Published in Finance

Traverse City insurance firm Hagerty sells minority stake

BY MIBIZ STAFF Wednesday, August 07, 2019 02:45pm

TRAVERSE CITY — Markel Corp., the Richmond, Va.-based holding company for various insurance, reinsurance, and investment operations, has acquired a minority stake in The Hagerty Group LLC, a Traverse City-based insurer of classic cars and high-end automobiles.

Markel disclosed the $212.5 million deal in a recent regulatory filing and conference call to discuss its second quarter results. The deal was first reported by The Ticker in Traverse City, which noted Markel acquired a 25-percent stake in The Hagerty Group.

“We’ve been working with Hagerty for a number of years now, but I think there was a misconception that we had ownership in Hagerty,” Markel co-CEO Richard Whitt said last week in a conference call with brokerage analysts to discuss quarterly results. “So we’ve enjoyed a fabulous relationship and as a result of that, the opportunity came up recently for us to partner with them more closely by taking a minority shareholding. So this is our initial shareholding and we’re very excited to be more closely associated in partnering with that or the group.”

Markel (NYSE: MKL) reported second quarter operating revenues of $2.43 billion with net income of $497.2 million.


MiBiz finance news coverage is supported by Chemical Bank, the largest banking company headquartered and operating branch offices in Michigan. Visit chemicalbank.com for information. (This sponsorship is advertising. It has no effect on editorial consideration in MiBiz.)

Read 833 times Last modified on Wednesday, 07 August 2019 14:55
SUBSCRIBE TO MIBIZ TODAY FOR WEST MICHIGAN’S FINEST BUSINESS NEWS REPORTING >