Hagerty, Inc. (NYSE: HGTY) said that shares of its common stock and warrants will begin trading today on the New York Stock Exchange under ticker symbols HGTY and HGTY.WS, respectively. This results from the completion of the Company’s previously announced business combination with Aldel Financial Inc., a publicly traded special purpose acquisition company. Aldel shareholders approved the business combination at a special meeting held on December 1. Hagerty executives will ring the bell to open the trading day at the New York Stock Exchange on Monday 6 December 2021.
The transaction values Hagerty* at a pro forma enterprise of, gulp, ~$3.1 billion. Net proceeds of ~$265 million, it’s claimed, will be used to advance Hagerty’s growth. Hagerty is self-described as an automotive lifestyle brand and a leading specialty insurance provider focused on the global automotive enthusiast market. The firm has been close to the automotive Concourse scene with financial support, particularly in the US. It also sponsors classic car ride-and-drives associated with classic auto shows or events.
McKeel Hagerty, the Company’s CEO, said, “Today is a milestone for Hagerty… We have built the Company to optimize growth across the vast automotive enthusiast market, which today stands strong at an estimated 69 million enthusiasts in the U.S. alone. Our goal is not only to provide car lovers with great insurance but to help them connect with one another and have fun with their cars.”
*Hagerty is a provider of specialty automotive insurance with approximately 2 million cars insured globally, an industry-leading 84 Net Promoter Score (NPS) and partnerships with nine of the top 10 U.S. automotive insurers.
Hagerty’s self-written business model integrates omni-channel distribution, risk management & reinsurance, and subscription & membership for multiple revenue streams. Haggerty claims its omni-channel insurance distribution model positions it to scale through national insurance partners, local agents and brokers, and direct distribution. The Company’s portfolio includes Hagerty Drivers Club (1.8 million members), Hagerty Drivers Club magazine (1.2 million readership), Hagerty YouTube (1.75 million subscribers), three major concours events, a nationwide collection of premium social and car storage membership facilities called Hagerty Garage + Social, and DriveShare, a peer-to-peer service that lets people rent vintage and trendy cars.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
Hagerty Debuts as a Publicly Traded NYSE Company
Hagerty, Inc. (NYSE: HGTY) said that shares of its common stock and warrants will begin trading today on the New York Stock Exchange under ticker symbols HGTY and HGTY.WS, respectively. This results from the completion of the Company’s previously announced business combination with Aldel Financial Inc., a publicly traded special purpose acquisition company. Aldel shareholders approved the business combination at a special meeting held on December 1. Hagerty executives will ring the bell to open the trading day at the New York Stock Exchange on Monday 6 December 2021.
The transaction values Hagerty* at a pro forma enterprise of, gulp, ~$3.1 billion. Net proceeds of ~$265 million, it’s claimed, will be used to advance Hagerty’s growth. Hagerty is self-described as an automotive lifestyle brand and a leading specialty insurance provider focused on the global automotive enthusiast market. The firm has been close to the automotive Concourse scene with financial support, particularly in the US. It also sponsors classic car ride-and-drives associated with classic auto shows or events.
McKeel Hagerty, the Company’s CEO, said, “Today is a milestone for Hagerty… We have built the Company to optimize growth across the vast automotive enthusiast market, which today stands strong at an estimated 69 million enthusiasts in the U.S. alone. Our goal is not only to provide car lovers with great insurance but to help them connect with one another and have fun with their cars.”
*Hagerty is a provider of specialty automotive insurance with approximately 2 million cars insured globally, an industry-leading 84 Net Promoter Score (NPS) and partnerships with nine of the top 10 U.S. automotive insurers.
Hagerty’s self-written business model integrates omni-channel distribution, risk management & reinsurance, and subscription & membership for multiple revenue streams. Haggerty claims its omni-channel insurance distribution model positions it to scale through national insurance partners, local agents and brokers, and direct distribution. The Company’s portfolio includes Hagerty Drivers Club (1.8 million members), Hagerty Drivers Club magazine (1.2 million readership), Hagerty YouTube (1.75 million subscribers), three major concours events, a nationwide collection of premium social and car storage membership facilities called Hagerty Garage + Social, and DriveShare, a peer-to-peer service that lets people rent vintage and trendy cars.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.