Hagerty (HGTY) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 21, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-40244
Entity Registrant Name	HAGERTY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-1213144
Entity Address, Address Line One	121 Drivers Edge
Entity Address, City or Town	Traverse City
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	49684
City Area Code	(800)
Local Phone Number	922-4050
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
CIK	0001840776
Amendment Flag	false
Fiscal Period Focus	Q1
Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Class A Common Stock
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 (in shares)		84,380,625
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 (in shares)		251,033,906

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUE:
Revenue from contract with customer	$ 101,121	$ 78,679
Earned premium	117,231	89,132
Total revenue	218,352	167,811
OPERATING EXPENSES:
Salaries and benefits	55,232	46,476
Ceding commission	55,425	42,378
Losses and loss adjustment expenses	48,412	36,919
Sales expense	35,113	28,437
General and administrative services	21,381	19,458
Depreciation and amortization	13,743	7,147
Restructuring, impairment and related charges, net	5,535	0
Total operating expenses	234,841	180,815
OPERATING INCOME (LOSS)	(16,489)	(13,004)
Change in fair value of warrant liabilities	(515)	31,686
Interest and other income (expense)	5,647	(684)
INCOME (LOSS) BEFORE INCOME TAX EXPENSE	(11,357)	17,998
Income tax benefit (expense)	(3,668)	(2,030)
Income (loss) from equity method investment, net of tax	0	(102)
NET INCOME (LOSS)	(15,025)	15,866
Net loss (income) attributable to non-controlling interest	12,926	11,641
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST	$ (2,099)	$ 27,507
Class A Common Stock
Earnings (loss) per share of Class A Common Stock:
Basic (in dollars per share)	$ (0.03)	$ 0.33
Diluted (in dollars per share)	$ (0.03)	$ (0.01)
Weighted-average shares of Class A Common Stock outstanding:
Basic (in shares)	83,227	82,433
Diluted (in shares)	83,227	335,903
Commission and fee revenue
REVENUE:
Revenue from contract with customer	$ 74,612	$ 62,461
Membership, marketplace and other revenue
REVENUE:
Revenue from contract with customer	$ 26,509	$ 16,218

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (15,025)	$ 15,866
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	237	274
Derivative instruments	(478)	1,545
Other comprehensive income (loss)	(241)	1,819
Comprehensive income (loss)	(15,266)	17,685
Comprehensive loss (income) attributable to non-controlling interest	13,108	11,641
Comprehensive income (loss) attributable to controlling interest	$ (2,158)	$ 29,326

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 63,367	$ 95,172
Restricted cash and cash equivalents	444,024	444,019
Accounts receivable	62,843	58,255
Premiums receivable	135,026	100,700
Commissions receivable	15,978	60,151
Notes receivable	33,716	25,493
Deferred acquisition costs, net	113,686	107,342
Other current assets	57,775	45,651
Total current assets	926,415	936,783
Assets, Noncurrent [Abstract]
Notes receivable	12,707	11,934
Property and equipment, net	24,617	25,256
Lease right-of-use assets	80,462	82,398
Intangible assets, net	102,786	104,024
Goodwill	115,041	115,041
Other long-term assets	39,925	37,082
TOTAL ASSETS	1,301,953	1,312,518
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	75,186	77,049
Losses payable and provision for unpaid losses and loss adjustment expenses	161,955	167,257
Commissions payable	62,991	77,075
Due to insurers	87,712	68,171
Advanced premiums	34,506	17,084
Unearned premiums	247,253	235,462
Contract liabilities	25,662	25,257
Total current liabilities	695,265	667,355
Liabilities, Noncurrent [Abstract]
Long-term lease liabilities	78,845	80,772
Long-term debt	89,030	108,280
Warrant liabilities	46,076	45,561
Deferred tax liability	13,846	12,850
Contract liabilities	18,669	19,169
Other long-term liabilities	3,506	11,162
TOTAL LIABILITIES	945,237	945,149
Commitments and Contingencies (Note 20)	0	0
STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value (20,000,000 shares authorized, no shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively)	0	0
Additional paid-in capital	554,049	549,034
Accumulated earnings (deficit)	(491,701)	(489,602)
Accumulated other comprehensive income (loss)	(272)	(213)
Total stockholders' equity	62,109	59,252
Non-controlling interest	294,607	308,117
Total equity (Note 14)	356,716	367,369
TOTAL LIABILITIES AND EQUITY	1,301,953	1,312,518
Class A Common Stock
STOCKHOLDERS' EQUITY
Common stock	8	8
Class V Common Stock
STOCKHOLDERS' EQUITY
Common stock	$ 25	$ 25

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022	Dec. 02, 2021
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares, outstanding (in shares)	338,978,402	338,961,435
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	500,000,000
Common stock, shares, issued (in shares)	83,338,436	83,202,969
Common stock, shares, outstanding (in shares)	83,338,436	83,202,969	82,327,466
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	300,000,000
Common stock, shares, issued (in shares)	251,033,906	251,033,906
Common stock, shares, outstanding (in shares)	251,033,906	251,033,906	251,033,906

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock	Class V Common Stock	Total Stockholders' Equity	Common Stock Class A Common Stock	Common Stock Class V Common Stock	Additional Paid in Capital	Accumulated Earnings (Deficit)	Accumulated Other Comprehensive Income/(Loss)	Non-controlling Interest
Stockholders' Equity, beginning balance (in shares) at Dec. 31, 2021					82,327,000	251,034,000
Stockholders' Equity, beginning balance at Dec. 31, 2021	$ (322,476)			$ (323,781)	$ 8	$ 25	$ 160,189	$ (482,276)	$ (1,727)	$ 1,305
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	15,866
Net income (loss)	(3,851)			(3,679)				(3,679)		(172)
Other comprehensive income (loss)	1,819
Other comprehensive income (loss)	1,657			1,657					1,657
Exercise of warrants (in shares)					125,000
Exercise of warrants	1,906			1,906			1,906
Redemption value adjustment for redeemable non-controlling interest	(1,560,420)			(1,560,420)			(162,095)	(1,398,325)
Removal of the redeemable feature of the non-controlling interest	2,142,490			1,926,940			528,615	1,398,325		215,550
Net income (loss) subsequent to exchange agreement amendment	30,923			31,187				31,187		(264)
Other comprehensive income (loss) subsequent to exchange agreement amendment	162			162					162
Stockholders' Equity, ending balance (in shares) at Mar. 31, 2022					82,452,000	251,034,000
Stockholders' Equity, ending balance at Mar. 31, 2022	290,391			73,972	$ 8	$ 25	528,615	(454,768)	92	$ 216,419
Beginning balance at Dec. 31, 2021	593,277
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss)	(11,205)
Redemption value adjustment for redeemable non-controlling interest	1,560,418
Removal of the redeemable feature of the non-controlling interest	(2,142,490)
Ending balance at Mar. 31, 2022	$ 0
Stockholders' Equity, beginning balance (in shares) at Dec. 31, 2022	338,961,435	83,202,969	251,033,906		83,203,000	251,034,000				255,758,466
Stockholders' Equity, beginning balance at Dec. 31, 2022	$ 367,369			59,252	$ 8	$ 25	549,034	(489,602)	(213)	$ 308,117
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(15,025)			(2,099)				(2,099)		(12,926)
Other comprehensive income (loss)	(241)			(59)					(59)	(182)
Restricted stock issued (in shares)					17,000
Stock-based compensation	4,113			4,113			4,113
Conversion of Hagerty Group Units to Class A Common Stock (in shares)					118,500
Conversion of Hagerty Group Units to Class A Common Stock	0			1,045			1,045			(1,045)
Non-controlling interest issued capital	500									500
Reallocation between controlling and non-controlling interest	$ 0			(143)			(143)			$ 143
Stockholders' Equity, ending balance (in shares) at Mar. 31, 2023	338,978,402	83,338,436	251,033,906		83,339,000	251,034,000				255,639,966
Stockholders' Equity, ending balance at Mar. 31, 2023	$ 356,716			$ 62,109	$ 8	$ 25	$ 554,049	$ (491,701)	$ (272)	$ 294,607

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES:
Net income (loss)	$ (15,025)	$ 15,866
Adjustments to reconcile net income (loss) to net cash from operating activities:
Change in fair value of warrant liabilities	515	(31,686)
Depreciation and amortization expense	13,743	7,147
Provision for deferred taxes	937	462
Loss on disposals of equipment, software and other assets	472	198
Stock-based compensation expense	4,113	0
Other	593	152
Changes in operating assets and liabilities:
Accounts, premiums and commission receivable	3,777	19,950
Deferred acquisition costs	(6,344)	(3,459)
Losses payable and provision for unpaid losses and loss adjustment expenses	(5,302)	2,520
Commissions payable	(14,084)	(14,765)
Due to insurers	19,510	16,362
Advanced premiums	17,422	15,559
Unearned premiums	11,791	6,272
Other assets and liabilities, net	(20,390)	(25,564)
Net Cash Provided by Operating Activities	11,728	9,014
INVESTING ACTIVITIES:
Purchases of property, equipment and software	(8,133)	(10,532)
Acquisitions, net of cash acquired	(6,076)	(6,028)
Purchase of previously held equity method investment	0	(15,250)
Issuance of notes receivable	(7,833)	0
Collection of notes receivable	415	0
Purchase of fixed income securities	(4,348)	0
Maturities of fixed income securities	1,150	0
Other investing activities	22	13
Net Cash Used in Investing Activities	(24,803)	(31,797)
FINANCING ACTIVITIES:
Payments on long-term debt	(47,250)	(41,500)
Proceeds from long-term debt	27,871	22,500
Contribution from non-controlling interest	500	0
Net Cash Used in Financing Activities	(18,879)	(19,000)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	154	6
Change in cash and cash equivalents and restricted cash and cash equivalents	(31,800)	(41,777)
Beginning cash and cash equivalents and restricted cash and cash equivalents	539,191	603,972
Ending cash and cash equivalents and restricted cash and cash equivalents	$ 507,391	$ 562,195

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Accounting Policies	1 — Basis of Presentation and Accounting Policies In these notes to the Condensed Consolidated Financial Statements, the terms "we," "our," "us," "Hagerty," and the "Company" refer to Hagerty, Inc., and its consolidated subsidiaries, including The Hagerty Group, LLC ("The Hagerty Group"), unless the context requires otherwise. Description of Business — Hagerty is a global market leader in providing insurance for classic cars and enthusiast vehicles. In addition, Hagerty provides an automotive enthusiast platform that engages, entertains and connects with its insurance policyholders and Hagerty Drivers Club (" HDC") paid subscribers, referred to herein as "Members," and other car enthusiasts. The Company’s headquarters are located in Traverse City, Michigan. The Company operates several entities which collectively support Hagerty's revenue streams. As a Managing General Agency ("MGA"), Hagerty earns commission and fee revenue for the underwriting, sale and servicing of classic car and enthusiast vehicle and marine 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 through Hagerty Reinsurance Limited ("Hagerty Re"), which is registered as a Class 3A reinsurer under the Bermuda Insurance Act 1978. Hagerty Re reinsures the classic car and enthusiast vehicle and marine risks written through Hagerty's MGA entities in the U.S., Canada and the U.K. • The policies sold by Hagerty's U.S. MGAs are underwritten by Essentia Insurance Company ("Essentia") and reinsured with Essentia's affiliate, Evanston Insurance Company ("Evanston"). In turn, Hagerty Re a ssumes a portion of the risk and earns premiums through a quota share agreement with Evanston. Essentia and Evanston are wholly owned subsidiaries of Markel Corporation ("Markel"), which is a related party. Refer to Note 19 — Related-Party Transactions for additional information. • The policies sold by Hagerty's Canadian MGA are underwritten by Aviva Canada Inc. ("Aviva"), through Aviva's Canadian subsidiary, Elite Insurance Company ("Elite"). In turn, Hagerty Re assumes a portion of the risk and earns premiums through a quota share agreement with Elite. • The policies sold by Hagerty's U.K. MGA are underwritten by Markel International Insurance Company Limited ("Markel International"). In turn, Hagerty Re assumes a portion of the risk and earns premiums through a quota share agreement with Markel International, a wholly owned subsidiary of Markel, which is a related party. Refer to Note 19 — Related-Party Transactions for additional information. As U.K. law requires unlimited liability coverage, Hagerty Re purchases reinsurance to limit its liability to £1,000,000 per claim. The Company earns subscription revenue through HDC membership offerings. HDC memberships are sold as a bundled product which give Members access to a number of products and services, including Hagerty Drivers Club Magazine, automotive enthusiast events, Hagerty's proprietary vehicle valuation tool, emergency roadside services and special vehicle-related discounts. The Company earns fee-based revenue from its Marketplace offerings, which include the buying and selling of collector cars through classified listings, live auctions, time-based online auctions, and brokered private sales. In addition, Marketplace earns finance revenue from term loans made to high-net-worth individuals and businesses secured by collector cars. In January 2022, the Company entered into a joint venture with Broad Arrow Group, Inc. and its consolidated subsidiaries ("Broad Arrow"), pursuant to which Hagerty invested $15.3 million in cash in exchange for equity ownership of approximately 40% of Broad Arrow. Then, in August 2022, the Company acquired the remaining 60% equity interest in Broad Arrow in exchange for approximately $73.3 million of equity consideration consisting of Class A Common Stock and limited liability units in The Hagerty Group ("Hagerty Group Units"). As a result of this acquisition, the Company and Broad Arrow expect to further leverage their respective product offerings and continue to build Marketplace. Refer to Note 6 — Acquisitions and Investments for additional information. The Company also owns and operates collector vehicle events, including The Amelia and Greenwich Concours d'Elegance, through which revenue is earned from ticket sales and sponsorships. Lastly, the Company operates Hagerty Garage + Social, a network of world-class vehicle storage and exclusive social club facilities for classic, collector and exotic car owners. Basis of Presentation — The Company's Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the regulations of the Securities and Exchange Commission and include the accounts of Hagerty, Inc., which is comprised of The Hagerty Group with its consolidated subsidiaries. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report, as permitted by such rules and regulations. The Company's Condensed Consolidated Financial Statements reflect all normal recurring adjustments and accruals that are, in the opinion of management, necessary for a fair statement of its financial position and results of operations for the interim periods presented. These financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. Principles of Consolidation — The Company's Condensed Consolidated Financial Statements contain the accounts of Hagerty, Inc. and its majority-owned or controlled subsidiaries. The Company is the sole managing member of The Hagerty Group and, as a result, consolidates the financial results of The Hagerty Group. The Company had economic ownership of 24.6% and 24.5% of The Hagerty Group as of March 31, 2023 and December 31, 2022, respectively. In addition, Member Hubs Holding, LLC ("MHH"), which operates as Hagerty Garage + Social, is an 80% owned subsidiary of The Hagerty Group. The Company consolidates these entities under the voting interest method guidance in accordance with Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"). Non-controlling interest is presented separately on the Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Income (Loss), Condensed Consolidated Balance Sheets, and Condensed Consolidated Statements of Changes in Stockholders' Equity. From January 2022 to August 2022, the Company owned approximately 40% of the outstanding equity interest of Broad Arrow and accounted for it as an equity method investment. Subsequent to the acquisition of the remaining 60% equity interest in Broad Arrow in August 2022, Broad Arrow became a wholly-owned subsidiary of the Company and, as a result, the financial statements of Broad Arrow are now consolidated as a part of Hagerty. Refer to Note 6 — Acquisitions and Investments for additional information. All 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"). In connection with the Closing, Aldel changed its name from Aldel Financial Inc. to Hagerty, Inc. Immediately after giving effect to the Business Combination , there were 82,327,466 shares of Hagerty, Inc. Class A Common Stock outstanding , 251,033,906 shares of Hagerty, Inc. Class V Common Stock outstanding, and 20,005,550 warrants outstanding which can be converted on a one-for-one basis into Hagerty, Inc. Class A Common Stock . Refer to Note 16 — Warrant Liabilities for additional information related to the 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. 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 this 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 the Company's Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements, as well as the reported amounts of revenue and expenses during the reporting period. Although the estimates are considered reasonable, actual results could materially differ from those estimates. 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 ("CEO"), 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 its Members 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 Members. Foreign Currency Translation — The Company translates its foreign currency denominated assets and liabilities into U.S. dollars at current rates of exchange as of the balance sheet date, and foreign currency denominated income and expense items at the average exchange rate for the reporting period. Translation adjustments resulting from exchange rate fluctuations are recorded in "Foreign currency translation adjustments", a component of Accumulated other comprehensive income (loss). Foreign currency transaction gains and losses are recognized within "Interest and other income (expense)" in the Condensed Consolidated Statements of Operations. Supplemental Cash Flow Information — The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as of March 31, 2023 and 2022: March 31, 2023 March 31, 2022 in thousands Cash and cash equivalents $ 63,367 $ 237,590 Restricted cash and cash equivalents 444,024 324,605 Total cash and cash equivalents and restricted cash and cash equivalents $ 507,391 $ 562,195 Supplemental cash flow information is shown in the table below: Three months ended 2023 2022 NON-CASH INVESTING ACTIVITIES: in thousands Purchase of property and equipment and software $ 1,061 $ 4,580 CASH PAID FOR: Interest $ 2,279 $ 766 Income taxes $ — $ 3,100 Recently Adopted Accounting Standards Leases  — In February 2016, the Financial Accounting Standards Board (the "FASB") issued ASC 842, which supersedes the lease requirements in ASC Topic 840, Leases ("ASC 840"). ASC 842 requires the recognition of an asset and liability for the rights and obligations created by a leased asset, whether classified as an operating lease or a finance lease. The Company adopted ASC 842 effective January 1, 2022 using the modified retrospective approach and elected not to recast comparative prior year periods. Upon adoption, the Company measured and recorded its operating lease liabilities at the present value of the remaining rental payments. Corresponding right-of-use ("ROU") assets were recorded based on the amount of the lease liabilities, adjusted by any unamortized lease incentives, deferred rent accruals and initial direct costs. The adoption of ASC 842 resulted in the recognition of initial ROU assets and lease liabilities of $72.8 million as of January 1, 2022. ASC 842 also requires sellers in a sale-leaseback transaction to recognize the entire gain from the sale of an underlying asset at the time of sale rather than over the leaseback term. The carrying value of the deferred gain on the single sale-leaseback transaction executed by the Company prior to January 1, 2022 was approximately $4.3 million and was recorded as an increase to "Accumulated Earnings (Deficit)" and "Non-controlling Interest" within the Condensed Consolidated Statements of Changes in Stockholders' Equity at adoption. The adoption of ASC 842 did not have a material impact on the Condensed Consolidated Statements of Operations or Condensed Consolidated Statements of Cash Flows. The Company also elected the package of practical expedients provided by ASC 842, which allowed it to: (1) not reassess whether expired or existing contracts contained leases, (ii) not reassess previous lease classification, and (iii) not revalue initial direct costs for existing leases. The Company also elected the lessee practical expedient to combine lease and non-lease components in the accounting for leases of all asset classes. In addition, the Company did not elect the hindsight practical expedient. The expense of operating leases under ASC 842 is generally recognized on a straight-line basis which is calculated as the total lease cost divided by the lease term and is recognized in the Condensed Consolidated Statements of Operations. Credit Losses —  In June 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments , which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. The standard requires financial assets measured on the amortized cost basis to be presented at the net amount expected to be collected. The following financial assets held by the Company are within the scope of ASU No. 2016-13: (i) Accounts receivable, (ii) Premiums receivable, (iii) Commissions receivable, (iv) Notes receivable and (v) certain fixed income securities. The amount of any required allowance for expected credit losses is determined utilizing historical loss rates, which are then adjusted, if necessary, for specific financial assets that are judged to have a higher-than-normal risk profile. Additional credit loss allowances may also be recorded after taking into account macro-economic and industry risk factors. For Notes receivable, to the extent necessary, the amount of any required allowance for credit losses takes into account the estimated realizable value of the collateral securing the loan. The Company adopted ASU No. 2016-13 on January 1, 2023 without a material effect on the Company's Condensed Consolidated Financial Statements and with no required cumulative-effect adjustment to "Accumulated earnings (deficit)" within the Condensed Consolidated Statements of Changes in Stockholders' Equity

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
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 three months ended March 31, 2023 and 2022: Agent Direct Total in thousands Three months ended March 31, 2023 Commission and fee revenue $ 31,687 $ 26,139 $ 57,826 Contingent commission 9,439 7,347 16,786 Membership revenue — 12,547 12,547 Marketplace and other revenue — 13,962 13,962 Total revenue from customer contracts $ 41,126 $ 59,995 $ 101,121 Earned premium recognized under ASC 944 117,231 Total revenue $ 218,352 Three months ended March 31, 2022 Commission and fee revenue $ 26,199 $ 22,673 $ 48,872 Contingent commission 7,375 6,214 13,589 Membership revenue — 10,318 10,318 Marketplace and other revenue — 5,900 5,900 Total revenue from customer contracts $ 33,574 $ 45,105 $ 78,679 Earned premium recognized under ASC 944 89,132 Total revenue $ 167,811 The following table presents Hagerty's revenue disaggregated by geographic area, as well as a reconciliation to total revenue for the three months ended March 31, 2023 and 2022: U.S. Canada Europe Total in thousands Three months ended March 31, 2023 Commission and fee revenue $ 54,597 $ 2,370 $ 859 $ 57,826 Contingent commission 16,752 — 34 16,786 Membership revenue 11,669 878 — 12,547 Marketplace and other revenue 13,526 164 272 13,962 Total revenue from customer contracts $ 96,544 $ 3,412 $ 1,165 $ 101,121 Earned premium recognized under ASC 944 117,231 Total revenue $ 218,352 Three months ended March 31, 2022 Commission and fee revenue $ 45,670 $ 2,318 $ 884 $ 48,872 Contingent commission 13,468 — 121 13,589 Membership revenue 9,491 827 — 10,318 Marketplace and other revenue 5,312 318 270 5,900 Total revenue from customer contracts $ 73,941 $ 3,463 $ 1,275 $ 78,679 Earned premium recognized under ASC 944 89,132 Total revenue $ 167,811 Earned Premium — The following table presents Hagerty Re's total premiums assumed and earned for the three months ended March 31, 2023 and 2022: Three months ended 2023 2022 in thousands Premiums: Assumed $ 132,187 $ 97,628 Ceded (13,728) (9,690) Net $ 118,459 $ 87,938 Premiums earned: Assumed $ 120,397 $ 91,356 Ceded (3,166) (2,224) Net $ 117,231 $ 89,132 Contract Assets and Liabilities — The following table is a summary of the Company's contract assets and liabilities as of March 31, 2023 and December 31, 2022. Contract assets are classified as "Commissions receivable" and liabilities are classified as "Contract liabilities" within current and non-current liabilities on the Condensed Consolidated Balance Sheets. March 31, 2023 December 31, 2022 in thousands Contract assets $ 15,978 $ 60,151 Contract liabilities $ 44,331 $ 44,426 Contract assets consist of contingent underwriting commission ("CUC") receivables, which are earned throughout the year and settled annually in the first quarter of the following year. As such, the Commissions receivable balance is generally smallest in the first quarter, and grows throughout the year as additional CUC receivables are accrued. Contract liabilities consist of cash collected in advance of revenue recognition, which primarily includes HDC membership and the State Farm advanced commission. Refer to Note 19 — Related-Party Transactions for additional information.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	3 — Other Assets The composition of other assets, current and long-term, consist of: March 31, 2023 December 31, 2022 in thousands Prepaid sales, general and administrative expenses $ 26,341 $ 24,234 Prepaid software as a service ("SaaS") implementation costs 18,871 18,501 Fixed income investments 16,178 12,986 Contract costs 6,988 6,576 Inventory (1) 5,004 2,074 Digital media content (2) 2,350 5,580 Deferred reinsurance premiums ceded 10,653 91 Other (3) 11,315 12,691 Other assets $ 97,700 $ 82,733 (1) As of March 31, 2023, inventory primarily includes vehicles owned by Broad Arrow that have been purchased for resale purposes. (2) The reduction in digital media content when compared to December 31, 2022 was primarily attributable to a $3.6 million impairment recorded in the first quarter of 2023 as a result of lower than anticipated advertising and sponsorship revenue associated with these assets. (3) As of March 31, 2023, other assets primarily includes $4.0 million of other investments, the $2.8 million fair value of an interest rate swap, $2.7 million of collector vehicle investments, and $1.3 million of deferred financing costs related to the Company's credit facility. As of December 31, 2022, other assets primarily included $4.0 million of other investments, the $3.3 million fair value of an interest rate swap, $2.5 million of collector vehicle investments, $1.4 million of deferred financing costs related to the Company's credit facility, and $1.4 million related to an outstanding reinsurance recoverable.

Notes Receivable

Notes Receivable	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Notes Receivable	4 — Notes Receivable Broad Arrow Capital ("BAC"), a subsidiary of Broad Arrow, makes term loans to high-net-worth individuals and businesses secured by collector cars. Term loans made by BAC can carry a fixed or variable rate of interest and typically have an initial maturity of up to two years, often with an option for both parties to renew for one year increments. The carrying value of the loan portfolio approximates its fair value due to the relatively short-term maturities and the market rates of interest associated with most loans. BAC aims to mitigate the risk associated with a potential devaluation in collateral by targeting a maximum loan-to-value ("LTV") ratio of 65% (i.e., the principal loan amount divided by the estimated value of the collateral). The LTV ratio is reassessed if the loan is renewed and on a quarterly basis, or more frequently, if there is a material change in the circumstances related to the loan, the value of the collateral, the disposal plans for the collateral, or if an event of default occurs. If, as a result of this reassessment, the LTV ratio increases above the target level, the borrower is contractually required to make principal payments and/or post sufficient additional collateral to reduce the LTV ratio to cure the overage. If an event of default occurs with respect to a loan, BAC is entitled to sell the collateral to recover the outstanding principal and accrued interest balance. Management believes that the LTV ratio is the critical credit quality indicator for the loans made by BAC. In estimating the realizable value of the collector cars pledged as collateral for BAC's loans, management utilizes its expertise in the collector car market and considers an array of factors impacting the current and expected future value of each car including the year, make, model, mileage, history, and in the case of classic cars, the provenance, quality of restoration (if applicable), and originality of the body, chassis, and mechanical components, and comparable market transaction values. The repayment of secured loans can be adversely impacted by a decline in the collector car market in general or in the value of the collateral, which is concentrated within certain collecting categories. In addition, in situations when BAC’s claim on the collateral is subject to a legal process, the ability to realize proceeds from the collateral may be limited or delayed. As of March 31, 2023, the Company's net notes receivable balance was $46.4 million, of which $33.7 million was classified within current assets and $12.7 million was classified within long-term assets on the Condensed Consolidated Balance Sheets. As of December 31, 2022, the Company's net notes receivable balance was $37.4 million, of which $25.5 million was classified within current assets and $11.9 million was classified within long-term assets on the Condensed Consolidated Balance Sheets. The classification of a loan as current or non-current takes into account the contractual maturity date of the loan, as well as the likelihood of renewing the loan on or before its contractual maturity date. The table below provides the aggregate LTV ratio for the Company's loan portfolio as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 in thousands Secured loans $ 46,423 $ 37,427 Estimate of collateral value $ 96,514 $ 75,802 Aggregate LTV ratio 48.1 % 49.4 % Management considers a loan to be past due when interest payments are not paid within 10 days of the monthly due date, or if principal payments are not paid by the contractual maturity date. As of March 31, 2023 and December 31, 2022, the amount of past due interest payments was immaterial and there were no past due principal payments. A non-accrual loan is a loan for which future interest income is not recorded due to management’s determination that it is probable that future interest on the loan will not collectible. BAC did not have any non-accrual loans as of March 31, 2023 or December 31, 2022. As of March 31, 2023 and December 31, 2022, the allowance for expected credit losses was not material based on management’s quarterly risk assessment, which takes into consideration a number of factors including the level of historical losses for similar loans, the quality of the collateral, the low LTV ratio of the loans, management's overall assessment of the current circumstances and risks related to each loan, and, to a lesser extent, the creditworthiness of each borrower. As of December 31, 2022, management performed an analysis on the loan portfolio for indicators of impairment and determined that there were no impaired loans outstanding.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	5 — Leases The following table summarizes the components of the Company's operating lease expense: Three months ended 2023 2022 in thousands Operating lease expense (1) $ 3,147 $ 2,050 Short-term lease expense (1) 69 11 Variable lease expense (1) (3) 807 576 Sublease revenue (2) (63) (12) Lease cost, net $ 3,960 $ 2,625 (1) Classified within "General and administrative services" on the Condensed Consolidated Statements of Operations. (2) Classified within "Membership, marketplace and other revenue" on the Condensed Consolidated Statements of Operations. (3) Amounts include payments for maintenance, taxes, insurance and payments affected by the CPI. The following tables summarize supplemental balance sheet information related to operating leases: March 31, 2023 December 31, 2022 in thousands Operating lease ROU assets $ 80,462 $ 82,398 Current lease liabilities (1) 7,799 7,556 Long-term lease liabilities 78,845 80,772 Total operating lease liabilities $ 86,644 $ 88,328 March 31, 2023 December 31, 2022 in thousands ROU assets obtained in exchange for new operating lease liabilities (2) $ 114 $ 82,398 Gains on sales and leaseback transactions, net $ — $ 4,314 Weighted-average lease term 10.03 10.23 Weighted-average discount rate 5.5 % 5.5 % (1) Current lease liabilities are recorded within "Accounts payable, accrued expenses and other current liabilities" within the Condensed Consolidated Balance Sheets. (2) The balance as of December 31, 2022 includes the transition adjustment of $72.8 million for operating lease ROU assets recorded as of January 1, 2022, upon the adoption of ASC 842. The following table summarizes information about the amount and timing of the Company's future operating lease commitments as of March 31, 2023: in thousands 2023 $ 9,209 2024 12,235 2025 11,812 2026 11,179 2027 10,987 Thereafter 58,530 Total lease payments 113,952 Less: imputed interest (27,308) Total lease liabilities $ 86,644

Acquisitions and Investments

Acquisitions and Investments	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Investments	6 — Acquisitions and Investments Broad Arrow Acquisition In January 2022, Hagerty entered into a joint venture with Broad Arrow, pursuant to which Hagerty invested $15.3 million in cash in exchange for equity ownership of approximately 40% of Broad Arrow. The Company followed equity method accounting for its investment in Broad Arrow with the carrying amount recorded within "Equity method investments" on the Condensed Consolidated Balance Sheets as of March 31, 2022 and the Company's share of income (loss) recorded within "Income (loss) from equity method investment, net of tax" on the Condensed Consolidated Statements of Operations. In August 2022, the Company acquired the remaining 60% equity interest in Broad Arrow from the former Broad Arrow shareholders (the "Contributors"), in exchange for equity consideration ("Broad Arrow Acquisition"). The equity consideration consisted of shares of the Company's Class A Common Stock and Hagerty Group Units. The number of the Company's Class A Common Stock shares and Hagerty Group Units issued to the Contributors was calculated using a 20-day Volume Weighted Average Stock Price of Hagerty, Inc. prior to the closing date on August 16, 2022, pursuant to the Contribution and Exchange Agreement. The fair value of the purchase consideration of $73.3 million was calculated based on the Hagerty, Inc. stock price of $13.47 as of the closing date of August 16, 2022 in accordance with ASC 820. As a result of the Broad Arrow Acquisition, the Company and Broad Arrow expect to further leverage their respective product offerings and continue to build Marketplace. Fair Value of Consideration Transferred The Broad Arrow Acquisition was accounted for as a business combination achieved in stages (i.e., a step acquisition). The following table summarizes the fair value of Broad Arrow as of the date of the acquisition (in thousands): Total equity consideration $ 73,253 Fair value of previously held equity interest in Broad Arrow (1) 48,309 Total consideration and value to be allocated to net assets $ 121,562 (1) The Broad Arrow Acquisition was accounted for as a step acquisition. Accordingly, the Company remeasured its pre-existing 40% equity interest in Broad Arrow immediately prior to the completion of the acquisition to its estimated fair value of approximately $48.3 million. This fair value was derived from the Hagerty, Inc. stock price of $13.47 as of the closing date and thus represents a Level 1 fair value measurement. As a result of the remeasurement, the Company recorded a net gain of approximately $34.7 million in for the third quarter of 2022, representing the excess of the $48.3 million estimated fair value of its pre-existing 40% equity interest over its closing date carrying value of approximately $13.6 million. Allocation of Consideration Transferred The following table summarizes the allocation of the purchase consideration to the fair values of the identifiable assets acquired and liabilities assumed as of the date of the Broad Arrow Acquisition (in thousands): Notes receivable (1) $ 21,594 Intangible assets, net (2) 3,100 Other assets (3) 11,756 Other liabilities (4) (13,449) Total identifiable net assets acquired 23,001 Goodwill 98,561 Total purchase consideration allocated to net assets acquired $ 121,562 (1) Broad Arrow makes term loans secured by collector cars. The fair value of the acquired loans approximates their carrying value due to the relatively short-term maturities and market rates of interest associated with most loans. Refer to Note 4 — Notes Receivable for additional information with respect to the Notes receivable acquired. (2) The fair value of the identifiable intangible assets acquired is a Level 3 fair value measurement, estimated using significant assumptions that are not observable in the market through the use of a discounted cash flow model. Inputs utilized in this model include the discount rate and terminal growth rate, as well as the return on assets. Identifiable intangible assets acquired consisted of trade names of $3.1 million with a 5-year estimated useful life. (3) Other assets includes $2.8 million of cash acquired, $2.6 million of Accounts receivable and $6.2 million of Other current assets. (4) Other liabilities includes a $7.0 million Note payable, $5.3 million of Contract liabilities and $0.7 million of Accounts payable. The excess of the purchase consideration over the aggregate estimated fair values of identifiable assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is primarily a result of the expected enhancement of Marketplace through Broad Arrow's various service offerings, including buying, selling and financing of collector cars through classified listings, auctions and facilitating private sales, as well as the assembled workforce of and various other factors. The acquisition of Broad Arrow was not material to the Company's Condensed Consolidated Statements of Operations. Therefore, pro forma results of operations related to this acquisition have not been presented. As Broad Arrow is now a wholly-owned subsidiary of the Company, the Company now consolidates the results of Broad Arrow in accordance with ASC 810, and the financial results of Broad Arrow have been included within the Company's Condensed Consolidated Financial Statements since the acquisition date. The Company's Condensed Consolidated Statements of Operations include total revenue and income before taxes of approximately $5.8 million and $0.1 million, respectively, attributable to Broad Arrow for the three months ended March 31, 2023. Speed Digital Acquisition In April 2022, Hagerty acquired Speed Digital LLC ("Speed Digital") for a purchase price of $15.0 million. The Company paid $7.5 million at closing with an additional two annual installments of $3.75 million to be paid in 2023 and 2024. The first annual installment was paid during the three months ended March 31, 2023 and the second annual installment will be paid in the first quarter of 2024. Speed Digital was previously wholly owned indirectly by Robert Kauffman, a member of the Company's Board of Directors (the "Board"), who will receive 100% of the proceeds of the purchase price. Speed Digital operates a software as a service ("SaaS") business primarily serving collector car dealers and auction houses, and an advertising and content syndication platform, which includes Motorious.com. The Company acquired Speed Digital to enhance the Marketplace business to establish relationships with their dealer partners and facilitate growth in Marketplace products; augment the Company's automotive intelligence data; and allow Motorious.com to drive audience engagement, content distribution, and advertising revenue.
Acquisitions and Investments	6 — Acquisitions and Investments Broad Arrow Acquisition In January 2022, Hagerty entered into a joint venture with Broad Arrow, pursuant to which Hagerty invested $15.3 million in cash in exchange for equity ownership of approximately 40% of Broad Arrow. The Company followed equity method accounting for its investment in Broad Arrow with the carrying amount recorded within "Equity method investments" on the Condensed Consolidated Balance Sheets as of March 31, 2022 and the Company's share of income (loss) recorded within "Income (loss) from equity method investment, net of tax" on the Condensed Consolidated Statements of Operations. In August 2022, the Company acquired the remaining 60% equity interest in Broad Arrow from the former Broad Arrow shareholders (the "Contributors"), in exchange for equity consideration ("Broad Arrow Acquisition"). The equity consideration consisted of shares of the Company's Class A Common Stock and Hagerty Group Units. The number of the Company's Class A Common Stock shares and Hagerty Group Units issued to the Contributors was calculated using a 20-day Volume Weighted Average Stock Price of Hagerty, Inc. prior to the closing date on August 16, 2022, pursuant to the Contribution and Exchange Agreement. The fair value of the purchase consideration of $73.3 million was calculated based on the Hagerty, Inc. stock price of $13.47 as of the closing date of August 16, 2022 in accordance with ASC 820. As a result of the Broad Arrow Acquisition, the Company and Broad Arrow expect to further leverage their respective product offerings and continue to build Marketplace. Fair Value of Consideration Transferred The Broad Arrow Acquisition was accounted for as a business combination achieved in stages (i.e., a step acquisition). The following table summarizes the fair value of Broad Arrow as of the date of the acquisition (in thousands): Total equity consideration $ 73,253 Fair value of previously held equity interest in Broad Arrow (1) 48,309 Total consideration and value to be allocated to net assets $ 121,562 (1) The Broad Arrow Acquisition was accounted for as a step acquisition. Accordingly, the Company remeasured its pre-existing 40% equity interest in Broad Arrow immediately prior to the completion of the acquisition to its estimated fair value of approximately $48.3 million. This fair value was derived from the Hagerty, Inc. stock price of $13.47 as of the closing date and thus represents a Level 1 fair value measurement. As a result of the remeasurement, the Company recorded a net gain of approximately $34.7 million in for the third quarter of 2022, representing the excess of the $48.3 million estimated fair value of its pre-existing 40% equity interest over its closing date carrying value of approximately $13.6 million. Allocation of Consideration Transferred The following table summarizes the allocation of the purchase consideration to the fair values of the identifiable assets acquired and liabilities assumed as of the date of the Broad Arrow Acquisition (in thousands): Notes receivable (1) $ 21,594 Intangible assets, net (2) 3,100 Other assets (3) 11,756 Other liabilities (4) (13,449) Total identifiable net assets acquired 23,001 Goodwill 98,561 Total purchase consideration allocated to net assets acquired $ 121,562 (1) Broad Arrow makes term loans secured by collector cars. The fair value of the acquired loans approximates their carrying value due to the relatively short-term maturities and market rates of interest associated with most loans. Refer to Note 4 — Notes Receivable for additional information with respect to the Notes receivable acquired. (2) The fair value of the identifiable intangible assets acquired is a Level 3 fair value measurement, estimated using significant assumptions that are not observable in the market through the use of a discounted cash flow model. Inputs utilized in this model include the discount rate and terminal growth rate, as well as the return on assets. Identifiable intangible assets acquired consisted of trade names of $3.1 million with a 5-year estimated useful life. (3) Other assets includes $2.8 million of cash acquired, $2.6 million of Accounts receivable and $6.2 million of Other current assets. (4) Other liabilities includes a $7.0 million Note payable, $5.3 million of Contract liabilities and $0.7 million of Accounts payable. The excess of the purchase consideration over the aggregate estimated fair values of identifiable assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is primarily a result of the expected enhancement of Marketplace through Broad Arrow's various service offerings, including buying, selling and financing of collector cars through classified listings, auctions and facilitating private sales, as well as the assembled workforce of and various other factors. The acquisition of Broad Arrow was not material to the Company's Condensed Consolidated Statements of Operations. Therefore, pro forma results of operations related to this acquisition have not been presented. As Broad Arrow is now a wholly-owned subsidiary of the Company, the Company now consolidates the results of Broad Arrow in accordance with ASC 810, and the financial results of Broad Arrow have been included within the Company's Condensed Consolidated Financial Statements since the acquisition date. The Company's Condensed Consolidated Statements of Operations include total revenue and income before taxes of approximately $5.8 million and $0.1 million, respectively, attributable to Broad Arrow for the three months ended March 31, 2023. Speed Digital Acquisition In April 2022, Hagerty acquired Speed Digital LLC ("Speed Digital") for a purchase price of $15.0 million. The Company paid $7.5 million at closing with an additional two annual installments of $3.75 million to be paid in 2023 and 2024. The first annual installment was paid during the three months ended March 31, 2023 and the second annual installment will be paid in the first quarter of 2024. Speed Digital was previously wholly owned indirectly by Robert Kauffman, a member of the Company's Board of Directors (the "Board"), who will receive 100% of the proceeds of the purchase price. Speed Digital operates a software as a service ("SaaS") business primarily serving collector car dealers and auction houses, and an advertising and content syndication platform, which includes Motorious.com. The Company acquired Speed Digital to enhance the Marketplace business to establish relationships with their dealer partners and facilitate growth in Marketplace products; augment the Company's automotive intelligence data; and allow Motorious.com to drive audience engagement, content distribution, and advertising revenue.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	7 — Goodwill and Intangible Assets Goodwill The following is a reconciliation of the changes in the Company's goodwill for the three months ended March 31, 2023 and 2022: 2023 2022 in thousands Goodwill as of January 1, $ 115,041 $ 11,488 Effect of foreign currency translation — 22 Goodwill as of March 31, $ 115,041 $ 11,510 Refer to Note 6 — Acquisitions and Investments for information related to the Company's acquisitions of Speed Digital, in April 2022, and Broad Arrow, in August 2022, which together resulted in the recognition of $103.6 million of goodwill. Intangible Assets The cost and accumulated amortization of intangible assets as of March 31, 2023 and December 31, 2022 are as follows: Weighted Average Useful Life March 31, 2023 December 31, 2022 in thousands Renewal rights 9.9 $ 17,283 $ 17,282 Internally developed software 3.1 115,312 109,764 Trade names and trademarks 14.0 12,541 12,541 Relationships and customer lists 15.4 13,890 13,890 Other 4.4 1,433 1,434 Intangible assets 160,459 154,911 Less: accumulated amortization (57,673) (50,887) Intangible assets, net $ 102,786 $ 104,024 Intangible asset amortization expense was $6.8 million and $4.2 million for the three months ended March 31, 2023 and 2022, respectively. The estimated future aggregate amortization expense as of March 31, 2023 is as follows (in thousands): 2023 $ 22,739 2024 28,146 2025 19,546 2026 11,099 2027 3,768 Thereafter 17,488 Total $ 102,786

Provision for Unpaid Losses and

Provision for Unpaid Losses and Loss Adjustment Expenses	3 Months Ended
	Mar. 31, 2023
Insurance [Abstract]
Provision for Unpaid Losses and Loss Adjustment Expenses	8 — Provision for Unpaid Losses and Loss Adjustment Expenses The following table presents a reconciliation of the beginning and ending provision for unpaid losses and loss adjustment expenses related to Hagerty Re, net of amounts recoverable from reinsurers: Three months ended 2023 2022 in thousands Gross reserves for unpaid losses and loss adjustment expenses, beginning of year $ 111,741 $ 74,869 Less: Reinsurance recoverable 843 — Net reserves for unpaid losses and loss adjustment expenses, beginning of year 110,898 74,869 Incurred losses and loss adjustment expenses: Current accident year 48,412 36,919 Prior accident year — — Total incurred losses and loss adjustment expenses 48,412 36,919 Effect of foreign currency rate changes 85 83 Net reserves for unpaid losses and loss adjustment expenses, end of period 159,395 111,871 Reinsurance recoverable 843 — Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 160,238 $ 111,871 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.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Reinsurance	9 — Reinsurance Hagerty Re purchases catastrophe reinsurance to protect its capital from large catastrophic events and to provide earnings protection and stability. The 2023 catastrophe reinsurance program splits the exposure between accounts with total insured values ("TIV") of up to $5.0 million and U.S. accounts with TIV of $5.0 million and above ("High-Net-Worth Accounts"). Accounts with TIV of up to $5.0 million are afforded $105.0 million of coverage excess of a per event retention of $25.0 million in two layers; $25.0 million excess of $25.0 million and $55.0 million excess of $50.0 million. High-Net-Worth Accounts in the U.S. are covered by a separate catastrophe reinsurance program which provides $30.0 million excess of per event retention of $9.0 million in one layer; $21.0 million excess of $9.0 million. In addition to the aforementioned catastrophe coverage, Hagerty Re has entered into quota share agreements to cede physical damage risks on High-Net-Worth Accounts assumed from Evanston. Specifically, Hagerty Re is ceding 20% of these risks effective January 1, 2023, and is ceding an additional 50% of these risks effective March 1, 2023, under quota share agreements with various reinsurers, some of which are related parties. Refer to Note 19 — Related-Party Transactions for additional information. 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.

Restructuring, Impairment and R

Restructuring, Impairment and Related Charges	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring, Impairment and Related Charges	10 — Restructuring, Impairment and Related Charges In 2022, management approved an initiative to increase operational efficiencies and flexibility by transitioning to a "remote first" work model for employees. This initiative primarily included the rationalization of the Company's office space throughout the U.S., Canada, and the U.K. Additionally, in the fourth quarter of 2022, the Board approved a voluntary retirement program ("VRP") and a reduction in force (the "2022 RIF"). As a result of these actions (collectively, the "2022 Restructuring Actions"), the Company recognized $18.3 million within "Restructuring, impairment and related charges, net" in the Consolidated Statements of Operations for the year ended December 31, 2022. These charges consisted of $8.0 million of severance related costs associated with the 2022 RIF and $4.2 million of severance related costs associated with the VRP, as well as an impairment charge of $4.7 million related to operating lease ROU assets and a $1.5 million loss on the disposal of leasehold improvements associated with the impaired leases. In the first quarter of 2023, the Board approved a further reduction in force (the "2023 RIF") following a strategic review of business processes as the Company focuses on driving efficiencies in order to achieve growth and profitability goals. As a result of these actions (collectively, the "2023 Restructuring Actions"), in the first quarter of 2023, the Company recognized $5.5 million within "Restructuring, impairment and related charges, net" in the Condensed Consolidated Statements of Operations. These charges consist of $5.1 million of severance related costs associated with the 2023 RIF and a $0.4 million impairment charge to write-down the value of certain digital media content assets. The following is a reconciliation of the liability related to the 2022 Restructuring Actions and the 2023 Restructuring Actions, which is recorded within "Accounts payable, accrued expenses and other current liabilities" on the Condensed Consolidated Balance Sheets. The remaining liability as of March 31, 2023 is expected to be settled in the second quarter of 2023. in thousands Balance at December 31, 2022 $ 9,470 Costs incurred and charged to expense 5,535 Costs paid or otherwise settled (1) (10,264) Balance at March 31, 2023 $ 4,741 (1)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	11 — Fair Value Measurements Hagerty measures and discloses fair values in accordance with the provisions of ASC 820. The Company’s recurring 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 SOFR 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 13 — Interest Rate Swaps for additional information. Warrant liabilities The Company's 5,750,000 Public Warrants are Level 1 within the fair value hierarchy as they are measured utilizing quoted market prices. The Company has determined that its 257,500 Private Placement Warrants, 28,750 Underwriter Warrants, 1,300,000 OTM Warrants, and 12,147,300 PIPE Warrants are Level 3 within the fair value hierarchy. 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. Refer to Note 16 — Warrant Liabilities for additional information. The following table summarizes the significant inputs in the valuation model as of March 31, 2023: Inputs Private Placement Warrants Underwriter Warrants OTM Warrants PIPE Warrants Exercise price $11.50 $11.50 $15.00 $11.50 Common stock price $8.74 $8.74 $8.74 $8.74 Volatility 46.6% 46.6% 44.0% 46.6% Expected term of the warrants 3.68 3.68 8.68 3.68 Risk-free rate 3.70% 3.70% 3.50% 3.70% 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 March 31, 2023 and December 31, 2022, is shown in the table below: Fair Value Measurements Total Level 1 Level 2 Level 3 in thousands March 31, 2023 Financial Assets Interest rate swaps $ 2,816 $ — $ 2,816 $ — Total $ 2,816 $ — $ 2,816 $ — Financial Liabilities Public warrants $ 13,053 $ 13,053 $ — $ — Private placement warrants 681 — — 681 Underwriter warrants 76 — — 76 OTM warrants 4,701 — — 4,701 PIPE warrants 27,565 — — 27,565 Total $ 46,076 $ 13,053 $ — $ 33,023 December 31, 2022 Financial Assets Interest rate swaps $ 3,294 $ — $ 3,294 $ — Total $ 3,294 $ — $ 3,294 $ — Financial Liabilities Public warrants $ 12,880 $ 12,880 $ — $ — Private placement warrants 673 — — 673 Underwriter warrants 75 — — 75 OTM warrants 4,706 — — 4,706 PIPE warrants 27,227 — — 27,227 Total $ 45,561 $ 12,880 $ — $ 32,681 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 three months ended March 31, 2023 and 2022: Private Placement Warrants Underwriter Warrants OTM Warrants PIPE Warrants Total in thousands Balance at December 31, 2021 $ 1,248 $ 139 $ 6,849 $ 55,887 $ 64,123 Change in fair value of warrant liabilities (460) (51) (1,867) (20,109) (22,487) Exercise of warrants — — — (1,906) (1,906) Balance at March 31, 2022 $ 788 $ 88 $ 4,982 $ 33,872 $ 39,730 Balance at December 31, 2022 $ 673 $ 75 $ 4,706 $ 27,227 $ 32,681 Change in fair value of warrant liabilities 8 1 (5) 338 342 Balance at March 31, 2023 $ 681 $ 76 $ 4,701 $ 27,565 $ 33,023 Fixed Income Investments The Company has fixed income investments that consist of Canadian Sovereign, Provincial and Municipal 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 critical credit quality indicator for the fixed income investments is the credit ratings and management considers all of the fixed income investments currently held by Hagerty Re to be investment grade. The following table discloses the fair value and related carrying amount of fixed income investments held within Hagerty Re as of March 31, 2023 and December 31, 2022: Carrying Amount Estimated Fair Value in thousands March 31, 2023 Fixed income securities, short-term $ 7,350 $ 7,294 Fixed income securities, long-term 8,828 8,528 Total $ 16,178 $ 15,822 December 31, 2022 Fixed income securities, short-term $ 6,296 $ 6,205 Fixed income securities, long-term 6,690 6,316 Total $ 12,986 $ 12,521 Each reporting period management reviews the credit-rating of each security to ensure it is considered investment grade. Based on the factors outlined above, as of March 31, 2023, the Company does not expect any credit losses related to the fixed income investments and therefore there is no allowance for credit losses recorded. The Company did not record any gains or losses on these securities during the three months ended March 31, 2023 or 2022.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	12 — Long-Term Debt As of March 31, 2023 and December 31, 2022, "Long-term debt" consisted of the following: March 31, 2023 December 31, 2022 in thousands Credit Facility $ 84,559 $ 105,000 Notes payable 4,471 3,280 Total debt outstanding $ 89,030 $ 108,280 Less: current portion — — Total long-term debt outstanding $ 89,030 $ 108,280 Credit Facility — In January and April 2023, The Hagerty Group entered into the Sixth and Seventh Amendments to Amended and Restated Credit Agreement (the "Credit Agreement"), which amended the terms of its revolving credit facility (the "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 primary purpose of the amendments was to clarify certain definitions within the Credit Agreement. 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 of up to $25.0 million and borrowings in the British Pound and Euro of up to $25.0 million in the aggregate. 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 Credit Facility accrues interest at the Term SOFR Rate plus an applicable margin determined by the Company's net leverage ratio for the preceding period (as defined in the Credit Agreement). The effective weighted-average borrowing rate was 7.16% for the three months ended March 31, 2023. Credit Facility borrowings are collateralized by Company assets, except for the assets of the Company’s U.K., Bermuda and German subsidiaries and the non-wholly owned subsidiaries of MHH. In January 2023, Broad Arrow Europe Limited and Broad Arrow Capital UK Limited were joined to the Credit Facility as co-borrowers. 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 March 31, 2023 and December 31, 2022, the Company was in compliance with the financial covenants under the Credit Agreement. Notes Payable — As of March 31, 2023 and December 31, 2022, the Company had outstanding notes payable, which are used to fund certain loans made by BAC in the U.K., totaling $4.5 million and $3.3 million, respectively. The notes payable accrue interest at fixed rates ranging from 7.0% to 9.0% and are due between October 2024 and March 2025. Refer to Note 4 — Notes Receivable for additional information on the lending activities of BAC. The Company had a $2.0 million note payable related to a business combination for the future purchase installment payments, with a fixed interest rate of 3.25%. The note was paid in two equal installments, $1.0 million of which was paid in 2021. The note payable matured March 1, 2022 at which time the second installment of $1.0 million was paid.

Interest Rate Swaps

Interest Rate Swaps	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	13 — 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)" in the Condensed Consolidated Statements of Operations. As of March 31, 2023, the Company had one outstanding interest rate swap, which was entered into in December 2020, with an original notional amount of $35.0 million. In September 2022, the interest rate swap was amended to replace LIBOR with Term SOFR and, as a result, the fixed swap rate is now 0.81%. The estimated fair value of the interest rate swap is included within either "Other long-term assets" or "Other long-term liabilities" on the Condensed Consolidated Balance Sheets and the change in fair value is recorded within "Derivative instruments" in the Condensed Consolidated Statements of Comprehensive Income (Loss).

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	14 — Stockholders' Equity 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. As of March 31, 2023 and December 31, 2022, there were 83,338,436 and 83,202,969 shares of Class A Common Stock issued and outstanding, respectively. 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. In connection with the Business Combination, Hagerty issued 251,033,906 shares of Class V Common Stock to the Legacy Unit Holders along with an equivalent number of Hagerty Group Units, as discussed below. Each share of Class V Common Stock, together with the corresponding Hagerty Group Unit, is exchangeable for one share of Class A Common Stock. As of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022, there were no shares of Preferred Stock issued and outstanding. Non-controlling Interests — Hagerty, Inc. is the sole managing member of The Hagerty Group and, as a result, consolidates the financial results of The Hagerty Group. Hagerty, Inc. reports a non-controlling interest representing the economic interest in The Hagerty Group held by other unit holders of The Hagerty Group. Each Hagerty Group Unit and, if applicable, the associated share of Class V Common Stock, is exchangeable for one share of Class A Common Stock. During the three months ended March 31, 2023, 118,500 Hagerty Group Units were exchanged for an equal amount of Class A Common Stock. The following table summarizes the ownership of Hagerty Group Units as of March 31, 2023: March 31, 2023 December 31, 2022 Units Owned Ownership Percentage Units Owned Ownership Percentage Hagerty Group Units held by Hagerty, Inc. 83,338,436 24.6 % 83,202,969 24.5 % Hagerty Group Units held by other unit holders 255,639,966 75.4 % 255,758,466 75.5 % Total 338,978,402 100.0 % 338,961,435 100.0 % In addition to the non-controlling interest related to The Hagerty Group, a non-controlling interest is also reported for the economic ownership of MHH that is not owned or controlled by The Hagerty Group. Hagerty, Inc. consolidates its ownership of The Hagerty Group and MHH under the voting interest method. At the end of each reporting period, The Hagerty Group equity attributable to Hagerty, Inc. and the non-controlling unit holders, respectively, is reallocated to reflect their current ownership in The Hagerty Group. Redeemable Non-controlling Interest — In connection with the Business Combination, Hagerty, Inc. entered into the Legacy Unit Holders Exchange Agreement. The Legacy Unit Holders Exchange Agreement permitted the Legacy Unit Holders to exchange shares of Class V Common Stock and the associated Hagerty Group Units for an equivalent amount of shares of Class A Common Stock or, at the option of the Company, for cash. Because the Company had 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 was considered redeemable as the redemption was considered outside the Company's control. This redeemable non-controlling interest represented the economic interests of the Legacy Unit Holders. Income or loss was attributed to the redeemable non-controlling interest based on the weighted average ownership of the Hagerty Group Units outstanding during the period held by the Legacy Unit Holders. The redeemable non-controlling interest was measured at the greater of the initial fair value or the redemption value and was required to be presented as temporary equity on the Condensed Consolidated Balance Sheets, with a corresponding adjustment to "Additional paid-in capital" and "Accumulated earnings (deficit)". The total redeemable non-controlling interest as of December 31, 2021 was $593.3 million. For the period from January 1, 2022 to March 23, 2022, additional accretion of $1.6 billion was recognized, with a corresponding adjustment of $162.1 million and $1.4 billion to "Additional paid-in capital" and "Accumulated earnings (deficit)", respectively. On March 23, 2022, the Legacy Unit Holders 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 redeemable non-controlling interest balance of $2.1 billion as of March 23, 2022 was recorded in equity as non-controlling interest with corresponding adjustments of $1.4 billion, $528.6 million, and $215.6 million to "Accumulated earnings (deficit)", "Additional paid-in capital" and "Non-controlling interest", respectively.
Stockholders' Equity	14 — Stockholders' Equity 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. As of March 31, 2023 and December 31, 2022, there were 83,338,436 and 83,202,969 shares of Class A Common Stock issued and outstanding, respectively. 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. In connection with the Business Combination, Hagerty issued 251,033,906 shares of Class V Common Stock to the Legacy Unit Holders along with an equivalent number of Hagerty Group Units, as discussed below. Each share of Class V Common Stock, together with the corresponding Hagerty Group Unit, is exchangeable for one share of Class A Common Stock. As of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022, there were no shares of Preferred Stock issued and outstanding. Non-controlling Interests — Hagerty, Inc. is the sole managing member of The Hagerty Group and, as a result, consolidates the financial results of The Hagerty Group. Hagerty, Inc. reports a non-controlling interest representing the economic interest in The Hagerty Group held by other unit holders of The Hagerty Group. Each Hagerty Group Unit and, if applicable, the associated share of Class V Common Stock, is exchangeable for one share of Class A Common Stock. During the three months ended March 31, 2023, 118,500 Hagerty Group Units were exchanged for an equal amount of Class A Common Stock. The following table summarizes the ownership of Hagerty Group Units as of March 31, 2023: March 31, 2023 December 31, 2022 Units Owned Ownership Percentage Units Owned Ownership Percentage Hagerty Group Units held by Hagerty, Inc. 83,338,436 24.6 % 83,202,969 24.5 % Hagerty Group Units held by other unit holders 255,639,966 75.4 % 255,758,466 75.5 % Total 338,978,402 100.0 % 338,961,435 100.0 % In addition to the non-controlling interest related to The Hagerty Group, a non-controlling interest is also reported for the economic ownership of MHH that is not owned or controlled by The Hagerty Group. Hagerty, Inc. consolidates its ownership of The Hagerty Group and MHH under the voting interest method. At the end of each reporting period, The Hagerty Group equity attributable to Hagerty, Inc. and the non-controlling unit holders, respectively, is reallocated to reflect their current ownership in The Hagerty Group. Redeemable Non-controlling Interest — In connection with the Business Combination, Hagerty, Inc. entered into the Legacy Unit Holders Exchange Agreement. The Legacy Unit Holders Exchange Agreement permitted the Legacy Unit Holders to exchange shares of Class V Common Stock and the associated Hagerty Group Units for an equivalent amount of shares of Class A Common Stock or, at the option of the Company, for cash. Because the Company had 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 was considered redeemable as the redemption was considered outside the Company's control. This redeemable non-controlling interest represented the economic interests of the Legacy Unit Holders. Income or loss was attributed to the redeemable non-controlling interest based on the weighted average ownership of the Hagerty Group Units outstanding during the period held by the Legacy Unit Holders. The redeemable non-controlling interest was measured at the greater of the initial fair value or the redemption value and was required to be presented as temporary equity on the Condensed Consolidated Balance Sheets, with a corresponding adjustment to "Additional paid-in capital" and "Accumulated earnings (deficit)". The total redeemable non-controlling interest as of December 31, 2021 was $593.3 million. For the period from January 1, 2022 to March 23, 2022, additional accretion of $1.6 billion was recognized, with a corresponding adjustment of $162.1 million and $1.4 billion to "Additional paid-in capital" and "Accumulated earnings (deficit)", respectively. On March 23, 2022, the Legacy Unit Holders 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 redeemable non-controlling interest balance of $2.1 billion as of March 23, 2022 was recorded in equity as non-controlling interest with corresponding adjustments of $1.4 billion, $528.6 million, and $215.6 million to "Accumulated earnings (deficit)", "Additional paid-in capital" and "Non-controlling interest", respectively.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	15 — Earnings (Loss) Per Share The following table sets forth the calculation of Basic EPS and Diluted EPS for the three months ended March 31, 2023 and 2022. Basic EPS is computed using Net income (loss) attributable to controlling interest, divided by the weighted average number of shares of Class A Common Stock outstanding during the period. Diluted EPS is computed using Net income (loss) attributable to controlling interest divided by the weighted average number of shares of Class A Common Stock outstanding during the period, adjusted to give effect to potentially dilutive securities. The Company's potentially dilutive securities consist of (1) unexercised warrants and unissued stock-based restricted stock units, performance restricted stock units, and employee stock purchase plan shares, with the dilutive effect calculated using the Treasury Stock Method, and (2) non-controlling interest Hagerty Group Units, with the dilutive effect calculated using the "If-converted" Method. In the computation of Diluted EPS, Net income (loss) attributable to controlling interest is adjusted to remove the change in fair value associated with the Company's warrant liabilities that are potentially dilutive and Net income (loss) associated with non-controlling interest in Hagerty Group Units. Three months ended 2023 2022 in thousands (except per share amounts) Numerator: Net income (loss) attributable to controlling interest $ (2,099) $ 27,507 Adjustments: Change in fair value of potentially dilutive warrant liabilities — (20,620) Net income (loss) attributable to non-controlling interest Hagerty Group Units — (11,452) Adjusted net income (loss) attributable to Class A Common Stock shareholders $ (2,099) $ (4,565) Denominator: Weighted average shares of Class A Common Stock outstanding — basic 83,227 82,433 Adjustments: Conversion of non-controlling interest Hagerty Group Units to shares of Class A Common Stock — 251,034 Warrants — 2,436 Stock-based compensation awards — — Weighted average shares of Class A Common Stock outstanding — diluted 83,227 335,903 Earnings (loss) per share attributable to Class A Common Stock shareholders Basic $ (0.03) $ 0.33 Diluted $ (0.03) $ (0.01)

Warrant Liabilities

Warrant Liabilities	3 Months Ended
	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Warrant Liabilities	16 — Warrant Liabilities The Company had 5,750,000 Public Warrants, 257,500 Private Placement Warrants, 28,750 Underwriter Warrants, 1,300,000 OTM Warrants, and 12,147,300 PIPE Warrants registered and outstanding as of March 31, 2023. Public Warrants — Each Public Warrant is exercisable for one share of the Company's Class A Common Stock at a price of $11.50 per share, subject to adjustments, provided that the Company has an effective registration statement under the Securities Act covering the number of shares 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 Public Warrants may be exercised on a cash basis only for a whole number of shares of the Company’s Class A Common Stock. The Public Warrants expire in December 2026. Private Placement Warrants — Each Private Placement Warrant is exercisable for one share of the Company's Class A Common Stock at a price of $11.50 per share, subject to adjustments, 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 Private Placement 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 original warrant holder or permitted transferees. The Private Placement Warrants expire in December 2026. Underwriter Warrants — Each Underwriter Warrant is exercisable for one share of the Company's Class A Common Stock at a price of $11.50 per share, subject to adjustments, 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 Underwriter 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 Underwriter Warrants expire in December 2026. OTM Warrants — Each OTM Warrant is exercisable for one share of the Company's Class A Common Stock at a price of $15.00 per share, subject to adjustments and 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 OTM Warrants may be exercised only for a whole number of shares of the Company's Class A Common Stock. The 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 OTM Warrants expire in December 2031. PIPE Warrants — Each PIPE Warrant is exercisable for one share of the Company's Class A Common Stock at a price of $11.50 per share, subject to adjustments, 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 only for a whole number of shares of the Company's Class A Common Stock. The PIPE Warrants may be exercised on a cashless basis. The PIPE Warrants expire in December 2026. The Company accounts for these warrants as liabilities in accordance with ASC 815-40. The warrants are measured at fair value each reporting period with the change in fair value recorded within "Change in fair value of warrant liabilities" in the Condensed Consolidated Statements of Operations. The Company recognized a $0.5 million loss and a $31.7 million gain as a result of an increase and decrease in the fair value of the warrant liability for the three months ended March 31, 2023 and 2022, respectively. During the three months ended March 31, 2022, 522,000 PIPE warrants were exercised, on a cashless basis, for an equivalent of 124,748 shares of the Company's Class A Common Stock. The cashless exercise resulted in a decrease in "Warrant liabilities" and an increase in "Class A Common Stock" and "Additional paid-in capital" of $1.9 million on the Condensed Consolidated Balance Sheets. No warrants were exercised during the three months ended March 31, 2023.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	17 — Stock-Based Compensation In December 2021, Hagerty's Board approved t he 2021 Equity Incentive Plan, which provides for the issuance of up to approximately 38.3 million shares of the Company's Class A Common Stock to employees and non-employee directors. The 2021 Equity Incentive Plan allows for the issuance of incentive stock o ptions, non-qualified stock options, restricted stock awards, stock appreciation rights, restricted stock units and performance restricted stock units. Awards granted under the 2021 Equity Incentive Plan generally vest over a two Stock-based compensation expense related to employees is recognized in the Condensed Consolidated Statements of Operations within "Salaries and benefits" and, to a much lesser extent, when applicable, "Restructuring, impairment and related charges, net." Stock-based compensation expense related to non-employee directors is recognized within "General and administrative services." The Company accounts for forfeitures of stock-based compensation awards in the period when they occur. The following table summarizes stock-based compensation expense recognized during the three months ended March 31, 2023. As the first stock-based compensation grant occurred in the second quarter of 2022, there was no stock-based compensation expense during the three months ended March 31, 2022: Three months ended in thousands Restricted stock units $ 3,233 Performance restricted stock units 715 Employee stock purchase plan 165 Total stock-based compensation expense $ 4,113 Restricted Stock Units The Company grants serviced-based restricted stock units to employees and non-employee directors. Compensation expense for these service-based restricted stock units is determined in reference to the closing market price of the Company's Class A Common Stock on the business day prior to the grant date, and is recognized ratably over the service period. There were no restricted stock unit grants during the three months ended March 31, 2023. Unrecognized compensation expense related to restricted stock units as of March 31, 2023 was $21.7 million, which the Company expects to recognize over a weighted average period of 3.47 years. The following table provides a summary of the restricted stock unit activity during the three months ended March 31, 2023: Restricted Stock Units Weighted Average Fair Value Unvested balance as of December 31, 2022 3,195,038 $ 10.76 Vested (16,967) 10.79 Forfeited (15,648) 10.79 Unvested balance as of March 31, 2023 3,162,423 $ 10.76 Performance Restricted Stock Units In April 2022, the CEO was granted The following table summarizes the assumptions and related information used to determine the grant-date fair value of performance restricted stock units awarded for the periods presented: Inputs Performance Restricted Stock Units Weighted average grant-date fair value per share $5.19 Expected stock volatility 35% Expected term (in years) 7.0 Risk-free interest rate 2.5% Dividend yield —% The following table provides a summary of performance restricted stock unit activity during the three months ended March 31, 2023: Performance Restricted Stock Units Weighted Average Fair Value Outstanding as of December 31, 2022 3,707,136 $ 5.19 Granted — — Outstanding as of March 31, 2023 3,707,136 $ 5.19 Employee Stock Purchase Plan In December 2021, the Company adopted the 2021 Employee Stock Purchase Plan (the "ESPP") . The Compensation Committee of the Board administers the ESPP , including the determination of the time and frequency of offering periods, as well as the terms and conditions of the offerings. The ESPP allows substantially all employees to participate. The offering periods last six months, beginning on the first business day of April and October each year. Eligible employees may contribute up to 50% of their base wages and the purchase price will be determined each offering period by the Compensation Committee. The ESPP allows for a discount of up to 15% and for the purchase price to occur at the lesser of the fair market value of the Company's Class A Common Stock on (1) the offering date, and (2) the applicable purchase date. As of March 31, 2023, the total number of the Company's Class A Common Stock authorized and reserved for issuance under the ESPP was 11,495,220 shares. As of March 31, 2023, no shares had been purchased under the ESPP .

Taxation

Taxation	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Taxation	18 — 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, Broad Arrow, 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 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 Tax Receivable Agreement ("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. See "Tax Receivable Agreement Liability" below. 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. 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 tax expense (benefit) reflected in the financial statements differs from the tax computed by applying the statutory U.S. federal rate of 21% to "Income (loss) before income tax expense" as follows: Three months ended March 31, 2023 2022 in thousands (except percentages) Income tax (benefit) expense at statutory rate $ (2,385) 21 % $ 3,780 21 % State taxes (62) 1 % (164) (1) % Loss not subject to entity-level taxes 4,374 (39) % 3,168 18 % Foreign rate differential (214) 2 % (177) (1) % Change in valuation allowance 1,566 (14) % 1,965 11 % Change in fair value of warrant liability 108 (1) % (6,654) (37) % Permanent items 281 (2) % 112 1 % Income tax expense $ 3,668 (32) % $ 2,030 12 % 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 March 31, 2023, tax years 2019 to 2022 are subject to examination by various tax authorities. With few exceptions, as of March 31, 2023, the Company is no longer subject to U.S. federal, state, local or foreign examinations for years before 2019. The Canadian statute of limitation for tax year 2018 was open as of March 31, 2023 and remains open because the Company is currently under examination by the Canadian Revenue Agency for that year. The calculation of the Company's tax liabilities involves uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across its global operations. ASC 740 states that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. The Company records uncertain tax benefits ("UTB") as liabilities in accordance with ASC 740 and adjusts these liabilities when management's conclusion changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the UTB liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which new information is available. As of March 31, 2023 and 2022, 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 within "Income tax benefit (expense)" in the Condensed Consolidated Statements of Operations. In August 2022, the Inflation Reduction Act ("IRA") was enacted into law. Among the provisions in the IRA was a 15% corporate minimum tax effective for years beginning after December 31, 2022, and a 1% tax on share repurchases after December 31, 2022. The Company does not expect the tax provisions of the IRA to have a material impact on its results. Tax Receivable Agreement Liability — 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 (provided as Exhibit 2.1, incorporated by reference within Item 6. Exhibits , in this Quarterly Report on Form 10-Q) upon the exchange of 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.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	19 — Related-Party Transactions As of March 31, 2023, Markel had a 23.0% ownership in The Hagerty Group and State Farm had a 14.8% ownership in The Hagerty Group. As such, both Markel and State Farm are considered related parties. State Farm Alliance Agreement State Farm and Hagerty entered into a master alliance agreement in 2020 to establish an alliance insurance program whereby State Farm’s customers, through State Farm agents, will have access to Hagerty features and services. This program is expected to begin in the second half of 2023. Under this agreement, State Farm paid Hagerty an advanced commission of $20.0 million in 2020, to be recognized into Commission and fee revenue over the life of the contract beginning with the ability to issue policies. As part of the Company's master alliance agreement with State Farm, it also entered into a managing general underwriter agreement whereby 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 State Farm agents on a state by state basis. Hagerty Insurance Agency, LLC will be paid commission under the managing general underwriter agreement and ancillary agreements for servicing the State Farm Classic+ policies. Additionally, the Company will have the opportunity to offer HDC membership to State Farm Classic+ customers which provides Hagerty an additional revenue opportunity. Reinsurance Agreement Effective March 1, 2023, Hagerty Re entered into a quota share reinsurance agreement to cede 50% of the High-Net-Worth Accounts physical damage risks assumed from Evanston to Oglesby Reinsurance Company, an affiliate of State Farm. Refer to Note 9 — Reinsurance for additional information on the Company's reinsurance programs. 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: March 31, 2023 December 31, 2022 in thousands (except percentages) Due to insurer $ 84,044 $ 64,873 Percent of total 96 % 95 % Three months ended 2023 2022 in thousands (except percentages) Commission revenue $ 71,639 $ 59,536 Percent of total 97 % 96 % Reinsurance Agreement For the three months ended March 31, 2023 and 2022, under a quota share agreement with Evanston, a wholly-owned subsidiary of Markel, Hagerty Re reinsured approximately 80% and 70%, respectively, of the risks written through the Company’s U.S. MGAs. Effective January 1, 2023, the quota share agreement with Evanston was amended to increase Hagerty Re's participation on High-Net-Worth Accounts from 80% to 100%. At the same time, Hagerty Re entered into a reinsurance agreement to cede 10% of the High-Net-Worth Accounts physical damage risks assumed from Evanston to Markel International, an affiliate of Markel. Additionally, under a quota share agreement with Markel International Insurance Company Limited, Hagerty Re reinsured approximately 80% and 70% of the risks for the three months ended March 31, 2023 and 2022, respectively, written through the Company’s U.K. MGA. The following tables summarize all balances related to the Company's business with Markel affiliates: March 31, 2023 December 31, 2022 Assets: in thousands Premiums receivable $ 130,086 $ 97,897 Deferred acquisition costs, net 110,982 103,869 Total assets $ 241,068 $ 201,766 Liabilities: Losses payable and provision for unpaid losses and loss adjustment expenses $ 153,145 $ 160,236 Commissions payable 60,916 75,898 Unearned premiums 240,816 227,192 Total liabilities $ 454,877 $ 463,326 Three months ended 2023 2022 Revenue: in thousands Earned premium $ 113,362 $ 85,690 Expenses: Ceding commission $ 53,758 $ 40,888 Losses and loss adjustment expenses 46,655 34,571 Total expenses $ 100,413 $ 75,459 Broad Arrow In January 2022, the Company entered into a joint venture with Broad Arrow and acquired approximately 40% equity ownership interest in Broad Arrow. In August 2022, the Company acquired the remaining 60% equity interest of Broad Arrow in exchange for $73.3 million of Class A Common Stock and Hagerty Group Units exchangeable for Class A Common Stock. Prior to the Company's joint venture with Broad Arrow in January 2022, Broad Arrow was majority owned by Kenneth Ahn, the President of Marketplace, who received Hagerty Group Units as a part of this transaction. Refer to Note 6 — Acquisitions and Investments for additional information. Speed Digital In April 2022, Hagerty acquired Speed Digital for a purchase price of $15.0 million. Speed Digital was previously wholly owned indirectly by Robert Kauffman, a director on Hagerty's Board, who will receive 100% of the proceeds of the purchase price. Refer to Note 6 — Acquisitions and Investments for additional information.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	20 — 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 Condensed Consolidated Balance Sheets.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	21 — Subsequent Events Management has evaluated subsequent events through May 9, 2023, which is the date these Condensed Consolidated Financial Statements were issued and no subsequent events were identified.

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation — The Company's Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the regulations of the Securities and Exchange Commission and include the accounts of Hagerty, Inc., which is comprised of The Hagerty Group with its consolidated subsidiaries. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report, as permitted by such rules and regulations. The Company's Condensed Consolidated Financial Statements reflect all normal recurring adjustments and accruals that are, in the opinion of management, necessary for a fair statement of its financial position and results of operations for the interim periods presented. These financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.
Principles of Consolidation	Principles of Consolidation — The Company's Condensed Consolidated Financial Statements contain the accounts of Hagerty, Inc. and its majority-owned or controlled subsidiaries. The Company is the sole managing member of The Hagerty Group and, as a result, consolidates the financial results of The Hagerty Group. The Company had economic ownership of 24.6% and 24.5% of The Hagerty Group as of March 31, 2023 and December 31, 2022, respectively. In addition, Member Hubs Holding, LLC ("MHH"), which operates as Hagerty Garage + Social, is an 80% owned subsidiary of The Hagerty Group. The Company consolidates these entities under the voting interest method guidance in accordance with Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"). Non-controlling interest is presented separately on the Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Income (Loss), Condensed Consolidated Balance Sheets, and Condensed Consolidated Statements of Changes in Stockholders' Equity. From January 2022 to August 2022, the Company owned approximately 40% of the outstanding equity interest of Broad Arrow and accounted for it as an equity method investment. Subsequent to the acquisition of the remaining 60% equity interest in Broad Arrow in August 2022, Broad Arrow became a wholly-owned subsidiary of the Company and, as a result, the financial statements of Broad Arrow are now consolidated as a part of Hagerty. Refer to Note 6 — Acquisitions and Investments for additional information.
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"). In connection with the Closing, Aldel changed its name from Aldel Financial Inc. to Hagerty, Inc. Immediately after giving effect to the Business Combination , there were 82,327,466 shares of Hagerty, Inc. Class A Common Stock outstanding , 251,033,906 shares of Hagerty, Inc. Class V Common Stock outstanding, and 20,005,550 warrants outstanding which can be converted on a one-for-one basis into Hagerty, Inc. Class A Common Stock . Refer to Note 16 — Warrant Liabilities for additional information related to the 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.
Use of Estimates	Use of Estimates —  The preparation of the Company's Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements, as well as the reported amounts of revenue and expenses during the reporting period. Although the estimates are considered reasonable, actual results could materially differ from those estimates.
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 ("CEO"), 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 its Members 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 Members.
Foreign Currency Translation	Foreign Currency Translation — The Company translates its foreign currency denominated assets and liabilities into U.S. dollars at current rates of exchange as of the balance sheet date, and foreign currency denominated income and expense items at the average exchange rate for the reporting period. Translation adjustments resulting from exchange rate fluctuations are recorded in "Foreign currency translation adjustments", a component of Accumulated other comprehensive income (loss). Foreign currency transaction gains and losses are recognized within "Interest and other income (expense)" in the Condensed Consolidated Statements of Operations.
Recently Adopted Accounting Guidance and Accounting Guidance Not Yet Adopted	Recently Adopted Accounting Standards Leases  — In February 2016, the Financial Accounting Standards Board (the "FASB") issued ASC 842, which supersedes the lease requirements in ASC Topic 840, Leases ("ASC 840"). ASC 842 requires the recognition of an asset and liability for the rights and obligations created by a leased asset, whether classified as an operating lease or a finance lease. The Company adopted ASC 842 effective January 1, 2022 using the modified retrospective approach and elected not to recast comparative prior year periods. Upon adoption, the Company measured and recorded its operating lease liabilities at the present value of the remaining rental payments. Corresponding right-of-use ("ROU") assets were recorded based on the amount of the lease liabilities, adjusted by any unamortized lease incentives, deferred rent accruals and initial direct costs. The adoption of ASC 842 resulted in the recognition of initial ROU assets and lease liabilities of $72.8 million as of January 1, 2022. ASC 842 also requires sellers in a sale-leaseback transaction to recognize the entire gain from the sale of an underlying asset at the time of sale rather than over the leaseback term. The carrying value of the deferred gain on the single sale-leaseback transaction executed by the Company prior to January 1, 2022 was approximately $4.3 million and was recorded as an increase to "Accumulated Earnings (Deficit)" and "Non-controlling Interest" within the Condensed Consolidated Statements of Changes in Stockholders' Equity at adoption. The adoption of ASC 842 did not have a material impact on the Condensed Consolidated Statements of Operations or Condensed Consolidated Statements of Cash Flows. The Company also elected the package of practical expedients provided by ASC 842, which allowed it to: (1) not reassess whether expired or existing contracts contained leases, (ii) not reassess previous lease classification, and (iii) not revalue initial direct costs for existing leases. The Company also elected the lessee practical expedient to combine lease and non-lease components in the accounting for leases of all asset classes. In addition, the Company did not elect the hindsight practical expedient. The expense of operating leases under ASC 842 is generally recognized on a straight-line basis which is calculated as the total lease cost divided by the lease term and is recognized in the Condensed Consolidated Statements of Operations. Credit Losses —  In June 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments , which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. The standard requires financial assets measured on the amortized cost basis to be presented at the net amount expected to be collected. The following financial assets held by the Company are within the scope of ASU No. 2016-13: (i) Accounts receivable, (ii) Premiums receivable, (iii) Commissions receivable, (iv) Notes receivable and (v) certain fixed income securities. The amount of any required allowance for expected credit losses is determined utilizing historical loss rates, which are then adjusted, if necessary, for specific financial assets that are judged to have a higher-than-normal risk profile. Additional credit loss allowances may also be recorded after taking into account macro-economic and industry risk factors. For Notes receivable, to the extent necessary, the amount of any required allowance for credit losses takes into account the estimated realizable value of the collateral securing the loan. The Company adopted ASU No. 2016-13 on January 1, 2023 without a material effect on the Company's Condensed Consolidated Financial Statements and with no required cumulative-effect adjustment to "Accumulated earnings (deficit)" within the Condensed Consolidated Statements of Changes in Stockholders' Equity

Basis of Presentation and Acc_3

Basis of Presentation and Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as of March 31, 2023 and 2022: March 31, 2023 March 31, 2022 in thousands Cash and cash equivalents $ 63,367 $ 237,590 Restricted cash and cash equivalents 444,024 324,605 Total cash and cash equivalents and restricted cash and cash equivalents $ 507,391 $ 562,195
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as of March 31, 2023 and 2022: March 31, 2023 March 31, 2022 in thousands Cash and cash equivalents $ 63,367 $ 237,590 Restricted cash and cash equivalents 444,024 324,605 Total cash and cash equivalents and restricted cash and cash equivalents $ 507,391 $ 562,195
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information is shown in the table below: Three months ended 2023 2022 NON-CASH INVESTING ACTIVITIES: in thousands Purchase of property and equipment and software $ 1,061 $ 4,580 CASH PAID FOR: Interest $ 2,279 $ 766 Income taxes $ — $ 3,100

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents Hagerty's revenue by distribution channel offering, as well as a reconciliation to total revenue for the three months ended March 31, 2023 and 2022: Agent Direct Total in thousands Three months ended March 31, 2023 Commission and fee revenue $ 31,687 $ 26,139 $ 57,826 Contingent commission 9,439 7,347 16,786 Membership revenue — 12,547 12,547 Marketplace and other revenue — 13,962 13,962 Total revenue from customer contracts $ 41,126 $ 59,995 $ 101,121 Earned premium recognized under ASC 944 117,231 Total revenue $ 218,352 Three months ended March 31, 2022 Commission and fee revenue $ 26,199 $ 22,673 $ 48,872 Contingent commission 7,375 6,214 13,589 Membership revenue — 10,318 10,318 Marketplace and other revenue — 5,900 5,900 Total revenue from customer contracts $ 33,574 $ 45,105 $ 78,679 Earned premium recognized under ASC 944 89,132 Total revenue $ 167,811 The following table presents Hagerty's revenue disaggregated by geographic area, as well as a reconciliation to total revenue for the three months ended March 31, 2023 and 2022: U.S. Canada Europe Total in thousands Three months ended March 31, 2023 Commission and fee revenue $ 54,597 $ 2,370 $ 859 $ 57,826 Contingent commission 16,752 — 34 16,786 Membership revenue 11,669 878 — 12,547 Marketplace and other revenue 13,526 164 272 13,962 Total revenue from customer contracts $ 96,544 $ 3,412 $ 1,165 $ 101,121 Earned premium recognized under ASC 944 117,231 Total revenue $ 218,352 Three months ended March 31, 2022 Commission and fee revenue $ 45,670 $ 2,318 $ 884 $ 48,872 Contingent commission 13,468 — 121 13,589 Membership revenue 9,491 827 — 10,318 Marketplace and other revenue 5,312 318 270 5,900 Total revenue from customer contracts $ 73,941 $ 3,463 $ 1,275 $ 78,679 Earned premium recognized under ASC 944 89,132 Total revenue $ 167,811
Schedule of Premiums Assumed and the Change in Unearned Premiums	The following table presents Hagerty Re's total premiums assumed and earned for the three months ended March 31, 2023 and 2022: Three months ended 2023 2022 in thousands Premiums: Assumed $ 132,187 $ 97,628 Ceded (13,728) (9,690) Net $ 118,459 $ 87,938 Premiums earned: Assumed $ 120,397 $ 91,356 Ceded (3,166) (2,224) Net $ 117,231 $ 89,132
Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable	The following table is a summary of the Company's contract assets and liabilities as of March 31, 2023 and December 31, 2022. Contract assets are classified as "Commissions receivable" and liabilities are classified as "Contract liabilities" within current and non-current liabilities on the Condensed Consolidated Balance Sheets. March 31, 2023 December 31, 2022 in thousands Contract assets $ 15,978 $ 60,151 Contract liabilities $ 44,331 $ 44,426

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Assets, Current and Long-term	The composition of other assets, current and long-term, consist of: March 31, 2023 December 31, 2022 in thousands Prepaid sales, general and administrative expenses $ 26,341 $ 24,234 Prepaid software as a service ("SaaS") implementation costs 18,871 18,501 Fixed income investments 16,178 12,986 Contract costs 6,988 6,576 Inventory (1) 5,004 2,074 Digital media content (2) 2,350 5,580 Deferred reinsurance premiums ceded 10,653 91 Other (3) 11,315 12,691 Other assets $ 97,700 $ 82,733 (1) As of March 31, 2023, inventory primarily includes vehicles owned by Broad Arrow that have been purchased for resale purposes. (2) The reduction in digital media content when compared to December 31, 2022 was primarily attributable to a $3.6 million impairment recorded in the first quarter of 2023 as a result of lower than anticipated advertising and sponsorship revenue associated with these assets. (3) As of March 31, 2023, other assets primarily includes $4.0 million of other investments, the $2.8 million fair value of an interest rate swap, $2.7 million of collector vehicle investments, and $1.3 million of deferred financing costs related to the Company's credit facility. As of December 31, 2022, other assets primarily included $4.0 million of other investments, the $3.3 million fair value of an interest rate swap, $2.5 million of collector vehicle investments, $1.4 million of deferred financing costs related to the Company's credit facility, and $1.4 million related to an outstanding reinsurance recoverable.

Notes Receivable (Tables)

Notes Receivable (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Financing Receivable Credit Quality Indicators	The table below provides the aggregate LTV ratio for the Company's loan portfolio as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 in thousands Secured loans $ 46,423 $ 37,427 Estimate of collateral value $ 96,514 $ 75,802 Aggregate LTV ratio 48.1 % 49.4 %

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Components of Operating Lease Expense	The following table summarizes the components of the Company's operating lease expense: Three months ended 2023 2022 in thousands Operating lease expense (1) $ 3,147 $ 2,050 Short-term lease expense (1) 69 11 Variable lease expense (1) (3) 807 576 Sublease revenue (2) (63) (12) Lease cost, net $ 3,960 $ 2,625 (1) Classified within "General and administrative services" on the Condensed Consolidated Statements of Operations. (2) Classified within "Membership, marketplace and other revenue" on the Condensed Consolidated Statements of Operations. (3) Amounts include payments for maintenance, taxes, insurance and payments affected by the CPI. The following tables summarize supplemental balance sheet information related to operating leases: March 31, 2023 December 31, 2022 in thousands Operating lease ROU assets $ 80,462 $ 82,398 Current lease liabilities (1) 7,799 7,556 Long-term lease liabilities 78,845 80,772 Total operating lease liabilities $ 86,644 $ 88,328 March 31, 2023 December 31, 2022 in thousands ROU assets obtained in exchange for new operating lease liabilities (2) $ 114 $ 82,398 Gains on sales and leaseback transactions, net $ — $ 4,314 Weighted-average lease term 10.03 10.23 Weighted-average discount rate 5.5 % 5.5 % (1) Current lease liabilities are recorded within "Accounts payable, accrued expenses and other current liabilities" within the Condensed Consolidated Balance Sheets. (2) The balance as of December 31, 2022 includes the transition adjustment of $72.8 million for operating lease ROU assets recorded as of January 1, 2022, upon the adoption of ASC 842.
Schedule of Maturities of Lease Liabilities	The following table summarizes information about the amount and timing of the Company's future operating lease commitments as of March 31, 2023: in thousands 2023 $ 9,209 2024 12,235 2025 11,812 2026 11,179 2027 10,987 Thereafter 58,530 Total lease payments 113,952 Less: imputed interest (27,308) Total lease liabilities $ 86,644

Acquisitions and Investments (T

Acquisitions and Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the fair value of Broad Arrow as of the date of the acquisition (in thousands): Total equity consideration $ 73,253 Fair value of previously held equity interest in Broad Arrow (1) 48,309 Total consideration and value to be allocated to net assets $ 121,562 (1) The Broad Arrow Acquisition was accounted for as a step acquisition. Accordingly, the Company remeasured its pre-existing 40% equity interest in Broad Arrow immediately prior to the completion of the acquisition to its estimated fair value of approximately $48.3 million. This fair value was derived from the Hagerty, Inc. stock price of $13.47 as of the closing date and thus represents a Level 1 fair value measurement. As a result of the remeasurement, the Company recorded a net gain of approximately $34.7 million in for the third quarter of 2022, representing the excess of the $48.3 million estimated fair value of its pre-existing 40% equity interest over its closing date carrying value of approximately $13.6 million.
Schedule of Asset Acquisition	The following table summarizes the allocation of the purchase consideration to the fair values of the identifiable assets acquired and liabilities assumed as of the date of the Broad Arrow Acquisition (in thousands): Notes receivable (1) $ 21,594 Intangible assets, net (2) 3,100 Other assets (3) 11,756 Other liabilities (4) (13,449) Total identifiable net assets acquired 23,001 Goodwill 98,561 Total purchase consideration allocated to net assets acquired $ 121,562 (1) Broad Arrow makes term loans secured by collector cars. The fair value of the acquired loans approximates their carrying value due to the relatively short-term maturities and market rates of interest associated with most loans. Refer to Note 4 — Notes Receivable for additional information with respect to the Notes receivable acquired. (2) The fair value of the identifiable intangible assets acquired is a Level 3 fair value measurement, estimated using significant assumptions that are not observable in the market through the use of a discounted cash flow model. Inputs utilized in this model include the discount rate and terminal growth rate, as well as the return on assets. Identifiable intangible assets acquired consisted of trade names of $3.1 million with a 5-year estimated useful life. (3) Other assets includes $2.8 million of cash acquired, $2.6 million of Accounts receivable and $6.2 million of Other current assets. (4) Other liabilities includes a $7.0 million Note payable, $5.3 million of Contract liabilities and $0.7 million of Accounts payable.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following is a reconciliation of the changes in the Company's goodwill for the three months ended March 31, 2023 and 2022: 2023 2022 in thousands Goodwill as of January 1, $ 115,041 $ 11,488 Effect of foreign currency translation — 22 Goodwill as of March 31, $ 115,041 $ 11,510 Refer to Note 6 — Acquisitions and Investments for information related to the Company's acquisitions of Speed Digital, in April 2022, and Broad Arrow, in August 2022, which together resulted in the recognition of $103.6 million of goodwill.
Schedule of Finite-Lived Intangible Assets	The cost and accumulated amortization of intangible assets as of March 31, 2023 and December 31, 2022 are as follows: Weighted Average Useful Life March 31, 2023 December 31, 2022 in thousands Renewal rights 9.9 $ 17,283 $ 17,282 Internally developed software 3.1 115,312 109,764 Trade names and trademarks 14.0 12,541 12,541 Relationships and customer lists 15.4 13,890 13,890 Other 4.4 1,433 1,434 Intangible assets 160,459 154,911 Less: accumulated amortization (57,673) (50,887) Intangible assets, net $ 102,786 $ 104,024
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The estimated future aggregate amortization expense as of March 31, 2023 is as follows (in thousands): 2023 $ 22,739 2024 28,146 2025 19,546 2026 11,099 2027 3,768 Thereafter 17,488 Total $ 102,786

Provision for Unpaid Losses a_2

Provision for Unpaid Losses and Loss Adjustment Expenses (Tables)	3 Months Ended
	Mar. 31, 2023
Insurance [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	The following table presents a reconciliation of the beginning and ending provision for unpaid losses and loss adjustment expenses related to Hagerty Re, net of amounts recoverable from reinsurers: Three months ended 2023 2022 in thousands Gross reserves for unpaid losses and loss adjustment expenses, beginning of year $ 111,741 $ 74,869 Less: Reinsurance recoverable 843 — Net reserves for unpaid losses and loss adjustment expenses, beginning of year 110,898 74,869 Incurred losses and loss adjustment expenses: Current accident year 48,412 36,919 Prior accident year — — Total incurred losses and loss adjustment expenses 48,412 36,919 Effect of foreign currency rate changes 85 83 Net reserves for unpaid losses and loss adjustment expenses, end of period 159,395 111,871 Reinsurance recoverable 843 — Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 160,238 $ 111,871

Restructuring, Impairment and_2

Restructuring, Impairment and Related Charges (Tables)	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	The following is a reconciliation of the liability related to the 2022 Restructuring Actions and the 2023 Restructuring Actions, which is recorded within "Accounts payable, accrued expenses and other current liabilities" on the Condensed Consolidated Balance Sheets. The remaining liability as of March 31, 2023 is expected to be settled in the second quarter of 2023. in thousands Balance at December 31, 2022 $ 9,470 Costs incurred and charged to expense 5,535 Costs paid or otherwise settled (1) (10,264) Balance at March 31, 2023 $ 4,741 (1)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The following table summarizes the significant inputs in the valuation model as of March 31, 2023: Inputs Private Placement Warrants Underwriter Warrants OTM Warrants PIPE Warrants Exercise price $11.50 $11.50 $15.00 $11.50 Common stock price $8.74 $8.74 $8.74 $8.74 Volatility 46.6% 46.6% 44.0% 46.6% Expected term of the warrants 3.68 3.68 8.68 3.68 Risk-free rate 3.70% 3.70% 3.50% 3.70% 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 March 31, 2023 and December 31, 2022, is shown in the table below: Fair Value Measurements Total Level 1 Level 2 Level 3 in thousands March 31, 2023 Financial Assets Interest rate swaps $ 2,816 $ — $ 2,816 $ — Total $ 2,816 $ — $ 2,816 $ — Financial Liabilities Public warrants $ 13,053 $ 13,053 $ — $ — Private placement warrants 681 — — 681 Underwriter warrants 76 — — 76 OTM warrants 4,701 — — 4,701 PIPE warrants 27,565 — — 27,565 Total $ 46,076 $ 13,053 $ — $ 33,023 December 31, 2022 Financial Assets Interest rate swaps $ 3,294 $ — $ 3,294 $ — Total $ 3,294 $ — $ 3,294 $ — Financial Liabilities Public warrants $ 12,880 $ 12,880 $ — $ — Private placement warrants 673 — — 673 Underwriter warrants 75 — — 75 OTM warrants 4,706 — — 4,706 PIPE warrants 27,227 — — 27,227 Total $ 45,561 $ 12,880 $ — $ 32,681
Schedule of 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 three months ended March 31, 2023 and 2022: Private Placement Warrants Underwriter Warrants OTM Warrants PIPE Warrants Total in thousands Balance at December 31, 2021 $ 1,248 $ 139 $ 6,849 $ 55,887 $ 64,123 Change in fair value of warrant liabilities (460) (51) (1,867) (20,109) (22,487) Exercise of warrants — — — (1,906) (1,906) Balance at March 31, 2022 $ 788 $ 88 $ 4,982 $ 33,872 $ 39,730 Balance at December 31, 2022 $ 673 $ 75 $ 4,706 $ 27,227 $ 32,681 Change in fair value of warrant liabilities 8 1 (5) 338 342 Balance at March 31, 2023 $ 681 $ 76 $ 4,701 $ 27,565 $ 33,023
Schedule of Debt Securities, Held-to-Maturity	The following table discloses the fair value and related carrying amount of fixed income investments held within Hagerty Re as of March 31, 2023 and December 31, 2022: Carrying Amount Estimated Fair Value in thousands March 31, 2023 Fixed income securities, short-term $ 7,350 $ 7,294 Fixed income securities, long-term 8,828 8,528 Total $ 16,178 $ 15,822 December 31, 2022 Fixed income securities, short-term $ 6,296 $ 6,205 Fixed income securities, long-term 6,690 6,316 Total $ 12,986 $ 12,521

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of March 31, 2023 and December 31, 2022, "Long-term debt" consisted of the following: March 31, 2023 December 31, 2022 in thousands Credit Facility $ 84,559 $ 105,000 Notes payable 4,471 3,280 Total debt outstanding $ 89,030 $ 108,280 Less: current portion — — Total long-term debt outstanding $ 89,030 $ 108,280

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Other Ownership Interests	The following table summarizes the ownership of Hagerty Group Units as of March 31, 2023: March 31, 2023 December 31, 2022 Units Owned Ownership Percentage Units Owned Ownership Percentage Hagerty Group Units held by Hagerty, Inc. 83,338,436 24.6 % 83,202,969 24.5 % Hagerty Group Units held by other unit holders 255,639,966 75.4 % 255,758,466 75.5 % Total 338,978,402 100.0 % 338,961,435 100.0 %

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the calculation of Basic EPS and Diluted EPS for the three months ended March 31, 2023 and 2022. Basic EPS is computed using Net income (loss) attributable to controlling interest, divided by the weighted average number of shares of Class A Common Stock outstanding during the period. Diluted EPS is computed using Net income (loss) attributable to controlling interest divided by the weighted average number of shares of Class A Common Stock outstanding during the period, adjusted to give effect to potentially dilutive securities. The Company's potentially dilutive securities consist of (1) unexercised warrants and unissued stock-based restricted stock units, performance restricted stock units, and employee stock purchase plan shares, with the dilutive effect calculated using the Treasury Stock Method, and (2) non-controlling interest Hagerty Group Units, with the dilutive effect calculated using the "If-converted" Method. In the computation of Diluted EPS, Net income (loss) attributable to controlling interest is adjusted to remove the change in fair value associated with the Company's warrant liabilities that are potentially dilutive and Net income (loss) associated with non-controlling interest in Hagerty Group Units. Three months ended 2023 2022 in thousands (except per share amounts) Numerator: Net income (loss) attributable to controlling interest $ (2,099) $ 27,507 Adjustments: Change in fair value of potentially dilutive warrant liabilities — (20,620) Net income (loss) attributable to non-controlling interest Hagerty Group Units — (11,452) Adjusted net income (loss) attributable to Class A Common Stock shareholders $ (2,099) $ (4,565) Denominator: Weighted average shares of Class A Common Stock outstanding — basic 83,227 82,433 Adjustments: Conversion of non-controlling interest Hagerty Group Units to shares of Class A Common Stock — 251,034 Warrants — 2,436 Stock-based compensation awards — — Weighted average shares of Class A Common Stock outstanding — diluted 83,227 335,903 Earnings (loss) per share attributable to Class A Common Stock shareholders Basic $ (0.03) $ 0.33 Diluted $ (0.03) $ (0.01)

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense	The following table summarizes stock-based compensation expense recognized during the three months ended March 31, 2023. As the first stock-based compensation grant occurred in the second quarter of 2022, there was no stock-based compensation expense during the three months ended March 31, 2022: Three months ended in thousands Restricted stock units $ 3,233 Performance restricted stock units 715 Employee stock purchase plan 165 Total stock-based compensation expense $ 4,113
Schedule of Restricted Stock Units Activity	The following table provides a summary of the restricted stock unit activity during the three months ended March 31, 2023: Restricted Stock Units Weighted Average Fair Value Unvested balance as of December 31, 2022 3,195,038 $ 10.76 Vested (16,967) 10.79 Forfeited (15,648) 10.79 Unvested balance as of March 31, 2023 3,162,423 $ 10.76
Schedule of Grant-date Fair Value of Performance Stock Units	The following table summarizes the assumptions and related information used to determine the grant-date fair value of performance restricted stock units awarded for the periods presented: Inputs Performance Restricted Stock Units Weighted average grant-date fair value per share $5.19 Expected stock volatility 35% Expected term (in years) 7.0 Risk-free interest rate 2.5% Dividend yield —%
Schedule of Performance-based Units Activity	The following table provides a summary of performance restricted stock unit activity during the three months ended March 31, 2023: Performance Restricted Stock Units Weighted Average Fair Value Outstanding as of December 31, 2022 3,707,136 $ 5.19 Granted — — Outstanding as of March 31, 2023 3,707,136 $ 5.19

Taxation (Tables)

Taxation (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	Income tax expense (benefit) reflected in the financial statements differs from the tax computed by applying the statutory U.S. federal rate of 21% to "Income (loss) before income tax expense" as follows: Three months ended March 31, 2023 2022 in thousands (except percentages) Income tax (benefit) expense at statutory rate $ (2,385) 21 % $ 3,780 21 % State taxes (62) 1 % (164) (1) % Loss not subject to entity-level taxes 4,374 (39) % 3,168 18 % Foreign rate differential (214) 2 % (177) (1) % Change in valuation allowance 1,566 (14) % 1,965 11 % Change in fair value of warrant liability 108 (1) % (6,654) (37) % Permanent items 281 (2) % 112 1 % Income tax expense $ 3,668 (32) % $ 2,030 12 %

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 December 31, 2022 in thousands (except percentages) Due to insurer $ 84,044 $ 64,873 Percent of total 96 % 95 % Three months ended 2023 2022 in thousands (except percentages) Commission revenue $ 71,639 $ 59,536 Percent of total 97 % 96 % March 31, 2023 December 31, 2022 Assets: in thousands Premiums receivable $ 130,086 $ 97,897 Deferred acquisition costs, net 110,982 103,869 Total assets $ 241,068 $ 201,766 Liabilities: Losses payable and provision for unpaid losses and loss adjustment expenses $ 153,145 $ 160,236 Commissions payable 60,916 75,898 Unearned premiums 240,816 227,192 Total liabilities $ 454,877 $ 463,326 Three months ended 2023 2022 Revenue: in thousands Earned premium $ 113,362 $ 85,690 Expenses: Ceding commission $ 53,758 $ 40,888 Losses and loss adjustment expenses 46,655 34,571 Total expenses $ 100,413 $ 75,459

Basis of Presentation and Acc_4

Basis of Presentation and Accounting Policies - Narrative (Details) $ in Thousands		1 Months Ended		3 Months Ended			12 Months Ended
	Aug. 16, 2022 USD ($)	Aug. 31, 2022 USD ($)	Jan. 31, 2022 USD ($)	Mar. 31, 2023 USD ($) segment shares	Mar. 31, 2023 GBP (£) segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) shares	Sep. 30, 2022	Jan. 01, 2022 USD ($)	Dec. 02, 2021 shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Reinsurance, Amount Retained, Per Policy | £					£ 1,000,000
Purchase of previously held equity method investment				$ 0		$ 15,250
Units owned (in shares) | shares				338,978,402			338,961,435
Warrants outstanding (in shares) | shares				19,483,550						20,005,550
Number of operating segments | segment				1	1
Number of reportable segments | segment				1	1
Total lease liabilities				$ 86,644			$ 88,328		$ 72,800
Lease right-of-use assets				80,462			82,398		72,800
Accumulated earnings (deficit)				$ (491,701)			$ (489,602)
Accounting Standards Update 2020-05
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Accumulated earnings (deficit)									$ 4,300
Class A Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Units owned (in shares) | shares				83,338,436			83,202,969			82,327,466
Class V Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Units owned (in shares) | shares				251,033,906			251,033,906			251,033,906
Common stock, conversion ratio				1	1
The Hagerty Group, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage by Hagerty, Inc				24.60%	24.60%		24.50%
Member Hubs Holding, LLC | The Hagerty Group, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage by Hagerty, Inc				80%	80%
Broad Arrow Group Inc
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Business combination, percentage of voting interest acquired		60%
Business combination, equity consideration issued	$ 73,300	$ 73,253
Broad Arrow Group Inc
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Purchase of previously held equity method investment			$ 15,300
Equity method investment, ownership percentage			40%					40%

Basis of Presentation and Acc_5

Basis of Presentation and Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 63,367	$ 95,172	$ 237,590
Restricted cash and cash equivalents	444,024		324,605
Total cash and cash equivalents and restricted cash and cash equivalents	$ 507,391	$ 539,191	$ 562,195	$ 603,972

Basis of Presentation and Acc_6

Basis of Presentation and Accounting Policies - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
NON-CASH INVESTING ACTIVITIES:
Purchase of property and equipment and software	$ 1,061	$ 4,580
CASH PAID FOR:
Interest	2,279	766
Income taxes	$ 0	$ 3,100

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue By Distribution Channel Offering and Geographical Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	$ 101,121	$ 78,679
Earned premium	117,231	89,132
Total revenue	218,352	167,811
U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	96,544	73,941
Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	3,412	3,463
Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	1,165	1,275
Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	41,126	33,574
Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	59,995	45,105
Commission and fee revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	74,612	62,461
Commission and fee revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	57,826	48,872
Commission and fee revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	54,597	45,670
Commission and fee revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	2,370	2,318
Commission and fee revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	859	884
Commission and fee revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	31,687	26,199
Commission and fee revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	26,139	22,673
Contingent commission
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	16,786	13,589
Contingent commission | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	16,752	13,468
Contingent commission | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	0	0
Contingent commission | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	34	121
Contingent commission | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	9,439	7,375
Contingent commission | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	7,347	6,214
Membership, marketplace and other revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	26,509	16,218
Membership revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	12,547	10,318
Membership revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	11,669	9,491
Membership revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	878	827
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	12,547	10,318
Marketplace and other revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	13,962	5,900
Marketplace and other revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	13,526	5,312
Marketplace and other revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	164	318
Marketplace and other revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	272	270
Marketplace and other revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	0	0
Marketplace and other revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	$ 13,962	$ 5,900

Revenue - Earned Premium (Detai

Revenue - Earned Premium (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Premiums:
Assumed	$ 132,187	$ 97,628
Ceded	(13,728)	(9,690)
Net	118,459	87,938
Premiums earned:
Assumed	120,397	91,356
Ceded	(3,166)	(2,224)
Net	$ 117,231	$ 89,132

Revenue - Contract Assets and L

Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 15,978	$ 60,151
Contract liabilities	$ 44,331	$ 44,426

Other Assets - Schedule of Prep

Other Assets - Schedule of Prepaid Expenses and Other Assets, Current and Long-term (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Prepaid sales, general and administrative expenses	$ 26,341	$ 24,234
Prepaid software as a service ("SaaS") implementation costs	18,871	18,501
Fixed income investments	16,178	12,986
Contract costs	6,988	6,576
Inventory	5,004	2,074
Digital media content	2,350	5,580
Deferred reinsurance premiums ceded	10,653	91
Other	11,315	12,691
Other assets	97,700	82,733
Other investments	4,000	4,000
Interest rate swap	2,800	3,300
Collector vehicles	2,700	2,500
Deferred financing costs	1,300	1,400
Outstanding reinsurance recoverable		$ 1,400
Digital media
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 3,600

Notes Receivable - Narrative (D

Notes Receivable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan to value ratio	65%
Notes receivable	$ 46,423	$ 37,427
Notes receivable	33,716	25,493
Notes receivable	$ 12,707	$ 11,934
Aggregate LTV ratio	48.10%	49.40%
Broad Arrow Group Inc
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans maturity term	2 years
Loans, renewal option, term	1 year

Notes Receivable - Aggregate LT

Notes Receivable - Aggregate LTV Ratio (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Secured loans	$ 46,423	$ 37,427
Estimate of collateral value	$ 96,514	$ 75,802
Aggregate LTV ratio	48.10%	49.40%

Leases - Operating Lease Expens

Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease expense	$ 3,147	$ 2,050
Short-term lease expense	69	11
Variable lease expense	807	576
Sublease revenue	(63)	(12)
Lease cost, net	$ 3,960	$ 2,625

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Leases [Abstract]
Operating lease ROU assets	$ 72,800	$ 80,462		$ 82,398
Current lease liabilities		7,799		7,556
Long-term lease liabilities		78,845		80,772
Total operating lease liabilities	72,800	86,644		$ 88,328
ROU assets obtained in exchange for new operating lease liabilities	$ 72,800	114	$ 82,398
Gains on sales and leaseback transactions, net		$ 0	$ 4,314
Weighted-average lease term		10 years 10 days		10 years 2 months 23 days
Weighted-average discount rate		5.50%		5.50%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Jan. 01, 2022
Leases [Abstract]
2023	$ 9,209
2024	12,235
2025	11,812
2026	11,179
2027	10,987
Thereafter	58,530
Total lease payments	113,952
Less: imputed interest	(27,308)
Total lease liabilities	$ 86,644	$ 88,328	$ 72,800

Acquisitions and Investments -

Acquisitions and Investments - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended			3 Months Ended
	Aug. 16, 2022	Aug. 31, 2022	Apr. 30, 2022	Jan. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2022
Asset Acquisition [Line Items]
Purchase of previously held equity method investment					$ 0	$ 15,250
Consideration transferred						$ 3,500
Speed Digital | Director
Asset Acquisition [Line Items]
Percentage of purchase price received by related party			100%
Broad Arrow Group Inc
Asset Acquisition [Line Items]
Business combination, percentage of voting interest acquired		60%
Business combination, equity consideration issued	$ 73,300	$ 73,253
Share price (in dollars per share)	$ 13.47
Revenue of acquiree					5,800
Income of acquiree					100
Speed Digital
Asset Acquisition [Line Items]
Purchase price			$ 15,000
Cash consideration paid to acquire business			$ 7,500
Contingent liability, current					3,750
Contingent liability, noncurrent					$ 3,750
Broad Arrow Group Inc
Asset Acquisition [Line Items]
Purchase of previously held equity method investment				$ 15,300
Equity method investment, ownership percentage				40%			40%

Acquisitions and Investments _2

Acquisitions and Investments - Schedule of Fair Value of Broad Arrow (Details) - Broad Arrow Group Inc - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	Aug. 16, 2022	Aug. 31, 2022	Sep. 30, 2022
Asset Acquisition [Line Items]
Total equity consideration	$ 73,300	$ 73,253
Fair value of previously held equity interest in Broad Arrow		48,309	$ 48,300
Total consideration and value to be allocated to net assets		$ 121,562
Share price (in dollars per share)	$ 13.47
Remeasurement net gain			34,700
Carrying Value			$ 13,600

Acquisitions and Investments _3

Acquisitions and Investments - Purchase Price Allocation (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 31, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Asset Acquisition [Line Items]
Goodwill		$ 115,041	$ 115,041	$ 11,510	$ 11,488
Broad Arrow Group Inc
Asset Acquisition [Line Items]
Notes receivable	$ 21,594
Intangible assets, net	3,100
Other assets	11,756
Other liabilities	(13,449)
Total identifiable net assets acquired	23,001
Goodwill	98,561
Total purchase consideration allocated to net assets acquired	121,562
Cash and cash equivalents	2,800
Notes receivable	2,600
Other current assets	6,200
Note payable	7,000
Contract liabilities	5,300
Accounts payable, accrued expenses and other current liabilities	700
Broad Arrow Group Inc | Trade Names
Asset Acquisition [Line Items]
Intangible assets, net	$ 3,100
Weighted average useful life	5 years

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 115,041	$ 11,488
Effect of foreign currency translation	0	22
Goodwill, ending balance	115,041	$ 11,510
Goodwill resulting from acquisitions	$ 103,600

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Cost and Accumulated Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 160,459		$ 154,911
Less: accumulated amortization	(57,673)		(50,887)
​Total	102,786		104,024
Amortization of intangible assets	6,800	$ 4,200
Renewal rights
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 17,283		17,282
Renewal rights | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	9 years 10 months 24 days
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 115,312		109,764
Internally developed software | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	3 years 1 month 6 days
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 12,541		12,541
Trade names and trademarks | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	14 years
Relationships and customer lists
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 13,890		13,890
Relationships and customer lists | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	15 years 4 months 24 days
Other
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 1,433		$ 1,434
Other | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	4 years 4 months 24 days

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 22,739
2024	28,146
2025	19,546
2026	11,099
2027	3,768
Thereafter	17,488
​Total	$ 102,786	$ 104,024

Provision for Unpaid Losses a_3

Provision for Unpaid Losses and Loss Adjustment Expenses - Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves for unpaid losses and loss adjustment expenses, beginning of year	$ 111,741	$ 74,869
Less: Reinsurance recoverable	843	0
Net reserves for unpaid losses and loss adjustment expenses, beginning of year	110,898	74,869
Incurred losses and loss adjustment expenses:
Current accident year	48,412	36,919
Prior accident year	0	0
Total incurred losses and loss adjustment expenses	48,412	36,919
Effect of foreign currency rate changes	85	83
Net reserves for unpaid losses and loss adjustment expenses, end of period	159,395	111,871
Reinsurance recoverable	843	0
Gross reserves for unpaid losses and loss adjustment expenses, end of period	$ 160,238	$ 111,871

Reinsurance (Details)

Reinsurance (Details) $ in Thousands			3 Months Ended
	Mar. 01, 2023	Jan. 01, 2023	Mar. 31, 2023 USD ($) letter_of_credit
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance retention policy, total insured amount			$ 5,000
Reinsurance, excess retention, amount reinsured, per event			105,000
Reinsurance, amount retained, per event			$ 25,000
Reinsurance retention policy, number of coverage layers | letter_of_credit			2
Reinsurance Contract [Axis]: Catastrophe Program - High Net Worth
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance retention policy, total insured amount			$ 5,000
Reinsurance, excess retention, amount reinsured, per event			30,000
Reinsurance, amount retained, per event			9,000
Reinsured risk, percentage	50%	20%
Reinsurance Contract [Axis]: Catastrophe Reinsurance Layer One
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance, excess retention, amount reinsured, per event			25,000
Reinsurance, amount retained, per event			25,000
Reinsurance Contract [Axis]: Catastrophe Reinsurance Layer Three
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance, excess retention, amount reinsured, per event			21,000
Reinsurance, amount retained, per event			$ 9,000
Reinsurance retention policy, number of coverage layers | letter_of_credit			1
Reinsurance Contract [Axis]: Catastrophe Reinsurance Layer Two
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance, excess retention, amount reinsured, per event			$ 55,000
Reinsurance, amount retained, per event			$ 50,000

Restructuring, Impairment and_3

Restructuring, Impairment and Related Charges (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring, impairment and related charges		$ 18,300
Impairment of operating lease right-of-use assets		4,700
Gain (loss) on disposition of leasehold improvements		1,500
Reduction In Force
Restructuring Cost and Reserve [Line Items]
Restructuring, impairment and related charges	$ 5,500	8,000
Restructuring costs	5,100
Asset impairment charges	$ 400
Voluntary Retirement Program
Restructuring Cost and Reserve [Line Items]
Restructuring, impairment and related charges		$ 4,200

Restructuring, Impairment and_4

Restructuring, Impairment and Related Charges - Reconciliation of Restructuring Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Beginning balance	$ 9,470
Costs incurred and charged to expense	5,535	$ 0
Costs paid or otherwise settled (1)	(10,264)
Ending balance	$ 4,741

Fair Value Measurements - Warra

Fair Value Measurements - Warrant liabilities (Details) - shares	Mar. 31, 2023	Dec. 02, 2021
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	19,483,550	20,005,550
Public warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	5,750,000
Private placement warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	257,500
Underwriter Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	28,750
OTM Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	1,300,000
PIPE Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	12,147,300

Fair Value Measurements - Input

Fair Value Measurements - Inputs in the Valuation Model (Details)	Mar. 31, 2023 year $ / shares USD ($)
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | $	0
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	8.74
Private placement warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.466
Private placement warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	3.68
Private placement warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0370
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	8.74
Underwriter Warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.466
Underwriter Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	3.68
Underwriter Warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0370
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	8.74
OTM Warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.440
OTM Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	8.68
OTM Warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0350
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	8.74
PIPE Warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.466
PIPE Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	3.68
PIPE Warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0370
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) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial Assets
Total	$ 2,816	$ 3,294
Financial Liabilities
Total	46,076	45,561
Public warrants
Financial Liabilities
Warrants	13,053	12,880
Private placement warrants
Financial Liabilities
Warrants	681	673
Underwriter Warrants
Financial Liabilities
Warrants	76	75
OTM Warrants
Financial Liabilities
Warrants	4,701	4,706
PIPE Warrants
Financial Liabilities
Warrants	27,565	27,227
Interest rate swaps
Financial Assets
Interest rate swaps	2,816	3,294
Level 1
Financial Assets
Total	0	0
Financial Liabilities
Total	13,053	12,880
Level 1 | Public warrants
Financial Liabilities
Warrants	13,053	12,880
Level 1 | Private placement warrants
Financial Liabilities
Warrants	0	0
Level 1 | Underwriter Warrants
Financial Liabilities
Warrants	0	0
Level 1 | OTM Warrants
Financial Liabilities
Warrants	0	0
Level 1 | PIPE Warrants
Financial Liabilities
Warrants	0	0
Level 1 | Interest rate swaps
Financial Assets
Interest rate swaps	0	0
Level 2
Financial Assets
Total	2,816	3,294
Financial Liabilities
Total	0	0
Level 2 | Public warrants
Financial Liabilities
Warrants	0	0
Level 2 | Private placement warrants
Financial Liabilities
Warrants	0	0
Level 2 | Underwriter Warrants
Financial Liabilities
Warrants	0	0
Level 2 | OTM Warrants
Financial Liabilities
Warrants	0	0
Level 2 | PIPE Warrants
Financial Liabilities
Warrants	0	0
Level 2 | Interest rate swaps
Financial Assets
Interest rate swaps	2,816	3,294
Level 3
Financial Assets
Total	0	0
Financial Liabilities
Total	33,023	32,681
Level 3 | Public warrants
Financial Liabilities
Warrants	0	0
Level 3 | Private placement warrants
Financial Liabilities
Warrants	681	673
Level 3 | Underwriter Warrants
Financial Liabilities
Warrants	76	75
Level 3 | OTM Warrants
Financial Liabilities
Warrants	4,701	4,706
Level 3 | PIPE Warrants
Financial Liabilities
Warrants	27,565	27,227
Level 3 | Interest rate swaps
Financial Assets
Interest rate swaps	$ 0	$ 0

Fair Value Measurements - Level

Fair Value Measurements - Level Three Reconciliation (Details) - Warrant Liabilities - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 32,681	$ 64,123
Change in fair value of warrant liabilities	342	(22,487)
Exercise of warrants		(1,906)
Ending balance	33,023	39,730
Private placement warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	673	1,248
Change in fair value of warrant liabilities	8	(460)
Exercise of warrants		0
Ending balance	681	788
Underwriter Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	75	139
Change in fair value of warrant liabilities	1	(51)
Exercise of warrants		0
Ending balance	76	88
OTM Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	4,706	6,849
Change in fair value of warrant liabilities	(5)	(1,867)
Exercise of warrants		0
Ending balance	4,701	4,982
PIPE Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	27,227	55,887
Change in fair value of warrant liabilities	338	(20,109)
Exercise of warrants		(1,906)
Ending balance	$ 27,565	$ 33,872

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Estimated Fair Value (Details) - Fixed Income Securities - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income securities, short-term	$ 7,350	$ 6,296
Fixed income securities, long-term	8,828	6,690
Total	16,178	12,986
Level 2 | Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income securities, short-term	7,294	6,205
Fixed income securities, long-term	8,528	6,316
Total	$ 15,822	$ 12,521

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt outstanding	$ 89,030	$ 108,280
Less: current portion	0	0
Total long-term debt outstanding	89,030	108,280
Notes payable
Debt Instrument [Line Items]
Total debt outstanding	4,471	3,280	$ 2,000
Revolving Credit Facility | Credit Facility
Debt Instrument [Line Items]
Total debt outstanding	$ 84,559	$ 105,000

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details)		3 Months Ended		12 Months Ended
	Mar. 01, 2022 USD ($)	Mar. 31, 2023 USD ($) installment letter_of_credit	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Total debt outstanding		$ 89,030,000			$ 108,280,000
Repayments of long-term debt		$ 47,250,000	$ 41,500,000
Number of letters of credit authorized | letter_of_credit		4
Letters of credit outstanding, amount		$ 11,600,000
Credit Facility
Debt Instrument [Line Items]
Annual extension term		1 year
Notes payable
Debt Instrument [Line Items]
Total debt outstanding		$ 4,471,000			3,280,000	$ 2,000,000
Fixed rate		3.25%
Number of payment installments | installment		2
Repayments of long-term debt	$ 1,000,000			$ 1,000,000
Notes payable | United Kingdom
Debt Instrument [Line Items]
Total debt outstanding		$ 4,500,000			3,300,000
Notes payable | United Kingdom | Minimum
Debt Instrument [Line Items]
Fixed rate		7%
Notes payable | United Kingdom | Maximum
Debt Instrument [Line Items]
Fixed rate		9%
Revolving Credit Facility | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					230,000,000
Accordion feature, increase limit					50,000,000
Debt, weighted average interest rate		7.16%
Total debt outstanding		$ 84,559,000			105,000,000
Revolving Credit Facility | Foreign Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					25,000,000
Letter of Credit | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 25,000,000

Interest Rate Swaps (Details)

Interest Rate Swaps (Details) - Interest rate swaps	Mar. 31, 2023 USD ($) swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, number of instruments held | swap	1
Derivative notional amount | $	$ 35,000,000
Derivative fixed interest rate	0.81%

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 23, 2022 USD ($)	Mar. 31, 2023 vote $ / shares shares	Mar. 31, 2022 USD ($) shares	Mar. 23, 2022 USD ($)	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 USD ($) shares	Dec. 02, 2021 shares
Class of Stock [Line Items]
Common stock, shares, outstanding (in shares)		338,978,402			338,961,435
Preferred stock, shares authorized (in shares)		20,000,000			20,000,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.0001			$ 0.0001
Preferred stock, shares issued (in shares)		0			0
Preferred stock, shares outstanding (in shares)		0			0
Redeemable noncontrolling interest, equity, carrying amount | $	$ 2,100,000			$ 2,100,000		$ 593,300
Redemption value adjustment for redeemable non-controlling interest | $			$ (1,560,420)	1,600,000
Removal of the redeemable feature of the non-controlling interest | $			2,142,490
Additional Paid in Capital
Class of Stock [Line Items]
Redemption value adjustment for redeemable non-controlling interest | $			(162,095)	(162,100)
Removal of the redeemable feature of the non-controlling interest | $	528,600		528,615
Accumulated Earnings (Deficit)
Class of Stock [Line Items]
Redemption value adjustment for redeemable non-controlling interest | $			(1,398,325)	$ (1,400,000)
Removal of the redeemable feature of the non-controlling interest | $	1,400,000		1,398,325
Non-controlling Interest
Class of Stock [Line Items]
Common stock, shares, outstanding (in shares)		255,639,966			255,758,466
Removal of the redeemable feature of the non-controlling interest | $	$ 215,600		$ 215,550
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		500,000,000			500,000,000
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)		83,338,436			83,202,969
Common stock, shares, outstanding (in shares)		83,338,436			83,202,969		82,327,466
Class A Common Stock | Common Stock
Class of Stock [Line Items]
Common stock, shares, outstanding (in shares)		83,339,000	82,452,000		83,203,000	82,327,000
Conversion of Hagerty Group Units to Class A Common Stock (in shares)		118,500
Class V Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		300,000,000			300,000,000
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			251,033,906
Common stock, shares, outstanding (in shares)		251,033,906			251,033,906		251,033,906
Common stock, conversion ratio		1
Class V Common Stock | Common Stock
Class of Stock [Line Items]
Common stock, shares, outstanding (in shares)		251,034,000	251,034,000		251,034,000	251,034,000

Stockholders' Equity - Ownershi

Stockholders' Equity - Ownership (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Units owned (in shares)	338,978,402	338,961,435
Non-controlling Interest
Class of Stock [Line Items]
Units owned (in shares)	255,639,966	255,758,466
The Hagerty Group, LLC
Class of Stock [Line Items]
Ownership percentage by Hagerty, Inc	24.60%	24.50%
Ownership percentage by other unit holders	75.40%	75.50%
Total ownership percentage	100%	100%

Earnings (Loss) Per Share - Ear

Earnings (Loss) Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income (loss) attributable to controlling interest	$ (2,099)	$ 27,507
Change in fair value of potentially dilutive warrant liabilities	0	(20,620)
Net income (loss) attributable to non-controlling interest Hagerty Group Units	0	(11,452)
Adjusted net income (loss) attributable to Class A Common Stock shareholders, basic	(2,099)	(4,565)
Adjusted net income (loss) attributable to Class A Common Stock shareholders, diluted	$ (2,099)	$ (4,565)
Class A Common Stock
Denominator:
Weighted average shares of Class A Common Stock outstanding, basic (in shares)	83,227	82,433
Conversion of non-controlling interest Hagerty Group Units to shares of Class A Common Stock (in shares)	0	251,034
Warrants (in shares)	0	2,436
Stock-based compensation awards (in shares)	0	0
Weighted average shares of Class A Common Stock outstanding, diluted (in shares)	83,227	335,903
Earnings (loss) per share attributable to Class A Common Stock shareholders, basic (in dollars per share)	$ (0.03)	$ 0.33
Earnings (loss) per share attributable to Class A Common Stock shareholders, diluted (in dollars per share)	$ (0.03)	$ (0.01)

Warrant Liabilities (Details)

Warrant Liabilities (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 02, 2021
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	19,483,550			20,005,550
Gain on fair value adjustments to warrant liabilities	$ (515)	$ 31,686
Warrants exercised (in shares)	0
Warrant liabilities	$ 46,076		$ 45,561
Warrant Liabilities
Class of Warrant or Right [Line Items]
Exercise of warrants		$ (1,906)
Class A Common Stock
Class of Warrant or Right [Line Items]
Warrants exercised (in shares)		124,748
Public warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	5,750,000
Public warrants | Class A Common Stock
Class of Warrant or Right [Line Items]
Number of securities called by each warrant (in shares)				1
Exercise price of warrants (in dollars per share)				$ 11.50
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
Private placement warrants | Warrant Liabilities
Class of Warrant or Right [Line Items]
Exercise of warrants		$ 0
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
Underwriter Warrants | Warrant Liabilities
Class of Warrant or Right [Line Items]
Exercise of warrants		0
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
OTM Warrants | Warrant Liabilities
Class of Warrant or Right [Line Items]
Exercise of warrants		$ 0
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)	12,147,300
Exercise price of warrants (in dollars per share)				$ 11.50
Warrants exercised (in shares)		522,000
PIPE Warrants | Warrant Liabilities
Class of Warrant or Right [Line Items]
Exercise of warrants		$ (1,906)
PIPE Warrants | Class A Common Stock
Class of Warrant or Right [Line Items]
Number of securities called by each warrant (in shares)				1

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details)	1 Months Ended	3 Months Ended
	Apr. 30, 2022 USD ($) d $ / shares shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2021 shares
2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)		31,400,000
Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		2 years
Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		5 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $		$ 21,700,000
Weighted average recognition period (in years)		3 years 5 months 19 days
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	3,707,136	0
Grant date fair value of performance restricted stock units | $	$ 19,200,000
Performance restricted stock units | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	25%
Share price (in dollar per share) | $ / shares	$ 20
Number of consecutive days | d	60
Performance restricted stock units | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	25%
Share price (in dollar per share) | $ / shares	$ 25
Number of consecutive days | d	60
Performance restricted stock units | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	50%
Share price (in dollar per share) | $ / shares	$ 30
Number of consecutive days | d	60
Performance restricted stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)	3 years
Performance restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)	7 years
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)			38,300,000
Class A Common Stock | Employee Stock | Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		11,495,220
Employees contribution		50%
Purchase price		15%
Stock purchased under ESPP plan (in shares)		0

Stock Based Compensation - Stoc

Stock Based Compensation - Stock-based Compensation Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,113
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	165
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	3,233
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 715

Stock Based Compensation - Rest

Stock Based Compensation - Restricted Stock Unit Activity (Details) - Restricted stock units	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Restricted Stock Units
Beginning balance (in shares) | shares	3,195,038
Vested (in shares) | shares	(16,967)
Forfeited (in shares) | shares	(15,648)
Ending balance (in shares) | shares	3,162,423
Weighted Average Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 10.76
Vested (in dollars per share) | $ / shares	10.79
Forfeited (in dollars per share) | $ / shares	10.79
Ending balance (in dollars per share) | $ / shares	$ 10.76

Stock Based Compensation - Gran

Stock Based Compensation - Grant-date Fair Value of Performance Stock Units (Details) - Performance restricted stock units - $ / shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value per share (in dollars per share)	$ 5.19	$ 5.19
Expected stock volatility	35%
Expected term (in years)	7 years
Risk-free interest rate	2.50%
Dividend yield	0%

Stock Based Compensation - Perf

Stock Based Compensation - Performance Stock Units Outstanding (Details) - Performance restricted stock units - $ / shares	1 Months Ended	3 Months Ended
	Apr. 30, 2022	Mar. 31, 2023
Performance Restricted Stock Units
Beginning balance (in shares)		3,707,136
Granted (in shares)	3,707,136	0
Ending balance (in shares)		3,707,136
Weighted Average Fair Value
Beginning balance (in dollars per share)		$ 5.19
Granted (in dollars per share)		0
Ending balance (in dollars per share)		$ 5.19

Taxation - Income Tax Rate Reco

Taxation - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Amount
Income tax (benefit) expense at statutory rate	$ (2,385)	$ 3,780
State taxes	(62)	(164)
Loss not subject to entity-level taxes	4,374	3,168
Foreign rate differential	(214)	(177)
Change in valuation allowance	1,566	1,965
Change in fair value of warrant liability	108	(6,654)
Permanent items	281	112
Income tax expense	$ 3,668	$ 2,030
Percent
Income tax (benefit) expense at statutory rate	21%	21%
State taxes	1%	(1.00%)
Loss not subject to entity-level taxes	(39.00%)	18%
Foreign rate differential	2%	(1.00%)
Change in valuation allowance	(14.00%)	11%
Change in fair value of warrant liability	(1.00%)	(37.00%)
Permanent items	(2.00%)	1%
Income tax expense	(32.00%)	12%

Taxation - Narrative (Details)

Taxation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 02, 2021
Income Tax Disclosure [Abstract]
Deferred tax assets, excess tax basis	$ 157.8	$ 159.3
Valuation allowance	178.1	176.1
Tax benefit distributions to noncontrolling interest holders, percent			85%
Tax benefit retained by parent, percent			15%
Tax savings rate			25.60%
Tax receivable agreement, fair value	0.6	$ 3.2
Tax receivable agreement, increase (decrease) In fair value	$ (2.6)

Related-Party Transactions - Na

Related-Party Transactions - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended		3 Months Ended		12 Months Ended
	Jan. 01, 2023	Aug. 16, 2022	Aug. 31, 2022	Apr. 30, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2020	Sep. 30, 2022	Jan. 31, 2022
Broad Arrow Group Inc
Related Party Transaction [Line Items]
Equity method investment, ownership percentage									40%	40%
Broad Arrow Group Inc
Related Party Transaction [Line Items]
Business combination, percentage of voting interest acquired			60%
Business combination, equity consideration issued		$ 73,300	$ 73,253
Speed Digital
Related Party Transaction [Line Items]
Purchase price				$ 15,000
Affiliated Entity | Reinsurance Agreement
Related Party Transaction [Line Items]
Reinsured risk, ceded, percentage	10%				50%
Reinsured risk, percentage	100%				80%	70%	80%
Affiliated Entity | Reinsurance Agreement | U.K.
Related Party Transaction [Line Items]
Reinsured risk, percentage					80%	70%
Affiliated Entity | State Farm | Advanced Commission Payment
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction								$ 20,000
Hagerty, Inc. | Affiliated Entity | Markel
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling interest					23%
Hagerty, Inc. | Affiliated Entity | State Farm
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling interest					14.80%
Speed Digital | Director
Related Party Transaction [Line Items]
Percentage of purchase price received by related party				100%

Related-Party Transactions - Al

Related-Party Transactions - Alliance Agreement (Details) - Markel - Alliance Agreement - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to insurer	$ 84,044			$ 64,873
Commission revenue	$ 71,639	$ 59,536
Due To Related Parties | Related Party Concentration Risk
Related Party Transaction [Line Items]
Percent of total	96%		95%
Revenue from Contract with Customer Benchmark | Related Party Concentration Risk
Related Party Transaction [Line Items]
Percent of total	97%	96%

Related-Party Transactions - Re

Related-Party Transactions - Reinsurance Agreement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Premiums receivable	$ 135,026		$ 100,700
Deferred acquisition costs, net	113,686		107,342
TOTAL ASSETS	1,301,953		1,312,518
Losses payable and provision for unpaid losses and loss adjustment expenses	160,238	$ 111,871	110,898	$ 74,869
Commissions payable	62,991		77,075
Unearned premiums	247,253		235,462
TOTAL LIABILITIES	945,237		945,149
Earned premium	117,231	89,132
Ceding commission	55,425	42,378
Losses and loss adjustment expenses	48,412	36,919
Total operating expenses	234,841	180,815
Markel | Reinsurance Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Premiums receivable	130,086		97,897
Deferred acquisition costs, net	110,982		103,869
TOTAL ASSETS	241,068		201,766
Losses payable and provision for unpaid losses and loss adjustment expenses	153,145		160,236
Commissions payable	60,916		75,898
Unearned premiums	240,816		227,192
TOTAL LIABILITIES	454,877		$ 463,326
Earned premium	113,362	85,690
Ceding commission	53,758	40,888
Losses and loss adjustment expenses	46,655	34,571
Total operating expenses	$ 100,413	$ 75,459