Hagerty, Inc. Announces Board of Directors Change: Michael R. Heaton Resigns, New Director Appointed

Key Highlights

• Board Change: Michael R. Heaton has resigned from the Board of Directors of Hagerty, Inc., effective April 13, 2026.
• New Appointment: Eirik Bjørnstad, Head of International Markets at Markel International, is appointed as the new director, effective April 14, 2026.
• Committee Assignments: Mr. Bjørnstad will join both the Talent, Culture, and Compensation Committee and the Nominating and Governance Committee.
• Director Compensation: Mr. Bjørnstad will receive compensation consistent with other non-employee directors, as detailed in Hagerty’s proxy statement filed April 24, 2025.
• No Disagreement or Dispute: Heaton’s resignation was not due to any disagreement with the company or its policies, operations, or practices.
• Markel Group Involvement: The director seat is associated with Markel Group’s rights under an Investor Rights Agreement.

Details Investors Need to Know

On April 13, 2026, Hagerty, Inc. announced that Michael R. Heaton has resigned from its Board of Directors, effective immediately. Mr. Heaton had been serving as the designee of Markel Group Inc. on the Board, in accordance with an Investor Rights Agreement between Hagerty and Markel. This agreement allows Markel to appoint a representative to the Board.

Heaton’s resignation is not the result of any disagreement with Hagerty regarding its operations, policies, or practices. This is an important detail, as it reassures investors that there are no underlying disputes or governance issues within the company.

In connection with this change, Hagerty’s Board of Directors approved the appointment of Eirik Bjørnstad as a director, effective April 14, 2026. Mr. Bjørnstad is currently the Head of International Markets at Markel International, which is a division of Markel. He brings significant experience in international insurance markets, adding depth to Hagerty’s Board and potentially supporting the company’s strategic ambitions for global expansion.

Mr. Bjørnstad will also serve on the Talent, Culture, and Compensation Committee and the Nominating and Governance Committee, further strengthening board oversight in these crucial areas. He will receive the same compensation as other non-employee directors, as outlined in the company’s previous proxy filings.

Importantly, Hagerty disclosed that there are no transactions or proposed transactions requiring disclosure under Item 404(a) of Regulation S-K involving Mr. Bjørnstad. This means there are no direct or indirect material interests between Mr. Bjørnstad and the company that could raise concerns about conflicts of interest.

Potential Impact on Shareholders and Share Price

• Stability and Continuity: The orderly transition and the absence of any dispute or controversy related to Mr. Heaton’s departure provide reassurance on board stability—a key consideration for institutional investors and proxy advisors.
• Markel Group’s Influence: The continued presence of a Markel-appointed director signals ongoing support and strategic alignment with one of Hagerty’s major shareholders. This relationship can be viewed as a vote of confidence for Hagerty’s management and long-term business plan.
• Experienced Leadership: The addition of Mr. Bjørnstad, with his international insurance background, could be seen as a positive for the company’s potential growth outside the U.S., which may positively influence investor sentiment and the share price, especially if investors value global expansion opportunities.

Conclusion

This board change is not the result of any dispute and maintains Markel Group’s representation on the board, ensuring continuity. The new director’s international expertise could also be a strategic asset as Hagerty continues to grow. Shareholders should monitor any future disclosures regarding Markel’s involvement and Hagerty’s global strategy, as these could influence the company’s performance and valuation.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence or consult with a financial advisor before making investment decisions. The writer is not responsible for any actions taken based on this information.

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