Hagerty cuts 4% workforce (83 employees); expects $20-25M annual savings; revises 2023 outlook

Hagerty, Inc.

Workforce reduction of ~4% (83 employees); expects ~$5M restructuring charge in Q1 2023.
Annualized savings of $20-25M from headcount reduction, reduced hiring, and other cost initiatives.
Reiterates 2023 total revenue growth guidance of 22-26% driven by written premium growth of 11-13%.
Now expects 2023 net income (loss) of $(13)M to $7M and Adjusted EBITDA of $55M-$75M.
Impacted employees receive severance, healthcare coverage, and outplacement services.

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