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Hagerty HGTY Ceding commissions, net

Discontinued — last reported Q4 '25

Ceding commissions, net at other companies

Lemonade logo
LemonadeLMND
$23.6M-12.3%
W.R. Berkley logo
W.R. BerkleyWRB
$3M+200%
Lemonade logo
LemonadeLMND
-$4.9M-6.5%
Bowhead Specialty Holdings logo
Bowhead Specialty HoldingsBOW
-$22.23M-29.9%
Lemonade logo
LemonadeLMND
$33.3M-45.4%
Bowhead Specialty Holdings logo
Bowhead Specialty HoldingsBOW
$4.13M+69.1%

Segments

By segment

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Insurance$337.09M+11.7%
Marketplace$0—

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+30.8%
Enterprise value$1.07B+36.3%
P/E10.7×+1.5×
P/S0.8×+0.1×

Profitability

See full
Operating margin8.1%—
Net margin7.5%0.0pp
FCF margin11.4%—

Returns & leverage

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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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Questions, answered.

What is Hagerty's ceding commissions, net?
Hagerty (HGTY) reported ceding commissions, net of $89.41M in Q4 2025.
How has Hagerty's ceding commissions, net changed year-over-year?
Hagerty's ceding commissions, net increased by 12.0% year-over-year, from $79.84M to $89.41M.
What is the long-term trend for Hagerty's ceding commissions, net?
Over 4 years (2021 to 2025), Hagerty's ceding commissions, net has grown at a 24.3% compound annual growth rate (CAGR), from $140.98M to $337.09M.
What does ceding commissions, net mean?
This represents the fees or commissions received from reinsurers in exchange for ceding a portion of the insurance risk. It acts as a contra-expense or revenue stream that offsets the cost of reinsurance coverage. Monitoring this helps assess the efficiency of the company's reinsurance strategy.