Moore Sewell Trezevant Jr, a director at Donegal Group Inc. (NASDAQ:DGICA), a $553 million market cap insurance company with a strong 24-year dividend growth track record, recently sold shares of the company, according to a filing with the Securities and Exchange Commission. On December 13, Trezevant sold 12,500 shares of Class A Common Stock at an average price of $16.1848, totaling approximately $202,310.
The transactions also involved the exercise of options, where Trezevant acquired 4,500 shares at $14.98 each and 8,000 shares at $15.80 each, amounting to a combined total of $193,810. Following these transactions, Trezevant holds 25,655 shares of Class A Common Stock directly.
In other recent news, Donegal Group has announced significant developments. The company disclosed director Scott A. Berlucchi’s upcoming retirement at the 2025 annual stockholders meeting, as per a recent filing with the Securities and Exchange Commission. Berlucchi’s decision was not due to any disagreements with Donegal Group’s operations, policies, or practices. The company has not yet announced a successor or provided details regarding potential changes to the board’s composition following Berlucchi’s departure.
In the financial sphere, Donegal Group reported a net income of $16.8 million, or $0.51 per Class A share, in its Third Quarter 2024 Earnings Call, despite facing $6 million in pre-tax catastrophe losses due to Hurricane Helene. The company’s net premiums earned rose by 6% to $238 million, with a significant improvement in the combined ratio to 96.4%. This growth comes as Donegal Group continues its strategic focus on small business growth, software enhancements, and geographic diversification.
Donegal Group also completed strategic exits from commercial policies in Georgia and Alabama, with plans for software enhancements to improve policy management set for January 2025. Analyst notes indicate that Donegal Group is aligning strategies for growth across regions with a cohesive business plan for 2025, focusing on disciplined expense reduction to improve the expense ratio by two points by the end of 2025. These are some of the recent developments at Donegal Group.
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