secwatch.observer — SEC 8-K summary
======================================

Issuer:     Hagerty, Inc. (HGTY)
CIK:        0001840776
Form:       8-K
Filed at:   2023-04-12T23:59:59+00:00
Accession:  0001840776-23-000091
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 7.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1840776/000184077623000091/0001840776-23-000091-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1840776/000184077623000091/hgty-20230412.htm
  HTML page:      https://secwatch.observer/filing/0001840776-23-000091

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer