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Hagerty has sold a 25 percent stake in the company for $212.5 million to Glen Allen, Virgina-based Markel Corp., according to a story published in Automotive News. Markel, a holding company for insurance, reinsurance and investment operations around the world, has been an underwriting partner for Hagerty since 2011, the story reports.

"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,” according to the story.

The Hagerty family, who founded the company in 1984, owns the majority of the company, reports Automotive News.