Hagerty, an insurance and lifestyle company known for its focus on classic and collectible vehicles, has sold a 25 percent stake for $212.5 million to Markel Corp.
Markel, an insurer and reinsurer, has been an underwriting partner for Michigan-based Hagerty since 2011.
"This investment will not affect our day-to-day operations in any significant way other than to increase our pace of growth," a spokesman for Hagerty said in an emailed statement to Automotive News. "Hagerty will remain substantially a privately owned company and be globally headquartered in Traverse City."
The spokesman said Hagerty sought the investment to increase growth "to save driving and preserve car culture for future generations."
The Hagerty family, who founded the company in 1984, owns the majority of the company.
Markel Corp. did not immediately respond to a request for comment.