Hagerty to acquire Consolidated National Insurance Company for ~$18.4M

Hagerty, Inc.

Hagerty subsidiary to buy all CNIC stock from Everspan for ~$18.4M, subject to adjustment.
CNIC will serve as Hagerty's direct underwriting carrier to retain underwriting profits.
Purchase price includes ~$10M for state licenses and ~$8M for capital and surplus.
Closing expected in Q2 2024, subject to Colorado Division of Insurance approval.

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