---
schema_version: "secwatch.filing_event.v1"
accession: "0001840776-23-000126"
form_type: "8-K"
ticker: "HGTY"
cik: "0001840776"
company_name: "Hagerty, Inc."
filed_at: "2023-06-23T23:59:59+00:00"
generated_at: "2026-06-13T18:24:29.109180+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Hagerty raises $105M via convertible preferred equity and debt from State Farm, Markel, Hagerty family

## Summary
- Closed $80M Series A Convertible Preferred Stock at $9.43/share (8.48M shares) to accredited investors State Farm, Markel Group, and Hagerty family trusts.
- Secured $25M unsecured term loan commitment from State Farm for Hagerty Reinsurance Limited, subject to Bermuda Monetary Authority approval.
- Proceeds to support profitable growth: expand risk appetite, enhance core insurance product, and invest in technology for efficiencies.
- Series A preferred pays 7% cumulative dividend (cash or PIK), converts at $11.79/share, with redemption triggers at 120% to 100% of purchase price over 10 years.
- Both State Farm and Markel are existing >5% stockholders; State Farm plans to launch commercial relationship with Hagerty.

## SEC filing metadata
- accession: 0001840776-23-000126
- form_type: 8-K
- ticker: HGTY
- cik: 0001840776
- company_name: Hagerty, Inc.
- filed_at: 2023-06-23T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 3.02, 3.03, 5.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1840776/000184077623000126/0001840776-23-000126-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1840776/000184077623000126/hgty-20230623.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001840776-23-000126
- JSON: https://secwatch.observer/filing/0001840776-23-000126.json
- Plain text: https://secwatch.observer/filing/0001840776-23-000126.txt

## Key facts
- Material Agreements
  Hagerty, Inc. entered into Securities Purchase Agreement with certain accredited investors valued at $80.0 million (effective 2023-06-23).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: certain accredited investors
  - Value: $80.0 million
  - Effective: 2023-06-23
  source text: On June 23, 2023, Hagerty, Inc., a Delaware corporation (the “ Company ”), entered into a Securities Purchase Agreement (the “ Purchase Agreement ”) with certain accredited investors (the “ Investors ”), pursuant to which it agreed to issue and sell to the Investors an aggregate of 8,483,561 shares of the Company’s newly-designated Series A Convertible Preferred Stock, par value $0.0001 per share (the “ Series A Preferred Stock ”), for an aggregate purchase price of $80.0 million, at a per-share purchase price of $9.43 (the “ Series A Purchase Price ” and the transaction, the “ Private Placement ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1840776/000184077623000126/0001840776-23-000126-index.htm

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