Auto insurer Hagerty jumps after $91 million secondary offering

Hagerty

08/08/2025 15:57

** Specialty vehicle insurance provider Hagerty's HGTY.N shares jump 13.2% to $10.57

** HGTY late Thursday announced pricing of upsized secondary offering of 9.7 million shares by selling shareholders

** Selling shareholders — Hagerty Holding Corp and Aldel LLC — sold the shares at $9.34 apiece for gross proceeds of $90.6 million

** They had initially planned on selling 8.7 million shares in the offering

** Stock closed down 14.5% at $9.34 on Thursday, after HGTY unveiled the offering

** Keefe, Bruyette & Woods and J.P. Morgan were the lead bookrunning managers of the offering

** Two brokerages rate the stock "hold" and one "sell"; median PT is $11 - data compiled by LSEG

** As of last close, HGTY shares down 3.2% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))