---
schema_version: "secwatch.filing_event.v1"
accession: "0001840776-23-000091"
form_type: "8-K"
ticker: "HGTY"
cik: "0001840776"
company_name: "Hagerty, Inc."
filed_at: "2023-04-12T23:59:59+00:00"
generated_at: "2026-06-17T03:14:40.271668+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001840776-23-000091
- form_type: 8-K
- ticker: HGTY
- cik: 0001840776
- company_name: Hagerty, Inc.
- filed_at: 2023-04-12T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1840776/000184077623000091/0001840776-23-000091-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1840776/000184077623000091/hgty-20230412.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001840776-23-000091
- JSON: https://secwatch.observer/filing/0001840776-23-000091.json
- Plain text: https://secwatch.observer/filing/0001840776-23-000091.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.