Hagerty layoffs, on the record
Every job cut, severance charge and restructuring Hagerty reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from 1,732 total employees to 1,891.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | 1,732 total employees | December 31, 2023 |
| 10-K for 2024 | 1,744 | December 31, 2024 |
| 10-K for 2025 | 1,891 | December 31, 2025 |
Job cuts, severance and restructuring
Our summaryBoard approved a further reduction in force (2023 RIF) following a strategic review of business processes, with severance and related charges recognized in 2023.
Word for word“During the year ended December 31, 2023, the Board approved an additional reduction in force (the "2023 RIF") in the first quarter of 2023 and as a result, recognized $5.4 million in employee severance-related expenses and a $0.4 million impairment charge to write-down the value of certain digital media content assets.” 10-K for 2023
Our summaryThe Board approved a reduction in force (the 2023 RIF) to drive efficiencies, with severance-related expenses and an impairment charge recognized.
Word for word“In 2023, the Board approved a reduction in force (the "2023 RIF") following a strategic review of business processes as we focus on driving efficiencies in order to achieve growth and profitability goals.” 10-K for 2024
Our summaryThe Company recognized charges for operating lease right-of-use asset impairments and leasehold disposals tied to its remote-first work model transition.
Word for word“Additionally, in 2023, we recognized $3.1 million of charges associated with operating lease right-of-use ("ROU") asset impairments and related leasehold disposals in connection with the Company's ongoing transition to a "remote-first" work model.” 10-K for 2024
Our summaryThe Board approved a voluntary retirement program and a reduction in force, with severance costs and lease impairments recognized as part of 2022 restructuring actions.
Word for word“Additionally, in the fourth quarter of 2022, the Board approved a voluntary retirement program ("VRP") and a reduction in force (the "2022 RIF").” 10-K for 2024
Our summaryThe Company settled all liabilities associated with the 2022 restructuring actions and the 2023 RIF.
Word for word“As of December 31, 2023, all liabilities associated with the 2022 Restructuring Actions and the 2023 RIF were settled.” 10-K for 2024
Our summaryThe Board approved a reduction in force in 2023 after a strategic review of business processes, and the company recorded severance-related costs and an impairment charge.
Word for word“As a result of these actions, the Company recognized $ 5.4 million of severance-related costs and a $ 0.4 million impairment charge to write-down the value of certain digital media content assets.” 10-K for 2025
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2021-12-31 | $0 | — |
| 2022-12-31 | $18.3 million | $8.9 million |
| 2023-12-31 | $8.8 million | $18.3 million |
Hagerty has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Hagerty’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-26. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.