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Related-Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Schedule of Ownership Interests, by Affiliates
As of March 31, 2026, Markel and State Farm had the following equity interests in Hagerty and, as a result, are considered related parties:

Markel
State Farm
Equity InterestShares/Units
Percentage of total outstanding (1)
Shares/Units
Percentage of total outstanding (1)
Hagerty, Inc. Class A Common Stock3,108,000 3.1 %51,800,000 51.2 %
Hagerty, Inc. Class V Common Stock75,000,000 31.0 %— — %
Hagerty, Inc. Series A Convertible Preferred Stock1,590,668 18.8 %5,302,226 62.5 %
THG units
75,000,000 21.7 %— — %
Controlling interest3,108,000 3.1 %51,800,000 51.2 %
Non-controlling interest75,000,000 30.6 %— — %
(1)    The percentages reflected represent only the ownership of the specific security identified in each row, and are not reflective of the total economic ownership in Hagerty.
Schedule of Related Party Transactions
The following tables summarize all balances related to the Company's business with Markel subsidiaries:

Three months ended March 31,
20262025
Revenue:in thousands
Earned premium, net$244,808 $175,061 
Commission and fee revenue1,706 93,973 
Total revenue$246,514 $269,034 
Expenses:
Losses and loss adjustment expenses, net$91,506 $79,911 
Policy acquisition costs, net99,949 79,467 
Underwriting and other insurance expenses2,117 — 
Total expenses$193,572 $159,378 

March 31,December 31,
20262025
Assets:in thousands
Accounts receivable$1,196 $1,321 
Premiums receivable— 174,169 
Reinsurance recoverables1,742 1,958 
Other assets6,155 — 
Total assets$9,093 $177,448 
Liabilities:
Accounts payable and accrued expenses$1,200 $— 
Losses payable and reserves for unpaid losses and loss adjustment expenses— 247,758 
Due to insurers4,773 88,888 
Ceding commissions payable— 83,494 
Other liabilities2,553 2,470 
Total liabilities$8,526 $422,610 
The following tables summarize all balances related to the risk ceded by Hagerty Re to State Farm subsidiaries:

Three months ended March 31,
20262025
Revenue:in thousands
Earned premium, net (1)
$(5,207)$(4,456)
Expenses:
Losses and loss adjustment expenses, net (2)
$(1,562)$(6,087)
Policy acquisition costs, net (3)
(2,708)(2,317)
Total expenses$(4,270)$(8,404)
(1)    Represents premiums ceded to State Farm subsidiaries, which are accounted for as a reduction to "Earned premium, net".
(2)    Represents loss recoveries associated with reinsurance ceded to State Farm subsidiaries, which are accounted for as a reduction to "Losses and loss adjustment expenses, net".
(3)    Represents commissions earned from State Farm subsidiaries related to ceded reinsurance, which are accounted for as a reduction to "Policy acquisition costs, net".

March 31,December 31,
20262025
Assets:in thousands
Accounts receivable$2,873 $2,716 
Deferred acquisition costs, net (1)
(5,566)(5,400)
Reinsurance recoverables4,858 6,668 
Prepaid reinsurance premiums10,704 10,385 
Total assets$12,869 $14,369 
Liabilities:
Other liabilities (2)
$5,525 $5,224 
Total liabilities$5,525 $5,224 
(1)    Represents unearned ceding commissions received from State Farm subsidiaries.
(2)    Represents reinsurance premiums due to State Farm subsidiaries.