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Markel acquires minority stake in Hagerty for $213M

Markel Corp. acquired a minority ownership interest in The Hagerty Group LLC for total consideration of $212.5 million.

Hagerty Group primarily operates as a managing general agent under the names Hagerty Insurance Agency and Hagerty Classic Marine Insurance Agency. It offers specialty insurance to automobile enthusiasts.

Markel subsidiary Essentia Insurance Co. is the exclusive insurance underwriter for Hagerty in the U.S.; a portion of the insurance is ceded to Hagerty Re.