Core Insights - Hagerty, Inc. reported strong financial results for the first half of 2025, with revenue growth of 18%, net income growth of 46%, and Adjusted EBITDA growth of 28% [2][5][19] - The company has increased its 2025 revenue growth outlook to 13-14% and expects net income growth of 43-53% [3][5] Financial Performance - Total revenue for Q2 2025 increased 18% year-over-year to $368.7 million, with year-to-date revenue also up 18% to $688.3 million [5][6] - Written premium for Q2 2025 rose 11% year-over-year to $356.0 million, with year-to-date written premium increasing 11% to $600.3 million [5][6] - Marketplace revenue surged 327% year-over-year to $26.8 million in Q2 2025, and year-to-date marketplace revenue increased 232% to $55.8 million [5][6] - Operating income for Q2 2025 increased 25% year-over-year to $47.7 million, with year-to-date operating income up 46% to $73.4 million [5][6] - Net income for Q2 2025 rose 11% year-over-year to $47.2 million, while year-to-date net income increased 46% to $74.5 million [5][6] Key Metrics - The company maintained a Policies in Force Retention rate of 88.7% as of June 30, 2025, with total insured vehicles increasing 6% year-over-year to 2.7 million [6][24] - The Loss Ratio for Q2 2025 was 42.3%, compared to 41.1% in the prior year period [6][24] - Membership, marketplace, and other revenue increased 78% year-over-year to $47.6 million in Q2 2025 [6][24] Outlook - Hagerty anticipates continued revenue growth and margin expansion in 2025, with planned investments of $20 million primarily in technology [8][16] - The company is positioned for sustained profit growth through its focus on insurance, membership, and marketplace businesses [8][16]