Hagerty (HGTY) 10% Owner Sells 10.64M Shares

What Happened
Hagerty Holding Corp., a reported 10% owner of Hagerty, Inc. (HGTY), converted Paired Interests into Class A common stock and sold the resulting shares. On 2026-09-09 it converted 9,250,000 Paired Interests and sold 9,250,000 Class A shares at $11.47 for $106,116,000. On 2026-09-11 it converted 1,387,500 Paired Interests and sold 1,387,500 Class A shares at $11.47 for $15,917,400. Total sold: 10,637,500 shares for total proceeds of $122,033,400. These were sales (dispositions), not purchases.

Key Details

• Transaction dates and prices:
  • 2026-09-09: Converted 9,250,000 Paired Interests → sold 9,250,000 shares @ $11.47 = $106,116,000.
  • 2026-09-11: Converted 1,387,500 Paired Interests → sold 1,387,500 shares @ $11.47 = $15,917,400.
  • Aggregate: 10,637,500 shares sold at $11.47; proceeds $122,033,400.
• Shares owned after transaction: Not disclosed in this Form 4.
• Notable footnotes: The shares came from surrendering “Paired Interests” (each is one share of Class V common stock plus one OpCo unit) under the Exchange Agreement; Paired Interests can be exchanged for Class A shares or, at the issuer’s option, cash. Paired Interests have no expiration.
• Filing timeliness: Form 4 was filed on 2026-09-11. The Sep 9 transactions were reported within the typical two-business-day window; the Sep 11 transactions appear reported same day.

Context

• These transactions involved conversion of Paired Interests (a derivative/structured interest) into Class A common stock followed by immediate open-market/private sales — effectively a disposal of converted shares rather than a standard option exercise-and-hold.
• The reporting party is a 10% owner (institutional holding), not an individual corporate officer; motivations for institutional disposals can differ from insider buying/selling and are not necessarily a signal of company prospects.