Pay vs Performance Disclosure
number in Millions
number in Millions
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) |
Value of Initial Fixed $100 Investment Based on: | ||||||||
Year | Summary Compensation Table Total for PEO ($) (1) | Compensation Actually Paid to PEO ($) (1)(2) | Average Summary Compensation Table Total for Non-PEO NEOs ($) (1) | Average Compensation Actually Paid to Non-PEO NEOs ($) (1)(2) | Total Shareholder Return ($) (3) | S&P 500 P&C Insurance Index Total Shareholder Return ($) (3) | Net Income (millions) | Adjusted AIP EBITDA (millions) (4) |
2025 | 4,732,132 | 16,027,578 | 2,156,036 | 3,278,158 | 159.81 | 165.26 | $149.23 | $238.4 |
2024 | 3,206,990 | 6,951,558 | 2,245,582 | 2,505,862 | 114.74 | 150.13 | $78.30 | $164.8 |
2023 | 2,379,477 | 1,450,376 | 2,425,368 | 2,302,804 | 92.75 | 110.81 | $28.18 | $103.4 |
Year | PEO(s) | Non-PEO NEOs |
2025 | McKeel Hagerty | Patrick McClymont, Jeffrey Briglia, Russell Page, Kenneth Ahn |
2024 | McKeel Hagerty | Patrick McClymont, Russell Page, Paul Rehrig |
2023 | McKeel Hagerty | Patrick McClymont, Paul Rehrig |
applicable fiscal year, adjusted as follows:
Adjustments | 2023 | 2024 | 2025 | |||
PEO | Average Non-PEO NEOs | PEO | Average Non-PEO NEOs | PEO | Average Non-PEO NEOs | |
Summary Compensation Total for Applicable FY | $2,379,477 | $2,425,368 | $3,206,990 | $2,245,582 | $4,732,132 | $2,156,036 |
Deduction for Amounts Reported under the “Stock Awards” Column in the Summary Compensation Table for Applicable FY | ($700,000) | ($909,375) | ($1,700,000) | ($1,018,750) | ($200,886) | ($765,880) |
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End | $624,718 | $811,571 | $2,689,339 | $1,293,026 | $405,911 | $1,339,959 |
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date | — | — | — | — | — | — |
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End | ($932,171) | ($26,677) | $2,263,992 | $139,967 | $11,228,691 | $551,203 |
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date | $78,353 | $1,917 | $491,237 | $72,438 | ($138,269) | ($3,160) |
Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End | — | — | — | ($226,400) | — | — |
Increase based on Dividends or Other Earnings Paid during Applicable FY upon Vesting Date | — | — | — | — | — | — |
TOTAL ADJUSTMENTS | $1,450,376 | $2,302,804 | $6,951,558 | $2,505,862 | $16,027,578 | $3,278,158 |
applicable fiscal year, adjusted as follows:
Adjustments | 2023 | 2024 | 2025 | |||
PEO | Average Non-PEO NEOs | PEO | Average Non-PEO NEOs | PEO | Average Non-PEO NEOs | |
Summary Compensation Total for Applicable FY | $2,379,477 | $2,425,368 | $3,206,990 | $2,245,582 | $4,732,132 | $2,156,036 |
Deduction for Amounts Reported under the “Stock Awards” Column in the Summary Compensation Table for Applicable FY | ($700,000) | ($909,375) | ($1,700,000) | ($1,018,750) | ($200,886) | ($765,880) |
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End | $624,718 | $811,571 | $2,689,339 | $1,293,026 | $405,911 | $1,339,959 |
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date | — | — | — | — | — | — |
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End | ($932,171) | ($26,677) | $2,263,992 | $139,967 | $11,228,691 | $551,203 |
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date | $78,353 | $1,917 | $491,237 | $72,438 | ($138,269) | ($3,160) |
Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End | — | — | — | ($226,400) | — | — |
Increase based on Dividends or Other Earnings Paid during Applicable FY upon Vesting Date | — | — | — | — | — | — |
TOTAL ADJUSTMENTS | $1,450,376 | $2,302,804 | $6,951,558 | $2,505,862 | $16,027,578 | $3,278,158 |
•Total Revenue Growth
•Policies in Force Retention
•Adjusted Operating Income
December 31, 2024, and December 31, 2025, respectively, calculated in accordance with Item 201(e) of Regulation S-K. The
selected industry index for this calculation is the S&P 500 Property & Casualty Insurance Index.
quarterly basis to inform annual non‑equity incentive plan compensation determinations for our NEOs. We define Adjusted AIP
EBITDA as consolidated Net Income, excluding net interest and other income (expense), income tax (benefit) expense, and
depreciation and amortization. The measure is then adjusted to (i) add back share-based compensation and, when applicable, (ii)
exclude restructuring, impairment and related charges, legal settlements and similar items, certain public company or transaction-
related costs, and other unusual or non-recurring items approved by the Audit Committee. For AIP purposes, Adjusted AIP EBITDA
is measured before AIP expense and holds CAT losses at plan up to $70 million per year. For this metric, CAT losses are weather or
catastrophe related losses recognized in our insurance operations under our underwriting and reinsurance practices (for example,
severe convective storms, hail, wind, flood, or wildfire events) as determined under our reinsurance program. For AIP purposes, the
calculation also excludes net investment income and includes the add back of interest paid to State Farm, in each case as reflected
in the Compensation Committee approved metric. These AIP specific mechanics are intended to focus participants on controllable,
plan based operating performance and avoid windfalls or penalties from uncontrollable events or weather volatility. Net Income is
the most directly comparable GAAP measure.