Hagerty (HGTY) 10-Q 8 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 20, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
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)		84,588,536
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
REVENUE:
Revenue from contract with customer	$ 135,789	$ 109,270	$ 370,672	$ 299,866
Earned premium	139,785	107,487	384,498	290,719
Total revenue	275,574	216,757	755,170	590,585
OPERATING EXPENSES:
Salaries and benefits	51,318	50,120	160,122	149,867
Ceding commission	65,413	50,415	181,188	138,048
Losses and loss adjustment expenses	57,485	60,605	159,461	136,144
Sales expense	47,737	44,097	124,791	109,989
General and administrative services	22,166	23,853	64,865	64,040
Depreciation and amortization	10,753	8,890	34,893	24,337
Restructuring, impairment and related charges, net	473	0	8,857	0
Losses and impairments related to divestitures	4,112	0	4,112	0
Total operating expenses	259,457	237,980	738,289	622,425
OPERATING INCOME (LOSS)	16,117	(21,223)	16,881	(31,840)
Change in fair value of warrant liabilities	850	11,583	(1,419)	37,869
Revaluation gain on previously held equity method investment	0	34,735	0	34,735
Interest and other income (expense)	6,260	662	15,677	(375)
INCOME (LOSS) BEFORE INCOME TAX EXPENSE	23,227	25,757	31,139	40,389
Income tax benefit (expense)	(4,604)	91	(12,002)	(4,077)
Income (loss) from equity method investment, net of tax	0	(1,535)	0	(1,676)
NET INCOME (LOSS)	18,623	24,313	19,137	34,636
Net loss (income) attributable to non-controlling interest	(13,269)	(9,599)	(13,477)	2,049
Accretion of Series A Convertible Preferred Stock	1,838	0	1,838	0
NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS	3,516	14,714	3,822	36,685
Class A Common Stock
OPERATING EXPENSES:
NET INCOME (LOSS)	18,623	24,313	19,137	34,636
Net loss (income) attributable to non-controlling interest	(13,269)	(9,599)	(13,477)	2,049
Accretion of Series A Convertible Preferred Stock	$ 1,838	$ 0	$ 1,838	$ 0
Earnings (loss) per share of Class A Common Stock:
Basic (in dollars per share)	$ 0.04	$ 0.18	$ 0.04	$ 0.44
Diluted (in dollars per share)	$ 0.04	$ 0.07	$ 0.04	$ 0.03
Weighted-average shares of Class A Common Stock outstanding:
Basic (in shares)	84,479	82,816	84,042	82,569
Diluted (in shares)	84,479	336,768	84,042	335,392
Commission and fee revenue
REVENUE:
Revenue from contract with customer	$ 103,173	$ 85,457	$ 287,972	$ 243,424
Membership, marketplace and other revenue
REVENUE:
Revenue from contract with customer	$ 32,616	$ 23,813	$ 82,700	$ 56,442

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 18,623	$ 24,313	$ 19,137	$ 34,636
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(955)	(2,173)	392	(2,921)
Derivative instruments	(97)	987	(245)	2,920
Other comprehensive income (loss)	(1,052)	(1,186)	147	(1)
Comprehensive income (loss)	17,571	23,127	19,284	34,635
Comprehensive loss (income) attributable to non-controlling interest	(12,476)	(9,599)	(13,588)	2,049
Accretion of Series A Convertible Preferred Stock	(1,838)	0	(1,838)	0
Comprehensive income (loss) attributable to Class A Common Stockholders	$ 3,257	$ 13,528	$ 3,858	$ 36,684

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 90,710	$ 95,172
Restricted cash and cash equivalents	594,865	444,019
Accounts receivable	81,960	58,255
Premiums receivable	179,168	100,700
Commissions receivable	63,192
Notes receivable	26,828	25,493
Deferred acquisition costs, net	155,278	107,342
Other current assets	56,783	45,651
Total current assets	1,248,784	936,783
Notes receivable	13,329	11,934
Property and equipment, net	21,518	25,256
Lease right-of-use assets	52,113	82,398
Intangible assets, net	95,776	104,024
Goodwill	114,198	115,041
Other long-term assets	37,959	37,082
TOTAL ASSETS	1,583,677	1,312,518
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	75,963	77,049
Losses payable and provision for unpaid losses and loss adjustment expenses	190,784	167,257
Commissions payable	111,657	77,075
Due to insurers	113,485	68,171
Advanced premiums	28,881	17,084
Unearned premiums	335,901	235,462
Contract liabilities	33,954	25,257
Total current liabilities	890,625	667,355
Long-term lease liabilities	52,022	80,772
Long-term debt, net	75,764	108,280
Warrant liabilities	46,980	45,561
Deferred tax liability	17,892	12,850
Contract liabilities	17,835	19,169
Other long-term liabilities	3,972	11,162
TOTAL LIABILITIES	1,105,090	945,149
Commitments and Contingencies (Note 22)	0	0
TEMPORARY EQUITY
Preferred stock, $0.0001 par value (20,000,000 shares authorized, 8,483,561 Series A Convertible Preferred Stock issued and outstanding as of September 30, 2023 and no shares issued and outstanding as of December 31, 2022)	80,997	0
STOCKHOLDERS' EQUITY
Additional paid-in capital	557,961	549,034
Accumulated earnings (deficit)	(483,566)	(489,602)
Accumulated other comprehensive income (loss)	(176)	(213)
Total stockholders' equity	74,252	59,252
Non-controlling interest	323,338	308,117
Total equity (Note 16)	397,590	367,369
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY	1,583,677	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	Sep. 30, 2023	Dec. 31, 2022
Temporary equity, par value (in dollars per share)	$ 0.0001	$ 0.0001
Temporary equity, shares authorized (in shares)	20,000,000	20,000,000
Temporary equity, shares issued (in shares)	8,483,561	0
Temporary equity, shares outstanding (in shares)	8,483,561	0
Common stock, shares, outstanding (in shares)	339,978,229	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)	84,479,065	83,202,969
Common stock, shares, outstanding (in shares)	84,479,065	83,202,969
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

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock	Class V Common Stock	Total Stockholders' Equity	Series A Convertible Preferred Stock Series A Convertible Preferred Stock	Common 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
Beginning balance at Dec. 31, 2021	$ 593,277
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss) before exchange agreement amendment	(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)
Temporary equity, ending balance (in shares) at Sep. 30, 2022					0
Temporary equity, ending balance at Sep. 30, 2022					$ 0
Ending balance at Sep. 30, 2022	0
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)	34,636	$ 34,636
Other comprehensive income (loss)	(1)
Issuance of shares under employee plans (in shares)						37,000
Stock-based compensation	8,165			8,165				8,165
Net income (loss) before exchange agreement amendment	(3,851)			(3,679)					(3,679)		(172)
Other comprehensive income (loss) before exchange agreement amendment	1,657			1,657						1,657
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	49,693			40,365					40,365		9,328
Other comprehensive income (loss) subsequent to exchange agreement amendment	(1,658)			(1,658)						(1,658)
Exercise of warrants (in shares)						125,000
Exercise of warrants	1,906			1,906				1,906
Non-controlling interest issued capital	1,000										1,000
Broad Arrow acquisition (in shares)						714,000
Broad Arrow acquisition	73,253			9,613				9,613			63,640
Stockholders' Equity, ending balance (in shares) at Sep. 30, 2022						83,203,000	251,034,000
Stockholders' Equity, ending balance at Sep. 30, 2022	389,759			99,108		$ 8	$ 25	546,393	(445,590)	(1,728)	290,651
Temporary equity, beginning balance (in shares) at Jun. 30, 2022					0
Temporary equity, beginning balance at Jun. 30, 2022					$ 0
Temporary equity, ending balance (in shares) at Sep. 30, 2022					0
Temporary equity, ending balance at Sep. 30, 2022					$ 0
Ending balance at Sep. 30, 2022	0
Stockholders' Equity, beginning balance (in shares) at Jun. 30, 2022						82,452,000	251,034,000
Stockholders' Equity, beginning balance at Jun. 30, 2022	289,521			72,109		$ 8	$ 25	532,922	(460,304)	(542)	217,412
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	24,313	$ 24,313		14,714					14,714		9,599
Other comprehensive income (loss)	(1,186)			(1,186)						(1,186)
Issuance of shares under employee plans (in shares)						37,000
Stock-based compensation	3,858			3,858				3,858
Broad Arrow acquisition (in shares)						714,000
Broad Arrow acquisition	73,253			9,613				9,613			63,640
Stockholders' Equity, ending balance (in shares) at Sep. 30, 2022						83,203,000	251,034,000
Stockholders' Equity, ending balance at Sep. 30, 2022	$ 389,759			99,108		$ 8	$ 25	546,393	(445,590)	(1,728)	$ 290,651
Temporary equity, beginning balance (in shares) at Dec. 31, 2022	0				0
Temporary equity, beginning balance at Dec. 31, 2022	$ 0				$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Accretion of Series A Convertible Preferred Stock					$ 1,838
Issuance of Series A Preferred Stock, net of issuance costs (in shares)					8,484,000
Issuance of Series A Convertible Preferred Stock, net of issuance costs					$ 79,159
Temporary equity, ending balance (in shares) at Sep. 30, 2023	8,483,561				8,484,000
Temporary equity, ending balance at Sep. 30, 2023	$ 80,997				$ 80,997
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)	19,137	$ 19,137		5,660					5,660		13,477
Other comprehensive income (loss)	147			37						37	110
Accretion of Series A Convertible Preferred Stock	(1,838)			(1,838)				(1,838)
Issuance of shares under employee plans (in shares)						1,016,000
Issuance of shares under employee plans	906			906				906
Stock-based compensation	13,157			13,157				13,157
Non-controlling interest issued capital	779										779
Conversion of Hagerty Group Units to Class A Common Stock (in shares)						260,000
Conversion of Hagerty Group Units to Class A Common Stock	0			2,311				2,311			(2,311)
Termination of MHH Joint Venture (see Note 7)	(2,067)			(541)				(917)	376		(1,526)
Reallocation between controlling and non-controlling interest	$ 0			(4,692)				(4,692)			$ 4,692
Stockholders' Equity, ending balance (in shares) at Sep. 30, 2023	339,978,229	84,479,065	251,033,906			84,479,000	251,034,000				255,499,164
Stockholders' Equity, ending balance at Sep. 30, 2023	$ 397,590			74,252		$ 8	$ 25	557,961	(483,566)	(176)	$ 323,338
Temporary equity, beginning balance (in shares) at Jun. 30, 2023					8,484,000
Temporary equity, beginning balance at Jun. 30, 2023					$ 79,159
Increase (Decrease) in Temporary Equity [Roll Forward]
Accretion of Series A Convertible Preferred Stock					$ 1,838
Temporary equity, ending balance (in shares) at Sep. 30, 2023	8,483,561				8,484,000
Temporary equity, ending balance at Sep. 30, 2023	$ 80,997				$ 80,997
Stockholders' Equity, beginning balance (in shares) at Jun. 30, 2023						84,406,000	251,034,000
Stockholders' Equity, beginning balance at Jun. 30, 2023	378,810			67,415		$ 8	$ 25	556,595	(489,296)	83	311,395
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	18,623	$ 18,623		5,354					5,354		13,269
Other comprehensive income (loss)	(1,052)			(259)						(259)	(793)
Accretion of Series A Convertible Preferred Stock	(1,838)			(1,838)				(1,838)
Issuance of shares under employee plans (in shares)						73,000
Stock-based compensation	4,935			4,935				4,935
Non-controlling interest issued capital	179										179
Termination of MHH Joint Venture (see Note 7)	(2,067)			(541)				(917)	376		(1,526)
Reallocation between controlling and non-controlling interest	$ 0			(814)				(814)			$ 814
Stockholders' Equity, ending balance (in shares) at Sep. 30, 2023	339,978,229	84,479,065	251,033,906			84,479,000	251,034,000				255,499,164
Stockholders' Equity, ending balance at Sep. 30, 2023	$ 397,590			$ 74,252		$ 8	$ 25	$ 557,961	$ (483,566)	$ (176)	$ 323,338

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES:
Net income (loss)	$ 19,137	$ 34,636
Adjustments to reconcile net income (loss) to net cash from operating activities:
Change in fair value of warrant liabilities	1,419	(37,869)
Loss on equity method investment	0	1,676
Revaluation gain on previously held equity method investment	0	(34,735)
Depreciation and amortization	34,893	24,337
Provision for deferred taxes	4,973	3,373
Impairment of operating lease right-of-use assets	1,147	0
Loss on disposals of equipment, software and other assets	2,019	1,131
Loss on disposals of equipment, software and other assets	2,827	0
Share-based compensation expense	13,157	8,165
Other	1,162	242
Changes in operating assets and liabilities:
Accounts, premiums and commission receivable	(107,001)	(71,753)
Deferred acquisition costs	(47,936)	(32,637)
Losses payable and provision for unpaid losses and loss adjustment expenses	23,527	53,574
Commissions payable	34,582	21,109
Due to insurers	45,322	40,876
Advanced premiums	11,800	10,363
Unearned premiums	100,439	74,624
Other assets and liabilities, net	(9,246)	(3,549)
Net Cash Provided by Operating Activities	132,221	93,563
INVESTING ACTIVITIES:
Capital expenditures	(21,556)	(33,429)
Acquisitions, net of cash acquired	(8,690)	(12,715)
Purchase of previously held equity method investment	0	(15,250)
Issuance of note receivable to previously held equity method investment	0	(7,000)
Issuance of notes receivable	(11,405)	(8,391)
Collection of notes receivable	10,252	0
Purchase of fixed income securities	(7,277)	(2,448)
Maturities of fixed income securities	4,128	1,216
Other investing activities	86	(1,662)
Net Cash Used in Investing Activities	(34,462)	(79,679)
FINANCING ACTIVITIES:
Payments on long-term debt	(132,850)	(90,500)
Proceeds from long-term debt, net of issuance costs	100,345	91,000
Proceeds from issuance of preferred stock, net of issuance costs	79,159	0
Contribution from non-controlling interest	779	1,000
Payments on notes payable	0	(1,000)
Proceeds from issuance of common stock under employee stock purchase plan	906	0
Net Cash Provided by (Used in) Financing Activities	48,339	500
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	286	(2,023)
Change in cash and cash equivalents and restricted cash and cash equivalents	146,384	12,361
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	$ 685,575	$ 616,333

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Accounting Policies	1 — Basis of Presentation and Accounting Policies In the Notes to the Condensed Consolidated Financial Statements, the terms "we," "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 protects, engages, entertains and connects with its insurance policyholders and Hagerty Drivers Club (" HDC") paid subscribers, collectively referred to herein as "Members," and other car enthusiasts. Hagerty also offers Marketplace, which conducts live and time-based online auctions, facilitates private sales of collector cars, and provides asset-backed financing secured by collector cars. In August 2022, the Company acquired the Broad Arrow Group, Inc. and its consolidated subsidiaries ("Broad Arrow") (the "Broad Arrow Acquisition"). As a result of the Broad Arrow Acquisition, the Company and Broad Arrow are further leveraging their respective product offerings and continue to build Marketplace. The Company’s headquarters are located in Traverse City, Michigan. The Company operates through various subsidiaries, which generate the following revenue streams: Commission and fee revenue As a Managing General Agent ("MGA"), Hagerty earns commission and fee revenue for the underwriting, sale and servicing of classic car, 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."). Earned premium 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, enthusiast vehicle and marine risks written through Hagerty's MGA entities in the U.S., Canada and the U.K. Earned premium is recorded net of catastrophe premiums and premiums ceded to third-party reinsurers. In the third quarter of 2023, AM Best assigned a financial strength rating of A- (Excellent) to Hagerty Re. 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 Group, Inc., f/k/a Markel Corporation ("Markel"), which is a related party. Refer to Note 21 — 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 primarily 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 21 — Related-Party Transactions for additional information. As U.K. law requires unlimited liability coverage, Hagerty Re purchases reinsurance to limit its exposure to £1,000,000 per liability claim. Membership, marketplace and other revenue 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 sale of collector cars through live auctions, time-based online auctions, and brokered private sales. In addition, Marketplace earns finance revenue from term loans and consignor advances secured by collector cars. The Company owns and operates collector car events, including The Amelia and the Greenwich Concours d'Elegance, through which revenue is earned from ticket sales and sponsorships. The Company operates Hagerty Garage + Social, a network of vehicle storage and exclusive social club facilities for classic, collector and exotic car owners from which it earns fee-based revenue. Refer to Note 7 — Losses and Impairments Related to Divestitures for additional information related to Hagerty Garage + Social. 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 and its consolidated subsidiaries. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as permitted by such rules and regulations. 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 and nine months ended September 30, 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 statements of The Hagerty Group. The Company had economic ownership of 24.8% and 24.5% of The Hagerty Group as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023 and December 31, 2022, The Hagerty Group owned 100% and approximately 80%, respectively, of Member Hubs Holding, LLC ("MHH"), which operates as Hagerty Garage + Social. Refer to Note 7 — Losses and Impairments Related to Divestitures for additional information related to MHH and Hagerty Garage + Social. The Company consolidates these entities using the voting interest method 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, the Condensed Consolidated Statements of Comprehensive Income (Loss), the Condensed Consolidated Balance Sheets, and the Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' Equity. 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. 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 as of the date of the Condensed Consolidated Financial Statements, as well as the reported amounts of revenue and expenses during the reporting period. Although the estimates are considered reasonable, actual results could materially differ from those estimates. 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 and customers 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 September 30, 2023 and 2022: September 30, 2023 September 30, 2022 in thousands Cash and cash equivalents $ 90,710 $ 180,417 Restricted cash and cash equivalents 594,865 435,916 Total cash and cash equivalents and restricted cash and cash equivalents $ 685,575 $ 616,333 The table below presents information regarding the Company's non-cash investing activities, as well as the cash paid for interest and taxes for the nine months ended September 30, 2023 and 2022: Nine months ended 2023 2022 NON-CASH INVESTING ACTIVITIES: in thousands Capital expenditures $ 237 $ 4,137 Acquisitions $ 1,742 $ 80,753 Termination of MHH Joint Venture (Refer to Note 7) $ 2,929 $ — CASH PAID FOR: Interest $ 4,236 $ 2,965 Income taxes $ 7,000 $ 5,253 The issuance of Class A Common Stock resulting from the vesting of restricted stock units is a non-cash financing activity. Refer to Note 19 — Share-Based Compensation for information related to share-based compensation. 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 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 Temporary Equity and 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: (i) 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. This 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, (v) consignor advances, and (vi) 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 and consignor advances, 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 or advance. 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 Temporary Equity and Stockholders' Equity

Revenue

Revenue	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	2 — Revenue Disaggregation of Revenue —  The following table presents Hagerty's revenue by distribution channel, as well as a reconciliation to total revenue for the three and nine months ended September 30, 2023 and 2022. Commission and fee revenue and contingent commission revenue earned through the Agent distribution channel includes revenue generated through Hagerty's relationships with independent agents and brokers. Commission and fee revenue and contingent commission revenue earned through direct distribution channel includes revenue generated by Hagerty's employee agents. Three months ended September 30, 2023 Agent Direct Total in thousands Commission and fee revenue $ 44,387 $ 37,388 $ 81,775 Contingent commission revenue 11,825 9,573 21,398 Membership revenue — 13,835 13,835 Marketplace and other revenue — 18,781 18,781 Total revenue from customer contracts 56,212 79,577 135,789 Earned premium recognized under ASC 944 139,785 Total revenue $ 275,574 Three months ended September 30, 2022 Agent Direct Total in thousands Commission and fee revenue $ 37,998 $ 33,031 $ 71,029 Contingent commission revenue 7,937 6,491 14,428 Membership revenue — 11,375 11,375 Marketplace and other revenue — 12,438 12,438 Total revenue from customer contracts 45,935 63,335 109,270 Earned premium recognized under ASC 944 107,487 Total revenue $ 216,757 Nine months ended September 30, 2023 Agent Direct Total in thousands Commission and fee revenue $ 123,046 $ 104,229 $ 227,275 Contingent commission revenue 33,506 27,191 60,697 Membership revenue — 39,528 39,528 Marketplace and other revenue — 43,172 43,172 Total revenue from customer contracts 156,552 214,120 370,672 Earned premium recognized under ASC 944 384,498 Total revenue $ 755,170 Nine months ended September 30, 2022 Agent Direct Total in thousands Commission and fee revenue $ 104,390 $ 91,183 $ 195,573 Contingent commission revenue 26,169 21,682 47,851 Membership revenue — 32,824 32,824 Marketplace and other revenue — 23,618 23,618 Total revenue from customer contracts 130,559 169,307 299,866 Earned premium recognized under ASC 944 290,719 Total revenue $ 590,585 The following table presents Hagerty's revenue disaggregated by geographic area, as well as a reconciliation to total revenue for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, 2023 U.S. Canada Europe Total in thousands Commission and fee revenue $ 73,891 $ 6,422 $ 1,462 $ 81,775 Contingent commission revenue 21,360 — 38 21,398 Membership revenue 12,942 893 — 13,835 Marketplace and other revenue 17,779 229 773 18,781 Total revenue from customer contracts 125,972 7,544 2,273 135,789 Earned premium recognized under ASC 944 139,785 Total revenue $ 275,574 Three months ended September 30, 2022 U.S. Canada Europe Total in thousands Commission and fee revenue $ 63,941 $ 5,940 $ 1,148 $ 71,029 Contingent commission revenue 14,491 — (63) 14,428 Membership revenue 10,538 837 — 11,375 Marketplace and other revenue 11,740 227 471 12,438 Total revenue from customer contracts 100,710 7,004 1,556 109,270 Earned premium recognized under ASC 944 107,487 Total revenue $ 216,757 Nine months ended September 30, 2023 U.S. Canada Europe Total in thousands Commission and fee revenue $ 206,099 $ 17,379 $ 3,797 $ 227,275 Contingent commission revenue 60,590 — 107 60,697 Membership revenue 36,865 2,663 — 39,528 Marketplace and other revenue 40,366 741 2,065 43,172 Total revenue from customer contracts 343,920 20,783 5,969 370,672 Earned premium recognized under ASC 944 384,498 Total revenue $ 755,170 Nine months ended September 30, 2022 U.S. Canada Europe Total in thousands Commission and fee revenue $ 176,011 $ 16,214 $ 3,348 $ 195,573 Contingent commission revenue 47,757 — 94 47,851 Membership revenue 30,317 2,507 — 32,824 Marketplace and other revenue 21,806 697 1,115 23,618 Total revenue from customer contracts 275,891 19,418 4,557 299,866 Earned premium recognized under ASC 944 290,719 Total revenue $ 590,585 Refer to Note 10 — Reinsurance for information regarding "Earned premium" recognized under ASC 944. Contract Assets and Liabilities — The following table is a summary of the Company's contract assets and liabilities as of September 30, 2023 and December 31, 2022. September 30, 2023 December 31, 2022 in thousands Contract assets $ 59,635 $ 60,151 Contract liabilities $ 51,789 $ 44,426 Contract assets, which are reported within "Commissions receivable" on the Condensed Consolidated Balance Sheets, 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 at its lowest level in the first quarter of the year, and then grows throughout the year as additional CUC receivables are accrued.

Notes Receivable

Notes Receivable	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Notes Receivable	3 — Notes Receivable Broad Arrow makes term loans secured by collector cars. The term loans made by Broad Arrow 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 the borrower to renew for one year increments, provided the borrower remains in good standing. 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. In certain situations, term loans are made to borrowers to refinance the accounts receivable balances generated by their Broad Arrow auction or private sale purchases. These term loans are accounted for as non-cash transfers between "Accounts receivable" and "Notes receivable" and are, therefore, not presented within Investing Activities in the Company's Condensed Consolidated Statements of Cash Flows. Upon repayment, the cash received in settlement of such Notes receivable is classified within Operating Activities in the Company's Condensed Consolidated Statements of Cash Flows. Broad Arrow 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 asked to make principal payments and/or post sufficient additional collateral to reduce the LTV ratio as a condition of future financing or renewal. If an event of default occurs with respect to a loan, Broad Arrow 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 Broad Arrow. In estimating the realizable value of the collector cars pledged as collateral for Broad Arrow'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 collector cars, the provenance, quality of restoration (if applicable), the originality of the body, chassis, and mechanical components, and comparable market transaction values. The repayment of Broad Arrow's 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 Broad Arrow’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 September 30, 2023, Broad Arrow's net notes receivable balance was $40.2 million, of which $26.8 million was classified within current assets and $13.3 million was classified within long-term assets on the Condensed Consolidated Balance Sheets. As of December 31, 2022, Broad Arrow'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 long-term 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 Broad Arrow's loan portfolio as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 in thousands Secured loans $ 40,157 $ 37,427 Estimate of collateral value $ 89,659 $ 75,802 Aggregate LTV ratio 44.8 % 49.4 % As of September 30, 2023, two borrowers had loan balances that exceeded 10% of the total loan portfolio. These loans total $15.8 million, representing 39% of the total loan portfolio. The collateral related to these loans was $42.3 million, resulting in an aggregate LTV ratio of 37%. Management considers a loan to be past due when an interest payment is not paid within 10 business days of the monthly due date, or if the principal amount is not repaid by the contractual maturity date. Typically, a loan becomes past due only for a short period of time during which the loan is renewed or collateral is sold to satisfy the borrower's obligations. As of September 30, 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 be collectible. Broad Arrow did not have any material non-accrual loans as of September 30, 2023 or December 31, 2022. As of September 30, 2023 and December 31, 2022, the allowance for expected credit losses related to the Broad Arrow loan portfolio 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.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	4 — Other Assets As of September 30, 2023 and December 31, 2022, other assets, current and long-term, consisted of: September 30, 2023 December 31, 2022 in thousands Prepaid sales, general and administrative expenses $ 18,314 $ 24,234 Prepaid software as a service ("SaaS") implementation costs 18,687 18,501 Fixed income investments 16,181 12,986 Contract costs 7,868 6,576 Consignor advances (1) 3,100 — Inventory (2) 1,897 2,074 Digital media content (3) 2,299 5,580 Deferred reinsurance premiums ceded (4) 14,172 91 Other (5) 12,224 12,691 Other assets $ 94,742 $ 82,733 (1) Broad Arrow makes consignor advances secured by collector cars that are contractually committed, in the near term, to be offered for sale at a Broad Arrow auction. Consignor advances allow the seller to receive funds upon consignment for an auction sale that will occur up to six months in the future and have short-term contractual maturities. (2) As of September 30, 2023, "Inventory" primarily includes vehicles owned by Broad Arrow that have been purchased for resale purposes. (3) The reduction in digital media content when compared to December 31, 2022 was primarily attributable to $4.3 million of impairments recorded through the first nine months of 2023 as a result of lower than anticipated advertising and sponsorship revenue associated with these assets. (4) Deferred reinsurance premiums ceded represent the unexpired portion of premiums ceded to reinsurers. As of September 30, 2023, $9.7 million of deferred reinsurance premiums relates to the High-Net-Worth Accounts program introduced in 2023 and $4.5 million relates to the cost of the 2023 catastrophe reinsurance program. Refer to Note 10 — Reinsurance for additional information on the Company’s reinsurance programs. (5) As of September 30, 2023, other assets primarily included $3.9 million of other investments, the $3.0 million fair value of an interest rate swap, $2.7 million of collector vehicle investments, $1.3 million of deferred financing costs related to the Company's credit facility, and $1.1 million related to an outstanding reinsurance recoverable. 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.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	5 — Leases The following table summarizes the components of the Company's operating lease expense for the three and nine months ended September 30, 2023 and 2022: Three months ended Nine months ended 2023 2022 2023 2022 in thousands Operating lease expense (1) $ 3,172 $ 2,508 $ 9,472 $ 6,791 Short-term lease expense (1) 131 17 347 94 Variable lease expense (1) (2) 2,031 1,868 3,680 3,113 Sublease revenue (3) (202) (55) (399) (100) Lease cost, net $ 5,132 $ 4,338 $ 13,100 $ 9,898 (1) Classified within "General and administrative services" on the Condensed Consolidated Statements of Operations. (2) Amounts include payments for maintenance, taxes, insurance, and payments affected by the Consumer Price Index. (3) Classified within "Membership, marketplace and other revenue" on the Condensed Consolidated Statements of Operations. The following tables summarize supplemental balance sheet information related to operating leases as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 in thousands Operating lease ROU assets (1) (2) $ 52,113 $ 82,398 Current lease liabilities (3) 6,537 7,556 Long-term lease liabilities (2) 52,022 80,772 Total operating lease liabilities $ 58,559 $ 88,328 September 30, 2023 December 31, 2022 in thousands ROU assets obtained in exchange for new operating lease liabilities (4) $ 632 $ 82,398 Gains on sales and leaseback transactions, net $ — $ 4,314 Weighted-average lease term 9.18 10.23 Weighted-average discount rate 4.8 % 5.5 % (1) Refer to Note 11 — Restructuring, Impairment and Related Charges for information regarding the Company's restructuring activities, which resulted in ROU asset impairments. The total decrease in operating lease ROU assets related to impairments was $1.1 million for the nine months ended September 30, 2023. (2) Refer to Note 7 — Losses and Impairments Related to Divestitures for information related to the termination of the joint venture agreement governing MHH, which resulted in the divestiture of certain Hagerty Garage + Social locations and the termination of the lease for the Hagerty Garage + Social location in Culver City, California. The termination of the joint venture agreement governing MHH resulted in decreases of $14.8 million in operating lease ROU assets and $15.2 million in operating lease liabilities in the third quarter of 2023. The termination of the Culver City, California lease resulted in decreases of $9.3 million in operating lease ROU assets and $10.1 million in operating lease liabilities in the third quarter of 2023. (3) Current lease liabilities are recorded within "Accounts payable, accrued expenses and other current liabilities" within the Condensed Consolidated Balance Sheets. (4) Represents the amount of ROU assets obtained during the nine months ended September 30, 2023 and year ended December 31, 2022, which 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 September 30, 2023: in thousands 2023 $ 2,280 2024 9,134 2025 8,743 2026 8,163 2027 7,891 Thereafter 37,194 Total lease payments 73,405 Less: imputed interest (14,846) Total lease liabilities $ 58,559

Acquisitions and Investments

Acquisitions and Investments	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Investments	6 — Acquisitions and Investments Broad Arrow Acquisition In January 2022, the Company entered into a joint venture with Broad Arrow, pursuant to which it invested $15.3 million in cash in exchange for equity ownership of approximately 40% of Broad Arrow. Following its entry into the joint venture, the Company used the equity method of accounting for its investment in Broad Arrow with its 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% of Broad Arrow from the former Broad Arrow shareholders in exchange for equity consideration consisting of shares of the Company's Class A Common Stock and Hagerty Group Units. The number of Class A Common Stock shares and Hagerty Group Units issued was calculated using a 20-day volume weighted average stock price of the Class A Common Stock prior to the closing date on August 16, 2022. The fair value of the purchase consideration of $73.3 million was calculated based on the Class A Common Stock price of $13.47 as of the closing date. As a result of the Broad Arrow Acquisition, the Company and Broad Arrow are further leveraging their respective product offerings and continue to build Marketplace. Fair Value of Consideration Transferred 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 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 the third quarter of 2022, representing the excess of the $48.3 million estimated fair value of its 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 approximated their carrying value due to the relatively short-term maturities and market rates of interest associated with most of the loans. Refer to Note 3 — Notes Receivable for additional information with respect to the Broad Arrow loan portfolio. (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, net of 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 the buying, selling and financing of collector cars through classified listings, auctions and facilitating private sales, as well as the assembled workforce and various other factors. 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 nine months ended September 30, 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 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. Other Acquisitions During the nine months ended September 30, 2023, the Company completed asset acquisitions with an aggregate purchase price, including deferred consideration, of $2.7 million. In addition to the acquisitions of Broad Arrow and Speed Digital, during the nine months ended September 30, 2022, the Company completed asset acquisitions with an aggregate purchase price of $3.5 million.
Acquisitions and Investments	6 — Acquisitions and Investments Broad Arrow Acquisition In January 2022, the Company entered into a joint venture with Broad Arrow, pursuant to which it invested $15.3 million in cash in exchange for equity ownership of approximately 40% of Broad Arrow. Following its entry into the joint venture, the Company used the equity method of accounting for its investment in Broad Arrow with its 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% of Broad Arrow from the former Broad Arrow shareholders in exchange for equity consideration consisting of shares of the Company's Class A Common Stock and Hagerty Group Units. The number of Class A Common Stock shares and Hagerty Group Units issued was calculated using a 20-day volume weighted average stock price of the Class A Common Stock prior to the closing date on August 16, 2022. The fair value of the purchase consideration of $73.3 million was calculated based on the Class A Common Stock price of $13.47 as of the closing date. As a result of the Broad Arrow Acquisition, the Company and Broad Arrow are further leveraging their respective product offerings and continue to build Marketplace. Fair Value of Consideration Transferred 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 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 the third quarter of 2022, representing the excess of the $48.3 million estimated fair value of its 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 approximated their carrying value due to the relatively short-term maturities and market rates of interest associated with most of the loans. Refer to Note 3 — Notes Receivable for additional information with respect to the Broad Arrow loan portfolio. (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, net of 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 the buying, selling and financing of collector cars through classified listings, auctions and facilitating private sales, as well as the assembled workforce and various other factors. 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 nine months ended September 30, 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 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. Other Acquisitions During the nine months ended September 30, 2023, the Company completed asset acquisitions with an aggregate purchase price, including deferred consideration, of $2.7 million. In addition to the acquisitions of Broad Arrow and Speed Digital, during the nine months ended September 30, 2022, the Company completed asset acquisitions with an aggregate purchase price of $3.5 million.

Losses and Impairments Related

Losses and Impairments Related to Divestitures	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Losses and Impairments Related to Divestitures	7 — Losses and Impairments Related to Divestitures Management is conducting a review of certain components of the Company's operations which has resulted in the sale and/or reorganization of certain of its businesses, including Hagerty Garage + Social and DriveShare, as discussed below. This initiative supports the Company's strategy to prioritize investments and resources in the areas of its business that offer the strongest growth and profit potential. Hagerty Garage + Social On September 29, 2023, Hagerty Ventures LLC ("HV"), a wholly owned subsidiary of The Hagerty Group, entered into an agreement with HGS Hub Holdings LLC ("H3") to terminate the joint venture agreement governing MHH, which operates as Hagerty Garage + Social. In connection with this agreement, H3's approximately 20% equity interest in MHH was redeemed and MHH's equity interests in the Palm Beach, Florida and Redmond, Washington locations of Hagerty Garage + Social were distributed to H3. Following the termination of the joint venture agreement, HV now owns 100% of MHH and its remaining Hagerty Garage + Social locations in Delray Beach, Florida; Miami, Florida; Van Nuys, California; and Burlington, Ontario. As a result of the joint venture termination, the Company recognized a loss of $2.9 million in the third quarter of 2023, representing the difference between the fair value of the approximately 20% equity interest in MHH received by HV and the carrying value of the equity interests distributed to H3. The fair value of the approximately 20% equity interest received by MHH is a Level 3 fair value measurement and was determined using a combination of the discounted cash flow model and the adjusted book value method. This loss is recorded within "Losses and impairments related to divestitures" on the Company's Condensed Consolidated Statements of Operations. Immediately prior to the joint venture termination, MHH entered into an agreement to terminate the real estate lease held by the Culver City, California location of Hagerty Garage + Social. In connection with this lease termination agreement, MHH paid a termination fee funded by the Company and H3 in exchange for the extinguishment of its remaining obligations under the lease. As a result of this lease termination, the Company recognized a loss of $0.6 million in the third quarter of 2023, consisting of the lease termination fee paid to the landlord, partially offset by the net effect of the derecognition of the assets and liabilities related to the lease. This loss is reported within "Losses and impairments related to divestitures" on the Company's Condensed Consolidated Statements of Operations. Following this lease termination, MHH no longer operates a Hagerty Garage + Social location in Culver City, California. Hagerty DriveShare In the third quarter of 2023, The Hagerty Group entered into an agreement to sell Hagerty DriveShare, LLC ("DriveShare"), a peer-to-peer rental platform for collector vehicles, to a third party. The sale was completed on October 9, 2023. As a result of the anticipated completion of this sale, the Company recognized a $0.4 million loss in the third quarter of 2023 to write-down the carrying value of its investment in DriveShare. This loss is recorded within "Losses and impairments related to divestitures" on the Company's Condensed Consolidated Statements of Operations.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	8 — Goodwill and Intangible Assets Goodwill The following is a reconciliation of the changes in the Company's goodwill for the nine months ended September 30, 2023 and 2022: 2023 2022 in thousands Goodwill as of January 1, $ 115,041 $ 11,488 Acquisitions (1) — 103,605 Divestitures (2) (846) — Effect of foreign currency translation 3 (62) Goodwill as of September 30, $ 114,198 $ 115,031 (1) 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. (2) Refer to Note 7 — Losses and Impairments Related to Divestitures for information related to the termination of the joint venture agreement governing MHH, which resulted in the divestiture of certain Hagerty Garage + Social locations, as well as the divestiture of DriveShare. The termination of the joint venture agreement governing MHH and the divestiture of DriveShare resulted in the derecognition of $0.4 million and $0.4 million, respectively, of goodwill in the third quarter of 2023. Intangible Assets The cost and accumulated amortization of intangible assets as of September 30, 2023 and December 31, 2022 are as follows: Weighted Average Useful Life September 30, 2023 December 31, 2022 in thousands Renewal rights 10.0 $ 20,053 $ 17,282 Internally developed software 3.1 123,610 109,764 Trade names and trademarks 14.0 12,541 12,541 Relationships and customer lists (1) 15.7 8,869 13,890 Other 4.4 1,435 1,434 Intangible assets 166,508 154,911 Less: accumulated amortization (70,732) (50,887) Intangible assets, net $ 95,776 $ 104,024 (1) Refer to Note 7 — Losses and Impairments Related to Divestitures for information related to the termination of the joint venture agreement governing MHH, which resulted in the divestiture of certain Hagerty Garage + Social locations. The termination of the joint venture agreement governing MHH resulted in the decrease of $5.0 million of relationships and customer lists in the third quarter of 2023. Intangible asset amortization expense was $7.1 million and $5.9 million for the three months ended September 30, 2023 and 2022, respectively, and $20.9 million and $15.4 million for the nine months ended September 30, 2023 and 2022, respectively. The estimated future aggregate amortization expense as of September 30, 2023 is as follows: in thousands 2023 $ 7,717 2024 27,695 2025 19,460 2026 12,087 2027 8,372 Thereafter 20,445 Total $ 95,776

Provision for Unpaid Losses and

Provision for Unpaid Losses and Loss Adjustment Expenses	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Provision for Unpaid Losses and Loss Adjustment Expenses	9 — 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: Nine 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 on unpaid losses and loss adjustment expenses 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 159,461 136,144 Prior accident year — — Total incurred losses and loss adjustment expenses 159,461 136,144 Payments: Current accident year 35,993 27,939 Prior accident year 44,499 27,759 Total payments 80,492 55,698 Effect of foreign currency rate changes (42) (490) Net reserves for unpaid losses and loss adjustment expenses, end of period 189,825 154,825 Reinsurance recoverable on unpaid losses and loss adjustment expenses 959 8,100 Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 190,784 $ 162,925 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 recorded.

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Reinsurance	10 — Reinsurance The following table presents Hagerty Re's total premiums assumed and ceded on a written and earned basis for the three and nine months ended September 30, 2023 and 2022: Three months ended Nine months ended 2023 2022 2023 2022 in thousands Premiums: Assumed $ 178,319 $ 136,187 $ 498,962 $ 373,442 Ceded (5,838) (1,268) (28,107) (10,958) Net $ 172,481 $ 134,919 $ 470,855 $ 362,484 Premiums earned: Assumed $ 146,004 $ 110,958 $ 398,524 $ 298,818 Ceded (6,219) (3,471) (14,026) (8,099) Net $ 139,785 $ 107,487 $ 384,498 $ 290,719 Ceded 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 of coverage 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 a portion of the risk on High-Net-Worth Accounts assumed from Evanston. Specifically, Hagerty Re is ceding 20% of the physical damage exposure effective January 1, 2023, and is ceding an additional 50% of the overall exposure effective March 1, 2023, under quota share agreements with various reinsurers, some of which are related parties. Refer to Note 21 — Related-Party Transactions for additional information. Hagerty Re receives ceding commissions from premiums ceded under reinsurance contracts related to High-Net-Worth Accounts. Ceding commissions are recognized ratably over the terms of the related policies, which are generally 12 months, and are recorded net within "Ceding commission" in the Company's Condensed Consolidated Statements of Operations. Deferred portions of ceding commissions received are included in "Accounts payable, accrued expenses and other current liabilities" in the Company's Condensed Consolidated Balance Sheets. The following table presents the reinsurance recoverable on paid and unpaid losses and loss adjustment expenses as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, in thousands Reinsurance recoverable on paid losses and loss adjustment expenses $ 92 $ 605 Reinsurance recoverable on unpaid losses and loss adjustment expenses 959 843 Total reinsurance recoverable $ 1,051 $ 1,448 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	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring, Impairment and Related Charges	11 — 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 consisted 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. In the second quarter of 2023, the Company recognized $2.8 million of "Restructuring, impairment and related charges, net". These charges included $2.6 million of impairment and related charges associated with operating lease ROU assets and leasehold improvements for office space that was vacated and listed for sublease in the period as a result of the Company's continuing transition to a "remote first" work model. The amount recognized in the second quarter of 2023 also included $0.2 million of additional severance related costs associated with the 2023 RIF. In the third quarter of 2023, the Company recognized $0.5 million of costs associated with its vacated office space within "Restructuring, impairment and related charges, net". 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 September 30, 2023 will be settled in the fourth quarter of 2023. in thousands Balance at December 31, 2022 $ 9,470 Costs incurred and charged to expense 8,857 Costs paid or otherwise settled (1) (18,282) Balance at September 30, 2023 $ 45

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	12 — 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, the Company 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, if any, 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 used to determine the fair value of interest rate swaps, such as the Secured Overnight Financing Rate ("SOFR") forward curve, 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 14 — 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 18 — Warrant Liabilities for additional information. The following table summarizes the significant inputs used in the valuation model for the private warrants as of September 30, 2023: Inputs Private Placement Warrants Underwriter Warrants OTM Warrants PIPE Warrants Exercise price $11.50 $11.50 $15.00 $11.50 Common stock price $8.17 $8.17 $8.17 $8.17 Volatility 57.5% 57.5% 53.0% 57.5% Expected term of the warrants 3.18 3.18 8.18 3.18 Risk-free rate 4.80% 4.80% 4.60% 4.80% 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 September 30, 2023 and December 31, 2022, are shown in the tables below: Estimated Fair Value as of September 30, 2023 Total Level 1 Level 2 Level 3 in thousands Financial Assets Interest rate swaps $ 3,049 $ — $ 3,049 $ — Total $ 3,049 $ — $ 3,049 $ — Financial Liabilities Public warrants $ 13,167 $ 13,167 $ — $ — Private placement warrants 706 — — 706 Underwriter warrants 79 — — 79 OTM warrants 5,247 — — 5,247 PIPE warrants 27,781 — — 27,781 Total $ 46,980 $ 13,167 $ — $ 33,813 Estimated Fair Value as of December 31, 2022 Total Level 1 Level 2 Level 3 in thousands 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 nine months ended September 30, 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 (521) (58) (1,961) (24,174) (26,714) Exercise of warrants — — — (1,906) (1,906) Balance at September 30, 2022 $ 727 $ 81 $ 4,888 $ 29,807 $ 35,503 Balance at December 31, 2022 $ 673 $ 75 $ 4,706 $ 27,227 $ 32,681 Change in fair value of warrant liabilities 33 4 541 554 1,132 Balance at September 30, 2023 $ 706 $ 79 $ 5,247 $ 27,781 $ 33,813 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 of the issuer. 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 September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value in thousands Short-term $ 9,618 $ 9,508 $ 6,296 $ 6,205 Long-term 6,563 6,316 6,690 6,316 Total $ 16,181 $ 15,824 $ 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 September 30, 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 nine months ended September 30, 2023 or 2022.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	13 — Long-Term Debt As of September 30, 2023 and December 31, 2022, "Long-term debt, net" consisted of the following: September 30, 2023 December 31, 2022 in thousands Credit Facility $ 45,395 $ 105,000 State Farm Term Loan 25,000 — Notes payable 5,964 3,280 Total long-term debt 76,359 108,280 Less: Unamortized debt issuance costs related to State Farm Term Loan (595) — Total long-term debt, net $ 75,764 $ 108,280 Credit Facility — The Hagerty Group has a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the other financial institutions party thereto from time to time as lenders, as amended (the "Credit Agreement"). The Credit Agreement provides for a revolving credit facility (the "Credit Facility") with an aggregate borrowing capacity of $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 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 Credit Agreement matures in October 2026, but 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 applicable reference rate (primarily Term SOFR) depending on the currency of the borrowing plus an applicable margin determined by the Company's net leverage ratio for the preceding period (as defined in the Credit Agreement). The effective interest rate related to the Credit Facility was 7.41% for the nine months ended September 30, 2023. Credit Facility borrowings are collateralized by assets of The Hagerty Group and its consolidated subsidiaries, except for foreign and certain excluded or immaterial subsidiaries. Under the Credit Agreement, The Hagerty Group 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 September 30, 2023 and December 31, 2022, the Company was in compliance with the financial covenants under the Credit Agreement. State Farm Term Loan — On September 19, 2023, Hagerty Re entered into an unsecured term loan credit facility with State Farm in the aggregate principal amount of $25.0 million (the "State Farm Term Loan"). The State Farm Term Loan bears interest at a rate of 8.0% per annum and will mature on September 19, 2033. State Farm is a related party to the Company. Refer to Note 21 — Related-Party Transactions for additional information. Notes Payable — As of September 30, 2023 and December 31, 2022, the Company had outstanding notes payable, which are used to fund certain loans made by Broad Arrow in the U.K., totaling $6.0 million and $3.3 million, respectively. The effective interest rates for these notes payable range from 7.0% to 9.8% with repayment due between October 2024 and August 2025. Refer to Note 3 — Notes Receivable for additional information on the lending activities of Broad Arrow.

Interest Rate Swaps

Interest Rate Swaps	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	14 — 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 September 30, 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 and maturity in December 2025. 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). In accordance with ASC Topic 815 Derivatives and Hedging (" ASC 815"), the Company designated its outstanding interest rate swap as a cash flow hedge and formally documented the relationship between the interest rate swap and the variable rate borrowings, as well as its risk management objective and strategy for undertaking the hedge transaction. The Company also assessed, at the hedge’s inception and will continue to assess on an ongoing basis, whether the derivative used in the hedging transaction was highly effective in offsetting changes in the cash flows of the hedged item. The hedge is deemed effective, and therefore, the change in fair value is recorded within "Derivative instruments" in the Condensed Consolidated Statements of Comprehensive Income (Loss). In the event the cash flow hedge is no longer deemed effective, such amounts would be reclassified into interest expense, net from Other comprehensive income (loss). There were no such reclassifications during the nine months ended September 30, 2023 and 2022. The Company does not expect to have a reclassification into earnings within the next 12 months. As of September 30, 2023 and December 31, 2022, the interest swap was in an asset position and had a fair value of $3.0 million and $3.3 million, respectively. Refer to Note 12 — Fair Value Measurements for additional information.

Convertible Preferred Stock

Convertible Preferred Stock	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Convertible Preferred Stock	15 — Convertible Preferred Stock On June 23, 2023, the Company entered into a Securities Purchase Agreement (the "Purchase Agreement") with certain accredited investors (the "Investors"), pursuant to which it closed, issued and sold (the "Closing") to the Investors an aggregate of 8,483,561 shares of the Company’s newly-designated Series A Convertible Preferred Stock, par value $0.0001 per share, for an aggregate purchase price of $80.0 million, at a per-share purchase price of $9.43 (the "Series A Purchase Price" and the transaction, the "Private Placement"). The Investors include State Farm, Markel, and persons related to Hagerty Holding Corp. ("HHC"). State Farm and Markel are both significant stockholders of the Company, each holding in excess of 5% of the outstanding common stock. McKeel Hagerty is the Company’s CEO and a member of the Company’s Board of Directors. Mr. Hagerty and Tammy Hagerty may be deemed to control HHC, which is the controlling stockholder of the Company. Prior to and continuing after the Private Placement, each of State Farm and Markel have the right to nominate one director to the Company’s Board of Directors. HHC has the right to nominate two directors to the Company’s Board of Directors. Refer to Note 16 — Stockholders' Equity and Note 21 — Related-Party Transactions for additional information. The net proceeds from the Private Placement, after deducting issuance costs of approximately $0.8 million, were $79.2 million, which was recorded within Temporary Equity on the Company’s Condensed Consolidated Balance Sheets. The Company is using the net proceeds from the Private Placement for general corporate purposes. As of September 30, 2023, the estimated redemption value of the Series A Convertible Preferred Stock was $123.4 million, which represents the maximum cash payment, including cumulative dividends, that would be required to be paid if the Optional Term Redemption provision in the Certificate of Designations, as summarized below, is exercised as of the earliest possible redemption date of June 23, 2028. The decision to redeem the Series A Convertible Preferred Stock for cash is made at the discretion of the Company; however, the Company is controlled by HHC through its voting control of the Company. Accordingly, the redemption of the Series A Convertible Preferred Stock is considered outside the control of the Company and, as a result, the Series A Convertible Preferred Stock is recorded within Temporary Equity on the Company's Condensed Consolidated Balance Sheets. The Company has elected to apply the accretion method to adjust the carrying value of the Series A Convertible Preferred Stock to its estimated redemption value. Amounts recognized to accrete the Series A Convertible Preferred Stock to its estimated redemption value are treated as a deemed dividend and are recorded as a reduction to "Additional paid-in capital". The estimated redemption value may vary in subsequent periods and the Company has elected to recognize such changes prospectively. The captioned sections below provide a summary of the material terms of the Series A Convertible Preferred Stock, as set forth in the Certificate of Designations, Preferences and Rights of the Series A Convertible Preferred Stock (the "Certificate of Designations"). Ranking — The Series A Convertible Preferred Stock ranks senior to the Class A Common Stock, the Class V Common Stock and each other class or series of shares of the Company that the Company may issue in the future the terms of which do not expressly provide that such class or series ranks equally with, or senior to, the Series A Convertible Preferred Stock, with respect to dividend rights and/or rights upon liquidation, winding up or dissolution. Dividends — Dividends on the Series A Convertible Preferred Stock are cumulative and accrue from the date of issuance at the rate per annum of 7% of the Series A Purchase Price of each share, plus the amount of previously accrued dividends, compounded annually (the "Accruing Dividends"). The Company may elect to pay the Accruing Dividends either in cash or in additional shares of Series A Convertible Preferred Stock. Prior to the third anniversary of the Closing, the Series A Convertible Preferred Stock will participate on an as-converted basis in dividends declared and paid on the Class A Common Stock. Conversion — Any shares of Series A Convertible Preferred Stock may, at the option of the holder, be converted at any time into shares of Class A Common Stock. The conversion price for the Series A Convertible Preferred Stock is initially $11.79 and is subject to adjustment upon certain events, including a stock split, a reverse stock split, or a dividend of the Class A Common Stock or Class V Common Stock to the Company’s common stockholders (as adjusted, the "Conversion Price"). The Company may require such conversion (i) if the closing price per share of Class A Common Stock, for at least twenty (20) of any thirty (30) consecutive trading days, exceeds: (a) on or after the third and prior to the seventh anniversary of the Closing, 150% of the Conversion Price; or (b) on or after the seventh and prior to the tenth anniversary of the Closing, 100% of the Conversion Price; and (ii) on or after the tenth anniversary of the Closing. The conversion rate in effect at any applicable time (the "Conversion Rate") is the quotient obtained by dividing the Series A Purchase Price by the Conversion Price. As of September 30, 2023, no shares of Series A Convertible Preferred Stock have been converted and the outstanding Series A Convertible Preferred Stock was convertible into 6,785,410 shares of Class A Common Stock. Voting — The Series A Convertible Preferred Stock votes together with the Class A Common Stock on an as-converted basis, and not as a separate class. The Investors have veto rights over (i) changes to the terms of the Certificate of Designations or the Company's certificate of incorporation or bylaws that adversely impact the Series A Convertible Preferred Stock and (ii) the issuance of equity securities senior to the Series A Convertible Preferred Stock or other securities convertible thereto. Liquidation Preference — In the event of any liquidation, dissolution or winding up of the Company, each share of Series A Convertible Preferred Stock will be paid the greater of (i) the Series A Purchase Price plus any Accruing Dividends accrued but unpaid thereon, and (ii) the amount that such share of Series A Convertible Preferred Stock would have received had it converted into the Class A Common Stock immediately prior to such liquidation, dissolution or winding up of the Company (the "Liquidation Preference"). After payment of the Liquidation Preference, the Series A Convertible Preferred Stock will no longer be convertible and will not participate in any distribution made to the holders of the Class A Common Stock or Class V Common Stock. Change of Control — Upon a merger, consolidation, sale or other change of control transaction as described in the Certificate of Designations (a "Change of Control"), either (i) the Company may elect to redeem the Series A Convertible Preferred Stock or (ii) each holder of Series A Convertible Preferred Stock, individually, may require the Company to redeem all or any portion of the Series A Convertible Preferred Stock. The redemption price per share to be paid by the Company would be the greater of: (a) the Series A Purchase Price plus any accrued but unpaid Accruing Dividends multiplied by (i) if prior to or on the third anniversary of the Closing, 120%; (ii) if after the third but prior to or on the fifth anniversary of the Closing, 110%; (iii) if after the fifth anniversary of the Closing, 100%; and (b) the amount such share of Series A Convertible Preferred Stock would have received had it converted into the Class A Common Stock prior to the Change of Control. Any shares of Series A Convertible Preferred Stock that are not so redeemed will automatically convert into shares of Class A Common Stock and be paid in connection with the Change of Control. Fundamental Transaction — In the event of any acquisition by the Company with a transaction value of at least $500.0 million or any equity or debt financing by the Company that raises at least $500.0 million, either (i) the Company may elect to redeem the Series A Convertible Preferred Stock, or (ii) each holder of Series A Convertible Preferred Stock, individually, may require the Company to redeem all or any portion of its Series A Convertible Preferred Stock. The redemption price per share to be paid by the Company would be the Series A Convertible Preferred Stock plus any accrued but unpaid Accruing Dividends multiplied by: (a) if prior to or on the third anniversary of the Closing, 120%; (b) if after the third but prior to or on the fifth anniversary of the Closing, 110%; (c) if after the fifth but prior to or on the sixth anniversary of the Closing, 108%; (d) if after the sixth but prior to or on the seventh anniversary of the Closing, 106%; (e) if after the seventh but prior to or on the eighth anniversary of the Closing, 104%; (f) if after the eighth but prior to or on the ninth anniversary of the Closing, 102%; or (g) if after the ninth anniversary of the Closing, 100%. Optional Term Redemption — Any time after the fifth anniversary of the Closing, the Company may redeem all or any portion of the then-outstanding shares of the Series A Convertible Preferred Stock for cash (a "Term Redemption"). The redemption price per share to be paid by the Company would be equal to the greater of: (i) the Series A Purchase Price plus any accrued but unpaid Accruing Dividends multiplied by: (a) if after the fifth but prior to the sixth anniversary of the Closing, 110%; (b) if on or after the sixth but prior to the seventh anniversary of the Closing, 108%; (c) if on or after the seventh but prior to the eighth anniversary of the Closing, 106%; (d) if on or after the eighth but prior to the ninth anniversary of the Closing, 104%; (e) if on or after the ninth but prior to tenth anniversary of the Closing, 102%; or (f) if on or after the tenth anniversary of the Closing, 100%; and (ii) the amount such share of Series A Convertible Preferred Stock would have received had it converted into Class A Common Stock prior to the Term Redemption.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	16 — 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 September 30, 2023 and December 31, 2022, there were 84,479,065 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 shares of Class V Common Stock to HHC and Markel (together 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 September 30, 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. On June 23, 2023, the Company issued 8,483,561 shares of the Company’s newly-designated Series A Convertible Preferred Stock, par value $0.0001 per share, for an aggregate purchase price of $80.0 million, at a per-share purchase price of $9.43. Refer to Note 15 — Convertible Preferred Stock for additional information. As of 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 statements of The Hagerty Group into its Condensed Consolidated Financial Statements. 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. The following table summarizes the ownership of Hagerty Group Units as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Units Owned Ownership Percentage Units Owned Ownership Percentage Hagerty Group Units held by Hagerty, Inc. 84,479,065 24.8 % 83,202,969 24.5 % Hagerty Group Units held by other unit holders 255,499,164 75.2 % 255,758,466 75.5 % Total 339,978,229 100.0 % 338,961,435 100.0 % 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	16 — 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 September 30, 2023 and December 31, 2022, there were 84,479,065 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 shares of Class V Common Stock to HHC and Markel (together 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 September 30, 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. On June 23, 2023, the Company issued 8,483,561 shares of the Company’s newly-designated Series A Convertible Preferred Stock, par value $0.0001 per share, for an aggregate purchase price of $80.0 million, at a per-share purchase price of $9.43. Refer to Note 15 — Convertible Preferred Stock for additional information. As of 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 statements of The Hagerty Group into its Condensed Consolidated Financial Statements. 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. The following table summarizes the ownership of Hagerty Group Units as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Units Owned Ownership Percentage Units Owned Ownership Percentage Hagerty Group Units held by Hagerty, Inc. 84,479,065 24.8 % 83,202,969 24.5 % Hagerty Group Units held by other unit holders 255,499,164 75.2 % 255,758,466 75.5 % Total 339,978,229 100.0 % 338,961,435 100.0 % 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	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	17 — Earnings (Loss) Per Share Basic earnings (loss) per share is calculated under the two-class method using Net income (loss) available to Class A Common Stockholders, divided by the weighted average number of shares of Class A Common Stock outstanding during the period. Diluted earnings (loss) per share is calculated using diluted Net income (loss) available to Class A Common Stockholders divided by the weighted average number of shares of Class A Common Stock outstanding during the period, adjusted to give effect to potentially dilutive securities. The Company's potentially dilutive securities consist of (i) unexercised warrants, unvested share-based compensation awards, and shares issuable under the employee stock purchase plan, with the dilutive effect calculated using the Treasury Stock Method, and (ii) non-controlling interest Hagerty Group Units and the Series A Convertible Preferred Stock, with the dilutive effect calculated using the "If-converted" Method. The following table summarizes the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2023 and 2022: Three months ended Nine months ended 2023 2022 2023 2022 in thousands (except per share amounts) Earnings (Loss) Per Share of Class A Common Stock, Basic Net income (loss) available to Class A Common Stockholders $ 3,255 $ 14,714 $ 3,712 $ 36,685 Weighted-average shares of Class A Common Stock outstanding 84,479 82,816 84,042 82,569 Net income (loss) per share of Class A Common Stock, Basic $ 0.04 $ 0.18 $ 0.04 $ 0.44 Earnings (Loss) Per Share of Class A Common Stock, Diluted Net income (loss) available to Class A Common Stockholders $ 3,255 $ 24,531 $ 3,712 $ 10,512 Weighted-average shares of Class A Common Stock outstanding 84,479 336,768 84,042 335,392 Net income (loss) per share of Class A Common Stock, Diluted $ 0.04 $ 0.07 $ 0.04 $ 0.03 Net Income (Loss) Available to Class A Common Stockholders Net income (loss) $ 18,623 $ 24,313 $ 19,137 $ 34,636 Net loss (income) attributable to non-controlling interest (13,269) (9,599) (13,477) 2,049 Accretion of Series A Convertible Preferred Stock (1,838) — (1,838) — Undistributed earnings allocated to Series A Convertible Preferred Stock (261) — (110) — Net income (loss) available to Class A Common Stockholders, Basic 3,255 14,714 3,712 36,685 Undistributed earnings allocated to Series A Convertible Preferred Stock — — — — Adjustment for potentially dilutive Hagerty Group Units — 9,817 — (1,420) Adjustment for potentially dilutive Series A Convertible Preferred Stock — — — — Adjustment for potentially dilutive warrant liabilities — — — (24,753) Net income (loss) available to Class A Common Stockholders, Diluted $ 3,255 $ 24,531 $ 3,712 $ 10,512 Weighted-Average Shares of Class A Common Stock Outstanding Weighted-average shares of Class A Common Stock outstanding, Basic 84,479 82,816 84,042 82,569 Adjustment for potentially dilutive Hagerty Group Units — 253,396 — 251,821 Adjustment for potentially dilutive Series A Convertible Preferred Stock — — — — Adjustment for potentially dilutive share-based compensation awards — 556 — 185 Adjustment for potentially dilutive warrants — — — 817 Weighted-average shares of Class A Common Stock outstanding, Diluted 84,479 336,768 84,042 335,392 The following table summarizes the weighted-average potential shares of Class A Common Stock excluded from diluted earnings (loss) per share of Class A Common Stock as their effect would be anti-dilutive: Three months ended Nine months ended 2023 2022 2023 2022 in thousands Hagerty Group Units 255,499 — 255,579 — Series A Convertible Preferred Stock 6,785 — 2,485 — Unvested shares associated with share-based compensation awards 8,509 3,815 7,480 2,534 Warrants 19,484 19,484 19,484 7,050 Total 290,277 23,299 285,028 9,584

Warrant Liabilities

Warrant Liabilities	9 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Warrant Liabilities	18 — Warrant Liabilities The following table summarizes the Company's outstanding warrants and their fair value as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Warrants Outstanding Fair Value Warrants Outstanding Fair Value in thousands Public warrants (1) 5,750 $ 13,167 5,750 $ 12,880 Private placement warrants (2) 258 706 258 673 Underwriter warrants (2) 29 79 29 75 OTM warrants (3) 1,300 5,247 1,300 4,706 PIPE warrants (2) 12,147 27,781 12,147 27,227 Total 19,484 $ 46,980 19,484 $ 45,561 (1) The Public warrants may be exercised on a cash basis only and expire in December 2026. (2) The Private Placement, Underwriter and PIPE warrants may be exercised on a cashless basis and expire in December 2026. (3) The OTM warrants may be exercised on a cashless basis and expire in December 2031. The Company's warrants are accounted for as liabilities in accordance with ASC 815-40 and measured at fair value each reporting period with the change in fair value between reporting periods recorded within "Change in fair value of warrant liabilities" in the Condensed Consolidated Statements of Operations. During the nine months ended September 30, 2022, 522,000 PIPE warrants were exercised, on a cashless basis, for an equivalent of 124,748 shares of 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 nine months ended September 30, 2023.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	19 — Share-Based Compensation The Company's 2021 Equity Incentive Plan provides for the issuance of up to approximately 38.3 million shares of 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 Share-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." Share-based compensation expense related to non-employee directors is recognized within "General and administrative services." The Company recognizes forfeitures of share-based compensation awards in the period in which they occur. The following table summarizes share-based compensation expense recognized during the three and nine months ended September 30, 2023 and 2022: Three months ended Nine months ended 2023 2022 2023 2022 in thousands Restricted stock units $ 4,220 $ 3,143 $ 10,846 $ 6,735 Performance restricted stock units 715 715 2,146 1,430 Employee stock purchase plan — — 165 — Total share-based compensation expense $ 4,935 $ 3,858 $ 13,157 $ 8,165 Restricted Stock Units The Company grants serviced-based restricted stock units ("RSUs") to employees and non-employee directors. The grant date fair value is determined based on the closing market price of the Class A Common Stock on the business day prior to the grant date. Compensation expense related to service-based RSUs is recognized ratably over the requisite service period. The following table provides a summary of the RSU activity during the nine months ended September 30, 2023: Restricted Stock Units Weighted Average Grant Date Fair Value Unvested balance as of December 31, 2022 3,195,038 $ 10.76 Granted 2,617,859 9.12 Vested (898,230) 10.81 Forfeited (132,029) 10.21 Unvested balance as of September 30, 2023 4,782,638 $ 9.87 The Company granted 3,251,560 RSUs during the nine months ended September 30, 2022 with a weighted-average grant date fair value of $10.81. The total grant date fair value of RSUs that vested during nine months ended September 30, 2023 was $9.7 million. During the nine months ended September 30, 2022, there were 37,071 RSUs that vested with a total grant date fair value of $0.4 million. The tax impact related to vested shares for the nine months ended September 30, 2023 and 2022 was not material to the Company's Condensed Consolidated Financial Statements due to the full valuation allowance on the deferred tax asset for the investment in the assets of The Hagerty Group. Unrecognized compensation expense related to RSUs as of September 30, 2023 was $36.4 million, which the Company expects to recognize over a weighted average period of 3.41 years. Performance Restricted Stock Units In April 2022, the CEO was granted performance-based RSUs, which provide him the opportunity to receive up to 3,707,136 shares of Class A Common Stock. The award had a grant date fair value of approximately $19.2 million, which was estimated using a Monte Carlo simulation model. The performance-based RSUs have both market-based and service-based vesting conditions. Shares of Class A Common Stock issuable under this award will be earned based on the achievement of the following stock price targets: (i) 25% of the shares can be earned when the stock price of the Class A Common Stock exceeds $20.00 per share for 60 consecutive days, (ii) 25% of the shares can be earned when the stock price of the Class A Common Stock exceeds $25.00 per share for 60 consecutive days, and (iii) 50% of the shares can be earned when the stock price of the Class A Common Stock exceeds $30.00 per share for 60 consecutive days. These market-based conditions must be met in order for these performance-based RSUs to vest, and it is therefore possible that no shares will ultimately vest. If the market-based conditions are met, shares of Class A Common Stock earned will vest over the earlier of three years after achievement of the stock price target or the end of the seven-year performance period. The Company will recognize the entire $19.2 million of compensation expense for this award, regardless of whether such market-based conditions are met, over the requisite service period. The following table summarizes the assumptions and related information used to determine the grant-date fair value of performance-based RSUs awarded in April 2022: Inputs Performance Restricted Stock Units Weighted average grant-date fair value per share $5.19 Expected stock volatility 35% Expected term (in years) 7.0 Risk-free interest rate 2.5% Dividend yield —% The following table provides a summary of performance-based RSU activity during the nine months ended September 30, 2023: Performance Restricted Stock Units Weighted Average Fair Value Outstanding as of December 31, 2022 3,707,136 $ 5.19 Granted — — Outstanding as of September 30, 2023 3,707,136 $ 5.19 Employee Stock Purchase Plan The 2021 Employee Stock Purchase Plan (the "ESPP") allows substantially all of the Company's employees to purchase shares of the Class A Common Stock. The ESPP allows purchases of Class A Common Stock to be made at a discount of up to 15% and for the purchase price to occur at the lesser of the fair market value of the Class A Common Stock on (i) the offering date and (ii) the applicable purcha se date. The Company's two previous offering periods offered discounts of 10% and 5%. Employees are allowed to terminate their participation in the ESPP at any time during the purchase period prior to the purchase of shares. As of September 30, 2023, 118,009 shares had been purchased under the ESPP and there were approximately 11.4 million shares available for future purchases.

Taxation

Taxation	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Taxation	20 — Taxation United States — The Hagerty Group is taxed as a pass-through ownership structure under provisions of the Internal Revenue Code ("IRC") and a similar section of state income tax law except 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 for additional information. 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 Condensed Consolidated 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: Nine months ended September 30, 2023 2022 in thousands (except percentages) Income tax (benefit) expense at statutory rate $ 6,539 21 % $ 8,481 21 % State taxes 377 1 % (51) — % Loss not subject to entity-level taxes 4,961 17 % 1,402 3 % Foreign rate differential (219) (1) % (264) (1) % Change in valuation allowance (635) (2) % 2,101 5 % Change in fair value of warrant liability 298 1 % (7,952) (19) % Permanent items 711 2 % 360 1 % Other, net (30) — % — — % Income tax expense $ 12,002 39 % $ 4,077 10 % 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 September 30, 2023, tax years 2019 to 2022 are subject to examination by various tax authorities. With few exceptions, as of September 30, 2023, the Company is no longer subject to U.S. federal, state, local or foreign examinations for years before 2019. The Hagerty Group is currently under audit by the IRS for the 2021 tax year. The Canadian statute of limitation for tax year 2018 was open as of September 30, 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 Topic 740, Income Taxes ("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 September 30, 2023 and December 31, 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. Significant inputs and assumptions are used to estimate the future expected payments under the TRA, including the timing of the realization of the tax benefits and a tax savings rate of approximately 25.6%. The estimated value of the TRA recorded by the Company within "Other long-term liabilities" on the Condensed Consolidated Balance Sheets was $0.6 million and $3.2 million at September 30, 2023 and December 31, 2022, respectively, which was limited by the ability to currently utilize tax benefits. The decrease in value of $2.6 million was recorded in "Interest and other income (expense)" within the Condensed Consolidated Statements of Operations.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	21 — Related-Party Transactions As of September 30, 2023, Markel and State Farm had the following equity interests in Hagerty and as a result, are considered related parties: Markel State Farm Equity Interest Shares/Units Percentage of total outstanding (1) Shares/Units Percentage of total outstanding (1) Hagerty, Inc. Class A Common Stock 3,000,000 3.6 % 50,000,000 59.2 % Hagerty, Inc. Class V Common Stock 75,000,000 29.9 % — — % Hagerty, Inc. Series A Convertible Preferred Stock 1,590,668 18.8 % 5,302,226 62.5 % Hagerty Group Units 75,000,000 22.1 % — — % Controlling Interest 3,000,000 3.6 % 50,000,000 59.2 % Non-controlling Interest 75,000,000 29.4 % — — (1) The percentages reflected represent only the ownership of the specific security identified in each row, and are not reflective of the total economic ownership in Hagerty. Further, these percentages do not reflect any ownership of warrants. Refer to Note 16 — Stockholders' Equity for a description of each equity interest in the table above. 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, are able to access Hagerty features and services. This program began issuing policies in four initial states in September 2023. Under this agreement, State Farm paid Hagerty an advanced commission of $20.0 million in 2020, which is being recognized into "Commission and fee revenue" over the life of the arrangement. 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 is offered through State Farm Classic Insurance Company, a wholly-owned subsidiary of State Farm. The Classic+ policy is available to new and existing customers through State Farm agents on a state by state basis. Hagerty Insurance Agency, LLC is paid a commission under the managing general underwriter agreement and ancillary agreements for servicing the State Farm Classic+ policies. Additionally, the Company has 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 risks assumed from Evanston to Oglesby Reinsurance Company, an affiliate of State Farm. Refer to Note 10 — Reinsurance for additional information on the Company's reinsurance programs. The following tables summarize all balances related to the Company's ceded reinsurance business with State Farm affiliates: September 30, 2023 December 31, 2022 Assets: in thousands Commissions receivable $ 2,305 $ — Other current assets 7,332 — Total assets $ 9,637 $ — Liabilities: Accounts payable, accrued expenses and other current liabilities $ 7,941 $ — Total liabilities $ 7,941 $ — Three months ended Nine months ended 2023 2022 2023 2022 Revenue: in thousands Earned premium $ (1,645) $ — $ (3,035) $ — Expenses: Ceding commission $ (855) $ — $ (1,578) $ — Losses and loss adjustment expenses (329) — (607) — Total expenses $ (1,184) $ — $ (2,185) $ — State Farm Term Loan On September 19, 2023, Hagerty Re entered into the State Farm Term Loan with an aggregate principal amount of $25.0 million and an interest rate of 8.0% per annum. The State Farm Term Loan will mature on September 19, 2033. Refer to Note 13 — Long-Term Debt for additional information. 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: September 30, 2023 December 31, 2022 in thousands (except percentages) Due to insurer $ 105,923 $ 64,873 Percent of total 93 % 95 % Three months ended Nine months ended 2023 2022 2023 2022 in thousands (except percentages) Commission revenue $ 95,559 $ 78,808 $ 267,935 $ 225,060 Percent of total 94 % 94 % 95 % 94 % Reinsurance Agreement For the nine months ended September 30, 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 nine months ended September 30, 2023 and 2022, respectively, written through the Company’s U.K. MGA. The following tables summarize all balances related to the Company's reinsurance business with Markel affiliates: September 30, 2023 December 31, 2022 Assets: in thousands Premiums receivable $ 173,503 $ 97,897 Commissions receivable 626 — Deferred acquisition costs, net 150,482 103,869 Other current assets 1,636 — Total assets $ 326,247 $ 201,766 Liabilities: Accounts payable, accrued expenses and other current liabilities $ 2,117 $ — Losses payable and provision for unpaid losses and loss adjustment expenses 182,172 160,236 Commissions payable 109,147 75,898 Unearned premiums 324,772 227,192 Total liabilities $ 618,208 $ 463,326 Three months ended Nine months ended 2023 2022 2023 2022 Revenue: in thousands Earned premium $ 140,674 $ 102,958 $ 384,646 $ 278,386 Expenses: Ceding commission, net $ 64,391 $ 48,421 $ 177,568 $ 132,724 Losses and loss adjustment expenses 55,909 58,900 153,758 130,279 Total expenses $ 120,300 $ 107,321 $ 331,326 $ 263,003 Pursuant to the terms of the quota share agreement with Evanston, Hagerty Re maintains funds in trust for the benefit of Evanston. These funds are included within "Restricted cash and cash equivalents" in the Company's Condensed Consolidated Balance Sheets. The balance held in trust for the benefit of Evanston was $460.3 million and $360.2 million as of September 30, 2023 and December 31, 2022, respectively. 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% 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. Other Related Party Transactions From time-to-time, in the ordinary course of business, related parties, such as members of the Board of Directors and management, buy and sell collector cars at the Company's auctions or through private sales.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	22 — Commitments and Contingencies Employee Compensation Agreements  —  In the ordinary course of conducting its business, the Company enters into certain employee compensation agreements from time to time which commit 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. Litigation  — From time to time, Hagerty is involved in various claims and legal actions that arise in the ordinary course of business. Management is required to assess the likelihood of any adverse judgments or outcomes related to these legal contingencies, as well as potential ranges of probable or reasonably possible losses. The determination of the amount of any losses to be recorded or disclosed as a result of these contingencies is based on a careful analysis of each individual exposure with, in some cases, the assistance of outside legal counsel. The amount of losses recorded or disclosed for such contingencies may change in the future due to new developments in each matter or a change in legal or settlement strategy. While the impact of any one or more legal claims or proceedings could be material to the Company's operating results in any period, management does not believe that the outcome of any of these pending claims or proceedings (including the matter discussed below), individually or in the aggregate, will have a material adverse effect on the Company's consolidated financial condition. Data Security Incident  —

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	23 — Subsequent Events Management has evaluated subsequent events through November 8, 2023, which is the date these Condensed Consolidated Financial Statements were issued and no material subsequent events were identified that are required to be reported.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Robert Kauffman [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 11, 2023, Robert Kauffman, a non-employee director, in his capacity as the sole member of Aldel LLC, adopted a programmed plan of transactions intended to satisfy the affirmative defense provided by Rule 10b5-1 (the "10b5-1 Plan"). The 10b5-1 Plan provides for a first possible trade date of November 16, 2023, and will terminate on November 18, 2024. The aggregate number of shares to be sold pursuant to the 10b5-1 Plan is 3,500,000 shares of Class A Common Stock held by Aldel LLC which Mr. Kauffman directs.
Name	Robert Kauffman
Title	non-employee director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 11, 2023
Termination Date	November 18, 2024
Arrangement Duration	368 days
Aggregate Available	3,500,000	3,500,000

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 and its consolidated subsidiaries. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as permitted by such rules and regulations. 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 and nine months ended September 30, 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 statements of The Hagerty Group. The Company had economic ownership of 24.8% and 24.5% of The Hagerty Group as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023 and December 31, 2022, The Hagerty Group owned 100% and approximately 80%, respectively, of Member Hubs Holding, LLC ("MHH"), which operates as Hagerty Garage + Social. Refer to Note 7 — Losses and Impairments Related to Divestitures for additional information related to MHH and Hagerty Garage + Social. The Company consolidates these entities using the voting interest method 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, the Condensed Consolidated Statements of Comprehensive Income (Loss), the Condensed Consolidated Balance Sheets, and the Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' Equity.
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. 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 as of the date of the Condensed Consolidated Financial Statements, as well as the reported amounts of revenue and expenses during the reporting period. Although the estimates are considered reasonable, actual results could materially differ from those estimates.
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 and customers 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 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 Temporary Equity and 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: (i) 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. This 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, (v) consignor advances, and (vi) 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 and consignor advances, 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 or advance. 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 Temporary Equity and Stockholders' Equity

Basis of Presentation and Acc_3

Basis of Presentation and Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 and 2022: September 30, 2023 September 30, 2022 in thousands Cash and cash equivalents $ 90,710 $ 180,417 Restricted cash and cash equivalents 594,865 435,916 Total cash and cash equivalents and restricted cash and cash equivalents $ 685,575 $ 616,333
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 September 30, 2023 and 2022: September 30, 2023 September 30, 2022 in thousands Cash and cash equivalents $ 90,710 $ 180,417 Restricted cash and cash equivalents 594,865 435,916 Total cash and cash equivalents and restricted cash and cash equivalents $ 685,575 $ 616,333
Schedule of Supplemental Cash Flow Information	The table below presents information regarding the Company's non-cash investing activities, as well as the cash paid for interest and taxes for the nine months ended September 30, 2023 and 2022: Nine months ended 2023 2022 NON-CASH INVESTING ACTIVITIES: in thousands Capital expenditures $ 237 $ 4,137 Acquisitions $ 1,742 $ 80,753 Termination of MHH Joint Venture (Refer to Note 7) $ 2,929 $ — CASH PAID FOR: Interest $ 4,236 $ 2,965 Income taxes $ 7,000 $ 5,253

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents Hagerty's revenue by distribution channel, as well as a reconciliation to total revenue for the three and nine months ended September 30, 2023 and 2022. Commission and fee revenue and contingent commission revenue earned through the Agent distribution channel includes revenue generated through Hagerty's relationships with independent agents and brokers. Commission and fee revenue and contingent commission revenue earned through direct distribution channel includes revenue generated by Hagerty's employee agents. Three months ended September 30, 2023 Agent Direct Total in thousands Commission and fee revenue $ 44,387 $ 37,388 $ 81,775 Contingent commission revenue 11,825 9,573 21,398 Membership revenue — 13,835 13,835 Marketplace and other revenue — 18,781 18,781 Total revenue from customer contracts 56,212 79,577 135,789 Earned premium recognized under ASC 944 139,785 Total revenue $ 275,574 Three months ended September 30, 2022 Agent Direct Total in thousands Commission and fee revenue $ 37,998 $ 33,031 $ 71,029 Contingent commission revenue 7,937 6,491 14,428 Membership revenue — 11,375 11,375 Marketplace and other revenue — 12,438 12,438 Total revenue from customer contracts 45,935 63,335 109,270 Earned premium recognized under ASC 944 107,487 Total revenue $ 216,757 Nine months ended September 30, 2023 Agent Direct Total in thousands Commission and fee revenue $ 123,046 $ 104,229 $ 227,275 Contingent commission revenue 33,506 27,191 60,697 Membership revenue — 39,528 39,528 Marketplace and other revenue — 43,172 43,172 Total revenue from customer contracts 156,552 214,120 370,672 Earned premium recognized under ASC 944 384,498 Total revenue $ 755,170 Nine months ended September 30, 2022 Agent Direct Total in thousands Commission and fee revenue $ 104,390 $ 91,183 $ 195,573 Contingent commission revenue 26,169 21,682 47,851 Membership revenue — 32,824 32,824 Marketplace and other revenue — 23,618 23,618 Total revenue from customer contracts 130,559 169,307 299,866 Earned premium recognized under ASC 944 290,719 Total revenue $ 590,585 The following table presents Hagerty's revenue disaggregated by geographic area, as well as a reconciliation to total revenue for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, 2023 U.S. Canada Europe Total in thousands Commission and fee revenue $ 73,891 $ 6,422 $ 1,462 $ 81,775 Contingent commission revenue 21,360 — 38 21,398 Membership revenue 12,942 893 — 13,835 Marketplace and other revenue 17,779 229 773 18,781 Total revenue from customer contracts 125,972 7,544 2,273 135,789 Earned premium recognized under ASC 944 139,785 Total revenue $ 275,574 Three months ended September 30, 2022 U.S. Canada Europe Total in thousands Commission and fee revenue $ 63,941 $ 5,940 $ 1,148 $ 71,029 Contingent commission revenue 14,491 — (63) 14,428 Membership revenue 10,538 837 — 11,375 Marketplace and other revenue 11,740 227 471 12,438 Total revenue from customer contracts 100,710 7,004 1,556 109,270 Earned premium recognized under ASC 944 107,487 Total revenue $ 216,757 Nine months ended September 30, 2023 U.S. Canada Europe Total in thousands Commission and fee revenue $ 206,099 $ 17,379 $ 3,797 $ 227,275 Contingent commission revenue 60,590 — 107 60,697 Membership revenue 36,865 2,663 — 39,528 Marketplace and other revenue 40,366 741 2,065 43,172 Total revenue from customer contracts 343,920 20,783 5,969 370,672 Earned premium recognized under ASC 944 384,498 Total revenue $ 755,170 Nine months ended September 30, 2022 U.S. Canada Europe Total in thousands Commission and fee revenue $ 176,011 $ 16,214 $ 3,348 $ 195,573 Contingent commission revenue 47,757 — 94 47,851 Membership revenue 30,317 2,507 — 32,824 Marketplace and other revenue 21,806 697 1,115 23,618 Total revenue from customer contracts 275,891 19,418 4,557 299,866 Earned premium recognized under ASC 944 290,719 Total revenue $ 590,585
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 September 30, 2023 and December 31, 2022. September 30, 2023 December 31, 2022 in thousands Contract assets $ 59,635 $ 60,151 Contract liabilities $ 51,789 $ 44,426

Notes Receivable (Tables)

Notes Receivable (Tables)	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Schedule of Financing Receivable Credit Quality Indicators	The table below provides the aggregate LTV ratio for Broad Arrow's loan portfolio as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 in thousands Secured loans $ 40,157 $ 37,427 Estimate of collateral value $ 89,659 $ 75,802 Aggregate LTV ratio 44.8 % 49.4 %

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Assets, Current and Long-term	As of September 30, 2023 and December 31, 2022, other assets, current and long-term, consisted of: September 30, 2023 December 31, 2022 in thousands Prepaid sales, general and administrative expenses $ 18,314 $ 24,234 Prepaid software as a service ("SaaS") implementation costs 18,687 18,501 Fixed income investments 16,181 12,986 Contract costs 7,868 6,576 Consignor advances (1) 3,100 — Inventory (2) 1,897 2,074 Digital media content (3) 2,299 5,580 Deferred reinsurance premiums ceded (4) 14,172 91 Other (5) 12,224 12,691 Other assets $ 94,742 $ 82,733 (1) Broad Arrow makes consignor advances secured by collector cars that are contractually committed, in the near term, to be offered for sale at a Broad Arrow auction. Consignor advances allow the seller to receive funds upon consignment for an auction sale that will occur up to six months in the future and have short-term contractual maturities. (2) As of September 30, 2023, "Inventory" primarily includes vehicles owned by Broad Arrow that have been purchased for resale purposes. (3) The reduction in digital media content when compared to December 31, 2022 was primarily attributable to $4.3 million of impairments recorded through the first nine months of 2023 as a result of lower than anticipated advertising and sponsorship revenue associated with these assets. (4) Deferred reinsurance premiums ceded represent the unexpired portion of premiums ceded to reinsurers. As of September 30, 2023, $9.7 million of deferred reinsurance premiums relates to the High-Net-Worth Accounts program introduced in 2023 and $4.5 million relates to the cost of the 2023 catastrophe reinsurance program. Refer to Note 10 — Reinsurance for additional information on the Company’s reinsurance programs. (5) As of September 30, 2023, other assets primarily included $3.9 million of other investments, the $3.0 million fair value of an interest rate swap, $2.7 million of collector vehicle investments, $1.3 million of deferred financing costs related to the Company's credit facility, and $1.1 million related to an outstanding reinsurance recoverable. 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.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Components of Operating Lease Expense	The following table summarizes the components of the Company's operating lease expense for the three and nine months ended September 30, 2023 and 2022: Three months ended Nine months ended 2023 2022 2023 2022 in thousands Operating lease expense (1) $ 3,172 $ 2,508 $ 9,472 $ 6,791 Short-term lease expense (1) 131 17 347 94 Variable lease expense (1) (2) 2,031 1,868 3,680 3,113 Sublease revenue (3) (202) (55) (399) (100) Lease cost, net $ 5,132 $ 4,338 $ 13,100 $ 9,898 (1) Classified within "General and administrative services" on the Condensed Consolidated Statements of Operations. (2) Amounts include payments for maintenance, taxes, insurance, and payments affected by the Consumer Price Index. (3) Classified within "Membership, marketplace and other revenue" on the Condensed Consolidated Statements of Operations. The following tables summarize supplemental balance sheet information related to operating leases as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 in thousands Operating lease ROU assets (1) (2) $ 52,113 $ 82,398 Current lease liabilities (3) 6,537 7,556 Long-term lease liabilities (2) 52,022 80,772 Total operating lease liabilities $ 58,559 $ 88,328 September 30, 2023 December 31, 2022 in thousands ROU assets obtained in exchange for new operating lease liabilities (4) $ 632 $ 82,398 Gains on sales and leaseback transactions, net $ — $ 4,314 Weighted-average lease term 9.18 10.23 Weighted-average discount rate 4.8 % 5.5 % (1) Refer to Note 11 — Restructuring, Impairment and Related Charges for information regarding the Company's restructuring activities, which resulted in ROU asset impairments. The total decrease in operating lease ROU assets related to impairments was $1.1 million for the nine months ended September 30, 2023. (2) Refer to Note 7 — Losses and Impairments Related to Divestitures for information related to the termination of the joint venture agreement governing MHH, which resulted in the divestiture of certain Hagerty Garage + Social locations and the termination of the lease for the Hagerty Garage + Social location in Culver City, California. The termination of the joint venture agreement governing MHH resulted in decreases of $14.8 million in operating lease ROU assets and $15.2 million in operating lease liabilities in the third quarter of 2023. The termination of the Culver City, California lease resulted in decreases of $9.3 million in operating lease ROU assets and $10.1 million in operating lease liabilities in the third quarter of 2023. (3) Current lease liabilities are recorded within "Accounts payable, accrued expenses and other current liabilities" within the Condensed Consolidated Balance Sheets. (4) Represents the amount of ROU assets obtained during the nine months ended September 30, 2023 and year ended December 31, 2022, which 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 September 30, 2023: in thousands 2023 $ 2,280 2024 9,134 2025 8,743 2026 8,163 2027 7,891 Thereafter 37,194 Total lease payments 73,405 Less: imputed interest (14,846) Total lease liabilities $ 58,559

Acquisitions and Investments (T

Acquisitions and Investments (Tables)	9 Months Ended
	Sep. 30, 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 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 the third quarter of 2022, representing the excess of the $48.3 million estimated fair value of its 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 approximated their carrying value due to the relatively short-term maturities and market rates of interest associated with most of the loans. Refer to Note 3 — Notes Receivable for additional information with respect to the Broad Arrow loan portfolio. (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)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2023 and 2022: 2023 2022 in thousands Goodwill as of January 1, $ 115,041 $ 11,488 Acquisitions (1) — 103,605 Divestitures (2) (846) — Effect of foreign currency translation 3 (62) Goodwill as of September 30, $ 114,198 $ 115,031 (1) 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. (2) Refer to Note 7 — Losses and Impairments Related to Divestitures for information related to the termination of the joint venture agreement governing MHH, which resulted in the divestiture of certain Hagerty Garage + Social locations, as well as the divestiture of DriveShare. The termination of the joint venture agreement governing MHH and the divestiture of DriveShare resulted in the derecognition of $0.4 million and $0.4 million, respectively, of goodwill in the third quarter of 2023.
Schedule of Finite-Lived Intangible Assets	The cost and accumulated amortization of intangible assets as of September 30, 2023 and December 31, 2022 are as follows: Weighted Average Useful Life September 30, 2023 December 31, 2022 in thousands Renewal rights 10.0 $ 20,053 $ 17,282 Internally developed software 3.1 123,610 109,764 Trade names and trademarks 14.0 12,541 12,541 Relationships and customer lists (1) 15.7 8,869 13,890 Other 4.4 1,435 1,434 Intangible assets 166,508 154,911 Less: accumulated amortization (70,732) (50,887) Intangible assets, net $ 95,776 $ 104,024 (1) Refer to Note 7 — Losses and Impairments Related to Divestitures for information related to the termination of the joint venture agreement governing MHH, which resulted in the divestiture of certain Hagerty Garage + Social locations. The termination of the joint venture agreement governing MHH resulted in the decrease of $5.0 million of relationships and customer lists in the third quarter of 2023.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The estimated future aggregate amortization expense as of September 30, 2023 is as follows: in thousands 2023 $ 7,717 2024 27,695 2025 19,460 2026 12,087 2027 8,372 Thereafter 20,445 Total $ 95,776

Provision for Unpaid Losses a_2

Provision for Unpaid Losses and Loss Adjustment Expenses (Tables)	9 Months Ended
	Sep. 30, 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: Nine 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 on unpaid losses and loss adjustment expenses 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 159,461 136,144 Prior accident year — — Total incurred losses and loss adjustment expenses 159,461 136,144 Payments: Current accident year 35,993 27,939 Prior accident year 44,499 27,759 Total payments 80,492 55,698 Effect of foreign currency rate changes (42) (490) Net reserves for unpaid losses and loss adjustment expenses, end of period 189,825 154,825 Reinsurance recoverable on unpaid losses and loss adjustment expenses 959 8,100 Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 190,784 $ 162,925

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Schedule of Premiums Assumed and the Change in Unearned Premiums	The following table presents Hagerty Re's total premiums assumed and ceded on a written and earned basis for the three and nine months ended September 30, 2023 and 2022: Three months ended Nine months ended 2023 2022 2023 2022 in thousands Premiums: Assumed $ 178,319 $ 136,187 $ 498,962 $ 373,442 Ceded (5,838) (1,268) (28,107) (10,958) Net $ 172,481 $ 134,919 $ 470,855 $ 362,484 Premiums earned: Assumed $ 146,004 $ 110,958 $ 398,524 $ 298,818 Ceded (6,219) (3,471) (14,026) (8,099) Net $ 139,785 $ 107,487 $ 384,498 $ 290,719
Schedule of Reinsurance Recoverable, Past Due	The following table presents the reinsurance recoverable on paid and unpaid losses and loss adjustment expenses as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, in thousands Reinsurance recoverable on paid losses and loss adjustment expenses $ 92 $ 605 Reinsurance recoverable on unpaid losses and loss adjustment expenses 959 843 Total reinsurance recoverable $ 1,051 $ 1,448

Restructuring, Impairment and_2

Restructuring, Impairment and Related Charges (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 will be settled in the fourth quarter of 2023. in thousands Balance at December 31, 2022 $ 9,470 Costs incurred and charged to expense 8,857 Costs paid or otherwise settled (1) (18,282) Balance at September 30, 2023 $ 45

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The following table summarizes the significant inputs used in the valuation model for the private warrants as of September 30, 2023: Inputs Private Placement Warrants Underwriter Warrants OTM Warrants PIPE Warrants Exercise price $11.50 $11.50 $15.00 $11.50 Common stock price $8.17 $8.17 $8.17 $8.17 Volatility 57.5% 57.5% 53.0% 57.5% Expected term of the warrants 3.18 3.18 8.18 3.18 Risk-free rate 4.80% 4.80% 4.60% 4.80% 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 September 30, 2023 and December 31, 2022, are shown in the tables below: Estimated Fair Value as of September 30, 2023 Total Level 1 Level 2 Level 3 in thousands Financial Assets Interest rate swaps $ 3,049 $ — $ 3,049 $ — Total $ 3,049 $ — $ 3,049 $ — Financial Liabilities Public warrants $ 13,167 $ 13,167 $ — $ — Private placement warrants 706 — — 706 Underwriter warrants 79 — — 79 OTM warrants 5,247 — — 5,247 PIPE warrants 27,781 — — 27,781 Total $ 46,980 $ 13,167 $ — $ 33,813 Estimated Fair Value as of December 31, 2022 Total Level 1 Level 2 Level 3 in thousands 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 nine months ended September 30, 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 (521) (58) (1,961) (24,174) (26,714) Exercise of warrants — — — (1,906) (1,906) Balance at September 30, 2022 $ 727 $ 81 $ 4,888 $ 29,807 $ 35,503 Balance at December 31, 2022 $ 673 $ 75 $ 4,706 $ 27,227 $ 32,681 Change in fair value of warrant liabilities 33 4 541 554 1,132 Balance at September 30, 2023 $ 706 $ 79 $ 5,247 $ 27,781 $ 33,813
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 September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value in thousands Short-term $ 9,618 $ 9,508 $ 6,296 $ 6,205 Long-term 6,563 6,316 6,690 6,316 Total $ 16,181 $ 15,824 $ 12,986 $ 12,521

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of September 30, 2023 and December 31, 2022, "Long-term debt, net" consisted of the following: September 30, 2023 December 31, 2022 in thousands Credit Facility $ 45,395 $ 105,000 State Farm Term Loan 25,000 — Notes payable 5,964 3,280 Total long-term debt 76,359 108,280 Less: Unamortized debt issuance costs related to State Farm Term Loan (595) — Total long-term debt, net $ 75,764 $ 108,280

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Other Ownership Interests	The following table summarizes the ownership of Hagerty Group Units as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Units Owned Ownership Percentage Units Owned Ownership Percentage Hagerty Group Units held by Hagerty, Inc. 84,479,065 24.8 % 83,202,969 24.5 % Hagerty Group Units held by other unit holders 255,499,164 75.2 % 255,758,466 75.5 % Total 339,978,229 100.0 % 338,961,435 100.0 %

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table summarizes the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2023 and 2022: Three months ended Nine months ended 2023 2022 2023 2022 in thousands (except per share amounts) Earnings (Loss) Per Share of Class A Common Stock, Basic Net income (loss) available to Class A Common Stockholders $ 3,255 $ 14,714 $ 3,712 $ 36,685 Weighted-average shares of Class A Common Stock outstanding 84,479 82,816 84,042 82,569 Net income (loss) per share of Class A Common Stock, Basic $ 0.04 $ 0.18 $ 0.04 $ 0.44 Earnings (Loss) Per Share of Class A Common Stock, Diluted Net income (loss) available to Class A Common Stockholders $ 3,255 $ 24,531 $ 3,712 $ 10,512 Weighted-average shares of Class A Common Stock outstanding 84,479 336,768 84,042 335,392 Net income (loss) per share of Class A Common Stock, Diluted $ 0.04 $ 0.07 $ 0.04 $ 0.03 Net Income (Loss) Available to Class A Common Stockholders Net income (loss) $ 18,623 $ 24,313 $ 19,137 $ 34,636 Net loss (income) attributable to non-controlling interest (13,269) (9,599) (13,477) 2,049 Accretion of Series A Convertible Preferred Stock (1,838) — (1,838) — Undistributed earnings allocated to Series A Convertible Preferred Stock (261) — (110) — Net income (loss) available to Class A Common Stockholders, Basic 3,255 14,714 3,712 36,685 Undistributed earnings allocated to Series A Convertible Preferred Stock — — — — Adjustment for potentially dilutive Hagerty Group Units — 9,817 — (1,420) Adjustment for potentially dilutive Series A Convertible Preferred Stock — — — — Adjustment for potentially dilutive warrant liabilities — — — (24,753) Net income (loss) available to Class A Common Stockholders, Diluted $ 3,255 $ 24,531 $ 3,712 $ 10,512 Weighted-Average Shares of Class A Common Stock Outstanding Weighted-average shares of Class A Common Stock outstanding, Basic 84,479 82,816 84,042 82,569 Adjustment for potentially dilutive Hagerty Group Units — 253,396 — 251,821 Adjustment for potentially dilutive Series A Convertible Preferred Stock — — — — Adjustment for potentially dilutive share-based compensation awards — 556 — 185 Adjustment for potentially dilutive warrants — — — 817 Weighted-average shares of Class A Common Stock outstanding, Diluted 84,479 336,768 84,042 335,392
Schedule of the Weighted Average Excluded from Diluted Earnings (Loss)	The following table summarizes the weighted-average potential shares of Class A Common Stock excluded from diluted earnings (loss) per share of Class A Common Stock as their effect would be anti-dilutive: Three months ended Nine months ended 2023 2022 2023 2022 in thousands Hagerty Group Units 255,499 — 255,579 — Series A Convertible Preferred Stock 6,785 — 2,485 — Unvested shares associated with share-based compensation awards 8,509 3,815 7,480 2,534 Warrants 19,484 19,484 19,484 7,050 Total 290,277 23,299 285,028 9,584

Warrant Liabilities (Tables)

Warrant Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Schedule of the Number of Outstanding Warrants and Their Fair Value	The following table summarizes the Company's outstanding warrants and their fair value as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Warrants Outstanding Fair Value Warrants Outstanding Fair Value in thousands Public warrants (1) 5,750 $ 13,167 5,750 $ 12,880 Private placement warrants (2) 258 706 258 673 Underwriter warrants (2) 29 79 29 75 OTM warrants (3) 1,300 5,247 1,300 4,706 PIPE warrants (2) 12,147 27,781 12,147 27,227 Total 19,484 $ 46,980 19,484 $ 45,561 (1) The Public warrants may be exercised on a cash basis only and expire in December 2026. (2) The Private Placement, Underwriter and PIPE warrants may be exercised on a cashless basis and expire in December 2026. (3) The OTM warrants may be exercised on a cashless basis and expire in December 2031.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense	The following table summarizes share-based compensation expense recognized during the three and nine months ended September 30, 2023 and 2022: Three months ended Nine months ended 2023 2022 2023 2022 in thousands Restricted stock units $ 4,220 $ 3,143 $ 10,846 $ 6,735 Performance restricted stock units 715 715 2,146 1,430 Employee stock purchase plan — — 165 — Total share-based compensation expense $ 4,935 $ 3,858 $ 13,157 $ 8,165
Schedule of Restricted Stock Units Activity	The following table provides a summary of the RSU activity during the nine months ended September 30, 2023: Restricted Stock Units Weighted Average Grant Date Fair Value Unvested balance as of December 31, 2022 3,195,038 $ 10.76 Granted 2,617,859 9.12 Vested (898,230) 10.81 Forfeited (132,029) 10.21 Unvested balance as of September 30, 2023 4,782,638 $ 9.87
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-based RSUs awarded in April 2022: Inputs Performance Restricted Stock Units Weighted average grant-date fair value per share $5.19 Expected stock volatility 35% Expected term (in years) 7.0 Risk-free interest rate 2.5% Dividend yield —%
Schedule of Performance-based Units Activity	The following table provides a summary of performance-based RSU activity during the nine months ended September 30, 2023: Performance Restricted Stock Units Weighted Average Fair Value Outstanding as of December 31, 2022 3,707,136 $ 5.19 Granted — — Outstanding as of September 30, 2023 3,707,136 $ 5.19

Taxation (Tables)

Taxation (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	Income tax expense (benefit) reflected in the Condensed Consolidated 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: Nine months ended September 30, 2023 2022 in thousands (except percentages) Income tax (benefit) expense at statutory rate $ 6,539 21 % $ 8,481 21 % State taxes 377 1 % (51) — % Loss not subject to entity-level taxes 4,961 17 % 1,402 3 % Foreign rate differential (219) (1) % (264) (1) % Change in valuation allowance (635) (2) % 2,101 5 % Change in fair value of warrant liability 298 1 % (7,952) (19) % Permanent items 711 2 % 360 1 % Other, net (30) — % — — % Income tax expense $ 12,002 39 % $ 4,077 10 %

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Ownership Interests, by Affiliates	As of September 30, 2023, Markel and State Farm had the following equity interests in Hagerty and as a result, are considered related parties: Markel State Farm Equity Interest Shares/Units Percentage of total outstanding (1) Shares/Units Percentage of total outstanding (1) Hagerty, Inc. Class A Common Stock 3,000,000 3.6 % 50,000,000 59.2 % Hagerty, Inc. Class V Common Stock 75,000,000 29.9 % — — % Hagerty, Inc. Series A Convertible Preferred Stock 1,590,668 18.8 % 5,302,226 62.5 % Hagerty Group Units 75,000,000 22.1 % — — % Controlling Interest 3,000,000 3.6 % 50,000,000 59.2 % Non-controlling Interest 75,000,000 29.4 % — — (1) The percentages reflected represent only the ownership of the specific security identified in each row, and are not reflective of the total economic ownership in Hagerty. Further, these percentages do not reflect any ownership of warrants. Refer to Note 16 — Stockholders' Equity for a description of each equity interest in the table above.
Schedule of Related Party Transactions	The following tables summarize all balances related to the Company's ceded reinsurance business with State Farm affiliates: September 30, 2023 December 31, 2022 Assets: in thousands Commissions receivable $ 2,305 $ — Other current assets 7,332 — Total assets $ 9,637 $ — Liabilities: Accounts payable, accrued expenses and other current liabilities $ 7,941 $ — Total liabilities $ 7,941 $ — Three months ended Nine months ended 2023 2022 2023 2022 Revenue: in thousands Earned premium $ (1,645) $ — $ (3,035) $ — Expenses: Ceding commission $ (855) $ — $ (1,578) $ — Losses and loss adjustment expenses (329) — (607) — Total expenses $ (1,184) $ — $ (2,185) $ — September 30, 2023 December 31, 2022 in thousands (except percentages) Due to insurer $ 105,923 $ 64,873 Percent of total 93 % 95 % Three months ended Nine months ended 2023 2022 2023 2022 in thousands (except percentages) Commission revenue $ 95,559 $ 78,808 $ 267,935 $ 225,060 Percent of total 94 % 94 % 95 % 94 % The following tables summarize all balances related to the Company's reinsurance business with Markel affiliates: September 30, 2023 December 31, 2022 Assets: in thousands Premiums receivable $ 173,503 $ 97,897 Commissions receivable 626 — Deferred acquisition costs, net 150,482 103,869 Other current assets 1,636 — Total assets $ 326,247 $ 201,766 Liabilities: Accounts payable, accrued expenses and other current liabilities $ 2,117 $ — Losses payable and provision for unpaid losses and loss adjustment expenses 182,172 160,236 Commissions payable 109,147 75,898 Unearned premiums 324,772 227,192 Total liabilities $ 618,208 $ 463,326 Three months ended Nine months ended 2023 2022 2023 2022 Revenue: in thousands Earned premium $ 140,674 $ 102,958 $ 384,646 $ 278,386 Expenses: Ceding commission, net $ 64,391 $ 48,421 $ 177,568 $ 132,724 Losses and loss adjustment expenses 55,909 58,900 153,758 130,279 Total expenses $ 120,300 $ 107,321 $ 331,326 $ 263,003

Basis of Presentation and Acc_4

Basis of Presentation and Accounting Policies - Narrative (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 GBP (£) segment	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Jan. 01, 2022 USD ($)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Reinsurance, Amount Retained, Per Policy | £	£ 1,000,000
Number of operating segments | segment	1
Number of reportable segments | segment	1
Total lease liabilities		$ 88,328	$ 58,559	$ 72,800
Lease right-of-use assets		82,398	52,113	72,800
Accumulated earnings (deficit)		$ (489,602)	$ (483,566)
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
The Hagerty Group, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage by Hagerty, Inc	24.80%	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	100%	80%

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	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 90,710	$ 95,172	$ 180,417
Restricted cash and cash equivalents	594,865		435,916
Total cash and cash equivalents and restricted cash and cash equivalents	$ 685,575	$ 539,191	$ 616,333	$ 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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
NON-CASH INVESTING ACTIVITIES:
Capital expenditures		$ 237	$ 4,137
Acquisitions		1,742	80,753
Termination of MHH Joint Venture (Refer to Note 7)	$ 2,929		0
CASH PAID FOR:
Interest		4,236	2,965
Income taxes		$ 7,000	$ 5,253

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue By Distribution Channel Offering and Geographical Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	$ 135,789	$ 109,270	$ 370,672	$ 299,866
Earned premium recognized under ASC 944	139,785	107,487	384,498	290,719
Total revenue	275,574	216,757	755,170	590,585
U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	125,972	100,710	343,920	275,891
Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	7,544	7,004	20,783	19,418
Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	2,273	1,556	5,969	4,557
Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	56,212	45,935	156,552	130,559
Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	79,577	63,335	214,120	169,307
Commission and fee revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	103,173	85,457	287,972	243,424
Commission and fee revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	81,775	71,029	227,275	195,573
Commission and fee revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	73,891	63,941	206,099	176,011
Commission and fee revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	6,422	5,940	17,379	16,214
Commission and fee revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	1,462	1,148	3,797	3,348
Commission and fee revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	44,387	37,998	123,046	104,390
Commission and fee revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	37,388	33,031	104,229	91,183
Contingent commission revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	21,398	14,428	60,697	47,851
Contingent commission revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	21,360	14,491	60,590	47,757
Contingent commission revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	0	0	0	0
Contingent commission revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	38	(63)	107	94
Contingent commission revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	11,825	7,937	33,506	26,169
Contingent commission revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	9,573	6,491	27,191	21,682
Membership, marketplace and other revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	32,616	23,813	82,700	56,442
Membership revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	13,835	11,375	39,528	32,824
Membership revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	12,942	10,538	36,865	30,317
Membership revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	893	837	2,663	2,507
Membership revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	0	0	0	0
Membership revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	0	0	0	0
Membership revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	13,835	11,375	39,528	32,824
Marketplace and other revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	18,781	12,438	43,172	23,618
Marketplace and other revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	17,779	11,740	40,366	21,806
Marketplace and other revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	229	227	741	697
Marketplace and other revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	773	471	2,065	1,115
Marketplace and other revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	0	0	0	0
Marketplace and other revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	$ 18,781	$ 12,438	$ 43,172	$ 23,618

Revenue - Contract Assets and L

Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 59,635	$ 60,151
Contract liabilities	$ 51,789	$ 44,426

Notes Receivable - Narrative (D

Notes Receivable - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Notes receivable	$ 40,157	$ 37,427
Notes receivable, current	26,828	25,493
Notes receivable, noncurrent	$ 13,329	$ 11,934
Customer Concentration Risk | Notes Receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan to value ratio	37%
Principal outstanding loan	$ 15,800
Securities loaned, fair value of collateral	$ 42,300
Customer Concentration Risk | Notes Receivable | Borrower
Financing Receivable, Allowance for Credit Loss [Line Items]
Percent of total	39%
Broad Arrow Group Inc
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans maturity term	2 years
Loans, renewal option, term	1 year
Loan to value ratio	65%

Notes Receivable - Aggregate LT

Notes Receivable - Aggregate LTV Ratio (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Secured loans	$ 40,157	$ 37,427
Estimate of collateral value	$ 89,659	$ 75,802
Aggregate LTV ratio	44.80%	49.40%

Other Assets - Schedule of Prep

Other Assets - Schedule of Prepaid Expenses and Other Assets, Current and Long-term (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Prepaid sales, general and administrative expenses	$ 18,314	$ 24,234
Prepaid software as a service ("SaaS") implementation costs	18,687	18,501
Fixed income investments	16,181	12,986
Contract costs	7,868	6,576
Consignor advances	3,100	0
Inventory	1,897	2,074
Digital media content	2,299	5,580
Deferred reinsurance premiums ceded	14,172	91
Other	12,224	12,691
Other assets	94,742	82,733
Impairment of intangible assets	4,300
Other investments	3,900	4,000
Interest rate swap	3,000	3,300
Collector vehicles	2,700	2,500
Deferred financing costs	1,300	1,400
Outstanding reinsurance recoverable	1,100	$ 1,400
Reinsurance Contract [Axis]: 2023 catastrophe reinsurance program
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Deferred reinsurance premiums ceded	4,500
Reinsurance Contract [Axis]: High Net Worth Accounts Program
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Deferred reinsurance premiums ceded	$ 9,700

Leases - Operating Lease Expens

Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease expense	$ 3,172	$ 2,508	$ 9,472	$ 6,791
Short-term lease expense	131	17	347	94
Variable lease expense	2,031	1,868	3,680	3,113
Sublease revenue	(202)	(55)	(399)	(100)
Lease cost, net	$ 5,132	$ 4,338	$ 13,100	$ 9,898

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
	Jan. 01, 2022	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease ROU assets	$ 72,800	$ 52,113	$ 52,113	$ 82,398
Current lease liabilities		6,537	6,537	7,556
Long-term lease liabilities		52,022	52,022	80,772
Total operating lease liabilities	72,800	$ 58,559	58,559	88,328
ROU assets obtained in exchange for new operating lease liabilities	$ 72,800		632	82,398
Gains on sales and leaseback transactions, net			$ 0	$ 4,314
Weighted-average lease term		9 years 2 months 4 days	9 years 2 months 4 days	10 years 2 months 23 days
Weighted-average discount rate		4.80%	4.80%	5.50%
Decrease in operating lease right of use assets			$ 1,100
Member Hubs Holding, LLC
Lessee, Lease, Description [Line Items]
Decrease in operating lease right of use assets		$ 14,800
Decrease in operating lease liability		15,200
Hagerty DriveShare, LLC
Lessee, Lease, Description [Line Items]
Decrease in operating lease right of use assets		9,300
Decrease in operating lease liability		$ 10,100

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Leases [Abstract]
2023	$ 2,280
2024	9,134
2025	8,743
2026	8,163
2027	7,891
Thereafter	37,194
Total lease payments	73,405
Less: imputed interest	(14,846)
Total lease liabilities	$ 58,559	$ 88,328	$ 72,800

Acquisitions and Investments -

Acquisitions and Investments - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended			9 Months Ended
	Aug. 16, 2022	Aug. 31, 2022	Apr. 30, 2022	Jan. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Asset Acquisition [Line Items]
Purchase of previously held equity method investment					$ 0	$ 15,250
Consideration transferred					$ 2,700	$ 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
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%

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	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Asset Acquisition [Line Items]
Goodwill		$ 114,198	$ 115,041	$ 115,031	$ 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

Losses and Impairments Relate_2

Losses and Impairments Related to Divestitures (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Revaluation loss on previously held equity method		$ 0	$ (34,735)	$ 0	$ (34,735)
Member Hubs Holding, LLC
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Revaluation loss on previously held equity method		2,900
Gain (Loss) on Termination of Lease		600
Member Hubs Holding, LLC | Hagerty Ventures LLC
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Ownership interest	100%
Member Hubs Holding, LLC
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Equity method investment, ownership percentage	20%
Hagerty DriveShare, LLC
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Loss on write down the carrying value of its investment		$ 400

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Aug. 31, 2022
Goodwill [Roll Forward]
Goodwill, beginning balance		$ 115,041	$ 11,488
Acquisitions		0	103,605
Divestitures		(846)	0
Effect of foreign currency translation		3	(62)
Goodwill, ending balance	$ 114,198	114,198	115,031
Goodwill	114,198	$ 114,198	$ 115,031
Hagerty DriveShare, LLC
Goodwill [Roll Forward]
Goodwill, impairment loss	400
Member Hubs Holding, LLC
Goodwill [Roll Forward]
Goodwill, impairment loss	$ 400
Speed Digital and Broad Arrow
Goodwill [Roll Forward]
Goodwill				$ 103,600

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Cost and Accumulated Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 166,508		$ 166,508		$ 154,911
Less: accumulated amortization	(70,732)		(70,732)		(50,887)
​Total	95,776		95,776		104,024
Amortization of intangible assets	7,100	$ 5,900	20,900	$ 15,400
Renewal rights
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 20,053		$ 20,053		17,282
Renewal rights | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	10 years		10 years
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 123,610		$ 123,610		109,764
Internally developed software | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	3 years 1 month 6 days		3 years 1 month 6 days
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 12,541		$ 12,541		12,541
Trade names and trademarks | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	14 years		14 years
Relationships and customer lists
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 8,869		$ 8,869		13,890
Relationships and customer lists | Member Hubs Holding, LLC
Finite-Lived Intangible Assets [Line Items]
Intangible assets, decrease	$ 5,000
Relationships and customer lists | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	15 years 8 months 12 days		15 years 8 months 12 days
Other
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 1,435		$ 1,435		$ 1,434
Other | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	4 years 4 months 24 days		4 years 4 months 24 days

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 7,717
2024	27,695
2025	19,460
2026	12,087
2027	8,372
Thereafter	20,445
​Total	$ 95,776	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 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 on unpaid losses and loss adjustment expenses			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			159,461	136,144
Prior accident year			0	0
Total incurred losses and loss adjustment expenses	$ 57,485	$ 60,605	159,461	136,144
Payments:
Current accident year			35,993	27,939
Prior accident year			44,499	27,759
Total payments			80,492	55,698
Effect of foreign currency rate changes			(42)	(490)
Net reserves for unpaid losses and loss adjustment expenses, end of period	189,825	154,825	189,825	154,825
Reinsurance recoverable on unpaid losses and loss adjustment expenses	959	8,100	959	8,100
Gross reserves for unpaid losses and loss adjustment expenses, end of period	$ 190,784	$ 162,925	$ 190,784	$ 162,925

Reinsurance - Earned Premium (D

Reinsurance - Earned Premium (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Premiums:
Assumed	$ 178,319	$ 136,187	$ 498,962	$ 373,442
Ceded	(5,838)	(1,268)	(28,107)	(10,958)
Net	172,481	134,919	470,855	362,484
Premiums earned:
Assumed	146,004	110,958	398,524	298,818
Ceded	(6,219)	(3,471)	(14,026)	(8,099)
Net	$ 139,785	$ 107,487	$ 384,498	$ 290,719

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) $ in Millions			9 Months Ended
	Mar. 01, 2023	Jan. 01, 2023	Sep. 30, 2023 USD ($) letter_of_credit
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance retention policy, total insured amount			$ 5
Reinsurance, excess retention, amount reinsured, per event			105
Reinsurance, amount retained, per event			$ 25
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
Reinsurance, excess retention, amount reinsured, per event			30
Reinsurance, amount retained, per event			9
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
Reinsurance, amount retained, per event			25
Reinsurance Contract [Axis]: Catastrophe Reinsurance Layer Three
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance, excess retention, amount reinsured, per event			21
Reinsurance, amount retained, per event			$ 9
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
Reinsurance, amount retained, per event			$ 50

Reinsurance - Reinsurance Recov

Reinsurance - Reinsurance Recoverable on Paid and Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Reinsurance recoverable on paid losses and loss adjustment expenses	$ 92	$ 605
Reinsurance recoverable on unpaid losses and loss adjustment expenses	959	843
Total reinsurance recoverable	$ 1,051	$ 1,448

Restructuring, Impairment and_3

Restructuring, Impairment and Related Charges (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring, impairment and related charges	$ 473	$ 2,800		$ 0	$ 8,857	$ 0	$ 18,300
Impairment of operating lease right-of-use assets		2,600			1,147	$ 0	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
Impairment of operating lease right-of-use assets					3,100
Severance costs		$ 200	5,100
Asset impairment charges			$ 400		$ 500
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		9 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Restructuring Reserve [Roll Forward]
Beginning balance		$ 9,470	$ 9,470
Costs incurred and charged to expense			8,857
Costs paid or otherwise settled			(18,282)
Ending balance			45		$ 9,470
Impairment of operating lease right-of-use assets	$ 2,600		1,147	$ 0	$ 4,700
Reduction In Force
Restructuring Reserve [Roll Forward]
Impairment of operating lease right-of-use assets			3,100
Asset impairment charges		$ 400	$ 500

Fair Value Measurements - Warra

Fair Value Measurements - Warrant liabilities (Details) - shares	Sep. 30, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	19,484,000	19,484,000
Public warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	5,750,000	5,750,000
Private placement warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	257,500	258,000
Underwriter Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	28,750	1,300,000
OTM Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	1,300,000	29,000
PIPE Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	12,147,300	12,147,000

Fair Value Measurements - Input

Fair Value Measurements - Inputs in the Valuation Model (Details)	Sep. 30, 2023 $ / shares USD ($) year
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	8.17
Private placement warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.575
Private placement warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	3.18
Private placement warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0480
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	8.17
Underwriter Warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.575
Underwriter Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	3.18
Underwriter Warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0480
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	8.17
OTM Warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.530
OTM Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	8.18
OTM Warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0460
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	8.17
PIPE Warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.575
PIPE Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	3.18
PIPE Warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0480
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	Sep. 30, 2023	Dec. 31, 2022
Financial Assets
Total	$ 3,049	$ 3,294
Financial Liabilities
Fair Value	46,980	45,561
Total	46,980	45,561
Public warrants
Financial Liabilities
Fair Value	13,167	12,880
Private placement warrants
Financial Liabilities
Fair Value	706	673
Underwriter Warrants
Financial Liabilities
Fair Value	79	75
OTM Warrants
Financial Liabilities
Fair Value	5,247	4,706
PIPE Warrants
Financial Liabilities
Fair Value	27,781	27,227
Interest rate swaps
Financial Assets
Interest rate swaps	3,049	3,294
Level 1
Financial Assets
Total	0	0
Financial Liabilities
Total	13,167	12,880
Level 1 | Public warrants
Financial Liabilities
Fair Value	13,167	12,880
Level 1 | Private placement warrants
Financial Liabilities
Fair Value	0	0
Level 1 | Underwriter Warrants
Financial Liabilities
Fair Value	0	0
Level 1 | OTM Warrants
Financial Liabilities
Fair Value	0	0
Level 1 | PIPE Warrants
Financial Liabilities
Fair Value	0	0
Level 1 | Interest rate swaps
Financial Assets
Interest rate swaps	0	0
Level 2
Financial Assets
Total	3,049	3,294
Financial Liabilities
Total	0	0
Level 2 | Public warrants
Financial Liabilities
Fair Value	0	0
Level 2 | Private placement warrants
Financial Liabilities
Fair Value	0	0
Level 2 | Underwriter Warrants
Financial Liabilities
Fair Value	0	0
Level 2 | OTM Warrants
Financial Liabilities
Fair Value	0	0
Level 2 | PIPE Warrants
Financial Liabilities
Fair Value	0	0
Level 2 | Interest rate swaps
Financial Assets
Interest rate swaps	3,049	3,294
Level 3
Financial Assets
Total	0	0
Financial Liabilities
Total	33,813	32,681
Level 3 | Public warrants
Financial Liabilities
Fair Value	0	0
Level 3 | Private placement warrants
Financial Liabilities
Fair Value	706	673
Level 3 | Underwriter Warrants
Financial Liabilities
Fair Value	79	75
Level 3 | OTM Warrants
Financial Liabilities
Fair Value	5,247	4,706
Level 3 | PIPE Warrants
Financial Liabilities
Fair Value	27,781	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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 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	1,132	(26,714)
Exercise of warrants		(1,906)
Ending balance	33,813	35,503
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	33	(521)
Exercise of warrants		0
Ending balance	706	727
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	4	(58)
Exercise of warrants		0
Ending balance	79	81
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	541	(1,961)
Exercise of warrants		0
Ending balance	5,247	4,888
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	554	(24,174)
Exercise of warrants		(1,906)
Ending balance	$ 27,781	$ 29,807

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Estimated Fair Value (Details) - Fixed Income Securities - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term	$ 9,618	$ 6,296
Long-term	6,563	6,690
Total	16,181	12,986
Level 2 | Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term	9,508	6,205
Long-term	6,316	6,316
Total	$ 15,824	$ 12,521

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total long-term debt	$ 76,359	$ 108,280
Less: Unamortized debt issuance costs related to State Farm Term Loan	(595)	0
Total long-term debt, net	75,764	108,280
Credit Facility | State Farm Term Loan
Debt Instrument [Line Items]
Total long-term debt	25,000	0
Notes payable
Debt Instrument [Line Items]
Total long-term debt	5,964	3,280
Revolving Credit Facility | Credit Facility
Debt Instrument [Line Items]
Total long-term debt	$ 45,395	$ 105,000

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details)	9 Months Ended
	Sep. 30, 2023 USD ($) letter_of_credit	Sep. 19, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Total long-term debt	$ 75,764,000		$ 108,280,000
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
Credit Facility | State Farm Term Loan
Debt Instrument [Line Items]
Debt face amount		$ 25,000,000
Fixed rate		8%
Notes payable | United Kingdom
Debt Instrument [Line Items]
Total long-term debt	$ 6,000,000		$ 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	9.80%
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	7.41%
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	Sep. 30, 2023 USD ($) swap	Dec. 31, 2022 USD ($)
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%
Derivative, fair value	$ 3,000,000	$ 3,300,000

Convertible Preferred Stock (De

Convertible Preferred Stock (Details) $ / shares in Units, $ in Millions		9 Months Ended
	Jun. 23, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) consecutiveTradingDay $ / shares shares	Dec. 31, 2022 $ / shares
Class of Stock [Line Items]
Temporary equity, par value (in dollars per share) | $ / shares		$ 0.0001	$ 0.0001
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Number of shares issued in transaction (in shares) | shares	8,483,561
Temporary equity, par value (in dollars per share) | $ / shares	$ 0.0001
Sale of stock, consideration received per transaction | $	$ 80
Sale of stock, price per share ( in dollar per share) | $ / shares	$ 9.43
Payments of debt issuance costs | $	$ 0.8
Consideration received on transaction | $	$ 79.2
Preferred stock, redemption amount | $		$ 123.4
Preferred stock, dividend rate, percentage		7%
Convertible preferred stock Per-share purchase price (in dollars per shares) | $ / shares		$ 11.79
Conversion of stock, shares converted (in shares) | shares		0
Class A Common Stock
Class of Stock [Line Items]
Debt instrument, convertible, threshold trading days | consecutiveTradingDay		20
Debt instrument, convertible, threshold consecutive trading days | consecutiveTradingDay		30
Preferred stock, convertible, shares issuable (in shares) | shares		6,785,410
Class A Common Stock | On or after the Third and Prior to the Seventh Anniversary
Class of Stock [Line Items]
Convertible preferred stock, threshold percentage of stock price trigger		150%
Class A Common Stock | On or after the Seventh and Prior to the Tenth Anniversary
Class of Stock [Line Items]
Convertible preferred stock, threshold percentage of stock price trigger		100%

Convertible Preferred Stock - C

Convertible Preferred Stock - Change of Control, Fundamental Transaction and Optional Term Redemption (Details) - Series A Convertible Preferred Stock $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Fundamental Transaction
Class of Stock [Line Items]
Acquisition of minimum transaction value	$ 500
Minimum value of equity and debt financing	$ 500
Prior to or on the Third Anniversary | Change of Control
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	120%
Prior to or on the Third Anniversary | Fundamental Transaction
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	120%
After the Third but Prior to or on the Fifth Anniversary | Change of Control
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	110%
After the Third but Prior to or on the Fifth Anniversary | Fundamental Transaction
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	110%
After the Fifth Anniversary | Change of Control
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	100%
After the Fifth but Prior to or on the Sixth Anniversary | Fundamental Transaction
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	108%
After the Fifth but Prior to or on the Sixth Anniversary | Optional Term Redemption
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	110%
After the Sixth but Prior to or on the Seventh Anniversary | Fundamental Transaction
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	106%
After the Sixth but Prior to or on the Seventh Anniversary | Optional Term Redemption
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	108%
After the Seventh but Prior to or on the Eighth Anniversary | Fundamental Transaction
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	104%
After the Seventh but Prior to or on the Eighth Anniversary | Optional Term Redemption
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	106%
After the Eighth but Prior to or on the Ninth Anniversary | Fundamental Transaction
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	102%
After the Eighth but Prior to or on the Ninth Anniversary | Optional Term Redemption
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	104%
After the Ninth Anniversary | Fundamental Transaction
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	100%
On or after the Ninth but Prior to Tenth Anniversary | Optional Term Redemption
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	102%
On or after the Tenth Anniversary | Optional Term Redemption
Class of Stock [Line Items]
Convertible preferred stock, redemption price, percentage	100%

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands			3 Months Ended	9 Months Ended
	Jun. 23, 2023 USD ($) $ / shares shares	Mar. 23, 2022 USD ($)	Mar. 23, 2022 USD ($)	Sep. 30, 2023 vote $ / shares shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 USD ($)
Class of Stock [Line Items]
Common stock, shares, outstanding (in shares)				339,978,229		338,961,435
Preferred stock, shares authorized (in shares)				20,000,000
Preferred stock, shares issued (in shares)						0
Preferred stock, shares outstanding (in shares)						0
Redeemable noncontrolling interest, equity, carrying amount | $		$ 2,100,000	$ 2,100,000				$ 593,300
Redemption value adjustment for redeemable non-controlling interest | $			1,600,000		$ (1,560,420)
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 | $			(162,100)		(162,095)
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 | $			$ (1,400,000)		(1,398,325)
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)				255,499,164		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)				84,479,065		83,202,969
Common stock, shares, outstanding (in shares)				84,479,065		83,202,969
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
Common stock, conversion ratio				1
Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.0001
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)	8,483,561
Sale of stock, consideration received per transaction | $	$ 80,000
Sale of stock, price per share ( in dollar per share) | $ / shares	$ 9.43

Stockholders' Equity - Ownershi

Stockholders' Equity - Ownership (Details) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Units owned (in shares)	339,978,229	338,961,435
Non-controlling Interest
Class of Stock [Line Items]
Units owned (in shares)	255,499,164	255,758,466
The Hagerty Group, LLC
Class of Stock [Line Items]
Ownership percentage by Hagerty, Inc	24.80%	24.50%
Percentage of total outstanding	75.20%	75.50%
Total ownership percentage	100%	100%
Class A Common Stock
Class of Stock [Line Items]
Units owned (in shares)	84,479,065	83,202,969
Common stock, shares, issued (in shares)	84,479,065	83,202,969

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Income (Loss) Available to Class A Common Stockholders
Net income (loss)	$ 18,623	$ 24,313	$ 19,137	$ 34,636
Net loss (income) attributable to non-controlling interest	(13,269)	(9,599)	(13,477)	2,049
Accretion of Series A Convertible Preferred Stock	(1,838)	0	(1,838)	0
Class A Common Stock
Earnings (Loss) Per Share of Class A Common Stock, Basic
Net income (loss) available to Class A Common Stockholders, Basic	$ 3,255	$ 14,714	$ 3,712	$ 36,685
Weighted average shares of Class A Common Stock outstanding, basic (in shares)	84,479	82,816	84,042	82,569
Net income (loss) Per class A common stock, basic (in dollars per share)	$ 0.04	$ 0.18	$ 0.04	$ 0.44
Earnings (Loss) Per Share of Class A Common Stock, Diluted
Net income (loss) available to Class A Common Stockholders	$ 3,255	$ 24,531	$ 3,712	$ 10,512
Weighted-average shares of class A common stock outstanding (in shares)	84,479	336,768	84,042	335,392
Net income (loss) per class A common stock, diluted (in dollars per share)	$ 0.04	$ 0.07	$ 0.04	$ 0.03
Net Income (Loss) Available to Class A Common Stockholders
Net income (loss)	$ 18,623	$ 24,313	$ 19,137	$ 34,636
Net loss (income) attributable to non-controlling interest	(13,269)	(9,599)	(13,477)	2,049
Accretion of Series A Convertible Preferred Stock	(1,838)	0	(1,838)	0
Undistributed earnings allocated to Series A Convertible Preferred Stock	(261)	0	(110)	0
Net income (loss) available to Class A Common Stockholders, Basic	3,255	14,714	3,712	36,685
Undistributed earnings allocated to Series A Convertible Preferred Stock	0	0	0	0
Adjustment for potentially dilutive Hagerty Group Units	0	9,817	0	(1,420)
Adjustment for potentially dilutive Series A Convertible Preferred Stock	0	0	0	0
Adjustment for potentially dilutive warrant liabilities	0	0	0	(24,753)
Net income (loss) available to Class A Common Stockholders, Diluted	$ 3,255	$ 24,531	$ 3,712	$ 10,512
Weighted-Average Shares of Class A Common Stock Outstanding
Weighted average shares of Class A Common Stock outstanding, basic (in shares)	84,479	82,816	84,042	82,569
Adjustment for potentially dilutive hagerty group units (in shares)	0	253,396	0	251,821
Adjustment for potentially dilutive Series A Convertible Preferred Stock ( in shares)	0	0	0	0
Adjustment for potentially dilutive share-based compensation awards (in shares)	0	556	0	185
Adjustment for potentially dilutive warrant liabilities (in shares)	0	0	0	817
Weighted-average shares of class A common stock outstanding, diluted (in shares)	84,479	336,768	84,042	335,392

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings (loss) per Class A Common Stock (in shares)	290,277	23,299	285,028	9,584
Hagerty Group Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings (loss) per Class A Common Stock (in shares)	255,499	0	255,579	0
Series A Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings (loss) per Class A Common Stock (in shares)	6,785	0	2,485	0
Unvested shares associated with share-based compensation awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings (loss) per Class A Common Stock (in shares)	8,509	3,815	7,480	2,534
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings (loss) per Class A Common Stock (in shares)	19,484	19,484	19,484	7,050

Warrant Liabilities - Number of

Warrant Liabilities - Number of Outstanding Warrants and Their Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	19,484,000	19,484,000
Fair Value, Recurring
Class of Warrant or Right [Line Items]
Fair Value	$ 46,980	$ 45,561
Public warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	5,750,000	5,750,000
Public warrants | Fair Value, Recurring
Class of Warrant or Right [Line Items]
Fair Value	$ 13,167	$ 12,880
Private placement warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	257,500	258,000
Private placement warrants | Fair Value, Recurring
Class of Warrant or Right [Line Items]
Fair Value	$ 706	$ 673
Underwriter Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	28,750	1,300,000
Underwriter Warrants | Fair Value, Recurring
Class of Warrant or Right [Line Items]
Fair Value	$ 79	$ 75
OTM Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	1,300,000	29,000
OTM Warrants | Fair Value, Recurring
Class of Warrant or Right [Line Items]
Fair Value	$ 5,247	$ 4,706
PIPE Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	12,147,300	12,147,000
PIPE Warrants | Fair Value, Recurring
Class of Warrant or Right [Line Items]
Fair Value	$ 27,781	$ 27,227

Warrant Liabilities - Narrative

Warrant Liabilities - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Class of Warrant or Right [Line Items]
Warrants exercised (in shares)	0
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
PIPE Warrants
Class of Warrant or Right [Line Items]
Warrants exercised (in shares)		522,000
PIPE Warrants | Warrant Liabilities
Class of Warrant or Right [Line Items]
Exercise of warrants		$ (1,906)

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details)	1 Months Ended	9 Months Ended		12 Months Ended
	Apr. 30, 2022 USD ($) d $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares 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)		28,900,000
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]
Granted (in shares)		2,617,859	3,251,560
Granted (in dollars per share) | $ / shares		$ 9.12	$ 10.81
Fair value of award grants | $		$ 9,700,000	$ 400,000
Vested (in shares)		(898,230)	(37,071)
Unrecognized compensation cost | $		$ 36,400,000
Weighted average recognition period (in years)		3 years 4 months 28 days
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	3,707,136	0
Granted (in dollars per share) | $ / shares		$ 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 | Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		11,400,000
Stock purchased under ESPP plan (in shares)		(118,009)
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 purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price				15%
Class A Common Stock | ESPP 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price				10%
Class A Common Stock | ESPP 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price				5%

Share-Based Compensation - Shar

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 4,935	$ 3,858	$ 13,157	$ 8,165
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	0	0	165	0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	4,220	3,143	10,846	6,735
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 715	$ 715	$ 2,146	$ 1,430

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Unit Activity (Details) - Restricted stock units - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Restricted Stock Units
Beginning balance (in shares)	3,195,038
Granted (in shares)	2,617,859	3,251,560
Vested (in shares)	(898,230)	(37,071)
Forfeited (in shares)	(132,029)
Ending balance (in shares)	4,782,638
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 10.76
Granted (in dollars per share)	9.12	$ 10.81
Vested (in dollars per share)	10.81
Forfeited (in dollars per share)	10.21
Ending balance (in dollars per share)	$ 9.87

Share-Based Compensation - Gran

Share-Based Compensation - Grant-date Fair Value of Performance Stock Units (Details) - Performance restricted stock units - $ / shares	9 Months Ended
	Sep. 30, 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%

Share-Based Compensation - Perf

Share-Based Compensation - Performance Stock Units Outstanding (Details) - Performance restricted stock units - $ / shares	1 Months Ended	9 Months Ended
	Apr. 30, 2022	Sep. 30, 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 Grant Date 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 - Narrative (Details)

Taxation - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 02, 2021
Income Tax Disclosure [Abstract]
Tax benefit distributions to noncontrolling interest holders, percent			85%
Deferred tax assets, excess tax basis	$ 156.4	$ 159.3
Valuation allowance	174.8	176.1
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)

Taxation - Income Tax Rate Reco

Taxation - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Amount
Income tax (benefit) expense at statutory rate			$ 6,539	$ 8,481
State taxes			377	(51)
Loss not subject to entity-level taxes			4,961	1,402
Foreign rate differential			(219)	(264)
Change in valuation allowance			(635)	2,101
Change in fair value of warrant liability			298	(7,952)
Permanent items			711	360
Other, net			(30)	0
Income tax expense	$ 4,604	$ (91)	$ 12,002	$ 4,077
Percent
Income tax (benefit) expense at statutory rate			21%	21%
State taxes			1%	0%
Loss not subject to entity-level taxes			17%	3%
Foreign rate differential			(1.00%)	(1.00%)
Change in valuation allowance			(2.00%)	5%
Change in fair value of warrant liability			1%	(19.00%)
Permanent items			2%	1%
Other, net			0%	0%
Income tax expense			39%	10%

Related-Party Transactions - Eq

Related-Party Transactions - Equity Interests in Hagerty (Details) - Hagerty, Inc. - Affiliated Entity	Sep. 30, 2023 shares
Markel | Total Stockholders' Equity
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	3,000,000
Percentage of total outstanding	3.60%
Markel | Non-controlling Interest
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	75,000,000
Percentage of total outstanding	29.40%
Markel | Hagerty Group Units
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	75,000,000
Percentage of total outstanding	22.10%
State Farm | Total Stockholders' Equity
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	50,000,000
Percentage of total outstanding	59.20%
State Farm | Non-controlling Interest
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	0
Percentage of total outstanding	0%
State Farm | Hagerty Group Units
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	0
Percentage of total outstanding	0%
Class A Common Stock | Markel
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	3,000,000
Percentage of total outstanding	3.60%
Class A Common Stock | State Farm
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	50,000,000
Percentage of total outstanding	59.20%
Class V Common Stock | Markel
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	75,000,000
Percentage of total outstanding	29.90%
Class V Common Stock | State Farm
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	0
Percentage of total outstanding	0%
Series A Convertible Preferred Stock | Markel
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	1,590,668
Percentage of total outstanding	18.80%
Series A Convertible Preferred Stock | State Farm
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	5,302,226
Percentage of total outstanding	62.50%

Related-Party Transactions - Na

Related-Party Transactions - Narrative (Details) - USD ($)				1 Months Ended		9 Months Ended		12 Months Ended
	Mar. 01, 2023	Jan. 01, 2023	Aug. 16, 2022	Aug. 31, 2022	Apr. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2020	Sep. 19, 2023	Jan. 31, 2022
Related Party Transaction [Line Items]
Restricted cash and cash equivalents						$ 594,865,000	$ 435,916,000
State Farm Term Loan | Credit Facility
Related Party Transaction [Line Items]
Debt face amount										$ 25,000,000
Fixed rate										8%
Broad Arrow Group Inc
Related Party Transaction [Line Items]
Equity method investment, ownership percentage											40%
Broad Arrow Group Inc
Related Party Transaction [Line Items]
Business combination, percentage of voting interest acquired				60%
Business combination, equity consideration issued			$ 73,300,000	$ 73,253,000
Speed Digital
Related Party Transaction [Line Items]
Purchase price					$ 15,000,000
Affiliated Entity | Reinsurance Agreement
Related Party Transaction [Line Items]
Reinsured risk, ceded, percentage	50%	10%
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									$ 20,000,000
Affiliated Entity | Evanston | Reinsurance Agreement
Related Party Transaction [Line Items]
Restricted cash and cash equivalents						$ 460,300,000		$ 360,200,000
Speed Digital | Director
Related Party Transaction [Line Items]
Percentage of purchase price received by related party					100%

Related-Party Transactions - Re

Related-Party Transactions - Reinsurance Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Premiums receivable	$ 179,168		$ 179,168		$ 100,700
Commissions receivable	63,192		63,192
Deferred acquisition costs, net	155,278		155,278		107,342
Other current assets	56,783		56,783		45,651
TOTAL ASSETS	1,583,677		1,583,677		1,312,518
Losses payable and provision for unpaid losses and loss adjustment expenses	190,784	$ 162,925	190,784	$ 162,925	110,898	$ 74,869
Commissions payable	111,657		111,657		77,075
Unearned premiums	335,901		335,901		235,462
TOTAL LIABILITIES	1,105,090		1,105,090		945,149
Earned premium	(139,785)	(107,487)	(384,498)	(290,719)
Ceding commission	(65,413)	(50,415)	(181,188)	(138,048)
Losses and loss adjustment expenses	(57,485)	(60,605)	(159,461)	(136,144)
Total expenses	(259,457)	(237,980)	(738,289)	(622,425)
State Farm | Reinsurance Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Commissions receivable	2,305		2,305		0
Other current assets	7,332		7,332		0
TOTAL ASSETS	9,637		9,637		0
Accounts payable, accrued expenses and other current liabilities	7,941		7,941		0
TOTAL LIABILITIES	7,941		7,941		0
Earned premium	(1,645)	0	(3,035)	0
Ceding commission	(855)	0	(1,578)	0
Losses and loss adjustment expenses	(329)	0	(607)	0
Total expenses	(1,184)	0	(2,185)	0
Markel | Reinsurance Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Premiums receivable	173,503		173,503		97,897
Commissions receivable	626		626		0
Deferred acquisition costs, net	150,482		150,482		103,869
Other current assets	1,636		1,636		0
TOTAL ASSETS	326,247		326,247		201,766
Accounts payable, accrued expenses and other current liabilities	2,117		2,117		0
Losses payable and provision for unpaid losses and loss adjustment expenses	182,172		182,172		160,236
Commissions payable	109,147		109,147		75,898
Unearned premiums	324,772		324,772		227,192
TOTAL LIABILITIES	618,208		618,208		$ 463,326
Earned premium	(140,674)	(102,958)	(384,646)	(278,386)
Ceding commission	(64,391)	(48,421)	(177,568)	(132,724)
Losses and loss adjustment expenses	(55,909)	(58,900)	(153,758)	(130,279)
Total expenses	$ (120,300)	$ (107,321)	$ (331,326)	$ (263,003)

Related-Party Transactions - Al

Related-Party Transactions - Alliance Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Commission revenue	$ 135,789	$ 109,270	$ 370,672	$ 299,866
Markel | Alliance Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Due to insurer	105,923		105,923		$ 64,873
Commission revenue	$ 95,559	$ 78,808	$ 267,935	$ 225,060
Markel | Alliance Agreement | Affiliated Entity | Due To Related Parties | Related Party Concentration Risk
Related Party Transaction [Line Items]
Percent of total			93%		95%
Markel | Alliance Agreement | Affiliated Entity | Revenue from Contract with Customer Benchmark | Related Party Concentration Risk
Related Party Transaction [Line Items]
Percent of total	94%	94%	95%	94%