Auto insurer Hagerty skids on 9 mln share secondary offering

JPMorgan Chase & Co.

Tue 21:44

** Shares of specialty vehicle insurance provider Hagerty Inc HGTY.N down 8.5% at $15.50 in extended trading following secondary offering news
** HGTY says Hagerty Holding Corp (HHC) to part with 9 mln shares
** HHC to use net offering proceeds to redeem, for the benefit of the Kim Hagerty Revocable Trust, a corresponding number of its HHC shares
** Traverse City, Michigan-based provider of insurance coverage for classic cars, boats and motorcycles has ~343.7 mln shares outstanding
** JP Morgan and Wells Fargo lead bookrunners for offering
** HGTY shares closed down 1.6% at $16.94 on Tues, up 26% YTD
** Avg rating of 9 analysts is "hold"; median PT $18, per LSEG
     

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))