Hagerty (HGTY) 10-Q 6 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 26, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	HGTY
Security Exchange Name	NYSE
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	Q2
Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		89,811,069
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUE:
Revenue	$ 155,613	$ 133,762	$ 275,702	$ 234,883
Earned premium	157,612	127,482	309,231	244,713
Total revenue	313,225	261,244	584,933	479,596
OPERATING EXPENSES:
Salaries and benefits	57,693	53,572	113,809	108,804
Ceding commissions, net	73,446	60,350	144,376	115,775
Losses and loss adjustment expenses	64,729	53,564	127,085	101,976
Sales expense	47,990	41,941	87,650	77,054
General and administrative	21,373	21,318	41,235	42,699
Depreciation and amortization	10,014	10,397	20,574	24,140
Restructuring, impairment and related charges, net	0	2,849	0	8,384
Gain related to divestiture	(87)	0	(87)	0
Total operating expenses	275,158	243,991	534,642	478,832
OPERATING INCOME	38,067	17,253	50,291	764
Change in fair value of warrant liabilities	(1,941)	(1,754)	(8,081)	(2,269)
Interest and other income (expense)	12,342	3,770	19,586	9,417
INCOME BEFORE INCOME TAX EXPENSE	48,468	19,269	61,796	7,912
Income tax expense	(5,811)	(3,730)	(10,940)	(7,398)
NET INCOME	42,657	15,539	50,856	514
Net income attributable to non-controlling interest	(32,279)	(13,134)	(41,829)	(208)
Accretion of Series A Convertible Preferred Stock	(1,839)	0	(3,677)	0
NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS	8,539	2,405	5,350	306
Class A Common Stock
OPERATING EXPENSES:
NET INCOME	42,657	15,539	50,856	514
Net income attributable to non-controlling interest	(32,279)	(13,134)	(41,829)	(208)
Accretion of Series A Convertible Preferred Stock	$ (1,839)	$ 0	$ (3,677)	$ 0
Earnings per share of Class A Common Stock:
Basic (in dollars per share)	$ 0.09	$ 0.03	$ 0.06	$ 0
Diluted (in dollars per share)	$ 0.09	$ 0.03	$ 0.06	$ 0
Weighted average shares of Class A Common Stock outstanding:
Basic (in shares)	85,687	84,371	85,171	83,820
Diluted (in shares)	85,687	85,563	86,072	84,424
Commission and fee revenue
REVENUE:
Revenue	$ 128,816	$ 110,187	$ 217,656	$ 184,799
Membership, marketplace and other revenue
REVENUE:
Revenue	$ 26,797	$ 23,575	$ 58,046	$ 50,084

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 42,657	$ 15,539	$ 50,856	$ 514
Other comprehensive income (loss), net of tax:
Change in net unrealized gain on available-for-sale investments	748	0	748	0
Foreign currency translation adjustments	(196)	1,110	(827)	1,347
Change in unrealized gain (loss) on interest rate swap	(2,271)	330	(2,234)	(148)
Other comprehensive income (loss)	(1,719)	1,440	(2,313)	1,199
Comprehensive income	40,938	16,979	48,543	1,713
Comprehensive income attributable to non-controlling interest	(30,991)	(14,220)	(40,095)	(1,112)
Accretion of Series A Convertible Preferred Stock	(1,839)	0	(3,677)	0
Comprehensive income attributable to Class A Common Stockholders	$ 8,108	$ 2,759	$ 4,771	$ 601

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 120,936	$ 108,326
Restricted cash and cash equivalents	194,586	615,950
Investments	65,444	10,946
Accounts receivable	88,365	71,530
Premiums receivable	221,788	137,525
Commissions receivable	17,719	79,115
Notes receivable	60,285	35,896
Deferred acquisition costs, net	159,307	141,637
Other current assets	84,371	49,293
Total current assets	1,012,801	1,250,218
Investments	404,799	5,526
Notes receivable	1,291	17,018
Property and equipment, net	19,899	20,764
Lease right-of-use assets	47,219	50,515
Intangible assets, net	82,838	91,924
Goodwill	114,165	114,214
Other long-term assets	46,619	38,033
TOTAL ASSETS	1,729,631	1,588,212
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	76,509	87,175
Losses payable and provision for unpaid losses and loss adjustment expenses	217,545	198,508
Commissions payable	101,100	108,739
Due to insurers	139,099	79,815
Advanced premiums	36,839	20,471
Unearned premiums	362,509	317,275
Contract liabilities	36,614	30,316
Total current liabilities	970,215	842,299
Long-term lease liabilities	46,689	50,459
Long-term debt, net	98,029	130,680
Warrant liabilities	42,099	34,018
Deferred tax liability	17,997	15,937
Contract liabilities	16,335	17,335
Other long-term liabilities	2,961	4,139
TOTAL LIABILITIES	1,194,325	1,094,867
Commitments and Contingencies (Note 22)	0	0
TEMPORARY EQUITY
Preferred stock, $0.0001 par value (20,000,000 shares authorized, 8,483,561 Series A Convertible Preferred Stock issued and outstanding as of June 30, 2024 and December 31, 2023)	80,913	82,836
STOCKHOLDERS' EQUITY
Additional paid-in capital	555,040	561,754
Accumulated earnings (deficit)	(459,968)	(468,995)
Accumulated other comprehensive income (loss)	(667)	(88)
Total stockholders' equity	94,438	92,704
Non-controlling interest	359,955	317,805
Total equity (Note 16)	454,393	410,509
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY	1,729,631	1,588,212
Class A Common Stock
STOCKHOLDERS' EQUITY
Common stock	8	8
Additional paid-in capital	1,200
Class V Common Stock
STOCKHOLDERS' EQUITY
Common stock	$ 25	$ 25

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 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)	341,070,926	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)	85,703,286	84,588,536
Common stock, shares, outstanding (in shares)	85,703,286	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 stocks Class A Common Stock	Common stocks Class V Common Stock	Additional Paid in Capital	Accumulated Earnings (Deficit)	Accumulated Other Comprehensive Income/(Loss)	Non-controlling Interest
Temporary equity, beginning balance (in shares) at Dec. 31, 2022					0
Temporary equity, beginning balance at Dec. 31, 2022					$ 0
Temporary Equity
Issuance of Series A Convertible Preferred Stock, net of issuance costs (in shares)					8,484,000
Issuance of Series A Preferred Convertible Stock, net of issuance costs					$ 79,159
Temporary equity, ending balance (in shares) at Jun. 30, 2023					8,484,000
Temporary equity, ending balance at Jun. 30, 2023					$ 79,159
Beginning balance (in shares) at Dec. 31, 2022						83,203,000	251,034,000
Beginning balance at Dec. 31, 2022	$ 367,369			$ 59,252		$ 8	$ 25	$ 549,034	$ (489,602)	$ (213)	$ 308,117
Stockholders' Equity
Net income	514	$ 514		306					306		208
Other comprehensive income (loss)	1,199			296						296	903
Issuance of shares under employee plans, net of shares withheld for employee taxes (in shares)						943,000
Issuance of shares under employee plans, net of shares withheld for employee taxes	906			906				906
Stock-based compensation	8,222			8,222				8,222			0
Conversion of Hagerty Group Units to Class A Common Stock (in shares)						260,000
Conversion of THG units to Class A Common Stock	0			2,311				2,311			(2,311)
Non-controlling interest issued capital	600			0							600
Reallocation between controlling and non-controlling interest	0			(3,878)				(3,878)			3,878
Ending balance (in shares) at Jun. 30, 2023						84,406,000	251,034,000
Ending balance at Jun. 30, 2023	378,810			67,415		$ 8	$ 25	556,595	(489,296)	83	311,395
Temporary equity, beginning balance (in shares) at Mar. 31, 2023					0
Temporary equity, beginning balance at Mar. 31, 2023					$ 0
Temporary Equity
Issuance of Series A Convertible Preferred Stock, net of issuance costs (in shares)					8,484,000
Issuance of Series A Preferred Convertible Stock, net of issuance costs					$ 79,159
Temporary equity, ending balance (in shares) at Jun. 30, 2023					8,484,000
Temporary equity, ending balance at Jun. 30, 2023					$ 79,159
Beginning balance (in shares) at Mar. 31, 2023						83,339,000	251,034,000
Beginning balance at Mar. 31, 2023	356,716			62,109		$ 8	$ 25	554,049	(491,701)	(272)	294,607
Stockholders' Equity
Net income	15,539	$ 15,539		2,405					2,405		13,134
Other comprehensive income (loss)	1,440			355						355	1,085
Issuance of shares under employee plans, net of shares withheld for employee taxes (in shares)						926,000
Issuance of shares under employee plans, net of shares withheld for employee taxes	906			906				906
Stock-based compensation	4,109			4,109				4,109			0
Conversion of Hagerty Group Units to Class A Common Stock (in shares)						141,000
Conversion of THG units to Class A Common Stock	0			1,266				1,266			(1,266)
Non-controlling interest issued capital	100										100
Reallocation between controlling and non-controlling interest	0			(3,735)				(3,735)			3,735
Ending balance (in shares) at Jun. 30, 2023						84,406,000	251,034,000
Ending balance at Jun. 30, 2023	$ 378,810			67,415		$ 8	$ 25	556,595	(489,296)	83	$ 311,395
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					3,677
Dividends related to Series A Preferred Stock					$ (5,600)
Temporary equity, ending balance (in shares) at Jun. 30, 2024	8,483,561				8,484,000
Temporary equity, ending balance at Jun. 30, 2024	$ 80,913				$ 80,913
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
Beginning balance at Dec. 31, 2023	$ 410,509			92,704		$ 8	$ 25	561,754	(468,995)	(88)	$ 317,805
Stockholders' Equity
Net income	50,856	$ 50,856		9,027					9,027		41,829
Accretion of Series A Preferred Stock	(3,677)			(3,677)				(3,677)
Other comprehensive income (loss)	(2,313)			(579)						(579)	(1,734)
Issuance of shares under employee plans, net of shares withheld for employee taxes (in shares)						983,000
Issuance of shares under employee plans, net of shares withheld for employee taxes	(4,588)			(4,588)				(4,588)
Stock-based compensation	8,926			8,926				8,926
Conversion of Hagerty Group Units to Class A Common Stock (in shares)						131,000
Conversion of THG units to Class A Common Stock	0			1,172				1,172			(1,172)
Distributions paid to non-controlling interest unit holders	(5,320)										(5,320)
Reallocation between controlling and non-controlling interest	$ 0			(8,547)				(8,547)			$ 8,547
Ending balance (in shares) at Jun. 30, 2024	341,070,926	85,703,286	251,033,906			85,703,000	251,034,000				255,367,640
Ending balance at Jun. 30, 2024	$ 454,393			94,438		$ 8	$ 25	555,040	(459,968)	(667)	$ 359,955
Temporary equity, beginning balance (in shares) at Mar. 31, 2024					8,484,000
Temporary equity, beginning balance at Mar. 31, 2024					$ 84,674
Temporary Equity
Accretion of Series A Preferred Stock					1,839
Dividends related to Series A Preferred Stock					$ (5,600)
Temporary equity, ending balance (in shares) at Jun. 30, 2024	8,483,561				8,484,000
Temporary equity, ending balance at Jun. 30, 2024	$ 80,913				$ 80,913
Beginning balance (in shares) at Mar. 31, 2024						84,656,000	251,034,000
Beginning balance at Mar. 31, 2024	420,819			93,533		$ 8	$ 25	564,082	(470,346)	(236)	327,286
Stockholders' Equity
Net income	42,657	$ 42,657		10,378					10,378		32,279
Accretion of Series A Preferred Stock	(1,839)			(1,839)				(1,839)
Other comprehensive income (loss)	(1,719)			(431)						(431)	(1,288)
Issuance of shares under employee plans, net of shares withheld for employee taxes (in shares)						916,000
Issuance of shares under employee plans, net of shares withheld for employee taxes	(4,588)			(4,588)				(4,588)
Stock-based compensation	4,383			4,383				4,383
Conversion of Hagerty Group Units to Class A Common Stock (in shares)						131,000
Conversion of THG units to Class A Common Stock	0			1,172				1,172	0		(1,172)
Distributions paid to non-controlling interest unit holders	(5,320)										(5,320)
Reallocation between controlling and non-controlling interest	$ 0			(8,170)				(8,170)			$ 8,170
Ending balance (in shares) at Jun. 30, 2024	341,070,926	85,703,286	251,033,906			85,703,000	251,034,000				255,367,640
Ending balance at Jun. 30, 2024	$ 454,393			$ 94,438		$ 8	$ 25	$ 555,040	$ (459,968)	$ (667)	$ 359,955

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES:
Net income	$ 50,856	$ 514
Adjustments to reconcile net income to net cash from operating activities:
Change in fair value of warrant liabilities	8,081	2,269
Depreciation and amortization	20,574	24,140
Provision for deferred taxes	1,984	3,480
Share-based compensation expense	8,926	8,222
Non-cash lease expense	4,038	6,300
Other	(5)	3,433
Changes in operating assets and liabilities:
Accounts, premiums and commission receivable	(39,306)	(93,549)
Deferred acquisition costs, net	(17,670)	(32,756)
Losses payable and provision for unpaid losses and loss adjustment expenses	19,037	4,876
Commissions payable	(7,639)	24,664
Due to insurers	59,470	60,174
Advanced premiums	16,399	17,043
Unearned premiums	45,234	68,123
Operating lease liabilities	(4,531)	(5,960)
Other assets and liabilities, net	(43,193)	(20,416)
Net Cash Provided by Operating Activities	122,255	70,557
INVESTING ACTIVITIES:
Capital expenditures	(11,936)	(16,251)
Acquisitions, net of cash acquired	(3,843)	(7,084)
Issuance of notes receivable	(32,136)	(11,015)
Collection of notes receivable	19,354	6,235
Purchases of fixed maturity securities	(455,766)	(6,172)
Proceeds from sales of fixed maturity securities	7,570	0
Proceeds from maturities of fixed maturity securities	5,596	2,964
Purchases of equity securities	(9,407)	0
Other investing activities	631	22
Net Cash Used in Investing Activities	(479,937)	(31,301)
FINANCING ACTIVITIES:
Payments on long-term debt	(60,757)	(99,250)
Proceeds from long-term debt, net of issuance costs	25,482	71,590
Proceeds from issuance of Series A Preferred Stock, net of issuance costs	0	79,159
Contribution from non-controlling interest	0	600
Distributions paid to non-controlling interest unit holders	(5,320)	0
Payment of Series A Preferred Stock dividends	(5,600)	0
Funding of employee tax obligations upon vesting of share-based payments	(4,588)	0
Proceeds from issuance of Class A Common Stock under employee stock purchase plan	0	906
Net Cash Provided by (Used in) Financing Activities	(50,783)	53,005
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	(289)	909
Change in cash and cash equivalents and restricted cash and cash equivalents	(408,754)	93,170
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	$ 315,522	$ 632,361

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 June 30, 2024 and December 31, 2023, Hagerty, Inc. had economic ownership of 25.1% and 24.9%, respectively, 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, 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 14 — 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 5 — Notes Receivable and Note 14 — Long-Term Debt for additional information. The following table presents the assets and liabilities of the Company's consolidated variable interest entities as of June 30, 2024 and December 31, 2023: June 30, December 31, 2024 2023 ASSETS in thousands Cash and cash equivalents $ 842 $ 83 Restricted cash and cash equivalents 6,712 961 Accounts receivable — 190 Notes receivable 47,597 30,125 Other assets 2,514 2,900 TOTAL ASSETS $ 57,665 $ 34,259 LIABILITIES Accounts payable, accrued expenses and other current liabilities $ 2,094 $ 1,881 Long-term debt, net 41,466 25,782 TOTAL LIABILITIES $ 43,560 $ 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 June 30, 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. Further, in conjunction with Hagerty Re's investment diversification in the second quarter of 2024, prior period fixed maturity investment balances have been reclassified from "Other current assets" and "Other long-term assets" to "Investments" on the Condensed Consolidated Balance Sheets to conform to the current year presentation. Refer to Note 3 — Investments for additional information related to the Company's investment portfolio. These reclassifications had no effect on the Company's previously reported operating income, net income, earnings per share, cash flows or retained earnings. 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 11); (ii) the valuation of the Company's deferred income tax assets (see Note 20); (iii) the amount of the liability associated with the Tax Receivable Agreement ("TRA") (see Note 20); (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 10); and (vi) the fair value of the Company's warrant liabilities (see Note 4 and Note 17). 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)" on the Condensed Consolidated Balance Sheets. Foreign currency transaction gains and losses are recorded within "Interest and other income (expense)" in the Condensed Consolidated Statements of Operations. Investments — Fixed maturity securities are classified as available-for-sale and recorded on the Condensed Consolidated Balance Sheets at their fair value, with those having maturity dates within one year of the balance sheet date classified within "Current Assets". On a quarterly basis, fixed maturity securities with unrealized losses are reviewed to determine whether the decline in fair value is attributable to a material credit loss. If a material credit loss is noted, an allowance is established and the credit loss is recorded in the Condensed Consolidated Statements of Operations. Unrealized gains and losses on fixed maturity securities are recorded within "Change in net unrealized gain on available-for-sale investments", a component of "Accumulated other comprehensive income (loss)" on the Condensed Consolidated Balance Sheets. Realized investment gains or losses from sales of available-for-sale investments are recorded within "Interest and other income (expense)" in the Condensed Consolidated Statements of Operations. Interest on fixed maturity securities is recorded within "Interest and other income (expense)" in the Condensed Consolidated Statements of Operations. Premiums and discounts are amortized or accreted, respectively, over the lives of the related fixed maturity securities as an adjustment to the yield using the effective interest method. Equity securities are recorded on the Condensed Consolidated Balance Sheets at their fair value and are classified within "Current Assets". Dividend income, as well as realized and unrealized gains and losses on equity securities are recorded within "Interest and other income (expense)" in the Condensed Consolidated Statements of Operations. Refer to Note 3 — Investments and Note 4 — Fair Value Measurements for additional information regarding the Company's investment portfolio. Supplemental Cash Flow Information — The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as of June 30, 2024 and 2023: June 30, 2024 2023 in thousands Cash and cash equivalents $ 120,936 $ 114,252 Restricted cash and cash equivalents 194,586 518,109 Total cash and cash equivalents and restricted cash and cash equivalents $ 315,522 $ 632,361 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 six months ended June 30, 2024 and 2023: Six months ended June 30, 2024 2023 NON-CASH INVESTING ACTIVITIES: in thousands Issuance of notes receivable (1) $ 2,474 $ 4,054 Collection of notes receivable (1) $ 6,478 $ 3,871 Capital expenditures $ 212 $ 212 Acquisitions $ — $ 1,742 CASH PAID FOR: Interest $ 3,454 $ 3,312 Income taxes $ 15,800 $ 6,500 (1) In certain situations, BAC makes loans to refinance accounts receivable balances generated by Broad Arrow Group, Inc. ("Broad Arrow") auction or private sale purchases. These loans are accounted for on the Condensed Consolidated Balance Sheets as non-cash reclassifications between "Accounts receivable" and "Notes receivable" and are 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. The issuance of Class A Common Stock resulting from the vesting of restricted stock units is a non-cash financing activity. Refer to Note 18 — 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. ASU No. 2023-09 is effective 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 disclosures 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

Revenue

Revenue	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 and six months ended June 30, 2024 compared to the three and six months ended June 30, 2023. Three months ended June 30, 2024 Agent Direct Total in thousands Commission and fee revenue $ 62,833 $ 53,272 $ 116,105 Contingent commission revenue 6,856 5,855 12,711 Membership revenue — 14,133 14,133 Marketplace and other revenue — 12,664 12,664 Total revenue from customer contracts 69,689 85,924 155,613 Earned premium 157,612 Total revenue $ 313,225 Three months ended June 30, 2023 Agent Direct Total in thousands Commission and fee revenue $ 46,972 $ 40,702 $ 87,674 Contingent commission revenue 12,242 10,271 22,513 Membership revenue — 13,146 13,146 Marketplace and other revenue — 10,429 10,429 Total revenue from customer contracts 59,214 74,548 133,762 Earned premium 127,482 Total revenue $ 261,244 Six months ended June 30, 2024 Agent Direct Total in thousands Commission and fee revenue $ 106,880 $ 88,991 $ 195,871 Contingent commission revenue 11,872 9,913 21,785 Membership revenue — 27,585 27,585 Marketplace and other revenue — 30,461 30,461 Total revenue from customer contracts 118,752 156,950 275,702 Earned premium 309,231 Total revenue $ 584,933 Six months ended June 30, 2023 Agent Direct Total in thousands Commission and fee revenue $ 78,659 $ 66,841 $ 145,500 Contingent commission revenue 21,681 17,618 39,299 Membership revenue — 25,693 25,693 Marketplace and other revenue — 24,391 24,391 Total revenue from customer contracts 100,340 134,543 234,883 Earned premium 244,713 Total revenue $ 479,596 The following tables present Hagerty's revenue disaggregated by geographic area, as well as a reconciliation to total revenue for the three months ended June 30, 2024 and 2023: Three months ended June 30, 2024 U.S. Canada Europe Total in thousands Commission and fee revenue $ 104,909 $ 9,309 $ 1,887 $ 116,105 Contingent commission revenue 12,663 — 48 12,711 Membership revenue 13,204 929 — 14,133 Marketplace and other revenue 11,305 363 996 12,664 Total revenue from customer contracts 142,081 10,601 2,931 155,613 Earned premium 157,612 Total revenue $ 313,225 Three months ended June 30, 2023 U.S. Canada Europe Total in thousands Commission and fee revenue $ 77,611 $ 8,587 $ 1,476 $ 87,674 Contingent commission revenue 22,478 — 35 22,513 Membership revenue 12,254 892 — 13,146 Marketplace and other revenue 9,061 348 1,020 10,429 Total revenue from customer contracts 121,404 9,827 2,531 133,762 Earned premium 127,482 Total revenue $ 261,244 The following tables present Hagerty's revenue disaggregated by geographic area, as well as a reconciliation to total revenue for the six months ended June 30, 2024 and 2023: Six months ended June 30, 2024 U.S. Canada Europe Total in thousands Commission and fee revenue $ 180,925 $ 11,926 $ 3,020 $ 195,871 Contingent commission revenue 21,691 — 94 21,785 Membership revenue 25,748 1,837 — 27,585 Marketplace and other revenue 27,682 1,025 1,754 30,461 Total revenue from customer contracts 256,046 14,788 4,868 275,702 Earned premium 309,231 Total revenue $ 584,933 Six months ended June 30, 2023 U.S. Canada Europe Total in thousands Commission and fee revenue $ 132,208 $ 10,957 $ 2,335 $ 145,500 Contingent commission revenue 39,230 — 69 39,299 Membership revenue 23,923 1,770 — 25,693 Marketplace and other revenue 22,587 512 1,292 24,391 Total revenue from customer contracts 217,948 13,239 3,696 234,883 Earned premium 244,713 Total revenue $ 479,596 Refer to Note 12 — 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 June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 in thousands Contract assets $ 11,789 $ 75,891 Contract liabilities $ 52,949 $ 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 21 — Related-Party Transactions for additional information regarding the Company's master alliance agreement with State Farm.

Investments

Investments	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	3 — Investments During the second quarter of 2024, Hagerty Re diversified its investment portfolio in accordance with an investment policy approved by its board of directors, purchasing investment-grade fixed maturity securities and, to a much lesser extent, equity securities, with the fixed maturity securities classified as available-for-sale. As of June 30, 2024, all fixed maturity securities had an investment grade rating from at least one nationally recognized rating organization. Hagerty Re also holds fixed maturity securities consisting of Canadian Sovereign, Provincial, and Municipal bonds. Prior to the second quarter of 2024, these investments were classified as held-to-maturity because Hagerty Re had the intent and ability to hold the investments to maturity. However, in the second quarter of 2024, these investments were reclassified as available-for-sale because management now intends to opportunistically sell bonds from this portfolio in connection with the diversification of Hagerty Re's investment portfolio. As a result of this reclassification, the Company recognized an unrealized loss of $0.2 million in the Condensed Consolidated Statements of Comprehensive Income in the second quarter of 2024. Hagerty Re's investments are held in trust accounts for the benefit of the ceding insurers as security for Hagerty Re's obligations for losses, loss expenses, unearned premium and profit-sharing commissions. June 30, December 31, 2024 2023 in thousands Investments held in trust $ 470,243 $ 16,472 Available-for-sale investments The following table summarizes the Company's available-for-sale investments as of June 30, 2024: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Fixed maturity securities: in thousands Corporate $ 186,266 $ 323 $ (255) $ 186,334 U.S. Treasury 103,243 141 (47) 103,337 States and municipalities 38,112 481 (8) 38,585 Foreign 16,658 8 (118) 16,548 Asset-backed securities 22,651 154 (8) 22,797 Mortgage-backed securities 92,503 382 (102) 92,783 Total fixed maturity securities $ 459,433 $ 1,489 $ (538) $ 460,384 On a quarterly basis, fixed maturity securities with unrealized losses are reviewed to determine whether the decline in fair value is attributable to a material credit loss. As of June 30, 2024, no credit loss allowance was recorded and all unrealized losses on available-for-sale fixed maturity securities were in such position for less than one year. It is management's intent to hold these investments to recovery, or maturity, if necessary, to recover the decline in valuation as prices accrete to par. The following table summarizes the contractual maturities of the Company's available-for-sale investments as of June 30, 2024: Amortized Cost Estimated Fair Value in thousands Due in one year or less $ 55,706 $ 55,585 Due after one year through five years 222,100 222,227 Due after five years through ten years 52,823 53,217 Due after ten years 13,650 13,775 Mortgage-backed and asset-backed securities 115,154 115,580 Total fixed maturity securities $ 459,433 $ 460,384 Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Held-to-maturity investments The following table summarizes the fair value and related carrying amount of the Company's held-to-maturity investments as of December 31, 2023: Carrying Amount Estimated Fair Value in thousands Short-term $ 10,946 $ 10,864 Long-term 5,526 5,398 Total $ 16,472 $ 16,262 Net investment income The following table presents the components of net investment income for the three and six months ended June 30, 2024 and 2023: Three months ended Six months ended 2024 2023 2024 2023 Interest income: in thousands Cash and cash equivalents and restricted cash and cash equivalents $ 7,561 $ 5,951 $ 16,640 $ 10,906 Fixed maturity securities 3,648 113 3,794 223 Total interest income 11,209 6,064 20,434 11,129 Dividends on equity securities 24 — 24 — Gross investment income 11,233 6,064 20,458 11,129 Investment expenses (122) — (122) — Net investment income $ 11,111 $ 6,064 $ 20,336 $ 11,129 Net realized and unrealized gains (losses) on investments The table below presents the components of pre-tax net investment gains (losses) included in Net Income on the Condensed Consolidated Statements of Operations and the pre-tax change in net unrealized gains (losses) included in the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024. The gross amounts of realized investment gains and losses on fixed maturity securities were not material to the Condensed Consolidated Financial Statements and are presented on a net basis in the table below. Three and six months ended June 30, 2024 Fixed maturity securities: in thousands Net realized investment gains (losses) $ (31) Equity securities: Total change in fair value of equity securities 478 Net investment gains (losses) $ 447 Change in net unrealized gains (losses) on available-for-sale investments included in Other comprehensive income (loss): Fixed maturity securities $ (951)

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	4 — Fair Value Measurements As of June 30, 2024, the Company's recurring significant fair value measurements relate to its investments in fixed maturity securities and equity securities, as well as its warrant liabilities. Fair value measurements are classified 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 are available in active markets for identical assets or liabilities as of the reporting 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 — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date for substantially the full term of the asset or liability. • Level 3 — Pricing inputs are unobservable, but management believes that such inputs 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. As of June 30, 2024 and December 31, 2023, there were no transfers between levels. Investments Fixed maturity securities are classified as Level 2 fair value measurements and equity securities are classified as Level 1. The fair value of these investments is determined after considering various sources of information, including information provided by a third-party pricing service, which provides prices for substantially all of the Company's fixed maturity securities and equity securities. In determining fair value, the Company generally does not adjust the prices obtained from the pricing service. The Company obtains an understanding of the pricing service's valuation methodologies and related inputs, which include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers, duration, credit ratings, estimated cash flows and prepayment speeds. Refer to Note 3 — Investments for additional information related to the Company's investment portfolio. Interest rate swap In December 2020, the Company entered into an interest rate swap with an original notional amount of $35.0 million, a fixed swap rate of 0.81%, and a maturity date in December 2025. The interest rate swap was designated as a cash flow hedge and the Company formally documented the relationship between the interest rate swap and its variable rate borrowings, as well as its risk management objective and strategy for undertaking the hedge transaction. The Company also assessed whether the interest rate swap was highly effective in offsetting variability in the cash flows of its variable rate borrowings. The hedge was deemed effective at inception and on an ongoing basis; therefore, any changes in fair value were recorded within "Change in unrealized gain (loss) on interest rate swap" in the Condensed Consolidated Statements of Comprehensive Income. The differential paid or received on the interest rate swap agreement was recognized as an adjustment to interest expense within "Interest and other income (expense)" in the Condensed Consolidated Statements of Operations. As of December 31, 2023, the interest rate swap was in an asset position and had a fair value of $2.2 million, which was recorded within "Other long-term assets" on the Condensed Consolidated Balance Sheets. Interest rate swaps are classified as 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. In the second quarter of 2024, the Company reduced its borrowings under the JPM Credit Facility (as defined below) below the $35.0 million notional amount of the interest rate swap and, as a result, the interest rate swap was settled prior to its maturity date. In connection with the settlement of the interest rate swap, the Company received $2.3 million in cash proceeds and recognized a $2.3 million gain in the second quarter of 2024 within "Interest and other income (expense)" in the Condensed Consolidated Statements of Operations with a corresponding amount reclassified from Accumulated other comprehensive income (loss). Warrant liabilities The Company's Public Warrants are classified as Level 1 within the fair value hierarchy as they are measured utilizing quoted market prices. The Company's Private Warrants, Underwriter Warrants, OTM Warrants (together with the Private Warrants and Underwriter Warrants, the "Private Placement Warrants"), and PIPE Warrants are classified as Level 3 within the fair value hierarchy. The Company utilizes a Monte Carlo simulation model to measure the fair value of the Level 3 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 Level 3 warrant liabilities as of June 30, 2024: Inputs Private Warrants Underwriter Warrants OTM Warrants PIPE Warrants Exercise price $11.50 $11.50 $15.00 $11.50 Common stock price $10.40 $10.40 $10.40 $10.40 Volatility 33.3% 33.3% 35.0% 33.3% Expected term of the warrants 2.42 2.42 7.43 2.42 Risk-free rate 4.60% 4.60% 4.30% 4.60% Dividend yield —% —% —% —% The Company estimates the volatility of its common stock based on factors including, but not limited to, the 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. Summary of assets and liabilities measured at fair value The fair value of the Company's financial assets and liabilities measured at fair value as of June 30, 2024 and December 31, 2023 are shown in the tables below. Estimated Fair Value as of June 30, 2024 Total Level 1 Level 2 Level 3 in thousands Financial Assets Investments: Corporate $ 186,334 $ — $ 186,334 $ — U.S. Treasury 103,337 — 103,337 — States and municipalities 38,585 — 38,585 — Foreign 16,548 — 16,548 — Asset-backed securities 22,797 — 22,797 — Mortgage-backed securities 92,783 — 92,783 — Common stocks 9,859 9,859 — — Total $ 470,243 $ 9,859 $ 460,384 $ — Financial Liabilities Public Warrants $ 11,788 $ 11,788 $ — $ — Private Warrants 557 — — 557 Underwriter Warrants 62 — — 62 OTM Warrants 4,677 — — 4,677 PIPE Warrants 25,015 — — 25,015 Total $ 42,099 $ 11,788 $ — $ 30,311 Estimated Fair Value as of December 31, 2023 Total Level 1 Level 2 Level 3 in thousands Financial Assets Fixed maturity securities, held to maturity: Foreign $ 16,472 $ — $ 16,472 $ — Interest rate swap 2,234 — 2,234 — Total $ 18,706 $ — $ 18,706 $ — Financial Liabilities Public Warrants $ 9,488 $ 9,488 $ — $ — Private 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 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 six months ended June 30, 2024 and 2023: Private 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 81 9 696 4,995 5,781 Balance at June 30, 2024 $ 557 $ 62 $ 4,677 $ 25,015 $ 30,311 Balance at December 31, 2022 $ 673 $ 75 $ 4,706 $ 27,227 $ 32,681 Change in fair value of warrant liabilities 16 2 231 1,388 1,637 Balance at June 30, 2023 $ 689 $ 77 $ 4,937 $ 28,615 $ 34,318

Notes Receivable

Notes Receivable	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Notes Receivable	5 — 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. The loans underwritten by BAC are recorded on the Condensed Consolidated Balance Sheets within "Notes receivable". 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 variable interest rates associated with most loans. 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 14 — 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 June 30, 2024, BAC's net notes receivable balance was $61.6 million, of which $60.3 million was classified within current assets and $1.3 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 June 30, 2024 and December 31, 2023: June 30, December 31, 2024 2023 in thousands Secured loans $ 61,576 $ 52,914 Estimate of collateral value $ 115,571 $ 108,496 Aggregate LTV ratio 53.3 % 48.8 % As of June 30, 2024, three borrowers had loan balances that exceeded 10% of the total loan portfolio. These loans total $32.3 million, representing 52% of the total loan portfolio. The collateral related to these loans was $62.8 million, resulting in an aggregate LTV ratio of 51%. 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 June 30, 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 June 30, 2024 and December 31, 2023, the balance of non-accrual loans was not material.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	6 — Other Assets As of June 30, 2024 and December 31, 2023, other assets, current and long-term, consisted of: June 30, 2024 December 31, 2023 in thousands Prepaid SaaS implementation costs $ 32,169 $ 21,941 Prepaid sales, general and administrative expenses 20,421 21,300 Deferred reinsurance premiums ceded (1) 22,886 10,474 Contract costs 9,826 8,851 Reinsurance recoverable 7,639 2,783 Inventory (2) 13,943 5,038 Deferred financing costs 4,418 5,053 Accrued investment income 3,787 104 Consignor advances (3) 3,801 — Other 12,100 11,782 Other assets $ 130,990 $ 87,326 (1) Deferred reinsurance premiums ceded consists of the unearned portion of premiums ceded by Hagerty Re to various reinsurers. Refer to Note 12 — 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. (3) Broad Arrow makes consignor advances secured by collector cars that are contractually committed, in the near term, to be offered for sale at a Broad Arrow auction. Consignor advances allow the seller to receive funds upon consignment for an auction sale that will occur up to six months in the future and have short-term contractual maturities. As of June 30, 2024, Other primarily included $5.0 million of other investments, $2.5 million of collector vehicle investments, and $2.4 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	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	7 — Leases The following table summarizes the components of the Company's operating lease expense for the three and six months ended June 30, 2024 and 2023: Three months ended Six months ended 2024 2023 2024 2023 in thousands Operating lease expense (1) $ 1,841 $ 3,153 $ 4,038 $ 6,300 Short-term lease expense (1) 21 147 70 216 Variable lease expense (1) (2) 1,283 842 1,900 1,649 Sublease revenue (3) (353) (134) (656) (197) Lease cost, net $ 2,792 $ 4,008 $ 5,352 $ 7,968 (1) Classified within "General and administrative" 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 June 30, 2024 and December 31, 2023: June 30, December 31, 2024 2023 in thousands Operating lease ROU assets $ 47,219 $ 50,515 Current lease liabilities (1) 6,460 6,500 Long-term lease liabilities 46,689 50,459 Total operating lease liabilities $ 53,149 $ 56,959 June 30, December 31, 2024 2023 in thousands ROU assets obtained in exchange for new operating lease liabilities $ 892 $ 632 Weighted average lease term 8.64 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 June 30, 2024: in thousands 2024 $ 4,462 2025 8,791 2026 8,126 2027 7,809 2028 7,830 Thereafter 28,842 Total lease payments 65,860 Less: imputed interest (12,711) Total lease liabilities $ 53,149

Pending Acquisition

Pending Acquisition	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Pending Acquisition	8 — Pending 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 third quarter of 2024.

Divestitures

Divestitures	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Divestitures	9 — Divestitures

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	10 — Intangible Assets The cost and accumulated amortization of intangible assets as of June 30, 2024 and December 31, 2023 are as follows: Weighted Average Useful Life June 30, December 31, 2024 2023 in thousands Renewal rights 10.0 $ 19,934 $ 20,226 Internally developed software 3.3 129,894 126,972 Trade names and trademarks 14.1 12,061 12,541 Relationships and customer lists 15.4 7,994 8,876 Other 4.2 1,089 1,445 Intangible assets 170,972 170,060 Less: accumulated amortization (88,134) (78,136) Intangible assets, net $ 82,838 $ 91,924 Intangible asset amortization expense was $6.9 million and $7.0 million for the three months ended June 30, 2024 and 2023, respectively, and $14.3 million and $13.8 million for the six months ended June 30, 2024 and 2023, respectively. Estimated future aggregate amortization expense related to intangible assets as of June 30, 2024 is as follows: in thousands 2024 $ 12,847 2025 22,144 2026 15,353 2027 11,425 2028 7,592 Thereafter 13,477 Total $ 82,838

Provision for Unpaid Losses and

Provision for Unpaid Losses and Loss Adjustment Expenses	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Provision for Unpaid Losses and Loss Adjustment Expenses	11 — 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: Six months ended June 30, 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 127,085 101,976 Prior accident year — — Total incurred losses and loss adjustment expenses 127,085 101,976 Payments: Current accident year 11,409 8,639 Prior accident year 40,376 32,744 Total payments 51,785 41,383 Effect of foreign currency rate changes (113) 104 Net reserves for unpaid losses and loss adjustment expenses, end of period 209,459 171,595 Reinsurance recoverable on unpaid losses and loss adjustment expenses 7,624 538 Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 217,083 $ 172,133 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	6 Months Ended
	Jun. 30, 2024
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Reinsurance	12 — Reinsurance The following table presents Hagerty Re's total premiums assumed and ceded on a written and earned basis for the three and six months ended June 30, 2024 and 2023: Three months ended Six months ended 2024 2023 2024 2023 in thousands Premiums: Assumed $ 217,907 $ 188,456 $ 375,021 $ 320,643 Ceded (10,143) (8,541) (32,969) (22,269) Net $ 207,764 $ 179,915 $ 342,052 $ 298,374 Premiums earned: Assumed $ 168,100 $ 132,123 $ 329,787 $ 252,520 Ceded (10,488) (4,641) (20,556) (7,807) Net $ 157,612 $ 127,482 $ 309,231 $ 244,713 The following table presents gross, ceded, and net losses and loss adjustment expenses incurred for the three and six months ended June 30, 2024 and 2023: Three months ended Six months ended 2024 2023 2024 2023 in thousands Gross losses and loss adjustment expenses $ 66,394 $ 53,365 $ 134,136 $ 101,777 Ceded losses and loss adjustment expenses (1,665) 199 (7,051) 199 Net losses and loss adjustment expenses $ 64,729 $ 53,564 $ 127,085 $ 101,976 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 21 — 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	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring, Impairment and Related Charges	13 — Restructuring, Impairment and Related Charges In the first quarter of 2023, the Company's board of directors (the "Board") 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. In the second quarter of 2023, the Company recognized $2.8 million of "Restructuring, impairment and related charges, net". These charges consisted of $2.6 million of impairment and related charges associated with operating lease ROU assets and leasehold improvements for office space that was vacated and listed for sublease in the period as a result of the Company's continuing transition to a "remote first" work model. The amount recognized in the second quarter of 2023 also included $0.2 million of additional severance related costs associated with the 2023 RIF. As of December 31, 2023, all liabilities associated with the 2023 RIF were settled.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	14 — Long-Term Debt As of June 30, 2024 and December 31, 2023, "Long-term debt, net" consisted of the following: June 30, December 31, Maturity 2024 2023 in thousands JPM Credit Facility October 2026 $ 31,318 $ 77,258 BAC Credit Facility December 2026 41,466 25,782 State Farm Term Loan September 2033 25,000 25,000 Notes payable 2024-2025 1,998 6,875 Total debt 99,782 134,915 Less: Notes payable, current portion (1,201) (3,654) Less: Unamortized debt issuance costs (552) (581) Total long-term debt, net $ 98,029 $ 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 "). In May 2024, THG entered into an eleventh amendment to the JPM Credit Agreement to add Wells Fargo Bank, National Association ("Wells Fargo") as a new lender under the JPM Credit Agreement and provide for an additional incremental revolving commitment of $75.0 million provided by Wells Fargo. The JPM Credit Agreement provides for a revolving credit facility (the " JPM Credit Facility ") with an aggregate borrowing capacity of $305.0 million, including the new $75.0 million commitment provided by Wells Fargo in May 2024. 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 6.90% and 7.38% for the six months ended June 30, 2024 and 2023, respectively. JPM Credit Facility borrowings are collateralized by the 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 June 30, 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 June 30, 2024, the applicable borrowing base for the BAC Credit Agreement was $38.7 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 June 30, 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 21 — Related-Party Transactions for additional information. Notes Payable As of June 30, 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 $2.0 million and $6.9 million, respectively. The effective interest rates for these notes payable range from 8.5% to 9.8% with repayment due between December 2024 and October 2025. Refer to Note 5 — Notes Receivable for additional information on the lending activities of BAC. Letters of Credit

Convertible Preferred Stock

Convertible Preferred Stock	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Convertible Preferred Stock	15 — 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 its Board. Mr. Hagerty and Tammy Hagerty may be deemed to control HHC, which is the controlling stockholder of the Company. Prior to and continuing after the Private Placement, each of State Farm and Markel have the right to nominate one director to the Company's Board and HHC has the right to nominate two directors to the Company's Board. Refer to Note 16 — Stockholders' Equity and Note 21 — Related-Party Transactions for additional information. The net proceeds from the Private Placement after deducting issuance costs of approximately $0.8 million were $79.2 million, which was recorded within Temporary Equity on the Company's Condensed Consolidated Balance Sheets. The Company is using the net proceeds from the Private Placement for general corporate purposes. As of June 30, 2024, the estimated redemption value of the Series A Convertible Preferred Stock was $115.4 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. In June 2024, the Company paid $5.6 million of cash dividends on the Series A Convertible Preferred Stock to the Investors. 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 June 30, 2024, no shares of Series A Convertible Preferred Stock have been converted and the outstanding shares of Series A Convertible Preferred Stock were 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	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity	16 — Stockholders' Equity Class A Common Stock Hagerty, Inc. 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 June 30, 2024 and December 31, 2023, there were 85,703,286 and 84,588,536 shares of Class A Common Stock issued and outstanding, respectively. Class V Common Stock Hagerty, Inc. 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, Inc. 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, shares of Class V Common Stock were issued 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 June 30, 2024 and December 31, 2023, there were 251,033,906 shares of Class V Common Stock issued and outstanding. Preferred Stock Hagerty, Inc. is authorized to issue 20,000,000 shares of Preferred Stock with a par value of $0.0001 per share. Hagerty, Inc.'s Board has the authority to issue shares of Preferred Stock with such designations, voting and other rights and preferences as may be determined from time to time. In June 2023, Hagerty, Inc. issued 8,483,561 shares of 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 June 30, 2024 and December 31, 2023, there were 8,483,561 shares of Preferred Stock issued and outstanding. Refer to Note 15 — 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. The Company reports a non-controlling interest representing the economic interest in THG held by other unit holders of THG. Hagerty, Inc. owns one THG unit for each share of Class A Common Stock outstanding. The following table summarizes the ownership of THG units as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Units Owned Ownership Percentage Units Owned Ownership Percentage THG units held by Hagerty, Inc. 85,703,286 25.1 % 84,588,536 24.9 % THG units held by other unit holders 255,367,640 74.9 % 255,499,164 75.1 % Total 341,070,926 100.0 % 340,087,700 100.0 % 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. Exchange of THG Units Each THG unit and, if applicable, the associated share of Class V Common Stock, is exchangeable for one share of Class A Common Stock. In connection with any such exchange, Hagerty, Inc. receives a corresponding number of THG units, thereby increasing its ownership interest in THG. Changes in Hagerty, Inc.'s ownership interest in THG while retaining its controlling interest are accounted for as equity transactions. Accordingly, exchanges of THG units by unit holders other than Hagerty, Inc. increase Hagerty, Inc.'s ownership in THG, thereby reducing the amount recorded as "Non-controlling interest" and increasing "Additional paid-in capital". During the six months ended June 30, 2024 and 2023, 131,524 and 259,302, respectively, of THG units were exchanged for an equal number of shares of Class A Common Stock. These exchanges resulted in reductions to "Non-controlling interest" and corresponding increases to "Additional paid-in capital" of $1.2 million and $2.3 million, respectively, representing the fair value of Class A Common Stock on the date of each exchange. Share-Based Compensation Employees of THG subsidiaries are awarded share-based compensation in the form of restricted stock units ("RSUs") and performance restricted stock units ("PRSUs") under the Company's 2021 Stock Incentive Plan. Upon the vesting of these awards, the employees receive shares of Class A Common Stock and the Company is issued an equivalent number of THG units. Employees of THG subsidiaries may also participate in the Company's 2021 Employee Stock Purchase Plan under which these employees may purchase shares of Class A Common Stock at a discounted price and the Company is issued an equivalent number of THG units. During the six months ended June 30, 2024 and 2023, the Company received 983,226 and 825,345, respectively, of THG units in connection with shares of Class A Common Stock that were issued as a result of share-based compensation awards vesting under the Company's 2021 Stock Incentive Plan. In addition, during the six months ended June 30, 2023, the Company received 118,009 of THG units in connection with shares of Class A Common Stock that were issued related to the Company's 2021 Employee Stock Purchase Plan. THG Preferred Units 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 (as subsequently amended and restated, the " THG LLC Agreement") , to, among other things, create a new series of preferred units within THG (the " THG Preferred Units"). The terms of the THG Preferred Units parallel the terms of the Series A Convertible Preferred Stock and are held entirely by Hagerty, Inc. The THG Preferred Units are recorded on the financial statements of THG based on their estimated redemption value, which represents the maximum cash payment, including cumulative dividends, that would be required to be paid to Hagerty, Inc. if the Optional Term Redemption of the Series A Convertible Preferred Stock is exercised. 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. In June 2024, THG paid $5.6 million of cash dividends to Hagerty, Inc. on the THG Preferred Units. Refer to Note 15 — Convertible Preferred Stock for additional information on the Private Placement and the Series A Convertible Preferred Stock. Distributions to Unit Holders of THG Under the terms of the THG LLC Agreement, THG is obligated to make tax distributions to its unit holders. During the six months ended June 30, 2024, THG made tax distributions of $5.3 million to non-controlling interest unit holders and $1.1 million of tax distributions to Hagerty, Inc. There were no such tax distributions during the six months ended June 30, 2023.
Stockholders' Equity	16 — Stockholders' Equity Class A Common Stock Hagerty, Inc. 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 June 30, 2024 and December 31, 2023, there were 85,703,286 and 84,588,536 shares of Class A Common Stock issued and outstanding, respectively. Class V Common Stock Hagerty, Inc. 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, Inc. 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, shares of Class V Common Stock were issued 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 June 30, 2024 and December 31, 2023, there were 251,033,906 shares of Class V Common Stock issued and outstanding. Preferred Stock Hagerty, Inc. is authorized to issue 20,000,000 shares of Preferred Stock with a par value of $0.0001 per share. Hagerty, Inc.'s Board has the authority to issue shares of Preferred Stock with such designations, voting and other rights and preferences as may be determined from time to time. In June 2023, Hagerty, Inc. issued 8,483,561 shares of 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 June 30, 2024 and December 31, 2023, there were 8,483,561 shares of Preferred Stock issued and outstanding. Refer to Note 15 — 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. The Company reports a non-controlling interest representing the economic interest in THG held by other unit holders of THG. Hagerty, Inc. owns one THG unit for each share of Class A Common Stock outstanding. The following table summarizes the ownership of THG units as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Units Owned Ownership Percentage Units Owned Ownership Percentage THG units held by Hagerty, Inc. 85,703,286 25.1 % 84,588,536 24.9 % THG units held by other unit holders 255,367,640 74.9 % 255,499,164 75.1 % Total 341,070,926 100.0 % 340,087,700 100.0 % 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. Exchange of THG Units Each THG unit and, if applicable, the associated share of Class V Common Stock, is exchangeable for one share of Class A Common Stock. In connection with any such exchange, Hagerty, Inc. receives a corresponding number of THG units, thereby increasing its ownership interest in THG. Changes in Hagerty, Inc.'s ownership interest in THG while retaining its controlling interest are accounted for as equity transactions. Accordingly, exchanges of THG units by unit holders other than Hagerty, Inc. increase Hagerty, Inc.'s ownership in THG, thereby reducing the amount recorded as "Non-controlling interest" and increasing "Additional paid-in capital". During the six months ended June 30, 2024 and 2023, 131,524 and 259,302, respectively, of THG units were exchanged for an equal number of shares of Class A Common Stock. These exchanges resulted in reductions to "Non-controlling interest" and corresponding increases to "Additional paid-in capital" of $1.2 million and $2.3 million, respectively, representing the fair value of Class A Common Stock on the date of each exchange. Share-Based Compensation Employees of THG subsidiaries are awarded share-based compensation in the form of restricted stock units ("RSUs") and performance restricted stock units ("PRSUs") under the Company's 2021 Stock Incentive Plan. Upon the vesting of these awards, the employees receive shares of Class A Common Stock and the Company is issued an equivalent number of THG units. Employees of THG subsidiaries may also participate in the Company's 2021 Employee Stock Purchase Plan under which these employees may purchase shares of Class A Common Stock at a discounted price and the Company is issued an equivalent number of THG units. During the six months ended June 30, 2024 and 2023, the Company received 983,226 and 825,345, respectively, of THG units in connection with shares of Class A Common Stock that were issued as a result of share-based compensation awards vesting under the Company's 2021 Stock Incentive Plan. In addition, during the six months ended June 30, 2023, the Company received 118,009 of THG units in connection with shares of Class A Common Stock that were issued related to the Company's 2021 Employee Stock Purchase Plan. THG Preferred Units 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 (as subsequently amended and restated, the " THG LLC Agreement") , to, among other things, create a new series of preferred units within THG (the " THG Preferred Units"). The terms of the THG Preferred Units parallel the terms of the Series A Convertible Preferred Stock and are held entirely by Hagerty, Inc. The THG Preferred Units are recorded on the financial statements of THG based on their estimated redemption value, which represents the maximum cash payment, including cumulative dividends, that would be required to be paid to Hagerty, Inc. if the Optional Term Redemption of the Series A Convertible Preferred Stock is exercised. 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. In June 2024, THG paid $5.6 million of cash dividends to Hagerty, Inc. on the THG Preferred Units. Refer to Note 15 — Convertible Preferred Stock for additional information on the Private Placement and the Series A Convertible Preferred Stock. Distributions to Unit Holders of THG Under the terms of the THG LLC Agreement, THG is obligated to make tax distributions to its unit holders. During the six months ended June 30, 2024, THG made tax distributions of $5.3 million to non-controlling interest unit holders and $1.1 million of tax distributions to Hagerty, Inc. There were no such tax distributions during the six months ended June 30, 2023.

Warrants

Warrants	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Warrants	17 — Warrants The following table summarizes the Company's outstanding warrants as of June 30, 2024 and December 31, 2023: June 30, December 31, 2024 2023 in thousands Public Warrants (1) 5,750 5,750 Private 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 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 warrants are measured at fair value each reporting period with the change in fair value between reporting periods recorded within "Change in fair value of warrant liabilities" in the Condensed Consolidated Statements of Operations. Refer to Note 4 — Fair Value Measurements for additional information. Warrant Exchange On June 3, 2024, the Company commenced an exchange offer (the "Offer") and consent solicitation (the "Consent Solicitation") relating to its (i) Public Warrants, (ii) Private Warrants, (iii) the Underwriter Warrants, (iv) the OTM Warrants (together with the Private Warrants and the Underwriter Warrants, the "Private Placement Warrants") and (v) PIPE Warrants (together with the Public Warrants and Private Placement Warrants, the "Warrants"), which provided all holders of the Warrants the opportunity to receive 0.20 shares of Class A Common Stock in exchange for each outstanding Warrant tendered by the holder and exchanged pursuant to the Offer. Concurrently with the Offer, the Company solicited consents from holders of the Warrants to amend (a) the warrant agreement governing the Public Warrants and Private Placement Warrants (the "IPO Warrant Amendment") and (b) the warrant agreement governing the PIPE Warrants (the "Business Combination Warrant Amendment" and together with the IPO Warrant Amendment, the "Warrant Amendments") to permit the Company to require that each Warrant that is outstanding upon the closing of the Offer be exchanged for 0.18 shares of Class A Common Stock, which is a ratio 10% less than the exchange ratio applicable to the Offer (the "Post-Offer Exchange"). Pursuant to the terms of the applicable warrant agreements, the IPO Warrant Amendment requires the vote or written consent of holders of both of (i) 50% of the Public Warrants outstanding and (ii) 50% of the Private Placement Warrants outstanding, and the Business Combination Warrant Amendment requires the vote or written consent of holders of 50% of the PIPE Warrants outstanding. The Offer and Consent Solicitation expired on July 3, 2024, and the Company was advised that (i) 5,019,278 Public Warrants, or approximately 87.3% of the outstanding Public Warrants, (ii) 1,561,381 Private Placement Warrants, or approximately 98.4% of the outstanding Private Placement Warrants, and (iii) 11,850,300 PIPE Warrants, or approximately 97.6% of the outstanding PIPE Warrants, were validly tendered prior to the expiration of the Offer. The Company began the settlement and exchange of such warrants, each for 0.20 shares of Class A Common Stock, on July 5, 2024, which resulted in the issuance of 3,686,056 shares of Class A Common Stock. Following the expiration of the Offer, the Company processed Warrant exercises and settled the Post-Offer Exchange for the Warrants that remained outstanding, which resulted in the issuance of 189,438 shares of Class A Common Stock. In the aggregate, the Company issued 3,876,201 shares of Class A Common Stock in exchange for 19,483,539 Warrants, with a nominal cash settlement paid in lieu of fractional shares. No Warrants remained outstanding following the Post-Offer Exchange. Accordingly, the Warrants that had been listed on the New York Stock Exchange were suspended from trading as of the close of business on July 19, 2024, and subsequently delisted. In the third quarter of 2024, the Company will record increases to "Class A Common Stock" and "Additional paid-in capital", representing the fair value of the Class A Common Stock that was issued on the date of each exchange. Additionally, "Warrant liabilities" will be reduced to zero, with the difference between the carrying value of "Warrant liabilities" and the fair value of Class A Common Stock issued reflected within the Condensed Consolidated Statements of Operations.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	18 — 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, RSUs, and PRSUs. As of June 30, 2024, there were approximately 27.6 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." The Company recognizes forfeitures of share-based compensation awards in the period in which they occur. The following table summarizes share-based compensation expense recognized during the three and six months ended June 30, 2024 and 2023: Three months ended Six months ended 2024 2023 2024 2023 in thousands Restricted stock units $ 3,214 $ 3,393 $ 7,042 $ 6,626 Performance restricted stock units 1,169 716 1,884 1,431 Employee stock purchase plan — — — 165 Total share-based compensation expense $ 4,383 $ 4,109 $ 8,926 $ 8,222 Restricted Stock Units RSUs typically vest over a two The following table provides a summary of RSU activity during the six months ended June 30, 2024: Restricted Stock Units Weighted Average Grant Date Fair Value Unvested balance as of December 31, 2023 4,678,032 $ 9.88 Granted 860,964 9.13 Vested (1) (1,486,357) 10.29 Forfeited (117,151) 9.59 Unvested balance as of June 30, 2024 3,935,488 $ 9.57 (1) For the six months ended June 30, 2024, 983,226 shares of Class A Common Stock were issued related to the vesting of RSUs in the period, net of shares withheld for the funding of employee tax obligations. The following table provides additional data related to RSU award activity during the six months ended June 30, 2024 and 2023: Six months ended 2024 2023 in thousands (except years) Total fair value of shares vested (1) $ 15,291 $ 8,899 Unrecognized compensation expense $ 31,530 $ 26,398 Weighted-average period awards are expected to be recognized (in years) 3.12 3.23 (1) The tax impact related to vested RSUs for the six months ended June 30, 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. Performance Restricted Stock Units Market Condition PRSUs In April 2022, the Company's CEO was granted 3,707,136 market condition 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. These 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 the PRSUs to vest; therefore, it is possible that no shares will ultimately vest. If any of the market-based conditions are met, the PRSUs will vest contingent upon continued service through the earlier of three years after achievement of the stock price target or the end of the seven-year performance period. As of June 30, 2024, no market condition PRSUs had vested. 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 June 30, 2024, unrecognized compensation expense related to this award was $12.8 million, which the Company expects to recognize over a period of 4.75 years. The following table summarizes the assumptions and related information used to determine the grant-date fair value of the market condition 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 PRSUs On March 29, 2024, the Talent, Culture, and Compensation Committee (the "Compensation Committee") of the Board adopted a new form of PRSU 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 service-based 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 a financial performance target (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 level 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. If both the service-based and performance-based vesting conditions are satisfied, the PRSU holder will be entitled to receive the number of shares of 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 Target pursuant to the payout formula approved by the Compensation Committee. The amount of compensation expense ultimately 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 when 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 when such determination is made. The following table provides a summary of the activity related to PRSUs granted under the 2024 PRSU Agreement during the six months ended June 30, 2024: Performance Restricted Stock Units Weighted Average Grant Date Fair Value Unvested balance as of December 31, 2023 — $ — Granted 292,689 9.15 Unvested balance as of June 30, 2024 292,689 $ 9.15 As of June 30, 2024, the maximum number of shares of Class A Common Stock that may be issued with respect to PRSUs granted under the 2024 PRSU Agreement is 585,378, assuming full achievement of the Performance Target. The following table provides additional data related to performance condition PRSU award activity during the six months ended June 30, 2024: Six months ended 2024 in thousands (except years) Total fair value of shares vested $ — Unrecognized compensation expense $ 4,903 Weighted-average period awards are expected to be recognized (in years) 2.75 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 purchase 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 June 30, 2024, 197,819 shares had been purchased under the ESPP and there were approximately 11.3 million shares available for future purchases.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	19 — Earnings Per Share Basic earnings per share is calculated under the Two-Class Method using Net income 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 per share is calculated using diluted Net income 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 THG units 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 and six months ended June 30, 2024 and 2023: Three months ended Six months ended 2024 2023 2024 2023 in thousands (except per share amounts) Earnings Per Share of Class A Common Stock, Basic Net income available to Class A Common Stockholders $ 7,912 $ 2,388 $ 4,955 $ 305 Weighted average shares of Class A Common Stock outstanding 85,687 84,371 85,171 83,820 Net income per share of Class A Common Stock, basic $ 0.09 $ 0.03 $ 0.06 $ — Earnings Per Share of Class A Common Stock, Diluted Net income available to Class A Common Stockholders $ 7,912 $ 2,405 $ 5,007 $ 307 Weighted average shares of Class A Common Stock outstanding 85,687 85,563 86,072 84,424 Net income per share of Class A Common Stock, Diluted $ 0.09 $ 0.03 $ 0.06 $ — Net Income Available to Class A Common Stockholders Net income $ 42,657 $ 15,539 $ 50,856 $ 514 Net income attributable to non-controlling interest (32,279) (13,134) (41,829) (208) Accretion of Series A Convertible Preferred Stock (1,839) — (3,677) — Undistributed earnings allocated to Series A Convertible Preferred Stock (627) (17) (395) (1) Net income available to Class A Common Stockholders, Basic 7,912 2,388 4,955 305 Undistributed earnings allocated to Series A Convertible Preferred Stock — 17 — 1 Adjustment for potentially dilutive THG units — — — — Adjustment for potentially dilutive Series A Convertible Preferred Stock — — — 1 Adjustment for potentially dilutive share-based compensation awards — — 52 — Adjustment for potentially dilutive warrants — — — — Net income available to Class A Common Stockholders, Diluted $ 7,912 $ 2,405 $ 5,007 $ 307 Weighted Average Shares of Class A Common Stock Outstanding Weighted average shares of Class A Common Stock outstanding, Basic 85,687 84,371 85,171 83,820 Adjustment for potentially dilutive THG units — — — — Adjustment for potentially dilutive Series A Convertible Preferred Stock — 597 — 300 Adjustment for potentially dilutive share-based compensation awards — 595 901 304 Adjustment for potentially dilutive warrants — — — — Weighted average shares of Class A Common Stock outstanding, Diluted 85,687 85,563 86,072 84,424 The following table summarizes the weighted average potential shares of Class A Common Stock excluded from diluted earnings per share of Class A Common Stock as their effect would be anti-dilutive: Three months ended Six months ended 2024 2023 2024 2023 in thousands THG units 255,384 255,532 255,441 255,620 Series A Convertible Preferred Stock 6,785 — 6,785 — Unvested shares associated with share-based compensation awards 7,943 5,931 3,855 6,328 Warrants 19,484 19,484 19,484 19,484 Total 289,596 280,947 285,565 281,432

Taxation

Taxation	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Taxation	20 — 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. While the Company expects that its effective income tax rate and cash income tax payments could increase in future years as a result of the global minimum tax, management does not expect there to be a material impact to the Company's results of operations for the year ending December 31, 2024. The Company's assessment could be affected by legislative guidance and future enactment of additional provisions within the Pillar 2 framework. Income Tax Expense — Income tax expense reflected in the Condensed Consolidated Statements of Operations differs from the tax computed by applying the statutory U.S. federal rate of 21% to "Income before income tax expense" as follows: Six months ended June 30, 2024 2023 in thousands (except percentages) Income tax expense at statutory rate $ 12,977 21 % $ 1,661 21 % State taxes 259 — % 103 1 % (Income) loss not subject to entity-level taxes (3,382) (5) % 4,311 55 % Foreign rate differential (156) — % (185) (2) % Change in valuation allowance (738) (1) % 252 3 % Change in fair value of warrant liabilities 1,697 3 % 477 6 % Permanent items 346 1 % 510 7 % Other, net (63) — % 269 3 % Income tax expense $ 10,940 18 % $ 7,398 94 % Deferred Tax Assets — As of June 30, 2024 and December 31, 2023, the Company had deferred tax assets of $140.4 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 $166.3 million and $169.6 million against its deferred tax assets as of June 30, 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 June 30, 2024, tax years 2020 to 2023 are subject to examination by various tax authorities. With few exceptions, as of June 30, 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 in March 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 June 30, 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) 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 June 30, 2024 and December 31, 2023, which was limited by the ability to currently utilize tax benefits.

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related-Party Transactions	21 — Related-Party Transactions As of June 30, 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 58.3 % 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 58.3 % Non-controlling Interest 75,000,000 29.4 % — — (1) The percentages reflected represent only the ownership of the specific security identified in each row, and are not reflective of the total economic ownership in Hagerty. Further, these percentages do not reflect any ownership of warrants. Refer to Note 16 — Stockholders' Equity and Note 15 — 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 (the "State Farm Alliance Agreement") 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 State Farm 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 and six months ended June 30, 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 12 — 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: June 30, December 31, 2024 2023 Assets: in thousands Commissions receivable $ 2,276 $ 1,963 Deferred acquisition costs, net (1) (4,393) (3,898) Other current assets 12,616 9,268 Total assets $ 10,499 $ 7,333 Liabilities: Accounts payable, accrued expenses and other current liabilities $ 4,376 $ 3,775 Total liabilities $ 4,376 $ 3,775 (1) Represents unearned ceding commission received from State Farm subsidiaries. Three months ended Six months ended 2024 2023 2024 2023 Revenue: in thousands Earned premium (1) $ (4,069) $ (1,390) $ (8,022) $ (1,390) Expenses: Ceding commission, net (2) $ (2,117) $ (723) $ (4,172) $ (723) Losses and loss adjustment expenses (3) (813) (278) (3,604) (278) Total expenses $ (2,930) $ (1,001) $ (7,776) $ (1,001) (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 14 — 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: June 30, December 31, 2024 2023 in thousands (except percentages) Due to insurer $ 123,717 $ 75,922 Percent of total 89 % 95 % Three months ended Six months ended 2024 2023 2024 2023 in thousands (except percentages) Commission revenue $ 115,975 $ 100,737 $ 199,644 $ 172,376 Percent of total 92 % 93 % 93 % 95 % Refer to Note 2 — Revenue for information related to the related party balances within "Commissions receivable", primarily consisting of CUC receivables due from Markel. Reinsurance Agreement Hagerty Re has a quota share agreement with Evanston to assume 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 12 — 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: June 30, December 31, 2024 2023 Assets: in thousands Premiums receivable $ 213,321 $ 134,376 Commissions receivable 556 630 Deferred acquisition costs, net 162,409 141,880 Other current assets 2,480 1,915 Total assets $ 378,766 $ 278,801 Liabilities: Accounts payable, accrued expenses and other current liabilities $ 875 $ 1,553 Losses payable and provision for unpaid losses and loss adjustment expenses 207,457 189,520 Commissions payable 97,543 107,286 Unearned premiums 351,336 307,504 Total liabilities $ 657,211 $ 605,863 Three months ended Six months ended 2024 2023 2024 2023 Revenue: in thousands Earned premium $ 162,536 $ 130,610 $ 318,656 $ 243,972 Expenses: Ceding commission, net $ 75,033 $ 59,419 $ 147,396 $ 113,177 Losses and loss adjustment expenses 64,266 51,194 129,421 97,849 Total expenses $ 139,299 $ 110,613 $ 276,817 $ 211,026 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" and "Investments" in the Company's Condensed Consolidated Balance Sheets. The balance held in trust for the benefit of Evanston was $475.6 million and $517.2 million as of June 30, 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 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	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	22 — Commitments and Contingencies Employee Compensation Agreements  —  In the ordinary course of conducting its business, the Company enters into certain employee compensation agreements from time to time which commit the Company to severance obligations in the event an employee terminates employment with the Company. If applicable, these obligations are included in the accrued expenses lines of the Condensed Consolidated Balance Sheets. Litigation  — From time to time, 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 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	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	23 — Subsequent Events Refer to Note 17 — Warrants for information related to a subsequent event with respect to our Warrants.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023, Hagerty, Inc. had economic ownership of 25.1% and 24.9%, respectively, 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, 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 14 — 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 5 — Notes Receivable and Note 14 — Long-Term Debt for additional information.
Reclassifications	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. Further, in conjunction with Hagerty Re's investment diversification in the second quarter of 2024, prior period fixed maturity investment balances have been reclassified from "Other current assets" and "Other long-term assets" to "Investments" on the Condensed Consolidated Balance Sheets to conform to the current year presentation. Refer to Note 3 — Investments for additional information related to the Company's investment portfolio. These reclassifications had no effect on the Company's previously reported operating income, net income, earnings per share, cash flows or retained earnings.
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)" on the Condensed Consolidated Balance Sheets. Foreign currency transaction gains and losses are recorded 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. ASU No. 2023-09 is effective 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 disclosures 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

Basis of Presentation and Acc_3

Basis of Presentation and Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023: June 30, December 31, 2024 2023 ASSETS in thousands Cash and cash equivalents $ 842 $ 83 Restricted cash and cash equivalents 6,712 961 Accounts receivable — 190 Notes receivable 47,597 30,125 Other assets 2,514 2,900 TOTAL ASSETS $ 57,665 $ 34,259 LIABILITIES Accounts payable, accrued expenses and other current liabilities $ 2,094 $ 1,881 Long-term debt, net 41,466 25,782 TOTAL LIABILITIES $ 43,560 $ 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 June 30, 2024 and 2023: June 30, 2024 2023 in thousands Cash and cash equivalents $ 120,936 $ 114,252 Restricted cash and cash equivalents 194,586 518,109 Total cash and cash equivalents and restricted cash and cash equivalents $ 315,522 $ 632,361
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 June 30, 2024 and 2023: June 30, 2024 2023 in thousands Cash and cash equivalents $ 120,936 $ 114,252 Restricted cash and cash equivalents 194,586 518,109 Total cash and cash equivalents and restricted cash and cash equivalents $ 315,522 $ 632,361
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 six months ended June 30, 2024 and 2023: Six months ended June 30, 2024 2023 NON-CASH INVESTING ACTIVITIES: in thousands Issuance of notes receivable (1) $ 2,474 $ 4,054 Collection of notes receivable (1) $ 6,478 $ 3,871 Capital expenditures $ 212 $ 212 Acquisitions $ — $ 1,742 CASH PAID FOR: Interest $ 3,454 $ 3,312 Income taxes $ 15,800 $ 6,500 (1)

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 June 30, 2024 Agent Direct Total in thousands Commission and fee revenue $ 62,833 $ 53,272 $ 116,105 Contingent commission revenue 6,856 5,855 12,711 Membership revenue — 14,133 14,133 Marketplace and other revenue — 12,664 12,664 Total revenue from customer contracts 69,689 85,924 155,613 Earned premium 157,612 Total revenue $ 313,225 Three months ended June 30, 2023 Agent Direct Total in thousands Commission and fee revenue $ 46,972 $ 40,702 $ 87,674 Contingent commission revenue 12,242 10,271 22,513 Membership revenue — 13,146 13,146 Marketplace and other revenue — 10,429 10,429 Total revenue from customer contracts 59,214 74,548 133,762 Earned premium 127,482 Total revenue $ 261,244 Six months ended June 30, 2024 Agent Direct Total in thousands Commission and fee revenue $ 106,880 $ 88,991 $ 195,871 Contingent commission revenue 11,872 9,913 21,785 Membership revenue — 27,585 27,585 Marketplace and other revenue — 30,461 30,461 Total revenue from customer contracts 118,752 156,950 275,702 Earned premium 309,231 Total revenue $ 584,933 Six months ended June 30, 2023 Agent Direct Total in thousands Commission and fee revenue $ 78,659 $ 66,841 $ 145,500 Contingent commission revenue 21,681 17,618 39,299 Membership revenue — 25,693 25,693 Marketplace and other revenue — 24,391 24,391 Total revenue from customer contracts 100,340 134,543 234,883 Earned premium 244,713 Total revenue $ 479,596 The following tables present Hagerty's revenue disaggregated by geographic area, as well as a reconciliation to total revenue for the three months ended June 30, 2024 and 2023: Three months ended June 30, 2024 U.S. Canada Europe Total in thousands Commission and fee revenue $ 104,909 $ 9,309 $ 1,887 $ 116,105 Contingent commission revenue 12,663 — 48 12,711 Membership revenue 13,204 929 — 14,133 Marketplace and other revenue 11,305 363 996 12,664 Total revenue from customer contracts 142,081 10,601 2,931 155,613 Earned premium 157,612 Total revenue $ 313,225 Three months ended June 30, 2023 U.S. Canada Europe Total in thousands Commission and fee revenue $ 77,611 $ 8,587 $ 1,476 $ 87,674 Contingent commission revenue 22,478 — 35 22,513 Membership revenue 12,254 892 — 13,146 Marketplace and other revenue 9,061 348 1,020 10,429 Total revenue from customer contracts 121,404 9,827 2,531 133,762 Earned premium 127,482 Total revenue $ 261,244 The following tables present Hagerty's revenue disaggregated by geographic area, as well as a reconciliation to total revenue for the six months ended June 30, 2024 and 2023: Six months ended June 30, 2024 U.S. Canada Europe Total in thousands Commission and fee revenue $ 180,925 $ 11,926 $ 3,020 $ 195,871 Contingent commission revenue 21,691 — 94 21,785 Membership revenue 25,748 1,837 — 27,585 Marketplace and other revenue 27,682 1,025 1,754 30,461 Total revenue from customer contracts 256,046 14,788 4,868 275,702 Earned premium 309,231 Total revenue $ 584,933 Six months ended June 30, 2023 U.S. Canada Europe Total in thousands Commission and fee revenue $ 132,208 $ 10,957 $ 2,335 $ 145,500 Contingent commission revenue 39,230 — 69 39,299 Membership revenue 23,923 1,770 — 25,693 Marketplace and other revenue 22,587 512 1,292 24,391 Total revenue from customer contracts 217,948 13,239 3,696 234,883 Earned premium 244,713 Total revenue $ 479,596
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 June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 in thousands Contract assets $ 11,789 $ 75,891 Contract liabilities $ 52,949 $ 47,651

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of investments are held in trust	Hagerty Re's investments are held in trust accounts for the benefit of the ceding insurers as security for Hagerty Re's obligations for losses, loss expenses, unearned premium and profit-sharing commissions. June 30, December 31, 2024 2023 in thousands Investments held in trust $ 470,243 $ 16,472
Schedule of Investments, Available-for-Sale Securities	The following table summarizes the Company's available-for-sale investments as of June 30, 2024: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Fixed maturity securities: in thousands Corporate $ 186,266 $ 323 $ (255) $ 186,334 U.S. Treasury 103,243 141 (47) 103,337 States and municipalities 38,112 481 (8) 38,585 Foreign 16,658 8 (118) 16,548 Asset-backed securities 22,651 154 (8) 22,797 Mortgage-backed securities 92,503 382 (102) 92,783 Total fixed maturity securities $ 459,433 $ 1,489 $ (538) $ 460,384
Schedule Of Contractual Maturities Of The Company's Available-For-Sale Investments	The following table summarizes the contractual maturities of the Company's available-for-sale investments as of June 30, 2024: Amortized Cost Estimated Fair Value in thousands Due in one year or less $ 55,706 $ 55,585 Due after one year through five years 222,100 222,227 Due after five years through ten years 52,823 53,217 Due after ten years 13,650 13,775 Mortgage-backed and asset-backed securities 115,154 115,580 Total fixed maturity securities $ 459,433 $ 460,384
Schedule of Debt Securities, Held-to-Maturity	The following table summarizes the fair value and related carrying amount of the Company's held-to-maturity investments as of December 31, 2023: Carrying Amount Estimated Fair Value in thousands Short-term $ 10,946 $ 10,864 Long-term 5,526 5,398 Total $ 16,472 $ 16,262
Schedule of Net Investment Income Component	The following table presents the components of net investment income for the three and six months ended June 30, 2024 and 2023: Three months ended Six months ended 2024 2023 2024 2023 Interest income: in thousands Cash and cash equivalents and restricted cash and cash equivalents $ 7,561 $ 5,951 $ 16,640 $ 10,906 Fixed maturity securities 3,648 113 3,794 223 Total interest income 11,209 6,064 20,434 11,129 Dividends on equity securities 24 — 24 — Gross investment income 11,233 6,064 20,458 11,129 Investment expenses (122) — (122) — Net investment income $ 11,111 $ 6,064 $ 20,336 $ 11,129
Schedule Of Net Realized And Unrealized Gains (Losses) On Investments	The gross amounts of realized investment gains and losses on fixed maturity securities were not material to the Condensed Consolidated Financial Statements and are presented on a net basis in the table below. Three and six months ended June 30, 2024 Fixed maturity securities: in thousands Net realized investment gains (losses) $ (31) Equity securities: Total change in fair value of equity securities 478 Net investment gains (losses) $ 447 Change in net unrealized gains (losses) on available-for-sale investments included in Other comprehensive income (loss): Fixed maturity securities $ (951)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The following table summarizes the significant inputs used in the valuation model for the Level 3 warrant liabilities as of June 30, 2024: Inputs Private Warrants Underwriter Warrants OTM Warrants PIPE Warrants Exercise price $11.50 $11.50 $15.00 $11.50 Common stock price $10.40 $10.40 $10.40 $10.40 Volatility 33.3% 33.3% 35.0% 33.3% Expected term of the warrants 2.42 2.42 7.43 2.42 Risk-free rate 4.60% 4.60% 4.30% 4.60% 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 June 30, 2024 and December 31, 2023 are shown in the tables below. Estimated Fair Value as of June 30, 2024 Total Level 1 Level 2 Level 3 in thousands Financial Assets Investments: Corporate $ 186,334 $ — $ 186,334 $ — U.S. Treasury 103,337 — 103,337 — States and municipalities 38,585 — 38,585 — Foreign 16,548 — 16,548 — Asset-backed securities 22,797 — 22,797 — Mortgage-backed securities 92,783 — 92,783 — Common stocks 9,859 9,859 — — Total $ 470,243 $ 9,859 $ 460,384 $ — Financial Liabilities Public Warrants $ 11,788 $ 11,788 $ — $ — Private Warrants 557 — — 557 Underwriter Warrants 62 — — 62 OTM Warrants 4,677 — — 4,677 PIPE Warrants 25,015 — — 25,015 Total $ 42,099 $ 11,788 $ — $ 30,311 Estimated Fair Value as of December 31, 2023 Total Level 1 Level 2 Level 3 in thousands Financial Assets Fixed maturity securities, held to maturity: Foreign $ 16,472 $ — $ 16,472 $ — Interest rate swap 2,234 — 2,234 — Total $ 18,706 $ — $ 18,706 $ — Financial Liabilities Public Warrants $ 9,488 $ 9,488 $ — $ — Private 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 six months ended June 30, 2024 and 2023: Private 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 81 9 696 4,995 5,781 Balance at June 30, 2024 $ 557 $ 62 $ 4,677 $ 25,015 $ 30,311 Balance at December 31, 2022 $ 673 $ 75 $ 4,706 $ 27,227 $ 32,681 Change in fair value of warrant liabilities 16 2 231 1,388 1,637 Balance at June 30, 2023 $ 689 $ 77 $ 4,937 $ 28,615 $ 34,318

Notes Receivable (Tables)

Notes Receivable (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023: June 30, December 31, 2024 2023 in thousands Secured loans $ 61,576 $ 52,914 Estimate of collateral value $ 115,571 $ 108,496 Aggregate LTV ratio 53.3 % 48.8 %

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Assets, Current and Long-term	As of June 30, 2024 and December 31, 2023, other assets, current and long-term, consisted of: June 30, 2024 December 31, 2023 in thousands Prepaid SaaS implementation costs $ 32,169 $ 21,941 Prepaid sales, general and administrative expenses 20,421 21,300 Deferred reinsurance premiums ceded (1) 22,886 10,474 Contract costs 9,826 8,851 Reinsurance recoverable 7,639 2,783 Inventory (2) 13,943 5,038 Deferred financing costs 4,418 5,053 Accrued investment income 3,787 104 Consignor advances (3) 3,801 — Other 12,100 11,782 Other assets $ 130,990 $ 87,326 (1) Deferred reinsurance premiums ceded consists of the unearned portion of premiums ceded by Hagerty Re to various reinsurers. Refer to Note 12 — 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. (3) Broad Arrow makes consignor advances secured by collector cars that are contractually committed, in the near term, to be offered for sale at a Broad Arrow auction. Consignor advances allow the seller to receive funds upon consignment for an auction sale that will occur up to six months in the future and have short-term contractual maturities.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Three months ended Six months ended 2024 2023 2024 2023 in thousands Operating lease expense (1) $ 1,841 $ 3,153 $ 4,038 $ 6,300 Short-term lease expense (1) 21 147 70 216 Variable lease expense (1) (2) 1,283 842 1,900 1,649 Sublease revenue (3) (353) (134) (656) (197) Lease cost, net $ 2,792 $ 4,008 $ 5,352 $ 7,968 (1) Classified within "General and administrative" 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 June 30, 2024 and December 31, 2023: June 30, December 31, 2024 2023 in thousands Operating lease ROU assets $ 47,219 $ 50,515 Current lease liabilities (1) 6,460 6,500 Long-term lease liabilities 46,689 50,459 Total operating lease liabilities $ 53,149 $ 56,959 June 30, December 31, 2024 2023 in thousands ROU assets obtained in exchange for new operating lease liabilities $ 892 $ 632 Weighted average lease term 8.64 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 June 30, 2024: in thousands 2024 $ 4,462 2025 8,791 2026 8,126 2027 7,809 2028 7,830 Thereafter 28,842 Total lease payments 65,860 Less: imputed interest (12,711) Total lease liabilities $ 53,149

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The cost and accumulated amortization of intangible assets as of June 30, 2024 and December 31, 2023 are as follows: Weighted Average Useful Life June 30, December 31, 2024 2023 in thousands Renewal rights 10.0 $ 19,934 $ 20,226 Internally developed software 3.3 129,894 126,972 Trade names and trademarks 14.1 12,061 12,541 Relationships and customer lists 15.4 7,994 8,876 Other 4.2 1,089 1,445 Intangible assets 170,972 170,060 Less: accumulated amortization (88,134) (78,136) Intangible assets, net $ 82,838 $ 91,924
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future aggregate amortization expense related to intangible assets as of June 30, 2024 is as follows: in thousands 2024 $ 12,847 2025 22,144 2026 15,353 2027 11,425 2028 7,592 Thereafter 13,477 Total $ 82,838

Provision for Unpaid Losses a_2

Provision for Unpaid Losses and Loss Adjustment Expenses (Tables)	6 Months Ended
	Jun. 30, 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: Six months ended June 30, 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 127,085 101,976 Prior accident year — — Total incurred losses and loss adjustment expenses 127,085 101,976 Payments: Current accident year 11,409 8,639 Prior accident year 40,376 32,744 Total payments 51,785 41,383 Effect of foreign currency rate changes (113) 104 Net reserves for unpaid losses and loss adjustment expenses, end of period 209,459 171,595 Reinsurance recoverable on unpaid losses and loss adjustment expenses 7,624 538 Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 217,083 $ 172,133

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Three months ended Six months ended 2024 2023 2024 2023 in thousands Premiums: Assumed $ 217,907 $ 188,456 $ 375,021 $ 320,643 Ceded (10,143) (8,541) (32,969) (22,269) Net $ 207,764 $ 179,915 $ 342,052 $ 298,374 Premiums earned: Assumed $ 168,100 $ 132,123 $ 329,787 $ 252,520 Ceded (10,488) (4,641) (20,556) (7,807) Net $ 157,612 $ 127,482 $ 309,231 $ 244,713
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 and six months ended June 30, 2024 and 2023: Three months ended Six months ended 2024 2023 2024 2023 in thousands Gross losses and loss adjustment expenses $ 66,394 $ 53,365 $ 134,136 $ 101,777 Ceded losses and loss adjustment expenses (1,665) 199 (7,051) 199 Net losses and loss adjustment expenses $ 64,729 $ 53,564 $ 127,085 $ 101,976

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of June 30, 2024 and December 31, 2023, "Long-term debt, net" consisted of the following: June 30, December 31, Maturity 2024 2023 in thousands JPM Credit Facility October 2026 $ 31,318 $ 77,258 BAC Credit Facility December 2026 41,466 25,782 State Farm Term Loan September 2033 25,000 25,000 Notes payable 2024-2025 1,998 6,875 Total debt 99,782 134,915 Less: Notes payable, current portion (1,201) (3,654) Less: Unamortized debt issuance costs (552) (581) Total long-term debt, net $ 98,029 $ 130,680

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Other Ownership Interests	The following table summarizes the ownership of THG units as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Units Owned Ownership Percentage Units Owned Ownership Percentage THG units held by Hagerty, Inc. 85,703,286 25.1 % 84,588,536 24.9 % THG units held by other unit holders 255,367,640 74.9 % 255,499,164 75.1 % Total 341,070,926 100.0 % 340,087,700 100.0 %

Warrants (Tables)

Warrants (Tables)	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Schedule of the Number of Outstanding Warrants and Their Fair Value	The following table summarizes the Company's outstanding warrants as of June 30, 2024 and December 31, 2023: June 30, December 31, 2024 2023 in thousands Public Warrants (1) 5,750 5,750 Private 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 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.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense	The following table summarizes share-based compensation expense recognized during the three and six months ended June 30, 2024 and 2023: Three months ended Six months ended 2024 2023 2024 2023 in thousands Restricted stock units $ 3,214 $ 3,393 $ 7,042 $ 6,626 Performance restricted stock units 1,169 716 1,884 1,431 Employee stock purchase plan — — — 165 Total share-based compensation expense $ 4,383 $ 4,109 $ 8,926 $ 8,222
Schedule of Restricted Stock Units Activity	The following table provides a summary of RSU activity during the six months ended June 30, 2024: Restricted Stock Units Weighted Average Grant Date Fair Value Unvested balance as of December 31, 2023 4,678,032 $ 9.88 Granted 860,964 9.13 Vested (1) (1,486,357) 10.29 Forfeited (117,151) 9.59 Unvested balance as of June 30, 2024 3,935,488 $ 9.57 (1) For the six months ended June 30, 2024, 983,226 shares of Class A Common Stock were issued related to the vesting of RSUs in the period, net of shares withheld for the funding of employee tax obligations.
Schedule of Restricted Stock Units Award Activity	The following table provides additional data related to RSU award activity during the six months ended June 30, 2024 and 2023: Six months ended 2024 2023 in thousands (except years) Total fair value of shares vested (1) $ 15,291 $ 8,899 Unrecognized compensation expense $ 31,530 $ 26,398 Weighted-average period awards are expected to be recognized (in years) 3.12 3.23 (1) The tax impact related to vested RSUs for the six months ended June 30, 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.
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 the market condition 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 —%
Schedule of Performance-based Units Activity	The following table provides a summary of the activity related to PRSUs granted under the 2024 PRSU Agreement during the six months ended June 30, 2024: Performance Restricted Stock Units Weighted Average Grant Date Fair Value Unvested balance as of December 31, 2023 — $ — Granted 292,689 9.15 Unvested balance as of June 30, 2024 292,689 $ 9.15
Schedule of Performance-based Units Award Activity	The following table provides additional data related to performance condition PRSU award activity during the six months ended June 30, 2024: Six months ended 2024 in thousands (except years) Total fair value of shares vested $ — Unrecognized compensation expense $ 4,903 Weighted-average period awards are expected to be recognized (in years) 2.75

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Three months ended Six months ended 2024 2023 2024 2023 in thousands (except per share amounts) Earnings Per Share of Class A Common Stock, Basic Net income available to Class A Common Stockholders $ 7,912 $ 2,388 $ 4,955 $ 305 Weighted average shares of Class A Common Stock outstanding 85,687 84,371 85,171 83,820 Net income per share of Class A Common Stock, basic $ 0.09 $ 0.03 $ 0.06 $ — Earnings Per Share of Class A Common Stock, Diluted Net income available to Class A Common Stockholders $ 7,912 $ 2,405 $ 5,007 $ 307 Weighted average shares of Class A Common Stock outstanding 85,687 85,563 86,072 84,424 Net income per share of Class A Common Stock, Diluted $ 0.09 $ 0.03 $ 0.06 $ — Net Income Available to Class A Common Stockholders Net income $ 42,657 $ 15,539 $ 50,856 $ 514 Net income attributable to non-controlling interest (32,279) (13,134) (41,829) (208) Accretion of Series A Convertible Preferred Stock (1,839) — (3,677) — Undistributed earnings allocated to Series A Convertible Preferred Stock (627) (17) (395) (1) Net income available to Class A Common Stockholders, Basic 7,912 2,388 4,955 305 Undistributed earnings allocated to Series A Convertible Preferred Stock — 17 — 1 Adjustment for potentially dilutive THG units — — — — Adjustment for potentially dilutive Series A Convertible Preferred Stock — — — 1 Adjustment for potentially dilutive share-based compensation awards — — 52 — Adjustment for potentially dilutive warrants — — — — Net income available to Class A Common Stockholders, Diluted $ 7,912 $ 2,405 $ 5,007 $ 307 Weighted Average Shares of Class A Common Stock Outstanding Weighted average shares of Class A Common Stock outstanding, Basic 85,687 84,371 85,171 83,820 Adjustment for potentially dilutive THG units — — — — Adjustment for potentially dilutive Series A Convertible Preferred Stock — 597 — 300 Adjustment for potentially dilutive share-based compensation awards — 595 901 304 Adjustment for potentially dilutive warrants — — — — Weighted average shares of Class A Common Stock outstanding, Diluted 85,687 85,563 86,072 84,424
Schedule of the Weighted Average Excluded from Diluted Earnings	The following table summarizes the weighted average potential shares of Class A Common Stock excluded from diluted earnings per share of Class A Common Stock as their effect would be anti-dilutive: Three months ended Six months ended 2024 2023 2024 2023 in thousands THG units 255,384 255,532 255,441 255,620 Series A Convertible Preferred Stock 6,785 — 6,785 — Unvested shares associated with share-based compensation awards 7,943 5,931 3,855 6,328 Warrants 19,484 19,484 19,484 19,484 Total 289,596 280,947 285,565 281,432

Taxation (Tables)

Taxation (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	Income tax expense reflected in the Condensed Consolidated Statements of Operations differs from the tax computed by applying the statutory U.S. federal rate of 21% to "Income before income tax expense" as follows: Six months ended June 30, 2024 2023 in thousands (except percentages) Income tax expense at statutory rate $ 12,977 21 % $ 1,661 21 % State taxes 259 — % 103 1 % (Income) loss not subject to entity-level taxes (3,382) (5) % 4,311 55 % Foreign rate differential (156) — % (185) (2) % Change in valuation allowance (738) (1) % 252 3 % Change in fair value of warrant liabilities 1,697 3 % 477 6 % Permanent items 346 1 % 510 7 % Other, net (63) — % 269 3 % Income tax expense $ 10,940 18 % $ 7,398 94 %

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Schedule of Ownership Interests, by Affiliates	As of June 30, 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 58.3 % 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 58.3 % 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: June 30, December 31, 2024 2023 Assets: in thousands Commissions receivable $ 2,276 $ 1,963 Deferred acquisition costs, net (1) (4,393) (3,898) Other current assets 12,616 9,268 Total assets $ 10,499 $ 7,333 Liabilities: Accounts payable, accrued expenses and other current liabilities $ 4,376 $ 3,775 Total liabilities $ 4,376 $ 3,775 (1) Represents unearned ceding commission received from State Farm subsidiaries. Three months ended Six months ended 2024 2023 2024 2023 Revenue: in thousands Earned premium (1) $ (4,069) $ (1,390) $ (8,022) $ (1,390) Expenses: Ceding commission, net (2) $ (2,117) $ (723) $ (4,172) $ (723) Losses and loss adjustment expenses (3) (813) (278) (3,604) (278) Total expenses $ (2,930) $ (1,001) $ (7,776) $ (1,001) (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: June 30, December 31, 2024 2023 in thousands (except percentages) Due to insurer $ 123,717 $ 75,922 Percent of total 89 % 95 % Three months ended Six months ended 2024 2023 2024 2023 in thousands (except percentages) Commission revenue $ 115,975 $ 100,737 $ 199,644 $ 172,376 Percent of total 92 % 93 % 93 % 95 % The following tables summarize all balances related to the Company's reinsurance business with Markel subsidiaries: June 30, December 31, 2024 2023 Assets: in thousands Premiums receivable $ 213,321 $ 134,376 Commissions receivable 556 630 Deferred acquisition costs, net 162,409 141,880 Other current assets 2,480 1,915 Total assets $ 378,766 $ 278,801 Liabilities: Accounts payable, accrued expenses and other current liabilities $ 875 $ 1,553 Losses payable and provision for unpaid losses and loss adjustment expenses 207,457 189,520 Commissions payable 97,543 107,286 Unearned premiums 351,336 307,504 Total liabilities $ 657,211 $ 605,863 Three months ended Six months ended 2024 2023 2024 2023 Revenue: in thousands Earned premium $ 162,536 $ 130,610 $ 318,656 $ 243,972 Expenses: Ceding commission, net $ 75,033 $ 59,419 $ 147,396 $ 113,177 Losses and loss adjustment expenses 64,266 51,194 129,421 97,849 Total expenses $ 139,299 $ 110,613 $ 276,817 $ 211,026

Basis of Presentation and Acc_4

Basis of Presentation and Accounting Policies - Narrative (Details) - segment	6 Months Ended	12 Months Ended
	Jun. 30, 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	25.10%	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	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
ASSETS
Cash and cash equivalents	$ 120,936	$ 108,326	$ 114,252
Restricted cash and cash equivalents	194,586	615,950
Accounts receivable	88,365	71,530
Notes receivable	60,285	35,896
Other assets	46,619	38,033
TOTAL ASSETS	1,729,631	1,588,212
LIABILITIES
Accounts payable, accrued expenses and other current liabilities	76,509	87,175
Long-term debt, net	98,029	130,680
TOTAL LIABILITIES	1,194,325	1,094,867
Variable Interest Entity, Primary Beneficiary
ASSETS
Cash and cash equivalents	842	83
Restricted cash and cash equivalents	6,712	961
Accounts receivable	0	190
Notes receivable	47,597	30,125
Other assets	2,514	2,900
TOTAL ASSETS	57,665	34,259
LIABILITIES
Accounts payable, accrued expenses and other current liabilities	2,094	1,881
Long-term debt, net	41,466	25,782
TOTAL LIABILITIES	$ 43,560	$ 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	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 120,936	$ 108,326	$ 114,252
Restricted cash and cash equivalents	194,586		518,109
Total cash and cash equivalents and restricted cash and cash equivalents	$ 315,522	$ 724,276	$ 632,361	$ 539,191

Basis of Presentation and Acc_7

Basis of Presentation and Accounting Policies - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
NON-CASH INVESTING ACTIVITIES:
Issuance of notes receivable	$ 2,474	$ 4,054
Collection of notes receivable	6,478	3,871
Capital expenditures	212	212
Acquisitions	0	1,742
CASH PAID FOR:
Interest	3,454	3,312
Income taxes	$ 15,800	$ 6,500

Revenue - Narrative (Details)

Revenue - Narrative (Details) - Markel - Alliance Agreement - Affiliated Entity		1 Months Ended	11 Months Ended
	Jan. 01, 2023	Dec. 31, 2023	Nov. 30, 2023	Jan. 01, 2024
Capitalized Contract Cost [Line Items]
Base commission rate		37%	32%
Reinsured risk, ceded, percentage	10%
CUC rate expected to be paid				80%
Minimum
Capitalized Contract Cost [Line Items]
Profit share commission rate		(5.00%)
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	$ 155,613	$ 133,762	$ 275,702	$ 234,883
Earned premium	157,612	127,482	309,231	244,713
Total revenue	313,225	261,244	584,933	479,596
U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	142,081	121,404	256,046	217,948
Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	10,601	9,827	14,788	13,239
Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	2,931	2,531	4,868	3,696
Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	69,689	59,214	118,752	100,340
Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	85,924	74,548	156,950	134,543
Commission and fee revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	128,816	110,187	217,656	184,799
Commission and fee revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	116,105	87,674	195,871	145,500
Commission and fee revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	104,909	77,611	180,925	132,208
Commission and fee revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	9,309	8,587	11,926	10,957
Commission and fee revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	1,887	1,476	3,020	2,335
Commission and fee revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	62,833	46,972	106,880	78,659
Commission and fee revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	53,272	40,702	88,991	66,841
Contingent commission revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	12,711	22,513	21,785	39,299
Contingent commission revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	12,663	22,478	21,691	39,230
Contingent commission revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	0	0	0	0
Contingent commission revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	48	35	94	69
Contingent commission revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	6,856	12,242	11,872	21,681
Contingent commission revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	5,855	10,271	9,913	17,618
Membership, marketplace and other revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	26,797	23,575	58,046	50,084
Membership revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	14,133	13,146	27,585	25,693
Membership revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	13,204	12,254	25,748	23,923
Membership revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	929	892	1,837	1,770
Membership revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	0	0	0	0
Membership revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	0	0	0	0
Membership revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	14,133	13,146	27,585	25,693
Marketplace and other revenue
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	12,664	10,429	30,461	24,391
Marketplace and other revenue | U.S.
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	11,305	9,061	27,682	22,587
Marketplace and other revenue | Canada
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	363	348	1,025	512
Marketplace and other revenue | Europe
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	996	1,020	1,754	1,292
Marketplace and other revenue | Agent
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	0	0	0	0
Marketplace and other revenue | Direct
Disaggregation of Revenue [Line Items]
Total revenue from customer contracts	$ 12,664	$ 10,429	$ 30,461	$ 24,391

Revenue - Contract Assets and L

Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 11,789	$ 75,891
Contract liabilities	$ 52,949	$ 47,651

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Gross Unrealized Losses	$ 538
Foreign
Debt Securities, Available-for-Sale [Line Items]
Gross Unrealized Losses	118
Foreign | Canada
Debt Securities, Available-for-Sale [Line Items]
Gross Unrealized Losses	$ 200

Investments - Schedule of inves

Investments - Schedule of investments are held in trust (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investments held in trust	$ 470,243	$ 16,472

Investments - Schedule of Inv_2

Investments - Schedule of Investments, Available-for-Sale Securities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 459,433
Gross Unrealized Gains	1,489
Gross Unrealized Losses	(538)
Estimated Fair Value	460,384
Corporate
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	186,266
Gross Unrealized Gains	323
Gross Unrealized Losses	(255)
Estimated Fair Value	186,334
U.S. Treasury
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	103,243
Gross Unrealized Gains	141
Gross Unrealized Losses	(47)
Estimated Fair Value	103,337
States and municipalities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	38,112
Gross Unrealized Gains	481
Gross Unrealized Losses	(8)
Estimated Fair Value	38,585
Foreign
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	16,658
Gross Unrealized Gains	8
Gross Unrealized Losses	(118)
Estimated Fair Value	16,548
Asset-backed securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	22,651
Gross Unrealized Gains	154
Gross Unrealized Losses	(8)
Estimated Fair Value	22,797
Mortgage-backed securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	92,503
Gross Unrealized Gains	382
Gross Unrealized Losses	(102)
Estimated Fair Value	$ 92,783

Investments - Schedule Of Contr

Investments - Schedule Of Contractual Maturities Of The Company's Available-For-Sale Investments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Amortized Cost
Due in one year or less	$ 55,706
Due after one year through five years	222,100
Due after five years through ten years	52,823
Due after ten years	13,650
Mortgage-backed and asset-backed securities	115,154
Total fixed maturity securities	459,433
Estimated Fair Value
Due in one year or less	55,585
Due after one year through five years	222,227
Due after five years through ten years	53,217
Due after ten years	13,775
Mortgage-backed and asset-backed securities	115,580
Total fixed maturity securities	$ 460,384

Investments - Schedule of Debt

Investments - Schedule of Debt Securities, Held-to-Maturity (Details) - Fixed Income Securities $ in Thousands	Dec. 31, 2023 USD ($)
Carrying Amount
Debt Securities, Available-for-Sale [Line Items]
Short-term	$ 10,946
Long-term	5,526
Total	16,472
Level 2 | Estimated Fair Value
Debt Securities, Available-for-Sale [Line Items]
Short-term	10,864
Long-term	5,398
Total	$ 16,262

Investments - Schedule of Net I

Investments - Schedule of Net Investment Income Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Securities, Available-for-Sale [Line Items]
Interest income:	$ 11,209	$ 6,064	$ 20,434	$ 11,129
Dividends on equity securities	24	0	24	0
Gross investment income	11,233	6,064	20,458	11,129
Investment expenses	(122)	0	(122)	0
Net investment income	11,111	6,064	20,336	11,129
Cash and cash equivalents and restricted cash and cash equivalents
Debt Securities, Available-for-Sale [Line Items]
Interest income:	7,561	5,951	16,640	10,906
Fixed maturity securities
Debt Securities, Available-for-Sale [Line Items]
Interest income:	$ 3,648	$ 113	$ 3,794	$ 223

Investments - Schedule Of Net R

Investments - Schedule Of Net Realized And Unrealized Gains (Losses) On Investments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Net realized investment gains (losses)	$ (31)
Equity securities:
Total change in fair value of equity securities	478
Net investment gains (losses)	447
Fixed maturity securities
Equity securities:
Change in net unrealized gains (losses) on available-for-sale investments included in Other comprehensive income (loss):	$ (951)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Investments: - USD ($)	3 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount	$ 35,000,000		$ 35,000,000
Derivative fixed interest rate			0.81%
Cash proceeds	2,300,000
Nonoperating income	$ 2,300,000
Fair Value, Recurring
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Investments		$ 2,234,000

Fair Value Measurements - Input

Fair Value Measurements - Inputs in the Valuation Model (Details)	Jun. 30, 2024 year $ / shares USD ($)
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | $	0
Private Warrants | Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	11.50
Private Warrants | Common stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	10.40
Private Warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.333
Private Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	2.42
Private Warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0460
Private 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	10.40
Underwriter Warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.333
Underwriter Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	2.42
Underwriter Warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0460
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	10.40
OTM Warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.350
OTM Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	7.43
OTM Warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0430
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	10.40
PIPE Warrants | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.333
PIPE Warrants | Expected term of the warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input | year	2.42
PIPE Warrants | Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0460
PIPE Warrants | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial Assets
Estimated Fair Value	$ 460,384
Corporate
Financial Assets
Estimated Fair Value	186,334
U.S. Treasury
Financial Assets
Estimated Fair Value	103,337
States and municipalities
Financial Assets
Estimated Fair Value	38,585
Foreign
Financial Assets
Estimated Fair Value	16,548
Asset-backed securities
Financial Assets
Estimated Fair Value	22,797
Mortgage-backed securities
Financial Assets
Estimated Fair Value	92,783
Fair Value, Recurring
Financial Assets
Total	470,243	$ 18,706
Financial Liabilities
Total	42,099	34,018
Fair Value, Recurring | Corporate
Financial Assets
Estimated Fair Value	186,334
Fair Value, Recurring | U.S. Treasury
Financial Assets
Estimated Fair Value	103,337
Fair Value, Recurring | States and municipalities
Financial Assets
Estimated Fair Value	38,585
Fair Value, Recurring | Foreign
Financial Assets
Estimated Fair Value	16,548	16,472
Fair Value, Recurring | Asset-backed securities
Financial Assets
Estimated Fair Value	22,797
Fair Value, Recurring | Mortgage-backed securities
Financial Assets
Estimated Fair Value	92,783
Fair Value, Recurring | Common stocks
Financial Assets
Estimated Fair Value	9,859
Fair Value, Recurring | Public Warrants
Financial Liabilities
Fair Value	11,788	9,488
Fair Value, Recurring | Private Warrants
Financial Liabilities
Fair Value	557	476
Fair Value, Recurring | Underwriter Warrants
Financial Liabilities
Fair Value	62	53
Fair Value, Recurring | OTM Warrants
Financial Liabilities
Fair Value	4,677	3,981
Fair Value, Recurring | PIPE Warrants
Financial Liabilities
Fair Value	25,015	20,020
Fair Value, Recurring | Investments:
Financial Assets
Investments:		2,234
Fair Value, Recurring | Level 1
Financial Assets
Total	9,859	0
Financial Liabilities
Total	11,788	9,488
Fair Value, Recurring | Level 1 | Corporate
Financial Assets
Estimated Fair Value	0
Fair Value, Recurring | Level 1 | U.S. Treasury
Financial Assets
Estimated Fair Value	0
Fair Value, Recurring | Level 1 | States and municipalities
Financial Assets
Estimated Fair Value	0
Fair Value, Recurring | Level 1 | Foreign
Financial Assets
Estimated Fair Value	0	0
Fair Value, Recurring | Level 1 | Asset-backed securities
Financial Assets
Estimated Fair Value	0
Fair Value, Recurring | Level 1 | Mortgage-backed securities
Financial Assets
Estimated Fair Value	0
Fair Value, Recurring | Level 1 | Common stocks
Financial Assets
Estimated Fair Value	9,859
Fair Value, Recurring | Level 1 | Public Warrants
Financial Liabilities
Fair Value	11,788	9,488
Fair Value, Recurring | Level 1 | Private Warrants
Financial Liabilities
Fair Value	0	0
Fair Value, Recurring | Level 1 | Underwriter Warrants
Financial Liabilities
Fair Value	0	0
Fair Value, Recurring | Level 1 | OTM Warrants
Financial Liabilities
Fair Value	0	0
Fair Value, Recurring | Level 1 | PIPE Warrants
Financial Liabilities
Fair Value	0	0
Fair Value, Recurring | Level 1 | Investments:
Financial Assets
Investments:		0
Fair Value, Recurring | Level 2
Financial Assets
Total	460,384	18,706
Financial Liabilities
Total	0	0
Fair Value, Recurring | Level 2 | Corporate
Financial Assets
Estimated Fair Value	186,334
Fair Value, Recurring | Level 2 | U.S. Treasury
Financial Assets
Estimated Fair Value	103,337
Fair Value, Recurring | Level 2 | States and municipalities
Financial Assets
Estimated Fair Value	38,585
Fair Value, Recurring | Level 2 | Foreign
Financial Assets
Estimated Fair Value	16,548	16,472
Fair Value, Recurring | Level 2 | Asset-backed securities
Financial Assets
Estimated Fair Value	22,797
Fair Value, Recurring | Level 2 | Mortgage-backed securities
Financial Assets
Estimated Fair Value	92,783
Fair Value, Recurring | Level 2 | Common stocks
Financial Assets
Estimated Fair Value	0
Fair Value, Recurring | Level 2 | Public Warrants
Financial Liabilities
Fair Value	0	0
Fair Value, Recurring | Level 2 | Private Warrants
Financial Liabilities
Fair Value	0	0
Fair Value, Recurring | Level 2 | Underwriter Warrants
Financial Liabilities
Fair Value	0	0
Fair Value, Recurring | Level 2 | OTM Warrants
Financial Liabilities
Fair Value	0	0
Fair Value, Recurring | Level 2 | PIPE Warrants
Financial Liabilities
Fair Value	0	0
Fair Value, Recurring | Level 2 | Investments:
Financial Assets
Investments:		2,234
Fair Value, Recurring | Level 3
Financial Assets
Total	0	0
Financial Liabilities
Total	30,311	24,530
Fair Value, Recurring | Level 3 | Corporate
Financial Assets
Estimated Fair Value	0
Fair Value, Recurring | Level 3 | U.S. Treasury
Financial Assets
Estimated Fair Value	0
Fair Value, Recurring | Level 3 | States and municipalities
Financial Assets
Estimated Fair Value	0
Fair Value, Recurring | Level 3 | Foreign
Financial Assets
Estimated Fair Value	0	0
Fair Value, Recurring | Level 3 | Asset-backed securities
Financial Assets
Estimated Fair Value	0
Fair Value, Recurring | Level 3 | Mortgage-backed securities
Financial Assets
Estimated Fair Value	0
Fair Value, Recurring | Level 3 | Common stocks
Financial Assets
Estimated Fair Value	0
Fair Value, Recurring | Level 3 | Public Warrants
Financial Liabilities
Fair Value	0	0
Fair Value, Recurring | Level 3 | Private Warrants
Financial Liabilities
Fair Value	557	476
Fair Value, Recurring | Level 3 | Underwriter Warrants
Financial Liabilities
Fair Value	62	53
Fair Value, Recurring | Level 3 | OTM Warrants
Financial Liabilities
Fair Value	4,677	3,981
Fair Value, Recurring | Level 3 | PIPE Warrants
Financial Liabilities
Fair Value	$ 25,015	20,020
Fair Value, Recurring | Level 3 | Investments:
Financial Assets
Investments:		$ 0

Fair Value Measurements - Level

Fair Value Measurements - Level Three Reconciliation (Details) - Warrant Liabilities - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 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	5,781	1,637
Ending balance	30,311	34,318
Private 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	81	16
Ending balance	557	689
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	9	2
Ending balance	62	77
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	696	231
Ending balance	4,677	4,937
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	4,995	1,388
Ending balance	$ 25,015	$ 28,615

Notes Receivable - Narrative (D

Notes Receivable - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Notes receivable	$ 61,576	$ 52,914
Notes receivable, current	60,285	35,896
Notes receivable, noncurrent	$ 1,291	$ 17,018
Notes Receivable | Customer Concentration Risk
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan to value ratio	51%
Principal outstanding loan	$ 32,300
Securities loaned, fair value of collateral	$ 62,800
Notes Receivable | Customer Concentration Risk | Borrower
Financing Receivable, Allowance for Credit Loss [Line Items]
Percent of total	52%
Broad Arrow Group Inc
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans maturity term	2 years
Loans, renewal option, term	1 year
Loan to value ratio	65%

Notes Receivable - Aggregate LT

Notes Receivable - Aggregate LTV Ratio (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Secured loans	$ 61,576	$ 52,914
Estimate of collateral value	$ 115,571	$ 108,496
Aggregate LTV ratio	53.30%	48.80%

Other Assets - Schedule of Prep

Other Assets - Schedule of Prepaid Expenses and Other Assets, Current and Long-term (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid SaaS implementation costs	$ 32,169	$ 21,941
Prepaid sales, general and administrative expenses	20,421	21,300
Deferred reinsurance premiums ceded	22,886	10,474
Contract costs	9,826	8,851
Reinsurance recoverable	7,639	2,783
Inventory	13,943	5,038
Deferred financing costs	4,418	5,053
Accrued investment income	3,787	104
Consignor advances	3,801	0
Other	12,100	11,782
Other assets	130,990	87,326
Other investments	5,000	4,400
Collector vehicles	2,500	2,700
Outstanding reinsurance recoverable	$ 2,400	2,200
Interest rate swap		$ 2,200

Leases - Operating Lease Expens

Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease expense	$ 1,841	$ 3,153	$ 4,038	$ 6,300
Short-term lease expense	21	147	70	216
Variable lease expense	1,283	842	1,900	1,649
Sublease revenue	(353)	(134)	(656)	(197)
Lease cost, net	$ 2,792	$ 4,008	$ 5,352	$ 7,968

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease ROU assets	$ 47,219	$ 50,515
Current lease liabilities	$ 6,460	$ 6,500
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Liabilities, Current	Liabilities, Current
Long-term lease liabilities	$ 46,689	$ 50,459
Total operating lease liabilities	53,149	56,959
ROU assets obtained in exchange for new operating lease liabilities	$ 892	$ 632
Weighted average lease term	8 years 7 months 20 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	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024	$ 4,462
2025	8,791
2026	8,126
2027	7,809
2028	7,830
Thereafter	28,842
Total lease payments	65,860
Less: imputed interest	(12,711)
Total lease liabilities	$ 53,149	$ 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

Divestitures (Details)

Divestitures (Details) $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)
Hagerty DriveShare, LLC
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Revaluation gain on previously held equity method investment	$ 0.1

Intangible Assets - Cost and Ac

Intangible Assets - Cost and Accumulated Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 170,972		$ 170,972		$ 170,060
Less: accumulated amortization	(88,134)		(88,134)		(78,136)
​Total	82,838		82,838		91,924
Amortization of intangible assets	6,900	$ 7,000	14,300	$ 13,800
Renewal rights
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 19,934		$ 19,934		20,226
Renewal rights | Weighted Average Useful Life
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	10 years		10 years
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 129,894		$ 129,894		126,972
Internally developed software | Weighted Average Useful Life
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	3 years 3 months 18 days		3 years 3 months 18 days
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 12,061		$ 12,061		12,541
Trade names and trademarks | Weighted Average Useful Life
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	14 years 1 month 6 days		14 years 1 month 6 days
Relationships and customer lists
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 7,994		$ 7,994		8,876
Relationships and customer lists | Weighted Average Useful Life
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	15 years 4 months 24 days		15 years 4 months 24 days
Other
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 1,089		$ 1,089		$ 1,445
Other | Weighted Average Useful Life
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	4 years 2 months 12 days		4 years 2 months 12 days

Intangible Assets - Future Amor

Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 12,847
2025	22,144
2026	15,353
2027	11,425
2028	7,592
Thereafter	13,477
​Total	$ 82,838	$ 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 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			127,085	101,976
Prior accident year			0	0
Total incurred losses and loss adjustment expenses	$ 64,729	$ 53,564	127,085	101,976
Payments:
Current accident year			11,409	8,639
Prior accident year			40,376	32,744
Total payments			51,785	41,383
Effect of foreign currency rate changes			(113)	104
Net reserves for unpaid losses and loss adjustment expenses, end of period	209,459	171,595	209,459	171,595
Reinsurance recoverable on unpaid losses and loss adjustment expenses	7,624	538	7,624	538
Gross reserves for unpaid losses and loss adjustment expenses, end of period	$ 217,083	$ 172,133	$ 217,083	$ 172,133

Reinsurance - Earned Premium (D

Reinsurance - Earned Premium (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Premiums:
Assumed	$ 217,907	$ 188,456	$ 375,021	$ 320,643
Ceded	(10,143)	(8,541)	(32,969)	(22,269)
Net	207,764	179,915	342,052	298,374
Premiums earned:
Assumed	168,100	132,123	329,787	252,520
Ceded	(10,488)	(4,641)	(20,556)	(7,807)
Net	$ 157,612	$ 127,482	$ 309,231	$ 244,713

Reinsurance - Reinsurance on Lo

Reinsurance - Reinsurance on Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Gross losses and loss adjustment expenses	$ 66,394	$ 53,365	$ 134,136	$ 101,777
Ceded losses and loss adjustment expenses	1,665	(199)	7,051	(199)
Net losses and loss adjustment expenses	$ 64,729	$ 53,564	$ 127,085	$ 101,976

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) $ in Millions		6 Months Ended	12 Months Ended
	Jan. 01, 2024	Jun. 30, 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
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
Various reinsurers
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance retention policy, total insured amount		$ 5	$ 5
Various reinsurers | Reinsurance Contract [Axis]: Catastrophe Program - High Net Worth
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsured risk, percentage	100%		70%
Evanston | Reinsurance Contract [Axis]: Catastrophe Program - High Net Worth
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsured risk, percentage			100%

Restructuring, Impairment and_2

Restructuring, Impairment and Related Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring, impairment and related charges	$ 0	$ 2,849	$ 5,500	$ 0	$ 8,384
Impairment of operating lease right-of-use assets		2,600
Severance costs		$ 200
Reduction In Force
Restructuring Cost and Reserve [Line Items]
Severance costs					$ 5,100
Asset impairment charges				$ 400

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 99,782	$ 134,915
Less: Notes payable, current portion	(1,201)	(3,654)
Less: Unamortized debt issuance costs	(552)	(581)
Total long-term debt, net	98,029	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	1,998	6,875
Revolving Credit Facility | JPM Credit Facility | JPM Credit Facility
Debt Instrument [Line Items]
Total debt	31,318	77,258
Revolving Credit Facility | JPM Credit Facility | BAC Credit Facility
Debt Instrument [Line Items]
Total debt	$ 41,466	$ 25,782

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 USD ($) letter_of_credit	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023
Debt Instrument [Line Items]
Total debt	$ 98,029,000	$ 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	$ 2,000,000	6,900,000
Notes payable | United Kingdom | Minimum
Debt Instrument [Line Items]
Fixed rate	8.50%
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]
Accordion feature, increase limit	$ 75,000,000
Maximum borrowing capacity	$ 305,000,000
Debt, weighted average interest rate	6.90%			7.38%
Revolving Credit Facility | JPM Credit Facility | BAC Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 75,000,000
Borrowing base	$ 38,700,000
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		6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 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	$ 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	$ 115.4		$ 115.4
Preferred stock, dividend rate, percentage			7%
Dividends, preferred stock, cash	$ 5.6
Convertible preferred stock Per-share purchase price (in dollars per shares) | $ / shares	$ 11.79		$ 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		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	6 Months Ended
	Jun. 30, 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 Thousands	1 Months Ended		3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($) vote $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) vote $ / shares shares	Jun. 30, 2024 USD ($) vote $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Class of Stock [Line Items]
Common stock, shares, outstanding (in shares)	341,070,926		341,070,926	341,070,926		340,087,700
Preferred stock, shares authorized (in shares)	20,000,000		20,000,000	20,000,000
Non-controlling interest | $	$ 1,200	$ 2,300	$ 1,200	$ 1,200	$ 2,300
Additional paid-in capital | $	555,040		555,040	555,040		$ 561,754
Distributions paid to non-controlling interest unit holders | $			$ 5,320	5,320
THG LLC
Class of Stock [Line Items]
Dividends, preferred stock, cash | $	$ 5,600
Distributions paid to non-controlling interest unit holders | $				5,300
Hagerty, Inc. | THG LLC
Class of Stock [Line Items]
Distributions paid to non-controlling interest unit holders | $				$ 1,100	$ 0
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000		500,000,000	500,000,000		500,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001		$ 0.0001	$ 0.0001		$ 0.0001
Common stock, votes per share | vote	1		1	1
Common stock, shares, issued (in shares)	85,703,286		85,703,286	85,703,286		84,588,536
Common stock, shares, outstanding (in shares)	85,703,286		85,703,286	85,703,286		84,588,536
Stock issued during period, shares, new issues				131,524	259,302
Additional paid-in capital | $	$ 1,200	$ 2,300	$ 1,200	$ 1,200	$ 2,300
Class A Common Stock | 2021 Stock Incentive Plan
Class of Stock [Line Items]
Stock issued during period, shares, new issues				983,226	825,345
Class A Common Stock | 2021 Employee Stock Purchase Plan
Class of Stock [Line Items]
Stock issued during period, shares, new issues					118,009
Class V Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	300,000,000		300,000,000	300,000,000		300,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001		$ 0.0001	$ 0.0001		$ 0.0001
Common stock, votes per share | vote	10		10	10
Common stock, shares, issued (in shares)	251,033,906		251,033,906	251,033,906		251,033,906
Common stock, shares, outstanding (in shares)	251,033,906		251,033,906	251,033,906		251,033,906
Common stock, conversion ratio				1
Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.0001		$ 0.0001	$ 0.0001
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)		8,483,561
Sale of stock, consideration received per transaction | $		$ 80,000
Sale of stock, price per share ( in dollar per share) | $ / shares		$ 9.43			$ 9.43
Dividends, preferred stock, cash | $	$ 5,600

Stockholders' Equity - Ownershi

Stockholders' Equity - Ownership (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Units owned (in shares)	341,070,926	340,087,700
Non-controlling Interest
Class of Stock [Line Items]
Units owned (in shares)	255,367,640	255,499,164
The Hagerty Group, LLC
Class of Stock [Line Items]
Ownership percentage by Hagerty, Inc	25.10%	24.90%
Percentage of total outstanding	74.90%	75.10%
Total ownership percentage	100%	100%
Class A Common Stock
Class of Stock [Line Items]
Units owned (in shares)	85,703,286	84,588,536
Common stock, shares, issued (in shares)	85,703,286	84,588,536

Warrants - Number of Outstandin

Warrants - Number of Outstanding Warrants and Their Fair Value (Details) - shares shares in Thousands	Jun. 30, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	19,484	19,484
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	5,750	5,750
Private Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	258	258
Underwriter Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	29	29
OTM Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	1,300	1,300
PIPE Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	12,147	12,147

Warrants - Narrative (Details)

Warrants - Narrative (Details)	Jul. 03, 2024 shares	Jun. 03, 2024 shares	Jul. 23, 2024 shares	Jul. 05, 2024 shares	Jul. 04, 2024 shares	Jun. 30, 2024 shares	Dec. 31, 2023 shares
Class of Warrant or Right [Line Items]
Outstanding upon the closing of the offer be converted into common stock price (in shares)		0.18
Class of warrant converted into common stock percentage						0.10
Subsequent Event
Class of Warrant or Right [Line Items]
Nominal cash settlement paid in lieu of fractional (in shares)			19,483,539
Class A Common Stock
Class of Warrant or Right [Line Items]
Common stock, shares, issued (in shares)						85,703,286	84,588,536
Class A Common Stock | Subsequent Event
Class of Warrant or Right [Line Items]
Common stock, shares, issued (in shares)			3,876,201	3,686,056	189,438
Public Warrants
Class of Warrant or Right [Line Items]
Percentage outstanding warrants tendered in offer						50%
Public Warrants | Subsequent Event
Class of Warrant or Right [Line Items]
Warrants Outstanding (in shares)	5,019,278
Percentage of outstanding warrants	87.30%
Public Warrants | Class A Common Stock
Class of Warrant or Right [Line Items]
Number of securities called by each warrant (in shares)						0.20
Private Warrants
Class of Warrant or Right [Line Items]
Percentage outstanding warrants tendered in offer						50%
Private Warrants | Subsequent Event
Class of Warrant or Right [Line Items]
Warrants Outstanding (in shares)	1,561,381
Percentage of outstanding warrants	98.40%
PIPE Warrants
Class of Warrant or Right [Line Items]
Percentage outstanding warrants tendered in offer						50%
PIPE Warrants | Subsequent Event
Class of Warrant or Right [Line Items]
Warrants Outstanding (in shares)	11,850,300
Percentage of outstanding warrants	97.60%

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($)	1 Months Ended	6 Months Ended		12 Months Ended
	Apr. 30, 2022	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2021	Mar. 29, 2024	Dec. 31, 2023
2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)		27,600,000
Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		2 years
Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		5 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		860,964
Vested (in shares)		1,486,357
Unrecognized compensation cost		$ 31,530,000				$ 26,398,000
Weighted-average period awards are expected to be recognized (in years)		3 years 1 month 13 days	3 years 2 months 23 days
Market Condition Performance Shares
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
Unrecognized compensation cost		$ 12,800,000
Weighted-average period awards are expected to be recognized (in years)		4 years 9 months
Market Condition Performance Shares | 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
Market Condition Performance Shares | 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
Market Condition Performance Shares | 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
Market Condition Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)	3 years
Market Condition Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)	7 years
Performance Condition Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		292,689
Unrecognized compensation cost		$ 4,903,000
Weighted-average period awards are expected to be recognized (in years)		2 years 9 months
Performance Condition Performance Shares | Minimum | 2024 Performance Restricted Stock Unit Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage					35%
Performance Condition Performance Shares | 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%
Class A Common Stock | 2024 Performance Restricted Stock Unit Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs granted (in shares)		585,378

Share-Based Compensation - Shar

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 4,383	$ 4,109	$ 8,926	$ 8,222
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	0	0	0	165
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	3,214	3,393	7,042	6,626
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 1,169	$ 716	$ 1,884	$ 1,431

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Unit Activity (Details) - Restricted stock units	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Restricted Stock Units
Beginning balance (in shares)	4,678,032
Granted (in shares)	860,964
Vested (in shares)	(1,486,357)
Forfeited (in shares)	(117,151)
Ending balance (in shares)	3,935,488
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 9.88
Granted (in dollars per share) | $ / shares	9.13
Vested (in dollars per share) | $ / shares	10.29
Forfeited (in dollars per share) | $ / shares	9.59
Ending balance (in dollars per share) | $ / shares	$ 9.57
Class A Common Stock
Weighted Average Grant Date Fair Value
Class A Common Stock were issued related to the vesting of RSUs (in shares)	983,226

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Restricted Stock Units Award Activity (Details) - Restricted stock units - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares vested	$ 15,291	$ 8,899
Unrecognized compensation expense	$ 31,530		$ 26,398
Weighted-average period awards are expected to be recognized (in years)	3 years 1 month 13 days	3 years 2 months 23 days

Share-Based Compensation - Gran

Share-Based Compensation - Grant-date Fair Value of Performance Stock Units (Details) - Market Condition Performance Shares	6 Months Ended
	Jun. 30, 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%

Share-Based Compensation - Perf

Share-Based Compensation - Performance Stock Units Outstanding (Details) - Performance Condition Performance Shares	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Performance Restricted Stock Units
Beginning balance (in shares) | shares	0
Granted (in shares) | shares	292,689
Ending balance (in shares) | shares	292,689
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	9.15
Ending balance (in dollars per share) | $ / shares	$ 9.15

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Performance-based Units Award Activity (Details) - Performance Condition Performance Shares	6 Months Ended
	Jun. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares vested	$ 0
Unrecognized compensation cost	$ 4,903,000
Weighted-average period awards are expected to be recognized (in years)	2 years 9 months

Earnings Per Share - Earnings P

Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Income Available to Class A Common Stockholders
Net income	$ 42,657	$ 15,539	$ 50,856	$ 514
Net income attributable to non-controlling interest	(32,279)	(13,134)	(41,829)	(208)
Accretion of Series A Convertible Preferred Stock	(1,839)	0	(3,677)	0
Class A Common Stock
Earnings Per Share of Class A Common Stock, Basic
Net income available to Class A Common Stockholders, Basic	$ 7,912	$ 2,388	$ 4,955	$ 305
Weighted average shares of Class A Common Stock outstanding, basic (in shares)	85,687	84,371	85,171	83,820
Net income per share of Class A Common Stock, basic (in dollars per share)	$ 0.09	$ 0.03	$ 0.06	$ 0
Earnings Per Share of Class A Common Stock, Diluted
Net income available to Class A Common Stockholders	$ 7,912	$ 2,405	$ 5,007	$ 307
Weighted-average shares of class A common stock outstanding (in shares)	85,687	85,563	86,072	84,424
Net income per share of Class A Common Stock, Diluted (in dollars per share)	$ 0.09	$ 0.03	$ 0.06	$ 0
Net Income Available to Class A Common Stockholders
Net income	$ 42,657	$ 15,539	$ 50,856	$ 514
Net income attributable to non-controlling interest	(32,279)	(13,134)	(41,829)	(208)
Accretion of Series A Convertible Preferred Stock	(1,839)	0	(3,677)	0
Undistributed earnings allocated to Series A Convertible Preferred Stock	(627)	(17)	(395)	(1)
Net income available to Class A Common Stockholders, Basic	7,912	2,388	4,955	305
Undistributed earnings allocated to Series A Convertible Preferred Stock	0	17	0	1
Adjustment for potentially dilutive THG units	0	0	0	0
Adjustment for potentially dilutive Series A Convertible Preferred Stock	0	0	0	1
Adjustment for potentially dilutive share-based compensation awards	0	0	52	0
Adjustment for potentially dilutive warrants	0	0	0	0
Net income available to Class A Common Stockholders, Diluted	$ 7,912	$ 2,405	$ 5,007	$ 307
Weighted Average Shares of Class A Common Stock Outstanding
Weighted average shares of Class A Common Stock outstanding, basic (in shares)	85,687	84,371	85,171	83,820
Adjustment for potentially dilutive THG units (in shares)	0	0	0	0
Adjustment for potentially dilutive Series A Convertible Preferred Stock ( in shares)	0	597	0	300
Adjustment for potentially dilutive share-based compensation awards (in shares)	0	595	901	304
Adjustment for potentially dilutive warrant liabilities (in shares)	0	0	0	0
Weighted-average shares of class A common stock outstanding, diluted (in shares)	85,687	85,563	86,072	84,424

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 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)	289,596	280,947	285,565	281,432
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)	255,384	255,532	255,441	255,620
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	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)	7,943	5,931	3,855	6,328
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings (loss) per Class A Common Stock (in shares)	19,484	19,484	19,484	19,484

Taxation - Narrative (Details)

Taxation - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Tax benefit distributions to noncontrolling interest holders, percent	85%
Excess tax basis	$ 140.4	$ 146
Valuation allowance	$ 166.3	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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Amount
Income tax expense at statutory rate			$ 12,977	$ 1,661
State taxes			259	103
(Income) loss not subject to entity-level taxes			(3,382)	4,311
Foreign rate differential			(156)	(185)
Change in valuation allowance			(738)	252
Change in fair value of warrant liabilities			1,697	477
Permanent items			346	510
Other, net			(63)	269
Income tax expense	$ 5,811	$ 3,730	$ 10,940	$ 7,398
Percent
Income tax expense at statutory rate			21%	21%
State taxes			0%	1%
(Income) loss not subject to entity-level taxes			(5.00%)	55%
Foreign rate differential			0%	(2.00%)
Change in valuation allowance			(1.00%)	3%
Change in fair value of warrant liabilities			3%	6%
Permanent items			1%	7%
Other, net			0%	3%
Income tax expense			18%	94%

Related-Party Transactions - Eq

Related-Party Transactions - Equity Interests in Hagerty (Details) - Hagerty, Inc. - Affiliated Entity	Jun. 30, 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	58.30%
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	58.30%
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		6 Months Ended
	Jan. 01, 2023	Dec. 31, 2022	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) state	Dec. 31, 2020 USD ($)
Related Party Transaction [Line Items]
Contract liabilities			$ 52,949,000		$ 52,949,000		$ 47,651,000
Restricted cash and cash equivalents			194,586,000	$ 518,109,000	194,586,000	$ 518,109,000
Net			(157,612,000)	(127,482,000)	(309,231,000)	(244,713,000)
Ceding commissions, net			(73,446,000)	(60,350,000)	(144,376,000)	(115,775,000)
Losses and loss adjustment expenses			(64,729,000)	(53,564,000)	(127,085,000)	(101,976,000)
Total operating expenses			(275,158,000)	(243,991,000)	$ (534,642,000)	(478,832,000)
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%
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 | State Farm | Reinsurance Agreement
Related Party Transaction [Line Items]
Net			(4,069,000)	(1,390,000)	$ (8,022,000)	(1,390,000)
Ceding commissions, net			(2,117,000)	(723,000)	(4,172,000)	(723,000)
Losses and loss adjustment expenses			(813,000)	(278,000)	(3,604,000)	(278,000)
Total operating expenses			(2,930,000)	$ (1,001,000)	(7,776,000)	$ (1,001,000)
Affiliated Entity | Evanston | Reinsurance Agreement
Related Party Transaction [Line Items]
Restricted cash and cash equivalents			$ 475,600,000		$ 475,600,000		$ 517,200,000

Related-Party Transactions - Re

Related-Party Transactions - Reinsurance Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Premiums receivable	$ 221,788		$ 221,788		$ 137,525
Commissions receivable	17,719		17,719		79,115
Deferred acquisition costs, net	159,307		159,307		141,637
Other current assets	84,371		84,371		49,293
Total assets	1,729,631		1,729,631		1,588,212
Losses payable and provision for unpaid losses and loss adjustment expenses	217,545		217,545		198,508
Commissions payable	101,100		101,100		108,739
Unearned premiums	362,509		362,509		317,275
TOTAL LIABILITIES	1,194,325		1,194,325		1,094,867
Earned premium	157,612	$ 127,482	309,231	$ 244,713
Ceding commissions, net	73,446	60,350	144,376	115,775
Losses and loss adjustment expenses	64,729	53,564	127,085	101,976
Total operating expenses	275,158	243,991	534,642	478,832
State Farm | Reinsurance Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Commissions receivable	2,276		2,276		1,963
Deferred acquisition costs, net	(4,393)		(4,393)		(3,898)
Other current assets	12,616		12,616		9,268
Total assets	10,499		10,499		7,333
Accounts payable, accrued expenses and other current liabilities	4,376		4,376		3,775
TOTAL LIABILITIES	4,376		4,376		3,775
Earned premium	4,069	1,390	8,022	1,390
Ceding commissions, net	2,117	723	4,172	723
Losses and loss adjustment expenses	813	278	3,604	278
Total operating expenses	2,930	1,001	7,776	1,001
Markel | Reinsurance Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Premiums receivable	213,321		213,321		134,376
Commissions receivable	556		556		630
Deferred acquisition costs, net	162,409		162,409		141,880
Other current assets	2,480		2,480		1,915
Total assets	378,766		378,766		278,801
Accounts payable, accrued expenses and other current liabilities	875		875		1,553
Losses payable and provision for unpaid losses and loss adjustment expenses	207,457		207,457		189,520
Commissions payable	97,543		97,543		107,286
Unearned premiums	351,336		351,336		307,504
TOTAL LIABILITIES	657,211		657,211		$ 605,863
Earned premium	162,536	130,610	318,656	243,972
Ceding commissions, net	75,033	59,419	147,396	113,177
Losses and loss adjustment expenses	64,266	51,194	129,421	97,849
Total operating expenses	$ 139,299	$ 110,613	$ 276,817	$ 211,026

Related-Party Transactions - Al

Related-Party Transactions - Alliance Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Commission revenue	$ 155,613	$ 133,762	$ 275,702	$ 234,883
Markel | Alliance Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Due to insurer	123,717		123,717		$ 75,922
Commission revenue	$ 115,975	$ 100,737	$ 199,644	$ 172,376
Markel | Alliance Agreement | Affiliated Entity | Due To Related Parties | Related Party Concentration Risk
Related Party Transaction [Line Items]
Percent of total			89%		95%
Markel | Alliance Agreement | Affiliated Entity | Revenue from Contract with Customer Benchmark | Related Party Concentration Risk
Related Party Transaction [Line Items]
Percent of total	92%	93%	93%	95%