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Auto insurer Hagerty skids on 9 mln share secondary offering

By Reuters News

** Shares of specialty vehicle insurance provider Hagerty Inc HGTY.N down 8.5% at $15.50 in extended trading following secondary offering news

** HGTY says Hagerty Holding Corp (HHC) to part with 9 mln shares

** HHC to use net offering proceeds to redeem, for the benefit of the Kim Hagerty Revocable Trust, a corresponding number of its HHC shares

** Traverse City, Michigan-based provider of insurance coverage for classic cars, boats and motorcycles has ~343.7 mln shares outstanding

** JP Morgan and Wells Fargo lead bookrunners for offering

** HGTY shares closed down 1.6% at $16.94 on Tues, up 26% YTD

** Avg rating of 9 analysts is "hold"; median PT $18, per LSEG

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