HGTY Hagerty (HGTY) Q1 FY26 earnings call
Hagerty delivered an excellent first quarter, with written premiums and adjusted EBITDA significantly exceeding expectations, driven by record new policy additions and strong underwriting. The company is successfully navigating a structural change in its Markel arrangement, which temporarily impacts GAAP revenue and net income but is expected to normalize by year-end. Strategic investments in B2B distribution, technology, and the auction business are fueling continued growth and member engagement.
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HGTY operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Policy retention rate | 89%Written premiums grew 19% due to robust new business count helped by ramping State Farm conversions and our 89% retention.Source: earnings call transcript | 89%PIF growth jumped 15% as our retention rate remained steady at an industry-leading 89%.Source: earnings call transcript | 88%Our high rates of PIF growth and industry-leading retention of 88% powers consistent compounding growth and provides us with excellent visibility into future revenue streams, particularly as we unlock our partnership opportunities by deepening existing relationships and adding new ones.Source: earnings call transcript | -1 pt |
| Combined ratio Hagerty Re | — | 87%Hagerty Re's combined ratio was 87%, and we took down our reserves by $6 million in the first quarter.Source: earnings call transcript | 90%Turning to profitability, shown on slides 7 and 8, Hagerty-Ree's combined ratio came in at 90% in the second quarter, despite inflationary pressures.Source: earnings call transcript | +3 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.