Item 7.01 Regulation FD Disclosure.

On December 1, 2022, Hagerty, Inc. ("Hagerty" or the "Company") announced a workforce reduction of approximately 6% (103 employees) as the Company continues its focus on managing expenses in order to achieve growth and profitability goals. The Company expects to realize a non-recurring charge of approximately $11 million, primarily in the fourth quarter, associated with this headcount reduction and the previously announced voluntary retirement program. The Company also expects to realize annualized savings of approximately $19 million as a result of both the reduction in force and the voluntary retirement program.

All impacted team members will have the opportunity to receive severance based on years of service at the Company, as well as additional benefits for impacted employees, including a payment for health care coverage, partial payment of the Company's annual bonus plan, a transition payment, and outplacement services.

The information contained in this Item 7.01 to this Current Report on Form 8-K and the exhibit attached hereto pertaining to this item shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information or such exhibits be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The information set forth in this Form 8-K relating to this Item 7.01 shall not be deemed an admission as to the materiality of any information in this report that is required to be disclosed solely to satisfy the requirements of Regulation FD.

Forward-Looking Statements This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company's current expectations and projections with respect to, among other things, the workforce reduction. These statements may be preceded by, followed by or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "intend," "likely," "outlook," "plan," "potential," "project," "projection," "seek," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning. Forward-looking statements include all statements that are not historical facts. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Among these factors are risks related to the "Risk Factors" identified in the Company's Annual Report on Form 10-K for 2021.

Item 9.01 Financial Statements and Exhibits.



(d) Exhibits

Exhibit No.       Description
104               Cover Page Interactive Data File (formatted as Inline XBRL)

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