# EDGAR Filing Document

**Accession Number:** 0001096343
**File Stem:** 0000905148-25-003778
**Filing Date:** 2025-11
**Character Count:** 13705
**Document Hash:** c61cefd8eb07e767c7662b768d8b3874
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000905148-25-003778.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0000905148-25-003778

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hagerty, Inc.
- **CENTRAL INDEX KEY:** 0001840776
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92476
- **FILM NUMBER:** 251454138

**BUSINESS ADDRESS:**
- **STREET 1:** 121 DRIVERS EDGE
- **CITY:** TRAVERSE CITY
- **STATE:** MI
- **ZIP:** 49684
- **BUSINESS PHONE:** 800-922-4050

**MAIL ADDRESS:**
- **STREET 1:** 121 DRIVERS EDGE
- **CITY:** TRAVERSE CITY
- **STATE:** MI
- **ZIP:** 49684

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Aldel Financial Inc.
- **DATE OF NAME CHANGE:** 20210115
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARKEL GROUP INC.
- **CENTRAL INDEX KEY:** 0001096343
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 541959284
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 4521 HIGHWOODS PARKWAY
- **CITY:** GLEN ALLEN
- **STATE:** VA
- **ZIP:** 23060-6148
- **BUSINESS PHONE:** 8047470136

**MAIL ADDRESS:**
- **STREET 1:** 4521 HIGHWOODS PKWY
- **CITY:** GLEN ALLEN
- **STATE:** VA
- **ZIP:** 23060

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARKEL GROUP, INC.
- **DATE OF NAME CHANGE:** 20230526

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARKEL CORP
- **DATE OF NAME CHANGE:** 20000411

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARKEL HOLDINGS INC
- **DATE OF NAME CHANGE:** 19991005

## Exhibit 99.14

#### Exhibit 99.14

#### Annex A

DIRECTORS AND EXECUTIVE OFFICERS OF MARKEL GROUP INC.

The following table sets forth the name, present principal occupation or employment, and citizenship of each director and executive officer of Markel Group Inc., as well as the number of shares of Class A Common Stock beneficially owned by such person, as applicable, as of November 5, 2025. The business address of each person listed below is c/o Markel Group Inc., 4521 Highwoods Parkway, Glen Allen, Virginia 23060-6148.

#### DIRECTORS OF MARKEL GROUP INC.

---

| | | |
|:---|:---|:---|
| **Name** | <br> **Present Occupation** | **Citizenship** |
| Steven A. Markel | Chairman of the Board, Markel Group Inc. | United States |
| Mark M. Besca | Retired | United States |
| Lawrence A. Cunningham | Director, John L. Weinberg Center for Corporate Governance, University of Delaware | United States |
| Thomas S. Gayner | Chief Executive Officer, Markel Group Inc. | United States |
| Greta J. Harris | President and Chief Executive Officer, Better Housing Coalition | United States |
| Morgan E. Housel | Partner, The Collaborative Fund | United States |
| Diane Leopold | Retired | United States |
| Jonathan E. Michael | Retired | United States |
| Harold L. Morrison, Jr. | Retired | United States |
| Michael O'Reilly | Retired | United States |
| A. Lynne Puckett | Retired | United States |

---

#### EXECUTIVE OFFICERS OF MARKEL GROUP INC.

---

| | | |
|:---|:---|:---|
| **Name** | **Present Occupation** | **Citizenship** |
| Thomas S. Gayner | Chief Executive Officer, Markel Group Inc. | United States |
| Michael R. Heaton\* | Executive Vice President and Chief Operating Officer, Markel Group Inc. | United States |
| Andrew G. Crowley | President, Markel Ventures, Markel Group Inc. | United States |
| Simon Wilson | Chief Executive Officer, Markel Insurance, Markel Group Inc. | United Kingdom |
| Richard R. Grinnan | Senior Vice President, Chief Legal Officer and Secretary, Markel Group Inc. | United States |
| Brian J. Costanzo | Chief Financial Officer, Markel Group Inc. | United States |

---

\* Mr. Heaton is also member of the board of directors of the Issuer (see Amendment No. 3) and beneficially owns 10,230 shares of Class A Common Stock.

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 4)**

**Hagerty, Inc.**

*(Name of Issuer)*

**Class A Common Stock, par value $0.0001 per share**

*(Title of Class of Securities)*

**405166109**

*(CUSIP Number)*

**Richard R. Grinnan**<br>Markel Group Inc.<br>4521 Highwoods Parkway<br>Glen Allen VA 23060<br>(804) 747-0136

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/04/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **405166109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**MARKEL GROUP INC.** | Name of reporting person<br>**MARKEL GROUP INC.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**VIRGINIA** | Citizenship or place of organization<br>**VIRGINIA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**79380265.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**79380265.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**79380265.00** | Aggregate amount beneficially owned by each reporting person<br>**79380265.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**44.9%** | Percent of class represented by amount in Row (11)<br>**44.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** (1) The quantity reported in Row 7, Row 9, and Row 11 includes 75,000,000 shares of Class V Common Stock (as defined in the Original Schedule 13D) and an equal number of OpCo Units (as defined in the Original Schedule 13D), which are, together, exchangeable, at the option of the holder, on a one-for-one basis for a share of Class A Common Stock (as defined herein) or, if certain conditions set forth in the Amended and Restated Exchange Agreement (as defined in Amendment No. 1) are met, an equivalent value in cash at the option of the Company (as defined herein).

(2) The quantity reported in Row 7, Row 9, and Row 11 includes 1,272,265 shares of Class A Common Stock that the Reporting Person has the right to acquire within 60 days as a result of the conversion mechanisms of the Series A Preferred Stock (as defined in Amendment No. 1), which are exchangeable, at the option of the Reporting Person, into shares of Class A Common Stock at the Conversion Rate (as defined in Amendment No. 1).

(3) Percent of class represented by amount in Row 11 is based on the sum of (i) 100,511,893 shares of Class A Common Stock outstanding as of October 24, 2025, based on the Company's quarterly report on Form 10-Q filed with the SEC (as defined in the Original Schedule 13D) on November 4, 2025; (ii) 75,000,000 shares of Class A Common Stock that could be issued upon conversion of Class V Common Stock and OpCo Units held by the Reporting Person; and (iii) 1,272,265 shares of Class A Common Stock that could be issued upon conversion of Series A Preferred Stock held by the Reporting Person, each of (ii) and (iii) of which have been added to the total shares of Class A Common Stock outstanding for purposes of calculating the Reporting Person's beneficial ownership percentage in accordance with Rule 13d-3(d)(1)(i) under the Act. Notwithstanding the percentage reported herein, based on the aggregate total of Class A Common Stock and Class V Common Stock outstanding, and the voting power assigned to each class, the Reporting Person controls approximately 29.9% of the voting power of the Company.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A Common Stock, par value $0.0001 per share

**(b) Name of Issuer:**
Hagerty, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
121 Drivers Edge, Traverse City, MI, 49684

Markel Group Inc. (f/k/a Markel Corporation), a Virginia corporation ("Markel Group" or the "Reporting Person") is hereby filing this Amendment No. 4 (this "Amendment No. 4") to the Schedule 13D filed by the Reporting Person on December 10, 2021 (the "Original Schedule 13D"), as amended by Amendment No. 1 filed by the Reporting Person on June 27, 2023 ("Amendment No. 1"), Amendment No. 2 filed by the Reporting Person on July 8, 2024 ("Amendment No. 2"), and Amendment No. 3 filed by the Reporting Person on April 18, 2025 ("Amendment No. 3" and collectively, the "Schedule 13D"), relating to the Class A Common Stock, par value $0.0001 per share (the "Class A Common Stock") of Hagerty, Inc., a Delaware corporation (the "Company").  Capitalized terms used in this Amendment No. 4 and not otherwise defined herein have the meanings set forth in the Schedule 13D. Except as specifically provided herein, this Amendment No. 4 does not modify any of the information previously reported in the Schedule 13D.

This Amendment No. 4 is being filed to update the Reporting Person's beneficial ownership percentage and voting power percentage, each of which changed solely as a result of an increase in the number of shares of Class A Common Stock outstanding and corresponding decrease in the number of shares of Class V Common Stock outstanding in connection with a conversion of Class V Common Stock into Class A Common Stock by another holder of Class V Common Stock.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) of the Schedule 13D is hereby amended and supplemented as follows:

As of the date of this Amendment No. 4, the Reporting Person may be deemed to be the beneficial owner of 79,380,265 shares of Class A Common Stock, or approximately 44.9% of the shares of Class A Common Stock outstanding. The Reporting Person's beneficial ownership is composed of (i) 75,000,000 shares of Class V Common Stock and an equal number of OpCo Units, which are, together, exchangeable, at the option of the holder, on a one-for-one basis for a share of Class A Common Stock or, if certain conditions set forth in the Amended and Restated Exchange Agreement are met, an equivalent value in cash at the option of the Company; (ii) 1,590,668 shares of Series A Preferred Stock, which are exchangeable, at the option of the Reporting Person, into 1,272,265 shares of Class A Common Stock at the Conversion Rate, which is subject to customary anti-dilution protections; and (iii) 3,108,000 shares of Class A Common Stock.

Each share of Class V Common Stock has no incidents of economic ownership and has ten (10) votes per share until the earlier of (i) December 2, 2036, and (ii) transfer to a non-qualified transferee, after which it has one (1) vote per share.

The Series A Preferred Stock votes together with the Class A Common Stock on an as-converted basis (one vote per share), and not as a separate class.

The beneficial ownership percentage reported herein was calculated based on the sum of (i) 100,511,893 shares of Class A Common Stock outstanding as of October 24, 2025, based on the Company's quarterly report on Form 10-Q filed with the SEC on November 4, 2025; (ii) 75,000,000 shares of Class A Common Stock that could be issued upon conversion of Class V Common Stock and OpCo Units held by the Reporting Person; and (iii) 1,272,265 shares of Class A Common Stock that could be issued upon conversion of Series A Preferred Stock held by the Reporting Person, each of (ii) and (iii) of which have been added to the total shares of Class A Common Stock outstanding for purposes of calculating the Reporting Person's beneficial ownership percentage in accordance with Rule 13d-3(d)(1)(i) under the Act. Notwithstanding the percentage reported herein, based on the aggregate total of Class A Common Stock and Class V Common Stock outstanding, and the voting power assigned to each class, the Reporting Person controls approximately 29.9% of the voting power of the Company.

**(b)**
—

**(c)**
—

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** MARKEL GROUP INC.

**Signature:** /s/ Richard R. Grinnan

**Name/Title:** Richard R. Grinnan, Senior Vice President, Chief Legal Officer and Secretary

**Date:** 11/05/2025