Hagerty (HGTY) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40244
Entity Registrant Name	HAGERTY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-1213144
Entity Address, Address Line One	121 Drivers Edge
Entity Address, City or Town	Traverse City
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	49684
City Area Code	(800)
Local Phone Number	922-4050
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
CIK	0001840776
Amendment Flag	false
Fiscal Period Focus	Q1
Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	HGTY
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding (in shares)		85,703,286
Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one shareof Class A common stock, each at an exercise price of$11.50 per share
Trading Symbol	HGTY.WS
Security Exchange Name	NYSE
Class V Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		251,033,906

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUE:
Commission, fee, membership, marketplace and other revenue	$ 120,089	$ 101,121
Earned premium	151,619	117,231
Total revenue	271,708	218,352
OPERATING EXPENSES:
Salaries and benefits	56,116	55,232
Ceding commissions, net	70,930	55,425
Losses and loss adjustment expenses	62,356	48,412
Sales expense	39,660	35,113
General and administrative services	19,862	21,381
Depreciation and amortization	10,560	13,743
Restructuring, impairment and related charges, net	0	5,535
Total operating expenses	259,484	234,841
OPERATING INCOME (LOSS)	12,224	(16,489)
Change in fair value of warrant liabilities	(6,140)	(515)
Interest and other income (expense)	7,244	5,647
INCOME (LOSS) BEFORE INCOME TAX EXPENSE	13,328	(11,357)
Income tax expense	(5,129)	(3,668)
NET INCOME (LOSS)	8,199	(15,025)
Net (income) loss attributable to non-controlling interest	(9,550)	12,926
Accretion of Series A Convertible Preferred Stock	(1,838)	0
NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS	(3,189)	(2,099)
Class A Common Stock
OPERATING EXPENSES:
NET INCOME (LOSS)	8,199	(15,025)
Net (income) loss attributable to non-controlling interest	(9,550)	12,926
Accretion of Series A Convertible Preferred Stock	$ (1,838)	$ 0
Earnings (loss) per share of Class A Common Stock:
Basic (in dollars per share)	$ (0.04)	$ (0.03)
Diluted (in dollars per share)	$ (0.04)	$ (0.03)
Weighted average shares of Class A Common Stock outstanding:
Basic (in shares)	84,656	83,227
Diluted (in shares)	84,656	83,227
Commission and fee revenue
REVENUE:
Commission, fee, membership, marketplace and other revenue	$ 88,840	$ 74,612
Membership, marketplace and other revenue
REVENUE:
Commission, fee, membership, marketplace and other revenue	$ 31,249	$ 26,509

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 8,199	$ (15,025)
Other comprehensive income, net of tax:
Foreign currency translation adjustments	(631)	237
Derivative instruments	37	(478)
Other comprehensive income (loss)	(594)	(241)
Comprehensive income (loss)	7,605	(15,266)
Comprehensive (income) loss attributable to non-controlling interest	(9,104)	13,108
Accretion of Series A Convertible Preferred Stock	(1,838)	0
Comprehensive income (loss) attributable to Class A Common Stockholders	$ (3,337)	$ (2,158)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 131,207	$ 108,326
Restricted cash and cash equivalents	595,601	615,950
Accounts receivable	71,883	71,530
Premiums receivable	157,105	137,525
Commissions receivable	14,877	79,115
Notes receivable	56,509	35,896
Deferred acquisition costs, net	136,925	141,637
Other current assets	80,865	60,239
Total current assets	1,244,972	1,250,218
Notes receivable	4,438	17,018
Property and equipment, net	19,820	20,764
Lease right-of-use assets	49,412	50,515
Intangible assets, net	88,335	91,924
Goodwill	114,195	114,214
Other long-term assets	49,076	43,559
TOTAL ASSETS	1,570,248	1,588,212
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	94,896	87,175
Losses payable and provision for unpaid losses and loss adjustment expenses	204,075	198,508
Commissions payable	71,070	108,739
Due to insurers	97,367	79,815
Advanced premiums	37,749	20,471
Unearned premiums	312,702	317,275
Contract liabilities	31,330	30,316
Total current liabilities	849,189	842,299
Long-term lease liabilities	49,198	50,459
Long-term debt, net	91,470	130,680
Warrant liabilities	40,158	34,018
Deferred tax liability	15,298	15,937
Contract liabilities	16,835	17,335
Other long-term liabilities	2,607	4,139
TOTAL LIABILITIES	1,064,755	1,094,867
Commitments and Contingencies (Note 19)	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 March 31, 2024 and December 31, 2023)	84,674	82,836
STOCKHOLDERS' EQUITY
Additional paid-in capital	564,082	561,754
Accumulated earnings deficit	(470,346)	(468,995)
Accumulated other comprehensive income (loss)	(236)	(88)
Total stockholders' equity	93,533	92,704
Non-controlling interest	327,286	317,805
Total equity (Note 14)	420,819	410,509
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY	1,570,248	1,588,212
Class A Common Stock
STOCKHOLDERS' EQUITY
Common stock	8	8
Class V Common Stock
STOCKHOLDERS' EQUITY
Common stock	$ 25	$ 25

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Temporary equity, par value (in dollars per share)	$ 0.0001	$ 0.0001
Temporary equity, shares authorized (in shares)	20,000,000	20,000,000
Temporary equity, shares issued (in shares)	8,483,561	8,483,561
Temporary equity, shares outstanding (in shares)	8,483,561	8,483,561
Common stock, shares, outstanding (in shares)	340,154,703	340,087,700
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)	84,655,539	84,588,536
Common stock, shares, outstanding (in shares)	84,655,539	84,588,536
Class V Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares, issued (in shares)	251,033,906	251,033,906
Common stock, shares, outstanding (in shares)	251,033,906	251,033,906

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock	Class V Common Stock	Total Stockholders' Equity	Series A Convertible Preferred Stock Series A Convertible Preferred Stock	Common Stock Class A Common Stock	Common Stock Class V Common Stock	Additional Paid in Capital	Accumulated Earnings (Deficit)	Accumulated Other Comprehensive Income/(Loss)	Non-controlling Interest
Stockholders' Equity, beginning balance (in shares) at Dec. 31, 2022						83,203,000	251,034,000
Stockholders' Equity, beginning balance at Dec. 31, 2022	$ 367,369			$ 59,252		$ 8	$ 25	$ 549,034	$ (489,602)	$ (213)	$ 308,117
Stockholders' Equity
Net income (loss)	(15,025)	$ (15,025)		(2,099)					(2,099)		(12,926)
Other comprehensive income (loss)	(241)			(59)						(59)	(182)
Issuance of shares under employee plans (in shares)						17,000
Issuance of shares under employee plans	0
Stock-based compensation	4,113			4,113				4,113
Conversion of Hagerty Group Units to Class A Common Stock (in shares)						119,000
Conversion of Hagerty Group Units to Class A Common Stock				1,045				1,045			(1,045)
Non-controlling interest issued capital	500										500
Reallocation between controlling and non-controlling interest				(143)				(143)			143
Stockholders' Equity, ending balance (in shares) at Mar. 31, 2023						83,339,000	251,034,000
Stockholders' Equity, ending balance at Mar. 31, 2023	$ 356,716			62,109		$ 8	$ 25	554,049	(491,701)	(272)	$ 294,607
Temporary equity, beginning balance (in shares) at Dec. 31, 2023	8,483,561				8,484,000
Temporary equity, beginning balance at Dec. 31, 2023	$ 82,836				$ 82,836
Temporary Equity
Accretion of Series A Preferred Stock					$ 1,838
Temporary equity, ending balance (in shares) at Mar. 31, 2024	8,483,561				8,484,000
Temporary equity, ending balance at Mar. 31, 2024	$ 84,674				$ 84,674
Stockholders' Equity, beginning 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, beginning balance at Dec. 31, 2023	$ 410,509			92,704		$ 8	$ 25	561,754	(468,995)	(88)	$ 317,805
Stockholders' Equity
Net income (loss)	8,199	$ 8,199		(1,351)					(1,351)		9,550
Accretion of Series A Preferred Stock	(1,838)			(1,838)				(1,838)
Other comprehensive income (loss)	(594)			(148)						(148)	(446)
Issuance of shares under employee plans (in shares)						67,000
Issuance of shares under employee plans	0
Stock-based compensation	4,543			4,543				4,543
Reallocation between controlling and non-controlling interest	$ 0			(377)				(377)			$ 377
Stockholders' Equity, ending balance (in shares) at Mar. 31, 2024	340,154,703	84,655,539	251,033,906			84,656,000	251,034,000				255,499,164
Stockholders' Equity, ending balance at Mar. 31, 2024	$ 420,819			$ 93,533		$ 8	$ 25	$ 564,082	$ (470,346)	$ (236)	$ 327,286

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES:
Net income (loss)	$ 8,199	$ (15,025)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Change in fair value of warrant liabilities	6,140	515
Depreciation and amortization	10,560	13,743
Provision for deferred taxes	(571)	937
Share-based compensation expense	4,543	4,113
Non-cash lease expense	2,197	3,147
Other	1,140	814
Changes in operating assets and liabilities:
Accounts, premiums and commission receivable	42,736	3,777
Deferred acquisition costs, net	4,712	(6,344)
Losses payable and provision for unpaid losses and loss adjustment expenses	5,567	(5,302)
Commissions payable	(37,669)	(14,084)
Due to insurers	17,642	19,510
Advanced premiums	17,299	17,422
Unearned premiums	(4,573)	11,791
Operating lease liabilities	(2,282)	(2,896)
Other assets and liabilities, net	(17,402)	(20,390)
Net Cash Provided by Operating Activities	58,238	11,728
INVESTING ACTIVITIES:
Capital expenditures	(4,538)	(8,133)
Acquisitions, net of cash acquired	(3,843)	(6,076)
Issuance of notes receivable	(17,828)	(7,833)
Collection of notes receivable	11,041	415
Purchase of fixed income securities	(2,956)	(4,348)
Maturities of fixed income securities	1,075	1,150
Other investing activities	(1,238)	22
Net Cash Used in Investing Activities	(18,287)	(24,803)
FINANCING ACTIVITIES:
Payments on long-term debt	(45,331)	(47,250)
Proceeds from long-term debt, net of issuance costs	8,098	27,871
Contribution from non-controlling interest	0	500
Net Cash Used in Financing Activities	(37,233)	(18,879)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	(186)	154
Change in cash and cash equivalents and restricted cash and cash equivalents	2,532	(31,800)
Beginning cash and cash equivalents and restricted cash and cash equivalents	724,276	539,191
Ending cash and cash equivalents and restricted cash and cash equivalents	$ 726,808	$ 507,391

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Accounting Policies	1 — Basis of Presentation and Accounting Policies In these Notes to the Condensed Consolidated Financial Statements, the terms "Hagerty," and "the Company" refer to Hagerty, Inc. and its consolidated subsidiaries, including The Hagerty Group, LLC ("THG") 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. These financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Basis of Presentation — The Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the regulations of the Securities and Exchange Commission and include the accounts of Hagerty, Inc., which is comprised of THG and its consolidated subsidiaries. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as permitted by such rules and regulations. The Condensed Consolidated Financial Statements reflect all normal recurring adjustments and accruals that are, in the opinion of management, necessary for a fair statement of the Company's financial position and results of operations for the interim periods presented. Principles of Consolidation — The Condensed Consolidated Financial Statements contain the accounts of Hagerty, Inc. and its majority-owned or controlled subsidiaries. As of March 31, 2024 and December 31, 2023, Hagerty, Inc. had economic ownership of 24.9% of THG and is its sole managing member. Hagerty, Inc. reports a non-controlling interest representing the economic interest in THG held by other parties. The financial statements of THG are consolidated by the Company under the voting interest method in accordance with Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"). Non-controlling interest is presented separately on the Condensed Consolidated Statements of Operations, the Condensed Consolidated Statements of Comprehensive Income (Loss), the Condensed Consolidated Balance Sheets, and the Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' Equity. All intercompany accounts and transactions have been eliminated in consolidation. 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 12 — 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 is also a consolidated subsidiary of the Company. BAC is considered to be the primary beneficiary of the SPEs because it has (i) power over the significant activities of the SPEs through its role as servicer of the notes receivable used to secure borrowings under the BAC Credit Agreement and (ii) the obligation to absorb losses or the right to receive returns that could be significant through its interest in the residual cash flows of the SPEs. Refer to Note 3 — Notes Receivable and Note 12 — Long-Term Debt for additional information. The following table presents the assets and liabilities of the Company's consolidated variable interest entities as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 ASSETS in thousands Cash and cash equivalents $ 1,131 $ 83 Restricted cash and cash equivalents 2,188 961 Accounts receivable — 190 Notes receivable 37,099 30,125 Other assets 2,724 2,900 TOTAL ASSETS $ 43,142 $ 34,259 LIABILITIES Accounts payable, accrued expenses and other current liabilities $ 2,438 $ 1,881 Long-term debt, net 29,243 25,782 TOTAL LIABILITIES $ 31,681 $ 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 March 31, 2024, t he Company has not delayed the adoption of any new or revised accounting standards despite qualifying as an emerging growth company. Reclassifications — Certain prior period operating lease balances on the Condensed Consolidated Statements of Cash Flows originally reported within changes in "Other assets and liabilities, net" are now reported within "Non-cash lease expense" to conform to the current year presentation. Use of Estimates —  The preparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements, as well as the reported amounts of revenue and expenses during the reporting period. Although the estimates are considered reasonable, actual results could materially differ from those estimates. Significant estimates made by management include, but are not limited to: (i) the provision for unpaid losses and loss adjustment expenses, including incurred but not reported claims (see Note 8); (ii) the valuation of the Company's deferred income tax assets (see Note 17); (iii) the amount of the liability associated with the Tax Receivable Agreement ("TRA") (see Note 17); (iv) the fair values of the reporting units used in assessing the recoverability of goodwill; (v) the valuation and useful lives of intangible assets (see Note 7); and (vi) the fair value of the Company's warrant liabilities (see Note 11). 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 Condensed Consolidated Statements of Operations. Supplemental Cash Flow Information — The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as of March 31, 2024 and 2023: March 31, 2024 March 31, 2023 in thousands Cash and cash equivalents $ 131,207 $ 63,367 Restricted cash and cash equivalents 595,601 444,024 Total cash and cash equivalents and restricted cash and cash equivalents $ 726,808 $ 507,391 The table below presents information regarding the Company's non-cash investing activities, as well as the cash paid for interest and taxes for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 NON-CASH INVESTING ACTIVITIES: in thousands Capital expenditures $ 687 $ 1,061 CASH PAID FOR: Interest $ 1,240 $ 2,279 The issuance of Class A Common Stock resulting from the vesting of restricted stock units is a non-cash financing activity. Refer to Note 16 — Share-Based Compensation for information related to share-based compensation. Accounting Standards Not Yet Adopted Income Taxes — In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 Condensed 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 Condensed Consolidated Financial Statements and related disclosures.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	2 — Revenue Disaggregation of Revenue —  The tables below present Hagerty's revenue by distribution channel, as well as a reconciliation to total revenue for the three months ended March 31, 2024 and 2023. Commission and fee revenue and contingent underwriting commission ("CUC") revenue earned from the agent distribution channel includes revenue generated through Hagerty's relationships with independent agents and brokers. Commission and fee revenue and CUC revenue earned from the direct distribution channel includes revenue generated by Hagerty's employee agents. Historically, the Company's MGA subsidiaries have earned a base commission of approximately 32% of written premium, as well as an additional contingent commission of up to 10% annually. In December 2023, the Company's alliance agreement and associated agency agreement with Markel Group, Inc. ("Markel") was amended to increase the base commission rate on the personal lines U.S. auto business to 37% and to adjust the contingent commission to range from -5% to a maximum of +5% of annual written premium. This amendment resulted in a smaller proportion of total revenue being attributable to contingent commissions during the three months ended March 31, 2024 compared to the three months ended March 31, 2023. Three months ended March 31, 2024 Agent Direct Total in thousands Commission and fee revenue $ 44,047 $ 35,719 $ 79,766 Contingent commission revenue 5,016 4,058 9,074 Membership revenue — 13,452 13,452 Marketplace and other revenue — 17,797 17,797 Total revenue from customer contracts 49,063 71,026 120,089 Earned premium 151,619 Total revenue $ 271,708 Three months ended March 31, 2023 Agent Direct Total in thousands Commission and fee revenue $ 31,687 $ 26,139 $ 57,826 Contingent commission revenue 9,439 7,347 16,786 Membership revenue — 12,547 12,547 Marketplace and other revenue — 13,962 13,962 Total revenue from customer contracts 41,126 59,995 101,121 Earned premium 117,231 Total revenue $ 218,352 The following tables present Hagerty's revenue disaggregated by geographic area, as well as a reconciliation to total revenue for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 U.S. Canada Europe Total in thousands Commission and fee revenue $ 76,016 $ 2,617 $ 1,133 $ 79,766 Contingent commission revenue 9,028 — 46 9,074 Membership revenue 12,544 908 — 13,452 Marketplace and other revenue 16,377 662 758 17,797 Total revenue from customer contracts 113,965 4,187 1,937 120,089 Earned premium 151,619 Total revenue $ 271,708 Three months ended March 31, 2023 U.S. Canada Europe Total in thousands Commission and fee revenue $ 54,597 $ 2,370 $ 859 $ 57,826 Contingent commission revenue 16,752 — 34 16,786 Membership revenue 11,669 878 — 12,547 Marketplace and other revenue 13,526 164 272 13,962 Total revenue from customer contracts 96,544 3,412 1,165 101,121 Earned premium 117,231 Total revenue $ 218,352 Refer to Note 9 — Reinsurance for information regarding "Earned premium" recognized under ASC Topic 944, Financial Services - Insurance ("ASC 944"). Contract Assets and Liabilities — The following table is a summary of the Company's contract assets and liabilities as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 in thousands Contract assets $ 8,017 $ 75,891 Contract liabilities $ 48,165 $ 47,651 Contract assets, which are reported within "Commissions receivable" on the Condensed 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. As a result of its amended alliance agreement and associated agency agreement with Markel, beginning in 2024, 80% of the CUC receivables from Markel are now being settled monthly rather than on an annual basis. This amendment resulted in a significant decrease in the contract assets balance compared to the prior 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"). Refer to Note 18 — Related-Party Transactions for additional information regarding the Company's master alliance agreement with State Farm.

Notes Receivable

Notes Receivable	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Notes Receivable	3 — Notes Receivable BAC provides financing solutions to qualified collectors and businesses by structuring loans secured by 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 subsidiaries of Broad Arrow Group, Inc. ("Broad Arrow"). The loans underwritten by BAC are recorded on the Condensed 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, including maintaining a specified targeted loan-to-value ("LTV") ratio for the loan. 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. For the three months ended March 31, 2024 and 2023, BAC issued $2.2 million and $3.8 million, respectively, of such loans. These loans are accounted for on the Condensed 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 Condensed Consolidated Statements of Cash Flows. Upon repayment, the cash received in settlement of such loans is classified within Operating Activities in the Company's Condensed Consolidated Statements of Cash Flows. For the three months ended March 31, 2024 and 2023, such repayments totaled $0.8 million and $2.5 million, respectively. Beginning in December 2023, a 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 12 — 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 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. The LTV ratio is reassessed more frequently if there is a material change in the circumstances related to the loan, including if there is a material change in the value of the collateral, a material change in the borrower's disposal plans for the collateral, or if an event of default occurs. If, as a result of this reassessment, the LTV ratio increases above the target level, the borrower may be asked to make principal payments and/or post sufficient additional collateral to reduce the LTV ratio as a condition of future financing, renewal, or to avoid a default. In the event of a default by a borrower, BAC is entitled to sell the collateral to recover the outstanding principal, accrued interest balance, and any expenses incurred with respect to the recovery process. Management considers the valuation of the underlying collateral and the LTV ratio 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 March 31, 2024, BAC's net notes receivable balance was $60.9 million, of which $56.5 million was classified within current assets and $4.4 million was classified within long-term assets on the Condensed Consolidated Balance Sheets. 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 Condensed Consolidated Balance Sheets. The classification of a loan as current or long-term takes into account the contractual maturity date of the loan, as well as known renewals after the balance sheet date. The table below provides the aggregate LTV ratio for BAC's loan portfolio as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 in thousands Secured loans $ 60,947 $ 52,914 Estimate of collateral value $ 112,299 $ 108,496 Aggregate LTV ratio 54.3 % 48.8 % As of March 31, 2024, two borrowers had loan balances that exceeded 10% of the total loan portfolio. These loans total $24.6 million, representing 40% of the total loan portfolio. The collateral related to these loans was $47.2 million, resulting in an aggregate LTV ratio of 52%. 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 March 31, 2024 and December 31, 2023, the amount of past due principal and interest payments was not material. 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. As of March 31, 2024 and December 31, 2023, the balance of non-accrual loans was not material.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	4 — Other Assets As of March 31, 2024 and December 31, 2023, other assets, current and long-term, consisted of: March 31, 2024 December 31, 2023 in thousands Prepaid SaaS implementation costs $ 27,107 $ 21,941 Prepaid sales, general and administrative expenses 23,291 21,300 Deferred reinsurance premiums ceded (1) 23,231 10,474 Fixed income investments 17,953 16,472 Contract costs 9,396 8,851 Reinsurance recoverable 7,621 2,783 Inventory (2) 4,163 5,038 Deferred financing costs 4,737 5,053 Other 12,442 11,886 Other assets $ 129,941 $ 103,798 (1) Deferred reinsurance premiums ceded consists of the unearned portion of premiums ceded by Hagerty Re to various reinsurers. Refer to Note 9 — 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. As of March 31, 2024, Other primarily included $5.0 million of other investments, $2.7 million of collector vehicle investments, $2.3 million related to the fair value of an interest rate swap, and $2.1 million related to digital media content. As of December 31, 2023, Other primarily included $4.4 million of other investments, $2.7 million of collector vehicle investments, $2.2 million related to digital media content, and the $2.2 million fair value of an interest rate swap.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	5 — Leases The following table summarizes the components of the Company's operating lease expense for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 in thousands Operating lease expense (1) $ 2,197 $ 3,147 Short-term lease expense (1) 49 69 Variable lease expense (1) (2) 617 807 Sublease revenue (3) (303) (63) Lease cost, net $ 2,560 $ 3,960 (1) Classified within "General and administrative services" on the Condensed Consolidated Statements of Operations. (2) Amounts include payments for maintenance, taxes, insurance, and payments affected by the Consumer Price Index. (3) Classified within "Membership, marketplace and other revenue" on the Condensed Consolidated Statements of Operations. The following tables summarize supplemental balance sheet information related to operating leases as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 in thousands Operating lease ROU assets $ 49,412 $ 50,515 Current lease liabilities (1) 6,558 6,500 Long-term lease liabilities 49,198 50,459 Total operating lease liabilities $ 55,756 $ 56,959 March 31, December 31, 2024 2023 in thousands ROU assets obtained in exchange for new operating lease liabilities $ 771 $ 632 Weighted average lease term 8.77 9.01 Weighted average discount rate 4.9 % 4.8 % (1) Current lease liabilities are recorded within "Accounts payable, accrued expenses and other current liabilities" on the Condensed Consolidated Balance Sheets. The following table summarizes information about the amount and timing of the Company's future operating lease commitments as of March 31, 2024: in thousands 2024 $ 6,857 2025 8,884 2026 8,306 2027 7,993 2028 8,018 Thereafter 29,234 Total lease payments 69,292 Less: imputed interest (13,536) Total lease liabilities $ 55,756

Pending Acquisition

Pending Acquisition	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Pending Acquisition	6 — Pending Acquisition Consolidated National Insurance Company Acquisition 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 $10.4 million for CNIC's approved state licenses and $8.0 million for the expected capital and surplus. Subject to the satisfactory completion of various closing conditions, including obtaining regulatory approval from the Colorado Division of Insurance, the Company expects to complete the CNIC acquisition during the second quarter of 2024.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	7 — Intangible Assets The cost and accumulated amortization of intangible assets as of March 31, 2024 and December 31, 2023 are as follows: Weighted Average Useful Life March 31, December 31, 2024 2023 in thousands Renewal rights 10.0 $ 20,024 $ 20,226 Internally developed software 3.4 130,638 126,972 Trade names and trademarks 14.0 12,541 12,541 Relationships and customer lists 15.7 8,867 8,876 Other 4.4 1,435 1,445 Intangible assets 173,505 170,060 Less: accumulated amortization (85,170) (78,136) Intangible assets, net $ 88,335 $ 91,924 Intangible asset amortization expense was $7.4 million and $6.8 million for the three months ended March 31, 2024 and 2023, respectively. Estimated future aggregate amortization expense related to intangible assets as of March 31, 2024 is as follows: in thousands 2024 $ 20,312 2025 21,605 2026 14,517 2027 10,380 2028 7,674 Thereafter 13,847 Total $ 88,335

Provision for Unpaid Losses and

Provision for Unpaid Losses and Loss Adjustment Expenses	3 Months Ended
	Mar. 31, 2024
Insurance [Abstract]
Provision for Unpaid Losses and Loss Adjustment Expenses	8 — Provision for Unpaid Losses and Loss Adjustment Expenses The following table presents a reconciliation of the beginning and ending provision for unpaid losses and loss adjustment expenses related to Hagerty Re, net of amounts recoverable from various reinsurers: Three months ended March 31, 2024 2023 in thousands Gross reserves for unpaid losses and loss adjustment expenses, beginning of year $ 136,507 $ 111,741 Less: Reinsurance recoverable on unpaid losses and loss adjustment expenses 2,235 843 Net reserves for unpaid losses and loss adjustment expenses, beginning of year 134,272 110,898 Incurred losses and loss adjustment expenses: Current accident year 62,356 48,412 Prior accident year — — Total incurred losses and loss adjustment expenses 62,356 48,412 Effect of foreign currency rate changes (174) 85 Net reserves for unpaid losses and loss adjustment expenses, end of period 196,454 159,395 Reinsurance recoverable on unpaid losses and loss adjustment expenses 7,621 843 Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 204,075 $ 160,238 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.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2024
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Reinsurance	9 — Reinsurance The following table presents Hagerty Re's total premiums assumed and ceded on a written and earned basis for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 in thousands Premiums: Assumed $ 157,114 $ 132,187 Ceded (22,826) (13,728) Net $ 134,288 $ 118,459 Premiums earned: Assumed $ 161,687 $ 120,397 Ceded (10,068) (3,166) Net $ 151,619 $ 117,231 The following table presents gross, ceded, and net losses and loss adjustment expenses incurred for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 in thousands Gross losses and loss adjustment expenses $ 67,742 $ 48,412 Ceded losses and loss adjustment expenses (5,386) — Net losses and loss adjustment expenses $ 62,356 $ 48,412 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. In 2023, Hagerty Re had 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 a wholly owned subsidiary of Markel. Effective January 1, 2024, Hagerty Re is ceding 100% of its High-Net-Worth Accounts physical damage exposure via quota share agreements with various reinsurers. Some of the reinsurers involved in these quota share agreements are related parties. Refer to Note 18 — 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 commissions, net" in the Company's Condensed Consolidated Statements of Operations. Deferred portions of ceding commissions received are included in "Deferred acquisition costs, net" on the Company's Condensed Consolidated Balance Sheets. Reinsurance contracts do not relieve Hagerty Re from its primary liability to the ceding carriers according to the terms of its reinsurance treaties. Failure of reinsurers to honor their obligations could result in additional losses to Hagerty Re. Hagerty Re evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from its exposure to individual reinsurers. All of Hagerty Re's reinsurers have an A.M. Best rating of A- (Excellent) or better, or fully collateralize their maximum obligation under the treaty.

Restructuring, Impairment and R

Restructuring, Impairment and Related Charges	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring, Impairment and Related Charges	10 — Restructuring, Impairment and Related Charges In the first quarter of 2023, the Board of Directors approved a 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, the Company recognized $5.5 million within "Restructuring, impairment and related charges, net" in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2023. These charges consisted of $5.1 million of severance-related costs associated with the 2023 RIF and a $0.4 million impairment charge to write-down the value of certain digital media content assets. As of December 31, 2023, all liabilities associated with the 2023 RIF were settled.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	11 — 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 Condensed Consolidated Statements of Operations. As of March 31, 2024, the Company had one outstanding interest rate swap, which was entered into in December 2020, with an original notional amount of $35.0 million, a fixed swap rate of 0.81%, and maturity in December 2025. The estimated fair value of the interest rate swap is included within either "Other long-term assets" or "Other long-term liabilities" on the Condensed Consolidated Balance Sheets. 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 Condensed Consolidated Statements of Comprehensive Income (Loss). In the event the cash flow hedge is no longer deemed effective, such amounts would be reclassified into interest expense, net from "Other comprehensive income (loss)". There were no such reclassifications during the three months ended March 31, 2024 and 2023. The Company does not expect to have a reclassification into earnings within the next 12 months. As of March 31, 2024 and December 31, 2023, the interest swap was in an asset position and had a fair value of $2.3 million and $2.2 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 Secured Overnight Financing Rate ("SOFR") forward curve, are considered observable market inputs. The Company monitors the credit and nonperformance risk associated with its counterparty and believes them to be insignificant. Warrant liabilities The following table summarizes the Company's outstanding warrants as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 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 only basis and expire in December 2026. (2) The Private Placement Warrants, Underwriter Warrants, 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 Placement Warrants as of March 31, 2024: Inputs Private Placement Warrants Underwriter Warrants OTM Warrants PIPE Warrants Exercise price $11.50 $11.50 $15.00 $11.50 Common stock price $9.15 $9.15 $9.15 $9.15 Volatility 42.3% 42.3% 42.0% 42.3% Expected term of the warrants 2.67 2.67 7.68 2.67 Risk-free rate 4.50% 4.50% 4.20% 4.50% 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 fixed income investments are included within "Other current assets" and "Other long-term assets" on the Condensed Consolidated Balance Sheets. The following table discloses the fair value and related carrying amount of fixed income investments held within Hagerty Re as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value in thousands Short-term $ 12,305 $ 12,202 $ 10,946 $ 10,864 Long-term 5,648 5,571 5,526 5,398 Total $ 17,953 $ 17,773 $ 16,472 $ 16,262 Each reporting period, management reviews the credit rating of each security to ensure it is considered investment grade. Based on the factors outlined above, as of March 31, 2024, the Company does not expect any credit losses related to the fixed income investments and therefore there is no allowance for credit losses recorded. The Company did not record any gains or losses on these securities during the three months ended March 31, 2024 or 2023.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	12 — Long-Term Debt As of March 31, 2024 and December 31, 2023, "Long-term debt, net" consisted of the following: March 31, December 31, Maturity 2024 2023 in thousands JPM Credit Facility October 2026 $ 36,997 $ 77,258 BAC Credit Facility December 2026 29,243 25,782 State Farm Term Loan September 2033 25,000 25,000 Notes payable 2024-2025 6,464 6,875 Total debt 97,704 134,915 Less: Notes payable, current portion (5,668) (3,654) Less: Unamortized debt issuance costs (566) (581) Total long-term debt, net $ 91,470 $ 130,680 JPM Credit Facility THG has a credit agreement with JPMorgan Chase Bank, N.A. ("JPM"), as administrative agent, and the other financial institutions party thereto from time to time as lenders, as amended (the " JPM Credit Agreement "). The JPM Credit Agreement provides for a revolving credit facility (the " JPM Credit Facility ") with an aggregate borrowing capacity of $230.0 million. The JPM Credit Agreement also provides for an uncommitted incremental facility under which the Company may request one or more increases in the amount of the commitments available under the JPM Credit Facility in an aggregate amount not to exceed $75.0 million. Additionally, the JPM Credit Agreement provides for the issuance of letters of credit of up to $25.0 million and borrowings in the British Pound and Euro of up to $40.0 million in the aggregate. The JPM Credit Agreement matures in October 2026, but may be extended if agreed to by the Company and the lenders party thereto. Any unpaid balance on the JPM Credit Facility is due at maturity. The JPM Credit Facility accrues interest at the applicable reference rate, primarily Term SOFR, depending on the currency of the borrowing plus an applicable margin determined by the Company's net leverage ratio for the preceding period (as defined in the JPM Credit Agreement). The effective interest rate related to the JPM Credit Facility was 6.81% and 7.16% for the three months ended March 31, 2024 and 2023, respectively. JPM Credit Facility borrowings are collateralized by assets and equity interests in THG and its consolidated subsidiaries, except for (i) the assets held by the SPEs related to the BAC Credit Facility and (ii) all or a portion of foreign and certain excluded or immaterial subsidiaries. Under the JPM Credit Agreement , THG is required, among other things, to meet certain financial covenants (as defined in the JPM Credit Agreement ), including a fixed charge coverage ratio and a leverage ratio. As of March 31, 2024, the Company was in compliance with the financial covenants under the JPM Credit Agreement . BAC Credit Facility In December 2023, BAC and its wholly owned subsidiary BAC Funding 2023-1, LLC, as borrower, entered into a revolving credit facility with a certain lender (the "BAC Credit Agreement"). The BAC Credit Agreement provides for a revolving credit facility (the "BAC Credit Facility"), which has an aggregate borrowing capacity of $75.0 million and is subject to a borrowing base that is determined by a calculation that is primarily based upon a percentage of the carrying value of certain BAC notes receivable. As of March 31, 2024, the applicable borrowing base for the BAC Credit Agreement was $29.2 million. The revolving borrowing period provided by the BAC Credit Agreement expires on December 21, 2025 and the BAC Credit Agreement matures on December 21, 2026. The revolving borrowing period and the maturity date of the BAC Credit Agreement may be extended by one year if requested by BAC and agreed to by the administrative agent. BAC is not a borrower or guarantor of the BAC Credit Facility. In connection with the BAC Credit Agreement, BAC and certain of its subsidiaries transfer certain notes receivable originated by BAC and certain of its subsidiaries to wholly owned, bankruptcy remote SPEs to secure the borrowings under the BAC Credit Agreement. These SPEs have the limited purpose of acquiring notes receivable or a certificate representing beneficial ownership interest therein from BAC and certain of its subsidiaries. Assets transferred to each SPE are legally isolated from the Company and its subsidiaries. Further, the assets of each SPE are owned by such SPE and are not available to satisfy the debts or other obligations of the Company or any of its other subsidiaries. BAC continues to service the notes receivable transferred to the SPEs. Recourse to the Company and its subsidiaries that originated and transferred notes receivable that represent collateral under the BAC Credit Facility is limited to (i) an obligation of the applicable seller to repurchase a note receivable if it is determined that there was a breach of any representation or warranty relating to such note receivable as of the relevant date specified in the related transfer agreement and (ii) a limited guarantee covering certain liabilities that may result under certain foreign exchange hedging activity of one of the SPEs. Under the BAC Credit Agreement, BAC and BAC Funding 2023-1, LLC are required, among other things, to meet certain financial covenants, including the requirement of BAC, as the servicer, to maintain a minimum tangible net worth, minimum liquidity balances, and an indebtedness to tangible net worth ratio. As of March 31, 2024, the Company was in compliance with the financial covenants under the BAC Credit Agreement. State Farm Term Loan In September 2023, Hagerty Re entered into an unsecured term loan credit facility with State Farm in the aggregate principal amount of $25.0 million (the "State Farm Term Loan"). The State Farm Term Loan bears interest at a rate of 8.0% per annum and will mature in September 2033. State Farm is a related party to the Company. Refer to Note 18 — Related-Party Transactions for additional information. Notes Payable As of March 31, 2024 and December 31, 2023, the Company had outstanding notes payable, which are used to fund certain loans made by BAC in the United Kingdom ("U.K."), totaling $6.5 million and $6.9 million, respectively. The effective interest rates for these notes payable range from 7.0% to 9.8% with repayment due between October 2024 and August 2025. Refer to Note 3 — Notes Receivable for additional information on the lending activities of BAC. Letters of Credit

Convertible Preferred Stock

Convertible Preferred Stock	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Convertible Preferred Stock	13 — Convertible Preferred Stock In June 2023, the Company entered into a Securities Purchase Agreement (the "Purchase Agreement") with certain accredited investors (the "Investors"), pursuant to which it closed, issued and sold (the "Closing") to the Investors an aggregate of 8,483,561 shares of the Company's newly-designated Series A Convertible Preferred Stock, par value $0.0001 per share, for an aggregate purchase price of $80.0 million, at a per-share purchase price of $9.43 (the "Series A Purchase Price" and the transaction, the "Private Placement"). The Investors include State Farm, Markel, and persons related to Hagerty Holding Corp. ("HHC"). State Farm and Markel are both significant stockholders of the Company, each holding in excess of 5% of the outstanding common stock. McKeel Hagerty is the Company's CEO and the Chairman of the Company's Board of Directors. Mr. Hagerty and Tammy Hagerty may be deemed to control HHC, which is the controlling stockholder of the Company. Prior to and continuing after the Private Placement, each of State Farm and Markel have the right to nominate one director to the Company’s Board of Directors and HHC has the right to nominate two directors to the Company’s Board of Directors. Refer to Note 14 — Stockholders' Equity and Note 18 — Related-Party Transactions for additional information. The net proceeds from the Private Placement, after deducting issuance costs of approximately $0.8 million, were $79.2 million, which was recorded within Temporary Equity on the Company's Condensed Consolidated Balance Sheets. The Company is using the net proceeds from the Private Placement for general corporate purposes. As of March 31, 2024, the estimated redemption value of the Series A Convertible Preferred Stock was $123.4 million, which represents the maximum cash payment, including cumulative dividends, that would be required to be paid if the Optional Term Redemption provision in the Certificate of Designations, as summarized below, is exercised as of the earliest possible redemption date of June 23, 2028. The decision to redeem the Series A Convertible Preferred Stock for cash is made at the discretion of the Company; however, the Company is controlled by HHC through its voting control of the Company. Accordingly, the redemption of the Series A Convertible Preferred Stock is considered outside the control of the Company and, as a result, the Series A Convertible Preferred Stock is recorded within Temporary Equity on the Company's Condensed Consolidated Balance Sheets. The Company has elected to apply the accretion method to adjust the carrying value of the Series A Convertible Preferred Stock to its estimated redemption value. Amounts recognized to accrete the Series A Convertible Preferred Stock to its estimated redemption value are treated as a deemed dividend and are recorded as a reduction to "Additional paid-in capital". The estimated redemption value may vary in subsequent periods and the Company has elected to recognize such changes prospectively. The captioned sections below provide a summary of the material terms of the Series A Convertible Preferred Stock, as set forth in the Certificate of Designations, Preferences and Rights of the Series A Convertible Preferred Stock (the "Certificate of Designations"). Ranking — The Series A Convertible Preferred Stock ranks senior to the Class A Common Stock, the Class V Common Stock and each other class or series of shares of the Company that the Company may issue in the future the terms of which do not expressly provide that such class or series ranks equally with, or senior to, the Series A Convertible Preferred Stock, with respect to dividend rights and/or rights upon liquidation, winding up or dissolution. Dividends — Dividends on the Series A Convertible Preferred Stock are cumulative and accrue from the date of issuance at the rate per annum of 7% of the Series A Purchase Price of each share, plus the amount of previously accrued dividends, compounded annually (the "Accruing Dividends"). The Company may elect to pay the Accruing Dividends either in cash or in additional shares of Series A Convertible Preferred Stock. Prior to the third anniversary of the Closing, the Series A Convertible Preferred Stock will participate on an as-converted basis in dividends declared and paid on the Class A Common Stock. Conversion — Any shares of Series A Convertible Preferred Stock may, at the option of the holder, be converted at any time into shares of Class A Common Stock. The conversion price for the Series A Convertible Preferred Stock is initially $11.79 and is subject to adjustment upon certain events, including a stock split, a reverse stock split, or a dividend of the Class A Common Stock or Class V Common Stock to the Company’s common stockholders (as adjusted, the "Conversion Price"). The Company may require such conversion (i) if the closing price per share of Class A Common Stock, for at least twenty (20) of any thirty (30) consecutive trading days, exceeds: (a) on or after the third and prior to the seventh anniversary of the Closing, 150% of the Conversion Price; or (b) on or after the seventh and prior to the tenth anniversary of the Closing, 100% of the Conversion Price; and (ii) on or after the tenth anniversary of the Closing. The conversion rate in effect at any applicable time (the "Conversion Rate") is the quotient obtained by dividing the Series A Purchase Price by the Conversion Price. As of March 31, 2024, 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	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	14 — Stockholders' Equity Class A Common Stock — Hagerty is authorized to issue 500,000,000 shares of Class A Common Stock with a par value of $0.0001 per share. Holders of Class A Common Stock are entitled to one vote for each share. As of March 31, 2024 and December 31, 2023, there were 84,655,539 and 84,588,536 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 that formed Hagerty, Inc. in 2021, Hagerty issued shares of Class V Common Stock to HHC and Markel (together, the "Legacy Unit Holders") along with an equivalent number of THG units, as discussed below. Each share of Class V Common Stock, together with the corresponding unit of THG, is exchangeable for one share of Class A Common Stock. As of March 31, 2024 and December 31, 2023, 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 of Directors 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. In June 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 March 31, 2024 and December 31, 2023, there were 8,483,561 shares of Preferred Stock issued and outstanding. Refer to Note 13 — Convertible Preferred Stock for additional information. Non-controlling Interests — Hagerty, Inc. is the sole managing member of THG and, as a result, consolidates the financial statements of THG into its Condensed Consolidated Financial Statements. Hagerty, Inc. reports a non-controlling interest representing the economic interest in THG held by other unit holders of THG. Each THG 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 THG units as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Units Owned Ownership Percentage Units Owned Ownership Percentage THG units held by Hagerty, Inc. 84,655,539 24.9 % 84,588,536 24.9 % THG units held by other unit holders 255,499,164 75.1 % 255,499,164 75.1 % Total 340,154,703 100.0 % 340,087,700 100.0 % In connection with the Private Placement, the Fourth Amended and Restated Limited Liability Company Agreement of THG was amended and restated in the form of a Fifth Amended and Restated Limited Liability Company Agreement, to, among other things, create a new series of preferred units within THG (" THG Preferred Units"), which are all held by Hagerty, Inc. , to parallel the Series A Convertible Preferred Stock . THG Preferred Units are recorded on the standalone unconsolidated financial statements of THG 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 THG Preferred Units to their estimated redemption value are treated as a deemed dividend due to Hagerty, Inc. The amount of this deemed dividend is attributed entirely to Hagerty, Inc. prior to allocating the remainder of THG's net income between controlling and non-controlling interests. Refer to Note 13 — Convertible Preferred Stock for additional information on the Private Placement and the Series A Convertible Preferred Stock . At the end of each reporting period, THG equity attributable to Hagerty, Inc. and the non-controlling unit holders, respectively, is reallocated to reflect their current ownership in THG.
Stockholders' Equity	14 — Stockholders' Equity Class A Common Stock — Hagerty is authorized to issue 500,000,000 shares of Class A Common Stock with a par value of $0.0001 per share. Holders of Class A Common Stock are entitled to one vote for each share. As of March 31, 2024 and December 31, 2023, there were 84,655,539 and 84,588,536 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 that formed Hagerty, Inc. in 2021, Hagerty issued shares of Class V Common Stock to HHC and Markel (together, the "Legacy Unit Holders") along with an equivalent number of THG units, as discussed below. Each share of Class V Common Stock, together with the corresponding unit of THG, is exchangeable for one share of Class A Common Stock. As of March 31, 2024 and December 31, 2023, 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 of Directors 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. In June 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 March 31, 2024 and December 31, 2023, there were 8,483,561 shares of Preferred Stock issued and outstanding. Refer to Note 13 — Convertible Preferred Stock for additional information. Non-controlling Interests — Hagerty, Inc. is the sole managing member of THG and, as a result, consolidates the financial statements of THG into its Condensed Consolidated Financial Statements. Hagerty, Inc. reports a non-controlling interest representing the economic interest in THG held by other unit holders of THG. Each THG 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 THG units as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Units Owned Ownership Percentage Units Owned Ownership Percentage THG units held by Hagerty, Inc. 84,655,539 24.9 % 84,588,536 24.9 % THG units held by other unit holders 255,499,164 75.1 % 255,499,164 75.1 % Total 340,154,703 100.0 % 340,087,700 100.0 % In connection with the Private Placement, the Fourth Amended and Restated Limited Liability Company Agreement of THG was amended and restated in the form of a Fifth Amended and Restated Limited Liability Company Agreement, to, among other things, create a new series of preferred units within THG (" THG Preferred Units"), which are all held by Hagerty, Inc. , to parallel the Series A Convertible Preferred Stock . THG Preferred Units are recorded on the standalone unconsolidated financial statements of THG 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 THG Preferred Units to their estimated redemption value are treated as a deemed dividend due to Hagerty, Inc. The amount of this deemed dividend is attributed entirely to Hagerty, Inc. prior to allocating the remainder of THG's net income between controlling and non-controlling interests. Refer to Note 13 — Convertible Preferred Stock for additional information on the Private Placement and the Series A Convertible Preferred Stock . At the end of each reporting period, THG equity attributable to Hagerty, Inc. and the non-controlling unit holders, respectively, is reallocated to reflect their current ownership in THG.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	15 — 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 THG 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 three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 in thousands (except per share amounts) Earnings (Loss) Per Share of Class A Common Stock, Basic Net income (loss) available to Class A Common Stockholders $ (3,189) $ (2,099) Weighted average shares of Class A Common Stock outstanding 84,656 83,227 Net income (loss) per share of Class A Common Stock, basic $ (0.04) $ (0.03) Earnings (Loss) Per Share of Class A Common Stock, Diluted Net income (loss) available to Class A Common Stockholders $ (3,189) $ (2,099) Weighted average shares of Class A Common Stock outstanding 84,656 83,227 Net income (loss) per share of Class A Common Stock, Diluted $ (0.04) $ (0.03) Net Income (Loss) Available to Class A Common Stockholders Net income (loss) $ 8,199 $ (15,025) Net (income) loss attributable to non-controlling interest (9,550) 12,926 Accretion of Series A Convertible Preferred Stock (1,838) — Undistributed earnings allocated to Series A Convertible Preferred Stock — — Net income (loss) available to Class A Common Stockholders, Basic (3,189) (2,099) Undistributed earnings allocated to Series A Convertible Preferred Stock — — Adjustment for potentially dilutive units of The Hagerty Group — — Adjustment for potentially dilutive Series A Convertible Preferred Stock — — Adjustment for potentially dilutive share-based compensation awards — — Adjustment for potentially dilutive warrant liabilities — — Net income (loss) available to Class A Common Stockholders, Diluted $ (3,189) $ (2,099) Weighted Average Shares of Class A Common Stock Outstanding Weighted average shares of Class A Common Stock outstanding, Basic 84,656 83,227 Adjustment for potentially dilutive units of The Hagerty Group — — Adjustment for potentially dilutive Series A Convertible Preferred Stock — — Adjustment for potentially dilutive share-based compensation awards — — Adjustment for potentially dilutive warrants — — Weighted average shares of Class A Common Stock outstanding, Diluted 84,656 83,227 The following table summarizes the weighted average potential shares of Class A Common Stock excluded from diluted earnings (loss) per share of Class A Common Stock as their effect would be anti-dilutive: Three months ended March 31, 2024 2023 in thousands THG units 255,499 255,640 Series A Convertible Preferred Stock 6,785 — Unvested shares associated with share-based compensation awards 8,283 7,016 Warrants 19,484 19,484 Total 290,051 282,140

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	16 — Share-Based Compensation The Company's 2021 Stock 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 Stock 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 March 31, 2024, there were approximately 29.0 million shares available for future grants under the 2021 Stock Incentive Plan. Share-based compensation expense related to employees is recognized in the Condensed Consolidated Statements of Operations within "Salaries and benefits" and, to a much lesser extent, when applicable, "Restructuring, impairment and related charges, net." Share-based compensation expense related to non-employee directors is recognized within "General and administrative services." The Company recognizes forfeitures of share-based compensation awards in the period in which they occur. The following table summarizes share-based compensation expense recognized during the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 in thousands Restricted stock units $ 3,828 $ 3,233 Performance restricted stock units 715 715 Employee stock purchase plan — 165 Total share-based compensation expense $ 4,543 $ 4,113 Restricted Stock Units RSU grants typically vest over a two The tax impact related to vested RSUs for the three months ended March 31, 2024 and 2023 was not material to the Company's Condensed Consolidated Financial Statements due to the full valuation allowance on the deferred tax asset for the investment in the assets of THG. Unrecognized compensation expense related to RSUs as of March 31, 2024 was $27.4 million, which the Company expects to recognize over a weighted average period of 3.38 years. The following table provides a summary of the RSU activity during the three months ended March 31, 2024: Restricted Stock Units Weighted Average Grant Date Fair Value Unvested balance as of December 31, 2023 4,678,032 $ 9.88 Granted 12,820 7.80 Vested (67,003) 10.61 Forfeited (74,709) 9.45 Unvested balance as of March 31, 2024 4,549,140 $ 9.87 Performance Restricted Stock Units Market Condition Award In April 2022, the CEO was granted 3,707,136 performance-based RSUs ("PRSUs"), which provide him the opportunity to receive up to 3,707,136 shares of Class A Common Stock. The award had a grant date fair value of approximately $19.2 million, which was estimated using a Monte Carlo simulation model. The PRSUs have both market-based and service-based vesting conditions. Shares of Class A Common Stock issuable under this award can be earned based on the achievement of the following stock price targets: (i) 25% of the shares can be earned when the stock price of the Class A Common Stock exceeds $20.00 per share for 60 consecutive days, (ii) 25% of the shares can be earned when the stock price of the Class A Common Stock exceeds $25.00 per share for 60 consecutive days, and (iii) 50% of the shares can be earned when the stock price of the Class A Common Stock exceeds $30.00 per share for 60 consecutive days. These market-based conditions must be met in order for 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 over the requisite service period, regardless of whether such market-based conditions are met. As of March 31, 2024, no PRSUs granted under this plan had vested. The following table summarizes the assumptions and related information used to determine the grant-date fair value of PRSUs awarded in April 2022: Inputs Performance Restricted Stock Units Weighted average grant-date fair value per share $5.19 Expected stock volatility 35% Expected term (in years) 7.0 Risk-free interest rate 2.5% Dividend yield —% Performance Condition Awards On March 29, 2024, the Talent, Culture, and Compensation Committee (the "Compensation Committee") of the Board of Directors adopted a new form of Performance Restricted Stock Unit Award Agreement (the "2024 PRSU Agreement") to be used for awards of PRSUs to certain employees under the Company's 2021 Stock Incentive Plan. PRSUs granted under the 2024 PRSU Agreement will be eligible to vest subject to the satisfaction of both performance-based and time-based vesting conditions. The performance-based vesting condition will be satisfied contingent upon the Company's level of performance over the designated performance period (the "Performance Period") as measured against the target performance goals for the Performance Period (the "Performance Target"), each as determined by the Compensation Committee. Following the end of the Performance Period, the Compensation Committee will determine the applicable attained performance levels with payout percentages ranging from 35% to 200% (each, a "Payout Percentage") of the target number of PRSUs awarded. In the event of a Change in Control (as defined in the 2024 PRSU Agreement) before the end of a scheduled Performance Period, the Compensation Committee retains discretion to end the Performance Period early and measure performance levels as of a revised measurement date. When both the time-based and performance-based vesting conditions are satisfied, the PRSU holder will be entitled to receive that number of shares of the Company's Class A Common Stock, if any, determined by multiplying the aggregate number of PRSUs subject to the applicable PRSU Agreement by the applicable Payout Percentage that corresponds to the level of achievement of the performance goals pursuant to the payout formula approved by the Compensation Committee. The amount of compensation expense recognized for PRSUs issued under the 2024 PRSU Agreement will be dependent upon management's assessment of the likelihood of achieving the applicable payout levels. If, as a result of management's assessment, it is projected that a greater number of PRSUs will vest than previously anticipated, a life-to-date adjustment to increase compensation expense is recorded in the period such determination is made. Conversely, if, as a result of management's assessment, it is projected that a lower number of PRSUs will vest than previously anticipated, a life-to-date adjustment to decrease compensation expense is recorded in the period such determination is made. As of March 31, 2024, no PRSUs had been issued under the 2024 PRSU Agreement. Employee Stock Purchase Plan The 2021 Employee Stock Purchase Plan (the "ESPP") allows substantially all of the Company's employees to purchase shares of 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 March 31, 2024, 197,819 shares had been purchased under the ESPP and there were approximately 11.3 million shares available for future purchases.

Taxation

Taxation	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Taxation	17 — Taxation United States — With the exception of certain U.S. corporate and foreign subsidiaries, THG is taxed as a pass-through ownership structure under provisions of the Internal Revenue Code ("IRC") and a similar section of state income tax law. As such, any taxable income or loss generated by THG is passed through to and included in the taxable income or loss of THG 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 THG. 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 THG's assets as a result of an exchange of THG units and Class V Common Stock for Class A Common Stock or cash. See "Tax Receivable Agreement Liability" below for additional information. Canada — Hagerty's Canadian entities are taxed as non-resident corporations and subject to income tax in Canada under provisions of the Canadian Revenue Agency. United Kingdom — Hagerty's 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, Hagerty Re is subject to U.S. taxation on its worl d-wide income as if it were a U.S. corporation. In accordance with an agreement between Hagerty Re and the Internal Revenue Service ("IRS'), Hagerty Re established an irrevocable letter of credit with the IRS in 2021. Tax Legislation — The Organisation for Economic Co-operation and Development 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 (benefit) reflected in the Condensed Consolidated Financial Statements differs from the tax computed by applying the statutory U.S. federal rate of 21% to "Income (loss) before income tax expense" as follows: Three months ended March 31, 2024 2023 in thousands (except percentages) Income tax expense (benefit) at statutory rate $ 2,799 21 % $ (2,385) 21 % State taxes 23 — % (62) 1 % Loss not subject to entity-level taxes 35 — % 4,374 (39) % Foreign rate differential (223) (2) % (214) 2 % Change in valuation allowance 1,002 8 % 1,566 (14) % Change in fair value of warrant liabilities 1,290 10 % 108 (1) % Permanent items 208 2 % 281 (2) % Other, net (5) — % — — % Income tax expense $ 5,129 39 % $ 3,668 (32) % Deferred Tax Assets — As of March 31, 2024 and December 31, 2023, the Company has deferred tax assets of $144.0 million and $146.0 million, respectively, related to the difference between the outside tax basis and book basis of its investment in the assets of THG. 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 THG, will not be realized. As a result, the Company has recorded a valuation allowance of $169.2 million and $169.6 million against its deferred tax assets as of March 31, 2024 and December 31, 2023, 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. 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 March 31, 2024, tax years 2020 to 2023 are subject to examination by various tax authorities. With few exceptions, as of March 31, 2024, the Company is no longer subject to U.S. federal, state, local or foreign examinations for years before 2020. THG is currently under audit by the IRS for the 2021 tax year. The Canadian Revenue Agency examination of the Company for the 2018 tax year was closed as of March 31, 2024 with no changes to previously filed tax returns. 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 Topic 740, Income Taxes (" ASC 740") states that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. The Company records uncertain tax benefits ("UTB") as liabilities in accordance with ASC 740 and adjusts these liabilities when management's conclusion changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the UTB liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which new information is available. As of March 31, 2024 and 2023, 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 Condensed 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 Quarterly Report on Form 10-Q) upon the exchange of THG units and Hagerty, Inc. Class V Common Stock for Hagerty, Inc. Class A Common Stock or cash. THG 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 THG 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 THG's assets, the timing of any future redemptions, exchanges or purchases of THG units held by Legacy Unit Holders, the price of Hagerty, Inc. Class A Common Stock at the time of the 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 Condensed Consolidated Balance Sheets was $0.6 million as of March 31, 2024 and December 31, 2023, which was limited by the ability to currently utilize tax benefits.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related-Party Transactions	18 — Related-Party Transactions As of March 31, 2024, 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 % THG units 75,000,000 22.0 % — — % 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 14 — Stockholders' Equity and Note 13 — Convertible Preferred Stock 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, which is being recognized as "Commission and fee revenue" within the Condensed Consolidated Statements of Operations over the 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 each policy issued in the State Farm Classic+ program. 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 was not material for the three months ended March 31, 2024. Reinsurance Agreement Hagerty Re has a quota share agreement to cede 50% of the risk assumed from a subsidiary of Markel in relation to High-Net-Worth Accounts to Oglesby Reinsurance Company, a wholly owned subsidiary of State Farm. Refer to Note 9 — 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: March 31, December 31, 2024 2023 Assets: in thousands Commissions receivable $ 2,316 $ 1,963 Deferred acquisition costs, net (1) (4,159) (3,898) Other current assets 12,415 9,268 Total assets $ 10,572 $ 7,333 Liabilities: Accounts payable, accrued expenses and other current liabilities $ 4,454 $ 3,775 Total liabilities $ 4,454 $ 3,775 (1) Represents unearned ceding commission received from State Farm subsidiaries. Three Months Ended March 31, 2024 2023 Revenue: in thousands Earned premium (1) $ (3,953) $ — Expenses: Ceding commission, net (2) $ (2,055) $ — Losses and loss adjustment expenses (3) (2,791) — Total expenses $ (4,846) $ — (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 commissions, 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 In September 2023, Hagerty Re entered into an unsecured term loan facility with State Farm in an aggregate principal amount of $25.0 million and an interest rate of 8.0% per annum. The State Farm Term Loan will mature in September 2033. Refer to Note 12 — 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 Evanston Insurance Company ("Evanston"), both of which are wholly owned subsidiaries of Markel. The following tables provide information related to Markel-affiliated Due to insurer liabilities and Commission revenue associated with the Markel Alliance Agreement: March 31, December 31, 2024 2023 in thousands (except percentages) Due to insurer $ 91,875 $ 75,922 Percent of total 94 % 95 % Three months ended March 31, 2024 2023 in thousands (except percentages) Commission revenue $ 83,669 $ 71,639 Percent of total 95 % 97 % Reinsurance Agreement For the three months ended March 31, 2024 and 2023, under a quota share agreement with Evanston, Hagerty Re assumed approximately 80% of the risks written through the Company’s U.S. MGAs. Effective January 1, 2023, the quota share agreement with Evanston was amended to increase Hagerty Re's participation on High-Net-Worth Accounts from 80% to 100%. Refer to Note 9 — Reinsurance for additional information on the Company's reinsurance programs. The following tables summarize all balances related to the Company's reinsurance business with Markel subsidiaries: March 31, December 31, 2024 2023 Assets: in thousands Premiums receivable $ 154,680 $ 134,376 Commissions receivable 562 630 Deferred acquisition costs, net 140,923 141,880 Other current assets 2,435 1,915 Total assets $ 298,600 $ 278,801 Liabilities: Accounts payable, accrued expenses and other current liabilities $ 891 $ 1,553 Losses payable and provision for unpaid losses and loss adjustment expenses 194,947 189,520 Commissions payable 70,050 107,286 Unearned premiums 305,258 307,504 Total liabilities $ 571,146 $ 605,863 Three months ended March 31, 2024 2023 Revenue: in thousands Earned premium $ 156,120 $ 113,362 Expenses: Ceding commission, net $ 72,363 $ 53,758 Losses and loss adjustment expenses 65,155 46,655 Total expenses $ 137,518 $ 100,413 Pursuant to the terms of the quota share agreement with Evanston, Hagerty Re maintains funds in trust for the benefit of Evanston. These funds are included within "Restricted cash and cash equivalents" in the Company's Condensed Consolidated Balance Sheets. The balance held in trust for the benefit of Evanston was $470.0 million and $517.2 million as of March 31, 2024 and December 31, 2023, respectively. Other Related Party Transactions From time-to-time, in the ordinary course of business, related parties, such as members of the Board of Directors and management, purchase insurance policies from the Company, receive payments on claims required by the Company's insurance policies, and buy and sell collector cars through Marketplace auctions or in private transactions.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	19 — Commitments and Contingencies Employee Compensation Agreements  —  In the ordinary course of conducting its business, the Company enters into certain employee compensation agreements from time to time which commit the Company to severance obligations in the event an employee terminates employment with the Company. If applicable, these obligations are included in the accrued expenses lines of the Condensed Consolidated Balance Sheets. Litigation  — From time to time, 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, results of operations or liquidity. 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 Condensed 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	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	20 — Subsequent Events Management has evaluated subsequent events through May 7, 2024, which is the date these Condensed Consolidated Financial Statements were issued and no material subsequent events were identified that are required to be reported.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Laurie Harris [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 14, 2024, Laurie Harris, a director, adopted a programmed plan of transactions intended to satisfy the affirmative defense provided by Rule 10b5-1 (the "10b5-1 Plan"). The 10b5-1 Plan provides for a first possible trade date of June 13, 2024, and terminates automatically on the earlier of the execution of all trades contemplated by the 10b5-1 Plan or March 14, 2025. The aggregate number of shares to be sold pursuant to the 10b5-1 Plan is 40% of the vested value of 10,297 shares of Class A Common Stock.
Name	Laurie Harris
Title	director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 14, 2024
Arrangement Duration	274 days
Aggregate Available	10,297

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation — The Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the regulations of the Securities and Exchange Commission and include the accounts of Hagerty, Inc., which is comprised of THG and its consolidated subsidiaries. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as permitted by such rules and regulations.
Principles of Consolidation	Principles of Consolidation — The Condensed Consolidated Financial Statements contain the accounts of Hagerty, Inc. and its majority-owned or controlled subsidiaries. As of March 31, 2024 and December 31, 2023, Hagerty, Inc. had economic ownership of 24.9% of THG and is its sole managing member. Hagerty, Inc. reports a non-controlling interest representing the economic interest in THG held by other parties. The financial statements of THG are consolidated by the Company under the voting interest method in accordance with Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"). Non-controlling interest is presented separately on the Condensed Consolidated Statements of Operations, the Condensed Consolidated Statements of Comprehensive Income (Loss), the Condensed Consolidated Balance Sheets, and the Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' Equity.
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 12 — 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 is also a consolidated subsidiary of the Company. BAC is considered to be the primary beneficiary of the SPEs because it has (i) power over the significant activities of the SPEs through its role as servicer of the notes receivable used to secure borrowings under the BAC Credit Agreement and (ii) the obligation to absorb losses or the right to receive returns that could be significant through its interest in the residual cash flows of the SPEs. Refer to Note 3 — Notes Receivable and Note 12 — Long-Term Debt for additional information.
Reclassifications	Reclassifications —
Use of Estimates	Use of Estimates —  The preparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements, as well as the reported amounts of revenue and expenses during the reporting period. Although the estimates are considered reasonable, actual results could materially differ from those estimates.
Segment Information	Segment Information  — The Company has one operating segment and one reportable segment. The Company’s Chief Operating Decision Maker ("CODM") is the Chief Executive Officer ("CEO"), who makes resource allocation decisions and assesses performance based on 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 Condensed Consolidated Statements of Operations.
Accounting Standards Not Yet Adopted	Accounting Standards Not Yet Adopted Income Taxes — In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 Condensed 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 Condensed Consolidated Financial Statements and related disclosures.

Basis of Presentation and Acc_3

Basis of Presentation and Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
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 as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 ASSETS in thousands Cash and cash equivalents $ 1,131 $ 83 Restricted cash and cash equivalents 2,188 961 Accounts receivable — 190 Notes receivable 37,099 30,125 Other assets 2,724 2,900 TOTAL ASSETS $ 43,142 $ 34,259 LIABILITIES Accounts payable, accrued expenses and other current liabilities $ 2,438 $ 1,881 Long-term debt, net 29,243 25,782 TOTAL LIABILITIES $ 31,681 $ 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 March 31, 2024 and 2023: March 31, 2024 March 31, 2023 in thousands Cash and cash equivalents $ 131,207 $ 63,367 Restricted cash and cash equivalents 595,601 444,024 Total cash and cash equivalents and restricted cash and cash equivalents $ 726,808 $ 507,391
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as of March 31, 2024 and 2023: March 31, 2024 March 31, 2023 in thousands Cash and cash equivalents $ 131,207 $ 63,367 Restricted cash and cash equivalents 595,601 444,024 Total cash and cash equivalents and restricted cash and cash equivalents $ 726,808 $ 507,391
Schedule of Supplemental Cash Flow Information	The table below presents information regarding the Company's non-cash investing activities, as well as the cash paid for interest and taxes for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 NON-CASH INVESTING ACTIVITIES: in thousands Capital expenditures $ 687 $ 1,061 CASH PAID FOR: Interest $ 1,240 $ 2,279

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The tables below present Hagerty's revenue by distribution channel, as well as a reconciliation to total revenue for the three months ended March 31, 2024 and 2023. Commission and fee revenue and contingent underwriting commission ("CUC") revenue earned from the agent distribution channel includes revenue generated through Hagerty's relationships with independent agents and brokers. Commission and fee revenue and CUC revenue earned from the direct distribution channel includes revenue generated by Hagerty's employee agents. Three months ended March 31, 2024 Agent Direct Total in thousands Commission and fee revenue $ 44,047 $ 35,719 $ 79,766 Contingent commission revenue 5,016 4,058 9,074 Membership revenue — 13,452 13,452 Marketplace and other revenue — 17,797 17,797 Total revenue from customer contracts 49,063 71,026 120,089 Earned premium 151,619 Total revenue $ 271,708 Three months ended March 31, 2023 Agent Direct Total in thousands Commission and fee revenue $ 31,687 $ 26,139 $ 57,826 Contingent commission revenue 9,439 7,347 16,786 Membership revenue — 12,547 12,547 Marketplace and other revenue — 13,962 13,962 Total revenue from customer contracts 41,126 59,995 101,121 Earned premium 117,231 Total revenue $ 218,352 The following tables present Hagerty's revenue disaggregated by geographic area, as well as a reconciliation to total revenue for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 U.S. Canada Europe Total in thousands Commission and fee revenue $ 76,016 $ 2,617 $ 1,133 $ 79,766 Contingent commission revenue 9,028 — 46 9,074 Membership revenue 12,544 908 — 13,452 Marketplace and other revenue 16,377 662 758 17,797 Total revenue from customer contracts 113,965 4,187 1,937 120,089 Earned premium 151,619 Total revenue $ 271,708 Three months ended March 31, 2023 U.S. Canada Europe Total in thousands Commission and fee revenue $ 54,597 $ 2,370 $ 859 $ 57,826 Contingent commission revenue 16,752 — 34 16,786 Membership revenue 11,669 878 — 12,547 Marketplace and other revenue 13,526 164 272 13,962 Total revenue from customer contracts 96,544 3,412 1,165 101,121 Earned premium 117,231 Total revenue $ 218,352
Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable	The following table is a summary of the Company's contract assets and liabilities as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 in thousands Contract assets $ 8,017 $ 75,891 Contract liabilities $ 48,165 $ 47,651

Notes Receivable (Tables)

Notes Receivable (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Schedule of Financing Receivable Credit Quality Indicators	The table below provides the aggregate LTV ratio for BAC's loan portfolio as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 in thousands Secured loans $ 60,947 $ 52,914 Estimate of collateral value $ 112,299 $ 108,496 Aggregate LTV ratio 54.3 % 48.8 %

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Assets, Current and Long-term	As of March 31, 2024 and December 31, 2023, other assets, current and long-term, consisted of: March 31, 2024 December 31, 2023 in thousands Prepaid SaaS implementation costs $ 27,107 $ 21,941 Prepaid sales, general and administrative expenses 23,291 21,300 Deferred reinsurance premiums ceded (1) 23,231 10,474 Fixed income investments 17,953 16,472 Contract costs 9,396 8,851 Reinsurance recoverable 7,621 2,783 Inventory (2) 4,163 5,038 Deferred financing costs 4,737 5,053 Other 12,442 11,886 Other assets $ 129,941 $ 103,798 (1) Deferred reinsurance premiums ceded consists of the unearned portion of premiums ceded by Hagerty Re to various reinsurers. Refer to Note 9 — 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.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Components of Operating Lease Expense	The following table summarizes the components of the Company's operating lease expense for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 in thousands Operating lease expense (1) $ 2,197 $ 3,147 Short-term lease expense (1) 49 69 Variable lease expense (1) (2) 617 807 Sublease revenue (3) (303) (63) Lease cost, net $ 2,560 $ 3,960 (1) Classified within "General and administrative services" on the Condensed Consolidated Statements of Operations. (2) Amounts include payments for maintenance, taxes, insurance, and payments affected by the Consumer Price Index. (3) Classified within "Membership, marketplace and other revenue" on the Condensed Consolidated Statements of Operations. The following tables summarize supplemental balance sheet information related to operating leases as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 in thousands Operating lease ROU assets $ 49,412 $ 50,515 Current lease liabilities (1) 6,558 6,500 Long-term lease liabilities 49,198 50,459 Total operating lease liabilities $ 55,756 $ 56,959 March 31, December 31, 2024 2023 in thousands ROU assets obtained in exchange for new operating lease liabilities $ 771 $ 632 Weighted average lease term 8.77 9.01 Weighted average discount rate 4.9 % 4.8 % (1) Current lease liabilities are recorded within "Accounts payable, accrued expenses and other current liabilities" on the Condensed Consolidated Balance Sheets.
Schedule of Maturities of Lease Liabilities	The following table summarizes information about the amount and timing of the Company's future operating lease commitments as of March 31, 2024: in thousands 2024 $ 6,857 2025 8,884 2026 8,306 2027 7,993 2028 8,018 Thereafter 29,234 Total lease payments 69,292 Less: imputed interest (13,536) Total lease liabilities $ 55,756

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The cost and accumulated amortization of intangible assets as of March 31, 2024 and December 31, 2023 are as follows: Weighted Average Useful Life March 31, December 31, 2024 2023 in thousands Renewal rights 10.0 $ 20,024 $ 20,226 Internally developed software 3.4 130,638 126,972 Trade names and trademarks 14.0 12,541 12,541 Relationships and customer lists 15.7 8,867 8,876 Other 4.4 1,435 1,445 Intangible assets 173,505 170,060 Less: accumulated amortization (85,170) (78,136) Intangible assets, net $ 88,335 $ 91,924
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future aggregate amortization expense related to intangible assets as of March 31, 2024 is as follows: in thousands 2024 $ 20,312 2025 21,605 2026 14,517 2027 10,380 2028 7,674 Thereafter 13,847 Total $ 88,335

Provision for Unpaid Losses a_2

Provision for Unpaid Losses and Loss Adjustment Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
Insurance [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	The following table presents a reconciliation of the beginning and ending provision for unpaid losses and loss adjustment expenses related to Hagerty Re, net of amounts recoverable from various reinsurers: Three months ended March 31, 2024 2023 in thousands Gross reserves for unpaid losses and loss adjustment expenses, beginning of year $ 136,507 $ 111,741 Less: Reinsurance recoverable on unpaid losses and loss adjustment expenses 2,235 843 Net reserves for unpaid losses and loss adjustment expenses, beginning of year 134,272 110,898 Incurred losses and loss adjustment expenses: Current accident year 62,356 48,412 Prior accident year — — Total incurred losses and loss adjustment expenses 62,356 48,412 Effect of foreign currency rate changes (174) 85 Net reserves for unpaid losses and loss adjustment expenses, end of period 196,454 159,395 Reinsurance recoverable on unpaid losses and loss adjustment expenses 7,621 843 Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 204,075 $ 160,238

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2024
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Schedule of Premiums Assumed and the Change in Unearned Premiums	The following table presents Hagerty Re's total premiums assumed and ceded on a written and earned basis for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 in thousands Premiums: Assumed $ 157,114 $ 132,187 Ceded (22,826) (13,728) Net $ 134,288 $ 118,459 Premiums earned: Assumed $ 161,687 $ 120,397 Ceded (10,068) (3,166) Net $ 151,619 $ 117,231
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 three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 in thousands Gross losses and loss adjustment expenses $ 67,742 $ 48,412 Ceded losses and loss adjustment expenses (5,386) — Net losses and loss adjustment expenses $ 62,356 $ 48,412

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 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 only basis and expire in December 2026. (2) The Private Placement Warrants, Underwriter Warrants, 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 Placement Warrants as of March 31, 2024: Inputs Private Placement Warrants Underwriter Warrants OTM Warrants PIPE Warrants Exercise price $11.50 $11.50 $15.00 $11.50 Common stock price $9.15 $9.15 $9.15 $9.15 Volatility 42.3% 42.3% 42.0% 42.3% Expected term of the warrants 2.67 2.67 7.68 2.67 Risk-free rate 4.50% 4.50% 4.20% 4.50% 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 March 31, 2024 and 2023, are shown in the tables below: Estimated Fair Value as of March 31, 2024 Total Level 1 Level 2 Level 3 in thousands Financial Assets Interest rate swaps $ 2,271 $ — $ 2,271 $ — Total $ 2,271 $ — $ 2,271 $ — Financial Liabilities Public Warrants $ 11,212 $ 11,212 $ — $ — Private Placement Warrants 543 — — 543 Underwriter Warrants 61 — — 61 OTM Warrants 4,635 — — 4,635 PIPE Warrants 23,707 — — 23,707 Total $ 40,158 $ 11,212 $ — $ 28,946 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
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents a reconciliation of the Company's warrant liabilities that are classified as Level 3 within the fair value hierarchy for the three months ended March 31, 2024 and 2023: Private Placement Warrants Underwriter Warrants OTM Warrants PIPE Warrants Total in thousands Balance at December 31, 2023 $ 476 $ 53 $ 3,981 $ 20,020 $ 24,530 Change in fair value of warrant liabilities 67 8 654 3,687 4,416 Balance at March 31, 2024 $ 543 $ 61 $ 4,635 $ 23,707 $ 28,946 Balance at December 31, 2022 $ 673 $ 75 $ 4,706 $ 27,227 $ 32,681 Change in fair value of warrant liabilities 8 1 (5) 338 342 Balance at March 31, 2023 $ 681 $ 76 $ 4,701 $ 27,565 $ 33,023
Schedule of Debt Securities, Held-to-Maturity	The following table discloses the fair value and related carrying amount of fixed income investments held within Hagerty Re as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value in thousands Short-term $ 12,305 $ 12,202 $ 10,946 $ 10,864 Long-term 5,648 5,571 5,526 5,398 Total $ 17,953 $ 17,773 $ 16,472 $ 16,262

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of March 31, 2024 and December 31, 2023, "Long-term debt, net" consisted of the following: March 31, December 31, Maturity 2024 2023 in thousands JPM Credit Facility October 2026 $ 36,997 $ 77,258 BAC Credit Facility December 2026 29,243 25,782 State Farm Term Loan September 2033 25,000 25,000 Notes payable 2024-2025 6,464 6,875 Total debt 97,704 134,915 Less: Notes payable, current portion (5,668) (3,654) Less: Unamortized debt issuance costs (566) (581) Total long-term debt, net $ 91,470 $ 130,680

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Other Ownership Interests	The following table summarizes the ownership of THG units as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Units Owned Ownership Percentage Units Owned Ownership Percentage THG units held by Hagerty, Inc. 84,655,539 24.9 % 84,588,536 24.9 % THG units held by other unit holders 255,499,164 75.1 % 255,499,164 75.1 % Total 340,154,703 100.0 % 340,087,700 100.0 %

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table summarizes the basic and diluted earnings per share calculations for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 in thousands (except per share amounts) Earnings (Loss) Per Share of Class A Common Stock, Basic Net income (loss) available to Class A Common Stockholders $ (3,189) $ (2,099) Weighted average shares of Class A Common Stock outstanding 84,656 83,227 Net income (loss) per share of Class A Common Stock, basic $ (0.04) $ (0.03) Earnings (Loss) Per Share of Class A Common Stock, Diluted Net income (loss) available to Class A Common Stockholders $ (3,189) $ (2,099) Weighted average shares of Class A Common Stock outstanding 84,656 83,227 Net income (loss) per share of Class A Common Stock, Diluted $ (0.04) $ (0.03) Net Income (Loss) Available to Class A Common Stockholders Net income (loss) $ 8,199 $ (15,025) Net (income) loss attributable to non-controlling interest (9,550) 12,926 Accretion of Series A Convertible Preferred Stock (1,838) — Undistributed earnings allocated to Series A Convertible Preferred Stock — — Net income (loss) available to Class A Common Stockholders, Basic (3,189) (2,099) Undistributed earnings allocated to Series A Convertible Preferred Stock — — Adjustment for potentially dilutive units of The Hagerty Group — — Adjustment for potentially dilutive Series A Convertible Preferred Stock — — Adjustment for potentially dilutive share-based compensation awards — — Adjustment for potentially dilutive warrant liabilities — — Net income (loss) available to Class A Common Stockholders, Diluted $ (3,189) $ (2,099) Weighted Average Shares of Class A Common Stock Outstanding Weighted average shares of Class A Common Stock outstanding, Basic 84,656 83,227 Adjustment for potentially dilutive units of The Hagerty Group — — Adjustment for potentially dilutive Series A Convertible Preferred Stock — — Adjustment for potentially dilutive share-based compensation awards — — Adjustment for potentially dilutive warrants — — Weighted average shares of Class A Common Stock outstanding, Diluted 84,656 83,227
Schedule of the Weighted Average Excluded from Diluted Earnings (Loss)	The following table summarizes the weighted average potential shares of Class A Common Stock excluded from diluted earnings (loss) per share of Class A Common Stock as their effect would be anti-dilutive: Three months ended March 31, 2024 2023 in thousands THG units 255,499 255,640 Series A Convertible Preferred Stock 6,785 — Unvested shares associated with share-based compensation awards 8,283 7,016 Warrants 19,484 19,484 Total 290,051 282,140

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense	The following table summarizes share-based compensation expense recognized during the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 in thousands Restricted stock units $ 3,828 $ 3,233 Performance restricted stock units 715 715 Employee stock purchase plan — 165 Total share-based compensation expense $ 4,543 $ 4,113
Schedule of Restricted Stock Units Activity	The following table provides a summary of the RSU activity during the three months ended March 31, 2024: Restricted Stock Units Weighted Average Grant Date Fair Value Unvested balance as of December 31, 2023 4,678,032 $ 9.88 Granted 12,820 7.80 Vested (67,003) 10.61 Forfeited (74,709) 9.45 Unvested balance as of March 31, 2024 4,549,140 $ 9.87
Schedule of Grant-date Fair Value of Performance Stock Units	The following table summarizes the assumptions and related information used to determine the grant-date fair value of PRSUs awarded in April 2022: Inputs Performance Restricted Stock Units Weighted average grant-date fair value per share $5.19 Expected stock volatility 35% Expected term (in years) 7.0 Risk-free interest rate 2.5% Dividend yield —%

Taxation (Tables)

Taxation (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	Income tax expense (benefit) reflected in the Condensed Consolidated Financial Statements differs from the tax computed by applying the statutory U.S. federal rate of 21% to "Income (loss) before income tax expense" as follows: Three months ended March 31, 2024 2023 in thousands (except percentages) Income tax expense (benefit) at statutory rate $ 2,799 21 % $ (2,385) 21 % State taxes 23 — % (62) 1 % Loss not subject to entity-level taxes 35 — % 4,374 (39) % Foreign rate differential (223) (2) % (214) 2 % Change in valuation allowance 1,002 8 % 1,566 (14) % Change in fair value of warrant liabilities 1,290 10 % 108 (1) % Permanent items 208 2 % 281 (2) % Other, net (5) — % — — % Income tax expense $ 5,129 39 % $ 3,668 (32) %

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule of Ownership Interests, by Affiliates	As of March 31, 2024, 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 % THG units 75,000,000 22.0 % — — % 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.
Schedule of Related Party Transactions	The following tables summarize all balances related to the risk ceded by Hagerty Re to State Farm subsidiaries: March 31, December 31, 2024 2023 Assets: in thousands Commissions receivable $ 2,316 $ 1,963 Deferred acquisition costs, net (1) (4,159) (3,898) Other current assets 12,415 9,268 Total assets $ 10,572 $ 7,333 Liabilities: Accounts payable, accrued expenses and other current liabilities $ 4,454 $ 3,775 Total liabilities $ 4,454 $ 3,775 (1) Represents unearned ceding commission received from State Farm subsidiaries. Three Months Ended March 31, 2024 2023 Revenue: in thousands Earned premium (1) $ (3,953) $ — Expenses: Ceding commission, net (2) $ (2,055) $ — Losses and loss adjustment expenses (3) (2,791) — Total expenses $ (4,846) $ — (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 commissions, 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: March 31, December 31, 2024 2023 in thousands (except percentages) Due to insurer $ 91,875 $ 75,922 Percent of total 94 % 95 % Three months ended March 31, 2024 2023 in thousands (except percentages) Commission revenue $ 83,669 $ 71,639 Percent of total 95 % 97 % The following tables summarize all balances related to the Company's reinsurance business with Markel subsidiaries: March 31, December 31, 2024 2023 Assets: in thousands Premiums receivable $ 154,680 $ 134,376 Commissions receivable 562 630 Deferred acquisition costs, net 140,923 141,880 Other current assets 2,435 1,915 Total assets $ 298,600 $ 278,801 Liabilities: Accounts payable, accrued expenses and other current liabilities $ 891 $ 1,553 Losses payable and provision for unpaid losses and loss adjustment expenses 194,947 189,520 Commissions payable 70,050 107,286 Unearned premiums 305,258 307,504 Total liabilities $ 571,146 $ 605,863 Three months ended March 31, 2024 2023 Revenue: in thousands Earned premium $ 156,120 $ 113,362 Expenses: Ceding commission, net $ 72,363 $ 53,758 Losses and loss adjustment expenses 65,155 46,655 Total expenses $ 137,518 $ 100,413

Basis of Presentation and Acc_4

Basis of Presentation and Accounting Policies - Narrative (Details) - segment	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of operating segments	1
Number of reportable segments	1
The Hagerty Group, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage by Hagerty, Inc	24.90%	24.90%

Basis of Presentation and Acc_5

Basis of Presentation and Accounting Policies - Schedule of Assets and Liabilities of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
ASSETS
Cash and cash equivalents	$ 131,207	$ 108,326	$ 63,367
Restricted cash and cash equivalents	595,601	615,950
Accounts receivable	71,883	71,530
Notes receivable	56,509	35,896
Other assets	49,076	43,559
TOTAL ASSETS	1,570,248	1,588,212
LIABILITIES
Accounts payable, accrued expenses and other current liabilities	94,896	87,175
Long-term debt, net	91,470	130,680
TOTAL LIABILITIES	1,064,755	1,094,867
Variable Interest Entity, Primary Beneficiary
ASSETS
Cash and cash equivalents	1,131	83
Restricted cash and cash equivalents	2,188	961
Accounts receivable	0	190
Notes receivable	37,099	30,125
Other assets	2,724	2,900
TOTAL ASSETS	43,142	34,259
LIABILITIES
Accounts payable, accrued expenses and other current liabilities	2,438	1,881
Long-term debt, net	29,243	25,782
TOTAL LIABILITIES	$ 31,681	$ 27,663

Basis of Presentation and Acc_6

Basis of Presentation and Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 131,207	$ 108,326	$ 63,367
Restricted cash and cash equivalents	595,601		444,024
Total cash and cash equivalents and restricted cash and cash equivalents	$ 726,808	$ 724,276	$ 507,391	$ 539,191

Basis of Presentation and Acc_7

Basis of Presentation and Accounting Policies - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
NON-CASH INVESTING ACTIVITIES:
Capital expenditures	$ 687	$ 1,061
CASH PAID FOR:
Interest	$ 1,240	$ 2,279

Revenue - Narrative (Details)

Revenue - Narrative (Details) - Affiliated Entity		1 Months Ended	3 Months Ended	11 Months Ended
	Jan. 01, 2023	Dec. 31, 2023	Mar. 31, 2024	Nov. 30, 2023	Jan. 01, 2024
Reinsurance Agreement
Capitalized Contract Cost [Line Items]
Reinsured risk, ceded, percentage			50%
Markel | Alliance Agreement
Capitalized Contract Cost [Line Items]
Reinsured risk, ceded, percentage	10%
Base commission rate		37%		32%
CUC rate expected to be paid					80%
Markel | Alliance Agreement | Minimum
Capitalized Contract Cost [Line Items]
Profit share commission rate		(5.00%)
Markel | Alliance Agreement | Maximum
Capitalized Contract Cost [Line Items]
Profit share commission rate		5%

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue By Distribution Channel Offering and Geographical Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	$ 120,089	$ 101,121
Earned premium recognized under ASC 944	151,619	117,231
Total revenue	271,708	218,352
U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	113,965	96,544
Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	4,187	3,412
Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	1,937	1,165
Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	49,063	41,126
Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	71,026	59,995
Commission and fee revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	88,840	74,612
Commission and fee revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	79,766	57,826
Commission and fee revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	76,016	54,597
Commission and fee revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	2,617	2,370
Commission and fee revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	1,133	859
Commission and fee revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	44,047	31,687
Commission and fee revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	35,719	26,139
Contingent commission revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	9,074	16,786
Contingent commission revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	9,028	16,752
Contingent commission revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	0	0
Contingent commission revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	46	34
Contingent commission revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	5,016	9,439
Contingent commission revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	4,058	7,347
Membership, marketplace and other revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	31,249	26,509
Membership revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	13,452	12,547
Membership revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	12,544	11,669
Membership revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	908	878
Membership revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	0	0
Membership revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	0	0
Membership revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	13,452	12,547
Marketplace and other revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	17,797	13,962
Marketplace and other revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	16,377	13,526
Marketplace and other revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	662	164
Marketplace and other revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	758	272
Marketplace and other revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	0	0
Marketplace and other revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	$ 17,797	$ 13,962

Revenue - Contract Assets and L

Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 8,017	$ 75,891
Contract liabilities	$ 48,165	$ 47,651

Notes Receivable - Narrative (D

Notes Receivable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Notes receivable	$ 60,947		$ 52,914
Notes receivable, current	56,509		35,896
Notes receivable, noncurrent	$ 4,438		$ 17,018
Customer Concentration Risk | Notes Receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan to value ratio	52%
Principal outstanding loan	$ 24,600
Securities loaned, fair value of collateral	$ 47,200
Customer Concentration Risk | Notes Receivable | Borrower
Financing Receivable, Allowance for Credit Loss [Line Items]
Percent of total	40%
Broad Arrow Group Inc
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans maturity term	2 years
Loans, renewal option, term	1 year
Issued loan	$ 2,200	$ 3,800
Loan pepayments	$ 800	$ 2,500
Loan to value ratio	65%

Notes Receivable - Aggregate LT

Notes Receivable - Aggregate LTV Ratio (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Secured loans	$ 60,947	$ 52,914
Estimate of collateral value	$ 112,299	$ 108,496
Aggregate LTV ratio	54.30%	48.80%

Other Assets - Schedule of Prep

Other Assets - Schedule of Prepaid Expenses and Other Assets, Current and Long-term (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid SaaS implementation costs	$ 27,107	$ 21,941
Prepaid sales, general and administrative expenses	23,291	21,300
Deferred reinsurance premiums ceded	23,231	10,474
Fixed income investments	17,953	16,472
Contract costs	9,396	8,851
Reinsurance recoverable	7,621	2,783
Inventory	4,163	5,038
Deferred financing costs	4,737	5,053
Other	12,442	11,886
Other assets	129,941	103,798
Other investments	5,000	4,400
Collector vehicles	2,700	2,700
Interest rate swap	2,300	2,200
Outstanding reinsurance recoverable	$ 2,100	$ 2,200

Leases - Operating Lease Expens

Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease expense	$ 2,197	$ 3,147
Short-term lease expense	49	69
Variable lease expense	617	807
Sublease revenue	(303)	(63)
Lease cost, net	$ 2,560	$ 3,960

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease ROU assets	$ 49,412	$ 50,515
Current lease liabilities	$ 6,558	$ 6,500
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Liabilities, Current	Liabilities, Current
Long-term lease liabilities	$ 49,198	$ 50,459
Total operating lease liabilities	55,756	56,959
ROU assets obtained in exchange for new operating lease liabilities	$ 771	$ 632
Weighted average lease term	8 years 9 months 7 days	9 years 3 days
Weighted average discount rate	4.90%	4.80%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2024	$ 6,857
2025	8,884
2026	8,306
2027	7,993
2028	8,018
Thereafter	29,234
Total lease payments	69,292
Less: imputed interest	(13,536)
Total lease liabilities	$ 55,756	$ 56,959

Pending Acquisition (Details)

Pending Acquisition (Details) - CNIC $ in Millions	Jan. 12, 2024 USD ($)
Asset Acquisition [Line Items]
Expected asset acquisition amount	$ 18.4
Asset acquisition, asset type, licenses	10.4
Asset acquisition, asset type, capital and surplus	$ 8

Intangible Assets - Cost and Ac

Intangible Assets - Cost and Accumulated Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 173,505		$ 170,060
Less: accumulated amortization	(85,170)		(78,136)
​Total	88,335		91,924
Amortization of intangible assets	7,400	$ 6,800
Renewal rights
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 20,024		20,226
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	$ 130,638		126,972
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	$ 8,867		8,876
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	$ 1,435		$ 1,445
Other | Weighted Average Useful Life
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	4 years 4 months 24 days

Intangible Assets - Future Amor

Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 20,312
2025	21,605
2026	14,517
2027	10,380
2028	7,674
Thereafter	13,847
​Total	$ 88,335	$ 91,924

Provision for Unpaid Losses a_3

Provision for Unpaid Losses and Loss Adjustment Expenses - Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves for unpaid losses and loss adjustment expenses, beginning of year	$ 136,507	$ 111,741
Less: Reinsurance recoverable on unpaid losses and loss adjustment expenses	2,235	843
Net reserves for unpaid losses and loss adjustment expenses, beginning of year	134,272	110,898
Incurred losses and loss adjustment expenses:
Current accident year	62,356	48,412
Prior accident year	0	0
Total incurred losses and loss adjustment expenses	62,356	48,412
Effect of foreign currency rate changes	(174)	85
Net reserves for unpaid losses and loss adjustment expenses, end of period	196,454	159,395
Reinsurance recoverable on unpaid losses and loss adjustment expenses	7,621	843
Gross reserves for unpaid losses and loss adjustment expenses, end of period	$ 204,075	$ 160,238

Reinsurance - Earned Premium (D

Reinsurance - Earned Premium (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Premiums:
Assumed	$ 157,114	$ 132,187
Ceded	(22,826)	(13,728)
Net	134,288	118,459
Premiums earned:
Assumed	161,687	120,397
Ceded	(10,068)	(3,166)
Net	$ 151,619	$ 117,231

Reinsurance - Reinsurance on Lo

Reinsurance - Reinsurance on Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Gross losses and loss adjustment expenses	$ 67,742	$ 48,412
Ceded losses and loss adjustment expenses	(5,386)	0
Net losses and loss adjustment expenses	$ 62,356	$ 48,412

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) $ in Millions		3 Months Ended	12 Months Ended
	Jan. 01, 2024	Mar. 31, 2024 USD ($) letter_of_credit	Dec. 31, 2023 USD ($)
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance, amount retained, per event		$ 28
Reinsurance retention policy, number of coverage layers | letter_of_credit		2
Reinsurance, excess retention, amount reinsured, per event		$ 105
Various reinsurers
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance retention policy, total insured amount		5	$ 5
Reinsurance Contract [Axis]: Catastrophe Program - High Net Worth | Various reinsurers
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsured risk, percentage	100%		70%
Reinsurance Contract [Axis]: Catastrophe Program - High Net Worth | 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, amount retained, per event		28
Reinsurance, excess retention, amount reinsured, per event		22
Reinsurance Contract [Axis]: Catastrophe Reinsurance Layer Two
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance, amount retained, per event		50
Reinsurance, excess retention, amount reinsured, per event		$ 55

Restructuring, Impairment and_2

Restructuring, Impairment and Related Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring, impairment and related charges	$ 0	$ 5,535
Reduction In Force
Restructuring Cost and Reserve [Line Items]
Severance costs		$ 5,100
Asset impairment charges	$ 400

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Interest rate swaps	Mar. 31, 2024 USD ($) swap	Dec. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, number of instruments held | swap	1
Derivative notional amount	$ 35,000,000
Derivative fixed interest rate	0.81%
Derivative, fair value	$ 2,300,000	$ 2,200,000

Fair Value Measurements - Warra

Fair Value Measurements - Warrant liabilities (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	19,484,000	19,484,000
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	5,750,000	5,750,000
Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	258,000	258,000
Underwriter Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	29,000	29,000
OTM Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	1,300,000	1,300,000
PIPE Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	12,147,000	12,147,000

Fair Value Measurements - Input

Fair Value Measurements - Inputs in the Valuation Model (Details)	Mar. 31, 2024 $ / shares year USD ($)
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | $	0
Private Placement Warrants | Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	11.50
Private Placement Warrants | Common stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	9.15
Private Placement Warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.423
Private Placement Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	2.67
Private Placement Warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0450
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	9.15
Underwriter Warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.423
Underwriter Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	2.67
Underwriter Warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0450
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	9.15
OTM Warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.420
OTM Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	7.68
OTM Warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0420
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	9.15
PIPE Warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.423
PIPE Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	2.67
PIPE Warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0450
PIPE Warrants | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial Assets
Total	$ 2,271	$ 2,234
Financial Liabilities
Total	40,158	34,018
Public Warrants
Financial Liabilities
Fair Value	11,212	9,488
Private Placement Warrants
Financial Liabilities
Fair Value	543	476
Underwriter Warrants
Financial Liabilities
Fair Value	61	53
OTM Warrants
Financial Liabilities
Fair Value	4,635	3,981
PIPE Warrants
Financial Liabilities
Fair Value	23,707	20,020
Interest rate swaps
Financial Assets
Interest rate swaps	2,271	2,234
Level 1
Financial Assets
Total	0	0
Financial Liabilities
Total	11,212	9,488
Level 1 | Public Warrants
Financial Liabilities
Fair Value	11,212	9,488
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	2,271	2,234
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	2,271	2,234
Level 3
Financial Assets
Total	0	0
Financial Liabilities
Total	28,946	24,530
Level 3 | Public Warrants
Financial Liabilities
Fair Value	0	0
Level 3 | Private Placement Warrants
Financial Liabilities
Fair Value	543	476
Level 3 | Underwriter Warrants
Financial Liabilities
Fair Value	61	53
Level 3 | OTM Warrants
Financial Liabilities
Fair Value	4,635	3,981
Level 3 | PIPE Warrants
Financial Liabilities
Fair Value	23,707	20,020
Level 3 | Interest rate swaps
Financial Assets
Interest rate swaps	$ 0	$ 0

Fair Value Measurements - Level

Fair Value Measurements - Level Three Reconciliation (Details) - Warrant Liabilities - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 24,530	$ 32,681
Change in fair value of warrant liabilities	4,416	342
Ending balance	28,946	33,023
Private Placement Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	476	673
Change in fair value of warrant liabilities	67	8
Ending balance	543	681
Underwriter Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	53	75
Change in fair value of warrant liabilities	8	1
Ending balance	61	76
OTM Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	3,981	4,706
Change in fair value of warrant liabilities	654	(5)
Ending balance	4,635	4,701
PIPE Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	20,020	27,227
Change in fair value of warrant liabilities	3,687	338
Ending balance	$ 23,707	$ 27,565

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Estimated Fair Value (Details) - Fixed Income Securities - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term	$ 12,305	$ 10,946
Long-term	5,648	5,526
Total	17,953	16,472
Level 2 | Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term	12,202	10,864
Long-term	5,571	5,398
Total	$ 17,773	$ 16,262

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 97,704	$ 134,915
Less: Notes payable, current portion	(5,668)	(3,654)
Less: Unamortized debt issuance costs	(566)	(581)
Total long-term debt, net	91,470	130,680
JPM Credit Facility | State Farm Term Loan
Debt Instrument [Line Items]
Total debt	25,000	25,000
Notes payable
Debt Instrument [Line Items]
Total debt	6,464	6,875
Revolving Credit Facility | JPM Credit Facility | JPM Credit Facility
Debt Instrument [Line Items]
Total debt	36,997	77,258
Revolving Credit Facility | JPM Credit Facility | BAC Credit Facility
Debt Instrument [Line Items]
Total debt	$ 29,243	$ 25,782

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) letter_of_credit	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 91,470,000	$ 130,680,000
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	$ 6,500,000	6,900,000
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	$ 75,000,000
Debt, weighted average interest rate	6.81%			7.16%
Revolving Credit Facility | JPM Credit Facility | BAC Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 75,000,000
Borrowing base	$ 29,200,000
Annual extension term	1 year
Revolving Credit Facility | Foreign Line of Credit | JPM Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 40,000,000
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	1 Months Ended	3 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) consecutiveTradingDay $ / shares shares	Dec. 31, 2023 $ / shares
Class of Stock [Line Items]
Temporary equity, par value (in dollars per share) | $ / shares		$ 0.0001	$ 0.0001
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Number of shares issued in transaction (in shares) | shares	8,483,561
Temporary equity, par value (in dollars per share) | $ / shares	$ 0.0001
Sale of stock, consideration received per transaction | $	$ 80
Sale of stock, price per share ( in dollar per share) | $ / shares	$ 9.43
Payments of debt issuance costs | $	$ 0.8
Consideration received on transaction | $	$ 79.2
Preferred stock, redemption amount | $		$ 123.4
Preferred stock, dividend rate, percentage		7%
Convertible preferred stock Per-share purchase price (in dollars per shares) | $ / shares		$ 11.79
Conversion of stock, shares converted (in shares) | shares		0
Class A Common Stock
Class of Stock [Line Items]
Debt instrument, convertible, threshold trading days | consecutiveTradingDay		20
Debt instrument, convertible, threshold consecutive trading days | consecutiveTradingDay		30
Preferred stock, convertible, shares issuable (in shares) | shares		6,785,410
Class A Common Stock | On or after the Third and Prior to the Seventh Anniversary
Class of Stock [Line Items]
Convertible preferred stock, threshold percentage of stock price trigger		150%
Class A Common Stock | On or after the Seventh and Prior to the Tenth Anniversary
Class of Stock [Line Items]
Convertible preferred stock, threshold percentage of stock price trigger		100%

Convertible Preferred Stock - C

Convertible Preferred Stock - Change of Control, Fundamental Transaction and Optional Term Redemption (Details) - Series A Convertible Preferred Stock $ in Millions	3 Months Ended
	Mar. 31, 2024 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 Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Mar. 31, 2024 vote $ / shares shares	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Common stock, shares, outstanding (in shares)		340,154,703	340,087,700
Preferred stock, shares authorized (in shares)		20,000,000
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)		84,655,539	84,588,536
Common stock, shares, outstanding (in shares)		84,655,539	84,588,536
Class V Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		300,000,000	300,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.0001	$ 0.0001
Common stock, votes per share | vote		10
Common stock, shares, issued (in shares)		251,033,906	251,033,906
Common stock, shares, outstanding (in shares)		251,033,906	251,033,906
Common stock, conversion ratio		1
Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.0001
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)	8,483,561
Sale of stock, consideration received per transaction | $	$ 80
Sale of stock, price per share ( in dollar per share) | $ / shares	$ 9.43

Stockholders' Equity - Ownershi

Stockholders' Equity - Ownership (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Units owned (in shares)	340,154,703	340,087,700
Non-controlling Interest
Class of Stock [Line Items]
Units owned (in shares)	255,499,164	255,499,164
The Hagerty Group, LLC
Class of Stock [Line Items]
Ownership percentage by Hagerty, Inc	24.90%	24.90%
Percentage of total outstanding	75.10%	75.10%
Total ownership percentage	100%	100%
Class A Common Stock
Class of Stock [Line Items]
Units owned (in shares)	84,655,539	84,588,536
Common stock, shares, issued (in shares)	84,655,539	84,588,536

Earnings (Loss) Per Share - Ear

Earnings (Loss) Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Income (Loss) Available to Class A Common Stockholders
Net income (loss)	$ 8,199	$ (15,025)
Net (income) loss attributable to non-controlling interest	(9,550)	12,926
Accretion of Series A Convertible Preferred Stock	(1,838)	0
Class A Common Stock
Earnings (Loss) Per Share of Class A Common Stock, Basic
Net income (loss) available to Class A Common Stockholders, Basic	$ (3,189)	$ (2,099)
Weighted average shares of Class A Common Stock outstanding, basic (in shares)	84,656	83,227
Net income (loss) Per class A common stock, basic (in dollars per share)	$ (0.04)	$ (0.03)
Earnings (Loss) Per Share of Class A Common Stock, Diluted
Net income (loss) available to Class A Common Stockholders	$ (3,189)	$ (2,099)
Weighted-average shares of class A common stock outstanding (in shares)	84,656	83,227
Net income (loss) per class A common stock, diluted (in dollars per share)	$ (0.04)	$ (0.03)
Net Income (Loss) Available to Class A Common Stockholders
Net income (loss)	$ 8,199	$ (15,025)
Net (income) loss attributable to non-controlling interest	(9,550)	12,926
Accretion of Series A Convertible Preferred Stock	(1,838)	0
Undistributed earnings allocated to Series A Convertible Preferred Stock	0	0
Net income (loss) available to Class A Common Stockholders, Basic	(3,189)	(2,099)
Undistributed earnings allocated to Series A Convertible Preferred Stock	0	0
Adjustment for potentially dilutive units of The Hagerty Group	0	0
Adjustment for potentially dilutive Series A Convertible Preferred Stock	0	0
Adjustment for potentially dilutive share-based compensation awards	0	0
Adjustment for potentially dilutive warrant liabilities	0	0
Net income (loss) available to Class A Common Stockholders, Diluted	$ (3,189)	$ (2,099)
Weighted Average Shares of Class A Common Stock Outstanding
Weighted average shares of Class A Common Stock outstanding, basic (in shares)	84,656	83,227
Adjustment for potentially dilutive The Hagerty Group Units (in shares)	0	0
Adjustment for potentially dilutive Series A Convertible Preferred Stock ( in shares)	0	0
Adjustment for potentially dilutive share-based compensation awards (in shares)	0	0
Adjustment for potentially dilutive warrant liabilities (in shares)	0	0
Weighted-average shares of class A common stock outstanding, diluted (in shares)	84,656	83,227

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings (loss) per Class A Common Stock (in shares)	290,051	282,140
THG units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings (loss) per Class A Common Stock (in shares)	255,499	255,640
Series A Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings (loss) per Class A Common Stock (in shares)	6,785	0
Unvested shares associated with share-based compensation awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings (loss) per Class A Common Stock (in shares)	8,283	7,016
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings (loss) per Class A Common Stock (in shares)	19,484	19,484

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2021	Mar. 29, 2024
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		$ 700,000	$ 200,000
Granted (in dollars per share)		$ 7.80	$ 0
Unrecognized compensation cost		$ 27,400,000
Weighted average recognition period (in years)		3 years 4 months 17 days
Granted (in shares)		12,820
Vested (in shares)		67,003
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	3,707,136
Grant date fair value of performance restricted stock units	$ 19,200,000
Vested (in shares)		0
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)	$ 20
Number of consecutive days	60 days
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)	$ 25
Number of consecutive days	60 days
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)	$ 30
Number of consecutive days	60 days
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 | Minimum | 2024 Performance Restricted Stock Unit Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage					35%
Performance restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)	7 years
Performance restricted stock units | Maximum | 2024 Performance Restricted Stock Unit Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage					200%
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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 4,543	$ 4,113
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	0	165
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	3,828	3,233
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 715	$ 715

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Unit Activity (Details) - Restricted stock units - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock Units
Beginning balance (in shares)	4,678,032
Granted (in shares)	12,820
Vested (in shares)	(67,003)
Forfeited (in shares)	(74,709)
Ending balance (in shares)	4,549,140
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 9.88
Granted (in dollars per share)	7.80	$ 0
Vested (in dollars per share)	10.61
Forfeited (in dollars per share)	9.45
Ending balance (in dollars per share)	$ 9.87

Share-Based Compensation - Gran

Share-Based Compensation - Grant-date Fair Value of Performance Stock Units (Details) - Performance restricted stock units	3 Months Ended
	Mar. 31, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value per share (in dollars per share)	$ 5.19
Expected stock volatility	35%
Expected term (in years)	7 years
Risk-free interest rate	2.50%
Dividend yield	0%

Taxation - Narrative (Details)

Taxation - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Dec. 02, 2021
Income Tax Disclosure [Abstract]
Tax benefit distributions to noncontrolling interest holders, percent	85%
Excess tax basis	$ 144	$ 146
Valuation allowance	169.2	169.6
Tax benefit retained by parent, percent			15%
Tax receivable agreement, fair value	$ 0.6	$ 0.6

Taxation - Income Tax Rate Reco

Taxation - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Amount
Income tax expense (benefit) at statutory rate	$ 2,799	$ (2,385)
State taxes	23	(62)
Loss not subject to entity-level taxes	35	4,374
Foreign rate differential	(223)	(214)
Change in valuation allowance	1,002	1,566
Change in fair value of warrant liabilities	1,290	108
Permanent items	208	281
Other, net	(5)	0
Income tax expense	$ 5,129	$ 3,668
Percent
Income tax expense (benefit) at statutory rate	21%	21%
State taxes	0%	1%
Loss not subject to entity-level taxes	0%	(39.00%)
Foreign rate differential	(2.00%)	2%
Change in valuation allowance	8%	(14.00%)
Change in fair value of warrant liabilities	10%	(1.00%)
Permanent items	2%	(2.00%)
Other, net	0%	0%
Income tax expense	39%	(32.00%)

Related-Party Transactions - Eq

Related-Party Transactions - Equity Interests in Hagerty (Details) - Hagerty, Inc. - Affiliated Entity	Mar. 31, 2024 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 | THG units
Class of Stock [Line Items]
Equity interests in Hagerty (in shares)	75,000,000
Percentage of total outstanding	22%
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 | THG 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)			3 Months Ended		12 Months Ended
	Jan. 01, 2023	Dec. 31, 2022	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) state
Related Party Transaction [Line Items]
Contract liabilities			$ 48,165,000			$ 47,651,000
Restricted cash and cash equivalents			$ 595,601,000	$ 444,024,000
State Farm Term Loan | JPM Credit Facility
Related Party Transaction [Line Items]
Debt face amount							$ 25,000,000
Fixed rate							8%
Affiliated Entity | Reinsurance Agreement
Related Party Transaction [Line Items]
Reinsured risk, ceded, percentage			50%
Reinsured risk, percentage	100%	80%	80%	80%
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 | Evanston | Reinsurance Agreement
Related Party Transaction [Line Items]
Restricted cash and cash equivalents			$ 470,000,000			$ 517,200,000

Related-Party Transactions - Re

Related-Party Transactions - Reinsurance Agreement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Premiums receivable	$ 157,105		$ 137,525
Commissions receivable	14,877		79,115
Deferred acquisition costs, net	136,925		141,637
Other current assets	80,865		60,239
TOTAL ASSETS	1,570,248		1,588,212
Losses payable and provision for unpaid losses and loss adjustment expenses	204,075		198,508
Commissions payable	71,070		108,739
Unearned premiums	312,702		317,275
TOTAL LIABILITIES	1,064,755		1,094,867
Earned premium	151,619	$ 117,231
Ceding commissions, net	70,930	55,425
Losses and loss adjustment expenses	62,356	48,412
Total operating expenses	259,484	234,841
State Farm | Reinsurance Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Commissions receivable	2,316		1,963
Deferred acquisition costs, net	(4,159)		(3,898)
Other current assets	12,415		9,268
TOTAL ASSETS	10,572		7,333
Accounts payable, accrued expenses and other current liabilities	4,454		3,775
TOTAL LIABILITIES	4,454		3,775
Earned premium	3,953	0
Ceding commissions, net	2,055	0
Losses and loss adjustment expenses	2,791	0
Total operating expenses	4,846	0
Markel | Reinsurance Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Premiums receivable	154,680		134,376
Commissions receivable	562		630
Deferred acquisition costs, net	140,923		141,880
Other current assets	2,435		1,915
TOTAL ASSETS	298,600		278,801
Accounts payable, accrued expenses and other current liabilities	891		1,553
Losses payable and provision for unpaid losses and loss adjustment expenses	194,947		189,520
Commissions payable	70,050		107,286
Unearned premiums	305,258		307,504
TOTAL LIABILITIES	571,146		$ 605,863
Earned premium	156,120	113,362
Ceding commissions, net	72,363	53,758
Losses and loss adjustment expenses	65,155	46,655
Total operating expenses	$ 137,518	$ 100,413

Related-Party Transactions - Al

Related-Party Transactions - Alliance Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Commission revenue	$ 120,089	$ 101,121
Markel | Alliance Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Due to insurer	91,875		$ 75,922
Commission revenue	$ 83,669	$ 71,639
Markel | Alliance Agreement | Affiliated Entity | Due To Related Parties | Related Party Concentration Risk
Related Party Transaction [Line Items]
Percent of total	94%		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%	97%