Jeff Briglia
About Jeff Briglia
Jeffrey (Jeff) Briglia, age 54, was appointed President of Insurance at Hagerty effective July 1, 2024, to lead all aspects of the company’s insurance operations . He previously served as President & CEO of Plymouth Rock Assurance’s Direct and Partner Group (May 2020–2024), and held senior roles at Metromile (COO and Chief Insurance Officer), Progressive, Allstate, and Mercury Insurance; he holds a B.S. in Civil Engineering (SUNY Buffalo) and an MBA from Carnegie Mellon University . He participates in Hagerty’s Annual Incentive Plan; for 2024 the company-wide plan used Adjusted EBITDA (37.5%), Operating Income (37.5%), and Total Revenue Growth (25%) and paid out at 72.6% of target (Briglia had a contractual 2024 minimum bonus of $250,000) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Plymouth Rock Assurance (Direct & Partner Group) | President & CEO | 2020–2024 | Led transformational improvements in growth/profitability for direct-to-consumer and partnership channels . |
| Metromile Insurance | COO & Chief Insurance Officer | 2019–2020 | Drove premium growth while improving combined ratio . |
| Progressive; Allstate; Mercury Insurance | Executive roles | N/A | Senior leadership roles at market leaders in personal lines insurance . |
External Roles
- Not disclosed.
Fixed Compensation
| Component | Terms | Notes |
|---|---|---|
| Base salary | $650,000 | Set in Employment Agreement effective July 1, 2024 . |
| Target annual bonus | ≥75% of base salary | Under Hagerty’s Annual Incentive Plan; 2024 minimum payout set at $250,000 . |
| 2024 guaranteed bonus | $250,000 minimum | Payable no later than Mar 15, 2025, subject to continued employment through payment date . |
| Sign‑on cash bonus | $50,000 | Advanced at start; subject to 2-year vest with pro‑rata clawback if resign without Good Reason or terminated for Cause before 2nd anniversary . |
| New‑hire RSU grant | $350,000 grant value | Granted 7/1/2024 or 10/1/2024; vests in three equal annual installments, subject to continued service . |
| Annual equity awards | Target grant value 150% of base salary | May include performance‑vesting terms; subject to Board/Committee approval each year . |
| Benefits | Medical/other benefits per company policy; remote primary work location with travel as required | . |
| Employment status | At‑will | Either party can terminate at any time; arbitration provision governs disputes . |
Performance Compensation
| Plan / Award | Metric(s) | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Incentive Plan (Company framework) | Adjusted EBITDA | 37.5% | Executive target ≥75% of base salary | 2024 company plan result: 72.6% of target (Briglia had $250k minimum for 2024) . | Cash, paid following year, subject to service . |
| Annual Incentive Plan (Company framework) | Operating Income | 37.5% | — | Included in same 72.6% outcome . | — |
| Annual Incentive Plan (Company framework) | Total Revenue Growth | 25.0% | — | Included in same 72.6% outcome . | — |
| New‑hire RSUs | Time‑based | N/A | $350,000 grant value | N/A (equity) | 1/3 per year over 3 years, service‑based . |
| Annual equity awards | Time‑ and/or performance‑based (as approved) | N/A | 150% of base salary grant target | N/A (equity) | Per award agreements; may include performance conditions . |
Note: Company’s 2024 framework and payout are disclosed; Briglia’s 2024 bonus minimum supersedes formulaic outcome per his Employment Agreement .
Equity Ownership & Alignment
- Initial equity: New-hire RSU award valued at $350,000; three-year, equal annual vesting; additional annual equity grants targeted at 150% of base pay and may include performance vesting .
- Anti‑hedging/anti‑pledging: Hedging and pledging of company stock are prohibited for directors/officers unless written approval is obtained from the Board and Chief Legal Officer .
- Insider trading controls:
- Blackout periods from two weeks before quarter-end until two trading days after earnings filing; pre‑clearance required for covered persons .
- Section 16 officers (which include executive officers) must use an approved Rule 10b5‑1 plan to sell shares; cooling‑off periods apply (90 days or post‑earnings window for Section 16) .
- Ownership guidelines: The proxy specifies guidelines for CEO (6x salary) and non‑employee directors; no specific guideline disclosed for other executives .
Employment Terms
| Term | Detail |
|---|---|
| Start date / role | President of Insurance; employment effective July 1, 2024 . |
| Term / status | At‑will employment . |
| Location | Primary work location is home (remote); travel to Traverse City, MI and other locations as needed . |
| Non‑compete | 12 months post‑termination; prohibits working with competing “Restricted Business” in the U.S. and certain solicitations . |
| Non‑solicit | 12 months post‑termination for employees/customers . |
| Confidentiality/IP | Broad confidentiality and IP assignment obligations; DTSA safe harbors noted . |
| Severance (Qualifying Termination: no Cause / Good Reason) | 12 months base salary paid in installments; company‑paid COBRA premiums up to 12 months (or cash equivalent if needed); contingent on release and other conditions . |
| Good Reason (summary) | Material diminution in duties, reduction in base salary (outside broad program), or relocation >50 miles, subject to notice and cure . |
| Sign‑on clawback | $50,000 sign‑on subject to pro‑rata repayment if depart without Good Reason or terminated for Cause before two years . |
| Dispute resolution | Mandatory arbitration; class/collective action waiver (limited carve‑outs) . |
| Indemnification/D&O | Company indemnification to fullest extent and D&O insurance coverage provided . |
Investment Implications
- Pay-for-performance design with company-level financial metrics (Adjusted EBITDA, Operating Income, Revenue Growth) underpins annual bonus; 2024 company result at 72.6% suggests disciplined linkage to operating delivery, while Briglia’s one-time 2024 guaranteed minimum supports near-term retention during onboarding .
- Multi-year equity (new-hire RSUs plus annual equity target at 150% of salary) creates medium-term alignment; initial vesting cliffs on the 1st, 2nd, and 3rd anniversaries of the 2024 grant may concentrate potential Form 4 activity around those dates, though Section 16 10b5‑1 requirements and blackout windows mitigate discretionary selling pressure .
- Anti‑hedging/anti‑pledging policy and pre‑clearance reduce alignment risks associated with executive liquidity management; absence of disclosed pledging is favorable .
- Retention risk appears contained: 12‑month non‑compete/non‑solicit, severance economics (12 months base and benefits), and a two‑year sign‑on clawback discourage early departure, while market‑standard Good Reason protections balance executive risk .