Auto insurer Hagerty eyes worst day ever after secondary offering unveiled

** Shares of specialty vehicle insurance provider Hagerty Inc HGTY.N down 17.1% to $9.05 and tracking record daily pct decline after announcing secondary offering

** HGTY shares hit three-month low. Trading volume of about 367k shares is nearly 5x stock's 10-DMA, per LSEG

** Michigan-based firm late Weds announced existing stockholders Hagerty Holding Corp (HHC) and Aldel LLC to sell 8.7 mln shares

** KBW and JP Morgan are lead bookrunning managers for the offering

** Co has ~342 mln shares outstanding and ~84 mln shares of public float, per LSEG data

** With move on the session, shares down ~6% YTD

** Two analysts rate HGTY "hold", the other rates "sell" and median PT is $11

** Hagerty, which provides insurance coverage for collectible cars, went public in Dec 2021 after completing SPAC deal with Aldel