HGTY vs MKL: How Hagerty and Markel Group Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: MKL is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. HGTY and MKL share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined HGTY and MKL exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Hagerty, Inc. is an automotive enthusiast brand and specialty insurance provider built around classic, collector, and enthusiast vehicles. Its Insurance segment (roughly 92% of revenue) writes agreed-value policies on vehicles that standard auto carriers price poorly, covering ~2.9 million vehicles in force across ~1.76 million policies. Around that sits a membership business (the Hagerty Drivers Club, with ~940,000 paid members) and a Marketplace segment that runs collector car auctions, classifieds, financing, and the widely cited Hagerty Valuation Tools price database.

Full HGTY guide

Markel Group Inc. is a Virginia-based holding company built on three engines: a specialty property and casualty insurance operation that underwrites hard-to-place and niche risks (from executive liability to equine coverage), an investment portfolio funded largely by insurance float, and Markel Ventures, a group of wholly owned operating businesses spanning industrial, consumer, and services companies. The insurance business generates premiums and, ideally, an underwriting profit, while the float is invested in equities and fixed income to compound over time. This design is why MKL is frequently described as a mini Berkshire Hathaway.

Full MKL guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• HGTY drivers: The Markel transition and full premium retention; Policy growth and the State Farm channel.
• MKL drivers: Specialty underwriting discipline; Investment portfolio and float.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The 2026 reported numbers are hard to read: guidance calls for total revenue down ~11%-12% and a net loss of ~$41 million to $51 million on ~$190 million of transitional costs, so anyone underwriting the stock is relying on adjusted EBITDA and written premium rather than GAAP earnings. For MKL, reported earnings are volatile because unrealized investment gains and losses run through the income statement, so a down market can produce a headline net loss (as in Q1 2026) even with solid underwriting.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick HGTY if you believe its drivers more; MKL if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the HGTY and MKL guides.

HGTY. Hagerty trades around $11-$12 per Class A share for a market cap near $4.0 billion on ~$1.44 billion of trailing revenue. Trailing P/E of roughly 43x sits on a net income figure distorted by the Markel transition, and the forward multiple screens far higher because 2026 is guided to a loss, so most of the market's attention is on adjusted EBITDA and written premium growth instead. Q2 2026 results are scheduled for August 5, 2026, which is the first clean look at whether the transition math is tracking guidance.

MKL. MKL trades around a low-to-mid teens price-to-earnings multiple and near a modest premium to its roughly $1,447 book value per share, valuation anchors that matter more than headline EPS given the volatility of investment marks. Consensus 2026 EPS estimates were trimmed (from about $159 toward the low $140s) after a soft first quarter, and the reported Q1 2026 net loss reflected investment swings rather than a collapse in underwriting. Figures are approximate and move with markets and reserve updates.

Headline figures (approximate, August 2026): HGTY shows revenue (ttm) ~$1.44B, q1 2026 written premium ~$289M (+18% YoY), q1 2026 adjusted ebitda ~$85M (+77% YoY), market cap ~$4.0B; MKL shows revenue (ttm) ~$15B, q1 2026 revenue ~$3.55B, market cap ~$23B, book value per share ~$1,447.

HGTY and MKL are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined HGTY and MKL exposure against your real portfolio. It is not an investment adviser.