Brief: Hagerty Reduce Workforce Of Approximately 4% (83 Employees) Across Company

Hagerty

12/04/2023 14:15

April 12 (Reuters) - Hagerty Inc  HGTY.N :
    * HAGERTY INC - WORKFORCE REDUCTION OF APPROXIMATELY 4% (83
EMPLOYEES) ACROSS COMPANY
    * HAGERTY INC - COMPANY EXPECTS TO REALIZE A CHARGE OF
APPROXIMATELY $5 MILLION, PRIMARILY IN Q1 OF 2023, ASSOCIATED
WITH THIS HEADCOUNT REDUCTION
    * HAGERTY INC - REITERATING ITS 2023 OUTLOOK FOR TOTAL
REVENUE
GROWTH OF 22-26% DRIVEN BY WRITTEN PREMIUM GROWTH OF 11-13%
    * HAGERTY - ANTICIPATES INCREMENTAL ANNUALIZED SAVINGS OF
ABOUT
$20 MILLION TO $25 MILLION DUE TO REDUCTION IN FORCE, REDUCED
HIRING PLANS, OTHERS
    * HAGERTY INC - EXPECTS NET LOSS OF $13 MILLION TO INCOME $7
MILLION AND ADJUSTED EBITDA OF $55 MILLION TO $75 MILLION,
RESPECTIVELY, FOR FY 2023

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 ((Reuters.Briefs@thomsonreuters.com;))