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.
For further details see:
Hagerty raises $105M to improve operating efficiencies