Hagerty is the dominant specialty insurer for collector and enthusiast vehicles in the U.S., with over 40 years in the niche and roughly 2.8 million vehicles insured. Hagerty's core product is "Guaranteed Value" insurance — unlike standard auto policies that pay depreciated value, Hagerty agrees on a vehicle's value upfront and pays that full amount on a total loss, which is critical for collector cars that typically appreciate over time. Hagerty operates as an MGA, underwriting and servicing policies on behalf of carrier partners (primarily Essentia, a Markel subsidiary), earning a commission on written premium. Through its Bermuda-based subsidiary Hagerty Re, Hagerty also reinsures a large portion of the risk it writes, capturing underwriting profit directly. The collector car book runs a structurally low loss ratio — around 42% over the past three years — because these vehicles are driven infrequently and stored carefully. Hagerty sells through direct agents and a network of 54,000+ independent agents, and has turned major carriers into distribution partners rather than competitors: if a State Farm or Allstate customer owns a collector car, Hagerty handles that vehicle's coverage while the carrier retains the broader customer relationship. The largest near-term growth driver is the State Farm Classic+ partnership, converting roughly 525,000 existing State Farm classic vehicle customers to Hagerty-powered policies. Hagerty also operates a Marketplace segment through Broad Arrow, which includes live auctions, brokered private sales, and collector car lending.