Insurance operations strongly contributed to profitability, with risk managed through Hagerty Re reinsurance vehicles. Loss ratios stood at 44% on average over the last three years, well below industry averages. This reinsurance approach means Hagerty transfers around 80% of its insurance risk as of FY2024 and expects to maintain this level in FY2025, leaving Hagerty less exposed to catastrophic events such as wildfires. Sales in core insurance, MGA programs, and fee commissions rose thanks in part to the o ...