balance Sheets. As of June 30, 2026 and December 31, 2025, the Company had contract assets of $1.6 million and $18.2 million, respectively. The decrease as of June 30, 2026 is primarily a result of the Markel Fronting Arrangement, as the Company no longer earns a CUC from policies issued by Essentia.

Contract Liabilities

Contract liabilities consist of cash collected in advance of revenue recognition and primarily relates to the unrecognized portion of HDC membership fees, the unrecognized portion of the advanced commission payment received from State Farm Mutual Automobile Insurance Company ("State Farm"), and, to a much lesser extent, cash collected in advance of the completion of marketplace private sales. As of June 30, 2026 and December 31, 2025, the Company had contract liabilities of $50.8 million and $46.5 million, respectively.

Investments - Schedule of Net Realized and Unrealized Gains (Losses) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Debt Securities, Available-for-Sale [Line Items]
Net realized investment gains	$ 38	$ 16	$ 452	$ 231
Equity securities:
Total change in fair value of equity securities	7,141	1,178	4,438	648
Net investment gains	7,179	1,194	4,890	879
Fixed maturity securities
Equity securities:
Fixed maturity securities	$ (3,097)	$ 1,323	$ (9,361)	$ 6,421

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt - Narrative (Details) $ in Millions	6 Months Ended
Debt - Narrative (Details) $ in Millions	Jun. 30, 2026 USD ($) letter_of_credit	Jun. 30, 2025	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Number of letters of credit authorized \| letter_of_credit	3
Letters of credit outstanding, amount	$ 10.8
State Farm Term Loan \| 2025 JPM Credit Facility
Debt Instrument [Line Items]
Fixed rate (as a percent)			8.00%
State Farm Term Loan \| 2025 JPM Credit Facility \| Hagerty Reinsurance Ltd
Debt Instrument [Line Items]
Debt face amount			$ 25.0
Revolving Credit Facility \| 2025 JPM Credit Facility \| 2025 JPM Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 375.0
Net leverage ratio	3.25
Debt, weighted average interest rate (as a percent)	4.69%	5.81%
Revolving Credit Facility \| 2025 JPM Credit Facility \| Foreign Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100.0
Revolving Credit Facility \| BAC Credit Facility \| 2025 JPM Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	150.0
Borrowing base	$ 87.5
Annual extension term (in year)	1 year
Letter of Credit \| 2025 JPM Credit Facility \| 2025 JPM Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 175.0
Letter of Credit \| 2025 JPM Credit Facility \| Foreign Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75.0

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended			6 Months Ended
	Jun. 30, 2026 USD ($) vote $ / shares shares	Jun. 30, 2025 USD ($) shares	Jun. 30, 2026 USD ($) vote $ / shares shares	Sep. 30, 2025 shares	Jun. 30, 2025 USD ($) shares	Jun. 30, 2026 USD ($) vote $ / shares shares	Jun. 30, 2025 USD ($) shares	Dec. 31, 2025 $ / shares shares
Class of Stock [Line Items]
Units owned (in shares)	346,801,330	345,815,692	346,801,330		345,815,692	346,801,330	345,815,692
Common stock, shares, issued (in shares)	346,801,330	345,815,692	346,801,330		345,815,692	346,801,330	345,815,692
Preferred stock, shares authorized (in shares)	20,000,000		20,000,000			20,000,000
Non-controlling interest \| $	$ 800	$ 700	$ 800		$ 700	$ 800	$ 700
Non-controlling interest unit holders \| $			$ 478		$ 5,704	837	30,380
THG LLC
Class of Stock [Line Items]
Dividends, preferred stock, cash \| $	$ 5,600	5,600
Non-controlling interest unit holders \| $						800	30,400
THG LLC \| Hagerty, Inc.
Class of Stock [Line Items]
Non-controlling interest unit holders \| $						$ 700	$ 11,800
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000		500,000,000			500,000,000		500,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001		$ 0.0001			$ 0.0001		$ 0.0001
Common stock, votes per share \| vote	1		1			1
Units owned (in shares)	101,804,938		101,804,938			101,804,938		100,706,893
Common stock, shares, issued (in shares)	101,804,938		101,804,938			101,804,938		100,706,893
Stock issued during period, shares, new issues (in shares)				9,481,750		30,526	33,550
Class A Common Stock \| 2021 Stock Incentive Plan
Class of Stock [Line Items]
Stock issued during period, shares, new issues (in shares)						643,117	571,405
Class V Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	300,000,000		300,000,000			300,000,000		300,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001		$ 0.0001			$ 0.0001		$ 0.0001
Common stock, votes per share \| vote	10		10			10
Units owned (in shares)	241,552,156		241,552,156			241,552,156		241,552,156
Common stock, shares, issued (in shares)	241,552,156		241,552,156			241,552,156		241,552,156
Common stock, conversion ratio						1
Stock issued during period, shares, new issues (in shares)				9,481,750		424,402	78,302
Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.0001		$ 0.0001			$ 0.0001
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	8,483,561		8,483,561			8,483,561		8,483,561
Preferred stock, shares outstanding (in shares)	8,483,561		8,483,561			8,483,561		8,483,561
Dividends, preferred stock, cash \| $	$ 5,600	$ 5,600

Markel Fronting Arrangement - Schedule of Changes in the Deposit Liability (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Changes In The Deposit Liability [Roll Forward]
Beginning balance	$ 50,500
Amortization of deferred gain	(2,940)
Claim payments	(13,259)
Ending balance	$ 34,301

Notes Receivable - Narrative (Details) $ in Thousands	6 Months Ended
Notes Receivable - Narrative (Details) $ in Thousands	Jun. 30, 2026 USD ($) borrower	Dec. 31, 2025 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Notes receivable	$ 153,302	$ 113,887
Financing Receivable \| Customer Concentration Risk
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan to value ratio (as a percent)	49.50%
Number of borrowers \| borrower	1
Principal outstanding loan	$ 16,300
Securities loaned, fair value of collateral	$ 32,900
Financing Receivable \| Customer Concentration Risk \| One Borrow
Financing Receivable, Allowance for Credit Loss [Line Items]
Concentration risk, percentage	10.70%
Loans Receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Notes receivable, current	$ 3,900	8,900
Notes receivable, noncurrent	0	600
Consignor Advances
Financing Receivable, Allowance for Credit Loss [Line Items]
Notes receivable, current	$ 1,300	100
Broad Arrow Group Inc
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans maturity term (in year)	2 years
Loans, renewal option, term (in year)	1 year
Loan to value ratio (as a percent)	65.00%
Notes receivable	$ 148,100	$ 104,300

Supplemental Balance Sheet and Cash Flow Information - Schedule of Restricted Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash and cash equivalents	$ 169,333	$ 138,823	$ 190,286
Fixed maturity securities	567,800	675,302
Equity securities	0	34,871
Total restricted assets	$ 737,133	$ 848,996

- Definition

Amount, after allowance for credit loss, of investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (fff)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (ff)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

+ Details

- Definition

+ References + Details

Supplemental Balance Sheet and Cash Flow Information - Schedule of Assets and Liabilities of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
ASSETS
Cash and cash equivalents	$ 298,302	$ 160,177	$ 140,300
TOTAL ASSETS	2,148,431	2,093,976
LIABILITIES
Accounts payable and accrued expenses	89,829	111,947
Debt, net	215,951	177,907
Other liabilities	95,213	61,684
TOTAL LIABILITIES	1,413,625	1,346,950
Variable Interest Entity, Primary Beneficiary
ASSETS
Cash and cash equivalents	1,781	697
Restricted cash and cash equivalents	6,100	17,005
Notes receivable	109,736	81,740
Other assets	1,426	1,748
TOTAL ASSETS	119,043	101,190
LIABILITIES
Accounts payable and accrued expenses	663	524
Debt, net	87,526	68,423
Other liabilities	279	1,658
TOTAL LIABILITIES	$ 88,468	$ 70,605

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE:
Earned premium, net	$ 251,956	$ 177,785	$ 491,598	$ 347,140
Marketplace revenue	39,658	26,886	65,310	55,972
Net investment income	11,003	9,416	21,266	18,474
Net investment gains	7,179	1,194	4,890	879
Total revenue	354,822	379,309	666,652	707,645
EXPENSES:
Losses and loss adjustment expenses, net	110,709	75,213	208,628	146,343
Policy acquisition costs, net	83,641	82,938	185,563	160,271
Underwriting and other insurance expenses	62,947	1,222	122,535	2,579
Selling, general, and administrative expenses	95,265	161,627	167,681	305,672
Interest expense and other, net	28	4,946	950	6,635
Total expenses	352,590	325,946	685,357	621,500
INCOME (LOSS) BEFORE TAXES	2,232	53,363	(18,705)	86,145
Income tax (expense) benefit	5,809	(6,161)	14,001	(11,650)
NET INCOME (LOSS)	8,041	47,202	(4,704)	74,495
Net (income) loss attributable to non-controlling interest	(7,761)	(36,229)	493	(55,151)
Accretion of Series A Convertible Preferred Stock	(1,948)	(1,875)	(3,978)	(3,750)
NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS	(1,668)	9,098	(8,189)	15,594
Class A Common Stock
EXPENSES:
NET INCOME (LOSS)			(4,704)	74,495
Net (income) loss attributable to non-controlling interest	(7,761)	(36,229)	493	(55,151)
Accretion of Series A Convertible Preferred Stock	$ (1,948)	$ (1,875)	$ (3,978)	$ (3,750)
Earnings (loss) per share of Class A Common Stock:
Basic (in dollars per share)	$ (0.02)	$ 0.09	$ (0.08)	$ 0.16
Diluted (in dollars per share)	$ (0.02)	$ 0.09	$ (0.08)	$ 0.16
Weighted average shares of Class A Common Stock outstanding:
Basic (in shares)	101,797	90,698	101,418	90,374
Diluted (in shares)	101,797	90,698	101,418	91,247
Total commission and fee revenue
REVENUE:
Revenue from contract with customer, including finance revenue, excluding assessed tax	$ 23,665	$ 143,287	$ 40,100	$ 243,574
Membership and other revenue
REVENUE:
Revenue from contract with customer, including finance revenue, excluding assessed tax	$ 21,361	$ 20,741	$ 43,488	$ 41,606

Segment Reporting and Disaggregated Revenue - Schedule of Segment Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Earned premium, net	$ 251,956	$ 177,785	$ 491,598	$ 347,140
Revenues	80,826	188,431	141,919	336,823
Marketplace revenue	39,658	26,886	65,310	55,972
Net investment income	11,003	9,416	21,266	18,474
Net investment gains	7,179	1,194	4,890	879
Total revenue	354,822	379,309	666,652	707,645
Losses and loss adjustment expenses, net	110,709	75,213	208,628	146,343
Policy acquisition costs, net	83,641	82,938	185,563	160,271
Underwriting and other insurance expenses	62,947	1,222	122,535	2,579
Selling, general, and administrative expenses	94,915	160,799	167,053	304,579
Interest expense and other, net	(1,209)	384	(1,382)	680
Total segment expenses	351,003	320,556	682,397	614,452
Segment income (loss) before taxes	3,819	58,753	(15,745)	93,193
Interest expense	(1,237)	(1,484)	(2,332)	(2,877)
Change in TRA Liability		(3,078)	0	(3,078)
(Loss) Income before taxes	2,232	53,363	(18,705)	86,145
Corporate expenses
Segment Reporting [Line Items]
Total segment expenses	350	828	628	1,093
Insurance
Segment Reporting [Line Items]
Earned premium, net	251,956	177,785	491,598	347,140
Revenues	45,026	164,028	83,588	285,180
Net investment income	10,731	9,287	20,745	18,170
Net investment gains	7,179	1,194	4,890	879
Total revenue	314,892	352,294	600,821	651,369
Insurance \| Operating Segments
Segment Reporting [Line Items]
Earned premium, net	251,956	177,785	491,598	347,140
Marketplace revenue	0	0	0	0
Net investment income	10,731	9,287	20,745	18,170
Net investment gains	7,179	1,194	4,890	879
Total revenue	314,892	352,294	600,821	651,369
Losses and loss adjustment expenses, net	110,709	75,213	208,628	146,343
Policy acquisition costs, net	83,641	82,938	185,563	160,271
Underwriting and other insurance expenses	62,947	1,222	122,535	2,579
Selling, general, and administrative expenses	55,931	131,634	102,797	247,575
Interest expense and other, net	(1,103)	528	(1,119)	940
Total segment expenses	312,125	291,535	618,404	557,708
Segment income (loss) before taxes	2,767	60,759	(17,583)	93,661
Marketplace
Segment Reporting [Line Items]
Earned premium, net	0	0	0	0
Revenues	35,800	24,403	58,331	51,643
Net investment income	272	129	521	304
Net investment gains	0	0	0	0
Total revenue	39,930	27,015	65,831	56,276
Marketplace \| Operating Segments
Segment Reporting [Line Items]
Earned premium, net	0	0	0	0
Marketplace revenue	39,658	26,886	65,310	55,972
Net investment income	272	129	521	304
Net investment gains	0	0	0	0
Total revenue	39,930	27,015	65,831	56,276
Losses and loss adjustment expenses, net	0	0	0	0
Policy acquisition costs, net	0	0	0	0
Underwriting and other insurance expenses	0	0	0	0
Selling, general, and administrative expenses	38,984	29,165	64,256	57,004
Interest expense and other, net	(106)	(144)	(263)	(260)
Total segment expenses	38,878	29,021	63,993	56,744
Segment income (loss) before taxes	1,052	(2,006)	1,838	(468)
Commission and fee revenue
Segment Reporting [Line Items]
Revenues	23,665	143,287	40,100	243,574
Commission and fee revenue \| Insurance \| Operating Segments
Segment Reporting [Line Items]
Revenues	23,665	143,287	40,100	243,574
Commission and fee revenue \| Marketplace \| Operating Segments
Segment Reporting [Line Items]
Revenues	0	0	0	0
Membership and other revenue
Segment Reporting [Line Items]
Revenues	21,361	20,741	43,488	41,606
Membership and other revenue \| Insurance \| Operating Segments
Segment Reporting [Line Items]
Revenues	21,361	20,741	43,488	41,606
Membership and other revenue \| Marketplace \| Operating Segments
Segment Reporting [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 0

Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid software-as-a-service ("SaaS") implementation costs	$ 59,620	$ 56,971
Prepaid selling, general, and administrative expenses	24,851	20,707
Inventory	24,893	12,410
Property and equipment, net	16,655	16,253
Lease right-of-use assets	$ 37,702	$ 40,657
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Contract assets	$ 1,561	$ 18,233
Costs to obtain contracts with customers	8,640	9,965
Ceded commission receivable	9,275	8,004
Other investments	10,758	10,135
Accrued investment income	6,108	5,613
Deferred financing costs related to revolving credit facilities	3,169	3,707
Other	6,203	5,331
Other assets	209,435	207,986
Collector vehicles	2,700	2,700
Capitalized digital media content	1,100	1,400
Tax receivable	$ 1,100	$ 1,000

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Fixed maturity securities	$ 701,561	$ 696,271
Equity securities, at fair value	54,945	34,871
Total investments	756,506	731,142
Cash and cash equivalents	298,302	160,177
Restricted cash and cash equivalents	169,333	138,823
Accounts receivable	27,313	98,872
Premiums receivable	120,382	180,529
Deferred acquisition costs, net	100,196	179,224
Reinsurance recoverables	12,346	15,296
Prepaid reinsurance premiums	49,846	21,950
Notes receivable	153,302	113,887
Intangible assets, net	89,315	88,915
Goodwill	114,134	114,164
Deferred tax assets	48,021	43,011
Other assets	209,435	207,986
TOTAL ASSETS	2,148,431	2,093,976
Liabilities, Current
Accounts payable and accrued expenses	89,829	111,947
Advance premiums	50,108	28,287
Due to insurers	27,100	94,930
Losses payable and reserves for unpaid losses and loss adjustment expenses	241,705	264,204
Unearned premiums	598,217	412,058
Ceding commissions payable	6,133	86,165
Debt, net	215,951	177,907
Contract liabilities	50,841	46,450
Deferred tax liability	244	23,489
Tax receivable agreement liability	38,284	39,829
Other liabilities	95,213	61,684
TOTAL LIABILITIES	1,413,625	1,346,950
Commitments and Contingencies	0	0
TEMPORARY EQUITY
Preferred stock, $0.0001 par value (20,000,000 shares authorized, 8,483,561 Series A Convertible Preferred Stock issued and outstanding as of December 31, 2025 and December 31, 2024)	84,996	86,618
STOCKHOLDERS' EQUITY
Additional paid-in capital	623,664	623,013
Accumulated earnings (deficit)	(407,171)	(402,960)
Accumulated other comprehensive income (loss)	(1,068)	1,229
Total stockholders' equity	215,459	221,316
Non-controlling interest	434,351	439,092
Total equity	649,810	660,408
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY	2,148,431	2,093,976
Class A Common Stock
STOCKHOLDERS' EQUITY
Common stock	10	10
Class V Common Stock
STOCKHOLDERS' EQUITY
Common stock	$ 24	$ 24

Notes Receivable

6 Months Ended

Jun. 30, 2026

Receivables [Abstract]

Notes Receivable

8 — Notes Receivable

Broad Arrow Capital

BAC provides financing solutions to qualified collectors and businesses by structuring and issuing loans secured by collector cars. The loans underwritten by BAC include term loans and short-term bridge loans. The loans underwritten by BAC are recorded within "Notes receivable" on the Condensed Consolidated Balance Sheets.

Loans carry either a fixed or variable rate of interest and typically require periodic interest payments over the life of the loan with the principal amount due at maturity. Loans have an initial maturity of up to two years, often with an option for the borrower to renew for one year increments, provided the borrower remains in good standing, including maintaining a specified targeted loan-to-value ("LTV") ratio for the loan. The loans underwritten by BAC are classified as Level 3 within the fair value hierarchy, with the carrying values of the loans approximating their fair values due to the relatively short-term maturities and the variable interest rates associated with most loans. The lending activities of BAC are funded, in part, with borrowings drawn from the BAC Credit Facility, with the remainder funded by the Company's available liquidity. Refer to Note 14 — Debt for additional information regarding the BAC Credit Facility.

BAC aims to mitigate the risk associated with a potential devaluation in collateral by targeting an LTV ratio of 65% or less (i.e., the principal loan amount divided by the estimated value of the collateral at the time of underwriting). The LTV ratio is reassessed on a quarterly basis or if the loan is renewed. The LTV ratio is reassessed more frequently if there is a material change in the circumstances related to the loan, including if there is a material change in the value of the collateral, a material change in the borrower's disposal plans for the collateral, or if an event of default occurs. If, as a result of this reassessment, the LTV ratio increases above the target level, the borrower may be asked to make principal payments and/or post sufficient additional collateral to reduce the LTV ratio as a condition of future financing, renewal, or to avoid a default. In the event of a default by a borrower, BAC is entitled to sell the collateral to recover the outstanding principal, accrued interest balance, and any expenses incurred with respect to the recovery process.

Management considers the valuation of the underlying collateral and the LTV ratio to be the two most critical credit quality indicators for the loans made by BAC. In estimating the value of the underlying collateral for BAC's loans, management utilizes its expertise in the collector car market and considers an array of factors impacting the current and expected sale value of each car including the year, make, model, mileage, history, and in the case of classic cars, the provenance, quality of restoration (if applicable), the originality of the body, chassis, and mechanical components, and comparable market transaction values.

The repayment of BAC's loans can be adversely impacted by a borrower's deteriorating financial circumstances, a decline in the collector car market in general or in the value of the collateral, which may be concentrated within certain marques, vintages, or types of cars. In addition, in situations when BAC's claim on the collateral is subject to a legal dispute, the ability to realize proceeds from the collateral may be limited or delayed.

As of June 30, 2026 and December 31, 2025, BAC's net Notes receivable balance was approximately $148.1 million and $104.3 million, respectively, including accrued interest.

The table below provides the aggregate LTV ratio for BAC's loan portfolio as of June 30, 2026 and December 31, 2025:


	June 30,			December 31,
	2026			2025

	in thousands
Secured loans	$	146,550		$	103,338
Estimate of collateral value	$	262,881		$	199,628
Aggregate LTV ratio	55.7		%	51.8		%

Management considers a loan to be past due when an interest payment is not paid within 10 business days of the monthly due date, or if the principal amount is not repaid by the contractual maturity date. Typically, a loan becomes past due only for a short period of time during which the loan is renewed or collateral is sold to satisfy the borrower's obligations. As of June 30, 2026 and December 31, 2025, the amount of past due principal and interest payments was not material.

A non-accrual loan is a loan for which future finance revenue is not recorded due to management's determination that it is probable that future interest on the loan will not be collectible. When a loan is placed on non-accrual status, any accrued interest receivable deemed not collectible is reversed against finance revenue. Any cash receipts subsequently received on non-accrual loans are first applied to reduce the recorded principal balance of the loan, with any proceeds in excess of the principal balance then applied to interest and expenses owed by the borrower. As of June 30, 2026 and December 31, 2025, there were no non-accrual loans.

As of June 30, 2026 and December 31, 2025, there was no allowance for expected credit losses related to the BAC loan portfolio based on management's quarterly evaluation, which takes into consideration a number of factors including the level of historical losses for similar loans, the quality of the collateral, the low LTV ratio of the loans, management's overall assessment of the current circumstances and risks related to each loan, and, to a lesser extent, the circumstances related to each borrower.

Other Notes Receivable

From time-to-time, Broad Arrow provides short-term financing to its auction or private sale buyers in situations when the terms or length of financing may not qualify and/or is too short to fund efficiently with a BAC loan. The resulting loans are typically interest-bearing with required periodic interest payments and, in certain cases, required periodic principal payments. Broad Arrow typically retains a security interest in the vehicle(s) related to these loans. As of June 30, 2026 and December 31, 2025, the Notes receivable balance related to these loans was $3.9 million and $8.9 million, respectively, including accrued interest.

Broad Arrow also makes consignor advances secured by vehicle(s) that are contractually committed, in the near term, to be offered for sale at auction or as a private sale. Consignor advances allow sellers to receive funds upon consignment for an auction or for a private sale that will occur up to one year in the future and normally have short-term maturities. In the event the vehicle(s) are not successfully sold at auction or in a private sale, the consignor is required to repay the outstanding principal and accrued interest of the advance or convert the advance to a BAC loan. As of June 30, 2026 and December 31, 2025, the outstanding Notes receivable balance associated with consignor advances was $1.3 million and $0.1 million, respectively.

Under certain circumstances, Broad Arrow also provides loans to certain well-established car dealers to finance the purchase of vehicle(s), retaining a security interest in the purchased vehicle. In certain situations, Broad Arrow acquires a partial ownership interest in the vehicle(s) in addition to providing the loan. Upon the eventual sale of the acquired vehicle(s), the loan is repaid and Broad Arrow retains a pro rata share of the profit(s) or loss(es). There was no outstanding Notes receivable balance associated with these loans as of June 30, 2026. As of December 31, 2025, the Notes receivable balance related to these loans was $0.6 million.

These loans are classified in the Condensed Consolidated Statements of Cash Flows within Operating Activities as they are made in support of Broad Arrow's auction and private sale activities.

Concentration Risk

As of June 30, 2026, there was one borrower with a loan balance that exceeded 10% of the total notes receivable balance, with a loan of $16.3 million representing 10.7% of the total balance. As of June 30, 2026, the collateral value related to this loan was $32.9 million, with a LTV ratio of 49.5%.

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Intangible Asset, Goodwill and Other [Abstract]
Amortization of intangible assets	$ 5.7	$ 5.8	$ 11.3	$ 12.2

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

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+ Details

Reinsurance - Schedule of Earned Premium (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Premiums written:
Assumed	$ 361,318	$ 247,812	$ 711,553	$ 423,323
Ceded	(28,166)	(11,209)	(61,055)	(31,069)
Net	333,152	236,603	650,498	392,254
Premiums earned:
Assumed	270,676	189,976	524,747	370,909
Ceded	(18,720)	(12,191)	(33,149)	(23,769)
Net	$ 251,956	$ 177,785	$ 491,598	$ 347,140

- Definition

Amount of earned premiums ceded to other entities.

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- Definition

Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

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+ Details

Investments

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Investments

6 — Investments

The Company holds a diversified investment portfolio, consisting of fixed maturity securities and, to a much lesser extent, equity securities such as common stocks and exchange traded funds. The Company's fixed maturity securities are classified as available-for-sale.

The following tables summarize the Company's available-for-sale investments as of June 30, 2026 and December 31, 2025:


	June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Fixed maturity securities:	in thousands
Corporate	$	291,301	$	1,410	$	(1,673)	$	291,038
U.S. Treasury	110,186		41		(1,289)		108,938
States and municipalities	37,683		382		(227)		37,838
Foreign	32,369		29		(73)		32,325
Asset-backed securities	76,881		243		(206)		76,918
Mortgage-backed securities	154,063		1,595		(1,154)		154,504
Total fixed maturity securities	$	702,483	$	3,700	$	(4,622)	$	701,561


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Fixed maturity securities:	in thousands
Corporate	$	262,302	$	3,982	$	(116)	$	266,168
U.S. Treasury	181,077		701		(161)		181,617
States and municipalities	29,182		967		(3)		30,146
Foreign	33,000		54		(62)		32,992
Asset-backed securities	31,899		394		(42)		32,251
Mortgage-backed securities	150,353		3,026		(282)		153,097
Total fixed maturity securities	$	687,813	$	9,124	$	(666)	$	696,271

Security holdings in an unrealized loss position


	June 30, 2026
	Less than 12 months				12 months or longer				Total
	Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses

Fixed maturity securities:	in thousands
Corporate	$	107,009	$	(1,660)	$	324	$	(13)	$	107,333	$	(1,673)
U.S. Treasury	93,738		(1,289)		—		—		93,738		(1,289)
States and municipalities	15,271		(227)		—		—		15,271		(227)
Foreign	18,910		(73)		—		—		18,910		(73)
Asset-backed securities	33,481		(206)		—		—		33,481		(206)
Mortgage-backed securities	69,641		(1,154)		—		—		69,641		(1,154)
Total fixed maturity securities	$	338,050	$	(4,609)	$	324	$	(13)	$	338,374	$	(4,622)


	December 31, 2025
	Less than 12 months				12 months or longer				Total
	Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses

Fixed maturity securities:	in thousands
Corporate	$	6,307	$	(7)	$	9,461	$	(108)	$	15,768	$	(115)
U.S. Treasury	35,150		(83)		14,948		(78)		50,098		(161)
States and municipalities	880		(3)		—		—		880		(3)
Foreign	17,009		(62)		—		—		17,009		(62)
Asset-backed securities	1,771		(5)		1,881		(37)		3,652		(42)
Mortgage-backed securities	10,312		(4)		20,889		(279)		31,201		(283)
Total fixed maturity securities	$	71,429	$	(164)	$	47,179	$	(502)	$	118,608	$	(666)

The Company regularly reviews all fixed maturity securities within its investment portfolio to determine whether a credit loss has occurred. Based on the Company's review as of June 30, 2026 and December 31, 2025, unrealized losses were a result of interest rate changes, not a decline in the creditworthiness of the issuers. Accordingly, no allowance for credit loss was recorded as of June 30, 2026 and December 31, 2025.

Contractual maturities of available-for-sale fixed maturity securities

The following table summarizes the contractual maturities of the Company's available-for-sale investments as of June 30, 2026:



	Amortized Cost		Estimated Fair Value

	in thousands
Due in one year or less	$	73,526	$	73,762
Due after one year through five years	296,619		295,562
Due after five years through ten years	101,027		100,449
Due after ten years	367		366
Mortgage-backed and asset-backed securities	230,944		231,422
Total fixed maturity securities	$	702,483	$	701,561

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Net investment income

The following table presents the components of "Net investment income" reported in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Interest income:	in thousands
Cash and cash equivalents and restricted cash and cash equivalents	$	2,012	$	2,564	$	4,102	$	4,724
Fixed maturity securities	9,021		6,943		17,164		13,928
Total interest income	11,033		9,507		21,266		18,652
Dividends on equity securities	157		39		364		79
Gross investment income	11,190		9,546		21,630		18,731
Investment expenses	(187)		(130)		(364)		(257)
Net investment income	$	11,003	$	9,416	$	21,266	$	18,474

Net realized and unrealized gains (losses) on investments

The table below presents the components of pre-tax "Net investment gains" reported in the Condensed Consolidated Statements of Operations and the pre-tax change in net unrealized gains (losses) included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2026 and 2025. The gross amounts of realized investment gains and losses on fixed maturity securities were not material to the Condensed Consolidated Financial Statements and are presented on a net basis in the table below:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Fixed maturity securities:	in thousands
Net realized investment gains	$	38	$	16	$	452	$	231
Equity securities:


Total change in fair value of equity securities	7,141		1,178		4,438		648
Net investment gains	$	7,179	$	1,194	$	4,890	$	879
Change in net unrealized gains (losses) on available-for-sale investments included in Other comprehensive income (loss):
Fixed maturity securities	$	(3,097)	$	1,323	$	(9,361)	$	6,421

Share-Based Compensation - Schedule of Grant-date Fair Value of Performance Stock Units (Details) - Market Condition Performance Shares	6 Months Ended
	Jun. 30, 2026 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value per share (in dollars per share)	$ 5.19
Expected stock volatility	35.00%
Expected term (in years)	7 years
Risk-free interest rate	2.50%
Dividend yield	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Convertible Preferred Stock	6 Months Ended
Convertible Preferred Stock	Jun. 30, 2026
Equity [Abstract]
Convertible Preferred Stock	15 — Convertible Preferred Stock In June 2023, the Company entered into a Securities Purchase Agreement (the "Purchase Agreement") with certain accredited investors (the "Investors"), pursuant to which it closed, issued and sold (the "Closing") to the Investors an aggregate of 8,483,561 shares of the Company's newly-designated Series A Convertible Preferred Stock, par value $0.0001 per share, for an aggregate purchase price of $80.0 million, at a per-share purchase price of $9.43 (the "Series A Purchase Price" and the transaction, the "Private Placement"). The Investors include State Farm, Markel, and individuals related to Hagerty Holding Corp. ("HHC"). State Farm and Markel each own over 5% of the Company's outstanding common stock. McKeel Hagerty, the Company's CEO and the Chairman of its Board, along with Tammy Hagerty, may be deemed to control HHC, the controlling stockholder of the Company. Both State Farm and Markel can nominate one director to the Board, while HHC can nominate two directors. Refer to Note 16 — Stockholders' Equity and Note 20 — Related-Party Transactions for additional information. The net proceeds from the Private Placement after deducting issuance costs of approximately $0.8 million were $79.2 million, which was recorded within Temporary Equity on the Condensed Consolidated Balance Sheets. The Company used the net proceeds from the Private Placement for general corporate purposes. As of June 30, 2026, the estimated redemption value of the Series A Convertible Preferred Stock was $100.8 million, which represents the maximum cash payment, including cumulative dividends, that would be required to be paid if the Optional Term Redemption provision in the Certificate of Designations, as summarized below, is exercised as of the earliest possible redemption date of June 23, 2028. The decision to redeem the Series A Convertible Preferred Stock for cash is made at the discretion of the Company; however, the Company is controlled by HHC through its voting control of the Company. Accordingly, the redemption of the Series A Convertible Preferred Stock is considered outside the control of the Company and, as a result, the Series A Convertible Preferred Stock is recorded within Temporary Equity on the Condensed Consolidated Balance Sheets. The Company has elected to apply the accretion method to adjust the carrying value of the Series A Convertible Preferred Stock to its estimated redemption value. Amounts recognized to accrete the Series A Convertible Preferred Stock to its estimated redemption value are treated as a deemed dividend and are recorded as a reduction to "Additional paid-in capital" on the Condensed Consolidated Balance Sheets. The estimated redemption value may vary in subsequent periods and the Company has elected to recognize such changes prospectively. The captioned sections below provide a summary of the material terms of the Series A Convertible Preferred Stock, as set forth in the Certificate of Designations, Preferences and Rights of the Series A Convertible Preferred Stock (the "Certificate of Designations"). Ranking — The Series A Convertible Preferred Stock ranks senior to the Class A Common Stock, the Class V Common Stock, and each other class or series of shares of the Company that the Company may issue in the future the terms of which do not expressly provide that such class or series ranks equally with, or senior to, the Series A Convertible Preferred Stock, with respect to dividend rights and/or rights upon liquidation, winding up or dissolution. Dividends — Dividends on the Series A Convertible Preferred Stock are cumulative and accrue from the date of issuance at the rate per annum of 7% of the Series A Purchase Price of each share, plus the amount of previously accrued dividends, compounded annually (the "Accruing Dividends"). The Company may elect to pay the Accruing Dividends either in cash or in additional shares of Series A Convertible Preferred Stock. Prior to June 23, 2026, the third anniversary of the Closing, the Series A Convertible Preferred Stock was entitled to participate on an as-converted basis in dividends declared and paid on the Class A Common Stock, if any. In each of June 2026 and 2025, the Company paid $5.6 million, respectively, of cash dividends on the Series A Convertible Preferred Stock to the Investors. Conversion — Any shares of Series A Convertible Preferred Stock may, at the option of the holder, be converted at any time into shares of Class A Common Stock. The conversion price for the Series A Convertible Preferred Stock is initially $11.79 and is subject to adjustment upon certain events, including a stock split, a reverse stock split, or a dividend of the Class A Common Stock or Class V Common Stock to the Company's common stockholders (as adjusted, the "Conversion Price"). The Company may require such conversion (i) if the closing price per share of Class A Common Stock, for at least twenty (20) of any thirty (30) consecutive trading days, exceeds: (a) on or after the third and prior to the seventh anniversary of the Closing, 150% of the Conversion Price; or (b) on or after the seventh and prior to the tenth anniversary of the Closing, 100% of the Conversion Price; and (ii) on or after the tenth anniversary of the Closing. The conversion rate in effect at any applicable time (the "Conversion Rate") is the quotient obtained by dividing the Series A Purchase Price by the Conversion Price. As of June 30, 2026, no shares of Series A Convertible Preferred Stock had been converted and the outstanding shares of Series A Convertible Preferred Stock were convertible into 6,785,410 shares of Class A Common Stock. Voting — The Series A Convertible Preferred Stock votes together with the Class A Common Stock on an as-converted basis, and not as a separate class. The Investors have veto rights over (i) changes to the terms of the Certificate of Designations or the Company's certificate of incorporation or bylaws that adversely impact the Series A Convertible Preferred Stock; and (ii) the issuance of equity securities senior to the Series A Convertible Preferred Stock or other securities convertible thereto. Liquidation Preference — In the event of any liquidation, dissolution or winding up of the Company, each share of Series A Convertible Preferred Stock will be paid the greater of (i) the Series A Purchase Price plus any Accruing Dividends accrued but unpaid thereon; and (ii) the amount that such share of Series A Convertible Preferred Stock would have received had it converted into the Class A Common Stock immediately prior to such liquidation, dissolution or winding up of the Company (the "Liquidation Preference"). After payment of the Liquidation Preference, the Series A Convertible Preferred Stock will no longer be convertible and will not participate in any distribution made to the holders of the Class A Common Stock or Class V Common Stock. Change of Control — Upon a merger, consolidation, sale or other change of control transaction as described in the Certificate of Designations (a "Change of Control"), either (i) the Company may elect to redeem the Series A Convertible Preferred Stock; or (ii) each holder of Series A Convertible Preferred Stock, individually, may require the Company to redeem all or any portion of the Series A Convertible Preferred Stock. The redemption price per share to be paid by the Company would be the greater of: (a) the Series A Purchase Price plus any accrued but unpaid Accruing Dividends multiplied by (i) if prior to or on the third anniversary of the Closing, 120%; (ii) if after the third but prior to or on the fifth anniversary of the Closing, 110%; (iii) if after the fifth anniversary of the Closing, 100%; and (b) the amount such share of Series A Convertible Preferred Stock would have received had it converted into the Class A Common Stock prior to the Change of Control. Any shares of Series A Convertible Preferred Stock that are not so redeemed will automatically convert into shares of Class A Common Stock and be paid in connection with the Change of Control. Fundamental Transaction — In the event of any acquisition by the Company with a transaction value of at least $500.0 million or any equity or debt financing by the Company that raises at least $500.0 million, either (i) the Company may elect to redeem the Series A Convertible Preferred Stock; or (ii) each holder of Series A Convertible Preferred Stock, individually, may require the Company to redeem all or any portion of its Series A Convertible Preferred Stock. The redemption price per share to be paid by the Company would be the Series A Convertible Preferred Stock plus any accrued but unpaid Accruing Dividends multiplied by: (a) if prior to or on the third anniversary of the Closing, 120%; (b) if after the third but prior to or on the fifth anniversary of the Closing, 110%; (c) if after the fifth but prior to or on the sixth anniversary of the Closing, 108%; (d) if after the sixth but prior to or on the seventh anniversary of the Closing, 106%; (e) if after the seventh but prior to or on the eighth anniversary of the Closing, 104%; (f) if after the eighth but prior to or on the ninth anniversary of the Closing, 102%; or (g) if after the ninth anniversary of the Closing, 100%. Optional Term Redemption — Any time after the fifth anniversary of the Closing, the Company may redeem all or any portion of the then-outstanding shares of the Series A Convertible Preferred Stock for cash (a "Term Redemption"). The redemption price per share to be paid by the Company would be equal to the greater of: (i) the Series A Purchase Price plus any accrued but unpaid Accruing Dividends multiplied by: (a) if after the fifth but prior to the sixth anniversary of the Closing, 110%; (b) if on or after the sixth but prior to the seventh anniversary of the Closing, 108%; (c) if on or after the seventh but prior to the eighth anniversary of the Closing, 106%; (d) if on or after the eighth but prior to the ninth anniversary of the Closing, 104%; (e) if on or after the ninth but prior to the tenth anniversary of the Closing, 102%; or (f) if on or after the tenth anniversary of the Closing, 100%; and (ii) the amount such share of Series A Convertible Preferred Stock would have received had it converted into Class A Common Stock prior to the Term Redemption. Registration Rights Agreement — In connection with the Private Placement, the Company entered into a registration rights agreement with the Investors (the "Registration Rights Agreement") pursuant to which, the Investors are entitled to certain demand, shelf and piggyback registration rights with respect to the Series A Convertible Preferred Stock and shares of the Class A Common Stock issuable upon conversion thereof.

Investments - Schedule of Investments, Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 702,483	$ 687,813
Gross Unrealized Gains	3,700	9,124
Gross Unrealized Losses	(4,622)	(666)
Estimated Fair Value	701,561	696,271
Corporate
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	291,301	262,302
Gross Unrealized Gains	1,410	3,982
Gross Unrealized Losses	(1,673)	(116)
Estimated Fair Value	291,038	266,168
U.S. Treasury
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	110,186	181,077
Gross Unrealized Gains	41	701
Gross Unrealized Losses	(1,289)	(161)
Estimated Fair Value	108,938	181,617
States and municipalities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	37,683	29,182
Gross Unrealized Gains	382	967
Gross Unrealized Losses	(227)	(3)
Estimated Fair Value	37,838	30,146
Foreign
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	32,369	33,000
Gross Unrealized Gains	29	54
Gross Unrealized Losses	(73)	(62)
Estimated Fair Value	32,325	32,992
Asset-backed securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	76,881	31,899
Gross Unrealized Gains	243	394
Gross Unrealized Losses	(206)	(42)
Estimated Fair Value	76,918	32,251
Mortgage-backed securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	154,063	150,353
Gross Unrealized Gains	1,595	3,026
Gross Unrealized Losses	(1,154)	(282)
Estimated Fair Value	$ 154,504	$ 153,097

Notes Receivable (Tables)

6 Months Ended

Jun. 30, 2026

Receivables [Abstract]

Schedule of Financing Receivable Credit Quality Indicators

The table below provides the aggregate LTV ratio for BAC's loan portfolio as of June 30, 2026 and December 31, 2025:


	June 30,			December 31,
	2026			2025

	in thousands
Secured loans	$	146,550		$	103,338
Estimate of collateral value	$	262,881		$	199,628
Aggregate LTV ratio	55.7		%	51.8		%

Supplemental Balance Sheet and Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents

As of June 30, 2026 and 2025, cash and cash equivalents and restricted cash and cash equivalents were as follows:


	June 30,
	2026		2025

	in thousands
Cash and cash equivalents	$	298,302	$	140,300
Restricted cash and cash equivalents	169,333		190,286
Total cash and cash equivalents and restricted cash and cash equivalents	$	467,635	$	330,586

Schedule of Restricted Cash and Cash Equivalents

As of June 30, 2026 and 2025, cash and cash equivalents and restricted cash and cash equivalents were as follows:


	June 30,
	2026		2025

	in thousands
Cash and cash equivalents	$	298,302	$	140,300
Restricted cash and cash equivalents	169,333		190,286
Total cash and cash equivalents and restricted cash and cash equivalents	$	467,635	$	330,586

Schedule of Restricted Assets

The following table presents the components of the Company's restricted assets as of June 30, 2026 and December 31, 2025:


	June 30,		December 31,
	2026		2025

	in thousands
Restricted cash and cash equivalents	$	169,333	$	138,823
Fixed maturity securities	567,800		675,302
Equity securities	—		34,871
Total restricted assets	$	737,133	$	848,996

Schedule of Assets and Liabilities of Consolidated Variable Interest Entities

The following table presents the assets and liabilities of the Company's consolidated VIEs as of June 30, 2026 and December 31, 2025:


	June 30,		December 31,
	2026		2025

ASSETS	in thousands
Cash and cash equivalents	$	1,781	$	697
Restricted cash and cash equivalents	6,100		17,005

Notes receivable	109,736		81,740
Other assets	1,426		1,748
TOTAL ASSETS	$	119,043	$	101,190
LIABILITIES
Accounts payable and accrued expenses	$	663	$	524
Debt, net	87,526		68,423
Other liabilities	279		1,658
TOTAL LIABILITIES	$	88,468	$	70,605

Schedule of Supplemental Cash Flow Information

The table below presents information regarding the Company's non-cash investing and financing activities, as well as the cash paid for interest and taxes for the six months ended June 30, 2026 and 2025:


	Six months ended June 30,
	2026		2025

Non-cash investing activities:	in thousands
Issuance of notes receivable (1)	$	11,645	$	9,816
Collection of notes receivable (1)	$	4,614	$	1,884
Capital expenditures	$	792	$	801



Non-cash financing activities:

Exchange of THG units for shares of Class A Common Stock (Refer to Note 16)	$	797	$	712

Issuance of shares of Class A Common Stock resulting from the vesting of RSUs (Refer to Note 17)	$	8,840	$	8,067

Cash paid for interest	$	6,033	$	4,337

Cash paid for income taxes	$	18,009	$	11,794

(1) In certain situations, BAC makes loans to refinance accounts receivable balances generated by Broad Arrow Group, Inc. ("Broad Arrow") auctions and private sales. These loans are accounted for on the Condensed Consolidated Balance Sheets as non-cash reclassifications between "Accounts receivable" and "Notes receivable" and are not presented within Investing Activities in the Company's Condensed Consolidated Statements of Cash Flows. Upon repayment, the cash received in settlement of such loans is classified within Operating Activities in the Company's Condensed Consolidated Statements of Cash Flows.

Intangible Assets - Schedule of Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Intangible Asset, Goodwill and Other [Abstract]
2026 - remaining	$ 12,682
2027	24,726
2028	19,232
2029	9,558
2030	2,952
Thereafter	8,902
Total	$ 78,052

Segment Reporting and Disaggregated Revenue - Schedule of Company's Revenue by Distribution Channel (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Revenues	$ 80,826	$ 188,431	$ 141,919	$ 336,823
Total commission and fee revenue
Segment Reporting [Line Items]
Revenues	23,665	143,287	40,100	243,574
Commission and fee revenue
Segment Reporting [Line Items]
Revenues	23,534	128,433	37,261	217,603
Contingent commission
Segment Reporting [Line Items]
Revenues	131	14,854	2,839	25,971
Agent \| Total commission and fee revenue
Segment Reporting [Line Items]
Revenues	14,210	77,780	25,437	132,656
Agent \| Commission and fee revenue
Segment Reporting [Line Items]
Revenues	14,534	69,678	24,346	118,770
Agent \| Contingent commission
Segment Reporting [Line Items]
Revenues	(324)	8,102	1,091	13,886
Direct \| Total commission and fee revenue
Segment Reporting [Line Items]
Revenues	9,455	65,507	14,663	110,918
Direct \| Commission and fee revenue
Segment Reporting [Line Items]
Revenues	9,000	58,755	12,915	98,833
Direct \| Contingent commission
Segment Reporting [Line Items]
Revenues	$ 455	$ 6,752	$ 1,748	$ 12,085

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Subparagraph (j)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Reinsurance - Schedule of Reinsurance on Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Assumed	$ 116,797	$ 78,059	$ 218,449	$ 161,385
Ceded	(6,088)	(2,846)	(9,821)	(15,042)
Net	$ 110,709	$ 75,213	$ 208,628	$ 146,343

Supplemental Balance Sheet and Cash Flow Information

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Balance Sheet and Cash Flow Information

4 — Supplemental Balance Sheet and Cash Flow Information

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

As of June 30, 2026 and 2025, cash and cash equivalents and restricted cash and cash equivalents were as follows:


	June 30,
	2026		2025

	in thousands
Cash and cash equivalents	$	298,302	$	140,300
Restricted cash and cash equivalents	169,333		190,286
Total cash and cash equivalents and restricted cash and cash equivalents	$	467,635	$	330,586

Restricted Assets

Hagerty Re maintains trust accounts for the benefit of ceding insurers as security for its obligations for losses, loss expenses, and unearned premium. The Company's wholly owned insurance carrier subsidiary, Drivers Edge Insurance Company ("Drivers Edge"), maintains assets on deposit with a number of regulatory authorities to support its insurance operations.

The Company's MGA subsidiaries collect premiums from insureds on behalf of various insurance carriers. Prior to remittance to the insurance carrier, these funds are required to be held in trust for the benefit of the insurance carriers and segregated from the Company's operating cash.

Broad Arrow Capital LLC ("BAC") and its consolidated subsidiaries maintain bank accounts that are required for the operation of the BAC Credit Facility (as defined in Note 14 — Debt). The funds in these bank accounts represent security under the BAC Credit Facility and their use is restricted to the servicing of the debt outstanding under that facility.

The following table presents the components of the Company's restricted assets as of June 30, 2026 and December 31, 2025:


	June 30,		December 31,
	2026		2025

	in thousands
Restricted cash and cash equivalents	$	169,333	$	138,823
Fixed maturity securities	567,800		675,302
Equity securities	—		34,871
Total restricted assets	$	737,133	$	848,996

Variable Interest Entities

BAC and certain of its subsidiaries transfer notes receivable to wholly owned, bankruptcy-remote, special purpose entities (each, an "SPE") to secure borrowings under the BAC Credit Agreement (as defined in Note 14 — Debt).

These SPEs are considered to be variable interest entities (each, a "VIE") under GAAP and their financial statements are consolidated by BAC, which is the primary beneficiary of the SPEs and also a consolidated subsidiary of the Company. BAC is considered to be the primary beneficiary of the SPEs because it has (i) power over the significant activities of the SPEs through its role as servicer of the notes receivable used to secure borrowings under the BAC Credit Agreement; and (ii) the obligation to absorb losses or the right to receive returns that could be significant through its interest in the residual cash flows of the SPEs.

Refer to Note 8 — Notes Receivable and Note 14 — Debt for additional information.

The following table presents the assets and liabilities of the Company's consolidated VIEs as of June 30, 2026 and December 31, 2025:


	June 30,		December 31,
	2026		2025

ASSETS	in thousands
Cash and cash equivalents	$	1,781	$	697
Restricted cash and cash equivalents	6,100		17,005

Notes receivable	109,736		81,740
Other assets	1,426		1,748
TOTAL ASSETS	$	119,043	$	101,190
LIABILITIES
Accounts payable and accrued expenses	$	663	$	524
Debt, net	87,526		68,423
Other liabilities	279		1,658
TOTAL LIABILITIES	$	88,468	$	70,605

Supplemental Cash Flow Information


	Six months ended June 30,
	2026		2025

Non-cash investing activities:	in thousands
Issuance of notes receivable (1)	$	11,645	$	9,816
Collection of notes receivable (1)	$	4,614	$	1,884
Capital expenditures	$	792	$	801



Non-cash financing activities:

Exchange of THG units for shares of Class A Common Stock (Refer to Note 16)	$	797	$	712

Issuance of shares of Class A Common Stock resulting from the vesting of RSUs (Refer to Note 17)	$	8,840	$	8,067

Cash paid for interest	$	6,033	$	4,337

Cash paid for income taxes	$	18,009	$	11,794

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES:
Net income (loss)	$ (4,704)	$ 74,495
Adjustments to reconcile net income (loss) to net cash from operating activities:
Loss on disposals of equipment, software, and other assets	241	1,211
Change in TRA Liability	0	3,078
Depreciation and amortization	19,422	18,321
Provision for deferred taxes	(26,199)	2,061
Share-based compensation expense	9,710	9,538
Non-cash lease expense	4,174	4,226
Net investment gains	(4,890)	(879)
(Accretion) amortization of discount and premium, net	(1,377)	(2,316)
Amortization of gain on loss portfolio transfer	(2,940)	0
Other	795	355
Changes in assets and liabilities:
Accounts and premiums receivable	128,383	(142,560)
Deferred acquisition costs, net	79,028	(21,964)
Reinsurance recoverables	2,950	(10,390)
Prepaid reinsurance premiums	(27,896)	(7,325)
Advance premiums	21,920	10,590
Due to insurers	(67,278)	68,256
Losses payable and reserves for unpaid losses and loss adjustment expenses	(22,499)	(7,828)
Unearned premiums	186,159	52,957
Ceding commissions payable	(80,032)	35,691
Other assets and liabilities, net	(28,810)	10,197
Net Cash Provided by Operating Activities	186,157	97,714
INVESTING ACTIVITIES:
Capital expenditures	(15,954)	(11,549)
Issuance of notes receivable	(92,151)	(26,617)
Collection of notes receivable	55,261	8,091
Purchases of fixed maturity securities	(228,418)	(98,455)
Purchases of equity securities	(51,041)	(347)
Proceeds from maturities and sales of fixed maturity securities	214,809	96,811
Proceeds from sales of equity securities	35,405	378
Other investing activities	(613)	(151)
Net Cash Used in Investing Activities	(82,702)	(31,839)
FINANCING ACTIVITIES:
Repayments of debt	(61,806)	(124,493)
Proceeds from debt, net of issuance costs	100,825	192,339
Proceeds from loss portfolio transfer	50,500	0
Claims payments made from loss portfolio transfer	(13,259)	0
Distributions paid to non-controlling interest unit holders	(837)	(30,380)
Payment of Series A Convertible Preferred Stock dividends	(5,600)	(5,600)
Funding of TRA Liability payments	(1,545)	(223)
Funding of employee tax obligations upon vesting of share-based payments	(3,251)	(2,452)
Other financing activities	309	289
Net Cash Provided by Financing Activities	65,336	29,480
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	(156)	2,386
Change in cash and cash equivalents and restricted cash and cash equivalents	168,635	97,741
Beginning cash and cash equivalents and restricted cash and cash equivalents	299,000	232,845
Ending cash and cash equivalents and restricted cash and cash equivalents	$ 467,635	$ 330,586

Share-Based Compensation - Schedule of Performance Stock Units Outstanding (Details) - Performance Condition Performance Shares	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Performance Restricted Stock Units
Beginning balance (in shares) \| shares	538,531
Granted (in shares) \| shares	245,731
Ending balance (in shares) \| shares	784,262
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 9.20
Granted (in dollars per share) \| $ / shares	10.53
Ending balance (in dollars per share) \| $ / shares	$ 9.62

Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock	Class V Common Stock	Total Stockholders' Equity	Series A Convertible Preferred Stock Series A Convertible Preferred Stock	Common stocks Class A Common Stock	Common stocks Class V Common Stock	Additional Paid in Capital	Accumulated Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest
Temporary equity, beginning balance (in shares) at Dec. 31, 2024					8,484,000
Temporary equity, beginning balance at Dec. 31, 2024					$ 84,663
Temporary Equity
Accretion of Series A Convertible Preferred Stock					3,750
Dividends related to Series A Convertible Preferred Stock					$ (5,600)
Temporary equity, ending balance (in shares) at Jun. 30, 2025					8,484,000
Temporary equity, ending balance at Jun. 30, 2025					$ 82,813
Beginning balance (in shares) at Dec. 31, 2024						90,032,000	251,034,000
Beginning balance at Dec. 31, 2024	$ 523,506			$ 150,322		$ 9	$ 25	$ 603,780	$ (451,978)	$ (1,514)	$ 373,184
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	74,495	$ 74,495		19,344					19,344		55,151
Accretion of Series A Convertible Preferred Stock	(3,750)			(3,750)				(3,750)
Other comprehensive income (loss)	6,792			1,776						1,776	5,016
Issuance of shares under employee plans, net of shares withheld for employee taxes (in shares)						606,000
Issuance of shares under employee plans, net of shares withheld for employee taxes	(2,163)			(2,163)				(2,163)
Share-based compensation	9,538			9,538				9,538
Exchange of THG units for Class A Common Stock (in shares)						78,000
Exchange of THG units for Class A Common Stock	0			712				712			(712)
Distributions paid to non-controlling interest unit holders	(30,380)										(30,380)
Reallocation between controlling and non-controlling interest	$ 0			(3,496)				(3,496)			3,496
Ending balance (in shares) at Jun. 30, 2025	345,815,692					90,716,000	251,034,000
Ending balance at Jun. 30, 2025	$ 578,038			172,283		$ 9	$ 25	604,621	(432,634)	262	405,755
Temporary equity, beginning balance (in shares) at Mar. 31, 2025					8,484,000
Temporary equity, beginning balance at Mar. 31, 2025					$ 86,538
Temporary Equity
Accretion of Series A Convertible Preferred Stock					1,875
Dividends related to Series A Convertible Preferred Stock					$ (5,600)
Temporary equity, ending balance (in shares) at Jun. 30, 2025					8,484,000
Temporary equity, ending balance at Jun. 30, 2025					$ 82,813
Beginning balance (in shares) at Mar. 31, 2025						90,065,000	251,034,000
Beginning balance at Mar. 31, 2025	532,657			162,944		$ 9	$ 25	606,972	(443,607)	(455)	369,713
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	47,202			10,973					10,973		36,229
Accretion of Series A Convertible Preferred Stock	(1,875)			(1,875)				(1,875)
Other comprehensive income (loss)	2,731			717						717	2,014
Issuance of shares under employee plans, net of shares withheld for employee taxes (in shares)						597,000
Issuance of shares under employee plans, net of shares withheld for employee taxes	(2,119)			(2,119)				(2,119)
Share-based compensation	5,146			5,146				5,146
Exchange of THG units for Class A Common Stock (in shares)						54,000
Exchange of THG units for Class A Common Stock	0			478				478			(478)
Distributions paid to non-controlling interest unit holders	(5,704)										(5,704)
Reallocation between controlling and non-controlling interest	$ 0			(3,981)				(3,981)			3,981
Ending balance (in shares) at Jun. 30, 2025	345,815,692					90,716,000	251,034,000
Ending balance at Jun. 30, 2025	$ 578,038			172,283		$ 9	$ 25	604,621	(432,634)	262	405,755
Temporary equity, beginning balance (in shares) at Dec. 31, 2025	8,483,561				8,484,000
Temporary equity, beginning balance at Dec. 31, 2025	$ 86,618				$ 86,618
Temporary Equity
Accretion of Series A Convertible Preferred Stock					3,978
Dividends related to Series A Convertible Preferred Stock					$ (5,600)
Temporary equity, ending balance (in shares) at Jun. 30, 2026	8,483,561				8,484,000
Temporary equity, ending balance at Jun. 30, 2026	$ 84,996				$ 84,996
Beginning balance (in shares) at Dec. 31, 2025		100,706,893	241,552,156			100,707,000	241,552,000
Beginning balance at Dec. 31, 2025	660,408			221,316		$ 10	$ 24	623,013	(402,960)	1,229	439,092
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(4,704)	$ (4,704)		(4,211)					(4,211)		(493)
Accretion of Series A Convertible Preferred Stock	(3,978)			(3,978)				(3,978)
Other comprehensive income (loss)	(7,847)			(2,297)						(2,297)	(5,550)
Issuance of shares under employee plans, net of shares withheld for employee taxes (in shares)						674,000
Issuance of shares under employee plans, net of shares withheld for employee taxes	(2,942)			(2,942)				(2,942)
Share-based compensation	9,710			9,710				9,710
Exchange of THG units for Class A Common Stock (in shares)						424,000
Exchange of THG units for Class A Common Stock	0			797				797			(797)
Distributions paid to non-controlling interest unit holders	(837)										(837)
Reallocation between controlling and non-controlling interest	$ 0			(2,936)				(2,936)			2,936
Ending balance (in shares) at Jun. 30, 2026	346,801,330	101,804,938	241,552,156			101,805,000	241,552,000
Ending balance at Jun. 30, 2026	$ 649,810			215,459		$ 10	$ 24	623,664	(407,171)	(1,068)	434,351
Temporary equity, beginning balance (in shares) at Mar. 31, 2026					8,484,000
Temporary equity, beginning balance at Mar. 31, 2026					$ 88,648
Temporary Equity
Accretion of Series A Convertible Preferred Stock					1,948
Dividends related to Series A Convertible Preferred Stock					$ (5,600)
Temporary equity, ending balance (in shares) at Jun. 30, 2026	8,483,561				8,484,000
Temporary equity, ending balance at Jun. 30, 2026	$ 84,996				$ 84,996
Beginning balance (in shares) at Mar. 31, 2026						101,085,000	241,552,000
Beginning balance at Mar. 31, 2026	645,395			218,683		$ 10	$ 24	626,166	(407,451)	(66)	426,712
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	8,041			280					280		7,761
Accretion of Series A Convertible Preferred Stock	(1,948)			(1,948)				(1,948)
Other comprehensive income (loss)	(3,412)			(1,002)						(1,002)	(2,410)
Issuance of shares under employee plans, net of shares withheld for employee taxes (in shares)						666,000
Issuance of shares under employee plans, net of shares withheld for employee taxes	(2,881)			(2,881)				(2,881)
Share-based compensation	5,093			5,093				5,093
Exchange of THG units for Class A Common Stock (in shares)						54,000
Exchange of THG units for Class A Common Stock	0			99				99			(99)
Distributions paid to non-controlling interest unit holders	(478)										(478)
Reallocation between controlling and non-controlling interest	$ 0			(2,865)				(2,865)			2,865
Ending balance (in shares) at Jun. 30, 2026	346,801,330	101,804,938	241,552,156			101,805,000	241,552,000
Ending balance at Jun. 30, 2026	$ 649,810			$ 215,459		$ 10	$ 24	$ 623,664	$ (407,171)	$ (1,068)	$ 434,351

Leases - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Leases [Abstract]
2026 - remaining	$ 4,416
2027	8,655
2028	8,491
2029	6,651
2030	5,358
Thereafter	17,376
Total lease payments	50,947
Less: imputed interest	(8,587)
Total lease liabilities	$ 42,360
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 8,041	$ 47,202	$ (4,704)	$ 74,495
Other comprehensive income (loss), net of tax:
Change in net unrealized gain (loss) on available-for-sale investments	(2,451)	1,048	(7,404)	5,085
Foreign currency translation adjustments	(961)	1,683	(443)	1,707
Other comprehensive income (loss)	(3,412)	2,731	(7,847)	6,792
Comprehensive income (loss)	4,629	49,933	(12,551)	81,287
Comprehensive (income) loss attributable to non-controlling interest	(5,351)	(38,243)	6,043	(60,167)
Accretion of Series A Convertible Preferred Stock	(1,948)	(1,875)	(3,978)	(3,750)
Comprehensive income (loss) attributable to Class A Common Stockholders	$ (2,670)	$ 9,815	$ (10,486)	$ 17,370

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	21 — Commitments and Contingencies Employee Compensation Agreements — In the ordinary course of conducting its business, the Company enters into certain employee compensation agreements from time to time which commit it to severance obligations in the event an employee terminates employment with the Company. If applicable, these obligations are recorded as accrued expenses on the Condensed Consolidated Balance Sheets. Pending Acquisition — On June 30, 2026, the Company's subsidiary, Hagerty International Holdings Limited, entered into a definitive agreement to acquire all of the issued shares of Bennetts Motorcycling Services Limited, a specialty motorcycle insurance broker in the U.K., for a purchase price of approximately £34.0 million (approximately $43.0 million as of June 30, 2026). Completion of the transaction is subject to regulatory approval and other customary closing conditions and is expected to occur during the third quarter of 2026. Litigation — From time to time, the Company is involved in various claims and legal actions that arise in the ordinary course of business. Management is required to assess the likelihood of any adverse judgments or outcomes related to these legal contingencies, as well as potential ranges of probable or reasonably possible losses. The determination of the amount of any losses to be recorded or disclosed as a result of these contingencies is based on a careful analysis of each individual exposure with, in some cases, the assistance of outside legal counsel. The amount of losses recorded or disclosed for such contingencies may change in the future due to new developments in each matter or a change in legal or settlement strategy. While the impact of any one or more legal claims or proceedings could be material to the Company's operating results in any period, management does not believe that the outcome of any of these pending claims or proceedings, individually or in the aggregate, will have a material adverse effect on the Company's consolidated financial condition or liquidity.

Taxation	6 Months Ended
Taxation	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Taxation	19 — Taxation The Company's U.S. federal and state income tax expense relates to its wholly owned U.S. corporate subsidiaries, which are separately taxed as corporations for U.S. federal and state income tax purposes, and Hagerty, Inc.'s allocable share of any taxable income from THG. The Company also owns foreign subsidiaries that file and pay income taxes in their local jurisdictions. THG is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, THG is not subject to U.S. federal and certain state and local taxes. Any taxable income or loss generated by THG is passed through to and included in the taxable income or loss of its partners, including Hagerty, Inc., on a pro-rata basis. In addition, Hagerty Re, a Bermuda corporation, made an irrevocable election under Section 953(d) of the Internal Revenue Code ("IRC"), as amended, to be taxed as a U.S. domestic corporation. As a result, Hagerty Re is subject to U.S. taxation on its world-wide income as if it were a U.S. corporation. In accordance with an agreement between Hagerty Re and the Internal Revenue Service ("IRS"), Hagerty Re established an irrevocable letter of credit with the IRS in 2021. Tax Examinations The Company is subject to taxation and files income tax returns in the U.S. federal jurisdiction, as well as many state and foreign jurisdictions. As of June 30, 2026, tax years 2020 to 2023 are subject to examination by various tax authorities. With few exceptions, as of June 30, 2026, the Company is no longer subject to U.S. federal, state, local or foreign examinations for years before 2020. THG is currently under audit by the IRS for the 2021 tax year. Income Tax Expense For the six months ended June 30, 2026, the Company recorded an income tax benefit of $14.0 million, resulting in an effective tax rate of 74.9%, compared to income tax expense of $11.7 million in the prior year, resulting in an effective tax rate of 13.5%. The change in Income tax (expense) benefit period over period is driven by non-reversing temporary differences between taxable income and pre-tax book income related to the Markel Fronting Arrangement, partially offset by higher earnings in Hagerty Re and an increase in Hagerty, Inc.'s allocable share of income from THG. As of June 30, 2026 and December 31, 2025, total gross unrecognized tax benefits were $0.2 million and $0.1 million, respectively. The Company recognizes interest and penalties related to unrecognized tax benefits within "Income tax (expense) benefit" in the Condensed Consolidated Statements of Operations. As of June 30, 2026, there were no amounts of gross interest and penalties accrued. TRA Liability In connection with the consummation of the business combination that formed Hagerty, Inc. in 2021, Hagerty, Inc. entered into a TRA with the Legacy Unit Holders. The TRA provides for payment to the Legacy Unit Holders of 85% of the U.S. federal, state and local cash tax savings realized by Hagerty, Inc. as a result of the increases in tax basis and certain other tax benefits, as outlined in the Business Combination Agreement, upon the exchange of THG units and shares of Hagerty, Inc. Class V Common Stock for shares of Hagerty, Inc. Class A Common Stock or cash. The remaining 15% cash tax savings resulting from the basis adjustments are retained by Hagerty, Inc. The Business Combination Agreement is provided as Exhibit 2.1, incorporated by reference within Item 6. Exhibits, in this Quarterly Report. In connection with the filing of its 2019 income tax return, THG made an election under Section 754 of the IRC for each taxable year in which TRA exchanges occur. This election allows THG to adjust the tax basis of its assets when certain ownership changes or distributions occur. This election cannot be revoked without the permission of the IRS Commissioner and will be in place for any future exchange of THG units. In general, under the TRA, cash tax savings result in a year when the tax liability of Hagerty, Inc. for the year, computed without regard to the deductions attributable to the amortization of the basis increase and other deductions that arise in connection with the payment of the cash consideration under the TRA or the exchange of THG units and shares of Hagerty, Inc. Class V Common Stock for shares of Hagerty, Inc. Class A Common Stock, would be more than the tax liability for the year taking into account such deductions. Payments under the TRA are due when the Company produces taxable income and the resulting cash tax liability is reduced by deducting the amortization of the basis increase on a filed tax return. The payments under the TRA are expected to be substantial. The amount and timing of any payments under the TRA will vary depending on a number of factors, including, but not limited to, the increase in tax basis of THG's assets, the timing of any future redemptions, exchanges or purchases of THG units held by Legacy Unit Holders, the price of Hagerty, Inc. Class A Common Stock at the time of the redemption, exchange or purchase, the extent to which redemptions or exchanges are taxable, the amount and timing of the taxable income that Hagerty, Inc. generates in the future, the tax rates then applicable, and the portion of the payments under the TRA constituting imputed interest. The estimation of the TRA Liability is, by its nature, imprecise and subject to significant assumptions regarding the amount and timing of Hagerty, Inc.'s future taxable income. If the Company does not generate sufficient taxable income in the aggregate over the term of the TRA to utilize the tax benefits, then it would not be required to make the related payment under the TRA. Therefore, the Company only recognizes a liability for the TRA if it determines it is probable that it will generate sufficient future taxable income over the term of the TRA to utilize the related tax benefits. Estimating future taxable income is inherently uncertain and requires significant management judgment. As of June 30, 2026 and December 31, 2025, the estimated value of the TRA Liability was $38.3 million and $39.8 million, respectively. Excluding payments made in respect to the TRA Liability, there were no changes to the recorded value of the TRA Liability for the six months ended June 30, 2026 and 2025. During the six months ended June 30, 2026 and 2025, Hagerty, Inc. made TRA payments of $1.5 million and $0.2 million, respectively, to the Legacy Unit Holders.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Intangible Assets

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Intangible Assets

11 — Intangible Assets

The cost and accumulated amortization of intangible assets as of June 30, 2026 and December 31, 2025 are as follows:


	June 30, 2026
	Weighted average useful life	Gross carrying amount		Accumulated amortization		Net carrying amount

		dollars in thousands
Internally developed software	3.4	$	166,260	$	(110,158)	$	56,102
Renewal rights	10.0	21,374		(11,575)		9,799
Trade names and trademarks	14.2	11,867		(4,979)		6,888
State licenses	Indefinite	11,263		—		11,263
Relationships and customer lists	15.5	7,900		(2,637)		5,263
Other	3.5	577		(577)		—
Total intangible assets		$	219,241	$	(129,926)	$	89,315


	December 31, 2025
	Weighted average useful life	Gross carrying amount		Accumulated amortization		Net carrying amount

		dollars in thousands
Internally developed software	3.4	$	155,933	$	(102,326)	$	53,607
Renewal rights	10.0	21,740		(10,693)		11,047
Trade names and trademarks	14.2	11,867		(4,402)		7,465
State licenses	Indefinite	11,263		—		11,263
Relationships and customer lists	15.5	7,913		(2,380)		5,533
Other	3.5	580		(580)		—
Total intangible assets		$	209,296	$	(120,381)	$	88,915

Intangible asset amortization expense was $5.7 million and $5.8 million for the three months ended June 30, 2026 and 2025, respectively, and $11.3 million and $12.2 million for the six months ended June 30, 2026 and 2025, respectively.

Estimated future aggregate amortization expense related to intangible assets as of June 30, 2026 is as follows:


	in thousands
2026 - remaining	$	12,682
2027	24,726
2028	19,232
2029	9,558
2030	2,952
Thereafter	8,902
Total	$	78,052

Related-Party Transactions

6 Months Ended

Jun. 30, 2026

Related-Party Transactions

20 — Related-Party Transactions

As of June 30, 2026, 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	50.9	%
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	21.6	%	—	—	%

Controlling interest	3,108,000	3.1	%	51,800,000	50.9	%
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.

Refer to Note 16 — Stockholders' Equity and Note 15 — Convertible Preferred Stock for a description of each equity interest in the table above.

Markel

Effective January 1, 2026, the Company and Markel became parties to the Markel Fronting Arrangement and the LPT Agreement, which are described in Note 3 — Markel Fronting Arrangement. Amounts due to or from Markel subsidiaries arising from these arrangements are settled on a net basis in accordance with the contractual terms of the underlying agreements.

The following tables summarize all balances related to the Company's business with Markel subsidiaries:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Revenue:	in thousands
Earned premium, net	$	260,982	$	182,913	$	505,790	$	357,974
Commission and fee revenue	1,817		127,454		3,523		221,427
Total revenue	$	262,799	$	310,367	$	509,313	$	579,401
Expenses:
Losses and loss adjustment expenses, net	$	105,727	$	74,598	$	197,233	$	154,509
Policy acquisition costs, net	75,477		84,868		175,426		164,335
Underwriting and other insurance expenses	625		—		2,742		—
Total expenses	$	181,829	$	159,466	$	375,401	$	318,844


	June 30,		December 31,
	2026		2025

Assets:	in thousands
Accounts receivable	$	1,526	$	1,321
Premiums receivable	—		174,169
Reinsurance recoverables	1,181		1,958
Other assets	1,115		—
Total assets	$	3,822	$	177,448
Liabilities:
Accounts payable and accrued expenses	$	1,422	$	—
Losses payable and reserves for unpaid losses and loss adjustment expenses	—		247,758


Due to insurers	5,231		88,888
Ceding commissions payable	—		83,494
Other liabilities	1,477		2,470
Total liabilities	$	8,130	$	422,610

Pursuant to the terms of the Markel Fronting Arrangement, Hagerty Re maintains assets in trust for the benefit of Essentia. These assets are included within "Restricted cash and cash equivalents", "Fixed maturity securities" and "Equity securities, at fair value" on the Condensed Consolidated Balance Sheets. The assets held in trust for the benefit of Essentia totaled $596.6 million and $680.4 million as of June 30, 2026 and December 31, 2025, respectively.

State Farm

Alliance Agreement

Hagerty has a 10-year master alliance agreement and associated managing general underwriter agreement with State Farm, under which State Farm Classic+ policies are offered to State Farm's customers through State Farm agents. This program began issuing policies in September 2023. As of June 30, 2026, State Farm Classic+ policies were being offered in 37 states, with conversions of their existing book of business occurring in 26 of these states and plans to offer such policies in additional states in the remainder of 2026 and 2027. Under the master alliance agreement, State Farm paid Hagerty an advanced commission of $20.0 million in 2020, which is being recognized as "Commission and fee revenue" over the remaining life of the arrangement. In addition, the Company is paid a commission for underwriting, binding coverage, and issuing State Farm Classic+ policies and can offer HDC memberships to State Farm Classic+ customers, providing Hagerty with an additional revenue opportunity. Commission revenue generated from State Farm Classic+ policies was $6.8 million and $1.8 million for the three months ended June 30, 2026 and 2025, respectively, and $13.5 million and $3.0 million for the six months ended June 30, 2026 and 2025, respectively.

Reinsurance Agreement

Hagerty Re has a quota share agreement to cede a portion of the risk related to High-Net-Worth Accounts to Oglesby Reinsurance Company, a wholly owned subsidiary of State Farm. Refer to Note 13 — Reinsurance for additional information on the Company's reinsurance programs.

The following tables summarize all balances related to the risk ceded by Hagerty Re to State Farm subsidiaries:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Revenue:	in thousands
Earned premium, net (1)	$	(5,467)	$	(4,735)	$	(10,674)	$	(9,191)
Expenses:
Losses and loss adjustment expenses, net (2)	$	(1,910)	$	(1,420)	$	(3,472)	$	(7,507)
Policy acquisition costs, net (3)	(2,843)		(2,463)		(5,551)		(4,780)
Total expenses	$	(4,753)	$	(3,883)	$	(9,023)	$	(12,287)

(1) Represents premiums ceded to State Farm subsidiaries, which are accounted for as a reduction to "Earned premium, net".

(2) Represents loss recoveries associated with reinsurance ceded to State Farm subsidiaries, which are accounted for as a reduction to "Losses and loss adjustment expenses, net".

(3) Represents commissions earned from State Farm subsidiaries related to ceded reinsurance, which are accounted for as a reduction to "Policy acquisition costs, net".


	June 30,		December 31,
	2026		2025

Assets:	in thousands
Reinsurance recoverables	$	5,295	$	6,668
Other assets	3,075		2,716
Total assets	$	8,370	$	9,384
Liabilities:
Other liabilities (1)	$	5,914	$	5,224
Total liabilities	$	5,914	$	5,224

(1) Represents reinsurance premiums due to State Farm subsidiaries.

State Farm Term Loan

In September 2023, Hagerty Re entered into an unsecured term loan facility with State Farm in an aggregate principal amount of $25.0 million and an interest rate of 8.0% per annum. The State Farm Term Loan will mature in September 2033. Refer to Note 14 — Debt for additional information.

Other Related Party Transactions

From time-to-time, in the ordinary course of business, related parties, such as members of the Board and management, purchase insurance policies from the Company, receive payments on claims required by the Company's insurance policies, and buy and sell collector cars and enthusiast vehicles through marketplace auctions or in private transactions.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include 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

+ Details

Earnings Per Share - Schedule of the Weighted Average Excluded from Diluted Earnings (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings (loss) per Class A Common Stock (in shares)	259,737	270,470	259,815	266,376
THG units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings (loss) per Class A Common Stock (in shares)	245,001	255,105	245,051	255,138
Series A Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings (loss) per Class A Common Stock (in shares)	6,785	6,785	6,785	6,785
Unvested shares associated with share-based compensation awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings (loss) per Class A Common Stock (in shares)	7,951	8,580	7,979	4,453

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Statement [Line Items]
Fixed maturity securities available-for-sale, at fair value	$ 702,483	$ 687,813
Temporary equity, par value (in dollars per share)	$ 0.0001	$ 0.0001
Temporary equity, shares authorized (in shares)	20,000,000	20,000,000
Temporary equity, shares issued (in shares)	8,483,561	8,483,561
Temporary equity, shares outstanding (in shares)	8,483,561	8,483,561
Common stock, shares, issued (in shares)	346,801,330
Common stock, shares, outstanding (in shares)	346,801,330
Class A Common Stock
Statement [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, issued (in shares)	101,804,938	100,706,893
Common stock, shares, outstanding (in shares)	101,804,938	100,706,893
Class V Common Stock
Statement [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares, issued (in shares)	241,552,156	241,552,156
Common stock, shares, outstanding (in shares)	241,552,156	241,552,156

Reserves for Unpaid Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Prior accident years	$ (6,134)	$ 0
Current year incurred losses and loss adjustment expenses	$ 214,762	146,343
Southern California
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Current year incurred losses and loss adjustment expenses		$ 10,300

Convertible Preferred Stock - Change of Control, Fundamental Transaction and Optional Term Redemption (Details) - Series A Convertible Preferred Stock $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($)
Change of Control \| On or after the Third and Prior to the Seventh Anniversary
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	120.00%
Change of Control \| On or after the Seventh and Prior to the Tenth Anniversary
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	110.00%
Change of Control \| After the Fifth Anniversary
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	100.00%
Fundamental Transaction
Class of Stock [Line Items]
Acquisition of minimum transaction value	$ 500.0
Minimum value of equity and debt financing	$ 500.0
Fundamental Transaction \| On or after the Third and Prior to the Seventh Anniversary
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	120.00%
Fundamental Transaction \| On or after the Seventh and Prior to the Tenth Anniversary
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	110.00%
Fundamental Transaction \| After the Fifth but Prior to or on the Sixth Anniversary
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	108.00%
Fundamental Transaction \| After the Sixth but Prior to or on the Seventh Anniversary
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	106.00%
Fundamental Transaction \| After the Seventh but Prior to or on the Eighth Anniversary
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	104.00%
Fundamental Transaction \| After the Eighth but Prior to or on the Ninth Anniversary
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	102.00%
Fundamental Transaction \| After the Ninth Anniversary
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	100.00%
Optional Term Redemption \| After the Fifth but Prior to or on the Sixth Anniversary
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	110.00%
Optional Term Redemption \| After the Sixth but Prior to or on the Seventh Anniversary
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	108.00%
Optional Term Redemption \| After the Seventh but Prior to or on the Eighth Anniversary
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	106.00%
Optional Term Redemption \| After the Eighth but Prior to or on the Ninth Anniversary
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	104.00%
Optional Term Redemption \| On or after the Ninth but Prior to Tenth Anniversary
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	102.00%
Optional Term Redemption \| On or after the Tenth Anniversary
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	100.00%

Markel Fronting Arrangement (Tables)

6 Months Ended

Jun. 30, 2026

Markel Fronting Arrangement [Abstract]

Schedule of Changes In The Deposit Liability

The table below presents changes in the deposit liability associated with the LPT Agreement during the six months ended June 30, 2026:


	in thousands
Balance as of January 1, 2026	$	50,500
Amortization of deferred gain	(2,940)
Claim payments	(13,259)
Balance as of June 30, 2026	$	34,301

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Leases [Abstract]
ROU assets obtained in exchange for new operating lease liabilities during the period	$ 206	$ 2,446
Weighted average lease term	7 years 1 month 24 days	7 years 5 months 23 days
Weighted average discount rate	5.10%	5.10%

Supplemental Balance Sheet and Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Non-cash investing activities:
Issuance of notes receivable	$ 11,645	$ 9,816
Collection of notes receivable	4,614	1,884
Capital expenditures	792	801
Non-cash financing activities:
Exchange of THG units for shares of Class A Common Stock (Refer to Note 16)	797	712
Issuance of shares of Class A Common Stock resulting from the vesting of RSUs (Refer to Note 17)	8,840	8,067
Cash paid for interest	6,033	4,337
Cash paid for income taxes	$ 18,009	$ 11,794

Notes Receivable - Schedule of Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Receivables [Abstract]
Secured loans	$ 146,550	$ 103,338
Estimate of collateral value	$ 262,881	$ 199,628
Aggregate LTV ratio	55.70%	51.80%

Stockholders' Equity - Schedule of Other Ownership Interests (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Class of Stock [Roll Forward]
Ending balance (in shares)	346,801,330	345,815,692	346,801,330	345,815,692
Common stock, shares, issued (in shares)	346,801,330	345,815,692	346,801,330	345,815,692
THG units held by Hagerty, Inc.
Class of Stock [Roll Forward]
Beginning of period	29.20%	26.10%	29.10%	26.10%
End of period	29.40%	26.20%	29.40%	26.20%
THG units held by other unit holders
Class of Stock [Roll Forward]
Beginning balance (in shares)	245,050,694	255,154,346	245,420,794	255,178,346
Ending balance (in shares)	244,996,392	255,100,044	244,996,392	255,100,044
Beginning of period	70.80%	73.90%	70.90%	73.90%
End of period	70.60%	73.80%	70.60%	73.80%
Class A Common Stock
Class of Stock [Roll Forward]
Beginning balance (in shares)			100,706,893
Ending balance (in shares)	101,804,938		101,804,938
Common stock, shares, issued (in shares)	101,804,938		101,804,938		100,706,893
Class A Common Stock \| THG units held by Hagerty, Inc.
Class of Stock [Roll Forward]
Beginning balance (in shares)	101,085,283	90,064,663	100,706,893	90,032,391
Issuance of shares under employee plans (in shares)	665,353	596,683	673,643	604,955
Exchange of THG units for Class A Common Stock (in shares)	(54,302)	(54,302)	(424,402)	(78,302)
Ending balance (in shares)	101,804,938	90,715,648	101,804,938	90,715,648
Class A Common Stock \| THG units held by other unit holders
Class of Stock [Roll Forward]
Exchange of THG units for Class A Common Stock (in shares)	(54,302)	(54,302)	(424,402)	(78,302)

Related-Party Transactions - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($) state	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) state	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2020 USD ($)
Related Party Transaction [Line Items]
Restricted cash and cash equivalents	$ 169,333	$ 190,286	$ 169,333	$ 190,286	$ 138,823
Contract liabilities	50,841		50,841		46,450
State Farm Term Loan \| 2025 JPM Credit Facility
Related Party Transaction [Line Items]
Fixed rate (as a percent)						8.00%
State Farm Term Loan \| 2025 JPM Credit Facility \| Hagerty Reinsurance Ltd
Related Party Transaction [Line Items]
Debt face amount						$ 25,000
Reinsurance Agreement \| Affiliated Entity \| Essentia
Related Party Transaction [Line Items]
Restricted cash and cash equivalents	$ 596,600		$ 596,600		$ 680,400
Alliance Agreement \| Affiliated Entity \| State Farm
Related Party Transaction [Line Items]
Related party transaction, transaction term (in year)			10 years
Number of states in which policies are offered \| state	37		37
Number of states in which conversions of existing book of business occur \| state	26		26
Contract liabilities							$ 20,000
Commission revenue	$ 6,800	$ 1,800	$ 13,500	$ 3,000

Related-Party Transactions - Schedule of Equity Interests in Hagerty (Details) - Hagerty, Inc. - shares	Jun. 30, 2026	Jun. 30, 2023
Class of Stock [Line Items]
Percentage of total outstanding		5.00%
Affiliated Entity \| Markel
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	75,000,000
Percentage of total outstanding	30.60%
Affiliated Entity \| Markel \| Total Stockholders' Equity
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	3,108,000
Percentage of total outstanding	3.10%
Affiliated Entity \| Markel \| THG units
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	75,000,000
Percentage of total outstanding	21.60%
Affiliated Entity \| State Farm
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	0
Percentage of total outstanding	0.00%
Affiliated Entity \| State Farm \| Total Stockholders' Equity
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	51,800,000
Percentage of total outstanding	50.90%
Affiliated Entity \| State Farm \| THG units
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	0
Percentage of total outstanding	0.00%
Affiliated Entity \| Class A Common Stock \| Markel
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	3,108,000
Percentage of total outstanding	3.10%
Affiliated Entity \| Class A Common Stock \| State Farm
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	51,800,000
Percentage of total outstanding	50.90%
Affiliated Entity \| Class V Common Stock \| Markel
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	75,000,000
Percentage of total outstanding	31.00%
Affiliated Entity \| Class V Common Stock \| State Farm
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	0
Percentage of total outstanding	0.00%
Affiliated Entity \| Series A Convertible Preferred Stock \| Markel
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	1,590,668
Percentage of total outstanding	18.80%
Affiliated Entity \| Series A Convertible Preferred Stock \| State Farm
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	5,302,226
Percentage of total outstanding	62.50%

Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

14 — Debt

As of June 30, 2026 and December 31, 2025, "Debt, net" consisted of the following:


		June 30,		December 31,
	Maturity	2026		2025

		in thousands
2025 JPM Credit Facility	March 2030	$	103,857	$	84,945
BAC Credit Facility	November 2028	87,526		68,423
State Farm Term Loan	September 2033	25,000		25,000
Total debt		216,383		178,368
Less: Unamortized debt issuance costs related to the State Farm Term Loan		(432)		(461)
Debt, net		$	215,951	$	177,907

2025 JPM Credit Facility

THG has a credit agreement with JPMorgan Chase Bank, N.A. ("JPM"), as administrative agent, issuing bank and swingline lender, the foreign subsidiary borrowers thereto, and the other financial institutions party thereto as lenders (the "2025 JPM Credit Agreement").

The 2025 JPM Credit Agreement provides for a senior unsecured revolving credit facility (the "2025 JPM Credit Facility") with an aggregate borrowing capacity of $375.0 million. The 2025 JPM Credit Agreement includes (i) a $175.0 million sublimit for letters of credit; (ii) a $100.0 million sublimit for foreign currency borrowings; and (iii) an uncommitted accordion feature of $75.0 million, plus an unlimited amount so long as THG's net leverage ratio is below 3.25. The 2025 JPM Credit Agreement matures in March 2030, but may be extended if agreed by THG and the lenders party thereto. Any unpaid balance on the 2025 JPM Credit Facility is due at maturity.

Borrowings from the 2025 JPM Credit Facility accrue interest at the applicable reference rate, primarily Term SOFR, depending on the currency of the borrowing plus an applicable margin determined by the Company's net leverage ratio for the preceding period (as defined in the 2025 JPM Credit Facility). The effective interest rates related to the 2025 JPM Credit Agreement were 4.69% and 5.81% for the six months ended June 30, 2026 and 2025, respectively.

The 2025 JPM Credit Agreement requires THG to, among other things, meet certain financial covenants, including a minimum fixed charge coverage ratio test and a maximum leverage ratio test. As of June 30, 2026, THG was in compliance with these financial covenants.

As of June 30, 2026, the carrying value of the outstanding borrowings under the 2025 JPM Credit Facility approximated its fair value due to the variable interest rates associated with the outstanding borrowings.

BAC Credit Facility

BAC and its wholly owned subsidiary BAC Funding 2023-1, LLC, as borrower, have a revolving credit agreement (the "BAC Credit Agreement") that provides for a revolving credit facility (the "BAC Credit Facility") with an aggregate commitment of $150.0 million. The BAC Credit Facility's borrowing base is determined by the carrying value of certain BAC notes receivable, which is then limited by the amount of the aggregate commitment. As of June 30, 2026, the applicable borrowing base for the BAC Credit Agreement was $87.5 million.

The revolving borrowing period of the BAC Credit Facility expires in November 2027, followed by an amortization period until it ultimately matures in November 2028. The borrowing period and the maturity date of the BAC Credit Facility may be extended by one year if requested by BAC and agreed by the administrative agent. BAC is not a borrower or guarantor of the BAC Credit Facility.

BAC and certain of its subsidiaries may transfer notes receivable to wholly owned, bankruptcy remote SPEs to secure borrowings under the BAC Credit Facility, isolating these assets from the Company's other obligations. Recourse is limited to (i) an obligation of the applicable seller to repurchase a note receivable if it is determined that there was a breach of any representation or warranty relating to such note receivable as of the relevant date specified in the related transfer agreement; and (ii) a limited guarantee for certain liabilities that may result under certain foreign exchange hedging activity of one of the SPEs.

BAC and BAC Funding 2023-1, LLC are required, among other things, to meet certain financial covenants including that BAC, as the servicer, maintain a minimum tangible net worth, minimum liquidity balances, and an indebtedness to tangible net worth ratio. As of June 30, 2026, the Company was in compliance with the financial covenants under the BAC Credit Agreement.

As of June 30, 2026, the carrying value of the outstanding borrowings under the BAC Credit Facility approximated its fair value due to the variable interest rates associated with the outstanding borrowings.

State Farm Term Loan

In September 2023, Hagerty Re entered into an unsecured term loan credit facility with State Farm in the aggregate principal amount of $25.0 million (the "State Farm Term Loan"). The State Farm Term Loan bears interest at a rate of 8.0% per annum and will mature in September 2033. State Farm is a related party to the Company. Refer to Note 20 — Related-Party Transactions for additional information.

Letters of Credit

As of June 30, 2026, the Company has authorized three letters of credit for a total of $10.8 million for operational purposes, primarily related to Hagerty Re's Section 953(d) tax structuring election, and to a much lesser extent, a requirement under a quota share agreement, and lease down payment support.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-8

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details