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      "text": "1. Large and growing total addressable market (TAM)\n2. Visionary thought leadership, culture and management team\n3. Industry leading business model\n4. Omni-channel distribution strategy\n5. Financial track record of success and primed for continued growth",
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      "text": "Investment to build platform and scale – Hagerty has already invested over $100mm over the past three years to build its partners, agency, and DTC and membership platforms; Data drives more accurate pricing and allows marketing utilizing big data analytics and AI; Powerful new member acquisition engine – LTV/CAC ratio of >10x",
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      "text": "29% revenue CAGR 2018-2020; future growth underpinned by long-term contracts; Revenue / earnings growth underpinned by solid building blocks and strategic partnerships; Potential growth beyond base plan fuelled by organic growth, innovation and acquisitions",
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      "text": "Large TAM – 43mm U.S. collectible vehicles; Average annual premium of ~$300 implies a ~$12-15bn U.S. market size; Hagerty's current share is ~4%; Hagerty's size is a multiple of many of its competitors",
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      "text": "Over three decades of Hagerty family leadership; Management is as passionate as its members about cars",
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      "text": "Very high NPS scores – 84 vs 39 auto insurance industry average; Loss ratios significantly better than auto insurance industry average – Hagerty loss ratio 41% vs >70% auto insurance industry average; Membership strategy results in sticky, happy members – 90% retention vs ~80% auto industry avg.; Captive reinsurer allows Hagerty to participate in the entire value chain",
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      "text": "Proprietary and Confidential. Source: Hagerty company reports based on aggregated data of various sources, LexisNexis, SNL Financial, NAIC, Insurance Information Institute; 1 Represents Hagerty's current share of U.S. collectible vehicle premium TAM, per Hagerty company reports based on aggregated data of various sources; 2 As of 12/31/20; 3 SNL Financial, NAIC, Insurance Information Institute, P&C private auto industry average over 2018-2020FY and Hagerty average over 2018-2020FY",
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