HGTY - Hagerty reports Q1 results

Hagerty press release (NYSE:HGTY): Q1 Revenue of $167.8M (+30.0% Y/Y). Written Premium grew 16% Y/Y to $154.8M. Total Active Members grew 11% Y/Y to 2.5M. "Looking ahead, we remain focused on what we can control in this challenging macro environment, and believe we are well positioned to drive sustainable double-digit organic written premium growth," added Mr. Hagerty. "We will continue to provide our members with a wealth of new offerings that will attract and retain car lovers, which enables us to further monetize our substantial addressable market as our members expand their use of fee-based Hagerty products and services. While 2022 will be a year of investment for Hagerty, as we have noted previously, we are excited about the long-term value that will be derived from these opportunities. We also are excited about our partnership with State Farm (BNSAX), which is on track to launch before the end of 2022."

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Hagerty reports Q1 results