Hagerty

[Teddy]

Classic-car insurer Hagerty has announced a workforce reduction of around 6%, or 103 employees, as it looks to cut costs. Its loss ratio leapt by 15 points to 56% as it booked $10mn in retained losses from Hurricane Ian. I don't know Hagerty's market share in SW Florida but if they alone incurred $10mln in claims from hurricane losses you can bet many classic cars were, unfortunately, damaged from Ian. Hagerty went public last year. It will be interesting what type of information they'll provide in their Annual Report on the types of losses from the hurricane.