SCHEDULE: Polar Capital Retains 5.85% Stake in Hagerty, Corrects Filing

Polar Capital Holdings Plc and its affiliates have confirmed a 5.85% beneficial ownership in Hagerty, Inc., rectifying a prior erroneous report of a complete exit.

Summary

• Polar Capital Holdings Plc, Polar Capital LLP, and Polar Capital Funds PLC Biotechnology Fund collectively hold 5,306,865 shares of Hagerty, Inc.'s Class A common stock.
• This ownership represents 5.85% of the total Class A common stock outstanding.
• The reporting persons exercise sole voting and dispositive power over all 5,306,865 beneficially owned shares.
• This filing is an amendment to correct a previous submission from August 14, 2025, which had erroneously reported a complete exit from this position.
• The reported ownership stake is accurate as of June 30, 2025.
• The securities were acquired for investment purposes and not with the intent to change or influence the control of Hagerty, Inc.

Sentiment

Score: 5

Explanation: The filing is a factual report of beneficial ownership and a correction of a previous administrative error. It does not contain forward-looking statements or performance metrics that would significantly sway sentiment, beyond clarifying an institutional investor's continued stake.

Positives

• An institutional investor, Polar Capital, maintains a significant 5.85% stake in Hagerty, Inc., indicating continued investment interest.
• The correction clarifies that Polar Capital did not exit its position, which could alleviate potential market concerns stemming from the previous erroneous filing.

Negatives

• The necessity of filing a correction for a previous submission indicates an administrative error in reporting, which, while common, highlights a need for precision in disclosures.

Risks

• No specific risks related to Hagerty, Inc.'s operational or financial health are detailed in this ownership filing.
• The reporting persons explicitly certify that the securities are not held for the purpose of changing or influencing control of the issuer, mitigating potential activist investor risks for management.

Future Outlook

NA

Management Comments

• Nicholas Farren, Chief Operating Officer of Polar Capital Holdings Plc, Polar Capital LLP, and Polar Capital Funds PLC Biotechnology Fund, certified that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, nor in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

NA

Stakeholder Impact

• Shareholders: The clarification that a significant institutional investor (Polar Capital) still holds a 5.85% stake, rather than having exited, could be viewed positively, potentially reducing uncertainty or negative sentiment that the erroneous prior filing might have caused. It signals continued institutional confidence.

Next Steps

• All subsequent amendments to this statement on Schedule 13G/A shall be filed on behalf of each of the undersigned reporting persons.

Key Dates

Keywords

Hagerty Inc, HAGY, Polar Capital, Schedule 13G, beneficial ownership, institutional investment, Class A common stock, SEC filing, investment adviser, holding company