In the first quarter of 2026, Hagerty reported operational progress highlighted by robust premium growth and high policy retention despite a net loss largely attributed to expected seasonality and catastrophe claims timing. The company’s distinctive MGA insurance platform, coupled with its enthusiast membership, media, events, and marketplace assets, supports durable customer loyalty and an integrated revenue base. Hagerty’s underwriting loss ratios remain markedly superior to industry averages, underpinning its competitive moat. Key growth vectors include the rollout of new insurance products, expanding member engagement, and marketplace expansion, balanced against risks from catastrophe exposures and regulatory capital constraints.