Hagerty’s acquisition of Bennetts, the UK’s second-largest specialty motorcycle insurance broker, is expected to triple its UK revenue to around £25 million, the collector car insurer said as it reported a record nine months of member growth globally.
The £34 million Bennetts deal completed in the third quarter. Hagerty has built its business around enthusiast vehicles - classic cars, sports cars, motorcycles - and the Bennetts acquisition extends that model into the UK motorcycle market, where specialist brokers dominate placement for performance and classic bikes.
For UK brokers placing enthusiast-vehicle risks, Hagerty’s growing presence is relevant on two fronts: as a capacity provider for high-value and collector vehicle accounts, and as a competitor for motorcycle business where Bennetts has established distribution relationships.
Globally, Hagerty added a record 402,000 new members in the first nine months of 2026. Policies in force grew 18.1% year over year to 1.91 million. Written premium (all figures in US dollars unless stated) rose 17.7% to $1.10 billion. Retention slipped slightly to 88.2% from 88.6%.
“We grew written premium 18% during the first nine months as we added a record 402,000 new members,” said McKeel Hagerty, the company’s CEO and chairman. “Given the strength of our results and current trajectory, we are again increasing our expectations for full year 2026.”
Hagerty now expects 2026 adjusted EBITDA of $305 million to $315 million, up from prior guidance of $270 million to $280 million. Net income guidance rose to $48 million to $60 million. Written premium growth guidance is unchanged at 16% to 17%.
Total reported revenue fell 7.1% to $1.02 billion. The gap between strong underlying metrics and the headline figure reflects an accounting restructuring. Since Jan. 1, Hagerty Re has taken 100% of the US quota share under its Markel Fronting Arrangement, up from 80%, lifting net earned premium 41.7% to $757 million. Commission revenue and ceding commissions are now eliminated in consolidation.
Net income was $31.6 million, down from $120.7 million, including $189 million in pre-tax transitional costs tied to deferred ceding commissions paid to Markel on pre-2026 policies. Hagerty expects those costs to fall to around $10 million in the fourth quarter. Adjusted EBITDA rose 42.5% to $256.7 million.
Underwriting results improved. Hagerty Re’s combined ratio fell to 85.2% from 89.3%, and its loss ratio dropped to 37.8% from 42.1%.
Hagerty Drivers Club paid members rose 6.2% to 977,456. The club membership model underpins retention by tying policyholders to Hagerty through services and community rather than price alone - a structure that may interest UK brokers building enthusiast-vehicle books of their own.
Auction sales surged 82.8% to $351.4 million. Private sales fell 18.4% to $180.9 million, and third-quarter marketplace revenue declined 6%.
As of Sept. 30, Hagerty held $461 million in unrestricted cash and $247 million in total debt.
