Form 4: Hagerty Director Sells Over 180,000 Shares Under Pre-Arranged Trading Plan

Robert I. Kauffman, a Director of Hagerty, Inc., sold 182,862 shares of Class A Common Stock across three transactions in late July 2025, pursuant to a Rule 10b5-1 trading plan.

Summary

• Robert I. Kauffman, a Director of Hagerty, Inc. (HGTY), executed sales of Class A Common Stock on July 22, 23, and 24, 2025.
• A total of 182,862 shares were sold indirectly through Aldel LLC, where Mr. Kauffman serves as manager with voting and investment discretion.
• On July 22, 2025, 31,869 shares were sold at a weighted average price of $10.19 per share.
• On July 23, 2025, 40,393 shares were sold at a weighted average price of $10.19 per share.
• On July 24, 2025, 110,600 shares were sold at a weighted average price of $10.46 per share.
• The sales were conducted under a Rule 10b5-1 trading plan adopted by Mr. Kauffman on August 9, 2024.
• Following these transactions, the indirect beneficial ownership by Aldel LLC decreased to 3,205,390 Class A Common Stock shares as of July 24, 2025.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to significant insider selling, although mitigated by the fact that it was executed under a pre-arranged 10b5-1 trading plan, suggesting it was not based on new, adverse information.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating that the transactions were scheduled in advance and not necessarily based on new, negative material non-public information.

Negatives

• A director sold a significant number of shares (182,862 shares), which represents a reduction in insider ownership.
• Insider selling, even if planned, can sometimes be perceived by the market as a lack of strong conviction in the company's near-term growth prospects or valuation.

Future Outlook

NA

Industry Context

This filing is a standard insider transaction report and does not provide broader industry context or trends. It reflects an individual director's portfolio management rather than a company-wide strategic move.

Related Party Transactions

• The sales were conducted by Aldel LLC, an entity managed by the reporting person, Robert I. Kauffman, who disclaims beneficial ownership except to the extent of his pecuniary interest.

Stakeholder Impact

• Shareholders may perceive the insider selling as a signal of reduced confidence, potentially leading to negative sentiment or downward pressure on the stock price.
• Employees, customers, suppliers, and creditors are unlikely to be directly impacted by this specific insider transaction.

Key Dates

Recommendation

While insider selling can be a negative signal, the execution under a Rule 10b5-1 plan suggests the sales were pre-scheduled and not necessarily indicative of new, negative company-specific information. Therefore, a 'hold' recommendation is appropriate, advising investors to monitor future company performance and broader market conditions rather than reacting solely to this planned insider transaction.

Keywords

Hagerty Inc, HGTY, Insider Trading, Form 4, Stock Sale, Director, Robert I Kauffman, 10b5-1 Plan, Equity Sales, Beneficial Ownership