Revenue (Tables)

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

The tables below present the Company's revenue by distribution channel, as well as a reconciliation to total revenue for the three and six months ended June 30, 2025 and 2024. Commission and fee revenue and contingent commission revenue earned from the agent distribution channel includes revenue generated through the Company's insurance distribution partnerships, as well as its relationships with independent agents and brokers. Commission and fee revenue and contingent commission revenue earned from the direct distribution channel includes revenue generated by Hagerty's employee agents.


	Three months ended June 30, 2025
	Agent		Direct		Total

	in thousands
Commission and fee revenue	$	69,678	$	58,755	$	128,433
Contingent commission revenue	8,102		6,752		14,854
Membership revenue	—		15,674		15,674
Marketplace revenue	—		24,316		24,316
Other revenue	—		5,185		5,185
Total revenue from customer contracts	77,780		110,682		188,462
Earned premium (recognized under ASC 944)					177,785
Finance revenue (recognized under ASC 310)					2,452
Total revenue					$	368,699


	Three months ended June 30, 2024
	Agent		Direct		Total

	in thousands
Commission and fee revenue	$	62,833	$	53,272	$	116,105
Contingent commission revenue	6,856		5,855		12,711
Membership revenue	—		14,133		14,133
Marketplace revenue	—		4,100		4,100
Other revenue	—		6,396		6,396
Total revenue from customer contracts	69,689		83,756		153,445
Earned premium (recognized under ASC 944)					157,612
Finance revenue (recognized under ASC 310)					2,168
Total revenue					$	313,225


	Six months ended June 30, 2025
	Agent		Direct		Total

	in thousands
Commission and fee revenue	$	118,770	$	98,833	$	217,603
Contingent commission revenue	13,886		12,085		25,971
Membership revenue	—		31,020		31,020
Marketplace revenue	—		51,452		51,452
Other revenue	—		10,808		10,808
Total revenue from customer contracts	132,656		204,198		336,854
Earned premium (recognized under ASC 944)					347,140
Finance revenue (recognized under ASC 310)					4,298
Total revenue					$	688,292


	Six months ended June 30, 2024
	Agent		Direct		Total

	in thousands
Commission and fee revenue	$	106,880	$	88,991	$	195,871
Contingent commission revenue	11,872		9,913		21,785
Membership revenue	—		27,585		27,585
Marketplace revenue	—		13,025		13,025
Other revenue	—		13,682		13,682
Total revenue from customer contracts	118,752		153,196		271,948
Earned premium (recognized under ASC 944)					309,231
Finance revenue (recognized under ASC 310)					3,754
Total revenue					$	584,933

The following tables present Hagerty's revenue disaggregated by geographic area, as well as a reconciliation to total revenue for the three months ended June 30, 2025 and 2024:


	Three months ended June 30, 2025
	U.S.		Canada		Europe		Total

	in thousands
Commission and fee revenue	$	116,074	$	10,109	$	2,250	$	128,433
Contingent commission revenue	13,909		—		945		14,854
Membership revenue	14,647		1,021		6		15,674
Marketplace revenue	13,849		3,928		6,539		24,316
Other revenue	4,484		87		614		5,185
Total revenue from customer contracts	162,963		15,145		10,354		188,462
Earned premium (recognized under ASC 944)							177,785
Finance revenue (recognized under ASC 310)							2,452
Total revenue							$	368,699


	Three months ended June 30, 2024
	U.S.		Canada		Europe		Total

	in thousands
Commission and fee revenue	$	104,909	$	9,309	$	1,887	$	116,105
Contingent commission revenue	12,663		—		48		12,711
Membership revenue	13,204		929		—		14,133
Marketplace revenue	3,720		65		315		4,100
Other revenue	5,648		223		525		6,396
Total revenue from customer contracts	140,144		10,526		2,775		153,445
Earned premium (recognized under ASC 944)							157,612
Finance revenue (recognized under ASC 310)							2,168
Total revenue							$	313,225

The following tables present Hagerty's revenue disaggregated by geographic area, as well as a reconciliation to total revenue for the six months ended June 30, 2025 and 2024:


	Six months ended June 30, 2025
	U.S.		Canada		Europe		Total

	in thousands
Commission and fee revenue	$	201,040	$	12,993	$	3,570	$	217,603
Contingent commission revenue	24,763		—		1,208		25,971
Membership revenue	29,035		1,975		10		31,020
Marketplace revenue	38,361		3,941		9,150		51,452
Other revenue	9,654		253		901		10,808
Total revenue from customer contracts	302,853		19,162		14,839		336,854
Earned premium (recognized under ASC 944)							347,140
Finance revenue (recognized under ASC 310)							4,298
Total revenue							$	688,292


	Six months ended June 30, 2024
	U.S.		Canada		Europe		Total

	in thousands
Commission and fee revenue	$	180,925	$	11,926	$	3,020	$	195,871
Contingent commission revenue	21,691		—		94		21,785
Membership revenue	25,748		1,837		—		27,585
Marketplace revenue	12,124		537		364		13,025
Other revenue	12,465		390		827		13,682
Total revenue from customer contracts	252,953		14,690		4,305		271,948
Earned premium (recognized under ASC 944)							309,231
Finance revenue (recognized under ASC 310)							3,754
Total revenue							$	584,933

Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable

The following table is a summary of the Company's contract assets and liabilities as of June 30, 2025 and December 31, 2024:


	June 30,		December 31,
	2025		2024

	in thousands
Contract assets	$	14,687	$	15,860
Contract liabilities	$	50,936	$	47,239

Hagerty, Inc. 10-Q