Hagerty to Acquire Bennetts, Becoming #2 UK Motorcycle Insurance Broker
HGTY sits 38% above its 52-week low of $8.81.
Summary
Hagerty, Inc. has agreed to acquire Bennetts, a strategic move that will establish Hagerty as the second-largest specialty motorcycle insurance broker in the United Kingdom. This acquisition signifies a clear international expansion and strengthens Hagerty's position in the specialty insurance market. The company recently reported a Q1 net loss, making this growth initiative a notable development for its future revenue streams.
At the time of this announcement, HGTY was trading at $12.13 on NYSE in the Finance sector, with a market capitalization of approximately $4.1B. The 52-week trading range was $8.81 to $14.00. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.