Hagerty Falls After Secondary Offering Set at 10 Million Shares

Hagerty Holding, the selling stockholder, will offer the shares of Hagerty Class A common stock to the public. It will also give underwriters a 30-day option to buy an additional 1.5 million shares.

Hagerty said it will receive no proceeds from the sale. The offering is expected to close on or about Thursday. Through Tuesday’s close, Hagerty shares had gained about 29% year to date.