HGTY - Hagerty raises $105M to improve operating efficiencies
2023-06-23 16:25:10 ET
Hagerty ( NYSE: HGTY ) said on Friday that it had raised $105 million in capital from existing investors including State Farm, Markel Group and the Hagerty family.
The auto insurance provider said that the capital raise consisted of $80 million of convertible preferred equity, and $25 million commitment of long-term debt financing for Hagerty Reinsurance Limited.
The company expects to use the funding to "augment its offerings" and make technology investments to improve its operating efficiencies.
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Hagerty raises $105M to improve operating efficiencies