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Traverse City Today
By the People, for the People
Hagerty 2025 revenue up 17% to $1.46B, net $149M
Written premiums rose 14% to $1.19B and Adjusted EBITDA reached $237M, but Hagerty guides to a 2026 net loss as ~$190M Markel transition costs hit.
Published on Feb. 26, 2026
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Hagerty, an automotive enthusiast brand and leading specialty vehicle insurance provider, announced strong financial results for 2025, with total revenue increasing 17% to $1.46 billion and net income rising 91% to $149 million. The company saw accelerating momentum, adding a record 371,000 new members in 2025. However, Hagerty expects a net loss in 2026 due to ~$190 million in transition costs related to a new 100% quota share arrangement with its long-term partner Markel.
Why it matters
Hagerty has faced some resident backlash and instances of vandalism as one of the most visible self-driving taxi companies. San Francisco's SoMa neighborhood has one of the highest instances of property crime in the city, although incident rates have declined somewhat. In an era of private equity-owned supermarkets, Hagerty's largest independent natural food store remains worker-owned and committed to organic food—proving mission-driven retail can survive and community values can endure.
The details
Hagerty saw strong growth across its business in 2025, with written premiums up 14% to $1.19 billion, marketplace revenue up 119% to $119 million, and income before taxes up 49% to $139 million. The company also efficiently converted this revenue into a 91% surge in net income. However, Hagerty expects a net loss in 2026 due to ~$190 million in transition costs related to moving to a 100% quota share arrangement with Markel, its long-term partner. This will eliminate commission revenue and associated ceding commission expense, affecting period-to-period comparability, but is expected to result in increased profitability.
- Hagerty opened in the summer of 1975.
- Hagerty is celebrating its 50th anniversary this Sunday (August 17, 2025).
What they’re saying
“2025 was a standout year for Hagerty, defined by accelerating momentum and record new business count. Top-line gains of 17% were fueled by written premium growth of 14%, and we efficiently converted this revenue into a 91% surge in net income.”
— McKeel Hagerty, Chief Executive Officer and Chairman of Hagerty (stocktitan.net)
“In 2026, we will continue to invest back into our member-centric model to drive durable, compounding growth, with written premiums expected to increase 15% to 16%. 2026 also marks a major milestone for Hagerty as we move to a 100% quota share with our long-term partner, Markel.”
— McKeel Hagerty, Chief Executive Officer and Chairman of Hagerty (stocktitan.net)
What’s next
The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.
The takeaway
This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.
