#Class A Common Stock #Hagerty #automotive insurance #Traverse City, Michigan

Hagerty Unveils Pricing for Its Expanded Class A Common Stock Offering

On August 7, 2025, Hagerty, Inc. (NYSE: HGTY), an automotive enthusiast brand renowned for its specialty vehicle insurance, disclosed the pricing details of its upscaled secondary offering. This offering has been adjusted to include 9,700,000 shares of Hagerty's Class A Common Stock, which will be placed on the market for $9.34 per share.

This offering is being facilitated by Hagerty Holding Corp. (HHC) and Aldel LLC, collectively referred to as the Selling Stockholders. As a strategic move, these stockholders have also allowed underwriters a 30-day option to purchase up to an additional 1,455,000 shares of Hagerty's Class A Common Stock, potentially broadening the offering further.

The projected closing date of this offering is set for August 11, 2025, contingent upon fulfilling standard closing conditions, which are commonplace in such financial transactions.

It’s important to note that Hagerty itself will not reap any financial benefits from the sale of shares offered by the Selling Stockholders. Instead, any proceeds generated will exclusively benefit the Selling Stockholders, who will also shoulder any underwriting discounts and commissions linked to this offering. In particular, HHC indicated that net proceeds from its share sales will be allocated towards redeeming a corresponding number of HHC shares for the estate of Kim Hagerty.

This offering is represented by multiple underwriters, with Keefe, Bruyette & Woods, a Stifel Company, and J.P. Morgan taking the lead as bookrunning managers. Additional bookrunning managers include BMO Capital Markets, Citizens Capital Markets, and Wells Fargo Securities. The co-manager for the offering is Oppenheimer & Co.

To officially engage in this offering, interested parties need to review the prospectus supplement accompanying the base prospectus. These documents will soon be made available, free of charge, via the SEC’s EDGAR database at www.sec.gov. For those who prefer direct inquiries, they can request the prospectus through Keefe, Bruyette & Woods, Inc. at their New York office, or from J.P. Morgan Securities LLC, using the provided contact information.

A registration statement for these securities has already been filed with the SEC and has obtained effective status. However, it's crucial to clarify that this press release does not constitute an offer to sell or solicit offers to buy these securities in any jurisdiction where such solicitation or sale would contravene local laws prior to registration or qualification.