Hagerty
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He previously helmed Plymouth Rock Assurance's direct and partner group. -
The rating follows a $25mn debt financing for the company in June last year.
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The fundraising includes $80mn of convertible preferred equity, which closed on June 23rd, as well as $25mn of long-term debt financing for Hagerty Re.
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Adjusted Ebitda for the quarter increased to $6.7mn compared to -$6.0mn in the prior year period.
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As a result, the insurer expects to realize a charge of around $5mn, primarily in the first quarter of 2023.
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The company’s LR stood flat despite challenging trends in the auto market, which is seeing higher frequency and severity as inflation picks up.
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The company expects to save $19mn per year from the headcount reduction.
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The company retained $10mn of $27mn in gross losses from Ian, which accounted for 3.4 points on the loss ratio.
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Turcotte, CFO since 2008, was part of the leadership that took the company public in December.
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The company delayed once again the launch of its partnership with State Farm to the first half of next year from Q4.
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The classic and collectible car insurer has a different risk profile than other carriers.
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