SEC Filing Analysis: Hagerty, Inc.

Executive Summary

• Trading Significance: High
• Key Takeaway: A Director of Hagerty, Inc. has filed a notice of intent to sell an additional 14,731 shares, continuing a pattern of significant, pre-planned stock sales that have totaled over $10.29 million (representing over 1% of shares outstanding) in the past three months.
• Market Impact: The sustained selling pressure from a key insider, even under a 10b5-1 plan, is a significant event that could be perceived negatively by the market, suggesting a long-term divestment strategy.

Company Information

Field	Value
Company	Hagerty, Inc.
Ticker Symbol	Not provided in filing (Known as HGTY)
CIK	0001840776
Industry	Insurance Agents Brokers & Services

Insider Information

Field	Value
Name	Robert I. Kauffman
CIK	0001124462
Title/Position	Director
Relationship	Director

Transaction Details (Current Filing)

This Form 144 filing indicates a proposed sale of securities.

Field	Value
Form Type	144
Transaction Date	2025-10-24 (Approximate)
Transaction Code	S (Sale)
Security Type	Common
Shares Involved	14,731
Price Per Share	~$11.16 (Calculated)
Total Value	$164,398
Shares Owned After	Not Disclosed
Ownership Type	Not Disclosed

Financial Impact Assessment

Transaction Materiality (Cumulative Sales - Last 3 Months)

The significance of this filing comes from the context of recent, repeated sales by the same insider.

Metric	Value
Total Shares Sold (3 Months)	987,600
Total Transaction Value (3 Months)	$10,295,594
% of Market Cap	0.92%
% of Shares Outstanding	1.09%
Materiality Assessment	Highly Significant

Impact Evaluation

• Market Cap Context: For Hagerty, Inc., a company with a $1.12 billion market capitalization, a cumulative sale of over $10 million by a single insider is a notable event.
• Ownership Concentration: The sale of 1.09% of all outstanding shares by one director in a three-month period represents a substantial reduction in their position and is a material event for the company's ownership structure.
• Transaction Significance: The transaction's materiality is High. Disposing of over 1% of the company's total shares outstanding far exceeds the 0.5% threshold for high significance. This indicates a major divestment, not a minor portfolio adjustment.

Market Impact Analysis

Stock Impact Prediction

• Direction: Neutral to Negative
• Reasoning: While sales under a 10b5-1 plan are pre-scheduled and can be for personal financial planning, the sheer volume and sustained nature of the selling can create an overhang on the stock. It signals a consistent distribution of shares into the market by a person with intimate knowledge of the company, which can be interpreted bearishly by investors.

Volume & Sentiment

• Expected Volume Impact: The ongoing sales contribute to a steady supply of stock, potentially absorbing buying pressure and impacting price momentum.
• Sentiment Indicator: Bearish. A consistent, large-scale divestment by a director is typically viewed as a negative signal, regardless of the stated reason.

Investment Insights

Positive Market Indicators

• The sales are being executed under a pre-arranged 10b5-1 trading plan, which mitigates concerns that they are based on immediate, non-public negative information.

Risk Factors

• A director is consistently liquidating a significant portion of their holdings.
• The total volume of sales (over 1% of the company) is substantial and could signal a lack of confidence in the company's long-term prospects from the insider's perspective.
• The continuous supply of shares for sale could act as a ceiling on the stock price in the near term.

Key Takeaways

1. High Volume Divestment: Director Robert I. Kauffman is engaged in a significant, ongoing sale of his stake in Hagerty, Inc., having sold nearly 1 million shares in three months.
2. 10b5-1 Plan Context: The sales are part of a trading plan established on August 9, 2024, indicating they were scheduled in advance.
3. High Materiality: The cumulative value of the sales ($10.29M) and the percentage of shares outstanding (1.09%) make this a highly significant series of insider transactions that warrants investor attention.