Keep pulling the thread on McKeel Hagerty.
In 1995, McKeel Hagerty developed the strategic vision to reposition Hagerty from an insurance company to a club for car owners.
Hagerty's growth strategy involved partnering with large insurance companies like Allstate rather than competing against them.
Hagerty projects revenues of $1.5 billion for 2025.
In a recent period, Hagerty reported $1.3 billion in written premium, added a record 371,000 new members, and saw net income increase by 91%.
Hagerty estimates that approximately 12 million enthusiast vehicles will be transferred to a new generation in the United States over the next 15 years.
Hagerty estimates the total value of the 12 to 13 million collector vehicles expected to transfer to the next generation is approximately $570 billion.
In the fall of 1995, McKeel Hagerty developed the strategy to rebrand Hagerty as a club for car owners rather than a traditional insurance company.
A key element of Hagerty's growth strategy was to partner with large insurance companies like Allstate and State Farm rather than competing against them directly.
Hagerty's first major partnership with a large insurance company was established with Allstate approximately 22-23 years ago and continues to grow annually.
Hagerty Specialty Insurance evolved from a niche wooden boat insurer into a publicly traded company by focusing on the collector car community.
The collector wooden boat insurance market was an unoccupied business space with an unmet need when Hagerty was founded.
In the 1970s, a 1962 Ferrari GTO could be purchased for $15,000.