Auto insurer Hagerty jumps after $91 million secondary offering

Specialty vehicle insurance provider Hagerty's HGTY.N shares jump 13.2% to $10.57

HGTY late Thursday announced pricing of upsized secondary offering of 9.7 million shares by selling shareholders

Selling shareholders — Hagerty Holding Corp and Aldel LLC — sold the shares at $9.34 apiece for gross proceeds of $90.6 million

They had initially planned on selling 8.7 million shares in the offering

Stock closed down 14.5% at $9.34 on Thursday, after HGTY unveiled the offering

Keefe, Bruyette & Woods and J.P. Morgan were the lead bookrunning managers of the offering

Two brokerages rate the stock "hold" and one "sell"; median PT is $11 - data compiled by LSEG

As of last close, HGTY shares down 3.2% YTD