Hagerty (HGTY) 10-K 24 Mar 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Mar. 01, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity Registrant Name	HAGERTY, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-40244
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
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 101.6
Documents Incorporated by Reference	Portions of the registrant's definitive Proxy Statement for its 2022 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days of December 31, 2021, are incorporated by reference into Part III, Items 10-14 of this Annual Report on Form 10-K.
Entity Central Index Key	0001840776
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Class A common stock, par value $0.0001 per share
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	HGTY
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		82,452,214
Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one shareof Class A common stock, each at an exercise price of$11.50 per share
Trading Symbol	HGTY.WS
Security Exchange Name	NYSE
Class V Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		251,033,906

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Detroit, Michigan

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
REVENUES:
Revenue from contract with customer	$ 323,255	$ 279,046
Earned premium	295,824	220,502
Total revenues	619,079	499,548
OPERATING EXPENSES:
Salaries and benefits	171,901	137,508
Ceding commission	140,983	105,974
Losses and loss adjustment expenses	122,080	91,025
Sales expense	107,483	86,207
General and administrative services	64,558	51,188
Depreciation and amortization	22,144	11,800
Total operating expenses	629,149	483,702
OPERATING INCOME (LOSS)	(10,070)	15,846
Change in fair value of warrant liabilities	(42,540)	0
Interest and other income (expense)	(1,993)	(987)
INCOME (LOSS) BEFORE INCOME TAX EXPENSE	(54,603)	14,859
Income tax expense	(6,751)	(4,820)
NET INCOME (LOSS)	(61,354)	10,039
Net loss (income) attributable to non-controlling interest	398	127
Net loss (income) attributable to redeemable non-controlling interest	14,598	0
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST	$ (46,358)	$ 10,166
Earnings (loss) per share/members' unit
Basic (in dollars per share)	$ (0.56)	$ 101.66
Diluted (in dollars per share)	$ (0.56)	$ 101.66
Weighted average shares/units outstanding
Basic (in shares)	82,327	100
Diluted (in shares)	82,327	100
Commission and fee revenue
REVENUES:
Revenue from contract with customer	$ 271,571	$ 236,443
Membership and other revenue
REVENUES:
Revenue from contract with customer	$ 51,684	$ 42,603

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (61,354)	$ 10,039
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(792)	994
Derivative instruments	1,019	(423)
Other comprehensive income (loss)	227	571
Comprehensive income (loss)	(61,127)	10,610
Comprehensive loss (income) attributable to non-controlling interest	398	127
Comprehensive loss (income) attributable to redeemable non-controlling interest	14,598	0
Comprehensive income (loss) attributable to controlling interest	$ (46,131)	$ 10,737

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 275,332	$ 38,108
Restricted cash and cash equivalents	328,640	260,970
Accounts receivable	46,729	33,884
Premiums receivable	75,297	52,628
Commission receivable	57,596	54,541
Prepaid expenses and other current assets	30,155	14,656
Deferred acquisition costs, net	81,535	58,572
Total current assets	895,284	513,359
Property and equipment, net	28,363	25,822
Long-Term Assets:
Prepaid expenses and other non-current assets	30,565	20,167
Intangible assets, net	76,171	46,617
Goodwill	11,488	4,745
Total long-term assets	118,224	71,529
TOTAL ASSETS	1,041,871	610,710
Current Liabilities:
Accounts payable	9,084	11,545
Losses payable	34,482	21,980
Provision for unpaid losses and loss adjustment expenses	74,869	54,988
Unearned premiums	175,199	124,708
Commissions payable	60,603	43,798
Due to insurers	58,031	49,162
Advanced premiums	13,867	13,745
Accrued expenses	46,074	36,271
Deferred Income Tax Liabilities, Net, Current		7,499
Contract liabilities	21,723	19,541
Other current liabilities	1,886	1,515
Total current liabilities	495,818	384,752
Long-Term Liabilities:
Accrued expenses	13,166	14,854
Contract liabilities	19,667	19,667
Long-term debt	135,500	69,000
Deferred tax liability	10,510
Warrant liabilities	89,366	0
Other long-term liabilities	7,043	5,116
Total long-term liabilities	275,252	108,637
TOTAL LIABILITIES	771,070	493,389
Commitments and Contingencies
Redeemable non-controlling interest (Notes 16 and 25)	593,277	0
STOCKHOLDERS' / MEMBERS' EQUITY
Members' units, no par value (0 and 100,000 units authorized, issued and outstanding as of December 31, 2021 and 2020, respectively)		62,320
Preferred stock, $0.0001 par value (20,000,000 and 0 shares authorized, no shares issued and outstanding as of December 31, 2021 and 2020, respectively)	0
Additional paid-in capital	160,189
Accumulated earnings (deficit)	(482,276)	56,832
Accumulated other comprehensive income (loss)	(1,727)	(1,954)
Total stockholders' / members' equity:	(323,781)
Total stockholders' / members' equity:		117,198
Non-controlling interest	1,305
Non-controlling interest		123
Total equity (Notes 16 and 25)	(322,476)
Total equity (Notes 16 and 25)		117,321
TOTAL LIABILITIES AND EQUITY	1,041,871	$ 610,710
Class A Common Stock
STOCKHOLDERS' / MEMBERS' EQUITY
Common stock	8
Class V Common Stock
STOCKHOLDERS' / MEMBERS' EQUITY
Common stock	$ 25

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Member unit, authorized (in shares)	0	100,000
Member unit, issued (in shares)	0	100,000
Member unit, outstanding (in shares)	0	100,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	20,000,000	0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares, outstanding (in shares)	333,361,000
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	0
Common stock, shares, issued (in shares)	82,327,466	0
Common stock, shares, outstanding (in shares)	82,327,466	0
Class V Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	0
Common stock, shares, issued (in shares)	251,033,906	0
Common stock, shares, outstanding (in shares)	251,033,906	0

Consolidated Statements of Chan

Consolidated Statements of Changes in Members' and Stockholders' Equity - USD ($) $ in Thousands	Total	Class A Common Stock	Class V Common Stock	Members Equity	Common StockClass A Common Stock	Common StockClass V Common Stock	Additional Paid in Capital	Accumulated Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Accumulated Equity (Deficit)	Non-controlling Interest
Members' Equity, beginning balance at Dec. 31, 2019	$ 110,461			$ 66,320				$ 46,666	$ (2,525)	$ 110,461	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	10,039							10,166		10,166	(127)
Other comprehensive income (loss)	571								571	571
Distributions	(4,000)			(4,000)						(4,000)
Non-controlling interest issued capital before transaction	250										250
Members' Equity, ending balance at Dec. 31, 2020	117,321			62,320				56,832	(1,954)	117,198	123
Stockholders' Equity, ending balance (in shares) at Dec. 31, 2020		0	0
Beginning balance at Dec. 31, 2019	0
Ending balance at Dec. 31, 2020	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	248								248	248
Members' Equity, beginning balance at Dec. 31, 2020	117,321			62,320				56,832	(1,954)	117,198	123
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(61,354)
Other comprehensive income (loss)	227
Distributions	(4,056)			(4,056)						(4,056)
Non-controlling interest issued capital before transaction	1,580										1,580
Net income (loss) before transaction	(3,401)							(3,089)		(3,089)	(312)
Business Combination	(21,181)			$ (58,264)	$ 8	$ 25	$ 526,711	(489,661)		(21,181)
Net income (loss) after transaction	(46,444)							(46,358)		$ (46,358)	$ (86)
Business Combination (in shares)					82,327,000	251,034,000
Redemption value adjustment for redeemable non-controlling interest	$ (366,522)
Stockholders' Equity, ending balance (in shares) at Dec. 31, 2021	333,361,000	82,327,466	251,033,906		82,327,000	251,034,000				82,327,000	251,034,000
Stockholders' Equity, ending balance at Dec. 31, 2021	$ (322,476)				$ 8	$ 25	160,189	(482,276)	(1,727)	$ (323,781)	$ 1,305
Beginning balance at Dec. 31, 2020	0
Increase (Decrease) in Temporary Equity [Roll Forward]
Business Combination	238,265
Net income (loss) after transaction	(11,510)
Redemption value adjustment for redeemable non-controlling interest	366,522
Ending balance at Dec. 31, 2021	593,277
Stockholders' Equity, ending balance (in shares) at Dec. 02, 2021		82,327,466	251,033,906
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	$ (21)								(21)	$ (21)
Stockholders' Equity, ending balance (in shares) at Dec. 31, 2021	333,361,000	82,327,466	251,033,906		82,327,000	251,034,000				82,327,000	251,034,000
Stockholders' Equity, ending balance at Dec. 31, 2021	$ (322,476)				$ 8	$ 25	160,189	(482,276)	(1,727)	$ (323,781)	$ 1,305
Ending balance at Dec. 31, 2021	593,277
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption value adjustment for redeemable non-controlling interest	$ 366,522
Stockholders' Equity, ending balance (in shares) at Dec. 31, 2021	333,361,000	82,327,466	251,033,906		82,327,000	251,034,000				82,327,000	251,034,000
Stockholders' Equity, ending balance at Dec. 31, 2021	$ (322,476)				$ 8	$ 25	$ 160,189	$ (482,276)	$ (1,727)	$ (323,781)	$ 1,305
Ending balance at Dec. 31, 2021	$ 593,277

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES:
Net income (loss)	$ (61,354)	$ 10,039
Adjustments to reconcile net income (loss) to net cash from operating activities:
Change in fair value of warrant liabilities	42,540	0
Depreciation and amortization expense	22,144	11,800
Provision for deferred taxes	3,038	1,478
Loss on disposals of equipment, software and other assets	2,425	2,648
Other	155	758
Changes in assets and liabilities:
Accounts receivable	(13,449)	(14,500)
Premiums receivable	(22,669)	(10,372)
Commission receivable	(3,005)	(8,164)
Prepaid expenses and other assets	(18,523)	(8,549)
Deferred acquisition costs	(22,963)	(11,764)
Accounts payable	(2,890)	4,597
Losses payable	12,502	5,243
Provision for unpaid losses and loss adjustment expenses	19,882	22,404
Unearned premiums	50,491	25,601
Commissions payable	16,805	7,570
Due to insurers	8,883	9,366
Advanced premiums	124	1,500
Accrued expenses	981	13,429
Contract liabilities	2,049	22,214
Other current liabilities	5,115	(726)
Net Cash Provided by Operating Activities	42,281	84,572
INVESTING ACTIVITIES:
Purchases of property and equipment and software	(43,370)	(38,258)
Acquisitions, net of cash acquired	(14,609)	(8,875)
Purchase of fixed income securities	(12,246)	0
Maturities of fixed income securities	1,183	0
Other investing activities	48	(255)
Net Cash Used in Investing Activities	(68,994)	(47,388)
FINANCING ACTIVITIES:
Payments on long-term debt	(42,500)	(29,100)
Proceeds from long-term debt	110,000	73,000
Contribution from minority interest	1,580	250
Distributions	(4,056)	(4,000)
Deferred financing costs	(962)	(202)
Payments on notes payable	(1,000)	0
Cash received in business combination	789,661	0
Cash consideration to HHC at Closing	(489,661)	0
Payment of capitalized transaction costs	(30,991)	0
Net Cash Provided by Financing Activities	332,071	39,948
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	(464)	885
Change in cash and cash equivalents and restricted cash and cash equivalents	304,894	78,017
Beginning cash and cash equivalents and restricted cash and cash equivalents	299,078	221,061
Ending cash and cash equivalents and restricted cash and cash equivalents	603,972	299,078
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Purchase of property and equipment	4,668	6,861
Acquisitions	3,774	9,524
Warrant liabilities recognized in business combination	46,826	0
CASH PAID FOR:
Interest	2,502	1,508
Income taxes	2,160	3,874
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	275,332	38,108
Restricted cash and cash equivalents	328,640	260,970
Total cash and cash equivalents and restricted cash and cash equivalents on the Consolidated Statements of Cash Flows	$ 603,972	$ 299,078

Summary of Significant Accounti

Summary of Significant Accounting Policies and New Accounting Standards	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and New Accounting Standards	1 — Summary of Significant Accounting Policies and New Accounting Standards Description of Business — Hagerty, Inc., ("Hagerty" or the "Company") and its consolidated subsidiaries, including The Hagerty Group, LLC ("The Hagerty Group") is a global market leader in providing insurance for classic and enthusiast vehicles. In addition, Hagerty provides an automotive enthusiast platform that engages, entertains and connects with enthusiasts and our members. The Company operates several entities which collectively support Hagerty's revenue streams. Hagerty earns commission and fee revenues for the distribution and servicing of classic automobile and boat insurance policies written through personal and commercial lines agency agreements with multiple insurance carriers in the United States ("U.S."), Canada and the United Kingdom ("U.K."). Reinsurance premiums are earned in Hagerty Reinsurance Limited ("Hagerty Re") which is registered as a Class 3A reinsurer under the Bermuda Insurance Act 1978. Hagerty Re solely reinsures the classic auto and marine risks written through Hagerty's Managing General Agency ("MGA") entities in the U.S., Canada and the U.K. • The business produced by the U.S. MGAs is written by Essentia Insurance Company ("Essentia") and reinsured with its affiliate Evanston Insurance Company ("Evanston"). In turn, Hagerty Re a ssumes premiums through a quota share agreement with Evanston. Essentia and Evanston are wholly owned subsidiaries of Markel Corporation ("Markel") . Markel is a related party. Refer to Note 22 — Related-Party Transactions for additional information. • In 2020, Hagerty Re entered into a reinsurance agreement with Aviva Canada Inc. ("Aviva") to rein sure classic auto and marine risks produced by Hagerty's Canadian MGA. • In 2021, Hagerty Re entered into a reinsurance agreement with Markel International Insurance Company Limited to reinsure classic auto risks produced by Hagerty's U.K. MGA. In connection with this new agreement, Hagerty Re purchased reinsurance to limit its liability to £1,000,000 per claim as U.K. law requires unlimited liability coverage. Markel International Insurance Company Limited is a subsidiary of Markel. The Company earns subscription revenue through membership offerings and other automotive services sold to policyholders and classic vehicle enthusiasts. Membership offerings include but are not limited to private label roadside assistance, digital and linear video content, award-winning magazine, valuation services, and exclusive events and automotive third-party discounts. The Company owns and operates collector vehicle events, earning revenue through ticket sales, sponsorships, and event registration service fees. The Company also operates a peer-to-peer classic vehicle rental business for auto enthusiasts. In 2020, the Company started a majority-owned world-class vehicle storage and exclusive social club facilities called Member Hubs Holding, LLC ("MHH") for classic, collector and exotic cars owners. The Company’s headquarters are located in Traverse City, Michigan. Basis of Presentation — The Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and with the instructions for annual reports on Form 10-K and Regulation S-X and include the accounts of Hagerty, Inc. and The Hagerty Group, LLC ("The Hagerty Group") with its consolidated subsidiaries. The Consolidated Financial Statements for the year ended December 31, 2020, is derived from The Hagerty Group's annual audited financial statements. Principles of Consolidation — The Consolidated Financial Statements contain the accounts of Hagerty and its majority-owned or controlled subsidiaries. As of December 31, 2021, the Company had economic ownership of 24.7% of The Hagerty Group. In addition, MHH is an 80% owned subsidiary of The Hagerty Group. The Company consolidates these entities under the voting interest method guidance in accordance with ASC Topic 810, Consolidations . Redeemable non-controlling interest and Non-controlling interest are presented separately on the Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income (Loss) and the Consolidated Statements of Changes in Members' and Stockholders' Equity. All significant intercompany accounts and transactions have been eliminated in consolidation. Business Combination — On December 2, 2021 (the "Closing"), The Hagerty Group completed a business combination with Aldel Financial Inc. ("Aldel") and Aldel Merger Sub LLC (" Merger Sub") , a Delaware limited liability company and wholly owned subsidiary of Aldel (the "Business Combination") . I n connection with the Closing, Aldel changed its name from Aldel Financial Inc. to Hagerty, Inc. The Business Combination was accounted for as a common control reverse acquisition, for which The Hagerty Group was determined to be the accounting acquirer and Aldel was treated as the "acquired" company. The Hagerty Group issued equity for the net assets of Aldel, accompanied by a recapitalization. Business combinations in which the legal acquirer is not the accounting acquirer are commonly referred to as "reverse acquisitions". A reverse acquisition occurs when the entity that issues securities (legal acquirer) is id entified as the acquiree for accounting purposes and the entity whose equity interests are acquired (the legal acquiree) is identified as the acquirer for accounting purposes. Reverse acquisitions are accounted for in accordance with Subtopic 805-40 of ASC Topic 805, Business Combinations ("ASC 805"). While other factors were evaluated but not considered to have a material impact on the determination, The Hagerty Group was determined to be the accounting acquirer based on the following factors: • Hagerty Holding Corp. ("HHC") controlled the operating company prior to the Business Combination and controls the Company subsequent to the Business Combination through control of the board of directors (the "Board") as well as having majority voting ownership. • The Hagerty Group’s management is also the management of the Company. • The Hagerty Group is larger as compared to Aldel based on assets, revenues and earnings. Unless otherwise indicated or the context otherwise requires, “Hagerty” and “the Company” refer to the business and operations of The Hagerty Group and its consolidated subsidiaries prior to the Business Combination and to Hagerty, Inc. and its consolidated subsidiaries, including The Hagerty Group, following the consummation of the Business Combination. Refer to Note 6 — Business Combination for additional information. Emerging Growth Company — The Company currently qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 and can delay the adoption of new or revised accounting standards until those standards would apply to private companies. The Company intends to avail itself of such extended transition period and, therefore, the Company may not be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies or have opted out of using such extended transition period. Use of Estimates —  The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Although the estimates are considered reasonable, actual results could materially differ from those estimates. The most significant estimates that are susceptible to notable change in the near-term relates to the provision for unpaid losses and loss adjustment expenses (including incurred but not reported ("IBNR")), the change in fair value of warrant liabilities and payments due under the Tax Receivable Agreement ("TRA"). Although some variability is inherent in these estimates, the Company 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 for which those estimates changed. Segment Information  — The Company has one operating segment and one reportable segment. The Company’s Chief Operating Decision Maker ("CODM") is the Chief Executive Officer, who makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis. The Company’s management approach is to utilize an internally developed strategic decision making framework with the membership patrons at the center of all decisions, which requires the CODM to have a consolidated view of the operations so that decisions can be made in the best interest of Hagerty and its membership patrons. Foreign Currency Translation — The Company translates its foreign operations’ assets and liabilities denominated in foreign currencies into U.S. dollars at current rates of exchange as of the balance sheet date, and income and expense items at the average exchange rate for the reporting period. Translation adjustments resulting from exchange rate fluctuations are recorded in the foreign currency translation account, a component of accumulated other comprehensive income (loss). Transaction gains and losses are recognized in "Interest and other income (expense)" within the Consolidated Statements of Operations. Business Update Related To COVID-19 — In March 2020, the World Health Organization declared the Coronavirus ("COVID-19") a pandemic. The pandemic has impacted every geography in which the Company operates. Governments implemented various restrictions around the world, including closure of non-essential businesses, travel, shelter-in-place requirements for citizens and other restrictions. The Company has taken several precautionary steps to safeguard its business and team members from COVID-19, including implementing travel restrictions, arranging work from home capabilities and flexible work policies. The safety and well-being of Hagerty's team members continues to be the top priority. As restrictions were put in place, employees were able to transition to work from home environment quickly and effectively due to the prior technology investments and the Company’s focus on core values. Due to the restrictions and uncertainty caused by the pandemic, 2020 revenue growth was lower than expected primarily caused by lower levels of new business. Offsetting the 2020 revenue shortfall, expenses related to promotional events and travel were lower than anticipated. By the end of 2020, and through the year ended December 31, 2021, new business growth returned to pre-pandemic pace, events were being held and new initiatives were on track. Management will continue to follow and monitor guidelines in each jurisdiction and is working on a phased transition of employees returning to the office. Cash and Cash Equivalents and Restricted Cash and Cash Equivalents — Cash includes amounts held in banks in operating accounts and money market funds. The Company considers money market funds with maturities within 90 days of the purchase date to be equivalent to cash. At December 31, 2021 and 2020, the Company’s cash accounts exceeded federally insured limits. The Company maintains cash collected by its MGAs for premiums from insured parties that have not yet been remitted to insurance companies. These funds are required to be held in trust and segregated from operating cash. These funds and a corresponding liability are included in "Restricted cash and cash equivalents" and "Due to insurers", respectively, within the Consolidated Balance Sheets. The Company has established a trust account for the benefit of the ceding insurer as security for Hagerty Re's obligations for losses, loss expenses, unearned premium and profit-sharing commissions. The use of this fund is restricted to the payment of these expenses and is included in "Restricted cash and cash equivalents" within the Consolidated Balance Sheets. Accounts Receivable — Accounts receivable are recorded, and revenue is recognized, at the latter of the billed or policy effective date, net of estimated cancellations. Reinsurance Premiums Ceded —  Reinsurance premiums ceded are expensed pro-rata over the term of the reinsurance treaties. The portion of the reinsurance premium related to the unexpired portions of the treaties at the end of the fiscal year is reflected in deferred reinsurance premiums. Acquisition Costs — Acquisition costs are comprised of ceding commission and premium taxes that relate directly to the successful acquisition of new or renewal policy premiums by Hagerty Re. Acquisition costs are deferred and recognized in income over the period of the exposure in the underlying treaties. The Company evaluates the recoverability of deferred acquisition costs by determining if the sum of future-earned premiums is greater than the expected future claims and expenses. Anticipated investment income is also a factor in this determination. If a loss is probable on the unexpired portion of policies in force, a premium deficiency loss is recognized. At December 31, 2021 and 2020, the deferred acquisition costs were considered fully recoverable and no premium deficiency loss was recorded. Property and Equipment — Property and equipment are recorded at cost and depreciated over the estimated useful life of each asset. Leasehold improvements are amortized over the shorter of either the lease term or the estimated useful lives of the improvements. Useful lives for financial reporting range from three ves of 39 years. The Company reviews all property and equipment that have finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable in accordance with ASC Topic 360, Impairment and Disposal of Long-Lived Assets ("ASC 360"). If it is determined the carrying amount of the asset is not recoverable, an impairment charge is recorded. Upon sale or retirement, the cost and related accumulated depreciation of assets disposed of are removed from the accounts, and any resulting gain or loss is reflected in the Consolidated Statements of Operations. Annual depreciation is calculated based on the straight-line method. Maintenance, repair costs and minor renovations are expensed as incurred, while expenditures that increase the asset lives are capitalized. Prepaid Expenses and Other Assets — Prepaid expenses and other assets consist primarily of prepaid Software-as-a-Service ("SaaS") implementation costs, prepaid sales and general and administrative services expenses and fixed income investments. • Prepaid expenses are recorded at cost and amortized over the service term. • SaaS implementation costs are recorded as incurred in prepaid expenses. The Company expenses the costs incurred during the preliminary project stage and, upon management approval, capitalizes the direct implementation costs once implementation begins. The Company monitors implementation on an ongoing basis and capitalizes the costs of any major improvements or new functionality. Once the software is fully implemented, the ongoing maintenance costs are expensed. • Fixed income investments consist of Canadian provincial and municipal bonds which qualify as debt securities under ASC Topic 320 Investments – Debt Securities . Fixed income investments are carried at amortized cost on the Consolidated Balance Sheets. Amortized cost is the amount at which an investment is acquired, adjusted for applicable accrued interest, accretion of discount or amortization of premium. Premium or discount is amortized on a straight-line basis to maturity. Pricing information for each fixed income security is obtained from our outside investment manager. The Company ultimately determines whether the inputs and the resulting market values are reasonable. Market pricing is based on fair value level 2 guidance using observable inputs such as quoted prices for similar assets at the measurement date. Intangible Assets — Intangible assets are recorded at cost and amortized over the estimated useful life of each intangible asset. Acquired intangible assets are initially valued at fair value using generally accepted valuation methods appropriate for the type of intangible assets. Intangible assets primarily consist of insurance policy renewal rights, internally developed software, trade names, non-compete agreements and customer relationships. Amortization is recorded using the straight-line method over their estimated useful lives as it approximates the pattern over which economic benefits are realized. Insurance policy renewal rights, internally developed software, trade names, non-complete agreements and customer relationships are amortized over 3 to 25 years. For internally developed software, the Company expenses the costs incurred during the preliminary project stage and capitalizes the direct development costs (including the associated payroll and related costs for employees working on development and outside contractor costs) once management approval is obtained. Intangible assets are reviewed for impairment upon a triggering event or when changes in circumstances indicate that the carrying amount of the asset may not be recoverable in accordance with ASC 360. If it is determined that the carrying amount of the asset is not recoverable, the Company recognizes an impairment loss in the current period within the Consolidated Statements of Operations. The Company did not identify any impairment indicators during the years ended December 31, 2021 and 2020. Goodwill — Goodwill represents the excess of the cost of a business combination, as defined in ASC 805, over the fair value of net assets acquired, including identifiable intangible assets. Goodwill is tested for impairment at the reporting unit level annually as of October 1, and whenever indicators of impairment exist. The Company evaluates impairment of goodwill by assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Qualitative factors include industry and market considerations, overall financial performance, and other relevant events and circumstances affecting the reporting unit. If after performing the qualitative assessment, the Company determines it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the Company performs a quantitative fair value test. The primary valuation method used in the quantitative impairment assessment to determine the fair value of the reporting unit has been a discounted cash flow model. Other valuation methods or comparable transactions may be used when appropriate and applicable to determine the fair value of a reporting unit. The Company did not recognize any goodwill impairments during the years ended December 31, 2021 and 2020. Losses Payable —  Losses payable represents the amount of losses paid and billed by the fronting insurer that have not been paid by Hagerty Re as of the balance sheet date. Provision for Unpaid Losses and Loss Adjustment Expenses — Losses and loss adjustment expenses are recognized as incurred and are based on the estimated ultimate cost of settlement. Outstanding losses include amounts determined from reports and individual cases. As of any balance sheet date, all claims have not yet been reported, and some claims may not be reported for many years. As a result, the liability for unpaid losses and loss adjustment expenses includes significant estimates for IBNR claims. While management believes that these amounts are fairly stated, the ultimate liability may differ materially from the amounts provided. The Company provides for IBNR claims based on an analysis of the loss experience of the risks insured and the recommendations of appropriately qualified actuaries. The reinsurance recoverable amounts shown are determined by applying contract language specific to the Company’s third-party reinsurance program to losses and loss expenses arising from claims occurring as a result of a qualifying event. Adjustments to estimates will be included in the financial statements of subsequent periods when such adjustments become known. Due to Insurers —  Due to insurers represents the net amount of premium due to carriers based on the respective contract with each carrier. The net amount due is equal to the gross written premium less the Company’s commission for policies that have reached their effective date. Advanced Premiums —  Advanced premiums represent the gross written premium received from customers prior to the effective date of the policy. At the effective date of the policy, advanced premiums are reclassified to due to insurers and commission income is recognized. Accrued Expenses —  Accrued expenses consist primarily of amounts owed for wages, payroll taxes, incentive compensation, benefits, professional services and future installments for purchase consideration resulting from asset acquisitions and business combinations. Warrant Liabilities — The Company accounts for its outstanding warrants in accordance with ASC Topic 815 Derivatives and Hedging ("ASC 815"). The warrants do not meet the criteria for equity treatment and as such, are recorded at fair value as a non-cash liability. This liability is subject to remeasurement each reporting period and utilizes a Monte Carlo simulation model to value the warrants. The change in the fair value of the warrants is recognized in the Consolidated Statements of Operations each reporting period. Refer to Note 17 — Warrant Liabilities for additional information. Derivative Instruments — The Company enters into certain derivative financial instruments, when available on a cost-effective basis, to mitigate its risk associated with changes in interest rates. The Company accounts for derivatives in accordance with ASC 815, which establishes accounting and reporting standards requiring that all derivative instruments (including certain derivative instruments embedded in other contracts), whether designated in hedging relationships or not, be recorded on the Consolidated Balance Sheets as either an asset or liability measured at fair value. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in Other comprehensive income (loss). If a derivative is not designated as an accounting hedge, the change in fair value is recognized in the Consolidated Statements of Operations each reporting period. All derivative instruments are managed on a consolidated basis to efficiently minimize exposures. Gains and losses related to the derivative instruments are expected to be largely offset by gains and losses on the original underlying asset or liability. The Company does not use derivative financial instruments for speculative purposes. The Company is exposed to credit loss in the event of nonperformance by the counterparties on derivative contracts. It is the Company’s policy to manage its credit risk on these transactions by dealing only with financial institutions having a long-term credit rating of “A” or better. Acquisitions — The Company accounts for acquisitions of entities or asset groups that qualify as businesses using the acquisition method of accounting in accordance with ASC 805. Purchase consideration is allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date, which are measured in accordance with the principles outlined in ASC Topic 820, Fair Value Measurement ("ASC 820"). The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature. The excess of the total purchase consideration over the fair value of the identified net assets acquired is recognized as goodwill. The results of the acquired businesses are included in the results of operations beginning from the date of acquisition. Acquisition-related costs are expensed as incurred. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the allocation of purchase consideration and to the fair values of assets acquired and liabilities assumed to the extent that additional information becomes available. After this period, any subsequent adjustments are recorded in the Consolidated Statements of Operations. Revenue Recognition — The Company recognizes revenue under both ASC Topic 606, Revenue from Contracts with Customers ("ASC 606") and ASC Topic 944 Financial Services — Insurance ("ASC 944"). Commission and Fee Revenue Hagerty earns new and renewal commissions paid by insurance carriers and fees paid by the carriers’ insureds for the binding of insurance coverage. The Company has identified its customer as the insurance carrier and determined transaction price to be the estimated commissions to be received over the term of the policy, based on an estimate of premiums placed, net of a constraint for policy changes and cancellations. These commissions and fees, including those paid via installment plan, are earned when the policy becomes effective, as all rights are passed to the insured and the obligation to pay a claim resides with the carrier. Under the terms of its contracts with insurance carriers, the Company has the opportunity to earn an annual contingent underwriting commission ("CUC") based on the loss performance of the insurance book of business. The Company’s CUC agreements are based on written or earned premium and underwriting results. Each carrier contract and related CUC is calculated independently. The CUCs represent a form of variable consideration associated with the placement of coverage, for which the Company earns commissions and fees. Under ASC 606, the Company must estimate the amount of consideration that will be received in the coming year such that a significant reversal of revenue is not probable. As such, CUC is recognized as a contract asset as policies are issued using applicable premium and payout factors based on the estimated loss ratio from the contract. Earned Premium Reinsurance premium revenue is recognized in Hagerty Re under ASC 944 on a pro rata basis over the period of the exposure in the underlying reinsurance agreement with the unearned portion recorded as "Unearned premiums" on the Consolidated Balance Sheets. Membership and Other Revenue  Revenue from the sale of Hagerty Drivers Club membership program ("HDC") subscriptions is recognized ratably over the period of the membership, resulting in contract liabilities at December 31, 2021 and 2020. The Company treats the membership as a single performance obligation to provide access to stated member benefits over the life of the membership, which is currently one year. Contract Assets and Liabilities —  The Company recognizes contract assets for amounts due to the Company for CUCs earned but not yet billed under terms of the contract. Contract assets are recorded within "Commission receivable" on the Consolidated Balance Sheets. Contract liabilities consist of payments received in advance of performance under a contract before the transfer of goods or services to a customer or fulfillment of the contract obligations. In 2020, the Company entered into an agreement with a large national carrier and received an advanced commission payment to offset costs of system development. Contract liabilities consist primarily of this advanced payment, along with the obligation to fulfill HDC membership benefits over the one-year life of a membership. Contract Costs —  The Company accounts for contract costs under ASC Topic 340, Other Assets and Deferred Costs , which requires companies to defer certain incremental costs to obtain customer contracts and certain costs to fulfill customer contracts. The Company capitalizes the incremental costs to obtain contracts primarily related to commission payments on new policy sales. These deferred costs are amortized over the expected life of the insurance client and are included in "Prepaid expenses and other assets" in the Company’s Consolidated Balance Sheets as of December 31, 2021 and 2020. Advertising —  Advertising and sales promotion costs are expensed the first time the advertising or sales promotion takes place. Advertising costs were $24.1 million and $18.2 million for the years ended December 31, 2021 and 2020, respectively, and are reflected as a component of "Sales expense" in the Consolidated Statements of Operations. Income Taxes —  The Hagerty Group is taxed as a pass-through ownership structure under provisions of the Internal Revenue Code ("IRC") and a similar section of state income tax law, except Hagerty Re and various foreign subsidiaries. Any taxable income or loss generated by The Hagerty Group is passed through to and included in the taxable income or loss of Hagerty Group Unit Holders, including Hagerty, Inc. Hagerty, Inc. is taxed as a corporation and pays corporate federal, state and local taxes with respect to income allocated from The Hagerty Group. Hagerty, Inc., Hagerty Re and various foreign subsidiaries are treated as taxable entities and income taxes are provided where applicable (see Note 21 — Taxation). Where applicable, income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax-credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are recognized to the extent that there is sufficient positive evidence as allowed under the ASC Topic 740, Income Taxes ("ASC 740"), to support the recoverability of those deferred tax assets. The Company establishes a valuation allowance to the extent that there is insufficient evidence to support the recoverability of the deferred tax asset under ASC 740. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If it is determined that the deferred tax assets would be realizable in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. As of December 31, 2021 and 2020, the Company did not have any unrecognized tax benefits and had no material accrued interest or penalties related to uncertain tax positions. If recorded, interest and penalties would be recorded as "Income tax expense" on the Consolidated Statements of Operations. Tax Receivable Agreement Liability — In connection with the Business Combination, Hagerty, Inc. entered into the TRA with HHC and Markel (together, the "Legacy Unit Holders"). The TRA provides for payment to the Legacy Unit Holders of 85% of the U.S. federal, state and local income 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 limited liability units in The Hagerty Group ("Hagerty Group Units") and Class V Common Stock of the Company for Class A Common Stock of the Company or cash. The Hagerty Group will have in effect an election under Section 754 of the IRC effective for each taxable year in which an exchange of Hagerty Group Units occurs. The remaining 15% cash tax savings resulting from the basis adjustments will be retained by Hagerty, Inc. In general, 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 i

Revenue

Revenue	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue	2 — Revenue Disaggregation of Revenue —  The following table presents Hagerty's revenue by distribution channel offering, as well as a reconciliation to total revenue for the years ended December 31, 2021 and 2020: Agent Direct Total in thousands Year Ended December 31, 2021 Commission and fee revenue $ 115,310 $ 98,926 $ 214,236 Contingent commission 29,552 27,783 57,335 Membership revenue — 40,605 40,605 Other revenue — 11,079 11,079 Total revenue from customer contracts $ 144,862 $ 178,393 $ 323,255 Earned premium recognized under ASC 944 295,824 Total revenue $ 619,079 Year Ended December 31, 2020 Commission and fee revenue $ 99,294 $ 82,721 $ 182,015 Contingent commission 30,024 24,404 54,428 Membership revenue — 36,278 36,278 Other revenue — 6,325 6,325 Total revenue from customer contracts $ 129,318 $ 149,728 $ 279,046 Earned premium recognized under ASC 944 220,502 Total revenue $ 499,548 The following table presents Hagerty's revenue disaggregated by geographic area, as well as a reconciliation to total revenue for the years ended December 31, 2021 and 2020: U.S. Canada Europe Total in thousands Year Ended December 31, 2021 Commission and fee revenue $ 193,520 $ 16,782 $ 3,934 $ 214,236 Contingent commission 57,424 (383) 294 57,335 Membership revenue 37,688 2,917 — 40,605 Other revenue 9,448 301 1,330 11,079 Total revenue from customer contracts $ 298,080 $ 19,617 $ 5,558 $ 323,255 Earned premium recognized under ASC 944 295,824 Total revenue $ 619,079 Year Ended December 31, 2020 Commission and fee revenue $ 165,740 $ 13,274 $ 3,001 $ 182,015 Contingent commission 51,820 1,741 867 54,428 Membership revenue 33,938 2,340 — 36,278 Other revenue 4,976 129 1,220 6,325 Total revenue from customer contracts $ 256,474 $ 17,484 $ 5,088 $ 279,046 Earned premium recognized under ASC 944 220,502 Total revenue $ 499,548 Earned Premium — The following table presents Hagerty Re's total premiums assumed and the change in unearned premiums for the years ended December 31, 2021 and 2020: Year Ended December 31, 2021 2020 in thousands Underwriting income: Premiums assumed $ 353,925 $ 250,557 Reinsurance premiums ceded (7,920) (3,086) Net premiums assumed 346,005 247,471 Change in unearned premiums (50,491) (25,601) Change in deferred reinsurance premiums 310 (1,368) Net premiums earned $ 295,824 $ 220,502 Contract Assets — The following table is a reconciliation of the changes in the Company's contract assets for the periods specified below. Contract assets are classified as "Commission receivable" on the Consolidated Balance Sheets. 2021 2020 in thousands Contract assets as of January 1, $ 54,541 $ 46,320 CUC received (54,280) (46,207) CUC recognized 57,335 54,428 Contract assets as of December 31, $ 57,596 $ 54,541 Contract Liabilities — The following is a reconciliation of the changes in the Company's contract liabilities for the periods specified below: Current Long-Term 2021 2020 2021 2020 in thousands Contract liabilities as of January 1, $ 19,541 $ 16,962 $ 19,667 $ — Advanced commission — 333 — 19,667 Membership and other revenue recognized during the period (51,684) (42,603) — — Membership and other revenue deferred during the period 53,866 44,849 — — Contract liabilities as of December 31, $ 21,723 $ 19,541 $ 19,667 $ 19,667

Deferred Acquisition Costs

Deferred Acquisition Costs	12 Months Ended
	Dec. 31, 2021
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Acquisition Costs	3 — Deferred Acquisition Costs The following table presents a reconciliation of the changes in deferred acquisition costs for the periods specified below: 2021 2020 in thousands Deferred acquisition costs as of January 1, $ 58,572 $ 46,808 Acquisition costs deferred 163,946 117,738 Amortization charged to income (140,983) (105,974) Deferred acquisition costs as of  December 31, $ 81,535 $ 58,572

Prepaid Expenses and Other Asse

Prepaid Expenses and Other Assets	12 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Assets	4 — Prepaid Expenses and Other Assets Prepaid expenses and other assets, current and long-term, consist of: Year Ended December 31, 2021 2020 in thousands Prepaid sales, general and administrative expenses $ 18,004 $ 11,661 Prepaid SaaS implementation costs 16,318 15,369 Fixed income investments 10,785 — Contract costs 4,160 2,749 Media content 3,335 — Other 8,118 5,044 Prepaid expenses and other assets $ 60,720 $ 34,823

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	5 — Property and Equipment The following table summarizes the carrying value of the Company's property and equipment. December 31, 2021 2020 in thousands Land and land improvements $ 930 $ 930 Buildings 1,748 1,748 Leasehold improvements 10,309 7,917 Furniture and equipment 15,121 13,829 Computer equipment and software 20,405 25,609 Automobiles 738 747 Total property and equipment $ 49,251 $ 50,780 Less: accumulated depreciation (20,888) (24,958) Property and equipment, net $ 28,363 $ 25,822 Property and equipment depreciation expense was $6.4 million and $4.7 million for the years ended December 31, 2021 and 2020, respectively.

Business Combination

Business Combination	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Business Combination	6 — Business Combination On December 2, 2021, through The Hagerty Group, the Company completed the Business Combination pursuant to the Business Combination Agreement with Aldel and Merger Sub, with The Hagerty Group surviving as a wholly owned subsidiary of the Company immediately following the Business Combination. In connection with the closing of the Business Combination, the registrant changed its name from Aldel Financial Inc. to Hagerty, Inc. Pursuant to the terms of the Business Combination Agreement , (a) Merger Sub was merged with and into The Hagerty Group, whereupon the separate limited liability company existence of Merger Sub ceased to exist and The Hagerty Group became the surviving company and continues to exist under the Delaware Limited Liability Company Act and (b) the existing limited liability company agreement of The Hagerty Group was amended and restated to, among other thing s, make Aldel a member of The Hagerty Group . As outlined within the Business Combination Agreement , certain accredited investors or qualified institutional buyers (the "PIPE Investors") entered into the Subscription Agreement, pursuant to which the PIPE Investors agreed to purcha se 70,385,000 shares (the "PIPE Shares") of the Company’s Class A Common Stock and 12,669,300 warrants to purchase shares of Class A Common Stock (the " PIPE Warrants " and, together with the PIPE Shares, the "PIPE Securities") for an aggregate purchase price of $703.9 million. The sale of the PIPE Securities was consummated concurrently with the Closing. In connection with the consummation of the Business Combination : • all of the existing limited liability company interests of The Hagerty Group held by HHC were converted into (1) $489.7 million in cash, (2) 176,033,906 Hagerty Group Units, and (3) 176,033,906 shares of Class V Common Stock; • all of the existing limited liability company interests of The Hagerty Group held by Markel were converted into (1) 75,000,000 Hagerty Group Units, and (2) 75,000,000 shares of Class V Common Stock of the Company; • 3,005,034 shares of Aldel's 11,500,000 Class A Common Stock subject to redemption were redeemed, resulting in 8,494,966 Class A Common Stock still outstanding; • all of the 2,875,000 outstanding shares of Aldel's Class B Common Stock were converted into shares of Class A Common Stock on a one-for-one basis; and • 572,500 outstanding Aldel Class A Common Stock became Hagerty, Inc. Class A Common Stock. Immediately after giving effect to the Business Combination , there were 82,327,466 shares of Hagerty Class A Common Stock outstanding , 251,033,906 shares of Hagerty Class V Common Stock outstanding and 20,005,550 warrants outstanding which can be converted on a one-for-one basis to Class A Common Stock . Refer to Note 17 — Warrant Liabilities for additional information on the Company's warrants. Following the Closing, the Company is organized as a C corporation and owns an equity interest in The Hagerty Group in what is commonly known as an "Up-C" structure in which substantially all of the assets and liabilities of the Company are held by The Hagerty Group. As of December 31, 2021, the Company owned 24.7% of The Hagerty Group. As a result of the Up-C structure, redeemable non-controlling interest is held by the Legacy Unit Holders , who retained 75.3% of the economic ownership of The Hagerty Group as of December 31, 2021. In connection with the Business Combination , the Company incurred direct and incremental costs of approxima tely $41.9 million, consisting of primarily investment banking, insurance and professional fees, of which $32.6 million were recorded as a reduction of Additional-paid-in-capital within the Consolidated Balance Sheets. In connection with the Business Combination, Hagerty, Inc. entered into the 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 income tax savings realized by Hagerty, Inc. as a result of the increases in tax basis and certain other tax benefits related to the transactions contemplated under the Business Combination Agreement upon the exchange of Hagerty Group Units and Class V Common Stock for Class A Common Stock or cash. Refer to Note 21 — Taxation for additional information related to the TRA. The following table is a summary of the cash inflows and outflows related to the Business Combination: Business Combination in thousands Cash in trust, net of redemptions $ 85,811 Cash, PIPE 703,850 Less: transaction costs and advisory fees (41,859) Less: Cash consideration to HHC at Closing (489,661) Net cash received from Business Combination $ 258,141 7 — Acquisitions 2021 Business Combinations — On June 22, 2021, the Company purchased the Amelia Island Concours d’Elegance event. On July 22, 2021, the Company's MHH Canadian subsidiary purchased the Paddock Motor Club in Toronto, Canada. On August 12, 2021, the Company purchased McCall's Motorworks Revival. On November 30, 2021, Member Hubs Seattle, LLC purchased the operations of Driver Club, LLC. The pro forma effect of these acquisitions does not materially impact the Company’s reported results, either individually or in the aggregate, for each period presented in the Consolidated Statements of Operations. As a result, no pro forma information has been presented. 2020 Asset Acquisition —  The Company completed one acquisition in 2020 that was accounted for as an asset acquisition. On March 1, 2020, the Company purchased the renewal rights to the collector insurance policies effective on or after March 1, 2020 from a Canadian insurance brokerage. As part of the transaction, the seller entered into a non-compete agreement with the Company wherein it is prohibited from competing with the Company for a period of five years. Total purchase consideration for the acquisition was $9.7 million, with cash paid at closing of $2.5 million and estimated current and long-term liabilities of $2.4 million and $4.8 million, respectively. 2020 Business Combination —  The Company purchased California Mille in 2020, which was accounted for as a business combination. The pro forma effect of this acquisition did not materially impact the Company’s reported results, for each period presented in the Consolidated Statements of Operations. As a result, no pro forma information has been presented. The following table summarizes the purchase consideration and the purchase price allocation to fair values of the identifiable assets acquired and liabilities assumed as of the date of each acquisition: December 31, 2021 2020 in thousands Cash $ 11,450 $ 2,944 Fair value of non-cash consideration 3,767 9,191 Total consideration $ 15,217 $ 12,135 Allocation of purchase price: Other current assets $ 1,416 $ 62 Intangible assets 7,134 11,266 Goodwill 6,753 944 Total assets acquired 15,303 12,272 Liabilities assumed Accrued compensation, current — 38 Contract liabilities, current 86 99 Total liabilities assumed 86 137 Fair value of net assets acquired $ 15,217 $ 12,135

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions	6 — Business Combination On December 2, 2021, through The Hagerty Group, the Company completed the Business Combination pursuant to the Business Combination Agreement with Aldel and Merger Sub, with The Hagerty Group surviving as a wholly owned subsidiary of the Company immediately following the Business Combination. In connection with the closing of the Business Combination, the registrant changed its name from Aldel Financial Inc. to Hagerty, Inc. Pursuant to the terms of the Business Combination Agreement , (a) Merger Sub was merged with and into The Hagerty Group, whereupon the separate limited liability company existence of Merger Sub ceased to exist and The Hagerty Group became the surviving company and continues to exist under the Delaware Limited Liability Company Act and (b) the existing limited liability company agreement of The Hagerty Group was amended and restated to, among other thing s, make Aldel a member of The Hagerty Group . As outlined within the Business Combination Agreement , certain accredited investors or qualified institutional buyers (the "PIPE Investors") entered into the Subscription Agreement, pursuant to which the PIPE Investors agreed to purcha se 70,385,000 shares (the "PIPE Shares") of the Company’s Class A Common Stock and 12,669,300 warrants to purchase shares of Class A Common Stock (the " PIPE Warrants " and, together with the PIPE Shares, the "PIPE Securities") for an aggregate purchase price of $703.9 million. The sale of the PIPE Securities was consummated concurrently with the Closing. In connection with the consummation of the Business Combination : • all of the existing limited liability company interests of The Hagerty Group held by HHC were converted into (1) $489.7 million in cash, (2) 176,033,906 Hagerty Group Units, and (3) 176,033,906 shares of Class V Common Stock; • all of the existing limited liability company interests of The Hagerty Group held by Markel were converted into (1) 75,000,000 Hagerty Group Units, and (2) 75,000,000 shares of Class V Common Stock of the Company; • 3,005,034 shares of Aldel's 11,500,000 Class A Common Stock subject to redemption were redeemed, resulting in 8,494,966 Class A Common Stock still outstanding; • all of the 2,875,000 outstanding shares of Aldel's Class B Common Stock were converted into shares of Class A Common Stock on a one-for-one basis; and • 572,500 outstanding Aldel Class A Common Stock became Hagerty, Inc. Class A Common Stock. Immediately after giving effect to the Business Combination , there were 82,327,466 shares of Hagerty Class A Common Stock outstanding , 251,033,906 shares of Hagerty Class V Common Stock outstanding and 20,005,550 warrants outstanding which can be converted on a one-for-one basis to Class A Common Stock . Refer to Note 17 — Warrant Liabilities for additional information on the Company's warrants. Following the Closing, the Company is organized as a C corporation and owns an equity interest in The Hagerty Group in what is commonly known as an "Up-C" structure in which substantially all of the assets and liabilities of the Company are held by The Hagerty Group. As of December 31, 2021, the Company owned 24.7% of The Hagerty Group. As a result of the Up-C structure, redeemable non-controlling interest is held by the Legacy Unit Holders , who retained 75.3% of the economic ownership of The Hagerty Group as of December 31, 2021. In connection with the Business Combination , the Company incurred direct and incremental costs of approxima tely $41.9 million, consisting of primarily investment banking, insurance and professional fees, of which $32.6 million were recorded as a reduction of Additional-paid-in-capital within the Consolidated Balance Sheets. In connection with the Business Combination, Hagerty, Inc. entered into the 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 income tax savings realized by Hagerty, Inc. as a result of the increases in tax basis and certain other tax benefits related to the transactions contemplated under the Business Combination Agreement upon the exchange of Hagerty Group Units and Class V Common Stock for Class A Common Stock or cash. Refer to Note 21 — Taxation for additional information related to the TRA. The following table is a summary of the cash inflows and outflows related to the Business Combination: Business Combination in thousands Cash in trust, net of redemptions $ 85,811 Cash, PIPE 703,850 Less: transaction costs and advisory fees (41,859) Less: Cash consideration to HHC at Closing (489,661) Net cash received from Business Combination $ 258,141 7 — Acquisitions 2021 Business Combinations — On June 22, 2021, the Company purchased the Amelia Island Concours d’Elegance event. On July 22, 2021, the Company's MHH Canadian subsidiary purchased the Paddock Motor Club in Toronto, Canada. On August 12, 2021, the Company purchased McCall's Motorworks Revival. On November 30, 2021, Member Hubs Seattle, LLC purchased the operations of Driver Club, LLC. The pro forma effect of these acquisitions does not materially impact the Company’s reported results, either individually or in the aggregate, for each period presented in the Consolidated Statements of Operations. As a result, no pro forma information has been presented. 2020 Asset Acquisition —  The Company completed one acquisition in 2020 that was accounted for as an asset acquisition. On March 1, 2020, the Company purchased the renewal rights to the collector insurance policies effective on or after March 1, 2020 from a Canadian insurance brokerage. As part of the transaction, the seller entered into a non-compete agreement with the Company wherein it is prohibited from competing with the Company for a period of five years. Total purchase consideration for the acquisition was $9.7 million, with cash paid at closing of $2.5 million and estimated current and long-term liabilities of $2.4 million and $4.8 million, respectively. 2020 Business Combination —  The Company purchased California Mille in 2020, which was accounted for as a business combination. The pro forma effect of this acquisition did not materially impact the Company’s reported results, for each period presented in the Consolidated Statements of Operations. As a result, no pro forma information has been presented. The following table summarizes the purchase consideration and the purchase price allocation to fair values of the identifiable assets acquired and liabilities assumed as of the date of each acquisition: December 31, 2021 2020 in thousands Cash $ 11,450 $ 2,944 Fair value of non-cash consideration 3,767 9,191 Total consideration $ 15,217 $ 12,135 Allocation of purchase price: Other current assets $ 1,416 $ 62 Intangible assets 7,134 11,266 Goodwill 6,753 944 Total assets acquired 15,303 12,272 Liabilities assumed Accrued compensation, current — 38 Contract liabilities, current 86 99 Total liabilities assumed 86 137 Fair value of net assets acquired $ 15,217 $ 12,135
Acquisitions	7 — Acquisitions 2021 Business Combinations — On June 22, 2021, the Company purchased the Amelia Island Concours d’Elegance event. On July 22, 2021, the Company's MHH Canadian subsidiary purchased the Paddock Motor Club in Toronto, Canada. On August 12, 2021, the Company purchased McCall's Motorworks Revival. On November 30, 2021, Member Hubs Seattle, LLC purchased the operations of Driver Club, LLC. The pro forma effect of these acquisitions does not materially impact the Company’s reported results, either individually or in the aggregate, for each period presented in the Consolidated Statements of Operations. As a result, no pro forma information has been presented. 2020 Asset Acquisition —  The Company completed one acquisition in 2020 that was accounted for as an asset acquisition. On March 1, 2020, the Company purchased the renewal rights to the collector insurance policies effective on or after March 1, 2020 from a Canadian insurance brokerage. As part of the transaction, the seller entered into a non-compete agreement with the Company wherein it is prohibited from competing with the Company for a period of five years. Total purchase consideration for the acquisition was $9.7 million, with cash paid at closing of $2.5 million and estimated current and long-term liabilities of $2.4 million and $4.8 million, respectively. 2020 Business Combination —  The Company purchased California Mille in 2020, which was accounted for as a business combination. The pro forma effect of this acquisition did not materially impact the Company’s reported results, for each period presented in the Consolidated Statements of Operations. As a result, no pro forma information has been presented. The following table summarizes the purchase consideration and the purchase price allocation to fair values of the identifiable assets acquired and liabilities assumed as of the date of each acquisition: December 31, 2021 2020 in thousands Cash $ 11,450 $ 2,944 Fair value of non-cash consideration 3,767 9,191 Total consideration $ 15,217 $ 12,135 Allocation of purchase price: Other current assets $ 1,416 $ 62 Intangible assets 7,134 11,266 Goodwill 6,753 944 Total assets acquired 15,303 12,272 Liabilities assumed Accrued compensation, current — 38 Contract liabilities, current 86 99 Total liabilities assumed 86 137 Fair value of net assets acquired $ 15,217 $ 12,135

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	8 — Intangible Assets The cost and accumulated amortization of intangible assets as of December 31, 2021 and 2020 are as follows: Weighted Average Useful Life December 31, 2021 2020 in thousands Renewal rights 10.0 $ 17,557 $ 17,112 Internally developed software 3.1 76,865 42,595 Trade names and trademarks 19.7 5,004 2,009 Other 12.6 7,116 3,065 Intangible assets 106,542 64,781 Less: accumulated amortization (30,371) (18,164) Intangible assets, net $ 76,171 $ 46,617 Intangible asset amortization expense was $12.8 million and $5.8 million for the years ended December 31, 2021 and 2020 respectively. The estimated future aggregate amortization expense as of December 31, 2021 is as follows (in thousands): 2022 $ 19,926 2023 21,789 2024 13,744 2025 5,924 2026 2,553 Thereafter 12,235 Total $ 76,171

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	9 — Goodwill In applying the acquisition method of accounting for business combinations, amounts assigned to identifiable assets and liabilities acquired were based on estimated fair values as of the date of acquisition, with the remainder recorded as goodwill. The following is a reconciliation of the changes in the Company's goodwill for the periods specified below: 2021 2020 in thousands Goodwill as of January 1, $ 4,745 $ 3,801 Goodwill resulting from acquisition 6,743 944 Goodwill as of December 31, $ 11,488 $ 4,745

Provision for Unpaid Losses and

Provision for Unpaid Losses and Loss Adjustment Expenses	12 Months Ended
	Dec. 31, 2021
Insurance [Abstract]
Provision for Unpaid Losses and Loss Adjustment Expenses	10 — Provision for Unpaid Losses and Loss Adjustment Expenses The following table presents the provision for unpaid losses and loss adjustment expenses, net of amounts recoverable from reinsurers, at December 31, 2021 and 2020: Year Ended December 31, 2021 2020 in thousands Outstanding losses reported $ 38,207 $ 22,710 IBNR 36,662 32,278 Total unpaid losses and loss adjustment expenses $ 74,869 $ 54,988 The following table presents a reconciliation of beginning and ending provision for unpaid losses and loss adjustment expenses, net of amounts recoverable from reinsurers: Year Ended December 31, 2021 2020 in thousands Net unpaid losses and loss adjustment expenses, beginning of the year $ 54,988 $ 32,581 Incurred losses and loss adjustment expenses: Current accident year $ 132,481 $ 91,025 Prior accident year (1) (10,401) — Total incurred losses and loss adjustment expenses $ 122,080 $ 91,025 Payments: Current accident year $ 76,559 $ 53,734 Prior accident year 25,656 14,884 Total payments $ 102,215 $ 68,618 Effect of foreign currency rate changes 16 — Net reserves for losses and loss adjustment expenses, end of year $ 74,869 $ 54,988 Reinsurance recoverables — — Gross reserves for losses and loss adjustment expenses, end of year $ 74,869 $ 54,988 (1) Prior accident year development reflects lower than originally estimated incurred claims related to frequency and severity in accident years 2017 to 2020. In updating Hagerty Re's loss reserve estimates, inputs are considered and evaluated from many sources, including actual claims data, the performance of prior reserve estimates, observed industry trends, and internal review processes, including the views of the Company’s actuary. These inputs are used to improve evaluation techniques and to analyze and assess the change in estimated ultimate losses for each accident year by line of business. These analyses produce a range of indications from various methods, from which an actuarial point estimate is selected. In determining management’s best estimate of the reserves for losses and loss adjustment expenses as of December 31, 2021 and 2020, consideration was given both to the actuarial point estimate and a number of other internal and external factors, including: • uncertainty around inflationary costs, both economic and social inflation; • estimates of expected losses through the use of historical loss data; • changing mix of business due to large growth in modern collectibles which carry a different risk profile than the Company’s classic book; • legislative and judicial changes in the jurisdictions in which the Company writes insurance; and • industry experience. The following factors are relevant to the additional information included in the tables following: • Table organization : The tables are organized by accident year and include policies written on an occurrence basis. • Groupings : The Company believes that grouping total reserves for losses and loss adjustment expenses by line of business have homogenous risk characteristics with similar development patterns and would generally be subject to similar trends. • Claim counts : The Company considers a reported claim to be one claim for each claimant for each loss occurrence. • Limitations: There are limitations that should be considered on the reported claim count data in the tables below, including: claim counts are presented only on a reported (not an ultimate) basis. The following table presents a summary of total reserves for losses and loss adjustment expenses, gross of reinsurance recoverable, for the periods specified below: December 31, 2021 2020 in thousands Auto $ 74,573 $ 54,548 Marine 296 440 Total reserves for losses and loss adjustment expenses $ 74,869 $ 54,988 The following tables present incurred losses and loss adjustment expenses, by accident year, undiscounted and net of reinsurance recoveries. a) Auto (dollars in thousands) Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported Cumulative Number of Reported Claims Reporting Years Ended December 31, Accident Year 2017* 2018* 2019* 2020* 2021 As of December 31, 2021 2017 $ 18,594 $ 18,594 $ 18,594 $ 18,594 $ 18,409 $ 318 11,030 2018 40,422 40,287 40,287 37,516 101 20,627 2019 63,642 63,642 59,660 1,336 23,723 2020 90,110 86,608 6,345 27,178 2021 131,643 28,366 33,387 Total $ 333,836 $ 36,466 115,945 Cumulative paid losses and loss adjustment expenses from the table below (259,263) — Reserves for losses and loss adjustment expenses before 2017, net of reinsurance — — Reserves for losses and loss adjustment expenses, undiscounted and net of reinsurance $ 74,573 $ 36,466 Cumulative paid losses and loss adjustment expenses by accident year (in thousands): As of December 31, Accident Year 2017* 2018* 2019* 2020* 2021 2017 $ 11,410 $ 16,655 $ 17,442 $ 17,530 $ 17,897 2018 23,915 34,992 35,899 36,414 2019 37,910 51,491 55,617 2020 53,167 73,402 2021 75,933 Total $ 259,263 *Unaudited required supplemental information. b) Marine: (dollars in thousands) Reserves Cumulative Reporting Years Ended December 31, Accident Year 2017* 2018* 2019* 2020* 2021 As of December 31, 2021 2017 $ 198 $ 198 $ 198 $ 198 $ 183 $ — 124 2018 437 437 437 489 9 189 2019 893 893 835 — 192 2020 915 975 8 206 2021 854 164 198 Total $ 3,336 $ 181 909 Cumulative paid losses and loss adjustment expenses from the table below (3,040) — Reserves for losses and loss adjustment expenses before the 2017 accident year — — Reserves for losses and loss adjustment expenses, undiscounted and net of reinsurance $ 296 $ 181 Paid losses and loss adjustment expenses by accident year (in thousands): Accident Year 2017* 2018* 2019* 2020* 2021 2017 $ 138 $ 183 $ 183 $ 182 $ 182 2018 332 426 425 431 2019 514 828 835 2020 568 967 2021 625 Total $ 3,040 *Unaudited required supplemental information. The following table presents supplementary information about average historical claims duration as of December 31, 2021 based on the cumulative incurred and paid losses and allocated loss adjustment expenses presented above. Average Annual Percentage of Payout of Incurred Claims by Age (in Years), Net of Reinsurance unaudited Year 1 Year 2 Year 3 Year 4 Year 5 Auto 61.4 % 25.2 % 7.4 % 2.8 % 0.9 % Marine 74.1 % 15.2 % 10.2 % 0.2 % 0.3 % 12 — Statutory Capital and Surplus Dividend Restrictions —  Under Bermuda law, Hagerty Re is prohibited from declaring or making payment of a dividend if it fails to meet its minimum solvency margin or minimum liquidity ratio. Prior approval from the Bermuda Monetary Authority ("BMA") is also required if Hagerty Re's proposed dividend payments would exceed 25% of its prior year-end total statutory capital and surplus. The amount of dividends which could be paid in 2022 without prior approval is $26.8 million. Capital Restrictions —  In Bermuda, Hagerty Re is subject to the Bermuda Solvency Capital Requirement ("BSCR") administered by the BMA. No regulatory action is taken if an insurer’s capital and surplus is equal to or in excess of its enhanced capital requirement determined by the BSCR model. In addition, the BMA has established a target capital level for each insurer, which is 120% of the enhanced capital requirement. Hagerty Re has a more prudent target of 130% of the enhanced capital requirement. Statutory Financial Information —  Hagerty Re prepares its statutory financial statements in conformity with the accounting principles set forth in Bermuda in The Insurance Act 1978, amendments thereto and related regulations. At December 31, 2021 and 2020, the general business statutory capital and surplus of the Company was $107.3 million and $82.0 million, respectively, and the general business statutory net income of Hagerty Re was $25.2 million and $18.3 million for the years ended December 31, 2021 and 2020, respectively.

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2021
Insurance [Abstract]
Reinsurance	11 — Reinsurance Hagerty Re purchases catastrophe reinsurance to protect held capital from large catastrophic events and to provide earnings protection and stability. As of December 31, 2021, Hagerty Re's program provides $83.0 million of excess of loss coverage attaching at $7.0 million. The top layer ($10.0 million excess of $80.0 million) can also be used to provide $10.0 million of aggregate catastrophe protection attaching after $10.5 million of annual catastrophe loss. The Company retains 25% of the liability of this top and aggregate cover. It is the Company’s intention to renew the program annually after adjusting for portfolio growth. During 2021, Hagerty Re renewed and increased its catastrophe reinsurance coverage effective January 1, 2022. The current program provides $100.0 million of coverage excess of a per event retention of $10.0 million in three layers; $50.0 million excess of $10.0 million, $30.0 million excess of $60.0 million and $10.0 million excess of $90.0 million. The top layer can also be used to provide $10.0 million of aggregate catastrophe protection attaching after $12.5 million of annual catastrophe loss. Reinsurance contracts do not relieve Hagerty Re from its primary liability to the ceding carriers according to the terms of its reinsurance treaties. Failure of reinsurers to honor their obligations could result in additional losses to Hagerty Re. Hagerty Re evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from its exposure to individual reinsurers. All of Hagerty Re's reinsurers have an A.M. Best rating of A- (excellent) or better, or fully collateralize their maximum obligation under the treaty.

Statutory Capital and Surplus

Statutory Capital and Surplus	12 Months Ended
	Dec. 31, 2021
Insurance [Abstract]
Statutory Capital and Surplus	10 — Provision for Unpaid Losses and Loss Adjustment Expenses The following table presents the provision for unpaid losses and loss adjustment expenses, net of amounts recoverable from reinsurers, at December 31, 2021 and 2020: Year Ended December 31, 2021 2020 in thousands Outstanding losses reported $ 38,207 $ 22,710 IBNR 36,662 32,278 Total unpaid losses and loss adjustment expenses $ 74,869 $ 54,988 The following table presents a reconciliation of beginning and ending provision for unpaid losses and loss adjustment expenses, net of amounts recoverable from reinsurers: Year Ended December 31, 2021 2020 in thousands Net unpaid losses and loss adjustment expenses, beginning of the year $ 54,988 $ 32,581 Incurred losses and loss adjustment expenses: Current accident year $ 132,481 $ 91,025 Prior accident year (1) (10,401) — Total incurred losses and loss adjustment expenses $ 122,080 $ 91,025 Payments: Current accident year $ 76,559 $ 53,734 Prior accident year 25,656 14,884 Total payments $ 102,215 $ 68,618 Effect of foreign currency rate changes 16 — Net reserves for losses and loss adjustment expenses, end of year $ 74,869 $ 54,988 Reinsurance recoverables — — Gross reserves for losses and loss adjustment expenses, end of year $ 74,869 $ 54,988 (1) Prior accident year development reflects lower than originally estimated incurred claims related to frequency and severity in accident years 2017 to 2020. In updating Hagerty Re's loss reserve estimates, inputs are considered and evaluated from many sources, including actual claims data, the performance of prior reserve estimates, observed industry trends, and internal review processes, including the views of the Company’s actuary. These inputs are used to improve evaluation techniques and to analyze and assess the change in estimated ultimate losses for each accident year by line of business. These analyses produce a range of indications from various methods, from which an actuarial point estimate is selected. In determining management’s best estimate of the reserves for losses and loss adjustment expenses as of December 31, 2021 and 2020, consideration was given both to the actuarial point estimate and a number of other internal and external factors, including: • uncertainty around inflationary costs, both economic and social inflation; • estimates of expected losses through the use of historical loss data; • changing mix of business due to large growth in modern collectibles which carry a different risk profile than the Company’s classic book; • legislative and judicial changes in the jurisdictions in which the Company writes insurance; and • industry experience. The following factors are relevant to the additional information included in the tables following: • Table organization : The tables are organized by accident year and include policies written on an occurrence basis. • Groupings : The Company believes that grouping total reserves for losses and loss adjustment expenses by line of business have homogenous risk characteristics with similar development patterns and would generally be subject to similar trends. • Claim counts : The Company considers a reported claim to be one claim for each claimant for each loss occurrence. • Limitations: There are limitations that should be considered on the reported claim count data in the tables below, including: claim counts are presented only on a reported (not an ultimate) basis. The following table presents a summary of total reserves for losses and loss adjustment expenses, gross of reinsurance recoverable, for the periods specified below: December 31, 2021 2020 in thousands Auto $ 74,573 $ 54,548 Marine 296 440 Total reserves for losses and loss adjustment expenses $ 74,869 $ 54,988 The following tables present incurred losses and loss adjustment expenses, by accident year, undiscounted and net of reinsurance recoveries. a) Auto (dollars in thousands) Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported Cumulative Number of Reported Claims Reporting Years Ended December 31, Accident Year 2017* 2018* 2019* 2020* 2021 As of December 31, 2021 2017 $ 18,594 $ 18,594 $ 18,594 $ 18,594 $ 18,409 $ 318 11,030 2018 40,422 40,287 40,287 37,516 101 20,627 2019 63,642 63,642 59,660 1,336 23,723 2020 90,110 86,608 6,345 27,178 2021 131,643 28,366 33,387 Total $ 333,836 $ 36,466 115,945 Cumulative paid losses and loss adjustment expenses from the table below (259,263) — Reserves for losses and loss adjustment expenses before 2017, net of reinsurance — — Reserves for losses and loss adjustment expenses, undiscounted and net of reinsurance $ 74,573 $ 36,466 Cumulative paid losses and loss adjustment expenses by accident year (in thousands): As of December 31, Accident Year 2017* 2018* 2019* 2020* 2021 2017 $ 11,410 $ 16,655 $ 17,442 $ 17,530 $ 17,897 2018 23,915 34,992 35,899 36,414 2019 37,910 51,491 55,617 2020 53,167 73,402 2021 75,933 Total $ 259,263 *Unaudited required supplemental information. b) Marine: (dollars in thousands) Reserves Cumulative Reporting Years Ended December 31, Accident Year 2017* 2018* 2019* 2020* 2021 As of December 31, 2021 2017 $ 198 $ 198 $ 198 $ 198 $ 183 $ — 124 2018 437 437 437 489 9 189 2019 893 893 835 — 192 2020 915 975 8 206 2021 854 164 198 Total $ 3,336 $ 181 909 Cumulative paid losses and loss adjustment expenses from the table below (3,040) — Reserves for losses and loss adjustment expenses before the 2017 accident year — — Reserves for losses and loss adjustment expenses, undiscounted and net of reinsurance $ 296 $ 181 Paid losses and loss adjustment expenses by accident year (in thousands): Accident Year 2017* 2018* 2019* 2020* 2021 2017 $ 138 $ 183 $ 183 $ 182 $ 182 2018 332 426 425 431 2019 514 828 835 2020 568 967 2021 625 Total $ 3,040 *Unaudited required supplemental information. The following table presents supplementary information about average historical claims duration as of December 31, 2021 based on the cumulative incurred and paid losses and allocated loss adjustment expenses presented above. Average Annual Percentage of Payout of Incurred Claims by Age (in Years), Net of Reinsurance unaudited Year 1 Year 2 Year 3 Year 4 Year 5 Auto 61.4 % 25.2 % 7.4 % 2.8 % 0.9 % Marine 74.1 % 15.2 % 10.2 % 0.2 % 0.3 % 12 — Statutory Capital and Surplus Dividend Restrictions —  Under Bermuda law, Hagerty Re is prohibited from declaring or making payment of a dividend if it fails to meet its minimum solvency margin or minimum liquidity ratio. Prior approval from the Bermuda Monetary Authority ("BMA") is also required if Hagerty Re's proposed dividend payments would exceed 25% of its prior year-end total statutory capital and surplus. The amount of dividends which could be paid in 2022 without prior approval is $26.8 million. Capital Restrictions —  In Bermuda, Hagerty Re is subject to the Bermuda Solvency Capital Requirement ("BSCR") administered by the BMA. No regulatory action is taken if an insurer’s capital and surplus is equal to or in excess of its enhanced capital requirement determined by the BSCR model. In addition, the BMA has established a target capital level for each insurer, which is 120% of the enhanced capital requirement. Hagerty Re has a more prudent target of 130% of the enhanced capital requirement. Statutory Financial Information —  Hagerty Re prepares its statutory financial statements in conformity with the accounting principles set forth in Bermuda in The Insurance Act 1978, amendments thereto and related regulations. At December 31, 2021 and 2020, the general business statutory capital and surplus of the Company was $107.3 million and $82.0 million, respectively, and the general business statutory net income of Hagerty Re was $25.2 million and $18.3 million for the years ended December 31, 2021 and 2020, respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	13 — Fair Value Measurements Hagerty measures and discloses fair values in accordance with the provisions of ASC 820. The Company’s significant fair value measurements primarily relate to interest rate swaps, warrant liabilities, and fixed income investments. The Company uses valuation techniques based on inputs such as observable data, independent market data and/or unobservable data. Additionally, Hagerty makes assumptions in valuing its assets and liabilities, including assumptions about risk and the risks inherent in the inputs to the valuation techniques. The Company classifies fair value measurements 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 is significant to the fair value measurement in its entirety. Assessing the significance of a particular input requires judgment. The three levels of the fair value hierarchy are as follows: • Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement 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 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for substantially the full term of the asset or liability. • Level 3 — Unobservable inputs that management believes 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 at the end of the reporting period. Recurring fair value measurements Interest rate swaps Interest rate swaps are determined to be Level 2 within the fair value hierarchy. The significant inputs, such as the LIBOR forward curve, of interest rate swaps are considered observable market inputs. The Company monitors the credit and nonperformance risk associated with its counterparty and believes them to be insignificant. Refer to Note 15 — Interest Rate Swaps for additional information. Warrant liabilities The Company has public and private warrants outstanding as of December 31, 2021 (refer to Note 17 — Warrant Liabilities for additional information). The Company has determined that its Public Warrants are Level 1 within the fair value hierarchy. The Public Warrants are measured utilizing quoted market prices. The Company has determined that its private warrants are Level 3 within the fair value hierarchy. The Company's private warrants include Private Placement Warrants, Underwriter Warrants, OTM Warrants and PIPE Warrants. The Company utilizes a Monte Carlo simulation model to measure the fair value of the private warrants. The Company’s Monte Carlo simulation model includes assumptions related to the expected stock-price volatility, expected term, dividend yield and risk-free interest rate. The following table summarizes the significant inputs in the valuation model as of December 31, 2021: Inputs Private Placement Warrants Underwriter Warrants OTM Warrants PIPE Warrants Exercise price $11.50 $11.50 $15.00 $11.50 Common stock price $14.18 $14.18 $14.18 $14.18 Volatility 26.5% 26.5% 28.0% 26.5% Expected term of the warrants 4.92 4.92 9.93 4.92 Risk-free rate 1.25% 1.25% 1.52% 1.25% Dividend yield $— $— $— $— The Company estimates the volatility of its common stock based on factors including, but not limited to, implied volatility of the Public Warrants, the historical performance of comparable companies, and management's understanding of the volatility associated with similar instruments of other entities. The risk-free rate is based on the yield of the U.S. Treasury Constant Maturity for a term that approximates the expected remaining life, which is assumed to be the remaining contractual term, of the warrants. The dividend rate is based on the Company’s historical rate, which the Company anticipates to remain at zero. The fair value of the Company's financial assets and liabilities measured at fair value on a recurring basis at December 31, 2021 and 2020, is shown in the table below: Fair Value Measurements Total Level 1 Level 2 Level 3 in thousands December 31, 2021 Financial Assets Interest rate swaps $ 531 $ — $ 531 $ — Total $ 531 $ — $ 531 $ — Financial Liabilities Public warrants $ 25,243 $ 25,243 $ — $ — Private placement warrants 1,248 — — 1,248 Underwriter warrants 139 — — 139 OTM warrants 6,849 — — 6,849 PIPE warrants 55,887 — — 55,887 Total $ 89,366 $ 25,243 $ — $ 64,123 December 31, 2020 Financial Liabilities Interest rate swaps $ 801 $ — $ 801 $ — Total $ 801 $ — $ 801 $ — The following table presents a reconciliation of the Company's warrant liabilities that are classified as Level 3 within the fair value hierarchy for the year ended December 31, 2021: Private Placement Warrants Underwriter Warrants OTM Warrants PIPE Warrants Total in thousands Balance at December 31, 2020 $ — $ — $ — $ — $ — Issuance of warrant liabilities 460 51 2,899 31,800 35,210 Change in fair value of warrant liabilities 788 88 3,950 24,087 28,913 Balance at December 31, 2021 $ 1,248 $ 139 $ 6,849 $ 55,887 $ 64,123 Fixed Income Investments The Company has fixed income investments that consist of Canadian Sovereign and Provincial fixed income securities held in a trust account to meet the requirements of a third-party insurer, Aviva, in connection with Hagerty Re's reinsurance agreement. The Company classifies its fixed income investments in connection with its reinsurance agreement as held-to-maturity, as the Company has the intent and ability to hold these investments to maturity. The Company has determined that its fixed income investments are Level 2 within the fair value hierarchy, as these investments are valued using observable inputs such as quoted prices for similar assets at the measurement date. The following table discloses the fair value and related carrying amount of fixed income securities held within Hagerty Re's investments: Carrying Amount Estimated Fair Value in thousands December 31, 2021 Fixed income securities, short-term $ 1,189 $ 1,188 Fixed income securities, long-term 9,596 9,476 Total $ 10,785 $ 10,664 The duration of all unrealized losses is less than 12 months. The Company has reviewed the portfolio for other than temporary impairments and concluded that no impairment exists as of December 31, 2021. The Company did not record any gains or losses on these securities during the year ended December 31, 2021.

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	14 — Debt As of the indicated dates, the principal amount of Hagerty's debt consisted of the following: December 31, 2021 2020 in thousands Credit Facility $ 135,500 $ 68,000 Note payable 1,000 2,000 Total debt outstanding $ 136,500 $ 70,000 Less: current portion (1,000) (1,000) Total long-term debt outstanding $ 135,500 $ 69,000 Aggregate annual maturities of long-term debt at December 31, 2021 are as follows (in thousands): Year ending December 31, 2022 $ 1,000 2023 — 2024 — 2025 — 2026 135,500 Total $ 136,500 Credit Facility — I n October 2021, the Company entered into a Third Amendment to Amended and Restated Credit Agreement ("Credit Agreement"), which amended the terms of its revolving credit facility ("Credit Facility") with JPMorgan Chase Bank, N.A., as administrative agent, and the other financial institutions party thereto from time to time as lenders. The aggregate amount of commitments available to the Company under the Credit Facility is $230.0 million. The Credit Agreement also provides for an uncommitted incremental facility under which the Company may request one or more increases in the amount of the commitments available under the Credit Facility in an aggregate amount not to exceed $50.0 million. Additionally, the Credit Agreement also provides for the issuance of letters of credit and the making of discretionary swing line loans, with sublimits of $25.0 million and $3.0 million, respectively, or lesser amounts in the event the available aggregate commitments are less than such sublimits. The current term of the Credit Agreement expires in October 2026 and may be extended by one year on an annual basis if agreed to by the Company and the lenders party thereto. Any unpaid balance on the Credit Facility is due at maturity. The Company may elect that borrowings made under the Credit Facility bear interest at a rate per annum equal to either (i) a base rate equal to the greatest of (a) the prime rate published by the Wall Street Journal , (b) the greater of (1) the federal funds effective rate and (2) the overnight bank funding rate, in either case, plus 0.5%, and (c) a one-month adjusted LIBOR plus 1.0% or (ii) an adjusted LIBOR rate equal to the LIBOR multiplied by the statutory reserve rate, plus, in either case, an applicable margin based on a leverage ratio calculated based on the Company’s financial statements for its four most recent fiscal quarters. The effective borrowing rate was 1.61% and 2.48% as of December 31, 2021 and 2020, respectively. The Credit Facility borrowings are collateralized by Company assets, except for the assets of the Company’s U.K., Bermuda and German subsidiaries as well as the assets of the Hagerty Events, LLC and the non-wholly owned subsidiaries of MHH. Under the Credit Agreement, the Company is required, among other things, to meet certain financial covenants (as defined in the Credit Agreement), including a fixed charge coverage ratio and a leverage ratio. As of December 31, 2021 and 2020, the Company was in compliance with the covenants under the Credit Agreement. The Credit Facility includes a provision for determining a LIBOR successor rate in the event LIBOR reference rates are no longer available. The alternative benchmark replacement rate is the Secured Overnight Financing Rate ("SOFR"). In addition, the facility includes a provision for determining a SOFR successor rate in the event SOFR reference rates are no longer available. If no SOFR successor rate has been determined, the rate will be based on the higher of the Prime Rate or the federal funds rate plus a fixed margin. Note Payable — The Company has a note payable related to a business combination for the future purchase installment payments. The note is paid in two equal installments, $1.0 million of which was paid in 2021, and interest is calculated at a fixed rate of 3.25%. The note payable expires March 1, 2022 at which time the second installment is due.

Interest Rate Swaps

Interest Rate Swaps	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	15 — Interest Rate Swaps Hagerty's interest rate swap agreements are used to fix the interest rate on a portion of the Company's existing variable rate debt to reduce the exposure to interest rate fluctuations. The notional amounts of the interest rate swap agreements are used to measure interest to be paid or received and do not represent the amount of exposure to credit loss. The differential paid or received on the interest rate swap agreements is recognized as an adjustment to interest expense within "Interest and other income (expense)" on the Consolidated Statements of Operations.

Members' and Stockholders' Equi

Members' and Stockholders' Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Members' and Stockholders' Equity	16 — Members' and Stockholders' Equity Prior to the Business Combination, The Hagerty Group had one class of partnership interests. These units were recapitalized as Hagerty Group Units in connection the Business Combination. The partnership interests are reflected as The Hagerty Group's historical members’ equity in the Consolidated Balance Sheets. As of the Closing and as of December 31, 2021, Hagerty held a 24.7% economic ownership interest in The Hagerty Group. Class A Common Stock — Hagerty 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. Additionally, Class A Common Stock is defined as “Economic Common Stock,” and holders are entitled to receive dividends and other distributions (payable in cash, property, or capital stock of the Company) when, as and if declared thereon by Hagerty's Board from time to time out of any assets or funds of the Company legally available therefor and share equally on a per share basis in such dividends and distributions. As of December 31, 2021, there were 82,327,466 shares of Class A Common Stock issued and outstanding. Class V Common Stock — Hagerty 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. Holders of Class V Common Stock are entitled to 10 votes for each share. As of December 31, 2021, there were 251,033,906 shares of Class V Common Stock issued and outstanding. Preferred Stock — Hagerty is authorized to issue 20,000,000 shares of Preferred Stock with a par value of $0.0001 per share. Hagerty's 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 December 31, 2021, there were no shares of Preferred Stock issued and outstanding. Members' Equity — Prior to the Business Combination, The Hagerty Group had 100,000 units outstanding with no par value. At Closing, all units were converted to Hagerty Group Units and Class V Common Stock as further described in Note 6 — Business Combination. Non-controlling Interest — Non-controlling interest represents the portion of economic ownership of MHH that is not owned or controlled by The Hagerty Group. The Company consolidates its ownership of MHH under the voting interest method. Non-controlling interest is shown separately on the Consolidated Statements of Operations showing the portion that is not owned by The Hagerty Group. Redeemable Non-controlling Interest — Following the Business Combination, Hagerty is the managing member of The Hagerty Group and, as a result, consolidates the financial results of The Hagerty Group. The Company reports redeemable non-controlling interest representing economic interests in The Hagerty Group held by the Legacy Unit Holders. Under the Exchange Agreement, the Legacy Unit Holders can exchange Class V Common Stock and associated Hagerty Group Units for an equivalent amount of Class A Common Stock, or at the option of the Company, for cash. The decision to exchange the Legacy Unit Holders' Class V Common Stock and associated Hagerty Group Units for an equivalent amount of Class A Common Stock or cash is made at the discretion of the Company. However, the Company is controlled by the Legacy Unit Holders through their voting control with Class V Common Stock. Accordingly, the non-controlling interest is considered a redeemable non-controlling interest and is required to be reported as temporary equity. The redeemable non-controlling interest is measured at the greater of the initial fair value or the redemption value, with a corresponding adjustment to additional paid-in capital. Future redemptions or exchanges of Hagerty Group Units by the Legacy Unit Holders will result in a change in ownership and reduce the Company's redeemable non-controlling interest. Class V Common Stock and Hagerty Group Units held by the Legacy Unit Holders are exchangeable at the earlier of 180 days from the close of the Business Combination or when the founder shares are no longer locked, as defined within the Lock-Up Agreement, dated as of December 2, 2021, between the Company, and the Legacy Unit Holders. As of December 31, 2021, the Class V Common Stock and Hagerty Group Units held by the Legacy Unit Holders were not unlocked. It is probable that the Class V Common Stock and Hagerty Group Units will become redeemable as they will have become unlocked after a set period of time. Therefore, as of December 31, 2021, the Company has elected to accrete changes in the value of the redemption on a pro-rated basis using the 180 day lockout period and the closing price of the Class A Common Stock as of the period end date. The redeemable non-controlling interest had an accreted redemption value of $593.3 million as of December 31, 2021. Upon unlocking of the Class V Common Stock and Hagerty Group Units, the Company will adjust the redemption value each period using the closing Class A Common Stock price as of the period end date. The following table summarizes the ownership of The Hagerty Group as of December 31, 2021: Owner Units Owned Ownership Percentage in thousands (except percentages) Hagerty, Inc. controlling interest 82,327 24.7 % Redeemable non-controlling interest 251,034 75.3 % Total 333,361 100.0 % The following table is a reconciliation of the changes in carrying value of redeemable non-controlling interest during the year ended December 31, 2021: in thousands Redeemable non-controlling interest as of December 2, 2021 $ 238,265 Net income (loss) attributable to redeemable non-controlling interest (11,510) Redemption value adjustment 366,522 Redeemable non-controlling interest as of December 31, 2021 $ 593,277 As of March 23, 2022 the Exchange Agreement was amended to revise the option for the Company to settle the exchange of Class V Common Stock and associated Hagerty Group Units in cash. Under the terms of the amendment, a cash exchange is only allowable in the event that net cash proceeds are received from a new permanent equity offering. Refer to Note 25 — Subsequent Events for additional information. Earnings Per Share — The following table sets forth the calculation of basic EPS, which is based on Net income (loss) attributable to Hagerty for the years ended December 31, 2021 and 2020, divided by the weighted average of Class A Common Stock and Members' Units as of December 31, 2021 and 2020, respectively. Diluted earnings per share of Class A Common Stock and Members' Units is computed by dividing Net income (loss) attributable to Hagerty by the weighted average number of shares of Class A Common Stock and Members' Units outstanding adjusted to give effect to potentially dilutive securities. The Company has not included the effects of the conversion of 20,005,550 public and private warrants and the conversion of 251,033,906 Class V Common Stock for the year ended December 31, 2021 to Class A Common Stock as their effect would be anti-dilutive. There were no potentially dilutive securities to Members' Units for the year ended December 31, 2020. Year Ended December 31, 2021 2020 in thousands (except per share/unit amounts) Numerator: Net income (loss) $ (61,354) $ 10,039 Net loss (income) attributable to non-controlling interest 398 127 Net loss (income) attributable to redeemable non-controlling interest 14,598 — Net income (loss) attributable to controlling interest $ (46,358) $ 10,166 Denominator: Weighted average shares of Class A Common Stock - basic and diluted 82,327 N/A Weighted average Members' Units - basic and diluted N/A 100 Earnings (loss) per share of Class A Common Stock - basic and diluted $ (0.56) N/A Earnings (loss) per unit - basic and diluted N/A $ 101.66
Members' and Stockholders' Equity	16 — Members' and Stockholders' Equity Prior to the Business Combination, The Hagerty Group had one class of partnership interests. These units were recapitalized as Hagerty Group Units in connection the Business Combination. The partnership interests are reflected as The Hagerty Group's historical members’ equity in the Consolidated Balance Sheets. As of the Closing and as of December 31, 2021, Hagerty held a 24.7% economic ownership interest in The Hagerty Group. Class A Common Stock — Hagerty 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. Additionally, Class A Common Stock is defined as “Economic Common Stock,” and holders are entitled to receive dividends and other distributions (payable in cash, property, or capital stock of the Company) when, as and if declared thereon by Hagerty's Board from time to time out of any assets or funds of the Company legally available therefor and share equally on a per share basis in such dividends and distributions. As of December 31, 2021, there were 82,327,466 shares of Class A Common Stock issued and outstanding. Class V Common Stock — Hagerty 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. Holders of Class V Common Stock are entitled to 10 votes for each share. As of December 31, 2021, there were 251,033,906 shares of Class V Common Stock issued and outstanding. Preferred Stock — Hagerty is authorized to issue 20,000,000 shares of Preferred Stock with a par value of $0.0001 per share. Hagerty's 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 December 31, 2021, there were no shares of Preferred Stock issued and outstanding. Members' Equity — Prior to the Business Combination, The Hagerty Group had 100,000 units outstanding with no par value. At Closing, all units were converted to Hagerty Group Units and Class V Common Stock as further described in Note 6 — Business Combination. Non-controlling Interest — Non-controlling interest represents the portion of economic ownership of MHH that is not owned or controlled by The Hagerty Group. The Company consolidates its ownership of MHH under the voting interest method. Non-controlling interest is shown separately on the Consolidated Statements of Operations showing the portion that is not owned by The Hagerty Group. Redeemable Non-controlling Interest — Following the Business Combination, Hagerty is the managing member of The Hagerty Group and, as a result, consolidates the financial results of The Hagerty Group. The Company reports redeemable non-controlling interest representing economic interests in The Hagerty Group held by the Legacy Unit Holders. Under the Exchange Agreement, the Legacy Unit Holders can exchange Class V Common Stock and associated Hagerty Group Units for an equivalent amount of Class A Common Stock, or at the option of the Company, for cash. The decision to exchange the Legacy Unit Holders' Class V Common Stock and associated Hagerty Group Units for an equivalent amount of Class A Common Stock or cash is made at the discretion of the Company. However, the Company is controlled by the Legacy Unit Holders through their voting control with Class V Common Stock. Accordingly, the non-controlling interest is considered a redeemable non-controlling interest and is required to be reported as temporary equity. The redeemable non-controlling interest is measured at the greater of the initial fair value or the redemption value, with a corresponding adjustment to additional paid-in capital. Future redemptions or exchanges of Hagerty Group Units by the Legacy Unit Holders will result in a change in ownership and reduce the Company's redeemable non-controlling interest. Class V Common Stock and Hagerty Group Units held by the Legacy Unit Holders are exchangeable at the earlier of 180 days from the close of the Business Combination or when the founder shares are no longer locked, as defined within the Lock-Up Agreement, dated as of December 2, 2021, between the Company, and the Legacy Unit Holders. As of December 31, 2021, the Class V Common Stock and Hagerty Group Units held by the Legacy Unit Holders were not unlocked. It is probable that the Class V Common Stock and Hagerty Group Units will become redeemable as they will have become unlocked after a set period of time. Therefore, as of December 31, 2021, the Company has elected to accrete changes in the value of the redemption on a pro-rated basis using the 180 day lockout period and the closing price of the Class A Common Stock as of the period end date. The redeemable non-controlling interest had an accreted redemption value of $593.3 million as of December 31, 2021. Upon unlocking of the Class V Common Stock and Hagerty Group Units, the Company will adjust the redemption value each period using the closing Class A Common Stock price as of the period end date. The following table summarizes the ownership of The Hagerty Group as of December 31, 2021: Owner Units Owned Ownership Percentage in thousands (except percentages) Hagerty, Inc. controlling interest 82,327 24.7 % Redeemable non-controlling interest 251,034 75.3 % Total 333,361 100.0 % The following table is a reconciliation of the changes in carrying value of redeemable non-controlling interest during the year ended December 31, 2021: in thousands Redeemable non-controlling interest as of December 2, 2021 $ 238,265 Net income (loss) attributable to redeemable non-controlling interest (11,510) Redemption value adjustment 366,522 Redeemable non-controlling interest as of December 31, 2021 $ 593,277 As of March 23, 2022 the Exchange Agreement was amended to revise the option for the Company to settle the exchange of Class V Common Stock and associated Hagerty Group Units in cash. Under the terms of the amendment, a cash exchange is only allowable in the event that net cash proceeds are received from a new permanent equity offering. Refer to Note 25 — Subsequent Events for additional information. Earnings Per Share — The following table sets forth the calculation of basic EPS, which is based on Net income (loss) attributable to Hagerty for the years ended December 31, 2021 and 2020, divided by the weighted average of Class A Common Stock and Members' Units as of December 31, 2021 and 2020, respectively. Diluted earnings per share of Class A Common Stock and Members' Units is computed by dividing Net income (loss) attributable to Hagerty by the weighted average number of shares of Class A Common Stock and Members' Units outstanding adjusted to give effect to potentially dilutive securities. The Company has not included the effects of the conversion of 20,005,550 public and private warrants and the conversion of 251,033,906 Class V Common Stock for the year ended December 31, 2021 to Class A Common Stock as their effect would be anti-dilutive. There were no potentially dilutive securities to Members' Units for the year ended December 31, 2020. Year Ended December 31, 2021 2020 in thousands (except per share/unit amounts) Numerator: Net income (loss) $ (61,354) $ 10,039 Net loss (income) attributable to non-controlling interest 398 127 Net loss (income) attributable to redeemable non-controlling interest 14,598 — Net income (loss) attributable to controlling interest $ (46,358) $ 10,166 Denominator: Weighted average shares of Class A Common Stock - basic and diluted 82,327 N/A Weighted average Members' Units - basic and diluted N/A 100 Earnings (loss) per share of Class A Common Stock - basic and diluted $ (0.56) N/A Earnings (loss) per unit - basic and diluted N/A $ 101.66

Warrant Liabilities

Warrant Liabilities	12 Months Ended
	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Warrant Liabilities	17 — Warrant Liabilities In connection with the Business Combination, the Company registered 5,750,000 Public Warrants, 257,500 Private Placement Warrants, 28,750 Underwriter Warrants, 1,300,000 OTM Warrants and 12,669,300 PIPE Warrants. Upon the Closing, the following warrants were outstanding to purchase shares of the Company's Class A Common Stock that were issued by Aldel prior to the Business Combination: Public Warrants — Each warrant will be exercisable for one share of the Company's Class A Common Stock at a price of $11.50 per share, subject to adjustments, commencing on April 12, 2022 (12 months after Aldel's IPO), provided that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities laws of the state of residence of the holder. The warrants may be exercised only for a whole number of shares of the Company’s Class A Common Stock. The warrants expire on December 1, 2026 (five years after the Closing date). Private Placement Warrants — Each warrant will be exercisable for one share of the Company's Class A Common Stock at a price of $11.50 per share, subject to adjustments, commencing on December 2, 2022 (12 months following the Business Combination), and subject to additional vesting requirements as outlined within the warrant agreements covering those securities , provided that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities laws of the state of residence of the holder. The warrants may be exercised only for a whole number of shares of the Company’s Class A Common Stock. Additionally, the Private Placement Warrants are exercisable on a cashless basis so long as they are held by the Sponsor or any of its permitted transferees. The warrants expire on December 1, 2026 (five years after the Closing date). Underwriter Warrants — Each warrant will be exercisable for one share of the Company's Class A Common Stock at a price of $11.50 per share, subject to adjustments, commencing on April 12, 2022 (12 months after Aldel's IPO), provided that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities laws of the state of residence of the holder. The warrants may be exercised only for a whole number of shares of the Company’s Class A Common Stock. The Underwriter Warrants are exercisable on a cashless basis so long as they are held by the Underwriter or any of its permitted transferees. The warrants expire on December 1, 2026 (five years after the Closing date). OTM Warrants — Each warrant will be exercisable for one share of the Company's Class A Common Stock at a price of $15.00 per share, subject to adjustments, commencing on December 2, 2022 (12 months following the Business Combination) and subject to additional vesting requirements as outlined within the warrant agreements covering those securities, provided that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities laws of the state of residence of the holder. OTM Warrants may be exercised on a cashless basis so long as they continue to be held by the initial purchasers or their permitted transferees. The warrants expire on December 1, 2031 (ten years after the Closing date). PIPE Warrants — Each warrant will be exercisable for one share of the Company's Class A Common Stock at a price of $11.50 per share, subject to adjustments, commencing on January 1, 2022 (30 days after the date of the Business Combination), provided that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under securities laws of the state of residence of the holder. The PIPE Warrants may be exercised on a cashless basis. The warrants expire December 1, 2026 (five years after the Closing date).

Equity Based Compensation

Equity Based Compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity Based Compensation	18 — Equity Based Compensation In connection with the Closing, the Company adopted t he 2021 Equity Incentive Plan, under which 38,317,399 shares of Class A Common Stock were reserved for issuance for incentive stock compensation. The 2021 Equity Incentive Plan allows for the issuance of incentive stock options, non-qualified stock options, restricted stock awards, stock appreciation rights, restricted stock units, and performance awards. The Board determines the period over which options become exercisable and options generally vest over a two -year period . The 2021 Equity Incentive Plan was approved concurrently with the Closing. As of the years ended December 31, 2021 and 2020, there were no incentive stock compensation grants. In connection with the Closing, the Company adopted the 2021 Employee Stock Purchase Plan , under which 11,495,220 shares of Class A Common Stock were reserved for purchase by employees through the 2021 Employee Stock Purchase Plan . The 2021 Employee Stock Purchase Plan is subject to the provisions of Section 423 of the IRC and regulations thereunder. The Compensation Committee of the Board will administer the 2021 Employee Stock Purchase Plan , including discretionary authority to determine the time and frequency of granting options, the terms and conditions of the options and the number of shares subject to each option. The 2021 Employee Stock Purchase Plan was approved concurrently with the Closing. As of the years ended December 31, 2021 and 2020, no shares had been purchased under the 2021 Employee Stock Purchase Plan.

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Operating Leases	19 — Operating Leases Noncancellable operating leases for office space, vehicles and equipment expire in various years through 2036. The majority of Hagerty's leases require the Company to pay its share of certain costs (maintenance and insurance) and include an annual increase of no more than the consumer price index and an option to renew. Future minimum lease payments in the following five years are as follows (in thousands): 2022 $ 9,068 2023 8,783 2024 8,587 2025 8,451 2026 7,936 Thereafter 53,940 Total $ 96,765 Total rent expense for the years ended December 31, 2021 and 2020 was $7.4 million and $6.9 million respectively.

Postretirement Benefits

Postretirement Benefits	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Postretirement Benefits	20 — Postretirement Benefits The Company offers postretirement benefits. In the U.S., the Company offers a 401(k) profit-sharing plan covering substantially all U.S. employees. The plan provides for 4.0% matching contributions. Contributions to the plan were $4.9 million and $3.8 million for the years ended December 31, 2021 and 2020, respectively.

Taxation

Taxation	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Taxation	21 — Taxation United States — The Hagerty Group is taxed as a pass-through ownership structure under provisions of the IRC and a similar section of state income tax law except for Hagerty Re. Any taxable income or loss generated by The Hagerty Group is passed through to and included in the taxable income or loss of the Hagerty Group Unit Holders, including the Company. The Company is taxed as a corporation under the IRC and pays corporate, federal, state and local taxes with respect to income allocated from The Hagerty Group. The Company has a TRA with the Legacy Unit Holders that requires the Company to pay 85% of the tax savings that are realized as a result of increases in the tax basis in The Hagerty Group’s assets as a result of an exchange of Hagerty Group Units and Class V Common Stock for Class A Common Stock or cash. Canada — Canadian entities are taxed as non-resident corporations and subject to income tax in Canada under provisions of the Canadian Revenue Agency. United Kingdom — U.K. entities are taxed as corporations and subject to income tax in the U.K. under provisions of HM Revenue & Customs. Bermuda —  Hagerty Re has received an undertaking from the Bermuda government exempting it from all local income, withholding and capital gains taxes until March 31, 2035. At present time no such taxes are levied in Bermuda. Effective January 1, 2019, Hagerty Re made an irrevocable election under Section 953(d) of the U.S. IRC, as amended, to be taxed as a U.S. domestic corporation. As a result of this “domestic election”, Hagerty Re is subject to U.S. taxation on its worl d-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. Income (loss) before income tax expense includes the following components: Year Ended December 31, 2021 2020 in thousands United States $ (44,434) $ 21,318 Foreign (10,169) (6,459) Total $ (54,603) $ 14,859 Total income tax expense (benefit) attributable to income (loss) for the years ended December 31, 2021 and 2020 consists of: Year Ended December 31, 2021 2020 in thousands Current: Federal $ 3,753 $ 3,383 Foreign (40) (41) $ 3,713 $ 3,342 Deferred: Federal $ 3,038 $ 1,478 Foreign — — 3,038 1,478 Total $ 6,751 $ 4,820 Income tax expense reflected in the financial statements differs from the tax computed by applying the statutory U.S. federal rate of 21% to "Net income (loss)" before taxes as follows: Year Ended December 31, 2021 2020 in thousands (except percentages) Income tax (benefit) expense at statutory rate $ (11,467) 21 % $ 3,120 21 % State taxes (163) 0 % — 0 % Loss not subject to entity-level taxes 6,485 (12) % 706 5 % Foreign rate differential (276) 1 % (161) (1) % Change in valuation allowance 2,759 (5) % 1,193 8 % Change in fair value of warrant liability 8,933 (16) % — 0 % Permanent items 477 (1) % — 0 % Other, net 3 0 % (38) 0 % Income tax expense $ 6,751 (12) % $ 4,820 33 % Deferred tax assets and liabilities reflect temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount recognized for tax purposes, as adjusted for foreign currency translation. At December 31, 2021 and 2020, the tax effects of temporary differences that give rise to significant portions of the deferred tax provision are as follows: December 31, 2021 2020 in thousands Deferred tax assets Discount on provision for losses and loss adjustment expenses $ 557 $ 392 Unearned premiums 7,345 5,238 Accrued professional fees 5 7 Unrealized foreign currency gain 70 97 Excess tax basis 168,014 — Foreign NOL carryforward 6,492 4,771 Other 315 — Gross deferred tax asset 182,798 10,505 Less: valuation allowance (174,821) (4,771) Total net deferred tax assets $ 7,977 $ 5,734 Deferred tax liabilities Deferred acquisition costs $ (17,122) $ (12,300) Excise tax accrual (1,279) (820) Unrealized foreign currency gain (70) (98) Unrealized investment gain (16) (15) Total deferred tax liabilities $ (18,487) $ (13,233) Net deferred tax liability $ (10,510) $ (7,499) Deferred tax assets are reduced by a valuation allowance when management believes it is more likely than not that some, or all, of the deferred tax assets will not be realized. After considering all positive and negative evidence of taxable income in the carryback and carryforward periods as permitted by law, the Company believes it is more likely than not that certain deferred tax assets will not be utilized. As a result, the Company had a valuation allowance of $174.8 million and $4.8 million as of December 31, 2021 and 2020, respectively. Significant inputs and assumptions were used to estimate the future expected payments under the TRA, including the timing of the realization of the tax benefits and a tax savings rate of approximately 25.5%. The estimated value of the TRA recorded by the Company at the Closing was $3.5 million which was limited by the ability to currently utilize tax benefits and was recorded in "Other long-term liabilities" with an offsetting entry to "Additional paid-in capital" within the Consolidated Balance Sheets. There is no change to the estimated value from the Closing to December 31, 2021. The Company recorded a deferred tax asset for the difference between outside tax basis and book basis of the Company’s investment in assets of The Hagerty Group of $167.4 million at the Closing with an offsetting valuation allowance as it was more likely than not that the deferred tax asset will not be realized. These amounts were recorded to "Additional paid-in capital". At December 31, 2021, the deferred tax asset and offsetting valuation allowance is $168.0 million, adjusted from the Closing for net losses and nondeductible expenses. The Company has foreign income tax net operating loss ("NOL") carryforwards related to foreign operations of approximately $45.3 million and $32.0 million as of December 31, 2021 and 2020, respectively. The Company has recorded a deferred tax asset of $6.5 million reflecting the benefit of these loss carryforwards as of December 31, 2021. Of the deferred tax assets, $1.7 million does not expire, and the remaining $4.8 million expires as follows (in thousands): 2036 $ 419 2037 752 2038 899 2039 — 2040 1,222 2041 1,498 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 December 31, 2021, tax years 2018, 2019 and 2020 are subject to examination by the tax authorities. With few exceptions, as of December 31, 2021, the Company is no longer subject to U.S. federal, state, local or foreign examinations for years before 2018. Tax year 2017 was open as of December 31, 2020. The Company is currently under examination by the Canadian Revenue Agency for the tax years 2017 through 2018.

Related-Party Transactions

Related-Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	22 — Related-Party Transactions As a result of the Business Combination , as of December 31, 2021, Markel had a 23.4% ownership in the Company and State Farm Mutual Automobile Insurance Company ("State Farm") had a 15.0% ownership in the Company. As such, both Markel and State Farm are considered related parties. State Farm State Farm and Hagerty entered into a master alliance agreement in 2020 to establish an alliance insurance program where State Farm’s customers, through the State Farm agents, would have access to Hagerty features and services which is expected to begin in late 2022. Under this agreement, State Farm paid Hagerty an advanced commission of $20.0 million in 2020 and the parties have entered into a managing general underwriter agreement where the State Farm Classic+ policy will be offered, through State Farm Classic Insurance Company, a new wholly owned subsidiary of State Farm, subject to any applicable state regulatory review and approval. The State Farm Classic+ policy will be available to new and existing customers through the State Farm agents. Hagerty Insurance Agency, LLC would be paid commission under the managing general underwriter agreement and ancillary agreements for servicing the State Farm Classic+ policies along with the opportunity for fee revenue for Hagerty Drivers Club, LLC connected with Hagerty's membership products and services that, in addition to the State Farm Classic+ policy, are made available to State Farm customers. Markel Alliance Agreement : The Company's affiliated U.S. and U.K. MGA subsidiaries have personal and commercial lines of business written with Markel-affiliated carriers. The following tables provide information about Markel-affiliated due to insurer liabilities and commission revenue under the agreement with Markel subsidiaries: December 31, 2021 2020 in thousands (except percentages) Due to insurer $ 54,850 $ 45,593 Percent of total 95 % 93 % Year Ended December 31, 2021 2020 Commission revenue $ 239,432 $ 216,033 Percent of total 90 % 91 % Reinsurance Agreement : Under a quota share agreement with Evanston, Hagerty Re reinsured 60% and 50% of the risks for the years ended December 31, 2021 and 2020, respectively, written through the Company’s U.S. MGAs. Additionally, in the first quarter of 2021, Hagerty Re began reinsuring risks produced by the Company's U.K. MGA and underwritten by Markel International Insurance Company Limited under a 60% quota share agreement. All balances listed below are related to business with a Markel affiliate: 2021 2020 Assets in thousands Premiums receivable $ 72,697 $ 49,938 Deferred acquisition costs, net 78,449 55,833 Total assets $ 151,146 $ 105,771 Liabilities Losses payable $ 33,459 $ 21,049 Provision for unpaid losses and loss adjustment expenses 70,680 53,281 Unearned premiums 167,541 118,207 Commissions payable 59,511 42,644 Total liabilities $ 331,191 $ 235,181 Year Ended December 31, 2021 2020 Revenue in thousands Earned premium $ 281,794 $ 214,112 Expenses Ceding commission $ 134,946 $ 103,479 Losses and loss adjustment expenses 116,396 86,906 Total expenses $ 251,342 $ 190,385

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	23 — Commitments and Contingencies Litigation  — From time to time, Hagerty is involved in various claims and legal actions that arise in the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, Hagerty does not believe that the ultimate resolution of these actions will have a material adverse effect on the Company's financial position, results of operations, liquidity, or capital resources. 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 the Company to severance obligations in the event an employee terminates employment with the Company. If applicable, these obligations are included in the accrued expenses lines of the Consolidated Balance Sheets.

Quarterly Financial Information

Quarterly Financial Information (unaudited)	12 Months Ended
	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (unaudited)	24 — Quarterly Financial Information (unaudited) The following table provides a summary of unaudited quarterly financial information. First Quarter Second Quarter Third Quarter Fourth Quarter (1) Year Ended 2021 in thousands Commission and fee revenue $ 54,373 $ 83,443 $ 76,188 $ 57,567 $ 271,571 Earned premium 63,234 70,437 78,700 83,453 295,824 Membership and other revenue 11,593 13,529 13,198 13,364 51,684 Total revenues $ 129,200 $ 167,409 $ 168,086 $ 154,384 $ 619,079 Operating income (loss) $ (5,096) $ 14,274 $ 1,758 $ (21,006) $ (10,070) Net income (loss) $ (6,850) $ 12,503 $ (548) $ (66,459) $ (61,354) 2020 Commission and fee revenue $ 46,015 $ 71,993 $ 67,939 $ 50,496 $ 236,443 Earned premium 50,454 52,954 56,969 60,125 220,502 Membership and other revenue 10,390 10,515 10,873 10,825 42,603 Total revenues $ 106,859 $ 135,462 $ 135,781 $ 121,446 $ 499,548 Operating income (loss) $ (4,171) $ 17,441 $ 12,650 $ (10,074) $ 15,846 Net income (loss) $ (5,505) $ 16,178 $ 10,979 $ (11,613) $ 10,039 (1) The fourth quarter 2021 net loss of $66.5 million is primarily due to a Change in fair value of warrant liabilities expense of $42.5 million that was recognized as a non-operating expense, as well as approximately $13.3 million, which was primarily accelerated vesting of incentive plans related to the Business Combination.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	25 — Subsequent Events On January 5, 2022, The Hagerty Group, a subsidiary of Hagerty, Inc. entered into a Common Stock Purchase Agreement (the "Agreement") with Broad Arrow Group, Inc., a Delaware corporation ("BAG"), and additional purchasers, whereby the Company invested in BAG. Under the terms of the Agreement, the Company invested $15.25 million in exchange for ownership of approximately 40% of BAG and entered into a joint venture with BAG. Based in Ann Arbor, MI, the joint venture between BAG and Hagerty will enhance Hagerty’s portfolio of automotive-focused offerings for car enthusiasts by offering new services for the buying and selling of collector cars. Further, Hagerty will appoint two of the seven members to the Board of Directors of BAG. Kenneth Ahn, who will serve as the Chief Executive Officer of BAG, will also be employed at Hagerty, as President of Marketplace. Hagerty has employed three other BAG founders as executives within the Marketplace team. As of March 23, 2022 the Exchange Agreement was amended to revise the option for the Company to settle the exchange of Class V Common Stock and associated Hagerty Group Units in cash. Under the terms of the amendment, a cash exchange is only allowable in the event that net cash proceeds are received from a new permanent equity offering. The result of the amendment will be a reversal of the adjustment made to recognize the redeemable non-controlling interest at the greater of the initial fair value or the accreted redemption value and reclassification from temporary equity to permanent equity. The following table illustrates the impact from the amendment of the Exchange Agreement on Total equity as if the amendment occurred on December 31, 2021. in thousands Total equity as of December 31, 2021 $ (322,476) Reclassification of temporary equity as a result of the Exchange Agreement amendment 593,277 Total equity adjusted for the Exchange Agreement amendment $ 270,801

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and New Accounting Standards (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation — The Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and with the instructions for annual reports on Form 10-K and Regulation S-X and include the accounts of Hagerty, Inc.
Principles of Consolidation	Principles of Consolidation — The Consolidated Financial Statements contain the accounts of Hagerty and its majority-owned or controlled subsidiaries. As of December 31, 2021, the Company had economic ownership of 24.7% of The Hagerty Group. In addition, MHH is an 80% owned subsidiary of The Hagerty Group. The Company consolidates these entities under the voting interest method guidance in accordance with ASC Topic 810, Consolidations . Redeemable non-controlling interest and Non-controlling interest are presented separately on the Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income (Loss) and the Consolidated Statements of Changes in Members' and Stockholders' Equity.
Business Combination	Business Combination — On December 2, 2021 (the "Closing"), The Hagerty Group completed a business combination with Aldel Financial Inc. ("Aldel") and Aldel Merger Sub LLC (" Merger Sub") , a Delaware limited liability company and wholly owned subsidiary of Aldel (the "Business Combination") . I n connection with the Closing, Aldel changed its name from Aldel Financial Inc. to Hagerty, Inc. The Business Combination was accounted for as a common control reverse acquisition, for which The Hagerty Group was determined to be the accounting acquirer and Aldel was treated as the "acquired" company. The Hagerty Group issued equity for the net assets of Aldel, accompanied by a recapitalization. Business combinations in which the legal acquirer is not the accounting acquirer are commonly referred to as "reverse acquisitions". A reverse acquisition occurs when the entity that issues securities (legal acquirer) is id entified as the acquiree for accounting purposes and the entity whose equity interests are acquired (the legal acquiree) is identified as the acquirer for accounting purposes. Reverse acquisitions are accounted for in accordance with Subtopic 805-40 of ASC Topic 805, Business Combinations ("ASC 805"). While other factors were evaluated but not considered to have a material impact on the determination, The Hagerty Group was determined to be the accounting acquirer based on the following factors: • Hagerty Holding Corp. ("HHC") controlled the operating company prior to the Business Combination and controls the Company subsequent to the Business Combination through control of the board of directors (the "Board") as well as having majority voting ownership. • The Hagerty Group’s management is also the management of the Company. • The Hagerty Group is larger as compared to Aldel based on assets, revenues and earnings. Unless otherwise indicated or the context otherwise requires, “Hagerty” and “the Company” refer to the business and operations of The Hagerty Group and its consolidated subsidiaries prior to the Business Combination and to Hagerty, Inc. and its consolidated subsidiaries, including The Hagerty Group, following the consummation of the Business Combination.
Use of Estimates	Use of Estimates —  The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Although the estimates are considered reasonable, actual results could materially differ from those estimates.
Segment Information	Segment Information  — The Company has one operating segment and one reportable segment. The Company’s Chief Operating Decision Maker ("CODM") is the Chief Executive Officer, who makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis. The Company’s management approach is to utilize an internally developed strategic decision making framework with the membership patrons at the center of all decisions, which requires the CODM to have a consolidated view of the operations so that decisions can be made in the best interest of Hagerty and its membership patrons.
Foreign Currency Translation	Foreign Currency Translation — The Company translates its foreign operations’ assets and liabilities denominated in foreign currencies into U.S. dollars at current rates of exchange as of the balance sheet date, and income and expense items at the average exchange rate for the reporting period. Translation adjustments resulting from exchange rate fluctuations are recorded in the foreign currency translation account, a component of accumulated other comprehensive income (loss). Transaction gains and losses are recognized in "Interest and other income (expense)" within the Consolidated Statements of Operations.
Cash and Cash Equivalents	Cash and Cash Equivalents and Restricted Cash and Cash Equivalents — Cash includes amounts held in banks in operating accounts and money market funds. The Company considers money market funds with maturities within 90 days of the purchase date to be equivalent to cash. At December 31, 2021 and 2020, the Company’s cash accounts exceeded federally insured limits. The Company maintains cash collected by its MGAs for premiums from insured parties that have not yet been remitted to insurance companies. These funds are required to be held in trust and segregated from operating cash. These funds and a corresponding liability are included in "Restricted cash and cash equivalents" and "Due to insurers", respectively, within the Consolidated Balance Sheets. The Company has established a trust account for the benefit of the ceding insurer as security for Hagerty Re's obligations for losses, loss expenses, unearned premium and profit-sharing commissions. The use of this fund is restricted to the payment of these expenses and is included in "Restricted cash and cash equivalents" within the Consolidated Balance Sheets.
Restricted Cash and Cash Equivalents	Cash and Cash Equivalents and Restricted Cash and Cash Equivalents — Cash includes amounts held in banks in operating accounts and money market funds. The Company considers money market funds with maturities within 90 days of the purchase date to be equivalent to cash. At December 31, 2021 and 2020, the Company’s cash accounts exceeded federally insured limits. The Company maintains cash collected by its MGAs for premiums from insured parties that have not yet been remitted to insurance companies. These funds are required to be held in trust and segregated from operating cash. These funds and a corresponding liability are included in "Restricted cash and cash equivalents" and "Due to insurers", respectively, within the Consolidated Balance Sheets. The Company has established a trust account for the benefit of the ceding insurer as security for Hagerty Re's obligations for losses, loss expenses, unearned premium and profit-sharing commissions. The use of this fund is restricted to the payment of these expenses and is included in "Restricted cash and cash equivalents" within the Consolidated Balance Sheets.
Accounts Receivable	Accounts Receivable — Accounts receivable are recorded, and revenue is recognized, at the latter of the billed or policy effective date, net of estimated cancellations.
Reinsurance Premiums Ceded, Losses Payable, Due to Insurers and Advanced Premiums	Reinsurance Premiums Ceded —  Reinsurance premiums ceded are expensed pro-rata over the term of the reinsurance treaties. The portion of the reinsurance premium related to the unexpired portions of the treaties at the end of the fiscal year is reflected in deferred reinsurance premiums. Losses Payable —  Losses payable represents the amount of losses paid and billed by the fronting insurer that have not been paid by Hagerty Re as of the balance sheet date. Due to Insurers —  Due to insurers represents the net amount of premium due to carriers based on the respective contract with each carrier. The net amount due is equal to the gross written premium less the Company’s commission for policies that have reached their effective date. Advanced Premiums —  Advanced premiums represent the gross written premium received from customers prior to the effective date of the policy. At the effective date of the policy, advanced premiums are reclassified to due to insurers and commission income is recognized.
Acquisition Costs	Acquisition Costs — Acquisition costs are comprised of ceding commission and premium taxes that relate directly to the successful acquisition of new or renewal policy premiums by Hagerty Re. Acquisition costs are deferred and recognized in income over the period of the exposure in the underlying treaties. The Company evaluates the recoverability of deferred acquisition costs by determining if the sum of future-earned premiums is greater than the expected future claims and expenses. Anticipated investment income is also a factor in this determination. If a loss is probable on the unexpired portion of policies in force, a premium deficiency loss is recognized. At December 31, 2021 and 2020, the deferred acquisition costs were considered fully recoverable and no premium deficiency loss was recorded.
Property and Equipment	Property and Equipment — Property and equipment are recorded at cost and depreciated over the estimated useful life of each asset. Leasehold improvements are amortized over the shorter of either the lease term or the estimated useful lives of the improvements. Useful lives for financial reporting range from three ves of 39 years. The Company reviews all property and equipment that have finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable in accordance with ASC Topic 360, Impairment and Disposal of Long-Lived Assets ("ASC 360"). If it is determined the carrying amount of the asset is not recoverable, an impairment charge is recorded. Upon sale or retirement, the cost and related accumulated depreciation of assets disposed of are removed from the accounts, and any resulting gain or loss is reflected in the Consolidated Statements of Operations. Annual depreciation is calculated based on the straight-line method. Maintenance, repair costs and minor renovations are expensed as incurred, while expenditures that increase the asset lives are capitalized.
Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets — Prepaid expenses and other assets consist primarily of prepaid Software-as-a-Service ("SaaS") implementation costs, prepaid sales and general and administrative services expenses and fixed income investments. • Prepaid expenses are recorded at cost and amortized over the service term. • SaaS implementation costs are recorded as incurred in prepaid expenses. The Company expenses the costs incurred during the preliminary project stage and, upon management approval, capitalizes the direct implementation costs once implementation begins. The Company monitors implementation on an ongoing basis and capitalizes the costs of any major improvements or new functionality. Once the software is fully implemented, the ongoing maintenance costs are expensed. • Fixed income investments consist of Canadian provincial and municipal bonds which qualify as debt securities under ASC Topic 320 Investments – Debt Securities . Fixed income investments are carried at amortized cost on the Consolidated Balance Sheets. Amortized cost is the amount at which an investment is acquired, adjusted for applicable accrued interest, accretion of discount or amortization of premium. Premium or discount is amortized on a straight-line basis to maturity. Pricing information for each fixed income security is obtained from our outside investment manager. The Company ultimately determines whether the inputs and the resulting market values are reasonable. Market pricing is based on fair value level 2 guidance using observable inputs such as quoted prices for similar assets at the measurement date.
Intangible Assets	Intangible Assets — Intangible assets are recorded at cost and amortized over the estimated useful life of each intangible asset. Acquired intangible assets are initially valued at fair value using generally accepted valuation methods appropriate for the type of intangible assets. Intangible assets primarily consist of insurance policy renewal rights, internally developed software, trade names, non-compete agreements and customer relationships. Amortization is recorded using the straight-line method over their estimated useful lives as it approximates the pattern over which economic benefits are realized. Insurance policy renewal rights, internally developed software, trade names, non-complete agreements and customer relationships are amortized over 3 to 25 years. For internally developed software, the Company expenses the costs incurred during the preliminary project stage and capitalizes the direct development costs (including the associated payroll and related costs for employees working on development and outside contractor costs) once management approval is obtained.
Goodwill	Goodwill — Goodwill represents the excess of the cost of a business combination, as defined in ASC 805, over the fair value of net assets acquired, including identifiable intangible assets. Goodwill is tested for impairment at the reporting unit level annually as of October 1, and whenever indicators of impairment exist. The Company evaluates impairment of goodwill by assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Qualitative factors include industry and market considerations, overall financial performance, and other relevant events and circumstances affecting the reporting unit. If after performing the qualitative assessment, the Company determines it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the Company performs a quantitative fair value test. The primary valuation method used in the quantitative impairment assessment to determine the fair value of the reporting unit has been a discounted cash flow model. Other valuation methods or comparable transactions may be used when appropriate and applicable to determine the fair value of a reporting unit.
Provision for Unpaid Losses and Loss Adjustment Expenses	Provision for Unpaid Losses and Loss Adjustment Expenses — Losses and loss adjustment expenses are recognized as incurred and are based on the estimated ultimate cost of settlement. Outstanding losses include amounts determined from reports and individual cases. As of any balance sheet date, all claims have not yet been reported, and some claims may not be reported for many years. As a result, the liability for unpaid losses and loss adjustment expenses includes significant estimates for IBNR claims. While management believes that these amounts are fairly stated, the ultimate liability may differ materially from the amounts provided. The Company provides for IBNR claims based on an analysis of the loss experience of the risks insured and the recommendations of appropriately qualified actuaries. The reinsurance recoverable amounts shown are determined by applying contract language specific to the Company’s third-party reinsurance program to losses and loss expenses arising from claims occurring as a result of a qualifying event. Adjustments to estimates will be included in the financial statements of subsequent periods when such adjustments become known.
Accrued Expenses	Accrued Expenses —  Accrued expenses consist primarily of amounts owed for wages, payroll taxes, incentive compensation, benefits, professional services and future installments for purchase consideration resulting from asset acquisitions and business combinations.
Warrant Liabilities	Warrant Liabilities — The Company accounts for its outstanding warrants in accordance with ASC Topic 815 Derivatives and Hedging
Derivative Instruments	Derivative Instruments — The Company enters into certain derivative financial instruments, when available on a cost-effective basis, to mitigate its risk associated with changes in interest rates. The Company accounts for derivatives in accordance with ASC 815, which establishes accounting and reporting standards requiring that all derivative instruments (including certain derivative instruments embedded in other contracts), whether designated in hedging relationships or not, be recorded on the Consolidated Balance Sheets as either an asset or liability measured at fair value. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in Other comprehensive income (loss). If a derivative is not designated as an accounting hedge, the change in fair value is recognized in the Consolidated Statements of Operations each reporting period. All derivative instruments are managed on a consolidated basis to efficiently minimize exposures. Gains and losses related to the derivative instruments are expected to be largely offset by gains and losses on the original underlying asset or liability. The Company does not use derivative financial instruments for speculative purposes. The Company is exposed to credit loss in the event of nonperformance by the counterparties on derivative contracts. It is the Company’s policy to manage its credit risk on these transactions by dealing only with financial institutions having a long-term credit rating of “A” or better.
Acquisitions	Acquisitions — The Company accounts for acquisitions of entities or asset groups that qualify as businesses using the acquisition method of accounting in accordance with ASC 805. Purchase consideration is allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date, which are measured in accordance with the principles outlined in ASC Topic 820, Fair Value Measurement ("ASC 820"). The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature. The excess of the total purchase consideration over the fair value of the identified net assets acquired is recognized as goodwill. The results of the acquired businesses are included in the results of operations beginning from the date of acquisition. Acquisition-related costs are expensed as incurred. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the allocation of purchase consideration and to the fair values of assets acquired and liabilities assumed to the extent that additional information becomes available. After this period, any subsequent adjustments are recorded in the Consolidated Statements of Operations.
Revenue Recognition, Contract Assets and Liabilities and Contract Costs	Revenue Recognition — The Company recognizes revenue under both ASC Topic 606, Revenue from Contracts with Customers ("ASC 606") and ASC Topic 944 Financial Services — Insurance ("ASC 944"). Commission and Fee Revenue Hagerty earns new and renewal commissions paid by insurance carriers and fees paid by the carriers’ insureds for the binding of insurance coverage. The Company has identified its customer as the insurance carrier and determined transaction price to be the estimated commissions to be received over the term of the policy, based on an estimate of premiums placed, net of a constraint for policy changes and cancellations. These commissions and fees, including those paid via installment plan, are earned when the policy becomes effective, as all rights are passed to the insured and the obligation to pay a claim resides with the carrier. Under the terms of its contracts with insurance carriers, the Company has the opportunity to earn an annual contingent underwriting commission ("CUC") based on the loss performance of the insurance book of business. The Company’s CUC agreements are based on written or earned premium and underwriting results. Each carrier contract and related CUC is calculated independently. The CUCs represent a form of variable consideration associated with the placement of coverage, for which the Company earns commissions and fees. Under ASC 606, the Company must estimate the amount of consideration that will be received in the coming year such that a significant reversal of revenue is not probable. As such, CUC is recognized as a contract asset as policies are issued using applicable premium and payout factors based on the estimated loss ratio from the contract. Earned Premium Reinsurance premium revenue is recognized in Hagerty Re under ASC 944 on a pro rata basis over the period of the exposure in the underlying reinsurance agreement with the unearned portion recorded as "Unearned premiums" on the Consolidated Balance Sheets. Membership and Other Revenue  Revenue from the sale of Hagerty Drivers Club membership program ("HDC") subscriptions is recognized ratably over the period of the membership, resulting in contract liabilities at December 31, 2021 and 2020. The Company treats the membership as a single performance obligation to provide access to stated member benefits over the life of the membership, which is currently one year. Contract Assets and Liabilities —  The Company recognizes contract assets for amounts due to the Company for CUCs earned but not yet billed under terms of the contract. Contract assets are recorded within "Commission receivable" on the Consolidated Balance Sheets. Contract liabilities consist of payments received in advance of performance under a contract before the transfer of goods or services to a customer or fulfillment of the contract obligations. In 2020, the Company entered into an agreement with a large national carrier and received an advanced commission payment to offset costs of system development. Contract liabilities consist primarily of this advanced payment, along with the obligation to fulfill HDC membership benefits over the one-year life of a membership. Contract Costs —  The Company accounts for contract costs under ASC Topic 340, Other Assets and Deferred Costs , which requires companies to defer certain incremental costs to obtain customer contracts and certain costs to fulfill customer contracts. The Company capitalizes the incremental costs to obtain contracts primarily related to commission payments on new policy sales. These deferred costs are amortized over the expected life of the insurance client and are included in "Prepaid expenses and other assets" in the Company’s Consolidated Balance Sheets as of December 31, 2021 and 2020.
Advertising	Advertising —  Advertising and sales promotion costs are expensed the first time the advertising or sales promotion takes place. Advertising costs were $24.1 million and $18.2 million for the years ended December 31, 2021 and 2020, respectively, and are reflected as a component of "Sales expense" in the Consolidated Statements of Operations.
Income Taxes and Tax Receivable Agreement Liability	Income Taxes —  The Hagerty Group is taxed as a pass-through ownership structure under provisions of the Internal Revenue Code ("IRC") and a similar section of state income tax law, except Hagerty Re and various foreign subsidiaries. Any taxable income or loss generated by The Hagerty Group is passed through to and included in the taxable income or loss of Hagerty Group Unit Holders, including Hagerty, Inc. Hagerty, Inc. is taxed as a corporation and pays corporate federal, state and local taxes with respect to income allocated from The Hagerty Group. Hagerty, Inc., Hagerty Re and various foreign subsidiaries are treated as taxable entities and income taxes are provided where applicable (see Note 21 — Taxation). Where applicable, income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax-credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are recognized to the extent that there is sufficient positive evidence as allowed under the ASC Topic 740, Income Taxes ("ASC 740"), to support the recoverability of those deferred tax assets. The Company establishes a valuation allowance to the extent that there is insufficient evidence to support the recoverability of the deferred tax asset under ASC 740. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If it is determined that the deferred tax assets would be realizable in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. As of December 31, 2021 and 2020, the Company did not have any unrecognized tax benefits and had no material accrued interest or penalties related to uncertain tax positions. If recorded, interest and penalties would be recorded as "Income tax expense" on the Consolidated Statements of Operations. Tax Receivable Agreement Liability — In connection with the Business Combination, Hagerty, Inc. entered into the TRA with HHC and Markel (together, the "Legacy Unit Holders"). The TRA provides for payment to the Legacy Unit Holders of 85% of the U.S. federal, state and local income 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 limited liability units in The Hagerty Group ("Hagerty Group Units") and Class V Common Stock of the Company for Class A Common Stock of the Company or cash. The Hagerty Group will have in effect an election under Section 754 of the IRC effective for each taxable year in which an exchange of Hagerty Group Units occurs. The remaining 15% cash tax savings resulting from the basis adjustments will be retained by Hagerty, Inc. In general, 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 Hagerty Group Units and Class V Common Stock for Class A Common Stock, would be more than the tax liability for the year taking into account such deductions. Payments under the TRA will not be due until the Company is able to reduce a cash tax liability by the amortization of the basis increase on a filed tax return. The payments under the TRA are expected to be substantial. The estimated value of the TRA is recorded in "Other long-term liabilities". Hagerty, Inc. accounts for the effects of the basis increases as follows. • Hagerty, Inc. records an increase in deferred tax assets for the income tax effects of the increases in tax basis based on enacted federal and state income tax rates at the date of the exchange. • Hagerty, Inc. evaluates the ability to realize the full benefit represented by the deferred tax asset based on an analysis that will consider expectations of future earnings among other things. If Hagerty, Inc. determines that the full benefit is not likely to be realized, a valuation allowance is established to reduce the amount of the deferred tax assets to an amount that is likely to be realized. • At Closing, Hagerty, Inc. recorded 85% of the estimated realizable tax benefit as an increase to the liability due under the TRA and the remaining 15% of the estimated realizable tax benefit as an increase to Additional paid-in capital. All of the effects of changes in any of the estimates after the date of the redemption or exchange will be recorded in Net income (loss). Similarly, the effect of subsequent changes in the enacted tax rates will be recorded in Net income (loss). Non-controlling Interest — Non-controlling interest represents the portion of economic ownership of MHH that is not owned or controlled by The Hagerty Group. The Company consolidates its ownership of MHH under the voting interest method. Non-controlling interest is shown separately on the Consolidated Statements of Operations.
Redeemable Non-controlling Interest	Redeemable Non-controlling Interest — Redeemable non-controlling interest represents the economic interests of Legacy Unit Holders. Income or loss is attributed to the redeemable non-controlling interest based on the weighted average ownership of the Hagerty Group Units outstanding during the period held by Legacy Unit Holders. In connection with the Business Combination, Hagerty, Inc. entered into an Exchange Agreement with the Legacy Unit Holders ("Exchange Agreement"). The Exchange Agreement permits the Legacy Unit Holders to exchange Class V Common Stock and associated Hagerty Group Units for an equivalent amount of Class A Common Stock, or at the option of the Company, for cash. Because the Company has the option to redeem the non-controlling interest for cash and the Company is controlled by the Legacy Unit Holders through their voting control, the non-controlling interest is considered redeemable outside the Company's control. The redeemable non-controlling interest is measured at the greater of the initial fair value or the redemption value and is required to be presented as temporary equity on the Consolidated Balance Sheets.
Earnings Per Share	Earnings Per Share — Basic earnings per share ("EPS") is computed by dividing Net income (loss) attributable to Hagerty, Inc. by the weighted-average number of shares of Class A Common Stock outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of Class A Common Stock that would then share in the earnings of Hagerty, Inc. In periods in which the Company reports a net loss available to stockholders, diluted net loss per share available to stockholders would be the same as basic net loss per share available to stockholders, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
Self Insurance	Self-Insurance — The Company has elected to self-insure certain costs related to U.S. employee health benefit and short-term disability programs. Costs resulting from self-insured losses are charged to expense when incurred.
Recently Adopted Accounting Guidance and Accounting Guidance Not Yet Adopted	Recently Adopted Accounting Guidance Financial Instruments —  In August 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2017-12, Derivatives and Hedging (ASC Topic 815): Targeted Improvements to Accounting for Hedging Activities , which relates to accounting for hedging activities. This guidance expands strategies that qualify for hedge accounting, changes how many hedging relationships are presented in the financial statements and simplifies the application of hedge accounting in certain situations. The Company early adopted ASU No. 2017-12 effective January 1, 2020. Adoption of the standard enhanced the presentation of the effects of our hedging instruments and the hedged items in our Consolidated Financial Statements to increase the understandability of the results of our hedging strategies. Media Content —  In March 2019, the FASB issued ASU 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials , to align the accounting for production costs of an episodic television series with the accounting for production costs of films by removing the content distinction for capitalization. As a result of adopting this ASU on January 1, 2021, the Company applied the guidance of ASC Topic 926, Entertainment - Films for the original content the Company self-produces and where the intellectual property is owned by the Company. For content the Company produces, the costs associated with production, including development costs, direct costs and production overhead will be capitalized and amortized over the estimated useful life of the asset. The adoption of the ASU had a $3.3 million impact on the Company’s Consolidated Financial Statements through December 31, 2021. Convertible Instruments and Contracts — In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for convertible instruments by eliminating certain separation models and will generally be reported as a single liability at its amortized cost. In addition, ASU 2020-06 eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. The Company early adopted ASU 2020-06 effective January 1, 2021, which did not have an impact on the Consolidated Financial Statements. Recent Accounting Guidance Not Yet Adopted Leases  — In February 2016, the FASB issued ASU 2016-02, Leases ("ASC 842"), which supersedes the lease requirements in ASC Topic 840, Leases ("ASC 840"). This guidance increases transparency and comparability among organizations by recognizing lease assets and lease liabilities in the Consolidated Balance Sheets. The guidance requires disclosure to enable users of the Consolidated Financial Statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The transition to ASU No. 2016-02 requires the recognition and measurement of leases at the beginning of the earliest period presented using a modified retrospective approach. In June 2020, the FASB issued ASU No. 2020-05, Effective Dates for Certain Entities , which deferred the effective date for nonpublic entities, including emerging growth companies, that had not yet adopted the original ASU. Under the amended guidance, the leasing standard will be effective for the Company’s fiscal year beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the effect of adoption of these standards on the Consolidated Financial Statements and related disclosures but expects to record a material right-of-use asset and liability on the Consolidated Balance Sheets related to our operating leases upon adoption on January 1, 2022. Upon adoption, the Company expects to elect the package of practical expedients, which among other things, allows the Company not to reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. The Company will continue to finalize the implementation of new processes and the assessment of the impact of this adoption on the Consolidated Financial Statements. Credit Losses —  In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments , which requires a company to consider forward looking information to determine current estimated credit losses for all financial instruments that are not accounted for at fair value through net income. ASU No. 2019-10 defers the effective date of ASU No. 2016-13 to January 1, 2023. The Company does not expect the adoption of ASU No. 2016-13 to have a material impact on Consolidated Financial Statements and related disclosures. Reference Rate Reform —  In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (ASC Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASC 848"), which provides optional relief to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference London Inter-Bank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. Additionally, in January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (ASC Topic 848) , which clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The Company does not expect the adoption of these ASUs to have a material impact on the Consolidated Financial Statements and related disclosures.

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents Hagerty's revenue by distribution channel offering, as well as a reconciliation to total revenue for the years ended December 31, 2021 and 2020: Agent Direct Total in thousands Year Ended December 31, 2021 Commission and fee revenue $ 115,310 $ 98,926 $ 214,236 Contingent commission 29,552 27,783 57,335 Membership revenue — 40,605 40,605 Other revenue — 11,079 11,079 Total revenue from customer contracts $ 144,862 $ 178,393 $ 323,255 Earned premium recognized under ASC 944 295,824 Total revenue $ 619,079 Year Ended December 31, 2020 Commission and fee revenue $ 99,294 $ 82,721 $ 182,015 Contingent commission 30,024 24,404 54,428 Membership revenue — 36,278 36,278 Other revenue — 6,325 6,325 Total revenue from customer contracts $ 129,318 $ 149,728 $ 279,046 Earned premium recognized under ASC 944 220,502 Total revenue $ 499,548 The following table presents Hagerty's revenue disaggregated by geographic area, as well as a reconciliation to total revenue for the years ended December 31, 2021 and 2020: U.S. Canada Europe Total in thousands Year Ended December 31, 2021 Commission and fee revenue $ 193,520 $ 16,782 $ 3,934 $ 214,236 Contingent commission 57,424 (383) 294 57,335 Membership revenue 37,688 2,917 — 40,605 Other revenue 9,448 301 1,330 11,079 Total revenue from customer contracts $ 298,080 $ 19,617 $ 5,558 $ 323,255 Earned premium recognized under ASC 944 295,824 Total revenue $ 619,079 Year Ended December 31, 2020 Commission and fee revenue $ 165,740 $ 13,274 $ 3,001 $ 182,015 Contingent commission 51,820 1,741 867 54,428 Membership revenue 33,938 2,340 — 36,278 Other revenue 4,976 129 1,220 6,325 Total revenue from customer contracts $ 256,474 $ 17,484 $ 5,088 $ 279,046 Earned premium recognized under ASC 944 220,502 Total revenue $ 499,548
Schedule of Premiums Assumed and the Change in Unearned Premiums	The following table presents Hagerty Re's total premiums assumed and the change in unearned premiums for the years ended December 31, 2021 and 2020: Year Ended December 31, 2021 2020 in thousands Underwriting income: Premiums assumed $ 353,925 $ 250,557 Reinsurance premiums ceded (7,920) (3,086) Net premiums assumed 346,005 247,471 Change in unearned premiums (50,491) (25,601) Change in deferred reinsurance premiums 310 (1,368) Net premiums earned $ 295,824 $ 220,502
Contract with Customer, Contract Asset, Contract Liability, and Receivable	The following table is a reconciliation of the changes in the Company's contract assets for the periods specified below. Contract assets are classified as "Commission receivable" on the Consolidated Balance Sheets. 2021 2020 in thousands Contract assets as of January 1, $ 54,541 $ 46,320 CUC received (54,280) (46,207) CUC recognized 57,335 54,428 Contract assets as of December 31, $ 57,596 $ 54,541 Current Long-Term 2021 2020 2021 2020 in thousands Contract liabilities as of January 1, $ 19,541 $ 16,962 $ 19,667 $ — Advanced commission — 333 — 19,667 Membership and other revenue recognized during the period (51,684) (42,603) — — Membership and other revenue deferred during the period 53,866 44,849 — — Contract liabilities as of December 31, $ 21,723 $ 19,541 $ 19,667 $ 19,667

Deferred Acquisition Costs (Tab

Deferred Acquisition Costs (Tables)	12 Months Ended
	Dec. 31, 2021
Deferred Policy Acquisition Costs Disclosures [Abstract]
Schedule of Deferred Acquisition Costs	The following table presents a reconciliation of the changes in deferred acquisition costs for the periods specified below: 2021 2020 in thousands Deferred acquisition costs as of January 1, $ 58,572 $ 46,808 Acquisition costs deferred 163,946 117,738 Amortization charged to income (140,983) (105,974) Deferred acquisition costs as of  December 31, $ 81,535 $ 58,572

Prepaid Expenses and Other As_2

Prepaid Expenses and Other Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Assets, Current and Long-term	Prepaid expenses and other assets, current and long-term, consist of: Year Ended December 31, 2021 2020 in thousands Prepaid sales, general and administrative expenses $ 18,004 $ 11,661 Prepaid SaaS implementation costs 16,318 15,369 Fixed income investments 10,785 — Contract costs 4,160 2,749 Media content 3,335 — Other 8,118 5,044 Prepaid expenses and other assets $ 60,720 $ 34,823

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	The following table summarizes the carrying value of the Company's property and equipment. December 31, 2021 2020 in thousands Land and land improvements $ 930 $ 930 Buildings 1,748 1,748 Leasehold improvements 10,309 7,917 Furniture and equipment 15,121 13,829 Computer equipment and software 20,405 25,609 Automobiles 738 747 Total property and equipment $ 49,251 $ 50,780 Less: accumulated depreciation (20,888) (24,958) Property and equipment, net $ 28,363 $ 25,822

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table is a summary of the cash inflows and outflows related to the Business Combination: Business Combination in thousands Cash in trust, net of redemptions $ 85,811 Cash, PIPE 703,850 Less: transaction costs and advisory fees (41,859) Less: Cash consideration to HHC at Closing (489,661) Net cash received from Business Combination $ 258,141

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the purchase consideration and the purchase price allocation to fair values of the identifiable assets acquired and liabilities assumed as of the date of each acquisition: December 31, 2021 2020 in thousands Cash $ 11,450 $ 2,944 Fair value of non-cash consideration 3,767 9,191 Total consideration $ 15,217 $ 12,135 Allocation of purchase price: Other current assets $ 1,416 $ 62 Intangible assets 7,134 11,266 Goodwill 6,753 944 Total assets acquired 15,303 12,272 Liabilities assumed Accrued compensation, current — 38 Contract liabilities, current 86 99 Total liabilities assumed 86 137 Fair value of net assets acquired $ 15,217 $ 12,135
Asset Acquisition	The following table summarizes the purchase consideration and the purchase price allocation to fair values of the identifiable assets acquired and liabilities assumed as of the date of each acquisition: December 31, 2021 2020 in thousands Cash $ 11,450 $ 2,944 Fair value of non-cash consideration 3,767 9,191 Total consideration $ 15,217 $ 12,135 Allocation of purchase price: Other current assets $ 1,416 $ 62 Intangible assets 7,134 11,266 Goodwill 6,753 944 Total assets acquired 15,303 12,272 Liabilities assumed Accrued compensation, current — 38 Contract liabilities, current 86 99 Total liabilities assumed 86 137 Fair value of net assets acquired $ 15,217 $ 12,135

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The cost and accumulated amortization of intangible assets as of December 31, 2021 and 2020 are as follows: Weighted Average Useful Life December 31, 2021 2020 in thousands Renewal rights 10.0 $ 17,557 $ 17,112 Internally developed software 3.1 76,865 42,595 Trade names and trademarks 19.7 5,004 2,009 Other 12.6 7,116 3,065 Intangible assets 106,542 64,781 Less: accumulated amortization (30,371) (18,164) Intangible assets, net $ 76,171 $ 46,617
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The estimated future aggregate amortization expense as of December 31, 2021 is as follows (in thousands): 2022 $ 19,926 2023 21,789 2024 13,744 2025 5,924 2026 2,553 Thereafter 12,235 Total $ 76,171

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following is a reconciliation of the changes in the Company's goodwill for the periods specified below: 2021 2020 in thousands Goodwill as of January 1, $ 4,745 $ 3,801 Goodwill resulting from acquisition 6,743 944 Goodwill as of December 31, $ 11,488 $ 4,745

Provision for Unpaid Losses a_2

Provision for Unpaid Losses and Loss Adjustment Expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Insurance [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	The following table presents the provision for unpaid losses and loss adjustment expenses, net of amounts recoverable from reinsurers, at December 31, 2021 and 2020: Year Ended December 31, 2021 2020 in thousands Outstanding losses reported $ 38,207 $ 22,710 IBNR 36,662 32,278 Total unpaid losses and loss adjustment expenses $ 74,869 $ 54,988 The following table presents a reconciliation of beginning and ending provision for unpaid losses and loss adjustment expenses, net of amounts recoverable from reinsurers: Year Ended December 31, 2021 2020 in thousands Net unpaid losses and loss adjustment expenses, beginning of the year $ 54,988 $ 32,581 Incurred losses and loss adjustment expenses: Current accident year $ 132,481 $ 91,025 Prior accident year (1) (10,401) — Total incurred losses and loss adjustment expenses $ 122,080 $ 91,025 Payments: Current accident year $ 76,559 $ 53,734 Prior accident year 25,656 14,884 Total payments $ 102,215 $ 68,618 Effect of foreign currency rate changes 16 — Net reserves for losses and loss adjustment expenses, end of year $ 74,869 $ 54,988 Reinsurance recoverables — — Gross reserves for losses and loss adjustment expenses, end of year $ 74,869 $ 54,988 (1) Prior accident year development reflects lower than originally estimated incurred claims related to frequency and severity in accident years 2017 to 2020. The following table presents a summary of total reserves for losses and loss adjustment expenses, gross of reinsurance recoverable, for the periods specified below: December 31, 2021 2020 in thousands Auto $ 74,573 $ 54,548 Marine 296 440 Total reserves for losses and loss adjustment expenses $ 74,869 $ 54,988
Short-duration Insurance Contracts, Claims Development	The following tables present incurred losses and loss adjustment expenses, by accident year, undiscounted and net of reinsurance recoveries. a) Auto (dollars in thousands) Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported Cumulative Number of Reported Claims Reporting Years Ended December 31, Accident Year 2017* 2018* 2019* 2020* 2021 As of December 31, 2021 2017 $ 18,594 $ 18,594 $ 18,594 $ 18,594 $ 18,409 $ 318 11,030 2018 40,422 40,287 40,287 37,516 101 20,627 2019 63,642 63,642 59,660 1,336 23,723 2020 90,110 86,608 6,345 27,178 2021 131,643 28,366 33,387 Total $ 333,836 $ 36,466 115,945 Cumulative paid losses and loss adjustment expenses from the table below (259,263) — Reserves for losses and loss adjustment expenses before 2017, net of reinsurance — — Reserves for losses and loss adjustment expenses, undiscounted and net of reinsurance $ 74,573 $ 36,466 Cumulative paid losses and loss adjustment expenses by accident year (in thousands): As of December 31, Accident Year 2017* 2018* 2019* 2020* 2021 2017 $ 11,410 $ 16,655 $ 17,442 $ 17,530 $ 17,897 2018 23,915 34,992 35,899 36,414 2019 37,910 51,491 55,617 2020 53,167 73,402 2021 75,933 Total $ 259,263 *Unaudited required supplemental information. b) Marine: (dollars in thousands) Reserves Cumulative Reporting Years Ended December 31, Accident Year 2017* 2018* 2019* 2020* 2021 As of December 31, 2021 2017 $ 198 $ 198 $ 198 $ 198 $ 183 $ — 124 2018 437 437 437 489 9 189 2019 893 893 835 — 192 2020 915 975 8 206 2021 854 164 198 Total $ 3,336 $ 181 909 Cumulative paid losses and loss adjustment expenses from the table below (3,040) — Reserves for losses and loss adjustment expenses before the 2017 accident year — — Reserves for losses and loss adjustment expenses, undiscounted and net of reinsurance $ 296 $ 181 Paid losses and loss adjustment expenses by accident year (in thousands): Accident Year 2017* 2018* 2019* 2020* 2021 2017 $ 138 $ 183 $ 183 $ 182 $ 182 2018 332 426 425 431 2019 514 828 835 2020 568 967 2021 625 Total $ 3,040 *Unaudited required supplemental information.
Short-duration Insurance Contracts, Schedule of Historical Claims Duration	The following table presents supplementary information about average historical claims duration as of December 31, 2021 based on the cumulative incurred and paid losses and allocated loss adjustment expenses presented above. Average Annual Percentage of Payout of Incurred Claims by Age (in Years), Net of Reinsurance unaudited Year 1 Year 2 Year 3 Year 4 Year 5 Auto 61.4 % 25.2 % 7.4 % 2.8 % 0.9 % Marine 74.1 % 15.2 % 10.2 % 0.2 % 0.3 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement Inputs and Valuation Techniques	The following table summarizes the significant inputs in the valuation model as of December 31, 2021: Inputs Private Placement Warrants Underwriter Warrants OTM Warrants PIPE Warrants Exercise price $11.50 $11.50 $15.00 $11.50 Common stock price $14.18 $14.18 $14.18 $14.18 Volatility 26.5% 26.5% 28.0% 26.5% Expected term of the warrants 4.92 4.92 9.93 4.92 Risk-free rate 1.25% 1.25% 1.52% 1.25% Dividend yield $— $— $— $—
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The fair value of the Company's financial assets and liabilities measured at fair value on a recurring basis at December 31, 2021 and 2020, is shown in the table below: Fair Value Measurements Total Level 1 Level 2 Level 3 in thousands December 31, 2021 Financial Assets Interest rate swaps $ 531 $ — $ 531 $ — Total $ 531 $ — $ 531 $ — Financial Liabilities Public warrants $ 25,243 $ 25,243 $ — $ — Private placement warrants 1,248 — — 1,248 Underwriter warrants 139 — — 139 OTM warrants 6,849 — — 6,849 PIPE warrants 55,887 — — 55,887 Total $ 89,366 $ 25,243 $ — $ 64,123 December 31, 2020 Financial Liabilities Interest rate swaps $ 801 $ — $ 801 $ — Total $ 801 $ — $ 801 $ —
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents a reconciliation of the Company's warrant liabilities that are classified as Level 3 within the fair value hierarchy for the year ended December 31, 2021: Private Placement Warrants Underwriter Warrants OTM Warrants PIPE Warrants Total in thousands Balance at December 31, 2020 $ — $ — $ — $ — $ — Issuance of warrant liabilities 460 51 2,899 31,800 35,210 Change in fair value of warrant liabilities 788 88 3,950 24,087 28,913 Balance at December 31, 2021 $ 1,248 $ 139 $ 6,849 $ 55,887 $ 64,123
Debt Securities, Held-to-maturity	The following table discloses the fair value and related carrying amount of fixed income securities held within Hagerty Re's investments: Carrying Amount Estimated Fair Value in thousands December 31, 2021 Fixed income securities, short-term $ 1,189 $ 1,188 Fixed income securities, long-term 9,596 9,476 Total $ 10,785 $ 10,664

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of the indicated dates, the principal amount of Hagerty's debt consisted of the following: December 31, 2021 2020 in thousands Credit Facility $ 135,500 $ 68,000 Note payable 1,000 2,000 Total debt outstanding $ 136,500 $ 70,000 Less: current portion (1,000) (1,000) Total long-term debt outstanding $ 135,500 $ 69,000
Schedule of Maturities of Long-term Debt	Aggregate annual maturities of long-term debt at December 31, 2021 are as follows (in thousands): Year ending December 31, 2022 $ 1,000 2023 — 2024 — 2025 — 2026 135,500 Total $ 136,500

Members' and Stockholders' Eq_2

Members' and Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Other Ownership Interests	The following table summarizes the ownership of The Hagerty Group as of December 31, 2021: Owner Units Owned Ownership Percentage in thousands (except percentages) Hagerty, Inc. controlling interest 82,327 24.7 % Redeemable non-controlling interest 251,034 75.3 % Total 333,361 100.0 %
Schedule of Earnings Per Share, Basic and Diluted	Year Ended December 31, 2021 2020 in thousands (except per share/unit amounts) Numerator: Net income (loss) $ (61,354) $ 10,039 Net loss (income) attributable to non-controlling interest 398 127 Net loss (income) attributable to redeemable non-controlling interest 14,598 — Net income (loss) attributable to controlling interest $ (46,358) $ 10,166 Denominator: Weighted average shares of Class A Common Stock - basic and diluted 82,327 N/A Weighted average Members' Units - basic and diluted N/A 100 Earnings (loss) per share of Class A Common Stock - basic and diluted $ (0.56) N/A Earnings (loss) per unit - basic and diluted N/A $ 101.66
Redeemable Noncontrolling Interest	The following table is a reconciliation of the changes in carrying value of redeemable non-controlling interest during the year ended December 31, 2021: in thousands Redeemable non-controlling interest as of December 2, 2021 $ 238,265 Net income (loss) attributable to redeemable non-controlling interest (11,510) Redemption value adjustment 366,522 Redeemable non-controlling interest as of December 31, 2021 $ 593,277

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum lease payments in the following five years are as follows (in thousands): 2022 $ 9,068 2023 8,783 2024 8,587 2025 8,451 2026 7,936 Thereafter 53,940 Total $ 96,765

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Domestic and Foreign	Income (loss) before income tax expense includes the following components: Year Ended December 31, 2021 2020 in thousands United States $ (44,434) $ 21,318 Foreign (10,169) (6,459) Total $ (54,603) $ 14,859
Schedule of Components of Income Tax Expense (Benefit)	Total income tax expense (benefit) attributable to income (loss) for the years ended December 31, 2021 and 2020 consists of: Year Ended December 31, 2021 2020 in thousands Current: Federal $ 3,753 $ 3,383 Foreign (40) (41) $ 3,713 $ 3,342 Deferred: Federal $ 3,038 $ 1,478 Foreign — — 3,038 1,478 Total $ 6,751 $ 4,820
Schedule of Effective Income Tax Rate Reconciliation	Income tax expense reflected in the financial statements differs from the tax computed by applying the statutory U.S. federal rate of 21% to "Net income (loss)" before taxes as follows: Year Ended December 31, 2021 2020 in thousands (except percentages) Income tax (benefit) expense at statutory rate $ (11,467) 21 % $ 3,120 21 % State taxes (163) 0 % — 0 % Loss not subject to entity-level taxes 6,485 (12) % 706 5 % Foreign rate differential (276) 1 % (161) (1) % Change in valuation allowance 2,759 (5) % 1,193 8 % Change in fair value of warrant liability 8,933 (16) % — 0 % Permanent items 477 (1) % — 0 % Other, net 3 0 % (38) 0 % Income tax expense $ 6,751 (12) % $ 4,820 33 %
Schedule of Deferred Tax Assets and Liabilities	At December 31, 2021 and 2020, the tax effects of temporary differences that give rise to significant portions of the deferred tax provision are as follows: December 31, 2021 2020 in thousands Deferred tax assets Discount on provision for losses and loss adjustment expenses $ 557 $ 392 Unearned premiums 7,345 5,238 Accrued professional fees 5 7 Unrealized foreign currency gain 70 97 Excess tax basis 168,014 — Foreign NOL carryforward 6,492 4,771 Other 315 — Gross deferred tax asset 182,798 10,505 Less: valuation allowance (174,821) (4,771) Total net deferred tax assets $ 7,977 $ 5,734 Deferred tax liabilities Deferred acquisition costs $ (17,122) $ (12,300) Excise tax accrual (1,279) (820) Unrealized foreign currency gain (70) (98) Unrealized investment gain (16) (15) Total deferred tax liabilities $ (18,487) $ (13,233) Net deferred tax liability $ (10,510) $ (7,499)
Summary of Operating Loss Carryforwards	Of the deferred tax assets, $1.7 million does not expire, and the remaining $4.8 million expires as follows (in thousands): 2036 $ 419 2037 752 2038 899 2039 — 2040 1,222 2041 1,498

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following tables provide information about Markel-affiliated due to insurer liabilities and commission revenue under the agreement with Markel subsidiaries: December 31, 2021 2020 in thousands (except percentages) Due to insurer $ 54,850 $ 45,593 Percent of total 95 % 93 % Year Ended December 31, 2021 2020 Commission revenue $ 239,432 $ 216,033 Percent of total 90 % 91 % 2021 2020 Assets in thousands Premiums receivable $ 72,697 $ 49,938 Deferred acquisition costs, net 78,449 55,833 Total assets $ 151,146 $ 105,771 Liabilities Losses payable $ 33,459 $ 21,049 Provision for unpaid losses and loss adjustment expenses 70,680 53,281 Unearned premiums 167,541 118,207 Commissions payable 59,511 42,644 Total liabilities $ 331,191 $ 235,181 Year Ended December 31, 2021 2020 Revenue in thousands Earned premium $ 281,794 $ 214,112 Expenses Ceding commission $ 134,946 $ 103,479 Losses and loss adjustment expenses 116,396 86,906 Total expenses $ 251,342 $ 190,385

Quarterly Financial Informati_2

Quarterly Financial Information (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	The following table provides a summary of unaudited quarterly financial information. First Quarter Second Quarter Third Quarter Fourth Quarter (1) Year Ended 2021 in thousands Commission and fee revenue $ 54,373 $ 83,443 $ 76,188 $ 57,567 $ 271,571 Earned premium 63,234 70,437 78,700 83,453 295,824 Membership and other revenue 11,593 13,529 13,198 13,364 51,684 Total revenues $ 129,200 $ 167,409 $ 168,086 $ 154,384 $ 619,079 Operating income (loss) $ (5,096) $ 14,274 $ 1,758 $ (21,006) $ (10,070) Net income (loss) $ (6,850) $ 12,503 $ (548) $ (66,459) $ (61,354) 2020 Commission and fee revenue $ 46,015 $ 71,993 $ 67,939 $ 50,496 $ 236,443 Earned premium 50,454 52,954 56,969 60,125 220,502 Membership and other revenue 10,390 10,515 10,873 10,825 42,603 Total revenues $ 106,859 $ 135,462 $ 135,781 $ 121,446 $ 499,548 Operating income (loss) $ (4,171) $ 17,441 $ 12,650 $ (10,074) $ 15,846 Net income (loss) $ (5,505) $ 16,178 $ 10,979 $ (11,613) $ 10,039 (1) The fourth quarter 2021 net loss of $66.5 million is primarily due to a Change in fair value of warrant liabilities expense of $42.5 million that was recognized as a non-operating expense, as well as approximately $13.3 million, which was primarily accelerated vesting of incentive plans related to the Business Combination.

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Schedule of Stockholders Equity	The following table illustrates the impact from the amendment of the Exchange Agreement on Total equity as if the amendment occurred on December 31, 2021. in thousands Total equity as of December 31, 2021 $ (322,476) Reclassification of temporary equity as a result of the Exchange Agreement amendment 593,277 Total equity adjusted for the Exchange Agreement amendment $ 270,801
Temporary Equity	The following table illustrates the impact from the amendment of the Exchange Agreement on Total equity as if the amendment occurred on December 31, 2021. in thousands Total equity as of December 31, 2021 $ (322,476) Reclassification of temporary equity as a result of the Exchange Agreement amendment 593,277 Total equity adjusted for the Exchange Agreement amendment $ 270,801

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and New Accounting Standards - Narrative (Details)	12 Months Ended
	Dec. 31, 2021GBP (£)segment	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 02, 2021
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Amount retained	£ 1,000,000	$ 7,000,000
Number of operating segments | segment	1	1
Number of reportable segments | segment	1	1
Goodwill, impairment loss		$ 0	$ 0
Membership period	1 year	1 year
Advertising expense		$ 24,100,000	18,200,000
Unrecognized tax benefits		0	0
Tax benefit retained by parent, percent				15.00%
Tax benefit distributions to noncontrolling interest holders, percent				85.00%
Annual exposure limit		10,800,000	8,300,000
Losses and loss adjustment expenses		122,080,000	91,025,000
Self insurance reserve		900,000	700,000
Media content		3,335,000	0
Labor And Related Expense
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Losses and loss adjustment expenses		10,900,000	$ 7,600,000
Cumulative Effect, Period of Adoption, Adjustment
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Media content		$ 3,300,000
Minimum | Renewal rights
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Intangible asset useful life	3 years	3 years
Minimum | Internally developed software
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Intangible asset useful life	3 years	3 years
Minimum | Trade Names
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Intangible asset useful life	3 years	3 years
Minimum | Noncompete Agreements
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Intangible asset useful life	3 years	3 years
Minimum | Customer Relationships
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Intangible asset useful life	3 years	3 years
Maximum | Renewal rights
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Intangible asset useful life	25 years	25 years
Maximum | Internally developed software
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Intangible asset useful life	25 years	25 years
Maximum | Trade Names
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Intangible asset useful life	25 years	25 years
Maximum | Noncompete Agreements
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Intangible asset useful life	25 years	25 years
Maximum | Customer Relationships
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Intangible asset useful life	25 years	25 years
Computers | Minimum
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property, plant and equipment, useful life	3 years	3 years
Computers | Maximum
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property, plant and equipment, useful life	7 years	7 years
Automobiles | Minimum
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property, plant and equipment, useful life	3 years	3 years
Automobiles | Maximum
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property, plant and equipment, useful life	7 years	7 years
Office furniture | Minimum
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property, plant and equipment, useful life	3 years	3 years
Office furniture | Maximum
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property, plant and equipment, useful life	7 years	7 years
Building and Building Improvements
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property, plant and equipment, useful life	39 years	39 years
The Hagerty Group, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
LLC ownership percent	24.70%	24.70%
Member Hubs Holding, LLC | The Hagerty Group, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
LLC ownership percent	80.00%	80.00%

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue By Distribution Channel Offering and Geographical Area (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									$ 323,255	$ 279,046
Earned premium recognized under ASC 944	$ 83,453	$ 78,700	$ 70,437	$ 63,234	$ 60,125	$ 56,969	$ 52,954	$ 50,454	295,824	220,502
Total revenues	154,384	168,086	167,409	129,200	121,446	135,781	135,462	106,859	619,079	499,548
U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									298,080	256,474
Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									19,617	17,484
Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									5,558	5,088
Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									144,862	129,318
Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									178,393	149,728
Commission and fee revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	57,567	76,188	83,443	54,373	50,496	67,939	71,993	46,015	271,571	236,443
Commission and fee revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									214,236	182,015
Commission and fee revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									193,520	165,740
Commission and fee revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									16,782	13,274
Commission and fee revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									3,934	3,001
Commission and fee revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									115,310	99,294
Commission and fee revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									98,926	82,721
Contingent commission
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									57,335	54,428
Contingent commission | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									57,424	51,820
Contingent commission | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									(383)	1,741
Contingent commission | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									294	867
Contingent commission | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									29,552	30,024
Contingent commission | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									27,783	24,404
Membership and other revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	$ 13,364	$ 13,198	$ 13,529	$ 11,593	$ 10,825	$ 10,873	$ 10,515	$ 10,390	51,684	42,603
Membership revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									40,605	36,278
Membership revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									37,688	33,938
Membership revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									2,917	2,340
Membership revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									0	0
Membership revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									0	0
Membership revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									40,605	36,278
Other revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									11,079	6,325
Other revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									9,448	4,976
Other revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									301	129
Other revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									1,330	1,220
Other revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									0	0
Other revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts									$ 11,079	$ 6,325

Revenue - Earned Premium (Detai

Revenue - Earned Premium (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Underwriting income:
Premiums assumed									$ 353,925	$ 250,557
Reinsurance premiums ceded									(7,920)	(3,086)
Net premiums assumed									346,005	247,471
Change in unearned premiums									(50,491)	(25,601)
Change in deferred reinsurance premiums									310	(1,368)
Net premiums earned	$ 83,453	$ 78,700	$ 70,437	$ 63,234	$ 60,125	$ 56,969	$ 52,954	$ 50,454	$ 295,824	$ 220,502

Revenue - Reconciliation of the

Revenue - Reconciliation of the Changes in Company's Contract Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Change In Contract With Customer Asset [Roll Forward]
Contract assets, beginning balance	$ 54,541	$ 46,320
CUC received	(54,280)	(46,207)
CUC recognized	57,335	54,428
Contract assets, ending balance	$ 57,596	$ 54,541

Revenue - Contract with Custome

Revenue - Contract with Customer, Liability Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current
Contract with Customer, Liability [Roll Forward]
Contract liabilities, beginning balance	$ 19,541	$ 16,962
Advanced commission	0	333
Membership and other revenue recognized during the period	(51,684)	(42,603)
Membership and other revenue deferred during the period	53,866	44,849
Contract liabilities, ending balance	21,723	19,541
Long-Term
Contract with Customer, Liability [Roll Forward]
Contract liabilities, beginning balance	19,667	0
Advanced commission	0	19,667
Membership and other revenue recognized during the period	0	0
Membership and other revenue deferred during the period	0	0
Contract liabilities, ending balance	$ 19,667	$ 19,667

Deferred Acquisition Costs (Det

Deferred Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred acquisition costs beginning balance	$ 58,572	$ 46,808
Acquisition costs deferred	163,946	117,738
Amortization charged to income	(140,983)	(105,974)
Deferred acquisition costs ending balance	$ 81,535	$ 58,572

Prepaid Expenses and Other As_3

Prepaid Expenses and Other Assets - Schedule of Prepaid Expenses and Other Assets, Current and Long-term (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid sales, general and administrative expenses	$ 18,004	$ 11,661
Prepaid SaaS implementation costs	16,318	15,369
Fixed income investments	10,785	0
Contract costs	4,160	2,749
Media content	3,335	0
Other	8,118	5,044
Prepaid expenses and other assets	$ 60,720	$ 34,823

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 49,251	$ 50,780
Less: accumulated depreciation	(20,888)	(24,958)
Property and equipment, net	28,363	25,822
Depreciation	6,400	4,700
Land and land improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	930	930
Buildings
Property, Plant and Equipment [Line Items]
Total property and equipment	1,748	1,748
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	10,309	7,917
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	15,121	13,829
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment	20,405	25,609
Automobiles
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 738	$ 747

Business Combination - Narrativ

Business Combination - Narrative (Details) - USD ($) $ in Thousands	Dec. 02, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 01, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Number of shares issued in transaction (in shares)	70,385,000
Warrants outstanding (in shares)	20,005,550	20,005,550	20,005,550	20,005,550
Consideration received on transaction	$ 703,900
Cash paid to shareholders	489,661
Common stock, shares, outstanding (in shares)		333,361,000	333,361,000	333,361,000
Acquisition related costs	41,900		$ 13,300
Additional Paid in Capital
Business Acquisition [Line Items]
Transaction costs	$ 32,600
The Hagerty Group, LLC
Business Acquisition [Line Items]
LLC ownership percent				24.70%
Ownership percentage by noncontrolling interest		75.30%	75.30%	75.30%
Members Equity | Hagerty Holding Corp.
Business Acquisition [Line Items]
Stock converted (in shares)	176,033,906
Members Equity | Markel
Business Acquisition [Line Items]
Stock converted (in shares)	75,000,000
Class V Common Stock
Business Acquisition [Line Items]
Common stock, shares, outstanding (in shares)	251,033,906	251,033,906	251,033,906	251,033,906		0
Class V Common Stock | Hagerty Holding Corp.
Business Acquisition [Line Items]
Business Combination (in shares)	176,033,906
Class V Common Stock | Markel
Business Acquisition [Line Items]
Business Combination (in shares)	75,000,000
Class A Common Stock
Business Acquisition [Line Items]
Common stock, shares, outstanding (in shares)	82,327,466	82,327,466	82,327,466	82,327,466		0
Number of securities called by each warrant (in shares)	1
Class A Common Stock | Aldel
Business Acquisition [Line Items]
Stock converted (in shares)	2,875,000
Business Combination (in shares)	572,500
Shares redeemed (in shares)		3,005,034
Common stock, shares, outstanding (in shares)	8,494,966				11,500,000
Conversion ratio (in shares)	1
PIPE Warrants
Business Acquisition [Line Items]
Warrants outstanding (in shares)	12,669,300
PIPE Warrants | Class A Common Stock
Business Acquisition [Line Items]
Number of securities called by each warrant (in shares)	1

Business Combination - Schedule

Business Combination - Schedule of Business Combination (Details) $ in Thousands	Dec. 02, 2021USD ($)
Business Combination and Asset Acquisition [Abstract]
Cash in trust, net of redemptions	$ 85,811
Cash, PIPE	703,850
Less: transaction costs and advisory fees	(41,859)
Less: Cash consideration to HHC at Closing	(489,661)
Net cash received from Business Combination	$ 258,141

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - 2020 Asset Acquisition $ in Millions	Mar. 01, 2020USD ($)	Dec. 31, 2020acquisition
Asset Acquisition [Line Items]
Number of acquisitions | acquisition		1
Non-compete agreement term	5 years
Total consideration	$ 9.7
Payments for asset acquisitions	2.5
Contingent consideration, current	2.4
Contingent consideration, noncurrent	$ 4.8

Acquisitions - Purchase Price A

Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Combinations [Abstract]
Goodwill	$ 11,488	$ 4,745	$ 3,801
Asset Acquisition [Abstract]
Goodwill	6,743	944
2020 Asset Acquisitions
Asset Acquisition [Abstract]
Cash		2,944
Total consideration		9,191
Total consideration		12,135
Other current assets		62
Intangible assets		11,266
Goodwill		944
Total assets acquired		12,272
Accrued compensation, current		38
Contract liabilities, current		99
Total liabilities assumed		137
Fair value of net assets acquired		$ 12,135
2021 Business Combinations
Business Combinations [Abstract]
Cash	11,450
Fair value of non-cash consideration	3,767
Total consideration	15,217
Other current assets	1,416
Intangible assets	7,134
Goodwill	6,753
Total assets acquired	15,303
Accrued compensation, current	0
Contract liabilities, current	86
Total liabilities assumed	86
Fair value of net assets acquired	$ 15,217

Intangible Assets - Cost and Ac

Intangible Assets - Cost and Accumulated Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 106,542	$ 64,781
Less: accumulated amortization	(30,371)	(18,164)
​Total	76,171	46,617
Amortization of intangible assets	12,800	5,800
Renewal rights
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 17,557	17,112
Renewal rights | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	10 years
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 76,865	42,595
Internally developed software | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	3 years 1 month 6 days
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 5,004	2,009
Trade names and trademarks | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	19 years 8 months 12 days
Other
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 7,116	$ 3,065
Other | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	12 years 7 months 6 days

Intangible Assets- Future Amort

Intangible Assets- Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 19,926
2023	21,789
2024	13,744
2025	5,924
2026	2,553
Thereafter	12,235
​Total	$ 76,171	$ 46,617

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 4,745	$ 3,801
Goodwill resulting from acquisition	6,743	944
Goodwill, ending balance	$ 11,488	$ 4,745

Provision for Unpaid Losses a_3

Provision for Unpaid Losses and Loss Adjustment Expenses - Provision (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Insurance [Abstract]
Outstanding losses reported	$ 38,207	$ 22,710
IBNR	36,662	32,278
Total unpaid losses and loss adjustment expenses	$ 74,869	$ 54,988

Provision for Unpaid Losses a_4

Provision for Unpaid Losses and Loss Adjustment Expenses - Provision Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Net unpaid losses and loss adjustment expenses, beginning of the year	$ 54,988	$ 32,581
Incurred losses and loss adjustment expenses:
Current accident year	132,481	91,025
Prior accident year	(10,401)	0
Total incurred losses and loss adjustment expenses	122,080	91,025
Payments:
Current accident year	76,559	53,734
Prior accident year	25,656	14,884
Total payments	102,215	68,618
Effect of foreign currency rate changes	16	0
Net reserves for losses and loss adjustment expenses, end of year	74,869	54,988
Reinsurance recoverables	0	0
Provision for unpaid losses and loss adjustment expenses	$ 74,869	$ 54,988

Provision for Unpaid Losses a_5

Provision for Unpaid Losses and Loss Adjustment Expenses Provision by Insurance Product (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserves for losses and loss adjustment expenses	$ 74,869	$ 54,988
Auto
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserves for losses and loss adjustment expenses	74,573	54,548
Marine
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserves for losses and loss adjustment expenses	$ 296	$ 440

Provision for Unpaid Losses a_6

Provision for Unpaid Losses and Loss Adjustment Expenses - Incurred and Paid Losses (Details) $ in Thousands	Dec. 31, 2021USD ($)claim	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Auto
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expense	$ 333,836
Cumulative paid losses and loss adjustment expenses from the table below	(259,263)
Reserves for losses and loss adjustment expenses before 2017, net of reinsurance	0
Reserves for losses and loss adjustment expenses, undiscounted and net of reinsurance	74,573
Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported	$ 36,466
Cumulative Number of Reported Claims | claim	115,945
Cumulative paid losses and loss adjustment expense	$ 259,263
Auto | 2017
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expense	18,409	$ 18,594	$ 18,594	$ 18,594	$ 18,594
Cumulative paid losses and loss adjustment expenses from the table below	(17,897)	(17,530)	(17,442)	(16,655)	(11,410)
Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported	$ 318
Cumulative Number of Reported Claims | claim	11,030
Cumulative paid losses and loss adjustment expense	$ 17,897	17,530	17,442	16,655	11,410
Auto | 2018
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expense	37,516	40,287	40,287	40,422
Cumulative paid losses and loss adjustment expenses from the table below	(36,414)	(35,899)	(34,992)	(23,915)
Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported	$ 101
Cumulative Number of Reported Claims | claim	20,627
Cumulative paid losses and loss adjustment expense	$ 36,414	35,899	34,992	23,915
Auto | 2019
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expense	59,660	63,642	63,642
Cumulative paid losses and loss adjustment expenses from the table below	(55,617)	(51,491)	(37,910)
Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported	$ 1,336
Cumulative Number of Reported Claims | claim	23,723
Cumulative paid losses and loss adjustment expense	$ 55,617	51,491	37,910
Auto | 2020
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expense	86,608	90,110
Cumulative paid losses and loss adjustment expenses from the table below	(73,402)	(53,167)
Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported	$ 6,345
Cumulative Number of Reported Claims | claim	27,178
Cumulative paid losses and loss adjustment expense	$ 73,402	53,167
Auto | 2021
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expense	131,643
Cumulative paid losses and loss adjustment expenses from the table below	(75,933)
Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported	$ 28,366
Cumulative Number of Reported Claims | claim	33,387
Cumulative paid losses and loss adjustment expense	$ 75,933
Marine
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expense	3,336
Cumulative paid losses and loss adjustment expenses from the table below	(3,040)
Reserves for losses and loss adjustment expenses before 2017, net of reinsurance	0
Reserves for losses and loss adjustment expenses, undiscounted and net of reinsurance	296
Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported	$ 181
Cumulative Number of Reported Claims | claim	909
Cumulative paid losses and loss adjustment expense	$ 3,040
Marine | 2017
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expense	183	198	198	198	198
Cumulative paid losses and loss adjustment expenses from the table below	(182)	(182)	(183)	(183)	(138)
Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported	$ 0
Cumulative Number of Reported Claims | claim	124
Cumulative paid losses and loss adjustment expense	$ 182	182	183	183	$ 138
Marine | 2018
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expense	489	437	437	437
Cumulative paid losses and loss adjustment expenses from the table below	(431)	(425)	(426)	(332)
Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported	$ 9
Cumulative Number of Reported Claims | claim	189
Cumulative paid losses and loss adjustment expense	$ 431	425	426	$ 332
Marine | 2019
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expense	835	893	893
Cumulative paid losses and loss adjustment expenses from the table below	(835)	(828)	(514)
Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported	$ 0
Cumulative Number of Reported Claims | claim	192
Cumulative paid losses and loss adjustment expense	$ 835	828	$ 514
Marine | 2020
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expense	975	915
Cumulative paid losses and loss adjustment expenses from the table below	(967)	(568)
Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported	$ 8
Cumulative Number of Reported Claims | claim	206
Cumulative paid losses and loss adjustment expense	$ 967	$ 568
Marine | 2021
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expense	854
Cumulative paid losses and loss adjustment expenses from the table below	(625)
Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported	$ 164
Cumulative Number of Reported Claims | claim	198
Cumulative paid losses and loss adjustment expense	$ 625

Provision for Unpaid Losses a_7

Provision for Unpaid Losses and Loss Adjustment Expenses - Historical Claims Duration (Details)	Dec. 31, 2021
Auto
Liability for Claims and Claims Adjustment Expense [Line Items]
Year 1	61.40%
Year 2	25.20%
Year 3	7.40%
Year 4	2.80%
Year 5	0.90%
Marine
Liability for Claims and Claims Adjustment Expense [Line Items]
Year 1	74.10%
Year 2	15.20%
Year 3	10.20%
Year 4	0.20%
Year 5	0.30%

Reinsurance (Details)

Reinsurance (Details) $ in Millions	Jan. 01, 2022USD ($)layer	Dec. 31, 2021GBP (£)	Dec. 31, 2021USD ($)
Reinsurance Retention Policy [Line Items]
Excess retention, amount reinsured			$ 83
Amount retained		£ 1,000,000	$ 7
Reinsured risk, percentage		25.00%	25.00%
Subsequent Event
Reinsurance Retention Policy [Line Items]
Excess retention, amount reinsured	$ 100
Amount retained	$ 10
Number of coverage layers | layer	3
Catastrophe Reinsurance, Top Layer
Reinsurance Retention Policy [Line Items]
Excess retention, amount reinsured			$ 10
Amount retained			80
Catastrophe Reinsurance, Top Layer | Subsequent Event
Reinsurance Retention Policy [Line Items]
Excess retention, amount reinsured	$ 50
Amount retained	10
Catastrophe Reinsurance, Top Layer, Additional Coverage
Reinsurance Retention Policy [Line Items]
Excess retention, amount reinsured			10
Amount retained			$ 10.5
Catastrophe Reinsurance, Top Layer, Additional Coverage | Subsequent Event
Reinsurance Retention Policy [Line Items]
Excess retention, amount reinsured	10
Amount retained	12.5
Catastrophe Reinsurance, Middle Layer | Subsequent Event
Reinsurance Retention Policy [Line Items]
Excess retention, amount reinsured	30
Amount retained	60
Catastrophe Reinsurance, Bottom Layer | Subsequent Event
Reinsurance Retention Policy [Line Items]
Excess retention, amount reinsured	10
Amount retained	$ 90

Statutory Capital and Surplus (

Statutory Capital and Surplus (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Insurance [Abstract]
Statutory amount available for dividend payments without prior approval	$ 26.8
Enhanced capital requirement target	130.00%
Statutory capital and surplus, balance	$ 107.3	$ 82
Statutory net income amount	$ 25.2	$ 18.3

Fair Value Measurements - Input

Fair Value Measurements - Inputs in the Valuation Model (Details)	Dec. 31, 2021$ / sharesyearUSD ($)
Private placement warrants | Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	11.50
Private placement warrants | Common stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	14.18
Private placement warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.265
Private placement warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	4.92
Private placement warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0125
Private placement warrants | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | $	0
Underwriter Warrants | Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	11.50
Underwriter Warrants | Common stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	14.18
Underwriter Warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.265
Underwriter Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	4.92
Underwriter Warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0125
Underwriter Warrants | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | $	0
OTM Warrants | Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	15
OTM Warrants | Common stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	14.18
OTM Warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.280
OTM Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	9.93
OTM Warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0152
OTM Warrants | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | $	0
PIPE Warrants | Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	11.50
PIPE Warrants | Common stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	14.18
PIPE Warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.265
PIPE Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	4.92
PIPE Warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0125
PIPE Warrants | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | $	0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial Liabilities
Warrants	$ 89,300
Fair Value, Recurring
Financial Assets
Total	531
Financial Liabilities
Total	89,366	$ 801
Fair Value, Recurring | Public warrants
Financial Liabilities
Warrants	25,243
Fair Value, Recurring | Private placement warrants
Financial Liabilities
Warrants	1,248
Fair Value, Recurring | Underwriter Warrants
Financial Liabilities
Warrants	139
Fair Value, Recurring | OTM Warrants
Financial Liabilities
Warrants	6,849
Fair Value, Recurring | PIPE Warrants
Financial Liabilities
Warrants	55,887
Fair Value, Recurring | Interest rate swaps
Financial Assets
Interest rate swaps	531
Financial Liabilities
Interest rate swaps		801
Fair Value, Recurring | Level 1
Financial Assets
Total	0
Financial Liabilities
Total	25,243	0
Fair Value, Recurring | Level 1 | Public warrants
Financial Liabilities
Warrants	25,243
Fair Value, Recurring | Level 1 | Private placement warrants
Financial Liabilities
Warrants	0
Fair Value, Recurring | Level 1 | Underwriter Warrants
Financial Liabilities
Warrants	0
Fair Value, Recurring | Level 1 | OTM Warrants
Financial Liabilities
Warrants	0
Fair Value, Recurring | Level 1 | PIPE Warrants
Financial Liabilities
Warrants	0
Fair Value, Recurring | Level 1 | Interest rate swaps
Financial Assets
Interest rate swaps	0
Financial Liabilities
Interest rate swaps		0
Fair Value, Recurring | Level 2
Financial Assets
Total	531
Financial Liabilities
Total	0	801
Fair Value, Recurring | Level 2 | Public warrants
Financial Liabilities
Warrants	0
Fair Value, Recurring | Level 2 | Private placement warrants
Financial Liabilities
Warrants	0
Fair Value, Recurring | Level 2 | Underwriter Warrants
Financial Liabilities
Warrants	0
Fair Value, Recurring | Level 2 | OTM Warrants
Financial Liabilities
Warrants	0
Fair Value, Recurring | Level 2 | PIPE Warrants
Financial Liabilities
Warrants	0
Fair Value, Recurring | Level 2 | Interest rate swaps
Financial Assets
Interest rate swaps	531
Financial Liabilities
Interest rate swaps		801
Fair Value, Recurring | Level 3
Financial Assets
Total	0
Financial Liabilities
Total	64,123	0
Fair Value, Recurring | Level 3 | Public warrants
Financial Liabilities
Warrants	0
Fair Value, Recurring | Level 3 | Private placement warrants
Financial Liabilities
Warrants	1,248
Fair Value, Recurring | Level 3 | Underwriter Warrants
Financial Liabilities
Warrants	139
Fair Value, Recurring | Level 3 | OTM Warrants
Financial Liabilities
Warrants	6,849
Fair Value, Recurring | Level 3 | PIPE Warrants
Financial Liabilities
Warrants	55,887
Fair Value, Recurring | Level 3 | Interest rate swaps
Financial Assets
Interest rate swaps	$ 0
Financial Liabilities
Interest rate swaps		$ 0

Fair Value Measurements - Level

Fair Value Measurements - Level Three Reconciliation (Details) - Warrant liabilities $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0
Issuance of warrant liabilities	35,210
Change in fair value of warrant liabilities	28,913
Ending balance	64,123
Private placement warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Issuance of warrant liabilities	460
Change in fair value of warrant liabilities	788
Ending balance	1,248
Underwriter Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Issuance of warrant liabilities	51
Change in fair value of warrant liabilities	88
Ending balance	139
OTM Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Issuance of warrant liabilities	2,899
Change in fair value of warrant liabilities	3,950
Ending balance	6,849
PIPE Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Issuance of warrant liabilities	31,800
Change in fair value of warrant liabilities	24,087
Ending balance	$ 55,887

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Estimated Fair Value (Details) - Fixed Income Securities	12 Months Ended
	Dec. 31, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other-than-temporary impairment loss	$ 0
Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income securities, short-term	1,189,000
Fixed income securities, long-term	9,596,000
Total	10,785,000
Level 2 | Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income securities, short-term	1,188,000
Fixed income securities, long-term	9,476,000
Total	$ 10,664,000

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt (Details) - USD ($)	Dec. 31, 2021	Oct. 27, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt outstanding	$ 136,500,000		$ 70,000,000
Less: current portion	(1,000,000)		(1,000,000)
Total long-term debt outstanding	135,500,000		69,000,000
Note payable
Debt Instrument [Line Items]
Total debt outstanding	1,000,000		2,000,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 230,000,000
Total debt outstanding	$ 135,500,000		$ 68,000,000

Debt - Maturity of Long-Term De

Debt - Maturity of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2022	$ 1,000
2023	0
2024	0
2025	0
2026	135,500
Total debt outstanding	$ 136,500	$ 70,000

Debt - Narrative (Details)

Debt - Narrative (Details)	Oct. 27, 2021USD ($)	Dec. 31, 2021USD ($)letter_of_creditinstallment	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Repayments of long-term debt		$ 42,500,000	$ 29,100,000
Number of letters of credit authorized | letter_of_credit		2
Letters of credit outstanding, amount		$ 10,800,000
Line of Credit
Debt Instrument [Line Items]
Annual extension term		1 year
Note payable
Debt Instrument [Line Items]
Number of payment installments | installment		2
Repayments of long-term debt		$ 1,000,000
Fixed rate		3.25%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 230,000,000
Accordion feature, increase limit	$ 50,000,000
Effective borrowing rate		1.61%	2.48%
Revolving Credit Facility | Line of Credit | Overnight Bank Funding Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility | Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 25,000,000
Swing Line Loan | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 3,000,000

Interest Rate Swaps (Details)

Interest Rate Swaps (Details) - Interest rate swaps	Dec. 31, 2021swap	Dec. 31, 2020USD ($)	Mar. 31, 2017USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, number of instruments held | swap	2
Derivative notional amount | $		$ 35,000,000	$ 15,000,000
Derivative fixed interest rate		0.78%	2.20%

Members' and Stockholders' Eq_3

Members' and Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)vote$ / sharesshares	Dec. 02, 2021USD ($)shares	Dec. 01, 2021classshares	Dec. 31, 2020USD ($)$ / sharesshares
Class of Stock [Line Items]
Number of classes of partnership interest | class			1
Common stock, shares, outstanding (in shares)	333,361,000
Preferred stock, shares authorized (in shares)	20,000,000			0
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.0001			$ 0.0001
Preferred stock, shares issued (in shares)	0			0
Member unit, outstanding (in shares)	0		100,000	100,000
Preferred stock, shares outstanding (in shares)	0			0
Redeemable noncontrolling interest, accreted redemption value | $	$ 593,277	$ 238,265		$ 0
Warrant liabilities
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	20,005,550
Class V Common Stock
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	251,033,906
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000			0
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001			$ 0.0001
Common stock, votes per share | vote	1
Common stock, shares, issued (in shares)	82,327,466			0
Common stock, shares, outstanding (in shares)	82,327,466	82,327,466		0
Class V Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	300,000,000			0
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001			$ 0.0001
Common stock, votes per share | vote	10
Common stock, shares, issued (in shares)	251,033,906			0
Common stock, shares, outstanding (in shares)	251,033,906	251,033,906		0
The Hagerty Group, LLC
Class of Stock [Line Items]
LLC ownership percent	24.70%

Members' and Stockholders' Eq_4

Members' and Stockholders' Equity - Ownership (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2021shares
Class of Stock [Line Items]
Units Owned (in shares)	333,361
The Hagerty Group, LLC
Class of Stock [Line Items]
Ownership percentage by Hagerty, Inc	24.70%
Ownership percentage by noncontrolling interest	75.30%
Total ownership percentage	100.00%
Accumulated Equity (Deficit)
Class of Stock [Line Items]
Units Owned (in shares)	82,327
Non-controlling Interest
Class of Stock [Line Items]
Units Owned (in shares)	251,034

Members' and Stockholders' Eq_5

Members' and Stockholders' Equity - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Redeemable Noncontrolling Interest [Roll Forward]
Redeemable non-controlling interest as of December 2, 2021	$ 238,265	$ 0
Net income (loss) attributable to redeemable non-controlling interest	(11,510)	(14,598)	$ 0
Redemption value adjustment	366,522	(366,522)
Redeemable non-controlling interest as of December 31, 2021	$ 593,277	$ 593,277	$ 0

Members' and Stockholders' Eq_6

Members' and Stockholders' Equity - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income (loss)		$ (66,459)	$ (548)	$ 12,503	$ (6,850)	$ (11,613)	$ 10,979	$ 16,178	$ (5,505)	$ (61,354)	$ 10,039
Net loss (income) attributable to non-controlling interest										398	127
Net loss (income) attributable to redeemable non-controlling interest	$ 11,510									14,598	0
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST										$ (46,358)	$ 10,166
Denominator:
Weighted average shares/members' units - basic (in shares)										82,327	100
Weighted average shares/members' units - diluted (in shares)										82,327	100
Earnings (loss) per share/unit - basic (in dollars per share)										$ (0.56)	$ 101.66
Earnings (loss) per share/unit - diluted (in dollars per share)										$ (0.56)	$ 101.66
Class A Common Stock
Denominator:
Weighted average shares/members' units - basic (in shares)										82,327
Weighted average shares/members' units - diluted (in shares)										82,327
Earnings (loss) per share/unit - basic (in dollars per share)										$ (0.56)
Earnings (loss) per share/unit - diluted (in dollars per share)										$ (0.56)

Warrant Liabilities (Details)

Warrant Liabilities (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 02, 2021
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	20,005,550	20,005,550		20,005,550
Warrant liabilities	$ 89,366	$ 89,366	$ 0	$ 46,800
Change in fair value of warrant liabilities	42,500	42,540	$ 0
Warrants	$ 89,300	$ 89,300
Warrants exercised (in shares)		0
Class A Common Stock
Class of Warrant or Right [Line Items]
Number of securities called by each warrant (in shares)				1
Public warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)				5,750,000
Exercise price of warrants (in dollars per share)				$ 11.50
Warrant term				5 years
Public warrants | Class A Common Stock
Class of Warrant or Right [Line Items]
Number of securities called by each warrant (in shares)				1
Private placement warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)				257,500
Exercise price of warrants (in dollars per share)				$ 11.50
Warrant term				5 years
Private placement warrants | Class A Common Stock
Class of Warrant or Right [Line Items]
Number of securities called by each warrant (in shares)				1
Underwriter Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)				28,750
Exercise price of warrants (in dollars per share)				$ 11.50
Warrant term				5 years
Underwriter Warrants | Class A Common Stock
Class of Warrant or Right [Line Items]
Number of securities called by each warrant (in shares)				1
OTM Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)				1,300,000
Exercise price of warrants (in dollars per share)				$ 15
Warrant term				10 years
OTM Warrants | Class A Common Stock
Class of Warrant or Right [Line Items]
Number of securities called by each warrant (in shares)				1
PIPE Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)				12,669,300
Exercise price of warrants (in dollars per share)				$ 11.50
Warrant term				5 years
PIPE Warrants | Class A Common Stock
Class of Warrant or Right [Line Items]
Number of securities called by each warrant (in shares)				1

Equity Based Compensation (Deta

Equity Based Compensation (Details) - shares	Dec. 02, 2021	Dec. 31, 2021	Dec. 31, 2020
Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares purchased (in shares)		0	0
Class A Common Stock | 2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	38,317,399
Class A Common Stock | Employee Stock | 2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	11,495,220

Operating Leases (Details)

Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 9,068
2023	8,783
2024	8,587
2025	8,451
2026	7,936
Thereafter	53,940
​Total	96,765
Rent expense	$ 7,400	$ 6,900

Postretirement Benefits (Detail

Postretirement Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Matching contribution	4.00%
Defined contribution plan	$ 4.9	$ 3.8

Taxation - Income Before Income

Taxation - Income Before Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
United States	$ (44,434)	$ 21,318
Foreign	(10,169)	(6,459)
INCOME (LOSS) BEFORE INCOME TAX EXPENSE	$ (54,603)	$ 14,859

Taxation - Income Tax Expense (

Taxation - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 3,753	$ 3,383
Foreign	(40)	(41)
Current income tax expense (benefit)	3,713	3,342
Deferred:
Federal	3,038	1,478
Foreign	0	0
Deferred income tax expense (benefit)	3,038	1,478
Total	$ 6,751	$ 4,820

Taxation - Income Tax Rate Reco

Taxation - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Amount
Income tax (benefit) expense at statutory rate	$ (11,467)	$ 3,120
State taxes	(163)	0
Loss not subject to entity-level taxes	6,485	706
Foreign rate differential	(276)	(161)
Change in valuation allowance	2,759	1,193
Change in fair value of warrant liability	8,933	0
Permanent items	477	0
Other, net	3	(38)
Total	$ 6,751	$ 4,820
Percent
Income tax (benefit) expense at statutory rate	21.00%	21.00%
State taxes	0.00%	0.00%
Loss not subject to entity-level taxes	(12.00%)	5.00%
Foreign rate differential	1.00%	(1.00%)
Change in valuation allowance	(5.00%)	8.00%
Change in fair value of warrant liability	(16.00%)	0.00%
Permanent items	(1.00%)	0.00%
Other, net	0.00%	0.00%
Income tax expense	(12.00%)	33.00%

Taxation - Deferred Tax Assets

Taxation - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 02, 2021	Dec. 31, 2020
Deferred tax assets
Discount on provision for losses and loss adjustment expenses	$ 557		$ 392
Unearned premiums	7,345		5,238
Accrued professional fees	5		7
Unrealized foreign currency gain	70		97
Excess tax basis	168,014	$ 167,400	0
Foreign NOL carryforward	6,492		4,771
Other	315		0
Gross deferred tax asset	182,798		10,505
Less: valuation allowance	(174,821)		(4,771)
Total net deferred tax assets	7,977		5,734
Deferred tax liabilities
Deferred acquisition costs	(17,122)		(12,300)
Excise tax accrual	(1,279)		(820)
Unrealized foreign currency gain	(70)		(98)
Unrealized investment gain	(16)		(15)
Total deferred tax liabilities	(18,487)		(13,233)
Net deferred tax liability	$ (10,510)		$ (7,499)

Taxation - Narrative (Details)

Taxation - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 02, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 174,821		$ 4,771
Tax savings rate		25.50%
Tax receivable agreement, fair value		$ 3,500
Excess tax basis	168,014	$ 167,400	0
Foreign NOL carryforward	6,492		4,771
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	45,300		$ 32,000
Deferred tax assets, operating loss carryforwards, not subject to expiration	1,700
Deferred tax assets, operating loss carryforwards, subject to expiration	$ 4,800

Taxation - Operating Loss Carry

Taxation - Operating Loss Carryforward Expiration (Details) - Foreign Tax Authority $ in Thousands	Dec. 31, 2021USD ($)
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss carryforwards, subject to expiration	$ 4,800
Expiring 2036
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss carryforwards, subject to expiration	419
Expiring 2037
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss carryforwards, subject to expiration	752
Expiring 2038
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss carryforwards, subject to expiration	899
Expiring 2039
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss carryforwards, subject to expiration	0
Expiring 2040
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss carryforwards, subject to expiration	1,222
Expiring 2041
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss carryforwards, subject to expiration	$ 1,498

Related-Party Transactions - Na

Related-Party Transactions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Reinsured risk, percentage		25.00%
Affiliated Entity | Advanced Commission Payment | State Farm
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction			$ 20
Affiliated Entity | Reinsurance Agreement
Related Party Transaction [Line Items]
Reinsured risk, percentage	60.00%	60.00%	50.00%
Hagerty, Inc. | Affiliated Entity | Markel
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling interest		23.40%
Hagerty, Inc. | Affiliated Entity | State Farm
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling interest		15.00%

Related-Party Transactions - Al

Related-Party Transactions - Alliance Agreement (Details) - Affiliated Entity - Alliance Agreement - Markel - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Due to insurer	$ 54,850	$ 45,593
Commission revenue	$ 239,432	$ 216,033
Due To Related Parties | Related Party Concentration Risk
Related Party Transaction [Line Items]
Percent of total	95.00%	93.00%
Revenue from Contract with Customer Benchmark | Related Party Concentration Risk
Related Party Transaction [Line Items]
Percent of total	90.00%	91.00%

Related-Party Transactions - Re

Related-Party Transactions - Reinsurance Agreement (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Premiums receivable	$ 75,297				$ 52,628				$ 75,297	$ 52,628
Deferred acquisition costs, net	81,535				58,572				81,535	58,572	$ 46,808
TOTAL ASSETS	1,041,871				610,710				1,041,871	610,710
Losses payable	34,482				21,980				34,482	21,980
Provision for unpaid losses and loss adjustment expenses	74,869				54,988				74,869	54,988
Unearned premiums	175,199				124,708				175,199	124,708
Commissions payable	60,603				43,798				60,603	43,798
TOTAL LIABILITIES	771,070				493,389				771,070	493,389
Earned premium	83,453	$ 78,700	$ 70,437	$ 63,234	60,125	$ 56,969	$ 52,954	$ 50,454	295,824	220,502
Ceding commission									140,983	105,974
Losses and loss adjustment expenses									122,080	91,025
Total operating expenses									629,149	483,702
Affiliated Entity | Reinsurance Agreement | Markel
Related Party Transaction [Line Items]
Premiums receivable	72,697				49,938				72,697	49,938
Deferred acquisition costs, net	78,449				55,833				78,449	55,833
TOTAL ASSETS	151,146				105,771				151,146	105,771
Losses payable	33,459				21,049				33,459	21,049
Provision for unpaid losses and loss adjustment expenses	70,680				53,281				70,680	53,281
Unearned premiums	167,541				118,207				167,541	118,207
Commissions payable	59,511				42,644				59,511	42,644
TOTAL LIABILITIES	$ 331,191				$ 235,181				331,191	235,181
Earned premium									281,794	214,112
Ceding commission									134,946	103,479
Losses and loss adjustment expenses									116,396	86,906
Total operating expenses									$ 251,342	$ 190,385

Quarterly Financial Informati_3

Quarterly Financial Information (unaudited) (Details) - USD ($) $ in Thousands	Dec. 02, 2021	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue from contract with customer										$ 323,255	$ 279,046
Earned premium		$ 83,453	$ 78,700	$ 70,437	$ 63,234	$ 60,125	$ 56,969	$ 52,954	$ 50,454	295,824	220,502
Total revenues		154,384	168,086	167,409	129,200	121,446	135,781	135,462	106,859	619,079	499,548
Operating income (loss)		(21,006)	1,758	14,274	(5,096)	(10,074)	12,650	17,441	(4,171)	(10,070)	15,846
Net income (loss)		(66,459)	(548)	12,503	(6,850)	(11,613)	10,979	16,178	(5,505)	(61,354)	10,039
Change in fair value of warrant liabilities		42,500								42,540	0
Acquisition related costs	$ 41,900	13,300
Commission and fee revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer		57,567	76,188	83,443	54,373	50,496	67,939	71,993	46,015	271,571	236,443
Membership and other revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer		$ 13,364	$ 13,198	$ 13,529	$ 11,593	$ 10,825	$ 10,873	$ 10,515	$ 10,390	$ 51,684	$ 42,603

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - Subsequent Event - Broad Arrow Group, Inc. $ in Thousands	Jan. 05, 2022USD ($)directorfounder
Subsequent Event [Line Items]
Payments to acquire equity method investments | $	$ 15,250
Equity method investment, ownership percentage	40.00%
Number of directors appointed by investor	2
Number of directors of investee	7
Number of investee founders employed at investor | founder	3

Subsequent Events - Exchange Ag

Subsequent Events - Exchange Agreement Adjustment (Details) $ in Thousands	Dec. 31, 2021USD ($)
Subsequent Event [Line Items]
Total equity	$ (322,476)
Scenario, Adjustment
Subsequent Event [Line Items]
Total equity	593,277
Pro Forma
Subsequent Event [Line Items]
Total equity	$ 270,801