Hagerty (HGTY) 10-K 12 Mar 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Mar. 01, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 231.8
Documents Incorporated by Reference	Portions of the registrant's definitive Proxy Statement for its 2024 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days of December 31, 2023, are incorporated by reference into Part III, Items 10-14 of this Annual Report on Form 10-K.
CIK	0001840776
Amendment Flag	false
Fiscal Period Focus	FY
Fiscal Year Focus	2023
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)		84,655,539
Warrant
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

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Detroit, Michigan
Auditor Firm ID	34

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUE:
Revenue from contract with customer	$ 468,347	$ 384,527	$ 323,255
Earned premium	531,866	403,061	295,824
Total revenue	1,000,213	787,588	619,079
OPERATING EXPENSES:
Salaries and benefits	216,896	199,542	171,901
Ceding commission, net	251,805	191,150	140,983
Losses and loss adjustment expenses	220,658	182,402	122,080
Sales expense	156,378	140,781	107,483
General and administrative services	85,434	89,068	64,558
Depreciation and amortization	45,809	33,887	22,144
Restructuring, impairment and related charges, net	8,812	18,324	0
Losses and impairments related to divestitures	4,013	0	0
Total operating expenses	989,805	855,154	629,149
OPERATING INCOME (LOSS)	10,408	(67,566)	(10,070)
Change in fair value of warrant liabilities	11,543	41,899	(42,540)
Revaluation gain on previously held equity method investment	0	34,735	0
Interest and other income (expense)	22,821	2,028	(1,993)
INCOME (LOSS) BEFORE INCOME TAX EXPENSE	44,772	11,096	(54,603)
Income tax expense	(16,593)	(7,017)	(6,751)
Loss from equity method investment, net of tax	0	(1,676)	0
NET INCOME (LOSS)	28,179	2,403	(61,354)
Net (income) loss attributable to non-controlling interest	(7,948)	29,675	398
Net loss attributable to redeemable non-controlling interest	0	0	14,598
Accretion of Series A Convertible Preferred Stock	(3,677)	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS	16,554	32,078	(46,358)
Class A Common Stock
OPERATING EXPENSES:
NET INCOME (LOSS)	28,179	2,403	(61,354)
Net (income) loss attributable to non-controlling interest	(7,948)	29,675	398
Accretion of Series A Convertible Preferred Stock	$ (3,677)	$ 0	$ 0
Earnings (loss) per share of Class A Common Stock:
Basic (in dollars per share)	$ 0.19	$ 0.39	$ (0.56)
Diluted (in dollars per share)	$ 0.09	$ (0.07)	$ (0.56)
Weighted-average shares of Class A Common Stock outstanding:
Basic (in shares)	84,180	82,728	82,327
Diluted (in shares)	340,323	336,147	82,327
Commission and fee revenue
REVENUE:
Revenue from contract with customer	$ 365,512	$ 307,238	$ 271,571
Membership, marketplace and other revenue
REVENUE:
Revenue from contract with customer	$ 102,835	$ 77,289	$ 51,684

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 28,179	$ 2,403	$ (61,354)
Other comprehensive income, net of tax:
Foreign currency translation adjustments	1,564	(1,834)	(792)
Derivative instruments	(1,060)	2,699	1,019
Other comprehensive income	504	865	227
Comprehensive income (loss)	28,683	3,268	(61,127)
Comprehensive (income) loss attributable to non-controlling interest	(8,327)	29,675	398
Comprehensive loss attributable to redeemable non-controlling interest	0	0	14,598
Accretion of Series A Convertible Preferred Stock	(3,677)	0	0
Comprehensive income (loss) attributable to Class A Common Stockholders	$ 16,679	$ 32,943	$ (46,131)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 108,326	$ 95,172
Restricted cash and cash equivalents	615,950	444,019
Accounts receivable	71,530	58,255
Premiums receivable	137,525	100,700
Commissions receivable	79,115
Notes receivable	35,896	25,493
Deferred acquisition costs, net	141,637	107,342
Other current assets	60,239	45,651
Total current assets	1,250,218	936,783
Notes receivable	17,018	11,934
Property and equipment, net	20,764	25,256
Lease right-of-use assets	50,515	82,398
Intangible assets, net	91,924	104,024
Goodwill	114,214	115,041
Other long-term assets	43,559	37,082
TOTAL ASSETS	1,588,212	1,312,518
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	87,175	77,049
Losses payable	62,001	55,516
Provision for unpaid losses and loss adjustment expenses	136,507	111,741
Commissions payable	108,739	77,075
Due to insurers	79,815	68,171
Advanced premiums	20,471	17,084
Unearned premiums	317,275	235,462
Contract liabilities	30,316	25,257
Total current liabilities	842,299	667,355
Long-term lease liabilities	50,459	80,772
Long-term debt, net	130,680	108,280
Warrant liabilities	34,018	45,561
Deferred tax liability	15,937	12,850
Contract liabilities	17,335	19,169
Other long-term liabilities	4,139	11,162
TOTAL LIABILITIES	1,094,867	945,149
Commitments and Contingencies (Note 24)	0	0
TEMPORARY EQUITY
Preferred stock, $0.0001 par value (20,000,000 shares authorized, 8,483,561 Series A Convertible Preferred Stock issued and outstanding as of December 31, 2023 and no shares issued and outstanding as of December 31, 2022)	82,836	0
STOCKHOLDERS' EQUITY
Additional paid-in capital	561,754	549,034
Accumulated earnings (deficit)	(468,995)	(489,602)
Accumulated other comprehensive income (loss)	(88)	(213)
Total stockholders' equity	92,704	59,252
Non-controlling interest	317,805	308,117
Total equity (Note 19)	410,509	367,369
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY	1,588,212	1,312,518
Class A Common Stock
STOCKHOLDERS' EQUITY
Common stock	8	8
Class V Common Stock
STOCKHOLDERS' EQUITY
Common stock	$ 25	$ 25

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 02, 2021
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)	340,087,700	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)	84,588,536	83,202,969
Common stock, shares, outstanding (in shares)	84,588,536	83,202,969	82,327,466
Class V Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares, issued (in shares)	251,033,906	251,033,906
Common stock, shares, outstanding (in shares)	251,033,906	251,033,906	251,033,906

Consolidated Statements of Chan

Consolidated Statements of Changes in Temporary Equity and Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Class A Common Stock	Class V Common Stock	Members' Equity	Total Stockholders' Equity	Total Stockholders' Equity Cumulative Effect, Period of Adoption, Adjustment	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 Earnings (Deficit) Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income/(Loss)	Non-controlling Interest	Non-controlling Interest Cumulative Effect, Period of Adoption, Adjustment
Temporary equity, beginning balance at Dec. 31, 2020	$ 0
Temporary Equity
Business Combination	238,265
Net income (loss) after Business Combination	(11,510)
Fair value adjustment for redeemable non-controlling interest	366,522
Temporary equity, ending balance at Dec. 31, 2021	593,277
Stockholders' Equity, beginning balance (in shares) at Dec. 31, 2020									0	0
Members' Equity, beginning balance at Dec. 31, 2020					$ 62,320
Stockholders' Equity, beginning balance at Dec. 31, 2020	117,321					$ 117,198			$ 0	$ 0	$ 0	$ 56,832		$ (1,954)	$ 123
Stockholders' Equity
Net income (loss) before exchange agreement amendment	(3,401)					(3,089)						(3,089)			(312)
Net income (loss)	(61,354)		$ (61,354)
Other comprehensive income before exchange agreement amendment	248					248								248
Other comprehensive income	227
Distributions before Business Combination	(4,056)				(4,056)	(4,056)
Non-controlling interest issued capital before Business Combination	1,580														1,580
Business Combination (in shares)									82,327,000	251,034,000
Business Combination	(21,181)				(58,264)	(21,181)			$ 8	$ 25	526,711	(489,661)
Net income (loss) after exchange agreement amendment	(46,444)					(46,358)						(46,358)			(86)
Other comprehensive income (loss) after Business Combination and exchange agreement amendment	(21)					(21)								(21)
Fair value and Redemption value adjustment for redeemable non-controlling interest	(366,522)					(366,522)					(366,522)
Stockholders' Equity, ending balance (in shares) at Dec. 31, 2021									82,327,000	251,034,000
Members' Equity, ending balance at Dec. 31, 2021					0
Stockholders' Equity, ending balance at Dec. 31, 2021	(322,476)	$ 4,314				(323,781)	$ 1,066		$ 8	$ 25	160,189	(482,276)	$ 1,066	(1,727)	1,305	$ 3,248
Stockholders' Equity, ending balance (in shares) at Dec. 02, 2021			82,327,466	251,033,906
Temporary Equity
Net income (loss) after Business Combination	(11,205)
Fair 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 Dec. 31, 2022	0							0
Temporary equity, ending balance at Dec. 31, 2022	$ 0							$ 0
Stockholders' Equity, beginning balance (in shares) at Dec. 31, 2021									82,327,000	251,034,000
Stockholders' Equity
Net income (loss) before exchange agreement amendment	(3,851)					(3,679)						(3,679)			(172)
Net income (loss)	2,403		$ 2,403
Other comprehensive income before exchange agreement amendment	1,657					1,657								1,657
Other comprehensive income	865
Non-controlling interest issued capital before Business Combination	1,700														1,700
Business Combination and Broad Arrow acquisition (in shares)									714,000
Business Combination and Broad Arrow acquisition	73,253					9,613					9,613				63,640
Net income (loss) after exchange agreement amendment	17,459					35,757						35,757			(18,298)
Other comprehensive income (loss) after Business Combination and exchange agreement amendment	(792)					(792)								(792)
Fair value and 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
Exercise of warrants (in shares)									125,000
Exercise of warrants	1,906					1,906					1,906
Issuance of shares under employee plans (in shares)									37,000
Stock-based compensation	$ 12,129					12,129					12,129
Reallocation between controlling and non-controlling interest						(41,144)					(1,323)	(40,470)		649	$ 41,144
Stockholders' Equity, ending 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
Members' Equity, ending balance at Dec. 31, 2022					$ 0
Stockholders' Equity, ending balance at Dec. 31, 2022	$ 367,369					59,252			$ 8	$ 25	549,034	(489,602)		(213)	$ 308,117
Temporary Equity
Accretion of Series A Convertible Preferred Stock								$ 3,677
Issuance of Series A Convertible 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 Dec. 31, 2023	8,483,561							8,484,000
Temporary equity, ending balance at Dec. 31, 2023	$ 82,836							$ 82,836
Stockholders' Equity
Net income (loss)	28,179		$ 28,179			20,231						20,231			7,948
Accretion of Series A Convertible Preferred Stock	(3,677)					(3,677)					(3,677)
Other comprehensive income	504					125								125	379
Issuance of shares under employee plans (in shares)									1,126,000
Issuance of shares under employee plans	1,526					1,526					1,526
Stock-based compensation	18,017					18,017					18,017
Conversion of The Hagerty Group units to Class A Common Stock (in shares)									260,000
Conversion of The Hagerty Group units to Class A Common Stock	0					2,311					2,311				(2,311)
Non-controlling interest issued capital	779														779
Termination of MHH Joint Venture (see Note 10)	(2,188)					(662)					(1,038)	376			(1,526)
Reallocation between controlling and non-controlling interest	$ 0					(4,419)					(4,419)				$ 4,419
Stockholders' Equity, ending balance (in shares) at Dec. 31, 2023	340,087,700		84,588,536	251,033,906					84,589,000	251,034,000					255,499,164
Stockholders' Equity, ending balance at Dec. 31, 2023	$ 410,509					$ 92,704			$ 8	$ 25	$ 561,754	$ (468,995)		$ (88)	$ 317,805

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES:
Net income (loss)	$ 28,179	$ 2,403	$ (61,354)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Change in fair value of warrant liabilities	(11,543)	(41,899)	42,540
Loss on equity method investment	0	1,676	0
Revaluation gain on previously held equity method investment	0	(34,735)	0
Depreciation and amortization	45,809	33,887	22,144
Provision for deferred taxes	2,921	2,973	3,038
Impairment of operating lease right-of-use assets	1,147	4,698	0
Loss on disposals of equipment, software and other assets	1,894	4,316	2,425
Losses and impairments related to divestitures	2,827	0	0
Share-based compensation expense	18,017	12,129	0
Non-cash lease expense	11,681	10,875	0
Other	(1,459)	533	155
Changes in operating assets and liabilities:
Accounts, premiums and commission receivable	(69,879)	(52,036)	(39,123)
Deferred acquisition costs	(34,295)	(25,807)	(22,963)
Losses payable	6,485	21,034	12,502
Provision for unpaid losses and loss adjustment expenses	24,766	36,872	19,882
Commissions payable	31,664	16,472	16,805
Due to insurers	11,510	10,427	8,883
Advanced premiums	3,370	3,259	124
Unearned premiums	81,813	60,263	50,491
Operating lease liabilities	(11,243)	(9,779)	0
Other assets and liabilities, net	(9,958)	(2,233)	(13,268)
Net Cash Provided by Operating Activities	133,706	55,328	42,281
INVESTING ACTIVITIES:
Capital expenditures	(26,403)	(44,375)	(43,370)
Acquisitions, net of cash acquired	(8,683)	(15,404)	(14,609)
Purchase of previously held equity method investment	0	(15,250)	0
Issuance of note receivable to previously held equity method investment	0	(7,000)	0
Issuance of notes receivable	(24,939)	(6,123)	0
Collection of notes receivable	10,357	370	0
Purchase of fixed income securities	(10,568)	(4,234)	(12,246)
Maturities of fixed income securities	7,468	1,216	1,183
Other investing activities	121	(721)	48
Net Cash Used in Investing Activities	(52,647)	(91,521)	(68,994)
FINANCING ACTIVITIES:
Payments on long-term debt	(139,850)	(122,500)	(42,500)
Proceeds from long-term debt, net of issuance costs	161,547	94,367	108,038
Proceeds from issuance of preferred stock, net of issuance costs	79,159	0	0
Contribution from non-controlling interest	779	1,700	1,580
Distributions	0	0	(4,056)
Cash received in Business Combination	0	0	789,661
Cash consideration to HHC at closing of Business Combination	0	0	(489,661)
Payment of capitalized transaction costs	0	(1,651)	(30,991)
Proceeds from issuance of common stock under employee stock purchase plan	1,526	0	0
Net Cash Provided by (Used in) Financing Activities	103,161	(28,084)	332,071
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	865	(504)	(464)
Change in cash and cash equivalents and restricted cash and cash equivalents	185,085	(64,781)	304,894
Beginning cash and cash equivalents and restricted cash and cash equivalents	539,191	603,972	299,078
Ending cash and cash equivalents and restricted cash and cash equivalents	$ 724,276	$ 539,191	$ 603,972

Summary of Significant Accounti

Summary of Significant Accounting Policies and New Accounting Standards	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and New Accounting Standards	1 — Summary of Significant Accounting Policies and New Accounting Standards In these Notes to the Consolidated Financial Statements, the terms "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. In addition, the Company's insurance policyholders and paid Hagerty Drivers Club ("HDC") subscribers are collectively referred to herein as "Members". Description of Business — Hagerty is a market leader in providing insurance for classic cars and enthusiast vehicles. Through Hagerty's insurance model, the Company acts as a Managing General Agent ("MGA") by underwriting, selling and servicing classic car and enthusiast vehicle insurance policies. The Company then reinsures a large portion of the risks written by its MGA subsidiaries through its wholly owned subsidiary, Hagerty Reinsurance Limited ("Hagerty Re"). In addition, Hagerty offers HDC memberships, which can be bundled with its insurance policies and give subscribers access to an array of products and services, including Hagerty Drivers Club Magazine, automotive enthusiast events, Hagerty's proprietary vehicle valuation tool, emergency roadside assistance, and special vehicle-related discounts. Lastly, to complement its insurance membership offerings, the Company offers Hagerty Marketplace ("Marketplace"), where car enthusiasts can buy, sell, and finance collector cars. Basis of Presentation — The 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. The Consolidated Financial Statements reflect all normal recurring adjustments and accruals that are, in the opinion of management, necessary for a fair statement of the Company's financial position and results of operations for periods presented. Principles of Consolidation — The Consolidated Financial Statements contain the accounts of Hagerty, Inc. and its majority-owned or controlled subsidiaries. As of December 31, 2023 and 2022, Hagerty, Inc. had economic ownership of 24.9% and 24.5%, respectively, of The Hagerty Group and is its sole managing member. Hagerty, Inc. reports a non-controlling interest representing the economic interest in The Hagerty Group held by other parties. As of December 31, 2023 and 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 10 — Losses and Impairments Related to Divestitures for additional information related to MHH and Hagerty Garage + Social. The financial statements of The Hagerty Group and MHH are consolidated by the Company under the voting interest method guidance in accordance with Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"). The non-controlling interests related to The Hagerty Group and MHH are presented separately on the Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income (Loss), Consolidated Balance Sheets, and Consolidated Statements of Changes in Temporary Equity and Stockholders' Equity. All intercompany accounts and transactions have been eliminated in consolidation. Variable Interest Entities — Broad Arrow Capital LLC ("BAC") and certain of its subsidiaries transfer notes receivable to wholly owned, bankruptcy-remote, special purpose entities (each, an "SPE") to secure borrowings under the BAC Credit Agreement (as defined in Note 17 — Long-Term Debt). These SPEs are considered to be variable interest entities (each, a "VIE") under GAAP and their financial statements are consolidated by BAC, which is the primary beneficiary of the SPEs and a consolidated subsidiary of the Company. BAC is considered to be the primary beneficiary of the SPEs because it has (i) power over the significant activities of the SPEs through its role as servicer of the notes receivable used to secure borrowings under the BAC Credit Agreement and (ii) the obligation to absorb losses or the right to receive returns that could be significant through its interest in the residual cash flows of the SPEs. Refer to 4 — Notes Receivable and Note 17 — Long-Term Debt for additional information. The following table presents the assets and liabilities of the Company's consolidated variable interest entities: December 31, 2023 2022 ASSETS in thousands Cash and cash equivalents $ 83 $ — Restricted cash and cash equivalents 961 — Accounts receivable 190 — Notes receivable 30,125 — Other assets 2,900 — TOTAL ASSETS $ 34,259 $ — LIABILITIES Accounts payable, accrued expenses and other current liabilities $ 1,881 $ — Long-term debt, net 25,782 — TOTAL LIABILITIES $ 27,663 $ — 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. As of December 31, 2023, t he Company has not delayed the adoption of any new or revised accounting standards despite qualifying as an emerging growth company. Use of Estimates —  The preparation of the 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 Consolidated Financial Statements, as well as the reported amounts of revenue and expenses during the reporting period. Although the estimates are considered reasonable, actual results could materially differ from those estimates. Significant estimates made by management include, but are not limited to: (i) the provision for unpaid losses and loss adjustment expenses, including incurred but not reported ("IBNR") claims (see Note 12); (ii) the valuation of the Company's deferred income tax assets (see Note 22); (iii) the amount of the liability associated with the Tax Receivable Agreement ("TRA") (see Note 22); (iv) the fair values of the reporting units used in assessing the recoverability of goodwill (see Note 11); (v) the valuation and useful lives of intangible assets (see Note 11); and (vi) the fair value of the Company's warrant liabilities (see Note 16). Although some variability is inherent in these estimates, management believes that the current estimates are reasonable in all material respects. These estimates are reviewed regularly and adjusted as necessary. Adjustments related to changes in estimates are reflected in the Company’s results of operations in the period during which those estimates changed. 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 consolidated financial information. The Company’s segment presentation reflects a management approach that utilizes a 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 Company's results. Foreign Currency Translation — The Company translates its foreign currency denominated assets and liabilities into United States ("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 Consolidated Statements of Operations. Cash and Cash Equivalents and Restricted Cash and Cash Equivalents — Cash and cash equivalents includes amounts held in banks in operating accounts and money market funds. The Company considers money market funds with maturities within 90 days of the purchase date to be equivalent to cash. At December 31, 2023 and 2022, the Company’s cash accounts exceeded federally insured limits. The Company's MGA subsidiaries collect premiums from insureds on behalf of insurance carriers. Prior to remittance to the insurance carrier, these funds are required to be held in trust and segregated from the Company's operating cash. These funds are recorded within "Restricted cash and cash equivalents" with a corresponding liability recorded within "Due to insurers" on the Consolidated Balance Sheets. Hagerty Re maintains a trust account for the benefit of the ceding insurer as security for their obligations for losses, loss expenses, unearned premium and profit-sharing commissions. The use of the funds in this trust account is restricted to the payment of these amounts and is reported within "Restricted cash and cash equivalents" on the Consolidated Balance Sheets. Broad Arrow Capital LLC and its consolidated subsidiaries maintain bank accounts that are required for the operation of the BAC Credit Facility (as defined in Note 17 — Long-Term Debt). The funds in these bank accounts represent security under the BAC Credit Facility and their use is restricted to the servicing of the debt outstanding under that facility. The funds held in these bank accounts are reported within "Restricted cash and cash equivalents" on the Consolidated Balance Sheets. The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as of December 31, 2023 and 2022: December 31, 2023 2022 in thousands Cash and cash equivalents $ 108,326 $ 95,172 Restricted cash and cash equivalents 615,950 444,019 Total cash and cash equivalents and restricted cash and cash equivalents $ 724,276 $ 539,191 The table below presents information regarding the Company's non-cash investing and financing activities, as well as the cash paid for interest and taxes for the years ended December 31, 2023, 2022, and 2021: Year Ended December 31, 2023 2022 2021 NON-CASH INVESTING AND FINANCING ACTIVITIES: in thousands Capital expenditures $ 282 $ 1,592 $ 4,668 Broad Arrow acquisition $ — $ 73,253 $ — Other acquisitions and investments $ 2,142 $ 8,273 $ 3,774 Warrant liabilities recognized in Business Combination $ — $ — $ 46,826 Termination of MHH Joint Venture (Refer to Note 10) $ 2,929 $ — $ — CASH PAID FOR: Interest $ 6,126 $ 4,868 $ 2,502 Income taxes $ 10,500 $ 5,253 $ 2,160 Deferred Acquisition Costs, net — Deferred acquisition costs are the ceding commissions paid by Hagerty Re to insurance carriers for the risk assumed under the quota share agreements with those carriers. Deferred acquisition costs are recorded net of commissions received by Hagerty Re for the risk ceded to various reinsurers. Net acquisition costs are deferred and recognized ratably over the term of the related policies, which is generally 12 months . Deferred acquisition costs are considered to be recoverable if the sum of expected future earned premiums exceeds expected future claims and expenses. Anticipated investment income is also a factor in the recoverability analysis. If, as a result of the recoverability analysis, a loss is determined to be probable, a premium deficiency reserve is recognized in the period in which such determination is made. At December 31, 2023 and 2022, deferred acquisition costs were considered fully recoverable and no premium deficiency reserve was recorded. Other Assets — Other assets, current and long-term, primarily consists of prepaid sales, general and administrative expenses, prepaid software-as-a-service ("SaaS") implementation costs, fixed income investments, and deferred reinsurance premiums ceded. • Prepaid expenses are recorded at cost and amortized over the applicable service term. • The Company expenses SaaS implementation costs incurred during the preliminary project stage and, upon management approval, capitalizes direct implementation costs once the development phase begins. Capitalized SaaS implementation costs are recorded within prepaid expenses and are amortized over the term of the underlying service agreement. The Company monitors SaaS implementation projects on an ongoing basis and capitalizes the costs of any major improvements or new functionality. Once the software is fully implemented, ongoing maintenance costs are expensed as incurred. • Fixed income investments consist of Canadian provincial and municipal bonds which qualify as debt securities under ASC Topic 320, Investments – Debt Securities . Fixed income investments are classified as held-to-maturity because the Company has the intent and ability to hold these investments to maturity. As a result, fixed income investments are carried at amortized cost on the Consolidated Balance Sheets. Amortized cost is the amount at which an investment is acquired, adjusted for applicable accrued interest and accretion of discount or amortization of premium. Premium or discount is amortized on a straight-line basis to maturity. Refer to Note 16 — Fair Value Measurements for additional information. • Deferred reinsurance premiums ceded consists of the unearned portion of premiums ceded by Hagerty Re to various reinsurers. Deferred reinsurance premiums are recognized on a pro-rata basis over the term of the related reinsured policies as a reduction to "Earned premium" in the Consolidated Statements of Operations. Notes Receivable — Notes receivable includes loans underwritten by BAC secured by collector cars. Notes receivable are recorded on the date the loan is funded based on the amount stipulated in the underlying agreement. Loans made by BAC carry either 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. Finance revenue on the loans is recognized when earned based on the amount of the outstanding loan, the applicable interest rate on the loan, and the length of time the loan was outstanding during the period. Notes receivable are recorded net of an allowance for expected credit losses, which is based on management's quarterly risk assessment and takes into consideration a number of factors including the level of historical losses for similar loans, the quality of collateral, the low loan-to-value ratio of the loans, management's overall assessment of the current circumstances and risks related to each loan, and, to a lesser extent, the circumstances related to each borrower. The valuation of collector cars is inherently subjective, and the realizable value of collector cars often fluctuates over time. Refer to Note 4 — Notes Receivable for additional information. Property and Equipment — Property and equipment are recorded at cost and depreciated over the estimated useful life of each asset. Leasehold improvements are amortized over the shorter of either the lease term or the estimated useful lives of the improvements. Estimated useful lives range from three Leases — At inception, contracts are evaluated to determine whether they are or contain a lease. A contract is or contains a lease if it conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. At commencement, leases are evaluated for classification as an operating lease or finance lease. Operating lease right-of-use ("ROU") assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term, discounted using the Company's incremental borrowing rate. The Company estimates the incremental borrowing rate based on qualitative factors including company specific credit rating, lease term, impact of collateral, general economics and the interest rate environment. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease ROU assets are recorded based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and previously recognized impairments. The Company does not recognize ROU assets and lease liabilities for short-term leases. The Company has real estate lease agreements that contain lease and non-lease components, which are accounted for as a single lease component. The Company’s leases often contain fixed rent escalations over the lease term. The Company recognizes expense for these leases on a straight-line basis over the lease term. The Company also has lease agreements that are subject to annual changes in the Consumer Price Index ("CPI"). While lease liabilities are not remeasured as a result of changes to the CPI, changes to the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments has incurred. The Company’s lease agreements may contain variable costs such as common area maintenance, operating expenses, real estate taxes or other costs. Variable lease costs are expensed as incurred within "General and administrative services" in the Consolidated Statements of Operations. The Company’s lease agreements generally do not contain any residual value guarantees or restrictive covenants. The Company has the option to extend most of its lease agreements, with renewals ranging from one Leases ("ASC 842") effective January 1, 2022 under the modified retrospective approach. The Company’s primary operating leases consist of office space. The Company’s leases have remaining terms of one Intangible Assets — Intangible assets are recorded at cost and amortized over the estimated life of each intangible asset. Acquired intangible assets are initially recorded at fair value using generally accepted valuation methods appropriate for the type of intangible assets. Intangible assets primarily consist of insurance policy renewal rights, internally developed software, trade names, non-compete agreements and customer relationships. Amortization is recorded using the straight-line method over their estimated lives as it approximates the pattern over which economic benefits are realized. Insurance policy renewal rights, internally developed software, trade names, non-complete agreements and customer relationships are amortized over three Impairment of Long-Lived Assets — The Company reviews all long-lived assets that have finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable in accordance with ASC Topic 360, Impairment and Disposal of Long-Lived Assets ("ASC 360"). If it is determined the carrying amount of the asset (or asset group) is not recoverable, the Company recognizes an impairment loss as an operating expense in the current period in the Consolidated Statements of Operations. The determination of the recoverability of a long-lived asset (or asset group) is based on an estimate of the undiscounted cash flows resulting from the use of the asset (or asset group) and its eventual disposition. If the carrying value of the long-lived asset (or asset group) is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as necessary. Goodwill — Goodwill represents the excess of the cost of a business combination, as defined in ASC Topic 805, Business Combinations ("ASC 805"), over the fair value of net assets acquired, including identifiable intangible assets. Goodwill is not amortized, but is tested annually for impairment at the reporting unit level as of October 1 and between annual tests if indicators of potential impairment exist. For reporting units with goodwill, the Company performs a qualitative analysis to determine whether it is more likely than not the fair value of the reporting unit is less than its carrying amount. When assessing goodwill for impairment, the Company's decision to perform a qualitative assessment for an individual reporting unit is based on a number of factors, including the carrying value of the reporting unit's goodwill, the amount of time in between quantitative fair value assessments, macro-economic conditions, industry and market conditions and the operating performance of the reporting unit. If it is determined, based on qualitative factors, that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, a quantitative impairment test is performed, in which the Company determines the estimated fair value of the reporting unit using a discounted cash flow analysis. This analysis requires significant judgment, including the estimation of future cash flows, which is dependent on internal forecasts, available industry/market data, the estimation of the long-term rate of growth for the reporting unit including expectations and assumptions regarding the impact of general economic conditions on the reporting unit, the estimation of the useful life over which cash flows will occur (including terminal multiples), the determination of the respective weighted average cost of capital and market participant assumptions. As of December 31, 2023, the Company has recorded goodwill of $114.2 million, including $103.6 million attributable to the Marketplace reporting unit. The Company did not recognize any goodwill impairments during the years ended December 31, 2023, 2022, and 2021. Losses Payable —  Losses payable represents the amount due to insurance carriers by Hagerty Re for paid and billed losses as of the balance sheet date. Provision for Unpaid Losses and Loss Adjustment Expenses — The provision for unpaid losses and loss adjustment expenses is the difference between management's estimate of the ultimate cost of losses and loss adjustment expenses incurred by Hagerty Re and the amount of paid losses as of the reporting date. These reserves reflects management’s best estimate of unpaid losses related to both reported claims and IBNR claims. Estimating the ultimate cost of claims and claims expenses is an inherently complex and subjective process that involves a high degree of judgment. Reserves are reviewed by management quarterly and periodically throughout the year by combining historical results and current actual results to calculate new development factors. When estimating loss and loss adjustment expense reserves, the Company's actuarial reserving group considers claim cycle time, claims settlement practices, adequacy of case reserves over time, seasonality, and current economic conditions. Because actual experience can differ from key assumptions used in estimating reserves, there may be significant variation in the development of reserves and the amount of actual losses and loss adjustment expenses ultimately paid in the future. Any adjustments to the provision for losses and loss adjustment expenses, and any related reinsurance recoverables, are recognized in the Consolidated Statements of Operations in the period in which management makes the determination that an adjustment is required. The amount of any reinsurance recoverable is determined by applying the contract terms specific to Hagerty Re's various reinsurance treaties to incurred losses arising from a qualifying event. Reinsurance recoverables are recorded within "Other current assets" on the Consolidated Balance Sheets. Refer to Note 12 — Provision for Unpaid Losses and Loss Adjustment Expenses for additional information regarding the methodologies used to estimate loss and loss adjustment expense reserves. Due to Insurers —  Due to insurers represents the net amount of premium owed to insurance carriers by the Company's MGA subsidiaries based on the respective contract with each carrier. The net amount due is equal to the gross written premium less the Company’s commission for policies that have reached their effective date. Advanced Premiums —  Advanced premiums represent the gross written premium received by the Company's MGA subsidiaries from insurance Members prior to the effective date of the policy. At the effective date of the policy, "Advanced premiums" are reclassified to "Due to insurers" in the Consolidated Balance Sheets and commission revenue is recognized in the Consolidated Statements of Operations. Warrant Liabilities — The Company accounts for its outstanding warrants in accordance with ASC Topic 815, Derivatives and Hedging ("ASC 815"). The warrants do not meet the criteria for equity treatment and as such, are recorded at fair value as a non-cash liability. The warrant liability is subject to remeasurement each reporting period with the change in fair value between reporting periods recorded within "Change in fair value of warrant liabilities" in the Consolidated Statements of Operations. Refer to Note 16 — Fair Value Measurements for additional information. Derivative Instruments — The Company enters into certain derivative financial instruments, when available on a cost-effective basis, to mitigate its risk associated with changes in interest rates and foreign currency exchange rates. The Company accounts for derivatives in accordance with ASC 815, which establishes accounting and reporting standards requiring that all derivative instruments (including certain derivative instruments embedded in other contracts), whether designated as hedging relationships or not, be recorded on the Consolidated Balance Sheets as either an asset or liability measured at fair value. If a derivative is designated as a cash flow hedge for accounting purposes, the effective portion of the change in the fair value of the derivative is recorded in "Other comprehensive income". If a derivative is not designated as a hedge for accounting purposes, the change in fair value is recognized within "Interest and other income (expense)" in the Consolidated Statements of Operations each reporting period. All derivative instruments are managed on a consolidated basis to efficiently minimize exposures. Gains and losses related to the derivative instruments are expected to be largely offset by gains and losses on the underlying asset or liability. The Company does not use derivative financial instruments for speculative purposes. The Company is exposed to credit loss in the event of nonperformance by the counterparties on derivative contracts. It is the Company’s policy to manage its credit risk on these transactions by dealing only with financial institutions having a long-term credit rating of "A" or better. Business Combinations — The Company accounts for acquisitions of entities or asset groups that qualify as a business using the acquisition method in accordance with ASC 805. Purchase consideration is allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date, which are measured in accordance with the principles outlined in ASC Topic 820, Fair Value Measurement ("ASC 820"). The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature. The excess of the total purchase consideration over the fair value of the identified net assets acquired is recognized as goodwill. The results of the acquired businesses are included in the results of operations beginning from the date of acquisition. Acquisition-related costs are expensed as incurred. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the allocation of purchase consideration and to the fair values of assets acquired and liabilities assumed to the extent that additional information becomes available. After this period, any subsequent adjustments are recorded in the Consolidated Statements of Operations. Revenue Recognition — The Company recognizes revenue under both ASC Topic 606, Revenue from Contracts with Customers ("ASC 606") and ASC Topic 944, Financial Services — Insurance ("ASC 944"). Commission and fee revenue The Company's MGA subsidiaries earn commission and fee revenue primarily from the underwriting, sale, and servicing of classic car and enthusiast vehicle insurance policies written on behalf of the Company's insurance carrier partners. Approximately 93% of commission and fee revenue is earned through the policies sold by Hagerty's U.S. MGAs. These policies are underwritten by a subsidiary of Markel Group, Inc. ("Markel"), which is a related party. Refer to Note 23 — Related-Party Transactions for additional information. The Company has identified the insurance carrier as its customer and determined that the transaction price is the estimated commissions to be received over the term of the policy. The transaction price is determined based on an estimate of premiums placed, net of a constraint for policy changes and cancellations. These commissions and fees, including those paid via installment plan, are earned when the policy becomes effective, as our performance obligation is substantially complete when the policy is issued, all rights are passed to the insured, and the obligation to pay a claim resides with the carrier. Under the terms of certain of its contracts with insurance carriers, the Company has the opportunity to earn a contingent underwriting commission ("CUC"), or profit share, based on written or earned premium and the loss ratio results of the insurance book of business. Each insurance carrier partner contract and related CUC is calculated independently. The CUCs represent a form of variable consideration associated with the placement of insurance coverage. Under ASC 606, the Company must estimate the amount of consideration that it will become entitled to receive during the calendar year such that a significant reversal of revenue is not probable. As such, CUCs are recognized as a contract asset within "Commissions receivable" on the Consolidated Balance Sheets in the period that the policy is issued using the applicable premium and payout factors based on the estimated loss ratio from the contract. Earned premium Hagerty Re, which is registered as a Class 3A reinsurer under the Bermuda Insurance Act of 1978, earns reinsurance premium revenue for risks assumed primarily from the classic car and enthusiast vehicle insurance policies underwritten by the Company's MGA subsidiaries. In the third quarter of 2023, AM Best assigned a financial strength rating of A- (Excellent) to Hagerty Re. Earned premium represents the earned portion of written premiums that Hagerty Re has assumed under quota share reinsurance agreements with the Company's insurance carrier partners, net of premiums ceded to various reinsurers and the cost of catastrophe reinsurance coverage. Premiums assumed and ceded are earned on a pro-rata basis over the term of the related insurance policies, which is generally 12 months, with the unearned portion recorded as "Unearned premiums" on the Consolidated Balance Sheets. The cost of catastrophe reinsurance coverage is recognized over the contract period in proportion to the related earned premium. Membership, marketplace and other revenue  Subscription revenue is earned through HDC memberships, which can be bundled with the Company's insurance policies and give subscribers access to an array of products and services, including Hagerty Drivers Club Magazine, automotive enthusiast events, the Company's proprietary vehicle valuation tool, emergency roadside assistance, and special vehicle-related discounts. The Company also earns fee-based revenue from Hagerty Garage + Social memberships, which include storage services in addition to the HDC Member benefits. Revenue from the sale of HDC and storage memberships is recognized ratably over the period of the membership. The membership is treated as a single

Revenue

Revenue	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	2 — Revenue Disaggregation of Revenue —  The following tables present Hagerty's revenue by distribution channel, as well as a reconciliation to total revenue for the years ended December 31, 2023, 2022, and 2021. Commission and fee revenue and contingent commission revenue earned from 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 from the direct distribution channel includes revenue generated by Hagerty's employee agents. Year Ended December 31, 2023 Agent Direct Total in thousands Commission and fee revenue $ 158,354 $ 131,178 $ 289,532 Contingent commission revenue 42,408 33,572 75,980 Membership revenue — 52,460 52,460 Marketplace and other revenue — 50,375 50,375 Total revenue from customer contracts 200,762 267,585 468,347 Earned premium 531,866 Total revenue $ 1,000,213 Year Ended December 31, 2022 Agent Direct Total in thousands Commission and fee revenue $ 133,584 $ 113,864 $ 247,448 Contingent commission revenue 32,899 26,891 59,790 Membership revenue — 45,234 45,234 Marketplace and other revenue — 32,055 32,055 Total revenue from customer contracts 166,483 218,044 384,527 Earned premium 403,061 Total revenue $ 787,588 Year Ended December 31, 2021 Agent Direct Total in thousands Commission and fee revenue $ 115,310 $ 98,926 $ 214,236 Contingent commission revenue 29,552 27,783 57,335 Membership revenue — 40,605 40,605 Marketplace and other revenue — 11,079 11,079 Total revenue from customer contracts 144,862 178,393 323,255 Earned premium 295,824 Total revenue $ 619,079 The following tables present Hagerty's revenue disaggregated by geographic area, as well as a reconciliation to total revenue for the years ended December 31, 2023, 2022, and 2021: Year Ended December 31, 2023 U.S. Canada Europe Total in thousands Commission and fee revenue $ 264,137 $ 20,597 $ 4,798 $ 289,532 Contingent commission revenue 75,810 — 170 75,980 Membership revenue 48,902 3,558 — 52,460 Marketplace and other revenue 45,769 1,594 3,012 50,375 Total revenue from customer contracts 434,618 25,749 7,980 468,347 Earned premium 531,866 Total revenue $ 1,000,213 Year Ended December 31, 2022 U.S. Canada Europe Total in thousands Commission and fee revenue $ 224,255 $ 19,142 $ 4,051 $ 247,448 Contingent commission revenue 59,664 — 126 59,790 Membership revenue 41,893 3,341 — 45,234 Marketplace and other revenue 29,920 767 1,368 32,055 Total revenue from customer contracts 355,732 23,250 5,545 384,527 Earned premium 403,061 Total revenue $ 787,588 Year Ended December 31, 2021 U.S. Canada Europe Total in thousands Commission and fee revenue $ 193,520 $ 16,782 $ 3,934 $ 214,236 Contingent commission revenue 57,424 (383) 294 57,335 Membership revenue 37,688 2,917 — 40,605 Marketplace and other revenue 9,448 301 1,330 11,079 Total revenue from customer contracts 298,080 19,617 5,558 323,255 Earned premium 295,824 Total revenue $ 619,079 Refer to Note 13 — 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 December 31, 2023 and 2022. December 31, 2023 2022 in thousands Contract assets $ 75,891 $ 60,151 Contract liabilities $ 47,651 $ 44,426 Contract assets, which are reported within "Commissions receivable" on the Consolidated Balance Sheets, consist of CUC receivables, which are earned throughout the year and have historically been settled by a cash payment from the insurance carrier in the first quarter of the following year. In December 2023, the Company amended its alliance agreement and associated agency agreement with Markel and, as a result, beginning in 2024, 80% of the CUC receivables from Markel will be settled monthly rather than on an annual basis. For the year ended December 31, 2023, the increase in contract assets was primarily due to $74.9 million of CUC revenue that was recognized but not received, partially offset by $59.2 million of CUC payments collected in the current year. Contract liabilities consist of cash collected in advance of revenue recognition and primarily includes the unrecognized portion of HDC membership fees, as well as the unrecognized portion of the advanced commission payment received from State Farm Mutual Automobile Insurance Company ("State Farm") in 2020 (refer to Note 23 — Related-Party Transactions for additional information). For the year ended December 31, 2023, the Company recognized approximately $56.5 million of net revenue that was in recorded in the contract liabilities balance as of December 31, 2022.

Deferred Acquisition Costs

Deferred Acquisition Costs	12 Months Ended
	Dec. 31, 2023
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Acquisition Costs	3 — Deferred Acquisition Costs The following table presents a reconciliation of the changes in deferred acquisition costs for the years ended December 31, 2023 and 2022: 2023 2022 in thousands Deferred acquisition costs as of January 1, $ 107,342 $ 81,535 Acquisition costs deferred, net 286,100 216,957 Amortization of acquisition costs, net (251,805) (191,150) Deferred acquisition costs as of December 31, $ 141,637 $ 107,342

Notes Receivable

Notes Receivable	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Notes Receivable	4 — Notes Receivable BAC provides financing solutions to qualified collectors and businesses by structuring loans secured by their collector cars. The loans underwritten by BAC include term loans and short-term bridge financings. BAC also provides advances to consignors who agree to sell their cars via auction or private sale through Broad Arrow subsidiaries. The loans underwritten by BAC are recorded on the Consolidated Balance Sheets within "Notes receivable" while consignor advances are recorded within "Other current assets". Loans carry either 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 BAC 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, BAC makes loans to refinance accounts receivable balances generated by Broad Arrow auction or private sale purchases. These loans are accounted for on the Consolidated Balance Sheets as non-cash reclassifications between "Accounts receivable" and "Notes receivable" and are, therefore, not presented within Investing Activities in the Company's Consolidated Statements of Cash Flows. Upon repayment, the cash received in settlement of such loans is classified within Operating Activities in the Company's Consolidated Statements of Cash Flows. Beginning in December 2023, a substantial portion of the lending activities of BAC are funded with borrowings drawn from the BAC Credit Facility, with the remainder funded by the Company's available liquidity. Prior to December 2023, the lending activities of BAC were funded primarily by the Company's available liquidity. Refer to Note 17 — Long-Term Debt for additional information regarding the BAC Credit Facility. BAC aims to mitigate the risk associated with a potential devaluation in collateral by targeting a maximum loan-to-value ("LTV") ratio of 65% (i.e., the principal loan amount divided by the estimated value of the collateral at the time of underwriting). The LTV ratio is reassessed on a quarterly basis or if the loan is renewed, and more frequently if there is a material change in the circumstances related to the loan, including the value of the collateral, the borrower's disposal plans for the collateral, or if an event of default occurs. If, as a result of this reassessment, the LTV ratio increases above the target level, the borrower may be asked to make principal payments and/or post sufficient additional collateral to reduce the LTV ratio as a condition of future financing, renewal, or to avoid a default. In the event of a default by a borrower, BAC is entitled to sell the collateral to recover the outstanding principal, accrued interest balance, and any expenses incurred with respect to the recovery process. Management considers the valuation of the underlying collateral and the LTV ratio as the two most critical credit quality indicators for the loans made by BAC. In estimating the value of the underlying collateral for BAC's loans, management utilizes its expertise in the collector car market and considers an array of factors impacting the current and expected sale value of each car including the year, make, model, mileage, history, and in the case of classic cars, the provenance, quality of restoration (if applicable), the originality of the body, chassis, and mechanical components, and comparable market transaction values. The repayment of BAC's loans can be adversely impacted by a decline in the collector car market in general or in the value of the collateral, which may be concentrated within certain marques, vintages, or types of cars. In addition, in situations when BAC’s claim on the collateral is subject to a legal process, the ability to realize proceeds from the collateral may be limited or delayed. As of December 31, 2023, BAC's net notes receivable balance was $52.9 million, of which $35.9 million was classified within current assets and $17.0 million was classified within long-term assets on the Consolidated Balance Sheets. As of December 31, 2022, BAC'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 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 known renewals after the balance sheet date. The table below provides the aggregate LTV ratio for BAC's loan portfolio as of December 31, 2023 and December 31, 2022: December 31, 2023 2022 in thousands Secured loans $ 52,914 $ 37,427 Estimate of collateral value $ 108,496 $ 75,802 Aggregate LTV ratio 48.8 % 49.4 % As of December 31, 2023, two borrowers had loan balances that exceeded 10% of the total loan portfolio. These loans total $21.6 million, representing 41% of the total loan portfolio. The collateral related to these loans was $50.7 million, resulting in an aggregate LTV ratio of 43%. 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 December 31, 2023 and 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. BAC did not have any non-accrual loans as of December 31, 2023 or 2022. As of December 31, 2023 and 2022, the allowance for expected credit losses related to the BAC 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 circumstances related to each borrower. As of December 31, 2023 and 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	12 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	5 — Other Assets As of December 31, 2023 and 2022, other assets, current and long-term, consisted of: December 31, 2023 2022 in thousands Prepaid sales, general and administrative expenses $ 21,300 $ 24,234 Prepaid SaaS implementation costs 21,941 18,501 Fixed income investments 16,472 12,986 Deferred reinsurance premiums ceded (1) 10,474 91 Contract costs 8,851 6,576 Inventory (2) 5,038 2,074 Digital media content 2,151 5,580 Deferred financing costs 5,053 1,387 Other 12,518 11,304 Other assets $ 103,798 $ 82,733 (1) Deferred reinsurance premiums ceded consists of the unearned portion of premiums ceded by Hagerty Re to various reinsurers. Refer to Note 13 — Reinsurance for additional information on the Company’s reinsurance programs. (2) Inventory primarily includes vehicles owned by Broad Arrow that have been purchased for resale purposes. The reduction in digital media content when compared to December 31, 2022 is primarily attributable to $4.3 million of impairments recorded during 2023 as a result of lower than anticipated advertising and sponsorship revenue associated with these assets. As of December 31, 2023, other primarily included $4.4 million of other investments, $2.8 million related to an outstanding reinsurance recoverable, $2.7 million of collector vehicle investments, and the $2.2 million fair value of an interest rate swap. As of December 31, 2022, other 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, and $1.4 million related to an outstanding reinsurance recoverable.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	6 — Property and Equipment As of December 31, 2023 and 2022, property and equipment consisted of: December 31, 2023 2022 in thousands Land and land improvements $ 930 $ 930 Buildings 1,200 1,200 Leasehold improvements 9,005 9,299 Furniture and equipment 12,212 13,194 Computer equipment and software 20,922 21,698 Automobiles 697 791 Total property and equipment 44,966 47,112 Less: accumulated depreciation (24,202) (21,856) Property and equipment, net $ 20,764 $ 25,256 Property and equipment depreciation expense was $6.2 million, $6.6 million, and $6.4 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	7 — Leases The following table summarizes the components of the Company's operating lease expense for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 in thousands Operating lease expense (1) $ 11,681 $ 10,737 Short-term lease expense (1) 378 187 Variable lease expense (1) (2) 4,307 3,943 Sublease revenue (3) (704) (156) Lease cost, net $ 15,662 $ 14,711 (1) Classified within "General and administrative services" on the 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 Consolidated Statements of Operations. The following tables summarize supplemental balance sheet information related to operating leases as of December 31, 2023 and 2022: December 31, 2023 2022 in thousands Operating lease ROU assets $ 50,515 $ 82,398 Current lease liabilities (1) 6,500 7,556 Long-term lease liabilities 50,459 80,772 Total operating lease liabilities $ 56,959 $ 88,328 December 31, 2023 2022 in thousands ROU assets obtained in exchange for new operating lease liabilities (2) $ 632 $ 82,398 Gains on sales and leaseback transactions, net $ — $ 4,314 Weighted-average lease term 9.01 10.23 Weighted-average discount rate 4.8 % 5.5 % (1) Current lease liabilities are recorded within "Accounts payable, accrued expenses and other current liabilities" on the Consolidated Balance Sheets. (2) Represents the amount of ROU assets obtained during the years ended December 31, 2023 and 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 total decrease in operating lease ROU assets and liabilities when compared to December 31, 2022 was primarily attributable 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. Refer to Note 10 — Losses and Impairments Related to Divestitures for additional information regarding the Company's termination of the joint venture agreement governing MHH. The following table summarizes information about the amount and timing of the Company's future operating lease commitments as of December 31, 2023: in thousands 2024 $ 9,067 2025 8,737 2026 8,156 2027 7,921 2028 7,946 Thereafter 29,286 Total lease payments 71,113 Less: imputed interest (14,154) Total lease liabilities $ 56,959

Business Combination

Business Combination	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestitures	8 — Business Combination On December 2, 2021, through The Hagerty Group, the Company completed a business combination pursuant to the Business Combination Agreement, 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"), with The Hagerty Group surviving as a subsidiary of the Company immediately following the Business Combination . In connection with the closing, (i) Aldel changed its name from Aldel Financial Inc. to Hagerty, Inc., and (ii) the Company reorganized into what is commonly known as an "Up-C" structure in which substantially all of the assets and liabilities of Hagerty, Inc. are held by The Hagerty Group . Pursuant to the terms of the Business Combination Agreement: (1) Merger Sub was merged with and into The Hagerty Group, whereupon the separate limited liability company existence of Merger Sub ceased to exist and The Hagerty Group became the surviving company and continues to exist under the Delaware Limited Liability Company Act and (2) the existing limited liability company agreement of The Hagerty Group was amended and restated to, among other thing s, make Aldel a member of The Hagerty Group . As outlined within the Business Combination Agreement, certain accredited investors or qualified institutional buyers (the "PIPE Investors") entered into the Subscription Agreement, pursuant to which the PIPE Investors agreed to purcha se 70,385,000 shares (the "PIPE Shares") of Class A Common Stock and 12,669,300 warrants to purchase shares of Class A Common Stock (the " PIPE Warrants " and, together with the PIPE Shares, the "PIPE Securities") for an aggregate purchase price of $703.9 million. The sale of the PIPE Securities was consummated concurrently with the closing of the Business Combination. In connection with the consummation of the Business Combination : • all of the existing limited liability company interests of The Hagerty Group held by HHC were converted into (1) $489.7 million in cash, (2) 176,033,906 units of The Hagerty Group, and (3) 176,033,906 shares of Class V Common Stock; • all of the existing limited liability company interests of The Hagerty Group held by Markel were converted into (1) 75,000,000 units of The Hagerty Group, and (2) 75,000,000 shares of Class V Common Stock; • 3,005,034 shares of Aldel 's 11,500,000 shares of Class A Common Stock subject to redemption were redeemed, resulting in 8,494,966 shares of Class A Common Stock remaining outstanding; • all of the 2,875,000 outstanding shares of Aldel's Class B Common Stock were converted into shares of Class A Common Stock on a one-for-one basis; and • 572,500 outstanding shares of Aldel Class A Common Stock became Hagerty Class A Common Stock. Immediately after giving effect to the Business Combination , there were 82,327,466 shares of Hagerty Class A Common Stock outstanding , 251,033,906 shares of Hagerty Class V Common Stock outstanding and 20,005,550 warrants outstanding which can be converted on a one-for-one basis to Class A Common Stock . Refer to Note 16 — Fair Value Measurements for additional information on the Company's warrants. In connection with the Business Combination , the Company incurred direct and incremental costs of approxima tely $41.9 million, consisting of primarily investment banking, insurance, and professional fees, of which $32.6 million were recorded as a reduction of "Additional-paid-in-capital" within the Consolidated Balance Sheets. In connection with the Business Combination, Hagerty, Inc. entered into the TRA with the Legacy Unit Holders. The TRA provides for payment to the Legacy Unit Holders of 85% of the U.S. federal, state and local income tax savings realized by Hagerty, Inc. as a result of the increases in tax basis and certain other tax benefits related to the transactions contemplated under the Business Combination Agreement upon the exchange of The Hagerty Group units and Class V Common Stock for Class A Common Stock and The Hagerty Group units or cash. Refer to Note 22 — Taxation for additional information related to the TRA. The following table is a summary of the cash inflows and outflows related to the Business Combination: Business Combination in thousands Cash in trust, net of redemptions $ 85,811 Cash, PIPE 703,850 Less: transaction costs and advisory fees (41,859) Less: cash consideration to HHC at Closing (489,661) Net cash received from Business Combination $ 258,141 9 — 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 "Loss from equity method investment, net of tax" on the 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 The Hagerty Group units. The number of Class A Common Stock shares and The 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 $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 $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 $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 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 4 — Notes Receivable for additional information. (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 live auctions and facilitating private sales, as well as the assembled workforce and various other factors. The acquisition of Broad Arrow was not material to the Company's Consolidated Statements of Operations. Therefore, pro forma results of operations related to this acquisition have not been presented. Following the Broad Arrow Acquisition, the financial statements of Broad Arrow are consolidated into the Company's Consolidated Financial Statements. 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 year ended December 31, 2023 and the second annual installment will be paid in the first quarter of 2024. Speed Digital was previously wholly owned indirectly by Robert Kauffman, a member of the Company's Board of Directors (the "Board"), who will receive 100% of the proceeds of the purchase price. Speed Digital operates a SaaS business primarily serving collector car dealers and auction houses, and an advertising and content syndication platform, which includes Motorious.com. The Company acquired Speed Digital to enhance the Marketplace business to establish relationships with their dealer partners and facilitate growth in Marketplace products; augment the Company's automotive intelligence data; and allow Motorious.com to drive audience engagement, content distribution, and advertising revenue.

Acquisitions and Investments

Acquisitions and Investments	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Investments	8 — Business Combination On December 2, 2021, through The Hagerty Group, the Company completed a business combination pursuant to the Business Combination Agreement, 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"), with The Hagerty Group surviving as a subsidiary of the Company immediately following the Business Combination . In connection with the closing, (i) Aldel changed its name from Aldel Financial Inc. to Hagerty, Inc., and (ii) the Company reorganized into what is commonly known as an "Up-C" structure in which substantially all of the assets and liabilities of Hagerty, Inc. are held by The Hagerty Group . Pursuant to the terms of the Business Combination Agreement: (1) Merger Sub was merged with and into The Hagerty Group, whereupon the separate limited liability company existence of Merger Sub ceased to exist and The Hagerty Group became the surviving company and continues to exist under the Delaware Limited Liability Company Act and (2) the existing limited liability company agreement of The Hagerty Group was amended and restated to, among other thing s, make Aldel a member of The Hagerty Group . As outlined within the Business Combination Agreement, certain accredited investors or qualified institutional buyers (the "PIPE Investors") entered into the Subscription Agreement, pursuant to which the PIPE Investors agreed to purcha se 70,385,000 shares (the "PIPE Shares") of Class A Common Stock and 12,669,300 warrants to purchase shares of Class A Common Stock (the " PIPE Warrants " and, together with the PIPE Shares, the "PIPE Securities") for an aggregate purchase price of $703.9 million. The sale of the PIPE Securities was consummated concurrently with the closing of the Business Combination. In connection with the consummation of the Business Combination : • all of the existing limited liability company interests of The Hagerty Group held by HHC were converted into (1) $489.7 million in cash, (2) 176,033,906 units of The Hagerty Group, and (3) 176,033,906 shares of Class V Common Stock; • all of the existing limited liability company interests of The Hagerty Group held by Markel were converted into (1) 75,000,000 units of The Hagerty Group, and (2) 75,000,000 shares of Class V Common Stock; • 3,005,034 shares of Aldel 's 11,500,000 shares of Class A Common Stock subject to redemption were redeemed, resulting in 8,494,966 shares of Class A Common Stock remaining outstanding; • all of the 2,875,000 outstanding shares of Aldel's Class B Common Stock were converted into shares of Class A Common Stock on a one-for-one basis; and • 572,500 outstanding shares of Aldel Class A Common Stock became Hagerty Class A Common Stock. Immediately after giving effect to the Business Combination , there were 82,327,466 shares of Hagerty Class A Common Stock outstanding , 251,033,906 shares of Hagerty Class V Common Stock outstanding and 20,005,550 warrants outstanding which can be converted on a one-for-one basis to Class A Common Stock . Refer to Note 16 — Fair Value Measurements for additional information on the Company's warrants. In connection with the Business Combination , the Company incurred direct and incremental costs of approxima tely $41.9 million, consisting of primarily investment banking, insurance, and professional fees, of which $32.6 million were recorded as a reduction of "Additional-paid-in-capital" within the Consolidated Balance Sheets. In connection with the Business Combination, Hagerty, Inc. entered into the TRA with the Legacy Unit Holders. The TRA provides for payment to the Legacy Unit Holders of 85% of the U.S. federal, state and local income tax savings realized by Hagerty, Inc. as a result of the increases in tax basis and certain other tax benefits related to the transactions contemplated under the Business Combination Agreement upon the exchange of The Hagerty Group units and Class V Common Stock for Class A Common Stock and The Hagerty Group units or cash. Refer to Note 22 — Taxation for additional information related to the TRA. The following table is a summary of the cash inflows and outflows related to the Business Combination: Business Combination in thousands Cash in trust, net of redemptions $ 85,811 Cash, PIPE 703,850 Less: transaction costs and advisory fees (41,859) Less: cash consideration to HHC at Closing (489,661) Net cash received from Business Combination $ 258,141 9 — 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 "Loss from equity method investment, net of tax" on the 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 The Hagerty Group units. The number of Class A Common Stock shares and The 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 $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 $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 $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 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 4 — Notes Receivable for additional information. (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 live auctions and facilitating private sales, as well as the assembled workforce and various other factors. The acquisition of Broad Arrow was not material to the Company's Consolidated Statements of Operations. Therefore, pro forma results of operations related to this acquisition have not been presented. Following the Broad Arrow Acquisition, the financial statements of Broad Arrow are consolidated into the Company's Consolidated Financial Statements. 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 year ended December 31, 2023 and the second annual installment will be paid in the first quarter of 2024. Speed Digital was previously wholly owned indirectly by Robert Kauffman, a member of the Company's Board of Directors (the "Board"), who will receive 100% of the proceeds of the purchase price. Speed Digital operates a SaaS business primarily serving collector car dealers and auction houses, and an advertising and content syndication platform, which includes Motorious.com. The Company acquired Speed Digital to enhance the Marketplace business to establish relationships with their dealer partners and facilitate growth in Marketplace products; augment the Company's automotive intelligence data; and allow Motorious.com to drive audience engagement, content distribution, and advertising revenue.
Acquisitions and Investments	9 — 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 "Loss from equity method investment, net of tax" on the 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 The Hagerty Group units. The number of Class A Common Stock shares and The 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 $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 $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 $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 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 4 — Notes Receivable for additional information. (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 live auctions and facilitating private sales, as well as the assembled workforce and various other factors. The acquisition of Broad Arrow was not material to the Company's Consolidated Statements of Operations. Therefore, pro forma results of operations related to this acquisition have not been presented. Following the Broad Arrow Acquisition, the financial statements of Broad Arrow are consolidated into the Company's Consolidated Financial Statements. 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 year ended December 31, 2023 and the second annual installment will be paid in the first quarter of 2024. Speed Digital was previously wholly owned indirectly by Robert Kauffman, a member of the Company's Board of Directors (the "Board"), who will receive 100% of the proceeds of the purchase price. Speed Digital operates a 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.

Losses and Impairments Related

Losses and Impairments Related to Divestitures	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Losses and Impairments Related to Divestitures	10 — Losses and Impairments Related to Divestitures 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 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 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 and the Company recognized a $0.4 million loss related to this sale. This loss is recorded within "Losses and impairments related to divestitures" on the Company's Consolidated Statements of Operations.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	11 — Goodwill and Intangible Assets Goodwill The following is a reconciliation of the changes in the Company's goodwill for the years ended December 31, 2023 and 2022: 2023 2022 in thousands Goodwill as of January 1, $ 115,041 $ 11,488 Acquisitions — 103,605 Divestitures (846) — Effect of foreign currency translation 19 (52) Goodwill as of December 31, $ 114,214 $ 115,041 The acquisition of Speed Digital in April 2022 and Broad Arrow in August 2022 together resulted in the recognition of $103.6 million of goodwill in the Marketplace reporting unit during the year ended December 31, 2022. Refer to Note 9 — Acquisitions and Investments for additional information. Intangible Assets The cost and accumulated amortization of intangible assets as of December 31, 2023 and 2022 are as follows: Weighted Average Useful Life December 31, 2023 2022 in thousands Renewal rights 10.0 $ 20,226 $ 17,282 Internally developed software 3.4 126,972 109,764 Trade names and trademarks 14.0 12,541 12,541 Relationships and customer lists 15.7 8,876 13,890 Other 4.4 1,445 1,434 Intangible assets 170,060 154,911 Less: accumulated amortization (78,136) (50,887) Intangible assets, net $ 91,924 $ 104,024 The termination of the joint venture agreement governing MHH resulted in the derecognition of $5.0 million of relationships and customer lists in the third quarter of 2023. Refer to Note 10 — 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. Intangible asset amortization expense was $28.6 million, $21.8 million, and $12.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. Estimated future aggregate amortization expense related to intangible assets as of December 31, 2023 is as follows: in thousands 2024 $ 27,879 2025 20,544 2026 13,341 2027 9,314 2028 7,499 Thereafter 13,347 Total $ 91,924

Provision for Unpaid Losses and

Provision for Unpaid Losses and Loss Adjustment Expenses	12 Months Ended
	Dec. 31, 2023
Insurance [Abstract]
Provision for Unpaid Losses and Loss Adjustment Expenses	12 — Provision for Unpaid Losses and Loss Adjustment Expenses The following table presents Hagerty Re's provision for unpaid losses and loss adjustment expenses as of December 31, 2023 and December 31, 2022: December 31, 2023 2022 in thousands Outstanding losses reported $ 84,651 $ 65,981 IBNR 49,621 44,917 Net reserves for unpaid losses and loss adjustment expenses 134,272 110,898 Reinsurance recoverable on unpaid losses and loss adjustment expenses 2,235 843 Gross reserves for unpaid losses and loss adjustment expenses $ 136,507 $ 111,741 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 various reinsurers: Year Ended December 31, 2023 2022 2021 in thousands Gross reserves for unpaid losses and loss adjustment expenses, beginning of year $ 111,741 $ 74,869 $ 54,988 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 54,988 Incurred losses and loss adjustment expenses: Current accident year 228,358 186,478 132,481 Prior accident year (1) (7,700) (4,076) (10,401) Total incurred losses and loss adjustment expenses 220,658 182,402 122,080 Payments: Current accident year 138,263 109,555 76,559 Prior accident year 59,128 36,803 25,656 Total payments 197,391 146,358 102,215 Effect of foreign currency rate changes 107 (15) 16 Net reserves for unpaid losses and loss adjustment expenses, end of period 134,272 110,898 74,869 Reinsurance recoverable on unpaid losses and loss adjustment expenses 2,235 843 — Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 136,507 $ 111,741 $ 74,869 (1) Prior accident year development reflects a lower frequency and severity of claims than originally estimated for accident years 2017 to 2022. Hagerty Re's loss reserve estimates are updated based on an evaluation of inputs 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. The factors considered by management in estimating the provision for unpaid losses and loss adjustment expenses as of December 31, 2023 and 2022, include the following: • historical trends in claim frequency and severity; • the changing mix of business due to the large growth in modern collectible cars which carry a different risk profile than the risks associated with classic cars; • emerging economic and social trends; • inflation, both economic and social; • retention limits under current catastrophe and treaty reinsurance programs; • legislative and judicial changes in the jurisdictions in which the Company writes insurance; and • management's assessment of broader industry experience and trends. The following factors are relevant to the additional information included in the tables below: • Table organization : The tables are organized by accident year and include policies written on an occurrence basis. • Groupings : Reserves for losses and loss adjustment expenses are grouped by line of business. The Company believes that losses included in each line of business have homogenous risk characteristics with similar development patterns and would generally be subject to similar trends. • Claim counts : The Company considers a reported claim to be one claim for each claimant for each loss occurrence. • Limitations: There are limitations that should be considered on the reported claim count data in the tables below, including that claim counts are presented only on a reported (not an ultimate) basis. The following table presents a summary of total reserves for losses and loss adjustment expenses by line of business for the periods specified below: December 31, 2023 2022 in thousands Gross reserves for unpaid losses and loss adjustment expenses Auto $ 136,294 $ 111,575 Marine 213 166 Total gross reserves for unpaid losses and loss adjustment expenses $ 136,507 $ 111,741 Reinsurance recoverable on unpaid losses and loss adjustment expenses Auto $ 2,235 $ 843 Marine — — Total reinsurance recoverable on unpaid losses and loss adjustment expenses $ 2,235 $ 843 Net reserves for unpaid losses and loss adjustment expenses Auto $ 134,059 $ 110,732 Marine 213 166 Total net reserves for unpaid losses and loss adjustment expenses $ 134,272 $ 110,898 The following table presents incurred losses and loss adjustment expenses, by accident year, undiscounted and net of reinsurance recoveries: Auto Insurance (dollars in thousands) Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported Cumulative Number of Reported Claims Reporting Years Ended December 31, Accident Year 2019* 2020* 2021* 2022* 2023 As of December 31, 2023 2019 $ 63,642 $ 63,642 $ 59,660 $ 59,660 $ 59,660 $ 445 23,800 2020 90,110 86,608 85,111 84,311 1,600 27,204 2021 131,643 129,259 125,634 1,851 35,430 2022 186,073 182,783 10,032 39,199 2023 228,071 35,318 39,738 Total 680,459 49,246 165,371 Cumulative paid losses and loss adjustment expenses from the table below (547,214) — Reserves for losses and loss adjustment expenses before 2019, net of reinsurance 707 303 Effect of foreign currency rate changes 107 — Reserves for losses and loss adjustment expenses, undiscounted and net of reinsurance $ 134,059 $ 49,549 The following table presents cumulative paid losses and loss adjustment expenses by accident year: Auto Insurance (in thousands) As of December 31, Accident Year 2019* 2020* 2021* 2022* 2023 2019 $ 37,910 $ 51,491 $ 55,617 $ 57,393 $ 58,415 2020 53,167 73,402 78,079 80,656 2021 75,933 105,475 114,884 2022 109,255 155,157 2023 138,102 Total $ 547,214 * Unaudited required supplemental information. The following table presents supplementary information about average historical claims duration as of December 31, 2023 based on the cumulative incurred and paid losses and allocated loss adjustment expenses presented above. Average Annual Percentage of Payout of Incurred Claims by Age (in Years), Net of Reinsurance (Unaudited) Years Year 1 Year 2 Year 3 Year 4 Year 5 Auto Insurance 61.1 % 24.4 % 5.8 % 3.9 % 2.5 % 14 — Statutory Capital and Surplus Dividend Restrictions —  Under Bermuda law, Hagerty Re is prohibited from declaring or issuing a dividend if it fails to meet its minimum solvency margin or minimum liquidity ratio. Prior approval from the Bermuda Monetary Authority ("BMA") is also required if Hagerty Re's proposed dividend payments would exceed 25% of its prior year-end total statutory capital and surplus. The amount of dividends which could be paid in 2024 without prior approval is $54.7 million. Capital Restrictions —  In Bermuda, Hagerty Re is subject to the Bermuda Solvency Capital Requirement ("BSCR") administered by the BMA. No regulatory action is taken by the BMA if an insurer’s capital and surplus is equal to or in excess of its enhanced capital requirement, as determined by the BSCR model. In addition, the BMA has established a target capital level for each insurer, which is 120% of the enhanced capital requirement. Hagerty Re maintained sufficient statutory capital and surplus to comply with regulatory requirements as of December 31, 2023. Statutory Financial Information —  Hagerty Re prepares its statutory financial statements in conformity with the accounting principles set forth in the Bermuda Insurance Act 1978, amendments thereto and related regulations. As of December 31, 2023 and 2022, the general business statutory capital and surplus of Hagerty Re was $218.9 million and $131.7 million, respectively. Statutory capital and surplus as of December 31, 2023 included $25.0 million of "Other Fixed Capital" represented by the State Farm Term Loan to Hagerty Re. The general business statutory net income of Hagerty Re was $62.3 million, $24.4 million, and $25.2 million for the years ended December 31, 2023, 2022, and 2021 respectively.

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Reinsurance	13 — Reinsurance The following table presents Hagerty Re's total premiums assumed and ceded on a written and earned basis for the years ended December 31, 2023, 2022, and 2021: Year Ended December 31, 2023 2022 2021 in thousands Premiums: Assumed $ 636,366 $ 474,294 $ 353,925 Ceded (33,070) (10,749) (7,920) Net $ 603,296 $ 463,545 $ 346,005 Premiums earned: Assumed $ 554,553 $ 414,030 $ 303,434 Ceded (22,687) (10,969) (7,610) Net $ 531,866 $ 403,061 $ 295,824 The following table presents gross, ceded, and net losses and loss adjustment expenses incurred for the years ended December 31, 2023, 2022, and 2021: Year Ended December 31, 2023 2022 2021 in thousands Gross losses and loss adjustment expenses $ 222,895 $ 187,754 $ 122,080 Ceded losses and loss adjustment expenses (2,237) (5,352) — Net losses and loss adjustment expenses $ 220,658 $ 182,402 $ 122,080 Ceded Reinsurance Hagerty Re purchases catastrophe reinsurance to protect its capital from large catastrophic events and to provide earnings protection and stability. Hagerty Re renegotiated its catastrophe reinsurance coverage effective January 1, 2024, with terms and limits similar to 2023. The 2024 catastrophe reinsurance program for accounts with total insured values ("TIV") of up to $5.0 million affords coverage in excess of a per event retention of $28.0 million in two layers; $22.0 million excess of $28.0 million, and $55.0 million excess of $50.0 million for a total of $105.0 million. Beginning in 2023, Hagerty Re entered into quota share agreements with various reinsurers to cede 70% of its physical damage exposure on U.S. accounts written or renewed with TIV equal to or greater than $5.0 million ("High-Net-Worth Accounts"). These High-Net-Worth Accounts are assumed 100% from Evanston Insurance Company ("Evanston"). Commencing January 1, 2024, Hagerty Re will cede to various reinsurers 100% of its High-Net-Worth Accounts physical damage exposure. Some of the reinsurers involved in this quota share are related parties. Refer to Note 23 — Related-Party Transactions for additional information. Hagerty Re receives ceding commissions related to 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 within "Ceding commission, net" in the Company's Consolidated Statements of Operations. Deferred portions of ceding commissions received are included in "Deferred acquisition costs, net" on the Company's Consolidated Balance Sheets. The following table presents the reinsurance recoverable on paid and unpaid losses and loss adjustment expenses as of December 31, 2023 and December 31, 2022: December 31, 2023 2022 in thousands Reinsurance recoverable on paid losses and loss adjustment expenses $ 548 $ 605 Reinsurance recoverable on unpaid losses and loss adjustment expenses 2,235 843 Total reinsurance recoverable $ 2,783 $ 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.

Statutory Capital and Surplus

Statutory Capital and Surplus	12 Months Ended
	Dec. 31, 2023
Insurance [Abstract]
Statutory Capital and Surplus	12 — Provision for Unpaid Losses and Loss Adjustment Expenses The following table presents Hagerty Re's provision for unpaid losses and loss adjustment expenses as of December 31, 2023 and December 31, 2022: December 31, 2023 2022 in thousands Outstanding losses reported $ 84,651 $ 65,981 IBNR 49,621 44,917 Net reserves for unpaid losses and loss adjustment expenses 134,272 110,898 Reinsurance recoverable on unpaid losses and loss adjustment expenses 2,235 843 Gross reserves for unpaid losses and loss adjustment expenses $ 136,507 $ 111,741 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 various reinsurers: Year Ended December 31, 2023 2022 2021 in thousands Gross reserves for unpaid losses and loss adjustment expenses, beginning of year $ 111,741 $ 74,869 $ 54,988 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 54,988 Incurred losses and loss adjustment expenses: Current accident year 228,358 186,478 132,481 Prior accident year (1) (7,700) (4,076) (10,401) Total incurred losses and loss adjustment expenses 220,658 182,402 122,080 Payments: Current accident year 138,263 109,555 76,559 Prior accident year 59,128 36,803 25,656 Total payments 197,391 146,358 102,215 Effect of foreign currency rate changes 107 (15) 16 Net reserves for unpaid losses and loss adjustment expenses, end of period 134,272 110,898 74,869 Reinsurance recoverable on unpaid losses and loss adjustment expenses 2,235 843 — Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 136,507 $ 111,741 $ 74,869 (1) Prior accident year development reflects a lower frequency and severity of claims than originally estimated for accident years 2017 to 2022. Hagerty Re's loss reserve estimates are updated based on an evaluation of inputs 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. The factors considered by management in estimating the provision for unpaid losses and loss adjustment expenses as of December 31, 2023 and 2022, include the following: • historical trends in claim frequency and severity; • the changing mix of business due to the large growth in modern collectible cars which carry a different risk profile than the risks associated with classic cars; • emerging economic and social trends; • inflation, both economic and social; • retention limits under current catastrophe and treaty reinsurance programs; • legislative and judicial changes in the jurisdictions in which the Company writes insurance; and • management's assessment of broader industry experience and trends. The following factors are relevant to the additional information included in the tables below: • Table organization : The tables are organized by accident year and include policies written on an occurrence basis. • Groupings : Reserves for losses and loss adjustment expenses are grouped by line of business. The Company believes that losses included in each line of business have homogenous risk characteristics with similar development patterns and would generally be subject to similar trends. • Claim counts : The Company considers a reported claim to be one claim for each claimant for each loss occurrence. • Limitations: There are limitations that should be considered on the reported claim count data in the tables below, including that claim counts are presented only on a reported (not an ultimate) basis. The following table presents a summary of total reserves for losses and loss adjustment expenses by line of business for the periods specified below: December 31, 2023 2022 in thousands Gross reserves for unpaid losses and loss adjustment expenses Auto $ 136,294 $ 111,575 Marine 213 166 Total gross reserves for unpaid losses and loss adjustment expenses $ 136,507 $ 111,741 Reinsurance recoverable on unpaid losses and loss adjustment expenses Auto $ 2,235 $ 843 Marine — — Total reinsurance recoverable on unpaid losses and loss adjustment expenses $ 2,235 $ 843 Net reserves for unpaid losses and loss adjustment expenses Auto $ 134,059 $ 110,732 Marine 213 166 Total net reserves for unpaid losses and loss adjustment expenses $ 134,272 $ 110,898 The following table presents incurred losses and loss adjustment expenses, by accident year, undiscounted and net of reinsurance recoveries: Auto Insurance (dollars in thousands) Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported Cumulative Number of Reported Claims Reporting Years Ended December 31, Accident Year 2019* 2020* 2021* 2022* 2023 As of December 31, 2023 2019 $ 63,642 $ 63,642 $ 59,660 $ 59,660 $ 59,660 $ 445 23,800 2020 90,110 86,608 85,111 84,311 1,600 27,204 2021 131,643 129,259 125,634 1,851 35,430 2022 186,073 182,783 10,032 39,199 2023 228,071 35,318 39,738 Total 680,459 49,246 165,371 Cumulative paid losses and loss adjustment expenses from the table below (547,214) — Reserves for losses and loss adjustment expenses before 2019, net of reinsurance 707 303 Effect of foreign currency rate changes 107 — Reserves for losses and loss adjustment expenses, undiscounted and net of reinsurance $ 134,059 $ 49,549 The following table presents cumulative paid losses and loss adjustment expenses by accident year: Auto Insurance (in thousands) As of December 31, Accident Year 2019* 2020* 2021* 2022* 2023 2019 $ 37,910 $ 51,491 $ 55,617 $ 57,393 $ 58,415 2020 53,167 73,402 78,079 80,656 2021 75,933 105,475 114,884 2022 109,255 155,157 2023 138,102 Total $ 547,214 * Unaudited required supplemental information. The following table presents supplementary information about average historical claims duration as of December 31, 2023 based on the cumulative incurred and paid losses and allocated loss adjustment expenses presented above. Average Annual Percentage of Payout of Incurred Claims by Age (in Years), Net of Reinsurance (Unaudited) Years Year 1 Year 2 Year 3 Year 4 Year 5 Auto Insurance 61.1 % 24.4 % 5.8 % 3.9 % 2.5 % 14 — Statutory Capital and Surplus Dividend Restrictions —  Under Bermuda law, Hagerty Re is prohibited from declaring or issuing a dividend if it fails to meet its minimum solvency margin or minimum liquidity ratio. Prior approval from the Bermuda Monetary Authority ("BMA") is also required if Hagerty Re's proposed dividend payments would exceed 25% of its prior year-end total statutory capital and surplus. The amount of dividends which could be paid in 2024 without prior approval is $54.7 million. Capital Restrictions —  In Bermuda, Hagerty Re is subject to the Bermuda Solvency Capital Requirement ("BSCR") administered by the BMA. No regulatory action is taken by the BMA if an insurer’s capital and surplus is equal to or in excess of its enhanced capital requirement, as determined by the BSCR model. In addition, the BMA has established a target capital level for each insurer, which is 120% of the enhanced capital requirement. Hagerty Re maintained sufficient statutory capital and surplus to comply with regulatory requirements as of December 31, 2023. Statutory Financial Information —  Hagerty Re prepares its statutory financial statements in conformity with the accounting principles set forth in the Bermuda Insurance Act 1978, amendments thereto and related regulations. As of December 31, 2023 and 2022, the general business statutory capital and surplus of Hagerty Re was $218.9 million and $131.7 million, respectively. Statutory capital and surplus as of December 31, 2023 included $25.0 million of "Other Fixed Capital" represented by the State Farm Term Loan to Hagerty Re. The general business statutory net income of Hagerty Re was $62.3 million, $24.4 million, and $25.2 million for the years ended December 31, 2023, 2022, and 2021 respectively.

Restructuring, Impairment and R

Restructuring, Impairment and Related Charges	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring, Impairment and Related Charges	15 — 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 United Kingdom ("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 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"), the Company recognized $8.8 million within "Restructuring, impairment and related charges, net" in the Consolidated Statements of Operations. These charges consisted of $5.4 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 addition, the Company recognized $3.1 million of 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 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 Consolidated Balance Sheets. in thousands Balance at December 31, 2022 $ 9,470 Costs incurred and charged to expense 8,812 Costs paid or otherwise settled (1) (18,282) Balance at December 31, 2023 $ — (1)

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	16 — Fair Value Measurements 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 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 Consolidated Statements of Operations. As of December 31, 2023, the Company had one outstanding interest rate swap, which was entered into in December 2020, with an original notional amount of $35.0 million and maturity in December 2025. In September 2022, the interest rate swap was amended to replace LIBOR with Term Secured Overnight Financing Rate ("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 Consolidated Balance Sheets. 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 interest rate swap was highly effective in offsetting variability in the cash flows of the variable rate borrowings. The hedge is deemed effective, and therefore, the change in fair value is recorded within "Derivative instruments" in the 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". There were no such reclassifications during the years ended December 31, 2023, 2022, and 2021. The Company does not expect to have a reclassification into earnings within the next 12 months. As of December 31, 2023 and 2022, the interest swap was in an asset position and had a fair value of $2.2 million and $3.3 million, respectively. 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 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. Warrant liabilities The following table summarizes the Company's outstanding warrants as of December 31, 2023 and 2022: December 31, 2023 2022 in thousands Public warrants (1) 5,750 5,750 Private placement warrants (2) 258 258 Underwriter warrants (2) 29 29 OTM warrants (3) 1,300 1,300 PIPE warrants (2) 12,147 12,147 Total 19,484 19,484 (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 Public Warrants are Level 1 within the fair value hierarchy as they are measured utilizing quoted market prices. The Company's Private Placement Warrants, Underwriter Warrants, OTM Warrants, and PIPE Warrants are Level 3 within the fair value hierarchy. The Company utilizes a Monte Carlo simulation model to measure the fair value of these warrants. The Company’s Monte Carlo simulation model includes assumptions related to the expected stock price volatility, expected term, dividend yield, and risk-free interest rate. The following table summarizes the significant inputs used in the valuation model for the private warrants as of December 31, 2023: Inputs Private Placement Warrants Underwriter Warrants OTM Warrants PIPE Warrants Exercise price $11.50 $11.50 $15.00 $11.50 Common stock price $7.80 $7.80 $7.80 $7.80 Volatility 48.6% 48.6% 46.0% 48.6% Expected term of the warrants 2.92 2.92 7.93 2.92 Risk-free rate 4.00% 4.00% 3.90% 4.00% 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 of the warrants, which is assumed to be the remaining contractual term. The dividend rate is based on the Company’s historical rate, which is expected to remain at zero. 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 in connection with Hagerty Re's reinsurance agreement. These fixed income investments are classified as held-to-maturity because 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 December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value in thousands Short-term $ 10,946 $ 10,864 $ 6,296 $ 6,205 Long-term 5,526 5,398 6,690 6,316 Total $ 16,472 $ 16,262 $ 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 December 31, 2023, the Company does not expect any credit losses related to the fixed income investments and therefore there is no allowance for credit losses recorded. The Company did not record any gains or losses on these securities during the years ended December 31, 2023 or 2022.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt	17 — Long-Term Debt As of December 31, 2023 and December 31, 2022, "Long-term debt, net" consisted of the following: December 31, Maturity 2023 2022 in thousands JPM Credit Facility October 2026 $ 77,258 $ 105,000 BAC Credit Facility December 2026 25,782 — State Farm Term Loan September 2033 25,000 — Notes payable 2024-2025 6,875 3,280 Total debt 134,915 108,280 Less: Notes payable, current portion (3,654) — Less: Unamortized debt issuance costs (581) — Total long-term debt, net $ 130,680 $ 108,280

Convertible Preferred Stock

Convertible Preferred Stock	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Convertible Preferred Stock	18 — 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 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. 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 and HHC has the right to nominate two directors to the Company’s Board. Refer to Note 19 — Stockholders' Equity and Note 23 — 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 Consolidated Balance Sheets. The Company is using the net proceeds from the Private Placement for general corporate purposes. As of December 31, 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 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 December 31, 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. Registration Rights Agreement

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	19 — 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 December 31, 2023 and December 31, 2022, there were 84,588,536 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 the Legacy Unit Holders along with an equivalent number of The Hagerty Group units, as discussed below. Each share of Class V Common Stock, together with the corresponding unit of The Hagerty Group, is exchangeable for one share of Class A Common Stock. As of December 31, 2023 and December 31, 2022, there were 251,033,906 shares of Class V Common Stock issued and outstanding. Preferred Stock — Hagerty is authorized to issue 20,000,000 shares of Preferred Stock with a par value of $0.0001 per share. Hagerty's Board has the authority to issue shares of Preferred Stock with such designations, voting and other rights and preferences as may be determined from time to time. 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. As of December 31, 2023, there were 8,483,561 shares of Preferred Stock issued and outstanding. Refer to Note 18 — 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 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 The Hagerty Group units as of December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 Units Owned Ownership Percentage Units Owned Ownership Percentage The Hagerty Group units held by Hagerty, Inc. 84,588,536 24.9 % 83,202,969 24.5 % The Hagerty Group units held by other unit holders 255,499,164 75.1 % 255,758,466 75.5 % Total 340,087,700 100.0 % 338,961,435 100.0 % In connection with the Private Placement, the Fourth Amended and Restated Limited Liability Company Agreement of The Hagerty Group was amended and restated in the form of a Fifth Amended and Restated Limited Liability Company Agreement, to, among other things, create a new series of preferred units within The Hagerty Group (" The Hagerty Group Preferred Units"), which are all held by Hagerty, Inc. , to parallel the Series A Convertible Preferred Stock . The Hagerty Group Preferred Units are recorded on the standalone unconsolidated financial statements of The Hagerty Group at their estimated redemption value, which represents the maximum cash payment, including cumulative dividends, that would be required to be paid to Hagerty, Inc. upon a Term Redemption of the Series A Convertible Preferred Stock . Amounts recognized to accrete The Hagerty Group Preferred Units to their estimated redemption value are treated as a deemed dividend due to Hagerty, Inc. The amount of this deemed dividend is attributed entirely to Hagerty, Inc. prior to allocating the remainder of The Hagerty Group's net income between controlling and non-controlling interests. Refer to Note 18 — Convertible Preferred Stock for additional information on the Private Placement and the Series A Convertible Preferred Stock . 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 units of The Hagerty Group 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 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 The 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	19 — 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 December 31, 2023 and December 31, 2022, there were 84,588,536 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 the Legacy Unit Holders along with an equivalent number of The Hagerty Group units, as discussed below. Each share of Class V Common Stock, together with the corresponding unit of The Hagerty Group, is exchangeable for one share of Class A Common Stock. As of December 31, 2023 and December 31, 2022, there were 251,033,906 shares of Class V Common Stock issued and outstanding. Preferred Stock — Hagerty is authorized to issue 20,000,000 shares of Preferred Stock with a par value of $0.0001 per share. Hagerty's Board has the authority to issue shares of Preferred Stock with such designations, voting and other rights and preferences as may be determined from time to time. 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. As of December 31, 2023, there were 8,483,561 shares of Preferred Stock issued and outstanding. Refer to Note 18 — 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 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 The Hagerty Group units as of December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 Units Owned Ownership Percentage Units Owned Ownership Percentage The Hagerty Group units held by Hagerty, Inc. 84,588,536 24.9 % 83,202,969 24.5 % The Hagerty Group units held by other unit holders 255,499,164 75.1 % 255,758,466 75.5 % Total 340,087,700 100.0 % 338,961,435 100.0 % In connection with the Private Placement, the Fourth Amended and Restated Limited Liability Company Agreement of The Hagerty Group was amended and restated in the form of a Fifth Amended and Restated Limited Liability Company Agreement, to, among other things, create a new series of preferred units within The Hagerty Group (" The Hagerty Group Preferred Units"), which are all held by Hagerty, Inc. , to parallel the Series A Convertible Preferred Stock . The Hagerty Group Preferred Units are recorded on the standalone unconsolidated financial statements of The Hagerty Group at their estimated redemption value, which represents the maximum cash payment, including cumulative dividends, that would be required to be paid to Hagerty, Inc. upon a Term Redemption of the Series A Convertible Preferred Stock . Amounts recognized to accrete The Hagerty Group Preferred Units to their estimated redemption value are treated as a deemed dividend due to Hagerty, Inc. The amount of this deemed dividend is attributed entirely to Hagerty, Inc. prior to allocating the remainder of The Hagerty Group's net income between controlling and non-controlling interests. Refer to Note 18 — Convertible Preferred Stock for additional information on the Private Placement and the Series A Convertible Preferred Stock . 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 units of The Hagerty Group 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 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 The 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	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	20 — 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 units of The Hagerty Group and Series A Convertible Preferred Stock, with the dilutive effect calculated using the more dilutive of the If-Converted Method and the Two-Class Method. The following table summarizes the basic and diluted earnings per share calculations for the years ended December 31, 2023, 2022, and 2021: Year Ended December 31, 2023 2022 2021 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 $ 15,881 $ 32,078 $ (46,358) Weighted-average shares of Class A Common Stock outstanding 84,180 82,728 82,327 Net income (loss) per share of Class A Common Stock, basic $ 0.19 $ 0.39 $ (0.56) Earnings (Loss) Per Share of Class A Common Stock, Diluted Net income (loss) available to Class A Common Stockholders $ 31,769 $ (23,956) $ (46,358) Weighted-average shares of Class A Common Stock outstanding 340,323 336,147 82,327 Net income (loss) per share of Class A Common Stock, Diluted $ 0.09 $ (0.07) $ (0.56) Net Income (Loss) Available to Class A Common Stockholders Net income (loss) $ 28,179 $ 2,403 $ (61,354) Net (income) loss attributable to non-controlling interest (7,948) 29,675 398 Net loss attributable to redeemable non-controlling interest — — 14,598 Accretion of Series A Convertible Preferred Stock (3,677) — — Undistributed earnings allocated to Series A Convertible Preferred Stock (673) — — Net income (loss) available to Class A Common Stockholders, Basic 15,881 32,078 (46,358) Undistributed earnings allocated to Series A Convertible Preferred Stock 347 — — Adjustment for potentially dilutive units of The Hagerty Group 15,526 (28,642) — Adjustment for potentially dilutive Series A Convertible Preferred Stock — — — Adjustment for potentially dilutive share-based compensation awards 15 — — Adjustment for potentially dilutive warrant liabilities — (27,392) — Net income (loss) available to Class A Common Stockholders, Diluted $ 31,769 $ (23,956) $ (46,358) Weighted-Average Shares of Class A Common Stock Outstanding Weighted-average shares of Class A Common Stock outstanding, Basic 84,180 82,728 82,327 Adjustment for potentially dilutive units of The Hagerty Group 255,559 252,806 — Adjustment for potentially dilutive Series A Convertible Preferred Stock — — — Adjustment for potentially dilutive share-based compensation awards 584 — — Adjustment for potentially dilutive warrants — 613 — Weighted-average shares of Class A Common Stock outstanding, Diluted 340,323 336,147 82,327 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: Year Ended December 31, 2023 2022 2021 in thousands The Hagerty Group units — — 251,034 Series A Convertible Preferred Stock 3,569 — — Unvested shares associated with share-based compensation awards 3,767 7,048 — Warrants 19,484 7,050 20,006 Total 26,820 14,098 271,040

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	21 — 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. As of December 31, 2023, there were approximately 29.0 million shares available for future grants under the 2021 Equity Incentive Plan. Share-based compensation expense related to employees is recognized in the 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 years ended December 31, 2023 and 2022. As the first share-based compensation grant occurred in the second quarter of 2022, there was no share-based compensation expense during the year ended December 31, 2021: Year Ended December 31, 2023 2022 in thousands Restricted stock units $ 14,991 $ 9,814 Performance restricted stock units 2,861 2,146 Employee stock purchase plan 165 169 Total share-based compensation expense $ 18,017 $ 12,129 Restricted Stock Units RSU grants typically vest over a two The tax impact related to vested shares for the years ended December 31, 2023 and 2022 was not material to the Company's 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 December 31, 2023 was $31.6 million, which the Company expects to recognize over a weighted average period of 3.35 years. The following table provides a summary of the RSU activity during the year ended December 31, 2023: Restricted Stock Units Weighted Average Grant Date Fair Value Unvested balance as of December 31, 2022 3,195,038 $ 10.76 Granted 2,628,874 9.12 Vested (927,891) 10.75 Forfeited (217,989) 9.85 Unvested balance as of December 31, 2023 4,678,032 $ 9.88 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 year ended December 31, 2023: Performance Restricted Stock Units Weighted Average Fair Value Outstanding as of December 31, 2022 3,707,136 $ 5.19 Granted — — Outstanding as of December 31, 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 December 31, 2023, 197,819 shares had been purchased under the ESPP and there were approximately 11.3 million shares available for future purchases.

Taxation

Taxation	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Taxation	22 — Taxation United States — The Hagerty Group is taxed as a pass-through ownership structure under provisions of the IRC and a similar section of state income tax law except for certain U.S. corporate subsidiaries and 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 Hagerty, Inc. Hagerty, Inc. 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. Hagerty, Inc., Hagerty Re, Broad Arrow, Hagerty Radwood, Inc., and various foreign subsidiaries are treated as taxable entities and income taxes are provided where applicable. The Company has a TRA with the Legacy Unit Holders that requires the Company to pay 85% of the tax savings that are realized as a result of increases in the tax basis in The Hagerty Group's assets as a result of an exchange of The 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 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 IRS, Hagerty Re established an irrevocable letter of credit with the IRS in 2021. Tax Legislation — 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 effective tax rate or its Consolidated Financial Statements. On December 27, 2023, Bermuda enacted legislation implementing a corporate income tax, effective for fiscal years beginning on or after January 1, 2025. Without making an election, Hagerty Re would not be considered a Bermuda Constituent Entity since Hagerty, Inc. owns less than 80% of the economic value of Hagerty Re. Hagerty Re has not made and does not intend to make an election to be a Bermuda Constituent Entity and therefore is not subject to the corporate income tax regime in Bermuda. The Organisation for Economic Co-operation and Development ("OECD") has a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as "Pillar 2"), with certain aspects of Pillar 2 effective January 1, 2024 and other aspects effective January 1, 2025. While its uncertain whether the U.S. will enact legislation to adopt Pillar 2, certain countries in which the Company operates have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar 2. The Company is still assessing the impact of Pillar 2. Income Tax Expense — Income (loss) before income tax expense includes the following components: Year Ended December 31, 2023 2022 2021 in thousands United States $ 62,030 $ 24,778 $ (44,434) Foreign (17,258) (13,682) (10,169) Total $ 44,772 $ 11,096 $ (54,603) Total income tax expense (benefit) attributable to income (loss) for the years ended December 31, 2023, 2022 and 2021 consists of the following components: Year Ended December 31, 2023 2022 2021 in thousands Current: Federal $ 13,664 $ 4,041 $ 3,753 State 8 3 — Foreign — — (40) $ 13,672 $ 4,044 $ 3,713 Deferred: Federal $ 2,899 $ 2,999 $ 3,038 State 22 (26) — Foreign — — — 2,921 2,973 3,038 Total $ 16,593 $ 7,017 $ 6,751 Income tax expense (benefit) reflected in the 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: Year Ended December 31, 2023 2022 2021 in thousands (except percentages) Income tax (benefit) expense at statutory rate $ 9,402 21 % $ 2,330 21 % $ (11,467) 21 % State taxes (232) (1) % (479) (4) % (163) — % Loss not subject to entity-level taxes 5,000 11 % 8,727 79 % 6,485 (12) % Foreign rate differential (529) (1) % (375) (3) % (276) 1 % Change in valuation allowance 393 1 % 5,647 51 % 2,759 (5) % Change in fair value of warrant liability (2,424) (5) % (8,799) (79) % 8,933 (16) % Permanent items 914 2 % 852 8 % 477 (1) % Effect of changes in tax rates 4,018 9 % (851) (8) % — — % Other, net 51 — % (35) — % 3 — % Income tax expense $ 16,593 37 % $ 7,017 65 % $ 6,751 (12) % Deferred Tax Assets and Liabilities — Deferred tax assets and liabilities reflect temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount recognized for tax purposes, as adjusted for foreign currency translation. At December 31, 2023 and 2022, the tax effects of temporary differences that give rise to significant portions of the deferred tax provision are as follows: December 31, 2023 2022 in thousands Deferred tax assets: Discount on provision for losses and loss adjustment expenses $ 1,019 $ 802 Unearned premiums 12,886 9,886 Unrealized foreign currency gain 110 229 Excess tax basis 145,970 159,337 Net operating loss ("NOL") and other carryforwards 23,768 17,197 Other 419 457 Gross deferred tax assets 184,172 187,908 Less: valuation allowance (169,632) (176,116) Total net deferred tax assets $ 14,540 $ 11,792 Deferred tax liabilities: Deferred acquisition costs $ (29,744) $ (22,542) Excise tax accrual — (1,068) Unrealized foreign currency gain (110) (229) Unrealized investment gain (46) (37) Intangible assets (555) (759) Other (22) (7) Total deferred tax liabilities $ (30,477) $ (24,642) Net deferred tax liability $ (15,937) $ (12,850) As of December 31, 2023 and 2022, the Company has recorded deferred tax assets of $184.2 million and $187.9 million, respectively, of which $146.0 million and $159.3 million, respectively, relates to the difference between the outside tax basis and book basis of its investment in the assets of The Hagerty Group. The Company's deferred tax assets are reduced by a valuation allowance when management believes it is more likely than not that some, or all, of the deferred tax assets will not be realized. After considering all positive and negative evidence of taxable income in the carryback and carryforward periods, as permitted by law, the Company believes it is more likely than not that certain deferred tax assets, including the deferred tax asset for the investment in the assets of The Hagerty Group, will not be realized. As a result, the Company has recorded a valuation allowance of $169.6 million and $176.1 million against its deferred tax assets as of December 31, 2023 and 2022, respectively. In the event that management subsequently determines that it is more likely than not that the Company will realize its deferred tax assets in the future over the recorded amount, a decrease to the valuation allowance will be made, which will reduce the provision for income taxes. The Company has income tax NOL carryforwards related to U.S. and foreign operations of approximately $129.1 million and $93.5 million as of December 31, 2023 and 2022, respectively. The Company has recorded a deferred tax asset of $23.3 million reflecting the benefit of these loss carryforwards as of December 31, 2023. Of these deferred tax assets, $13.6 million does not expire, and the remaining $9.6 million expires as follows: in thousands 2036 $ 404 2037 $ 725 2038 $ 867 2039 $ — 2040 $ 1,179 2041 $ 1,459 2042 $ 1,998 2043 $ 3,018 Tax Examinations — The Company is subject to taxation and files income tax returns in the U.S. federal jurisdiction, as well as many state and foreign jurisdictions. As of December 31, 2023, tax years 2020 to 2022 are subject to examination by various tax authorities. With few exceptions, as of December 31, 2023, the Company is no longer subject to U.S. federal, state, local or foreign examinations for years before 2020. 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 December 31, 2023 and remains open because the Company is currently under examination by the Canadian Revenue Agency for that year. Uncertain Tax Positions — The calculation of the Company's tax liabilities involves uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across its global operations. ASC 740 states that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. The Company records uncertain tax benefits ("UTB") as liabilities in accordance with ASC 740 and adjusts these liabilities when management's conclusion changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the UTB liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which new information is available. As of December 31, 2023 and 2022, the Company did not have any unrecognized tax benefits and had no material accrued interest or penalties related to uncertain tax positions. If recorded, interest and penalties would be recorded within "Income tax expense" in the Consolidated Statements of Operations. 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 Annual Report) upon the exchange of The Hagerty Group units and Hagerty, Inc. Class V Common Stock for Hagerty, Inc. Class A Common Stock or cash. The Hagerty Group made an election under Section 754 of the IRC with the filing of its 2019 income tax return, which cannot be revoked without the permission of the IRS Commissioner and will be in place for any future exchange of The Hagerty Group units. The remaining 15% cash tax savings resulting from the basis adjustments will be retained by Hagerty, Inc. The amount and timing of any payments under the TRA will vary depending on a number of factors, including, but not limited to, the increase in tax basis of The Hagerty Group's assets, the timing of any future redemptions, exchanges or purchases of The Hagerty Group units held by Legacy Unit Holders, the price of Hagerty, Inc. Class A Common Stock at the time of the purchase, redemption, or exchange, the extent to which redemptions or exchanges are taxable, the amount and timing of the taxable income that Hagerty, Inc. generates in the future, the tax rates then applicable and the portion of the payments under the TRA constituting imputed interest. The estimated value of the TRA recorded by the Company within "Other long-term liabilities" on the Consolidated Balance Sheets was $0.6 million and $3.2 million as of December 31, 2023 and 2022, respectively, which was limited by the ability to currently utilize tax benefits. The decrease in value of $2.7 million was recorded in "Interest and other income (expense)" within the Consolidated Statements of Operations.

Related-Party Transactions

Related-Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	23 — Related-Party Transactions As of December 31, 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 3.5 % 50,000,000 59.1 % 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 % The Hagerty Group units 75,000,000 22.1 % — — % Controlling Interest 3,000,000 3.5 % 50,000,000 59.1 % 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 19 — Stockholders' Equity for a description of each equity interest in the table above. State Farm Alliance Agreement Hagerty has a 10-year master alliance agreement with State Farm under which State Farm’s customers, through State Farm agents, are able to access Hagerty's 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 as "Commission and fee revenue" over the remaining life of the arrangement. In conjunction with the master alliance agreement, the Company 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 State Farm Classic+ policy is available to new and existing State Farm customers through their agents on a state-by-state basis. Hagerty 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. Commission revenue associated with the State Farm Classic+ policies issued were not material for the year ended December 31, 2023. Reinsurance Agreement Effective March 1, 2023, Hagerty Re entered into a quota share reinsurance agreement to cede 50% of the risk assumed from Evanston in relation to High-Net-Worth Accounts to Oglesby Reinsurance Company, a subsidiary of State Farm. Refer to Note 13 — Reinsurance for additional information on the Company's reinsurance programs. The following tables summarize all balances related to the risk ceded by Hagerty Re to State Farm subsidiaries: December 31, 2023 Assets: in thousands Commissions receivable $ 1,963 Deferred acquisition costs, net (1) (3,898) Other current assets 9,268 Total assets $ 7,333 Liabilities: Accounts payable, accrued expenses and other current liabilities $ 3,775 Total liabilities $ 3,775 (1) Represents unearned ceding commission received from State Farm subsidiaries. Year Ended December 31, 2023 Revenue: in thousands Earned premium (1) $ (5,883) Expenses: Ceding commission, net (2) $ (3,059) Losses and loss adjustment expenses (3) (1,877) Total expenses $ (4,936) (1) Represents premiums ceded to State Farm subsidiaries, which are accounted for as a reduction to Earned premium. (2) Represents commissions from State Farm subsidiaries related to ceded reinsurance, which are accounted for as a reduction to Ceding commission, net. (3) Represents loss recoveries associated with reinsurance ceded to State Farm subsidiaries, which are accounted for as a reduction to Losses and loss adjustment expenses. State Farm Term Loan On September 19, 2023, Hagerty Re entered into an unsecured term loan facility with State Farm in an aggregate principal amount of $25.0 million and an interest rate of 8.0% per annum. The State Farm Term Loan will mature on September 19, 2033. Refer to Note 17 — Long-Term Debt for additional information. Markel Alliance Agreement The Company and Markel have an alliance agreement (the "Markel Alliance Agreement") and associated agency agreement pursuant to which policies sold by Hagerty's U.S. MGAs are underwritten by Essentia Insurance Company ("Essentia") and reinsured with Essentia's affiliate, Evanston, which is a wholly owned subsidiary of Markel. On December 18, 2023, the Markel Alliance Agreement was amended to, among other things, (i) include a new definition of "Enthusiast Business" and remove Enthusiast Business from both definitions of "Restricted Business" and "Alliance Business"; (ii) delay the Company's acquisition rights to Essentia until 2026 at the earliest and 2030 at the latest and; (iii) grant the Company a new waiver to pursue a strategic opportunity with a third party insurance company. In connection with the amendments to the Markel Alliance Agreement, the Company and Markel also amended the agency agreement referenced in the Markel Alliance Agreement to increase the base commission rate earned on personal lines U.S. auto coverage to 37% and to adjust the profit share commission factors to scale from -5% to a maximum +5% of written premium, with 80% of the expected CUC being paid monthly, beginning in 2024. The following tables provide information related to Markel-affiliated Due to insurer liabilities and Commission revenue associated with the Markel Alliance Agreement: December 31, 2023 2022 in thousands (except percentages) Due to insurer $ 75,922 $ 64,873 Percent of total 95 % 95 % Year Ended December 31, 2023 2022 2021 in thousands (except percentages) Commission revenue $ 340,534 $ 285,254 $ 239,432 Percent of total 95 % 95 % 90 % Reinsurance Agreement For the years ended December 31, 2023 and 2022, under a quota share agreement with Evanston, a wholly owned subsidiary of Markel, Hagerty Re assumed approximately 80% and 70%, respectively, of the risks written through the Company’s U.S. MGAs. Additionally, under a quota share agreement with Markel International Insurance Company Limited, Hagerty Re reinsured approximately 80% and 70% of the risks for the years ended December 31, 2023 and 2022, respectively, written through the Company’s U.K. MGA. 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, a subsidiary of Markel. The following tables summarize all balances related to the Company's reinsurance business with Markel affiliates: December 31, 2023 2022 Assets: in thousands Premiums receivable $ 134,376 $ 97,897 Commissions receivable 630 — Deferred acquisition costs, net 141,880 103,869 Other current assets 1,915 — Total assets $ 278,801 $ 201,766 Liabilities: Accounts payable, accrued expenses and other current liabilities $ 1,553 $ — Losses payable 60,253 53,800 Provision for unpaid losses and loss adjustment expenses 129,267 106,436 Commissions payable 107,286 75,898 Unearned premiums 307,504 227,192 Total liabilities $ 605,863 $ 463,326 Year Ended December 31, 2023 2022 2021 Revenue: in thousands Earned premium $ 535,352 $ 386,696 $ 281,794 Expenses: Ceding commission, net $ 247,918 $ 184,124 $ 134,946 Losses and loss adjustment expenses 214,401 182,340 116,396 Total expenses $ 462,319 $ 366,464 $ 251,342 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 Consolidated Balance Sheets. The balance held in trust for the benefit of Evanston was $517.2 million and $360.2 million as of December 31, 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 The 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 The Hagerty Group units as a part of this transaction. Refer to Note 9 — 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 9 — 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 and management, buy and sell collector cars through Marketplace auctions or private sales.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	24 — 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 Consolidated Balance Sheets. Litigation  — From time to time, the Company is involved in various claims and legal actions that arise in the ordinary course of business. Management is required to assess the likelihood of any adverse judgments or outcomes related to these legal contingencies, as well as potential ranges of probable or reasonably possible losses. The determination of the amount of any losses to be recorded or disclosed as a result of these contingencies is based on a careful analysis of each individual exposure with, in some cases, the assistance of outside legal counsel. The amount of losses recorded or disclosed for such contingencies may change in the future due to new developments in each matter or a change in legal or settlement strategy. While the impact of any one or more legal claims or proceedings could be material to the Company's operating results in any period, management does not believe that the outcome of any of these pending claims or proceedings (including the Data Security Incident discussed below), individually or in the aggregate, will have a material adverse effect on the Company's consolidated financial condition. Data Security Incident  — In 2021, the Company experienced an unauthorized access into its online insurance quote feature whereby attackers used personal information already in their possession to obtain additional consumer data, including driver’s license numbers . The unauthorized access issue has been remediated. This incident is the subject of coordinated industry-wide regulatory investigations in New York state. The Company could be subject to litigation, fines and/or penalties related to this incident. In 2023, the Company accrued an estimated liability related to this incident based on the facts known by management and developed through its assessment of the current status of ongoing dialog with the regulatory investigators. The amount of the estimated liability is not material to the Company's Consolidated Financial Statements. The amount of any fines, penalties, and/or settlements related to this incident could differ from the amount currently accrued and such difference is not currently estimable.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	25 — Subsequent Events On January 12, 2024, the Company's subsidiary, Hagerty Insurance Holdings, Inc., agreed to acquire all of the issued and outstanding capital stock of Consolidated National Insurance Company ("CNIC") for approximately $18.4 million, subject to upward or downward adjustment in accordance with the terms of the agreement. The closing price will be comprised of approximately $10 million for CNIC's approved state licenses and $8 million for the expected capital and surplus. Subject to the satisfactory completion of various closing conditions, the Company expects to complete the CNIC acquisition during the second quarter of 2024.

Schedule I - Financial Statemen

Schedule I - Financial Statement Schedule	12 Months Ended
	Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]
Schedule I - Financial Statement Schedule	Schedule I - Condensed Financial Information of Registrant Parent Company Hagerty, Inc. Condensed Statement of Operations (Parent Company Only) Year Ended December 31, 2023 2022 2021 OPERATING EXPENSES: (in thousands) Sales expense $ 7 $ 14 $ — General and administrative services 791 1,018 43 Total operating expenses 798 1,032 43 OPERATING LOSS (798) (1,032) (43) Change in fair value of warrant liabilities 11,543 41,899 (42,540) Interest and other income (expense) 2,788 529 — Intercompany dividend income (1) 3,677 — — INCOME (LOSS) BEFORE INCOME TAX EXPENSE 17,210 41,396 (42,583) Income tax expense — (3) — Equity earnings (loss) in subsidiaries, net of tax 10,969 (38,990) (18,771) NET INCOME (LOSS) 28,179 2,403 (61,354) Net (income) loss attributable to non-controlling interest (7,948) 29,675 398 Net loss attributable to redeemable non-controlling interest — — 14,598 Accretion of Series A Convertible Preferred Stock (3,677) — — NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS $ 16,554 $ 32,078 $ (46,358) Hagerty, Inc. Condensed Balance Sheets (Parent Company Only) December 31, 2023 2022 ASSETS in thousands (except share amounts) Current Assets: Cash and cash equivalents $ 604 $ 24,177 Other current assets 549 514 Total current assets 1,153 24,691 Other long-term assets 1,498 2,011 Investment in subsidiaries (1) 526,130 395,580 TOTAL ASSETS $ 528,781 $ 422,282 LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable, accrued expenses and other current liabilities $ — $ 30 Intercompany payable (1) 846 6,114 Total current liabilities 846 6,144 Warrant liabilities 34,018 45,561 Other long-term liabilities 572 3,208 TOTAL LIABILITIES 35,436 54,913 TEMPORARY EQUITY Preferred Stock, $0.0001 par value (20,000,000 shares authorized, 8,483,561 Series A Convertible Preferred Stock issued and outstanding as of December 31, 2023 and no shares issued and outstanding as of December 31, 2022) 82,836 — STOCKHOLDERS' EQUITY Class A Common Stock, $0.0001 par value (500,000,000 shares authorized, 84,588,536 and 83,202,969 issued and outstanding as of December 31, 2023 and December 31, 2022, respectively) 8 8 Class V Common Stock, $0.0001 par value (300,000,000 authorized, 251,033,906 shares issued and outstanding as of December 31, 2023 and December 31, 2022) 25 25 Additional paid-in capital 561,754 549,034 Accumulated deficit (468,995) (489,602) Accumulated other comprehensive income (loss) (88) (213) Total stockholders' equity 92,704 59,252 Non-controlling interest 317,805 308,117 Total equity 410,509 367,369 TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY $ 528,781 $ 422,282 (1) Eliminated in consolidation. Hagerty, Inc. Condensed Statements of Cash Flows (Parent Company Only) Year Ended December 31, 2023 2022 2021 OPERATING ACTIVITIES: Net income (loss) $ 28,179 $ 2,403 $ (61,354) Adjustments to reconcile net income (loss) to net cash from operating activities: Equity in undistributed income (loss) of subsidiaries (14,646) 38,990 18,771 Change in fair value of warrant liabilities (11,543) (41,899) 42,540 Other (2,636) (300) — Changes in operating assets and liabilities: Prepaid expenses and other assets 478 513 (3,038) Intercompany payable (1) — 1,616 (1,334) Accounts payable and accrued expenses (32) (50) 140 Net Cash Used in Operating Activities (200) 1,273 (4,275) INVESTING ACTIVITIES: Investment in subsidiaries (1) (102,635) (30,000) (210,179) Net Cash Used in Investing Activities (102,635) (30,000) (210,179) FINANCING ACTIVITIES: Proceeds from issuance of preferred stock, net of issuance costs 79,262 — — Cash received in Business Combination — — 789,661 Cash consideration to HHC at closing of Business Combination — — (489,661) Payment of capitalized transaction costs — (1,651) (30,991) Proceeds from issuance of common stock under employee stock purchase plan — — — Net Cash Provided by Financing Activities 79,262 (1,651) 269,009 Change in cash and cash equivalents and restricted cash and cash equivalents (23,573) (30,378) 54,555 Beginning cash and cash equivalents and restricted cash and cash equivalents 24,177 54,555 — Ending cash and cash equivalents and restricted cash and cash equivalents $ 604 $ 24,177 $ 54,555 CASH PAID FOR: Taxes $ — $ 3 $ — (1) Eliminated in consolidation. 1 — Summary of Significant Accounting Policies Nature of Operations — Hagerty, Inc. (the "Parent Company") was formed in 2020 as a Delaware corporation and is a holding company with no direct operations. The Parent Company's assets and liabilities primarily consist of its equity interest in The Hagerty Group and its consolidated subsidiaries, as well as its warrant liabilities. Basis of Presentation — The Parent Company's Condensed Financial Statements have been prepared using the equity method, whereby the investment in consolidated subsidiaries is stated at cost plus equity in undistributed earnings of consolidated subsidiaries since the date of acquisition. These Condensed Financial Statements should be read in conjunction with the Company's Consolidated Financial Statements and related notes thereto. Use of Estimates — The preparation of the Parent Company's Condensed 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 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.

Schedule II Valuation and Quali

Schedule II Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II Valuation and Qualifying Accounts	Additions in thousands Balance at beginning of period Charged to costs and expenses Charge to other accounts (Deductions) Balance at end of period Year Ended December 31, 2023 Valuation allowance for deferred tax assets $ 176,116 $ 393 $ (6,877) $ — $ 169,632 Year Ended December 31, 2022 Valuation allowance for deferred tax assets $ 174,821 $ 5,647 $ (4,352) $ — $ 176,116 Year Ended December 31, 2021 Valuation allowance for deferred tax assets $ 4,771 $ 2,759 $ 167,291 $ — $ 174,821

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and New Accounting Standards (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation — The 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. The Consolidated Financial Statements reflect all normal recurring adjustments and accruals that are, in the opinion of management, necessary for a fair statement of the Company's financial position and results of operations for periods presented.
Principles of Consolidation	Principles of Consolidation — The Consolidated Financial Statements contain the accounts of Hagerty, Inc. and its majority-owned or controlled subsidiaries. As of December 31, 2023 and 2022, Hagerty, Inc. had economic ownership of 24.9% and 24.5%, respectively, of The Hagerty Group and is its sole managing member. Hagerty, Inc. reports a non-controlling interest representing the economic interest in The Hagerty Group held by other parties. As of December 31, 2023 and 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 10 — Losses and Impairments Related to Divestitures for additional information related to MHH and Hagerty Garage + Social. The financial statements of The Hagerty Group and MHH are consolidated by the Company under the voting interest method guidance in accordance with Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"). The non-controlling interests related to The Hagerty Group and MHH are presented separately on the Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income (Loss), Consolidated Balance Sheets, and Consolidated Statements of Changes in Temporary Equity and Stockholders' Equity.
Variable Interest Entities	Variable Interest Entities — Broad Arrow Capital LLC ("BAC") and certain of its subsidiaries transfer notes receivable to wholly owned, bankruptcy-remote, special purpose entities (each, an "SPE") to secure borrowings under the BAC Credit Agreement (as defined in Note 17 — Long-Term Debt). These SPEs are considered to be variable interest entities (each, a "VIE") under GAAP and their financial statements are consolidated by BAC, which is the primary beneficiary of the SPEs and a consolidated subsidiary of the Company. BAC is considered to be the primary beneficiary of the SPEs because it has (i) power over the significant activities of the SPEs through its role as servicer of the notes receivable used to secure borrowings under the BAC Credit Agreement and (ii) the obligation to absorb losses or the right to receive returns that could be significant through its interest in the residual cash flows of the SPEs. Refer to 4 — Notes Receivable and Note 17 — Long-Term Debt for additional information.
Use of Estimates	Use of Estimates —  The preparation of the 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 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 consolidated financial information. The Company’s segment presentation reflects a management approach that utilizes a 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 Company's results.
Foreign Currency Translation	Foreign Currency Translation — The Company translates its foreign currency denominated assets and liabilities into United States ("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 Consolidated Statements of Operations.
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents	Cash and Cash Equivalents and Restricted Cash and Cash Equivalents — Cash and cash equivalents includes amounts held in banks in operating accounts and money market funds. The Company considers money market funds with maturities within 90 days of the purchase date to be equivalent to cash. At December 31, 2023 and 2022, the Company’s cash accounts exceeded federally insured limits. The Company's MGA subsidiaries collect premiums from insureds on behalf of insurance carriers. Prior to remittance to the insurance carrier, these funds are required to be held in trust and segregated from the Company's operating cash. These funds are recorded within "Restricted cash and cash equivalents" with a corresponding liability recorded within "Due to insurers" on the Consolidated Balance Sheets. Hagerty Re maintains a trust account for the benefit of the ceding insurer as security for their obligations for losses, loss expenses, unearned premium and profit-sharing commissions. The use of the funds in this trust account is restricted to the payment of these amounts and is reported within "Restricted cash and cash equivalents" on the Consolidated Balance Sheets.
Ceded Reinsurance Premiums, Losses Payable, Due to Insurers and Advanced Premiums	Losses Payable —  Losses payable represents the amount due to insurance carriers by Hagerty Re for paid and billed losses as of the balance sheet date. Due to Insurers —  Due to insurers represents the net amount of premium owed to insurance carriers by the Company's MGA subsidiaries based on the respective contract with each carrier. The net amount due is equal to the gross written premium less the Company’s commission for policies that have reached their effective date. Advanced Premiums —  Advanced premiums represent the gross written premium received by the Company's MGA subsidiaries from insurance Members prior to the effective date of the policy. At the effective date of the policy, "Advanced premiums" are reclassified to "Due to insurers" in the Consolidated Balance Sheets and commission revenue is recognized in the Consolidated Statements of Operations.
Other Assets	Other Assets — Other assets, current and long-term, primarily consists of prepaid sales, general and administrative expenses, prepaid software-as-a-service ("SaaS") implementation costs, fixed income investments, and deferred reinsurance premiums ceded. • Prepaid expenses are recorded at cost and amortized over the applicable service term. • The Company expenses SaaS implementation costs incurred during the preliminary project stage and, upon management approval, capitalizes direct implementation costs once the development phase begins. Capitalized SaaS implementation costs are recorded within prepaid expenses and are amortized over the term of the underlying service agreement. The Company monitors SaaS implementation projects on an ongoing basis and capitalizes the costs of any major improvements or new functionality. Once the software is fully implemented, ongoing maintenance costs are expensed as incurred. • Fixed income investments consist of Canadian provincial and municipal bonds which qualify as debt securities under ASC Topic 320, Investments – Debt Securities . Fixed income investments are classified as held-to-maturity because the Company has the intent and ability to hold these investments to maturity. As a result, fixed income investments are carried at amortized cost on the Consolidated Balance Sheets. Amortized cost is the amount at which an investment is acquired, adjusted for applicable accrued interest and accretion of discount or amortization of premium. Premium or discount is amortized on a straight-line basis to maturity. Refer to Note 16 — Fair Value Measurements for additional information. •
Acquisition Costs	Deferred Acquisition Costs, net — Deferred acquisition costs are the ceding commissions paid by Hagerty Re to insurance carriers for the risk assumed under the quota share agreements with those carriers. Deferred acquisition costs are recorded net of commissions received by Hagerty Re for the risk ceded to various reinsurers. Net acquisition costs are deferred and recognized ratably over the term of the related policies, which is generally 12 months . Deferred acquisition costs are considered to be recoverable if the sum of expected future earned premiums exceeds expected future claims and expenses. Anticipated investment income is also a factor in the recoverability analysis. If, as a result of the recoverability analysis, a loss is determined to be probable, a premium deficiency reserve is recognized in the period in which such determination is made. At December 31, 2023 and 2022, deferred acquisition costs were considered fully recoverable and no premium deficiency reserve was recorded.
Property and Equipment	Property and Equipment — Property and equipment are recorded at cost and depreciated over the estimated useful life of each asset. Leasehold improvements are amortized over the shorter of either the lease term or the estimated useful lives of the improvements. Estimated useful lives range from three
Leases	Leases — At inception, contracts are evaluated to determine whether they are or contain a lease. A contract is or contains a lease if it conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. At commencement, leases are evaluated for classification as an operating lease or finance lease. Operating lease right-of-use ("ROU") assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term, discounted using the Company's incremental borrowing rate. The Company estimates the incremental borrowing rate based on qualitative factors including company specific credit rating, lease term, impact of collateral, general economics and the interest rate environment. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease ROU assets are recorded based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and previously recognized impairments. The Company does not recognize ROU assets and lease liabilities for short-term leases. The Company has real estate lease agreements that contain lease and non-lease components, which are accounted for as a single lease component. The Company’s leases often contain fixed rent escalations over the lease term. The Company recognizes expense for these leases on a straight-line basis over the lease term. The Company also has lease agreements that are subject to annual changes in the Consumer Price Index ("CPI"). While lease liabilities are not remeasured as a result of changes to the CPI, changes to the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments has incurred. The Company’s lease agreements may contain variable costs such as common area maintenance, operating expenses, real estate taxes or other costs. Variable lease costs are expensed as incurred within "General and administrative services" in the Consolidated Statements of Operations. The Company’s lease agreements generally do not contain any residual value guarantees or restrictive covenants. The Company has the option to extend most of its lease agreements, with renewals ranging from one Leases ("ASC 842") effective January 1, 2022 under the modified retrospective approach. The Company’s primary operating leases consist of office space. The Company’s leases have remaining terms of one
Intangible Assets	Intangible Assets — Intangible assets are recorded at cost and amortized over the estimated life of each intangible asset. Acquired intangible assets are initially recorded at fair value using generally accepted valuation methods appropriate for the type of intangible assets. Intangible assets primarily consist of insurance policy renewal rights, internally developed software, trade names, non-compete agreements and customer relationships. Amortization is recorded using the straight-line method over their estimated lives as it approximates the pattern over which economic benefits are realized. Insurance policy renewal rights, internally developed software, trade names, non-complete agreements and customer relationships are amortized over three
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets — The Company reviews all long-lived assets that have finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable in accordance with ASC Topic 360, Impairment and Disposal of Long-Lived Assets ("ASC 360"). If it is determined the carrying amount of the asset (or asset group) is not recoverable, the Company recognizes an impairment loss as an operating expense in the current period in the Consolidated Statements of Operations.
Goodwill	Goodwill — Goodwill represents the excess of the cost of a business combination, as defined in ASC Topic 805, Business Combinations ("ASC 805"), over the fair value of net assets acquired, including identifiable intangible assets. Goodwill is not amortized, but is tested annually for impairment at the reporting unit level as of October 1 and between annual tests if indicators of potential impairment exist. For reporting units with goodwill, the Company performs a qualitative analysis to determine whether it is more likely than not the fair value of the reporting unit is less than its carrying amount. When assessing goodwill for impairment, the Company's decision to perform a qualitative assessment for an individual reporting unit is based on a number of factors, including the carrying value of the reporting unit's goodwill, the amount of time in between quantitative fair value assessments, macro-economic conditions, industry and market conditions and the operating performance of the reporting unit. If it is determined, based on qualitative factors, that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, a quantitative impairment test is performed, in which the Company determines the estimated fair value of the reporting unit using a discounted cash flow analysis. This analysis requires significant judgment, including the estimation of future cash flows, which is dependent on internal forecasts, available industry/market data, the estimation of the long-term rate of growth for the reporting unit including expectations and assumptions regarding the impact of general economic conditions on the reporting unit, the estimation of the useful life over which cash flows will occur (including terminal multiples), the determination of the respective weighted average cost of capital and market participant assumptions. As of December 31, 2023, the Company has recorded goodwill of $114.2 million, including $103.6 million attributable to the Marketplace reporting unit. The Company did not recognize any goodwill impairments during the years ended December 31, 2023, 2022, and 2021.
Provision for Unpaid Losses and Loss Adjustment Expenses	Provision for Unpaid Losses and Loss Adjustment Expenses —
Warrant Liabilities	Warrant Liabilities — The Company accounts for its outstanding warrants in accordance with ASC Topic 815, Derivatives and Hedging
Derivative Instruments	Derivative Instruments — The Company enters into certain derivative financial instruments, when available on a cost-effective basis, to mitigate its risk associated with changes in interest rates and foreign currency exchange rates. The Company accounts for derivatives in accordance with ASC 815, which establishes accounting and reporting standards requiring that all derivative instruments (including certain derivative instruments embedded in other contracts), whether designated as hedging relationships or not, be recorded on the Consolidated Balance Sheets as either an asset or liability measured at fair value. If a derivative is designated as a cash flow hedge for accounting purposes, the effective portion of the change in the fair value of the derivative is recorded in "Other comprehensive income". If a derivative is not designated as a hedge for accounting purposes, the change in fair value is recognized within "Interest and other income (expense)" in the Consolidated Statements of Operations each reporting period. All derivative instruments are managed on a consolidated basis to efficiently minimize exposures. Gains and losses related to the derivative instruments are expected to be largely offset by gains and losses on the underlying asset or liability. The Company does not use derivative financial instruments for speculative purposes. The Company is exposed to credit loss in the event of nonperformance by the counterparties on derivative contracts. It is the Company’s policy to manage its credit risk on these transactions by dealing only with financial institutions having a long-term credit rating of "A" or better.
Business Combination	Business Combinations — The Company accounts for acquisitions of entities or asset groups that qualify as a business using the acquisition method in accordance with ASC 805. Purchase consideration is allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date, which are measured in accordance with the principles outlined in ASC Topic 820, Fair Value Measurement ("ASC 820"). The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature. The excess of the total purchase consideration over the fair value of the identified net assets acquired is recognized as goodwill. The results of the acquired businesses are included in the results of operations beginning from the date of acquisition. Acquisition-related costs are expensed as incurred. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the allocation of purchase consideration and to the fair values of assets acquired and liabilities assumed to the extent that additional information becomes available. After this period, any subsequent adjustments are recorded in the Consolidated Statements of Operations.
Revenue Recognition, Contract Assets and Liabilities and Contract Costs	Revenue Recognition — The Company recognizes revenue under both ASC Topic 606, Revenue from Contracts with Customers ("ASC 606") and ASC Topic 944, Financial Services — Insurance ("ASC 944"). Commission and fee revenue The Company's MGA subsidiaries earn commission and fee revenue primarily from the underwriting, sale, and servicing of classic car and enthusiast vehicle insurance policies written on behalf of the Company's insurance carrier partners. Approximately 93% of commission and fee revenue is earned through the policies sold by Hagerty's U.S. MGAs. These policies are underwritten by a subsidiary of Markel Group, Inc. ("Markel"), which is a related party. Refer to Note 23 — Related-Party Transactions for additional information. The Company has identified the insurance carrier as its customer and determined that the transaction price is the estimated commissions to be received over the term of the policy. The transaction price is determined based on an estimate of premiums placed, net of a constraint for policy changes and cancellations. These commissions and fees, including those paid via installment plan, are earned when the policy becomes effective, as our performance obligation is substantially complete when the policy is issued, all rights are passed to the insured, and the obligation to pay a claim resides with the carrier. Under the terms of certain of its contracts with insurance carriers, the Company has the opportunity to earn a contingent underwriting commission ("CUC"), or profit share, based on written or earned premium and the loss ratio results of the insurance book of business. Each insurance carrier partner contract and related CUC is calculated independently. The CUCs represent a form of variable consideration associated with the placement of insurance coverage. Under ASC 606, the Company must estimate the amount of consideration that it will become entitled to receive during the calendar year such that a significant reversal of revenue is not probable. As such, CUCs are recognized as a contract asset within "Commissions receivable" on the Consolidated Balance Sheets in the period that the policy is issued using the applicable premium and payout factors based on the estimated loss ratio from the contract. Earned premium Hagerty Re, which is registered as a Class 3A reinsurer under the Bermuda Insurance Act of 1978, earns reinsurance premium revenue for risks assumed primarily from the classic car and enthusiast vehicle insurance policies underwritten by the Company's MGA subsidiaries. In the third quarter of 2023, AM Best assigned a financial strength rating of A- (Excellent) to Hagerty Re. Earned premium represents the earned portion of written premiums that Hagerty Re has assumed under quota share reinsurance agreements with the Company's insurance carrier partners, net of premiums ceded to various reinsurers and the cost of catastrophe reinsurance coverage. Premiums assumed and ceded are earned on a pro-rata basis over the term of the related insurance policies, which is generally 12 months, with the unearned portion recorded as "Unearned premiums" on the Consolidated Balance Sheets. The cost of catastrophe reinsurance coverage is recognized over the contract period in proportion to the related earned premium. Membership, marketplace and other revenue  Subscription revenue is earned through HDC memberships, which can be bundled with the Company's insurance policies and give subscribers access to an array of products and services, including Hagerty Drivers Club Magazine, automotive enthusiast events, the Company's proprietary vehicle valuation tool, emergency roadside assistance, and special vehicle-related discounts. The Company also earns fee-based revenue from Hagerty Garage + Social memberships, which include storage services in addition to the HDC Member benefits. Revenue from the sale of HDC and storage memberships is recognized ratably over the period of the membership. The membership is treated as a single performance obligation to provide access to stated member benefits over the life of the membership, which is currently one year. Marketplace earns fee-based revenue from the sale of collector cars through live auctions, time-based online auctions, and brokered private sales. In addition, Marketplace earns revenue from financing provided to qualified collectors and businesses secured by their collector cars. Fee-based revenue earned by Marketplace is recognized when the underlying sale is completed. Finance revenue is recognized when earned based on the amount of the outstanding loan, the applicable interest rate on the loan and the length of time the loan was outstanding during the period. Lastly, other revenue includes sponsorship, admission, advertising, valuation and registration income. Other revenue is recognized when the performance obligation for the related product or service is satisfied. Contract Assets and Liabilities —  The Company recognizes contract assets for amounts due to the Company's MGA subsidiaries for CUCs earned but not yet billed under terms of the contract. Contract assets are recorded within "Commissions receivable" on the Consolidated Balance Sheets. Contract liabilities are recorded primarily as deferred revenue when payments are received in advance of performance under a contract before the transfer of goods or services to a customer or fulfillment of the contract obligations. Contract liabilities consist primarily of an advanced commission payment, along with the obligation to fulfill HDC membership benefits over the one-year life of a membership. Contract Costs —  The Company accounts for contract costs under ASC Topic 340, Other Assets and Deferred Costs , ("ASC 340"), which requires companies to defer certain incremental costs to obtain customer contracts and certain costs to fulfill customer contracts. The Company capitalizes the incremental costs to obtain contracts, which are primarily related to commission payments on new policy sales. These deferred costs are amortized within "Sales expense" in the Consolidated Statements of Operations based on the average expected life of the insurance policy and are included within "Other current assets" on the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022.
Advertising	Advertising —  Advertising and sales promotion costs are expensed the first time the advertising or sales promotion takes place. Advertising costs were $25.5 million, $27.8 million, and $24.1 million for the years ended December 31, 2023, 2022, and 2021, respectively, and are reflected as a component of "Sales expense" in the Consolidated Statements of Operations.
Income Taxes and Tax Receivable Agreement Liability	Income Taxes —  The Hagerty Group is taxed as a pass-through ownership structure under the Internal Revenue Code ("IRC") and a similar section of state income tax law, except for certain U.S. corporate subsidiaries and 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 all of The Hagerty Group unit holders, which includes Hagerty, Inc. Hagerty, Inc. is taxed as a corporation and pays corporate federal, state and local taxes with respect to income allocated from The Hagerty Group. Hagerty, Inc., Hagerty Re, Broad Arrow Group, Inc. ("Broad Arrow"), Hagerty Radwood, Inc., and various foreign subsidiaries are treated as taxable entities and income taxes are provided where applicable. Refer to Note 22 — Taxation for additional information. Where applicable, income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying values of existing assets and liabilities and their respective tax basis and operating loss and tax-credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Operations in the period of the enactment date. The Company evaluates the carrying value of its deferred tax assets on a quarterly basis. In completing this evaluation, management considers all available positive and negative evidence. Such evidence includes historical operating results, the existence of cumulative earnings and losses in the most recent fiscal years, taxable income in prior carryback year(s) if permitted under the tax law, expectations for future pre-tax operating income, the time period over which temporary differences will reverse, and the implementation of feasible and prudent tax planning strategies. Estimating future taxable income is inherently uncertain and requires judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of this evidence, it is more likely than not that all or a portion of the recorded deferred tax assets will not be realized in future periods. Tax Receivable Agreement Liability — In connection with the Business Combination, Hagerty, Inc. entered into a TRA with Hagerty Holding Corp. ("HHC") and Markel (together the "Legacy Unit Holders"). The TRA provides for payment to the Legacy Unit Holders of 85% of the U.S. federal, state and local income tax savings realized by Hagerty, Inc. as a result of the increases in tax basis and certain other tax benefits as outlined in the Business Combination Agreement (provided as Exhibit 2.1, incorporated by reference within Item 6. Exhibits , in this Annual Report) upon the exchange of The Hagerty Group units and Class V Common Stock of the Company for Class A Common Stock of the Company or cash. The Hagerty Group made an election under Section 754 of the IRC with the filing of the 2019 income tax return, which cannot be revoked without the permission of the Internal Revenue Service ("IRS") commissioner and will be in place for any future exchange of The Hagerty Group units. The remaining 15% cash tax savings resulting from the basis adjustments will be retained by Hagerty, Inc. Refer to Note 8 — Business Combination for additional information regarding the Business Combination. In general, cash tax savings result in a year when the tax liability of Hagerty, Inc. for the year, computed without regard to the deductions attributable to the amortization of the basis increase and other deductions that arise in connection with the payment of the cash consideration under the TRA or the exchange of The Hagerty Group units and Class V Common Stock for Class A Common Stock, would be more than the tax liability for the year taking into account such deductions. Payments under the TRA will not be due until the Company produces taxable income and the resulting cash tax liability is reduced by deducting the amortization of the basis increase on a filed tax return. The payments under the TRA are expected to be substantial. The estimated value of the TRA is recorded in "Other long-term liabilities" on the Consolidated Balance Sheets. Hagerty, Inc. accounted for the effects of the basis increases as follows: • Hagerty, Inc. recorded an increase in deferred tax assets for the income tax effects of the increases in tax basis based on enacted federal and state income tax rates at the date of the exchange. • Hagerty, Inc. evaluated the ability to realize the full benefit represented by the deferred tax asset based on an analysis that considered expectations of future earnings, among other things. If Hagerty, Inc. determined that the full benefit is not likely to be realized, a valuation allowance was established to reduce the amount of the deferred tax assets to an amount that is more likely than not to be realized. • Hagerty, Inc. recorded 85% of the estimated realizable tax benefit as an increase to the liability due under the TRA, which is recorded within "Other long-term liabilities", with a decrease to "Additional paid-in capital" on the Consolidated Balance Sheets. The remaining 15% of the estimated realizable tax benefit will be retained by Hagerty, Inc.
Earnings Per Share	Earnings Per Share — The Company calculates basic and diluted earnings (loss) per share ("EPS") in accordance with ASC Topic 260, Earnings Per Share ("ASC 260"). Basic EPS is computed under the Two-Class Method by 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 units of The Hagerty Group and the Series A Convertible Preferred Stock, with the dilutive effect calculated using the more dilutive of the If-Converted Method and the Two-Class Method.
Stock-Based Compensation	Share-Based Compensation — The Company issues restricted stock units and performance restricted stock units under the 2021 Equity Incentive Plan. The grant date fair value for restricted stock units is determined based on the closing price of the Company's Class A Common Stock on the business day prior to grant. The Company uses a Monte Carlo simulation model to estimate the fair value of performance restricted stock units when the terms of the grant are based on the Company's stock price. Share-based compensation expense is recognized over the applicable requisite service period of the award, generally using the straight-line method. Forfeitures are recorded in the period in which they occur. Refer to Note 21 — Share-Based Compensation for additional information.
Self Insurance	Self-Insurance —  The Company has elected to self-insure certain costs related to U.S. employee health benefit and short-term disability programs. Costs resulting from self-insured losses are charged to expense when incurred. The Company has purchased insurance that limits its aggregate annual exposure for healthcare costs to approximately $16.3 million, $11.4 million, and $10.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. Total expenses for healthcare claims incurred for the years ended December 31, 2023, 2022, and 2021 were approximately $14.2 million, $13.2 million, and $10.9 million, respectively. Healthcare claims are recorded within "Salaries and benefits" on the Consolidated Statements of Operations. As of December 31, 2023 and 2022, the Company has recorded approximately $1.4 million and $1.2 million as an estimate of IBNR claims, respectively. The amount of actual losses incurred could differ materially from the estimate reflected in these financial statements.
Postemployment Benefit	Postretirement Benefits — The Company offers postretirement benefits. In the U.S., the Company offers a 401(k) plan covering substantially all U.S. employees. The plan provides for 4.0% matching contributions. Contributions to the plan were $6.0 million, $6.2 million, and $4.9 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Recently Adopted Accounting Guidance and Accounting Guidance Not Yet Adopted	Recently Adopted Accounting Standards Credit Losses —  In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (ASC 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 Consolidated Financial Statements and with no required cumulative-effect adjustment to "Accumulated earnings (deficit)" within the Consolidated Statements of Changes in Temporary Equity and Stockholders' Equity . Accounting Standards Not Yet Adopted Income Taxes — In December 2023, the FASB issued ASU No. 2023-09 - Income Taxes (ASC 740) , Improvements to Income Tax Disclosures , which enhances the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. ASU No. 2023-09 modifies the rules on income tax disclosures to require entities to disclose (i) specific categories in the rate reconciliation, (ii) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign), and (iii) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU No. 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The effective date of ASU No. 2023-09 is for annual periods beginning after December 15, 2024. The Company is still assessing the impact of ASU No. 2023-09 and upon adoption may be required to include certain additional disclosure in the footnotes to the Consolidated Financial Statements. Segment Reporting — In November 2023, the FASB issued ASU No. 2023-07 - Segment Reporting (ASC 280): Improvements to Reportable Segment Disclosures , which enables investors to better understand an entity's overall performance and assess potential future cash flows through improved reportable segment disclosure requirements. The amendments enhance disclosures about significant segment expenses, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The effective date of ASU 2023-07 is for annual periods beginning after December 15, 2023. The Company does not expect this standard to have a material impact on the Consolidated Financial Statements and related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and New Accounting Standards (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Assets and Liabilities of Consolidated Variable Interest Entities	The following table presents the assets and liabilities of the Company's consolidated variable interest entities: December 31, 2023 2022 ASSETS in thousands Cash and cash equivalents $ 83 $ — Restricted cash and cash equivalents 961 — Accounts receivable 190 — Notes receivable 30,125 — Other assets 2,900 — TOTAL ASSETS $ 34,259 $ — LIABILITIES Accounts payable, accrued expenses and other current liabilities $ 1,881 $ — Long-term debt, net 25,782 — TOTAL LIABILITIES $ 27,663 $ —
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 December 31, 2023 and 2022: December 31, 2023 2022 in thousands Cash and cash equivalents $ 108,326 $ 95,172 Restricted cash and cash equivalents 615,950 444,019 Total cash and cash equivalents and restricted cash and cash equivalents $ 724,276 $ 539,191
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 December 31, 2023 and 2022: December 31, 2023 2022 in thousands Cash and cash equivalents $ 108,326 $ 95,172 Restricted cash and cash equivalents 615,950 444,019 Total cash and cash equivalents and restricted cash and cash equivalents $ 724,276 $ 539,191
Schedule of Supplemental Cash Flow Information	The table below presents information regarding the Company's non-cash investing and financing activities, as well as the cash paid for interest and taxes for the years ended December 31, 2023, 2022, and 2021: Year Ended December 31, 2023 2022 2021 NON-CASH INVESTING AND FINANCING ACTIVITIES: in thousands Capital expenditures $ 282 $ 1,592 $ 4,668 Broad Arrow acquisition $ — $ 73,253 $ — Other acquisitions and investments $ 2,142 $ 8,273 $ 3,774 Warrant liabilities recognized in Business Combination $ — $ — $ 46,826 Termination of MHH Joint Venture (Refer to Note 10) $ 2,929 $ — $ — CASH PAID FOR: Interest $ 6,126 $ 4,868 $ 2,502 Income taxes $ 10,500 $ 5,253 $ 2,160

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables present Hagerty's revenue by distribution channel, as well as a reconciliation to total revenue for the years ended December 31, 2023, 2022, and 2021. Commission and fee revenue and contingent commission revenue earned from 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 from the direct distribution channel includes revenue generated by Hagerty's employee agents. Year Ended December 31, 2023 Agent Direct Total in thousands Commission and fee revenue $ 158,354 $ 131,178 $ 289,532 Contingent commission revenue 42,408 33,572 75,980 Membership revenue — 52,460 52,460 Marketplace and other revenue — 50,375 50,375 Total revenue from customer contracts 200,762 267,585 468,347 Earned premium 531,866 Total revenue $ 1,000,213 Year Ended December 31, 2022 Agent Direct Total in thousands Commission and fee revenue $ 133,584 $ 113,864 $ 247,448 Contingent commission revenue 32,899 26,891 59,790 Membership revenue — 45,234 45,234 Marketplace and other revenue — 32,055 32,055 Total revenue from customer contracts 166,483 218,044 384,527 Earned premium 403,061 Total revenue $ 787,588 Year Ended December 31, 2021 Agent Direct Total in thousands Commission and fee revenue $ 115,310 $ 98,926 $ 214,236 Contingent commission revenue 29,552 27,783 57,335 Membership revenue — 40,605 40,605 Marketplace and other revenue — 11,079 11,079 Total revenue from customer contracts 144,862 178,393 323,255 Earned premium 295,824 Total revenue $ 619,079 Year Ended December 31, 2023 U.S. Canada Europe Total in thousands Commission and fee revenue $ 264,137 $ 20,597 $ 4,798 $ 289,532 Contingent commission revenue 75,810 — 170 75,980 Membership revenue 48,902 3,558 — 52,460 Marketplace and other revenue 45,769 1,594 3,012 50,375 Total revenue from customer contracts 434,618 25,749 7,980 468,347 Earned premium 531,866 Total revenue $ 1,000,213 Year Ended December 31, 2022 U.S. Canada Europe Total in thousands Commission and fee revenue $ 224,255 $ 19,142 $ 4,051 $ 247,448 Contingent commission revenue 59,664 — 126 59,790 Membership revenue 41,893 3,341 — 45,234 Marketplace and other revenue 29,920 767 1,368 32,055 Total revenue from customer contracts 355,732 23,250 5,545 384,527 Earned premium 403,061 Total revenue $ 787,588 Year Ended December 31, 2021 U.S. Canada Europe Total in thousands Commission and fee revenue $ 193,520 $ 16,782 $ 3,934 $ 214,236 Contingent commission revenue 57,424 (383) 294 57,335 Membership revenue 37,688 2,917 — 40,605 Marketplace and other revenue 9,448 301 1,330 11,079 Total revenue from customer contracts 298,080 19,617 5,558 323,255 Earned premium 295,824 Total revenue $ 619,079
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 December 31, 2023 and 2022. December 31, 2023 2022 in thousands Contract assets $ 75,891 $ 60,151 Contract liabilities $ 47,651 $ 44,426

Deferred Acquisition Costs (Tab

Deferred Acquisition Costs (Tables)	12 Months Ended
	Dec. 31, 2023
Deferred Policy Acquisition Costs Disclosures [Abstract]
Schedule of Deferred Acquisition Costs	The following table presents a reconciliation of the changes in deferred acquisition costs for the years ended December 31, 2023 and 2022: 2023 2022 in thousands Deferred acquisition costs as of January 1, $ 107,342 $ 81,535 Acquisition costs deferred, net 286,100 216,957 Amortization of acquisition costs, net (251,805) (191,150) Deferred acquisition costs as of December 31, $ 141,637 $ 107,342

Notes Receivable (Tables)

Notes Receivable (Tables)	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Schedule of Financing Receivable Credit Quality Indicators	The table below provides the aggregate LTV ratio for BAC's loan portfolio as of December 31, 2023 and December 31, 2022: December 31, 2023 2022 in thousands Secured loans $ 52,914 $ 37,427 Estimate of collateral value $ 108,496 $ 75,802 Aggregate LTV ratio 48.8 % 49.4 %

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Assets, Current and Long-term	As of December 31, 2023 and 2022, other assets, current and long-term, consisted of: December 31, 2023 2022 in thousands Prepaid sales, general and administrative expenses $ 21,300 $ 24,234 Prepaid SaaS implementation costs 21,941 18,501 Fixed income investments 16,472 12,986 Deferred reinsurance premiums ceded (1) 10,474 91 Contract costs 8,851 6,576 Inventory (2) 5,038 2,074 Digital media content 2,151 5,580 Deferred financing costs 5,053 1,387 Other 12,518 11,304 Other assets $ 103,798 $ 82,733 (1) Deferred reinsurance premiums ceded consists of the unearned portion of premiums ceded by Hagerty Re to various reinsurers. Refer to Note 13 — Reinsurance for additional information on the Company’s reinsurance programs. (2) Inventory primarily includes vehicles owned by Broad Arrow that have been purchased for resale purposes.

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	As of December 31, 2023 and 2022, property and equipment consisted of: December 31, 2023 2022 in thousands Land and land improvements $ 930 $ 930 Buildings 1,200 1,200 Leasehold improvements 9,005 9,299 Furniture and equipment 12,212 13,194 Computer equipment and software 20,922 21,698 Automobiles 697 791 Total property and equipment 44,966 47,112 Less: accumulated depreciation (24,202) (21,856) Property and equipment, net $ 20,764 $ 25,256

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 in thousands Operating lease expense (1) $ 11,681 $ 10,737 Short-term lease expense (1) 378 187 Variable lease expense (1) (2) 4,307 3,943 Sublease revenue (3) (704) (156) Lease cost, net $ 15,662 $ 14,711 (1) Classified within "General and administrative services" on the 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 Consolidated Statements of Operations. The following tables summarize supplemental balance sheet information related to operating leases as of December 31, 2023 and 2022: December 31, 2023 2022 in thousands Operating lease ROU assets $ 50,515 $ 82,398 Current lease liabilities (1) 6,500 7,556 Long-term lease liabilities 50,459 80,772 Total operating lease liabilities $ 56,959 $ 88,328 December 31, 2023 2022 in thousands ROU assets obtained in exchange for new operating lease liabilities (2) $ 632 $ 82,398 Gains on sales and leaseback transactions, net $ — $ 4,314 Weighted-average lease term 9.01 10.23 Weighted-average discount rate 4.8 % 5.5 % (1) Current lease liabilities are recorded within "Accounts payable, accrued expenses and other current liabilities" on the Consolidated Balance Sheets. (2) Represents the amount of ROU assets obtained during the years ended December 31, 2023 and 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 December 31, 2023: in thousands 2024 $ 9,067 2025 8,737 2026 8,156 2027 7,921 2028 7,946 Thereafter 29,286 Total lease payments 71,113 Less: imputed interest (14,154) Total lease liabilities $ 56,959

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table is a summary of the cash inflows and outflows related to the Business Combination: Business Combination in thousands Cash in trust, net of redemptions $ 85,811 Cash, PIPE 703,850 Less: transaction costs and advisory fees (41,859) Less: cash consideration to HHC at Closing (489,661) Net cash received from Business Combination $ 258,141

Acquisitions and Investments (T

Acquisitions and Investments (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the fair value of Broad Arrow as of the date of the acquisition: in thousands Total equity consideration $ 73,253 Fair value of previously held equity interest in Broad Arrow (1) 48,309 Total consideration and value to be allocated to net assets $ 121,562 (1) The Broad Arrow Acquisition was accounted for as a step acquisition. Accordingly, the Company remeasured its existing 40% equity interest in Broad Arrow immediately prior to the completion of the acquisition to its estimated fair value of $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 $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 $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 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 4 — Notes Receivable for additional information. (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)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following is a reconciliation of the changes in the Company's goodwill for the years ended December 31, 2023 and 2022: 2023 2022 in thousands Goodwill as of January 1, $ 115,041 $ 11,488 Acquisitions — 103,605 Divestitures (846) — Effect of foreign currency translation 19 (52) Goodwill as of December 31, $ 114,214 $ 115,041
Schedule of Finite-Lived Intangible Assets	The cost and accumulated amortization of intangible assets as of December 31, 2023 and 2022 are as follows: Weighted Average Useful Life December 31, 2023 2022 in thousands Renewal rights 10.0 $ 20,226 $ 17,282 Internally developed software 3.4 126,972 109,764 Trade names and trademarks 14.0 12,541 12,541 Relationships and customer lists 15.7 8,876 13,890 Other 4.4 1,445 1,434 Intangible assets 170,060 154,911 Less: accumulated amortization (78,136) (50,887) Intangible assets, net $ 91,924 $ 104,024 The termination of the joint venture agreement governing MHH resulted in the derecognition of $5.0 million of relationships and customer lists in the third quarter of 2023. Refer to Note 10 — 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.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	stimated future aggregate amortization expense related to intangible assets as of December 31, 2023 is as follows: in thousands 2024 $ 27,879 2025 20,544 2026 13,341 2027 9,314 2028 7,499 Thereafter 13,347 Total $ 91,924

Provision for Unpaid Losses a_2

Provision for Unpaid Losses and Loss Adjustment Expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Insurance [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	The following table presents Hagerty Re's provision for unpaid losses and loss adjustment expenses as of December 31, 2023 and December 31, 2022: December 31, 2023 2022 in thousands Outstanding losses reported $ 84,651 $ 65,981 IBNR 49,621 44,917 Net reserves for unpaid losses and loss adjustment expenses 134,272 110,898 Reinsurance recoverable on unpaid losses and loss adjustment expenses 2,235 843 Gross reserves for unpaid losses and loss adjustment expenses $ 136,507 $ 111,741 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 various reinsurers: Year Ended December 31, 2023 2022 2021 in thousands Gross reserves for unpaid losses and loss adjustment expenses, beginning of year $ 111,741 $ 74,869 $ 54,988 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 54,988 Incurred losses and loss adjustment expenses: Current accident year 228,358 186,478 132,481 Prior accident year (1) (7,700) (4,076) (10,401) Total incurred losses and loss adjustment expenses 220,658 182,402 122,080 Payments: Current accident year 138,263 109,555 76,559 Prior accident year 59,128 36,803 25,656 Total payments 197,391 146,358 102,215 Effect of foreign currency rate changes 107 (15) 16 Net reserves for unpaid losses and loss adjustment expenses, end of period 134,272 110,898 74,869 Reinsurance recoverable on unpaid losses and loss adjustment expenses 2,235 843 — Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 136,507 $ 111,741 $ 74,869 (1) Prior accident year development reflects a lower frequency and severity of claims than originally estimated for accident years 2017 to 2022. The following table presents a summary of total reserves for losses and loss adjustment expenses by line of business for the periods specified below: December 31, 2023 2022 in thousands Gross reserves for unpaid losses and loss adjustment expenses Auto $ 136,294 $ 111,575 Marine 213 166 Total gross reserves for unpaid losses and loss adjustment expenses $ 136,507 $ 111,741 Reinsurance recoverable on unpaid losses and loss adjustment expenses Auto $ 2,235 $ 843 Marine — — Total reinsurance recoverable on unpaid losses and loss adjustment expenses $ 2,235 $ 843 Net reserves for unpaid losses and loss adjustment expenses Auto $ 134,059 $ 110,732 Marine 213 166 Total net reserves for unpaid losses and loss adjustment expenses $ 134,272 $ 110,898
Schedule of Short-Duration Insurance Contracts, Claims Development	The following table presents incurred losses and loss adjustment expenses, by accident year, undiscounted and net of reinsurance recoveries: Auto Insurance (dollars in thousands) Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported Cumulative Number of Reported Claims Reporting Years Ended December 31, Accident Year 2019* 2020* 2021* 2022* 2023 As of December 31, 2023 2019 $ 63,642 $ 63,642 $ 59,660 $ 59,660 $ 59,660 $ 445 23,800 2020 90,110 86,608 85,111 84,311 1,600 27,204 2021 131,643 129,259 125,634 1,851 35,430 2022 186,073 182,783 10,032 39,199 2023 228,071 35,318 39,738 Total 680,459 49,246 165,371 Cumulative paid losses and loss adjustment expenses from the table below (547,214) — Reserves for losses and loss adjustment expenses before 2019, net of reinsurance 707 303 Effect of foreign currency rate changes 107 — Reserves for losses and loss adjustment expenses, undiscounted and net of reinsurance $ 134,059 $ 49,549 The following table presents cumulative paid losses and loss adjustment expenses by accident year: Auto Insurance (in thousands) As of December 31, Accident Year 2019* 2020* 2021* 2022* 2023 2019 $ 37,910 $ 51,491 $ 55,617 $ 57,393 $ 58,415 2020 53,167 73,402 78,079 80,656 2021 75,933 105,475 114,884 2022 109,255 155,157 2023 138,102 Total $ 547,214 * Unaudited required supplemental information.
Schedule of Short-Duration Insurance Contracts, Schedule of Historical Claims Duration	The following table presents supplementary information about average historical claims duration as of December 31, 2023 based on the cumulative incurred and paid losses and allocated loss adjustment expenses presented above. Average Annual Percentage of Payout of Incurred Claims by Age (in Years), Net of Reinsurance (Unaudited) Years Year 1 Year 2 Year 3 Year 4 Year 5 Auto Insurance 61.1 % 24.4 % 5.8 % 3.9 % 2.5 %

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2023, 2022, and 2021: Year Ended December 31, 2023 2022 2021 in thousands Premiums: Assumed $ 636,366 $ 474,294 $ 353,925 Ceded (33,070) (10,749) (7,920) Net $ 603,296 $ 463,545 $ 346,005 Premiums earned: Assumed $ 554,553 $ 414,030 $ 303,434 Ceded (22,687) (10,969) (7,610) Net $ 531,866 $ 403,061 $ 295,824
Schedule of Effects of Reinsurance on Losses and Loss Adjustment Expenses	The following table presents gross, ceded, and net losses and loss adjustment expenses incurred for the years ended December 31, 2023, 2022, and 2021: Year Ended December 31, 2023 2022 2021 in thousands Gross losses and loss adjustment expenses $ 222,895 $ 187,754 $ 122,080 Ceded losses and loss adjustment expenses (2,237) (5,352) — Net losses and loss adjustment expenses $ 220,658 $ 182,402 $ 122,080
Schedule of Reinsurance Recoverable, Past Due	The following table presents the reinsurance recoverable on paid and unpaid losses and loss adjustment expenses as of December 31, 2023 and December 31, 2022: December 31, 2023 2022 in thousands Reinsurance recoverable on paid losses and loss adjustment expenses $ 548 $ 605 Reinsurance recoverable on unpaid losses and loss adjustment expenses 2,235 843 Total reinsurance recoverable $ 2,783 $ 1,448

Restructuring, Impairment and_2

Restructuring, Impairment and Related Charges (Tables)	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	The following is a reconciliation of the liability related to the 2022 Restructuring Actions and the 2023 Restructuring Actions, which is recorded within "Accounts payable, accrued expenses and other current liabilities" on the Consolidated Balance Sheets. in thousands Balance at December 31, 2022 $ 9,470 Costs incurred and charged to expense 8,812 Costs paid or otherwise settled (1) (18,282) Balance at December 31, 2023 $ — (1)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of the Number of Outstanding Warrants and Their Fair Value	The following table summarizes the Company's outstanding warrants as of December 31, 2023 and 2022: December 31, 2023 2022 in thousands Public warrants (1) 5,750 5,750 Private placement warrants (2) 258 258 Underwriter warrants (2) 29 29 OTM warrants (3) 1,300 1,300 PIPE warrants (2) 12,147 12,147 Total 19,484 19,484 (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.
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 December 31, 2023: Inputs Private Placement Warrants Underwriter Warrants OTM Warrants PIPE Warrants Exercise price $11.50 $11.50 $15.00 $11.50 Common stock price $7.80 $7.80 $7.80 $7.80 Volatility 48.6% 48.6% 46.0% 48.6% Expected term of the warrants 2.92 2.92 7.93 2.92 Risk-free rate 4.00% 4.00% 3.90% 4.00% 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 as of December 31, 2023 and 2022, are shown in the tables below: Estimated Fair Value as of December 31, 2023 Total Level 1 Level 2 Level 3 in thousands Financial Assets Interest rate swaps $ 2,234 $ — $ 2,234 $ — Total $ 2,234 $ — $ 2,234 $ — Financial Liabilities Public warrants $ 9,488 $ 9,488 $ — $ — Private placement warrants 476 — — 476 Underwriter warrants 53 — — 53 OTM warrants 3,981 — — 3,981 PIPE warrants 20,020 — — 20,020 Total $ 34,018 $ 9,488 $ — $ 24,530 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 years ended December 31, 2023 and 2022: Private Placement Warrants Underwriter Warrants OTM Warrants PIPE Warrants Total in thousands Balance at December 31, 2021 $ 1,248 $ 139 $ 6,849 $ 55,887 $ 64,123 Change in fair value of warrant liabilities (575) (64) (2,143) (26,754) (29,536) Exercise of warrants — — — (1,906) (1,906) Balance at December 31, 2022 $ 673 $ 75 $ 4,706 $ 27,227 $ 32,681 Change in fair value of warrant liabilities (197) (22) (725) (7,207) (8,151) Balance at December 31, 2023 $ 476 $ 53 $ 3,981 $ 20,020 $ 24,530
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 December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value in thousands Short-term $ 10,946 $ 10,864 $ 6,296 $ 6,205 Long-term 5,526 5,398 6,690 6,316 Total $ 16,472 $ 16,262 $ 12,986 $ 12,521

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of December 31, 2023 and December 31, 2022, "Long-term debt, net" consisted of the following: December 31, Maturity 2023 2022 in thousands JPM Credit Facility October 2026 $ 77,258 $ 105,000 BAC Credit Facility December 2026 25,782 — State Farm Term Loan September 2033 25,000 — Notes payable 2024-2025 6,875 3,280 Total debt 134,915 108,280 Less: Notes payable, current portion (3,654) — Less: Unamortized debt issuance costs (581) — Total long-term debt, net $ 130,680 $ 108,280

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Other Ownership Interests	The following table summarizes the ownership of The Hagerty Group units as of December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 Units Owned Ownership Percentage Units Owned Ownership Percentage The Hagerty Group units held by Hagerty, Inc. 84,588,536 24.9 % 83,202,969 24.5 % The Hagerty Group units held by other unit holders 255,499,164 75.1 % 255,758,466 75.5 % Total 340,087,700 100.0 % 338,961,435 100.0 %

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2023, 2022, and 2021: Year Ended December 31, 2023 2022 2021 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 $ 15,881 $ 32,078 $ (46,358) Weighted-average shares of Class A Common Stock outstanding 84,180 82,728 82,327 Net income (loss) per share of Class A Common Stock, basic $ 0.19 $ 0.39 $ (0.56) Earnings (Loss) Per Share of Class A Common Stock, Diluted Net income (loss) available to Class A Common Stockholders $ 31,769 $ (23,956) $ (46,358) Weighted-average shares of Class A Common Stock outstanding 340,323 336,147 82,327 Net income (loss) per share of Class A Common Stock, Diluted $ 0.09 $ (0.07) $ (0.56) Net Income (Loss) Available to Class A Common Stockholders Net income (loss) $ 28,179 $ 2,403 $ (61,354) Net (income) loss attributable to non-controlling interest (7,948) 29,675 398 Net loss attributable to redeemable non-controlling interest — — 14,598 Accretion of Series A Convertible Preferred Stock (3,677) — — Undistributed earnings allocated to Series A Convertible Preferred Stock (673) — — Net income (loss) available to Class A Common Stockholders, Basic 15,881 32,078 (46,358) Undistributed earnings allocated to Series A Convertible Preferred Stock 347 — — Adjustment for potentially dilutive units of The Hagerty Group 15,526 (28,642) — Adjustment for potentially dilutive Series A Convertible Preferred Stock — — — Adjustment for potentially dilutive share-based compensation awards 15 — — Adjustment for potentially dilutive warrant liabilities — (27,392) — Net income (loss) available to Class A Common Stockholders, Diluted $ 31,769 $ (23,956) $ (46,358) Weighted-Average Shares of Class A Common Stock Outstanding Weighted-average shares of Class A Common Stock outstanding, Basic 84,180 82,728 82,327 Adjustment for potentially dilutive units of The Hagerty Group 255,559 252,806 — Adjustment for potentially dilutive Series A Convertible Preferred Stock — — — Adjustment for potentially dilutive share-based compensation awards 584 — — Adjustment for potentially dilutive warrants — 613 — Weighted-average shares of Class A Common Stock outstanding, Diluted 340,323 336,147 82,327
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: Year Ended December 31, 2023 2022 2021 in thousands The Hagerty Group units — — 251,034 Series A Convertible Preferred Stock 3,569 — — Unvested shares associated with share-based compensation awards 3,767 7,048 — Warrants 19,484 7,050 20,006 Total 26,820 14,098 271,040

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense	The following table summarizes share-based compensation expense recognized during the years ended December 31, 2023 and 2022. As the first share-based compensation grant occurred in the second quarter of 2022, there was no share-based compensation expense during the year ended December 31, 2021: Year Ended December 31, 2023 2022 in thousands Restricted stock units $ 14,991 $ 9,814 Performance restricted stock units 2,861 2,146 Employee stock purchase plan 165 169 Total share-based compensation expense $ 18,017 $ 12,129
Schedule of Restricted Stock Units Activity	The following table provides a summary of the RSU activity during the year ended December 31, 2023: Restricted Stock Units Weighted Average Grant Date Fair Value Unvested balance as of December 31, 2022 3,195,038 $ 10.76 Granted 2,628,874 9.12 Vested (927,891) 10.75 Forfeited (217,989) 9.85 Unvested balance as of December 31, 2023 4,678,032 $ 9.88
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 year ended December 31, 2023: Performance Restricted Stock Units Weighted Average Fair Value Outstanding as of December 31, 2022 3,707,136 $ 5.19 Granted — — Outstanding as of December 31, 2023 3,707,136 $ 5.19

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Domestic and Foreign	Income (loss) before income tax expense includes the following components: Year Ended December 31, 2023 2022 2021 in thousands United States $ 62,030 $ 24,778 $ (44,434) Foreign (17,258) (13,682) (10,169) Total $ 44,772 $ 11,096 $ (54,603)
Schedule of Components of Income Tax Expense (Benefit)	Total income tax expense (benefit) attributable to income (loss) for the years ended December 31, 2023, 2022 and 2021 consists of the following components: Year Ended December 31, 2023 2022 2021 in thousands Current: Federal $ 13,664 $ 4,041 $ 3,753 State 8 3 — Foreign — — (40) $ 13,672 $ 4,044 $ 3,713 Deferred: Federal $ 2,899 $ 2,999 $ 3,038 State 22 (26) — Foreign — — — 2,921 2,973 3,038 Total $ 16,593 $ 7,017 $ 6,751
Schedule of Effective Income Tax Rate Reconciliation	Income tax expense (benefit) reflected in the 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: Year Ended December 31, 2023 2022 2021 in thousands (except percentages) Income tax (benefit) expense at statutory rate $ 9,402 21 % $ 2,330 21 % $ (11,467) 21 % State taxes (232) (1) % (479) (4) % (163) — % Loss not subject to entity-level taxes 5,000 11 % 8,727 79 % 6,485 (12) % Foreign rate differential (529) (1) % (375) (3) % (276) 1 % Change in valuation allowance 393 1 % 5,647 51 % 2,759 (5) % Change in fair value of warrant liability (2,424) (5) % (8,799) (79) % 8,933 (16) % Permanent items 914 2 % 852 8 % 477 (1) % Effect of changes in tax rates 4,018 9 % (851) (8) % — — % Other, net 51 — % (35) — % 3 — % Income tax expense $ 16,593 37 % $ 7,017 65 % $ 6,751 (12) %
Schedule of Deferred Tax Assets and Liabilities	Deferred Tax Assets and Liabilities — Deferred tax assets and liabilities reflect temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount recognized for tax purposes, as adjusted for foreign currency translation. At December 31, 2023 and 2022, the tax effects of temporary differences that give rise to significant portions of the deferred tax provision are as follows: December 31, 2023 2022 in thousands Deferred tax assets: Discount on provision for losses and loss adjustment expenses $ 1,019 $ 802 Unearned premiums 12,886 9,886 Unrealized foreign currency gain 110 229 Excess tax basis 145,970 159,337 Net operating loss ("NOL") and other carryforwards 23,768 17,197 Other 419 457 Gross deferred tax assets 184,172 187,908 Less: valuation allowance (169,632) (176,116) Total net deferred tax assets $ 14,540 $ 11,792 Deferred tax liabilities: Deferred acquisition costs $ (29,744) $ (22,542) Excise tax accrual — (1,068) Unrealized foreign currency gain (110) (229) Unrealized investment gain (46) (37) Intangible assets (555) (759) Other (22) (7) Total deferred tax liabilities $ (30,477) $ (24,642) Net deferred tax liability $ (15,937) $ (12,850)
Summary of Operating Loss Carryforwards	Of these deferred tax assets, $13.6 million does not expire, and the remaining $9.6 million expires as follows: in thousands 2036 $ 404 2037 $ 725 2038 $ 867 2039 $ — 2040 $ 1,179 2041 $ 1,459 2042 $ 1,998 2043 $ 3,018

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Ownership Interests, by Affiliates	As of December 31, 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 3.5 % 50,000,000 59.1 % 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 % The Hagerty Group units 75,000,000 22.1 % — — % Controlling Interest 3,000,000 3.5 % 50,000,000 59.1 % 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 19 — 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 risk ceded by Hagerty Re to State Farm subsidiaries: December 31, 2023 Assets: in thousands Commissions receivable $ 1,963 Deferred acquisition costs, net (1) (3,898) Other current assets 9,268 Total assets $ 7,333 Liabilities: Accounts payable, accrued expenses and other current liabilities $ 3,775 Total liabilities $ 3,775 (1) Represents unearned ceding commission received from State Farm subsidiaries. Year Ended December 31, 2023 Revenue: in thousands Earned premium (1) $ (5,883) Expenses: Ceding commission, net (2) $ (3,059) Losses and loss adjustment expenses (3) (1,877) Total expenses $ (4,936) (1) Represents premiums ceded to State Farm subsidiaries, which are accounted for as a reduction to Earned premium. (2) Represents commissions from State Farm subsidiaries related to ceded reinsurance, which are accounted for as a reduction to Ceding commission, net. (3) Represents loss recoveries associated with reinsurance ceded to State Farm subsidiaries, which are accounted for as a reduction to Losses and loss adjustment expenses. The following tables provide information related to Markel-affiliated Due to insurer liabilities and Commission revenue associated with the Markel Alliance Agreement: December 31, 2023 2022 in thousands (except percentages) Due to insurer $ 75,922 $ 64,873 Percent of total 95 % 95 % Year Ended December 31, 2023 2022 2021 in thousands (except percentages) Commission revenue $ 340,534 $ 285,254 $ 239,432 Percent of total 95 % 95 % 90 % The following tables summarize all balances related to the Company's reinsurance business with Markel affiliates: December 31, 2023 2022 Assets: in thousands Premiums receivable $ 134,376 $ 97,897 Commissions receivable 630 — Deferred acquisition costs, net 141,880 103,869 Other current assets 1,915 — Total assets $ 278,801 $ 201,766 Liabilities: Accounts payable, accrued expenses and other current liabilities $ 1,553 $ — Losses payable 60,253 53,800 Provision for unpaid losses and loss adjustment expenses 129,267 106,436 Commissions payable 107,286 75,898 Unearned premiums 307,504 227,192 Total liabilities $ 605,863 $ 463,326 Year Ended December 31, 2023 2022 2021 Revenue: in thousands Earned premium $ 535,352 $ 386,696 $ 281,794 Expenses: Ceding commission, net $ 247,918 $ 184,124 $ 134,946 Losses and loss adjustment expenses 214,401 182,340 116,396 Total expenses $ 462,319 $ 366,464 $ 251,342

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and New Accounting Standards - Narrative (Details)	3 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 31, 2022 USD ($)	Dec. 02, 2021
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of operating segments | segment		1
Number of reportable segments | segment		1
Goodwill		$ 114,214,000	$ 115,041,000	$ 11,488,000
Goodwill, impairment loss		$ 0	0	0
Revenue from contract with customer, membership period		1 year
Advertising expense		$ 25,500,000	27,800,000	24,100,000
Tax benefit distributions to noncontrolling interest holders, percent						85%
Tax benefit retained by parent, percent						15%
Insurance, annual exposure limit		16,300,000	11,400,000	10,800,000
Losses and loss adjustment expenses		220,658,000	182,402,000	122,080,000
Self insurance reserve		$ 1,400,000	1,200,000
Matching contribution		4%
Defined contribution plan		$ 6,000,000	6,200,000	4,900,000
Broad Arrow Group Inc
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Loans maturity term		2 years
Loans, renewal option, term		1 year
Goodwill					$ 98,561,000
Speed Digital and Broad Arrow
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Goodwill		$ 103,600,000
Labor And Related Expense Member
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Losses and loss adjustment expenses		$ 14,200,000	$ 13,200,000	$ 10,900,000
Building and Building Improvements
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property, plant and equipment, useful life		39 years
Minimum
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Lessee, operating lease, renewal term		1 year
Lessee, operating lease, remaining lease term		1 year
Minimum | Customer Relationships
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Weighted Average Useful Life		3 years
Minimum | Computers
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property, plant and equipment, useful life		3 years
Maximum
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Lessee, operating lease, renewal term		20 years
Lessee, operating lease, remaining lease term		13 years
Maximum | Customer Relationships
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Weighted Average Useful Life		25 years
Maximum | Automobiles
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Property, plant and equipment, useful life		7 years
The Hagerty Group, LLC | Revenue Benchmark | Customer Concentration Risk
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Concentration risk, percentage		93%
The Hagerty Group, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage by Hagerty, Inc		24.90%	24.50%
Member Hubs Holding, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Goodwill, impairment loss	$ 800,000
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%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and New Accounting Standards - Schedule of Assets and Liabilities of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 108,326	$ 95,172
Restricted cash and cash equivalents	615,950	444,019
Accounts receivable	71,530	58,255
Notes receivable	35,896	25,493
Other assets	43,559	37,082
TOTAL ASSETS	1,588,212	1,312,518
LIABILITIES
Accounts payable, accrued expenses and other current liabilities	87,175	77,049
Long-term debt, net	130,680	108,280
TOTAL LIABILITIES	1,094,867	945,149
Variable Interest Entity, Primary Beneficiary
ASSETS
Cash and cash equivalents	83	0
Restricted cash and cash equivalents	961	0
Accounts receivable	190	0
Notes receivable	30,125	0
Other assets	2,900	0
TOTAL ASSETS	34,259	0
LIABILITIES
Accounts payable, accrued expenses and other current liabilities	1,881	0
Long-term debt, net	25,782	0
TOTAL LIABILITIES	$ 27,663	$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies and New Accounting Standards- Schedule of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 108,326	$ 95,172
Restricted cash and cash equivalents	615,950	444,019
Total cash and cash equivalents and restricted cash and cash equivalents	$ 724,276	$ 539,191	$ 603,972	$ 299,078

Summary of Significant Accoun_7

Summary of Significant Accounting Policies and New Accounting Standards - Schedule of Supplemental Cash Flow Information (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
NON-CASH INVESTING ACTIVITIES:
Capital expenditures	$ 282	$ 1,592	$ 4,668
Broad Arrow acquisition	0	73,253	0
Other acquisitions and investments	$ 2,142	$ 8,273	$ 3,774
Warrant liabilities recognized in Business Combination	0	0	46,826
Termination of MHH Joint Venture (Refer to Note 10)	$ 2,929	$ 0	$ 0
CASH PAID FOR:
Interest	6,126	4,868	2,502
Income taxes	$ 10,500	$ 5,253	$ 2,160

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue By Distribution Channel Offering and Geographical Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	$ 468,347	$ 384,527	$ 323,255
Earned premium recognized under ASC 944	531,866	403,061	295,824
Total revenue	1,000,213	787,588	619,079
U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	434,618	355,732	298,080
Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	25,749	23,250	19,617
Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	7,980	5,545	5,558
Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	200,762	166,483	144,862
Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	267,585	218,044	178,393
Commission and fee revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	365,512	307,238	271,571
Commission and fee revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	289,532	247,448	214,236
Commission and fee revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	264,137	224,255	193,520
Commission and fee revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	20,597	19,142	16,782
Commission and fee revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	4,798	4,051	3,934
Commission and fee revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	158,354	133,584	115,310
Commission and fee revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	131,178	113,864	98,926
Contingent commission revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	75,980	59,790	57,335
Contingent commission revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	75,810	59,664	57,424
Contingent commission revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	0	0	(383)
Contingent commission revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	170	126	294
Contingent commission revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	42,408	32,899	29,552
Contingent commission revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	33,572	26,891	27,783
Membership, marketplace and other revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	102,835	77,289	51,684
Membership revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	52,460	45,234	40,605
Membership revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	48,902	41,893	37,688
Membership revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	3,558	3,341	2,917
Membership revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	0	0	0
Membership revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	0	0	0
Membership revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	52,460	45,234	40,605
Marketplace and other revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	50,375	32,055	11,079
Marketplace and other revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	45,769	29,920	9,448
Marketplace and other revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	1,594	767	301
Marketplace and other revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	3,012	1,368	1,330
Marketplace and other revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	0	0	0
Marketplace and other revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	$ 50,375	$ 32,055	$ 11,079

Revenue - Contract Assets and L

Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 75,891	$ 60,151
Contract liabilities	$ 47,651	$ 44,426

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
CUC recognized	$ 74.9
CUC payments collected		$ 59.2
Short-term Contract with Customer
Capitalized Contract Cost [Line Items]
Revenue recognized from contract liabilities	$ (56.5)

Deferred Acquisition Costs (Det

Deferred Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred acquisition costs as of January 1,	$ 107,342	$ 81,535
Acquisition costs deferred, net	286,100	216,957
Amortization of acquisition costs, net	(251,805)	(191,150)
Deferred acquisition costs as of December 31,	$ 141,637	$ 107,342

Notes Receivable - Narrative (D

Notes Receivable - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Notes receivable	$ 52,914	$ 37,427
Notes receivable, current	35,896	25,493
Notes receivable, noncurrent	$ 17,018	$ 11,934
Customer Concentration Risk | Notes Receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan to value ratio	43%
Principal outstanding loan	$ 21,600
Securities loaned, fair value of collateral	$ 50,700
Customer Concentration Risk | Notes Receivable | Borrower
Financing Receivable, Allowance for Credit Loss [Line Items]
Percent of total	41%
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	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Secured loans	$ 52,914	$ 37,427
Estimate of collateral value	$ 108,496	$ 75,802
Aggregate LTV ratio	48.80%	49.40%

Other Assets - Schedule of Prep

Other Assets - Schedule of Prepaid Expenses and Other Assets, Current and Long-term (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid sales, general and administrative expenses	$ 21,300	$ 24,234
Prepaid software as a service ("SaaS") implementation costs	21,941	18,501
Fixed income investments	16,472	12,986
Deferred reinsurance premiums ceded	10,474	91
Contract costs	8,851	6,576
Inventory	5,038	2,074
Digital media content	2,151	5,580
Deferred financing costs	5,053	1,387
Other	12,518	11,304
Other assets	103,798	82,733
Impairment of intangible assets	4,300
Other investments	4,400	4,000
Interest rate swap	2,200	3,300
Collector vehicles	2,700	2,500
Outstanding reinsurance recoverable	$ 2,800	$ 1,400

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 44,966	$ 47,112
Less: accumulated depreciation	(24,202)	(21,856)
Property and equipment, net	20,764	25,256
Depreciation	6,200	6,600	$ 6,400
Land and land improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	930	930
Buildings
Property, Plant and Equipment [Line Items]
Total property and equipment	1,200	1,200
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	9,005	9,299
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	12,212	13,194
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment	20,922	21,698
Automobiles
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 697	$ 791

Leases - Operating Lease Expens

Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 11,681	$ 10,737
Short-term lease expense	378	187
Variable lease expense	4,307	3,943
Sublease revenue	(704)	(156)
Lease cost, net	$ 15,662	$ 14,711

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jan. 01, 2022	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease ROU assets			$ 50,515	$ 82,398
Current lease liabilities			$ 6,500	$ 7,556
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]			Liabilities, Current	Liabilities, Current
Long-term lease liabilities			$ 50,459	$ 80,772
Total operating lease liabilities			56,959	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 3 days	10 years 2 months 23 days
Weighted-average discount rate			4.80%	5.50%
Decrease in operating lease liability			$ 11,243	$ 9,779	$ 0
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	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 9,067
2025	8,737
2026	8,156
2027	7,921
2028	7,946
Thereafter	29,286
Total lease payments	71,113
Less: imputed interest	(14,154)
Total lease liabilities	$ 56,959	$ 88,328

Business Combination - Narrativ

Business Combination - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended
	Dec. 02, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 01, 2021
Business Acquisition [Line Items]
Number of shares issued in transaction (in shares)	70,385,000
Warrants outstanding (in shares)	20,005,550		19,484,000	19,484,000
Consideration received on transaction	$ 703,900
Cash paid to shareholders	489,661
Units owned (in shares)			340,087,700	338,961,435
Acquisition related costs	$ 41,900
Tax benefit distributions to noncontrolling interest holders, percent	85%
Additional Paid in Capital
Business Acquisition [Line Items]
Transaction costs	$ 32,600
Class V Common Stock
Business Acquisition [Line Items]
Units owned (in shares)	251,033,906		251,033,906	251,033,906
Class A Common Stock
Business Acquisition [Line Items]
Units owned (in shares)	82,327,466		84,588,536	83,202,969
Number of securities called by each warrant (in shares)	1
Hagerty Holding Corp.
Business Acquisition [Line Items]
Cash paid to shareholders	$ 489,700
Hagerty Holding Corp. | Members' Equity
Business Acquisition [Line Items]
Conversion of stock, shares converted (in shares)	176,033,906
Hagerty Holding Corp. | Class V Common Stock
Business Acquisition [Line Items]
Broad Arrow acquisition (in shares)	176,033,906
Markel | Members' Equity
Business Acquisition [Line Items]
Conversion of stock, shares converted (in shares)	75,000,000
Markel | Class V Common Stock
Business Acquisition [Line Items]
Broad Arrow acquisition (in shares)	75,000,000
Aldel | Class A Common Stock
Business Acquisition [Line Items]
Broad Arrow acquisition (in shares)	572,500
Shares redeemed (in shares)		3,005,034
Units owned (in shares)	8,494,966				11,500,000
Stock converted (in shares)	2,875,000
Conversion ratio (in shares)	1
PIPE warrants
Business Acquisition [Line Items]
Warrants outstanding (in shares)	12,669,300		12,147,000	12,147,000

Business Combination - Schedule

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

Acquisitions and Investments -

Acquisitions and Investments - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended			12 Months Ended
	Aug. 16, 2022	Aug. 31, 2022	Apr. 30, 2022	Jan. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset Acquisition [Line Items]
Purchase of previously held equity method investment					$ 0	$ 15,250	$ 0
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	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset Acquisition [Line Items]
Goodwill		$ 114,214	$ 115,041	$ 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	12 Months Ended
	Oct. 09, 2023	Sep. 29, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Revaluation loss on previously held equity method				$ 0	$ (34,735)	$ 0
Losses and impairments related to divestitures				$ (4,013)	$ 0	$ 0
Member Hubs Holding, LLC
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Revaluation loss on previously held equity method			$ 2,900
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]
Losses and impairments related to divestitures	$ 400

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Goodwill (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill, beginning balance		$ 115,041,000	$ 11,488,000
Acquisitions		0	103,605,000
Divestitures		(846,000)	0
Effect of foreign currency translation		19,000	(52,000)
Goodwill, ending balance		114,214,000	115,041,000	$ 11,488,000
Goodwill		114,214,000	115,041,000	11,488,000
Goodwill, impairment loss		0	$ 0	$ 0
Hagerty DriveShare, LLC
Goodwill [Roll Forward]
Goodwill, impairment loss	$ 800,000
Member Hubs Holding, LLC
Goodwill [Roll Forward]
Goodwill, impairment loss	$ 800,000
Speed Digital and Broad Arrow
Goodwill [Roll Forward]
Goodwill, ending balance		103,600,000
Goodwill		$ 103,600,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Cost and Accumulated Amortization (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible assets		$ 170,060	$ 154,911
Less: accumulated amortization		(78,136)	(50,887)
​Total		91,924	104,024
Amortization of intangible assets		28,600	21,800	$ 12,800
Renewal rights
Finite-Lived Intangible Assets [Line Items]
Intangible assets		$ 20,226	17,282
Renewal rights | Weighted Average Useful Life
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life		10 years
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Intangible assets		$ 126,972	109,764
Internally developed software | Weighted Average Useful Life
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life		3 years 4 months 24 days
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible assets		$ 12,541	12,541
Trade names and trademarks | Weighted Average Useful Life
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life		14 years
Relationships and customer lists
Finite-Lived Intangible Assets [Line Items]
Intangible assets		$ 8,876	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 Useful Life
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life		15 years 8 months 12 days
Other
Finite-Lived Intangible Assets [Line Items]
Intangible assets		$ 1,445	$ 1,434
Other | Weighted Average Useful Life
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life		4 years 4 months 24 days

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 27,879
2025	20,544
2026	13,341
2027	9,314
2028	7,499
Thereafter	13,347
​Total	$ 91,924	$ 104,024

Provision for Unpaid Losses a_3

Provision for Unpaid Losses and Loss Adjustment Expenses - Provision (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Insurance [Abstract]
Outstanding losses reported	$ 84,651	$ 65,981
IBNR	49,621	44,917
Net reserves for unpaid losses and loss adjustment expenses	134,272	110,898	$ 74,869	$ 54,988
Reinsurance recoverable on unpaid losses and loss adjustment expenses	2,235	843	0	0
Provision for unpaid losses and loss adjustment expenses	$ 136,507	$ 111,741	$ 74,869	$ 54,988

Provision for Unpaid Losses a_4

Provision for Unpaid Losses and Loss Adjustment Expenses - Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	$ 54,988
Less: Reinsurance recoverable on unpaid losses and loss adjustment expenses	843	0	0
Net reserves for unpaid losses and loss adjustment expenses, beginning of year	110,898	74,869	54,988
Incurred losses and loss adjustment expenses:
Current accident year	228,358	186,478	132,481
Prior accident year	(7,700)	(4,076)	(10,401)
Total incurred losses and loss adjustment expenses	220,658	182,402	122,080
Payments:
Current accident year	138,263	109,555	76,559
Prior accident year	59,128	36,803	25,656
Total payments	197,391	146,358	102,215
Effect of foreign currency rate changes	107	(15)	16
Net reserves for unpaid losses and loss adjustment expenses, end of period	134,272	110,898	74,869
Reinsurance recoverable on unpaid losses and loss adjustment expenses	2,235	843	0
Gross reserves for unpaid losses and loss adjustment expenses, end of period	$ 136,507	$ 111,741	$ 74,869

Provision for Unpaid Losses a_5

Provision for Unpaid Losses and Loss Adjustment Expenses - Provision by Insurance Product (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Claims and Claims Adjustment Expense [Line Items]
Gross reserves for unpaid losses and loss adjustment expenses	$ 136,507	$ 111,741	$ 74,869	$ 54,988
Reinsurance recoverable on unpaid losses and loss adjustment expenses	2,235	843	0	0
Net reserves for unpaid losses and loss adjustment expenses	134,272	110,898	$ 74,869	$ 54,988
Auto
Liability for Claims and Claims Adjustment Expense [Line Items]
Gross reserves for unpaid losses and loss adjustment expenses	136,294	111,575
Reinsurance recoverable on unpaid losses and loss adjustment expenses	2,235	843
Net reserves for unpaid losses and loss adjustment expenses	134,059	110,732
Marine
Liability for Claims and Claims Adjustment Expense [Line Items]
Gross reserves for unpaid losses and loss adjustment expenses	213	166
Reinsurance recoverable on unpaid losses and loss adjustment expenses	0	0
Net reserves for unpaid losses and loss adjustment expenses	$ 213	$ 166

Provision for Unpaid Losses a_6

Provision for Unpaid Losses and Loss Adjustment Expenses - Incurred and Paid Losses (Details) - Auto $ in Thousands	Dec. 31, 2023 USD ($) claim	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expense	$ (680,459)
Cumulative paid losses and loss adjustment expenses from the table below	(547,214)
Reserves for losses and loss adjustment expenses before 2019, net of reinsurance	707
Effect of foreign currency rate changes	107
Reserves for losses and loss adjustment expenses, undiscounted and net of reinsurance	134,059
Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported	49,246
Reserves for losses and loss adjustment expenses before 2019, net of reinsurance	303
Reserves for losses and loss adjustment expenses, undiscounted and net of reinsurance	$ 49,549
Cumulative Number of Reported Claims | claim	165,371
2019
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expense	$ 59,660	59,660	$ 59,660	$ 63,642	$ 63,642
Cumulative paid losses and loss adjustment expenses from the table below	(58,415)	(57,393)	(55,617)	(51,491)	$ (37,910)
Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported	$ 445
Cumulative Number of Reported Claims | claim	23,800
2020
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expense	$ 84,311	85,111	86,608	90,110
Cumulative paid losses and loss adjustment expenses from the table below	(80,656)	(78,079)	(73,402)	$ (53,167)
Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported	$ 1,600
Cumulative Number of Reported Claims | claim	27,204
2021
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expense	$ 125,634	129,259	131,643
Cumulative paid losses and loss adjustment expenses from the table below	(114,884)	(105,475)	$ (75,933)
Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported	$ 1,851
Cumulative Number of Reported Claims | claim	35,430
2022
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expense	$ 182,783	186,073
Cumulative paid losses and loss adjustment expenses from the table below	(155,157)	(109,255)
Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported	$ 10,032
Cumulative Number of Reported Claims | claim	39,199
2023
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expense	$ 228,071
Cumulative paid losses and loss adjustment expenses from the table below	(138,102)
Reserves for Losses and Loss Adjustment Expenses Incurred But Not Reported	$ 35,318
Cumulative Number of Reported Claims | claim	39,738

Provision for Unpaid Losses a_7

Provision for Unpaid Losses and Loss Adjustment Expenses - Historical Claims Duration (Details) - Auto	Dec. 31, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]
Year 1	61.10%
Year 2	24.40%
Year 3	5.80%
Year 4	3.90%
Year 5	2.50%

Reinsurance - Earned Premium (D

Reinsurance - Earned Premium (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Premiums:
Assumed	$ 636,366	$ 474,294	$ 353,925
Ceded	(33,070)	(10,749)	(7,920)
Net	603,296	463,545	346,005
Premiums earned:
Assumed	554,553	414,030	303,434
Ceded	(22,687)	(10,969)	(7,610)
Net	$ 531,866	$ 403,061	$ 295,824

Reinsurance - Reinsurance on Lo

Reinsurance - Reinsurance on Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Gross losses and loss adjustment expenses	$ 222,895	$ 187,754	$ 122,080
Ceded losses and loss adjustment expenses	(2,237)	(5,352)	0
Net losses and loss adjustment expenses	$ 220,658	$ 182,402	$ 122,080

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) $ in Millions			12 Months Ended
	Jan. 01, 2024	Jan. 01, 2023	Dec. 31, 2023 USD ($) letter_of_credit
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance, excess retention, amount reinsured, per event			$ 105
Reinsurance, amount retained, per event			$ 28
Reinsurance retention policy, number of coverage layers | letter_of_credit			2
Various reinsurers
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance retention policy, total insured amount			$ 5
Reinsurance Contract [Axis]: Catastrophe Program - High Net Worth | Various reinsurers
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsured risk, percentage		7,000%
Reinsurance Contract [Axis]: Catastrophe Program - High Net Worth | Subsequent Event | Various reinsurers
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsured risk, percentage	10,000%
Reinsurance Contract [Axis]: Catastrophe Program - High Net Worth | Subsequent Event | Evanston
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsured risk, percentage	100%
Reinsurance Contract [Axis]: Catastrophe Reinsurance Layer One
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance, excess retention, amount reinsured, per event			22
Reinsurance, amount retained, per event			28
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	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Reinsurance recoverable on paid losses and loss adjustment expenses	$ 548	$ 605
Reinsurance recoverable on unpaid losses and loss adjustment expenses	2,235	843
Total reinsurance recoverable	$ 2,783	$ 1,448

Statutory Capital and Surplus (

Statutory Capital and Surplus (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Insurance [Abstract]
Statutory amount available for dividend payments without prior approval	$ 54.7
Statutory capital and surplus, balance	218.9	$ 131.7
Statutory net income amount	$ 62.3	$ 24.4	$ 25.2

Restructuring, Impairment and_3

Restructuring, Impairment and Related Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring, impairment and related charges	$ 8,812	$ 18,324	$ 0
Impairment of operating lease right-of-use assets	1,147	4,698	$ 0
Loss on disposition of leasehold improvements		1,500
Reduction In Force
Restructuring Cost and Reserve [Line Items]
Restructuring, impairment and related charges	8,800	8,000
Impairment of operating lease right-of-use assets	3,100
Severance costs	5,400
Asset impairment charges	$ 400
Voluntary Retirement Program
Restructuring Cost and Reserve [Line Items]
Restructuring, impairment and related charges		$ 4,200

Restructuring, Impairment and_4

Restructuring, Impairment and Related Charges - Reconciliation of Restructuring Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Reserve [Roll Forward]
Beginning balance	$ 9,470
Costs incurred and charged to expense	8,812
Costs paid or otherwise settled	(18,282)
Ending balance	0	$ 9,470
Impairment of operating lease right-of-use assets	1,147	$ 4,698	$ 0
Reduction In Force
Restructuring Reserve [Roll Forward]
Impairment of operating lease right-of-use assets	3,100
Asset impairment charges	$ 400

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) swap shares	Dec. 31, 2022 USD ($) shares
Dividend yield
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants measurement input	0
Warrant Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exercise of warrants		$ (1,906,000)
PIPE warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants exercised (in shares) | shares	0	522,000
PIPE warrants | Dividend yield
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants measurement input	0
PIPE warrants | Warrant Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exercise of warrants		$ (1,906,000)
Class A Common Stock
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants exercised (in shares) | shares		124,748
Interest rate swaps
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	$ 2,200,000	$ 3,300,000

Fair Value Measurements - Warra

Fair Value Measurements - Warrant liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 02, 2021
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	19,484,000	19,484,000	20,005,550
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	$ 9,488	$ 12,880
Private placement warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	258,000	258,000
Private placement warrants | Fair Value, Recurring
Class of Warrant or Right [Line Items]
Fair Value	$ 476	$ 673
Underwriter warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	29,000	29,000
Underwriter warrants | Fair Value, Recurring
Class of Warrant or Right [Line Items]
Fair Value	$ 53	$ 75
OTM warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	1,300,000	1,300,000
OTM warrants | Fair Value, Recurring
Class of Warrant or Right [Line Items]
Fair Value	$ 3,981	$ 4,706
PIPE warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	12,147,000	12,147,000	12,669,300
PIPE warrants | Fair Value, Recurring
Class of Warrant or Right [Line Items]
Fair Value	$ 20,020	$ 27,227

Fair Value Measurements - Input

Fair Value Measurements - Inputs in the Valuation Model (Details)	Dec. 31, 2023 USD ($) $ / shares 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	7.80
Private placement warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.486
Private placement warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	2.92
Private placement warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0400
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	7.80
Underwriter warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.486
Underwriter warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	2.92
Underwriter warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0400
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	7.80
OTM warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.460
OTM warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	7.93
OTM warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0390
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	7.80
PIPE warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.486
PIPE warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	2.92
PIPE warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0400
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	Dec. 31, 2023	Dec. 31, 2022
Financial Assets
Total	$ 2,234	$ 3,294
Financial Liabilities
Total	34,018	45,561
Public warrants
Financial Liabilities
Fair Value	9,488	12,880
Private placement warrants
Financial Liabilities
Fair Value	476	673
Underwriter warrants
Financial Liabilities
Fair Value	53	75
OTM warrants
Financial Liabilities
Fair Value	3,981	4,706
PIPE warrants
Financial Liabilities
Fair Value	20,020	27,227
Interest rate swaps
Financial Assets
Interest rate swaps	2,234	3,294
Level 1
Financial Assets
Total	0	0
Financial Liabilities
Total	9,488	12,880
Level 1 | Public warrants
Financial Liabilities
Fair Value	9,488	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	2,234	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	2,234	3,294
Level 3
Financial Assets
Total	0	0
Financial Liabilities
Total	24,530	32,681
Level 3 | Public warrants
Financial Liabilities
Fair Value	0	0
Level 3 | Private placement warrants
Financial Liabilities
Fair Value	476	673
Level 3 | Underwriter warrants
Financial Liabilities
Fair Value	53	75
Level 3 | OTM warrants
Financial Liabilities
Fair Value	3,981	4,706
Level 3 | PIPE warrants
Financial Liabilities
Fair Value	20,020	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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 32,681	$ 64,123
Change in fair value of warrant liabilities	(8,151)	(29,536)
Exercise of warrants		(1,906)
Ending balance	24,530	32,681
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	(197)	(575)
Exercise of warrants		0
Ending balance	476	673
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	(22)	(64)
Exercise of warrants		0
Ending balance	53	75
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	(725)	(2,143)
Exercise of warrants		0
Ending balance	3,981	4,706
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	(7,207)	(26,754)
Exercise of warrants		(1,906)
Ending balance	$ 20,020	$ 27,227

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Estimated Fair Value (Details) - Fixed Income Securities - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term	$ 10,946	$ 6,296
Long-term	5,526	6,690
Total	16,472	12,986
Level 2 | Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term	10,864	6,205
Long-term	5,398	6,316
Total	$ 16,262	$ 12,521

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 134,915	$ 108,280
Less: Notes payable, current portion	(3,654)	0
Less: Unamortized debt issuance costs	(581)	0
Total long-term debt, net	130,680	108,280
JPM Credit Facility | State Farm Term Loan
Debt Instrument [Line Items]
Total debt	25,000	0
Notes payable
Debt Instrument [Line Items]
Total debt	6,875	3,280
Revolving Credit Facility | JPM Credit Facility | JPM Credit Facility
Debt Instrument [Line Items]
Total debt	77,258	105,000
Revolving Credit Facility | JPM Credit Facility | BAC Credit Facility
Debt Instrument [Line Items]
Total debt	$ 25,782	$ 0

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) letter_of_credit	Dec. 21, 2023 USD ($)	Sep. 19, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Total debt	$ 130,680,000			$ 108,280,000
Number of letters of credit authorized | letter_of_credit	3
Letters of credit outstanding, amount	$ 11,100,000
JPM 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 debt	$ 6,900,000			$ 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 | JPM Credit Facility | JPM Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 230,000,000
Accordion feature, increase limit	$ 50,000,000
Debt, weighted average interest rate	7.28%			6.57%
Revolving Credit Facility | JPM Credit Facility | BAC Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 75,000,000
Borrowing base		$ 25,800,000
Annual extension term	1 year
Revolving Credit Facility | Foreign Line of Credit | JPM Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 25,000,000
Letter of Credit | JPM Credit Facility | JPM Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 25,000,000

Convertible Preferred Stock (De

Convertible Preferred Stock (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Jun. 23, 2023 USD ($) $ / shares shares	Dec. 02, 2021 USD ($) shares	Dec. 31, 2023 USD ($) consecutiveTradingDay $ / shares shares	Dec. 31, 2022 $ / shares
Class of Stock [Line Items]
Number of shares issued in transaction (in shares) | shares		70,385,000
Temporary equity, par value (in dollars per share) | $ / shares			$ 0.0001	$ 0.0001
Consideration received on transaction		$ 703.9
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	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Jun. 23, 2023 USD ($) $ / shares shares	Mar. 23, 2022 USD ($)	Dec. 02, 2021 shares	Mar. 23, 2022 USD ($)	Dec. 31, 2023 vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)
Class of Stock [Line Items]
Common stock, shares, outstanding (in shares)					340,087,700	338,961,435
Preferred stock, shares authorized (in shares)					20,000,000
Number of shares issued in transaction (in shares)			70,385,000
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
Noncontrolling Interest, Change in Redemption Value | $				1,600,000		$ (1,560,420)	(366,522)
Removal of the redeemable feature of the non-controlling interest | $						2,142,490
Additional Paid in Capital
Class of Stock [Line Items]
Noncontrolling Interest, Change in Redemption Value | $				(162,100)		(162,095)	$ (366,522)
Removal of the redeemable feature of the non-controlling interest | $		528,600				528,615
Accumulated Earnings (Deficit)
Class of Stock [Line Items]
Noncontrolling Interest, Change in Redemption Value | $				$ (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)					84,588,536	83,202,969
Common stock, shares, outstanding (in shares)			82,327,466		84,588,536	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	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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 02, 2021
Class of Stock [Line Items]
Units owned (in shares)	340,087,700	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	24.90%	24.50%
Percentage of total outstanding	75.10%	75.50%
Total ownership percentage	100%	100%
Class A Common Stock
Class of Stock [Line Items]
Units owned (in shares)	84,588,536	83,202,969	82,327,466
Common stock, shares, issued (in shares)	84,588,536	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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Income (Loss) Available to Class A Common Stockholders
Net income (loss)	$ 28,179	$ 2,403	$ (61,354)
Net (income) loss attributable to non-controlling interest	(7,948)	29,675	398
Accretion of Series A Convertible Preferred Stock	(3,677)	0	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	$ 15,881	$ 32,078	$ (46,358)
Weighted average shares of Class A Common Stock outstanding, basic (in shares)	84,180	82,728	82,327
Net income (loss) Per class A common stock, basic (in dollars per share)	$ 0.19	$ 0.39	$ (0.56)
Earnings (Loss) Per Share of Class A Common Stock, Diluted
Net income (loss) available to Class A Common Stockholders	$ 31,769	$ (23,956)	$ (46,358)
Weighted-average shares of class A common stock outstanding (in shares)	340,323	336,147	82,327
Net income (loss) per class A common stock, diluted (in dollars per share)	$ 0.09	$ (0.07)	$ (0.56)
Net Income (Loss) Available to Class A Common Stockholders
Net income (loss)	$ 28,179	$ 2,403	$ (61,354)
Net (income) loss attributable to non-controlling interest	(7,948)	29,675	398
Net loss attributable to redeemable non-controlling interest	0	0	(14,598)
Accretion of Series A Convertible Preferred Stock	(3,677)	0	0
Undistributed earnings allocated to Series A Convertible Preferred Stock	(673)	0	0
Net income (loss) available to Class A Common Stockholders, Basic	15,881	32,078	(46,358)
Undistributed earnings allocated to Series A Convertible Preferred Stock	347	0	0
Adjustment for potentially dilutive units of The Hagerty Group	15,526	(28,642)	0
Adjustment for potentially dilutive Series A Convertible Preferred Stock	0	0	0
Adjustment for potentially dilutive share-based compensation awards	15	0	0
Adjustment for potentially dilutive warrant liabilities	0	(27,392)	0
Net income (loss) available to Class A Common Stockholders, Diluted	$ 31,769	$ (23,956)	$ (46,358)
Weighted-Average Shares of Class A Common Stock Outstanding
Weighted average shares of Class A Common Stock outstanding, basic (in shares)	84,180	82,728	82,327
Adjustment for potentially dilutive The Hagerty Group Units (in shares)	255,559	252,806	0
Adjustment for potentially dilutive Series A Convertible Preferred Stock ( in shares)	0	0	0
Adjustment for potentially dilutive share-based compensation awards (in shares)	584	0	0
Adjustment for potentially dilutive warrant liabilities (in shares)	0	613	0
Weighted-average shares of class A common stock outstanding, diluted (in shares)	340,323	336,147	82,327

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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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)	26,820	14,098	271,040
The 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)	0	0	251,034
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)	3,569	0	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)	3,767	7,048	0
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	7,050	20,006

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2022 USD ($) d $ / shares shares	Mar. 31, 2021	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 shares
2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)			29,000,000
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]
Fair value of award grants | $			$ 10,000,000	$ 400,000
Granted (in dollars per share) | $ / shares			$ 9.12	$ 10.76
Unrecognized compensation cost | $			$ 31,600,000
Weighted average recognition period (in years)			3 years 4 months 6 days
Granted (in shares)			2,628,874
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share) | $ / shares			$ 0
Granted (in shares)	3,707,136		0
Grant date fair value of performance restricted stock units | $	$ 19,200,000
Performance restricted stock units | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	25%
Share price (in dollar per share) | $ / shares	$ 20
Number of consecutive days | d	60
Performance restricted stock units | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	25%
Share price (in dollar per share) | $ / shares	$ 25
Number of consecutive days | d	60
Performance restricted stock units | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	50%
Share price (in dollar per share) | $ / shares	$ 30
Number of consecutive days | d	60
Performance restricted stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)	3 years
Performance restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)	7 years
Class A Common Stock | Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)			11,300,000
Issuance of shares under employee plans (in shares)			197,819
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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 18,017	$ 12,129	$ 0
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	165	169
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	14,991	9,814
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 2,861	$ 2,146

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Unit Activity (Details) - Restricted stock units - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Units
Beginning balance (in shares)	3,195,038
Granted (in shares)	2,628,874
Vested (in shares)	(927,891)
Forfeited (in shares)	(217,989)
Ending balance (in shares)	4,678,032	3,195,038
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 10.76
Granted (in dollars per share)	9.12	$ 10.76
Vested (in dollars per share)	10.75
Forfeited (in dollars per share)	9.85
Ending balance (in dollars per share)	$ 9.88	$ 10.76

Share-Based Compensation - Gran

Share-Based Compensation - Grant-date Fair Value of Performance Stock Units (Details) - Performance restricted stock units - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value per share (in dollars per share)	$ 5.19	$ 5.19
Expected stock volatility	35%
Expected term (in years)	7 years
Risk-free interest rate	2.50%
Dividend yield	0%

Share-Based Compensation - Perf

Share-Based Compensation - Performance Stock Units Outstanding (Details) - Performance restricted stock units - $ / shares	1 Months Ended	12 Months Ended
	Apr. 30, 2022	Dec. 31, 2023
Performance Restricted Stock Units
Beginning balance (in shares)		3,707,136
Granted (in shares)	3,707,136	0
Ending balance (in shares)		3,707,136
Weighted Average 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 Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 02, 2021
Operating Loss Carryforwards [Line Items]
Tax benefit distributions to noncontrolling interest holders, percent			85%
Deferred tax assets	$ 184,172	$ 187,908
Excess tax basis	145,970	159,337
Valuation allowance	169,632	176,116
Deferred tax asset, loss carryforwards	23,300
Tax benefit retained by parent, percent			15%
Tax receivable agreement, fair value	600	3,200
Tax receivable agreement, increase (decrease) In fair value	(2,700)
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	129,100	$ 93,500
Deferred tax assets, operating loss carryforwards, not subject to expiration	13,600
Deferred tax assets, operating loss carryforwards, subject to expiration	$ 9,600

Taxation - Income Before Income

Taxation - Income Before Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
United States	$ 62,030	$ 24,778	$ (44,434)
Foreign	(17,258)	(13,682)	(10,169)
Total	$ 44,772	$ 11,096	$ (54,603)

Taxation - Income Tax Expense (

Taxation - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 13,664	$ 4,041	$ 3,753
State	8	3	0
Foreign	0	0	(40)
Current income tax expense (benefit)	13,672	4,044	3,713
Deferred:
Federal	2,899	2,999	3,038
State	22	(26)	0
Foreign	0	0	0
Deferred income tax expense (benefit)	2,921	2,973	3,038
Income tax expense	$ 16,593	$ 7,017	$ 6,751

Taxation - Income Tax Rate Reco

Taxation - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amount
Income tax (benefit) expense at statutory rate	$ 9,402	$ 2,330	$ (11,467)
State taxes	(232)	(479)	(163)
Loss not subject to entity-level taxes	5,000	8,727	6,485
Foreign rate differential	(529)	(375)	(276)
Change in valuation allowance	393	5,647	2,759
Change in fair value of warrant liability	(2,424)	(8,799)	8,933
Permanent items	914	852	477
Effect of changes in tax rates	4,018	(851)	0
Other, net	51	(35)	3
Income tax expense	$ 16,593	$ 7,017	$ 6,751
Percent
Income tax (benefit) expense at statutory rate	21%	21%	21%
State taxes	(1.00%)	(4.00%)	0%
Loss not subject to entity-level taxes	11%	79%	(12.00%)
Foreign rate differential	(1.00%)	(3.00%)	1%
Change in valuation allowance	1%	51%	(5.00%)
Change in fair value of warrant liability	(5.00%)	(79.00%)	(16.00%)
Permanent items	2%	8%	(1.00%)
Effect of changes in tax rates	9%	(8.00%)	0%
Other, net	0%	0%	0%
Income tax expense	37%	65%	(12.00%)

Taxation - Deferred Tax Assets

Taxation - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Discount on provision for losses and loss adjustment expenses	$ 1,019	$ 802
Unearned premiums	12,886	9,886
Unrealized foreign currency gain	110	229
Excess tax basis	145,970	159,337
Net operating loss ("NOL") and other carryforwards	23,768	17,197
Other	419	457
Gross deferred tax assets	184,172	187,908
Less: valuation allowance	(169,632)	(176,116)
Total net deferred tax assets	14,540	11,792
Deferred tax liabilities:
Deferred acquisition costs	(29,744)	(22,542)
Excise tax accrual	0	(1,068)
Unrealized foreign currency gain	(110)	(229)
Unrealized investment gain	(46)	(37)
Intangible assets	(555)	(759)
Other	(22)	(7)
Total deferred tax liabilities	(30,477)	(24,642)
Net deferred tax liability	$ (15,937)	$ (12,850)

Taxation - Operating Loss Carry

Taxation - Operating Loss Carryforward Expiration (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Expiring 2036
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss carryforwards, subject to expiration	$ 404
Expiring 2037
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss carryforwards, subject to expiration	725
Expiring 2038
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss carryforwards, subject to expiration	867
Expiring 2039
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss carryforwards, subject to expiration	0
Expiring 2040
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss carryforwards, subject to expiration	1,179
Expiring 2041
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss carryforwards, subject to expiration	1,459
Expiring 2042
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss carryforwards, subject to expiration	1,998
Expiring 2043
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss carryforwards, subject to expiration	$ 3,018

Related-Party Transactions - Eq

Related-Party Transactions - Equity Interests in Hagerty (Details) - Hagerty, Inc. - Affiliated Entity	Dec. 31, 2023 shares
Markel | Total Stockholders' Equity
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	3,000,000
Percentage of total outstanding	3.50%
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 | The 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	59.10%
State Farm | Non-controlling Interest
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	0
Percentage of total outstanding	0%
State Farm | The 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	3.50%
Class A Common Stock | State Farm
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	50,000,000
Percentage of total outstanding	59.10%
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)

1 Months Ended

12 Months Ended

Dec. 18, 2023

Mar. 01, 2023

Jan. 01, 2023

Dec. 31, 2022 USD ($)

Aug. 16, 2022 USD ($)

Aug. 31, 2022 USD ($)

Apr. 30, 2022 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021

Dec. 31, 2020 USD ($)

Sep. 30, 2023 state

Sep. 19, 2023 USD ($)

Jan. 31, 2022

Related Party Transaction [Line Items]

Contract liabilities

$ 44,426,000

$ 47,651,000

$ 44,426,000

Restricted cash and cash equivalents

$ 444,019,000

$ 615,950,000

$ 444,019,000

State Farm Term Loan | JPM 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%

80%

70%

60%

Affiliated Entity | Reinsurance Agreement | U.K.

Related Party Transaction [Line Items]

Reinsured risk, percentage

80%

70%

Affiliated Entity | State Farm | Alliance Agreement

Related Party Transaction [Line Items]

Related party transaction, transaction term

10 years

Number of states with operations | state

4

Contract liabilities

$ 20,000,000

Affiliated Entity | Markel | Alliance Agreement

Related Party Transaction [Line Items]

Base commission rate

37%

CUC rate expected to be paid

8,000%

Affiliated Entity | Markel | Alliance Agreement | Minimum

Related Party Transaction [Line Items]

Profit share commission rate

(5.00%)

Affiliated Entity | Markel | Alliance Agreement | Maximum

Related Party Transaction [Line Items]

Profit share commission rate

500%

Affiliated Entity | Evanston | Reinsurance Agreement

Related Party Transaction [Line Items]

Restricted cash and cash equivalents

$ 360,200,000

$ 517,200,000

$ 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Premiums receivable	$ 137,525	$ 100,700
Commissions receivable	79,115
Deferred acquisition costs, net	141,637	107,342	$ 81,535
Other current assets	60,239	45,651
TOTAL ASSETS	1,588,212	1,312,518
Losses payable	62,001	55,516
Provision for unpaid losses and loss adjustment expenses	136,507	111,741	74,869	$ 54,988
Commissions payable	108,739	77,075
Unearned premiums	317,275	235,462
TOTAL LIABILITIES	1,094,867	945,149
Earned premium	(531,866)	(403,061)	(295,824)
Ceding commission, net	(251,805)	(191,150)	(140,983)
Losses and loss adjustment expenses	(220,658)	(182,402)	(122,080)
Total expenses	(989,805)	(855,154)	(629,149)
State Farm | Reinsurance Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Commissions receivable	1,963
Deferred acquisition costs, net	(3,898)
Other current assets	9,268
TOTAL ASSETS	7,333
Accounts payable, accrued expenses and other current liabilities	3,775
TOTAL LIABILITIES	3,775
Earned premium	(5,883)
Ceding commission, net	(3,059)
Losses and loss adjustment expenses	(1,877)
Total expenses	(4,936)
Markel | Reinsurance Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Premiums receivable	134,376	97,897
Commissions receivable	630	0
Deferred acquisition costs, net	141,880	103,869
Other current assets	1,915	0
TOTAL ASSETS	278,801	201,766
Accounts payable, accrued expenses and other current liabilities	1,553	0
Losses payable	60,253	53,800
Provision for unpaid losses and loss adjustment expenses	129,267	106,436
Commissions payable	107,286	75,898
Unearned premiums	307,504	227,192
TOTAL LIABILITIES	605,863	463,326
Earned premium	(535,352)	(386,696)	(281,794)
Ceding commission, net	(247,918)	(184,124)	(134,946)
Losses and loss adjustment expenses	(214,401)	(182,340)	(116,396)
Total expenses	$ (462,319)	$ (366,464)	$ (251,342)

Related-Party Transactions - Al

Related-Party Transactions - Alliance Agreement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Commission revenue	$ 468,347	$ 384,527	$ 323,255
Markel | Alliance Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Due to insurer	75,922	64,873
Commission revenue	$ 340,534	$ 285,254	$ 239,432
Markel | Alliance Agreement | Affiliated Entity | Due To Related Parties | Related Party Concentration Risk
Related Party Transaction [Line Items]
Percent of total	95%	95%
Markel | Alliance Agreement | Affiliated Entity | Revenue from Contract with Customer Benchmark | Related Party Concentration Risk
Related Party Transaction [Line Items]
Percent of total	95%	95%	90%

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - CNIC $ in Millions	Jan. 12, 2024 USD ($)
Subsequent Event [Line Items]
Expected asset acquisition amount	$ 18.4
Asset acquisition, asset type, licenses	10
Asset acquisition, asset type, capital and surplus	$ 8

Schedule I - Financial Statem_2

Schedule I - Financial Statement Schedule - Condensed Statement of Operations (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING EXPENSES:
Sales expense		$ 156,378	$ 140,781	$ 107,483
General and administrative services		85,434	89,068	64,558
Total operating expenses		989,805	855,154	629,149
OPERATING INCOME (LOSS)		10,408	(67,566)	(10,070)
Change in fair value of warrant liabilities		11,543	41,899	(42,540)
Interest and other income (expense)		22,821	2,028	(1,993)
INCOME (LOSS) BEFORE INCOME TAX EXPENSE		44,772	11,096	(54,603)
Income tax expense		(16,593)	(7,017)	(6,751)
Equity earnings (loss) in subsidiaries, net of tax		0	(1,676)	0
NET INCOME (LOSS)		28,179	2,403	(61,354)
Net (income) loss attributable to non-controlling interest		(7,948)	29,675	398
Net loss attributable to redeemable non-controlling interest		0	0	14,598
Accretion of Series A Convertible Preferred Stock		(3,677)	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS		16,554	32,078	(46,358)
Parent Company
OPERATING EXPENSES:
Sales expense		7	14	0
General and administrative services		791	1,018	43
Total operating expenses		798	1,032	43
OPERATING INCOME (LOSS)		(798)	(1,032)	(43)
Change in fair value of warrant liabilities		11,543	41,899	(42,540)
Interest and other income (expense)		2,788	529	0
Intercompany dividend income	[1]	3,677	0	0
INCOME (LOSS) BEFORE INCOME TAX EXPENSE		17,210	41,396	(42,583)
Income tax expense		0	(3)	0
Equity earnings (loss) in subsidiaries, net of tax		10,969	(38,990)	(18,771)
NET INCOME (LOSS)		28,179	2,403	(61,354)
Net (income) loss attributable to non-controlling interest		(7,948)	29,675	398
Net loss attributable to redeemable non-controlling interest		0	0	14,598
Accretion of Series A Convertible Preferred Stock		(3,677)	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS		$ 16,554	$ 32,078	$ (46,358)
[1] Eliminated in consolidation.

Schedule I - Financial Statem_3

Schedule I - Financial Statement Schedule - Condensed Balance Sheets (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents		$ 108,326	$ 95,172
Other current assets		60,239	45,651
Total current assets		1,250,218	936,783
Other assets		43,559	37,082
TOTAL ASSETS		1,588,212	1,312,518
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities		87,175	77,049
Total current liabilities		842,299	667,355
Warrant liabilities		34,018	45,561
Other long-term liabilities		4,139	11,162
TOTAL LIABILITIES		1,094,867	945,149
TEMPORARY EQUITY
Preferred stock, $0.0001 par value (20,000,000 shares authorized, 8,483,561 Series A Convertible Preferred Stock issued and outstanding as of December 31, 2023 and no shares issued and outstanding as of December 31, 2022)		82,836	0	$ 593,277	$ 0
STOCKHOLDERS' EQUITY
Additional paid-in capital		561,754	549,034
Accumulated deficit		(468,995)	(489,602)
Accumulated other comprehensive income (loss)		(88)	(213)
Total stockholders' equity		92,704	59,252
Non-controlling interest		317,805	308,117
Total equity (Note 19)		410,509	367,369	$ (322,476)	$ 117,321
Liabilities and Equity		1,588,212	1,312,518
Class A Common Stock
STOCKHOLDERS' EQUITY
Common stock		8	8
Class V Common Stock
STOCKHOLDERS' EQUITY
Common stock		25	25
Parent Company
Current Assets:
Cash and cash equivalents		604	24,177
Other current assets		549	514
Total current assets		1,153	24,691
Other assets		1,498	2,011
Investment in subsidiaries	[1]	526,130	395,580
TOTAL ASSETS		528,781	422,282
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities		0	30
Intercompany payable	[1]	846	6,114
Total current liabilities		846	6,144
Warrant liabilities		34,018	45,561
Other long-term liabilities		572	3,208
TOTAL LIABILITIES		35,436	54,913
TEMPORARY EQUITY
Preferred stock, $0.0001 par value (20,000,000 shares authorized, 8,483,561 Series A Convertible Preferred Stock issued and outstanding as of December 31, 2023 and no shares issued and outstanding as of December 31, 2022)		82,836	0
STOCKHOLDERS' EQUITY
Additional paid-in capital		561,754	549,034
Accumulated deficit		(468,995)	(489,602)
Accumulated other comprehensive income (loss)		(88)	(213)
Total stockholders' equity		92,704	59,252
Non-controlling interest		317,805	308,117
Total equity (Note 19)		410,509	367,369
Liabilities and Equity		528,781	422,282
Parent Company | Class A Common Stock
STOCKHOLDERS' EQUITY
Common stock		8	8
Parent Company | Class V Common Stock
STOCKHOLDERS' EQUITY
Common stock		$ 25	$ 25
[1] (1)

Schedule I - Financial Statem_4

Schedule I - Financial Statement Schedule - Condensed Balance Sheets (Parenthetical) (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 02, 2021
Condensed Balance Sheet Statements, Captions [Line Items]
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)	340,087,700	338,961,435
Class A Common Stock
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, issued (in shares)	84,588,536	83,202,969
Common stock, shares, outstanding (in shares)	84,588,536	83,202,969	82,327,466
Class V Common Stock
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares, issued (in shares)	251,033,906	251,033,906
Common stock, shares, outstanding (in shares)	251,033,906	251,033,906	251,033,906
Parent Company
Condensed Balance Sheet Statements, Captions [Line Items]
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
Parent Company | Class A Common Stock
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, issued (in shares)	84,588,536	83,202,969
Common stock, shares, outstanding (in shares)	84,588,536	83,202,969
Parent Company | Class V Common Stock
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares, issued (in shares)	251,033,906	251,033,906
Common stock, shares, outstanding (in shares)	251,033,906	251,033,906

Schedule I - Financial Statem_5

Schedule I - Financial Statement Schedule - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES:
Net income (loss)		$ 28,179	$ 2,403	$ (61,354)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Change in fair value of warrant liabilities		(11,543)	(41,899)	42,540
Other		(1,459)	533	155
Changes in operating assets and liabilities:
Net Cash Provided by Operating Activities		133,706	55,328	42,281
INVESTING ACTIVITIES:
Net Cash Used in Investing Activities		(52,647)	(91,521)	(68,994)
FINANCING ACTIVITIES:
Proceeds from issuance of preferred stock, net of issuance costs		79,159	0	0
Cash received in Business Combination		0	0	789,661
Cash consideration to HHC at closing of Business Combination		0	0	(4,056)
Payment of capitalized transaction costs		0	(1,651)	(30,991)
Proceeds from issuance of common stock under employee stock purchase plan		1,526	0	0
Net Cash Provided by (Used in) Financing Activities		103,161	(28,084)	332,071
Change in cash and cash equivalents and restricted cash and cash equivalents		185,085	(64,781)	304,894
Beginning cash and cash equivalents and restricted cash and cash equivalents		539,191	603,972	299,078
Ending cash and cash equivalents and restricted cash and cash equivalents		724,276	539,191	603,972
CASH PAID FOR:
Interest		6,126	4,868	2,502
Parent Company
OPERATING ACTIVITIES:
Net income (loss)		28,179	2,403	(61,354)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Equity in undistributed income (loss) of subsidiaries		(14,646)	38,990	18,771
Change in fair value of warrant liabilities		(11,543)	(41,899)	42,540
Other		(2,636)	(300)	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets		478	513	(3,038)
Intercompany payable	[1]	0	1,616	(1,334)
Accounts payable and accrued expenses		(32)	(50)	140
Net Cash Provided by Operating Activities		(200)	1,273	(4,275)
INVESTING ACTIVITIES:
Investment in subsidiaries	[1]	(102,635)	(30,000)	(210,179)
Net Cash Used in Investing Activities		(102,635)	(30,000)	(210,179)
FINANCING ACTIVITIES:
Proceeds from issuance of preferred stock, net of issuance costs		79,262	0	0
Cash received in Business Combination		0	0	789,661
Cash consideration to HHC at closing of Business Combination		0	0	(489,661)
Payment of capitalized transaction costs		0	(1,651)	(30,991)
Proceeds from issuance of common stock under employee stock purchase plan		0	0	0
Net Cash Provided by (Used in) Financing Activities		79,262	(1,651)	269,009
Change in cash and cash equivalents and restricted cash and cash equivalents		(23,573)	(30,378)	54,555
Beginning cash and cash equivalents and restricted cash and cash equivalents		24,177	54,555	0
Ending cash and cash equivalents and restricted cash and cash equivalents		604	24,177	54,555
CASH PAID FOR:
Interest		$ 0	$ 3	$ 0
[1] (1) Eliminated in consolidation.

Schedule II Valuation and Qua_2

Schedule II Valuation and Qualifying Accounts (Details) - Valuation allowance for deferred tax assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at beginning of period	$ 176,116	$ 174,821	$ 4,771
Charged to costs and expenses	393	5,647	2,759
Charge to other accounts	(6,877)	(4,352)	167,291
(Deductions)	0	0	0
Balance at end of period	$ 169,632	$ 176,116	$ 174,821