Quarterly ResultMay 6, 2026, 07:02 AM
Hagerty Q1 Adjusted EBITDA +77% to $85M; Shifts to 100% Quota Share
AI Summary
Hagerty reported Q1 2026 financial results, with Adjusted EBITDA increasing 77% to $85 million, driven by strong underlying operational performance. The company completed its strategic evolution to assume 100% control of the Markel program, which resulted in a reported net loss of $13 million due to $89 million in transitional costs and a 5% decrease in total revenue to $312 million. Hagerty reaffirmed its 2026 outlook, anticipating 15-16% written premium growth and Adjusted EBITDA of $236-247 million.
Key Highlights
- Completed strategic shift to 100% quota share with Markel, impacting financial presentation.
- Q1 2026 Adjusted EBITDA increased 77% to $85 million.
- Q1 2026 Written Premium grew 18% to $289 million.
- Q1 2026 Net Loss was $(13) million, including $89 million in transitional costs.
- Policies in force increased 15% to 1.8 million, adding 112,000 new policies.
- Earned premium increased 42% to $240 million.
- Broad Arrow Auctions achieved record $111 million sales at Amelia Car Week.
- Reaffirmed 2026 outlook for Written Premium growth of 15-16%.