Hagerty auto insurance company cuts another 83 jobs

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The company said in a statement that the affected employees will be eligible for severance pay, bonus and career transition services Crane Works in Detroita subsidiary of Auto News.

“This move is intended to position us for continued long-term growth and profitability as a leading automotive lifestyle brand,” the statement said. “…we will miss our team members who have been affected by the restructuring.”

Hagerty did not say when the layoffs would take effect.

Discounts come after my emigration It reduced its workforce in December by about 6 percent, or 103 employees.

Founded in 1983, The Hagerty Company offers membership products, programs, and specialty insurance to collectors of automobiles and motorcycles.

The company did not respond to the request for the current number of employees. Hagerty had about 1,550 workers as of December 2024, with about 900 in Traverse City, according to one of the earlier studies. Crane a report. About 1,445 employees are currently listed on LinkedIn.

Hagerty said in the SEC filing that it expects to save $5 million in the first quarter through employee cuts and projects annual savings from about $20 million to $25 million through job cuts, reduced staffing plans and other cost-containment initiatives.

I migrated on March 13th The reported fourth-quarter loss narrowed to $32 million from a loss of $66 million in the same quarter of 2024. Revenue for the quarter grew 28 percent to $197 million.

For the full year, the company reported net income of $2.4 million compared to a net loss of $61 million in 2024. Revenue increased 27% to $788 million in 2024.

The company expects total revenue to grow 22% to 26% this year, driven by written premium growth of 11% to 13%.

With estimated restructuring fees and net savings over the course of the year, the company now expects adjusted EBITDA of $40 million to $60 million for 2023. Net income for the full year is expected to be between (March) It’s a $20 million loss and a draw.

Automotive News contributed to this report.