What is Hagerty's marketplace — ceding commissions, net?

Hagerty (HGTY) reported marketplace — ceding commissions, net of $0 in Q4 2025.

What does marketplace — ceding commissions, net mean?

This metric represents the net fees received from reinsurers for ceding insurance risk, adjusted for any related costs. It reflects the economic benefit the company derives from transferring underwriting risk to third-party partners within the marketplace ecosystem. Tracking this helps investors understand the company's risk-sharing strategy and the impact of reinsurance arrangements on segment margins.

Hagerty HGTY Marketplace — Ceding commissions, net

Other segment segments

Insurance

$337.09M+11.7%

Similar metrics at other companies

LMNDCeding commission income

$23.6M-12.3%

ESN

ESNTReinsurance — Reinsurance, Ceded Premiums Earned, Ceding Commission

-$352.5K-57.4%

WRBManagement And Performance Fees — Ceded commissions earned

$3M+200%

RDNMortgage Insurance — Ceding Commissions Earned

$8.36M+18.8%

CVCONet premiums earned

$14.79M-5.7%

ESN

ESNTReinsurance — Acquisition Costs, Net

-$6.74M-1,789%

Other financials

Income statement

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Revenue$311.8M-5.0%

Operating income$34.3M+240%

Net income-$12.7M-147%

EPS (diluted)-$0.06-186%

Balance sheet

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Cash & equivalents$366.7M+28.1%

Total debt$272.5M+50.3%

Total equity$218.7M+34.2%

Total assets$2.0B+11.5%

Cash flow

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Operating cash flow$16.3M-62.9%

CapEx$7.7M+43.1%

Free cash flow$8.5M-77.8%

Valuation

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Market cap$1.17B+26.6%

Enterprise value$1.07B+31.5%

P/E10.7×+1.2×

P/S0.8×+0.1×

Profitability

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Operating margin8.1%—

Net margin7.5%0.0pp

FCF margin11.4%—

Returns & leverage

See full

Return on equity57.2%-18.7pp

Debt / equity1.2×+0.1×

Current ratio1×0.0×

Where this comes from

Reported directly by Hagerty in its filing.

Tagged under the XBRL concept hgty:CededCommissionExpense.

The official record: Hagerty’s 10-K, filed February 26, 2026, on SEC EDGAR. View the filing →

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What is Hagerty's marketplace — ceding commissions, net?: Hagerty (HGTY) reported marketplace — ceding commissions, net of $0 in Q4 2025.
What does marketplace — ceding commissions, net mean?: This metric represents the net fees received from reinsurers for ceding insurance risk, adjusted for any related costs. It reflects the economic benefit the company derives from transferring underwriting risk to third-party partners within the marketplace ecosystem. Tracking this helps investors understand the company's risk-sharing strategy and the impact of reinsurance arrangements on segment margins.