Hagerty’s second-quarter filings reveal continued resilience in its specialty collector car insurance business despite rising claims intensity. The company’s nearly 90% policy retention and strong Net Promoter Scores reflect the value of its integrated enthusiast membership and media ecosystem, which supports recurring revenue and cross-selling. Superior underwriting discipline, evidenced by an average loss ratio near 42% in its reinsurance subsidiary versus broader industry averages, underpins consistent profitability. Marketplace platform growth complements core insurance revenues, broadening Hagerty’s ecosystem offerings. Key risks remain related to underwriting new products and dependence on strategic fronting insurer partners.