Hagerty (HGTY) 10% Owner Markel Group Converts 7.84M Paired Interests

What Happened
Markel Group Inc., a reported 10% owner of Hagerty, Inc. (HGTY), exchanged/converted 7,836,411 "Paired Interests" (Class V common stock paired with OpCo units) into an equal number of Hagerty Class A common shares on September 11, 2026. The Form 4 shows matching acquisition (Class A shares) and disposition (Paired Interests) entries for 7,836,411 shares; no per-share price or aggregate value is disclosed on the filing. The conversion was done in connection with an underwritten secondary offering that closed on September 11, 2026, per the filing footnote.

Key Details

• Transaction date: September 11, 2026; Form 4 filed September 14, 2026 (timely within SEC two-business-day window).
• Shares converted/disposed: 7,836,411 Paired Interests exchanged for 7,836,411 Class A shares.
• Price/Value: Not disclosed on the Form 4 (listed as N/A).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnote highlights:
  • F1: Each Class V share is paired with an OpCo unit ("Paired Interest"), exchangeable one-for-one for Class A shares (or cash at issuer's option). Class V shares carry 10 votes per share until Dec 2, 2036, then 1 vote after certain transfers.
  • F2: The exchange occurred pursuant to the Amended & Restated Exchange Agreement and in connection with the underwritten secondary offering that closed Sept 11, 2026.
• Insider type: Reporting person is a 10% owner (institutional), not an individual officer/director — institutional conversion, not personal trading.

Context

• This is a derivative conversion: the filing records the conversion of a non-economic, high-vote Class V/OpCo unit pairing into Class A common stock (hence the paired acquisition and disposition entries).
• Conversions like this are often done to enable secondary-market transactions (e.g., sales in an offering), but the Form 4 itself only reports the exchange and not any subsequent sale proceeds unless separate sale transactions are reported.
• As a 10% owner (institutional), this filing reflects corporate ownership restructuring rather than an executive signaling a personal buy or sell.