He actively serves his local community as a first responder and is an avid mariner and car enthusiast. Jack is President of Hagerty, leading its global risk & insurance services businesses. He is also a member of the firm’s Executive Council and serves on the Board of Directors of Hagerty International Holdings, Ltd. “We need to create a lot of on ramps to the car world—to make it approachable, friendly,” Hagerty says. And although the company has scooped up ownership of numerous high-end Concours d’Elegance events, they also champion interaction that’s less velvet rope, more hands-on. Based on that shining moment outside of Santa Fe, if there is a summit to the triangular mountain that is Hagerty’s hierarchy of car needs, he has reached it—at least personally.
We believe auto enthusiasts will find our new services extremely valuable, including new trust-based platforms for buying, selling and financing collector vehicles. “It used to be you had to be pretty mechanically inclined—forty years ago if you were into classic cars or restoring vehicles, you had to work on cars too, which filtered people out,” he adds. And quite frankly, one of the current challenges in maintaining a car culture is that the next generation of drivers 100 ways yoplait doesn’t really know how to use tools, never mind how to change a flat tire or tame a squealing drive belt. Perhaps the chance of falling in love with a car can reverse the trend; and cultivating that love is what McKeel Hagerty is banking on. Pivoting to our 2021 financial results, all of which are compared on a year-over-year basis. Commission and fee revenue grew 15% to $271.6 million, driven by 245,000 new business policies and solid policy retention above 89%.
The four UK-sourced permanent-magnet AC electric motors deliver a combined 1726 pound-feet of torque, but each turn a wheel separately. That offers virtually unlimited fore-aft and side-to-side torque adjustment as well as torque vectoring and, ideally, ultra-refined stability management. Or horribly overcook a corner but still stick the apex? This system should be able to do it at the push of a button. Welcome to the future, where everyone is a robot-assisted Fangio.
It’s like everybody is holding their breath about what’s going to happen to reinsurance costs next year. And we also know that cheap reinsurance is not a business model. It’s maybe a benefit of running a good underlying business.
Pininfarina furnished us to drive for a few hours in the car pictured here and painted a shade of opalescent green it calls “verde paradiso.” The color is “inspired by the color of Lake Como,” according to the car’s chief production and engineering officer, Paolo Dellacha. The shape, which includes a rear wing that deploys at speed to augment the car’s downforce-producing aero, is a touch generic. At a quick glance it reads like any one of several mid-engine pop-rockets that you can buy from Ferrari or McLaren.
Over 500 million people around the globe express an interest in cars. 69 million people in the United States alone declare themselves automotive enthusiasts, 43 million vehicles in North America alone that fall in for our insurance target, 72% of all vehicles went up in value in 2021 and that’s an 8% to 9% historical annual appreciation. But we have also been making investments to capitalize on the passion side of the business, automotive events and driving experiences, seller media content, a robust membership organization and more, all centered or around helping people dive deeper in what they love to do. We are already seeing the benefits of our investments with growing persistence, and steady increases in lifetime value. The more branded products we offer, the more value we create and the more share of wallet we earn. Because driving is an enriching human experience on many levels.