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Hagerty HGTY Marketplace — Ceding commissions, net

Other segment segments

Insurance
$337.09M+11.7%

Similar metrics at other companies

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ACTCeding commission
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HIPOCeding commissions receivable
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OSCRReinsurance ceding commissions
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OSCRReinsurance ceding commissions
$7M0.0%
KIN
KINSNet contingent ceding commissions payable
$734K-44.6%

Other financials

Income statement

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Revenue$354.8M-6.5%
Operating income$34.3M+240%
Net income$8.0M-83.0%
EPS (diluted)-$0.02-122%

Balance sheet

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Cash & equivalents$467.6M+41.5%
Total debt$258.3M+28.5%
Total equity$215.5M+25.1%
Total assets$2.1B+5.3%

Cash flow

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Operating cash flow$169.9M+215%
CapEx$8.2M+33.8%
Free cash flow$161.7M+239%

Valuation

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Market cap$1.39B+40.3%
Enterprise value$1.18B+37.1%
P/E19.8×+10.1×
P/S+0.2×

Profitability

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Operating margin8%
Net margin4.9%-2.6pp
FCF margin19.4%

Returns & leverage

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Return on equity36.1%-40.3pp
Debt / equity1.2×0.0×
Current ratio0.0×

Where this comes from

Reported directly by Hagerty in its filing.

Tagged under the XBRL concept hgty:CededCommissionExpense.

The source filing: Hagerty’s 10-K, filed February 26, 2026.

Filed
Feb 26, 2026, 10:58 AM EST
Fiscal year
FY2025
Accession
0001840776-26-000013
REVENUES:Insurance / (in thousands)Marketplace / (in thousands)Total / (in thousands)
Total revenue1,336,281120,1081,456,389
EXPENSES:
Losses and loss adjustment expenses285,394285,394
Ceding commissions, net337,087337,087
Sales expense165,89492,307258,201
Other expenses356,74938,930395,679
Total segment expenses1,145,124131,2371,276,361
Segment income (loss) before taxes191,157(11,129)180,028

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

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.

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