HGTY - Hagerty stock jumps 13% after State Farm bolsters stake

Hagerty (NYSE:HGTY) stock roars up 13% on Friday trading, after State Farm Mutual Auto Insurance discloses holding a 64.6% stake in the company that insures classic and enthusiast vehicles. Hagerty warrants (NYSE:HGTY.WS) shot up 19%. That compares with State Farm's 15% stake in Hagerty (HGTY), according to a Nov. 19 filing. In today's filing, State Farm acquired the shares and warrants in the company for investment purposes and "furtherance of a strategic relationship" between the two companies. For its first six sessions as a publicly traded company, Hagerty (HGTY) shares have surged 73%. The stock's surge on Friday compares with weakness in the insure-tech segment. Lemonade (NYSE:LMND), the company that started with apartment renters' insurance and has since expanded into pet and auto policies, dropped 7.1%. Root (NASDAQ:ROOT), which offers auto, homeowners and renters' insurance, slid 4.3% in the last session of the week. In the past five sessions, Hagerty (HGTY) rises

For further details see:

Hagerty stock jumps 13% after State Farm bolsters stake