DGICA on Nasdaq

DONEGAL GROUP INC

DONEGAL GROUP INC is an American fire company based in Chattanooga, incorporated in Delaware.2 Its shares trade on Nasdaq under the symbol DGICA.2

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Last updated Oct 20, 2026.

Overview

$978.0MRevenue, fiscal 20253
$79.3MNet income, fiscal 20253

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  • TickerDGICA on Nasdaq2
  • IndustryFire, Marine & Casualty Insurance2
  • HeadquartersChattanooga, United States2
  • Incorporated inDE4
  • Business address1195 River Rd Po Box 302, Marietta, Pa 17547-03024
  • Filer categoryAccelerated filer4
  • Legal formLimited Liability Company2
  • LEI549300ZK9138Q71P7X302
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O Hackett, Mark D, 37402 Chattanooga, United States2

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The following chart depicts our organizational structure, including all of our property and casualty insurance subsidiaries and affiliates:6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

8.1%Net margin3
-1.2%Revenue growth, 20253
12.4%Return on equity3

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs90¢$879.1M
  • Interest0¢$1.4M
  • Income tax2¢$18.3M
  • Profit8¢$79.3M

Out of $978.0M in revenue.3

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid37¢$25.7M
  • Kept or used elsewhere63¢$44.5M

Out of $70.2M of cash from operations.3

Financial statements

Revenue78910113$978.0M in 2025+27% since 2018
0$250.0M$500.0M$750.0M$1.0B2018: $771.8M$771.8M20182019: $812.5M$812.5M2019+5%2020: $777.8M$777.8M2020−4%2021: $816.5M$816.5M2021+5%2022: $848.2M$848.2M2022+4%2023: $927.3M$927.3M2023+9%2024: $989.6M$989.6M2024+7%2025: $978.0M$978.0M2025−1%
Net income78910113$79.3M in 2025
-$50.0M0$50.0M$100.0M2018: -$32.8M-$32.8M20182019: $47.2M$47.2M20192020: $52.8M$52.8M2020+12%2021: $25.3M$25.3M2021−52%2022: -$2.0M-$2.0M20222023: $4.4M$4.4M20232024: $50.9M$50.9M2024+1049%2025: $79.3M$79.3M2025+56%

Every line of the income statement as filed: the last 3 fiscal years, latest first.3

Period ending2025-12-312024-12-312023-12-31
Net premiums earned (includes affiliated reinsurance of $244,601,249, $239,521,005 and $237,903,029 - see note 3)$921.2M$936.7M$882.1M
Investment income, net of investment expenses$52.6M$44.9M$40.9M
Installment payment fees$3.3M$2.7M$894.1K
Lease income$302.1K$313.8K$346.4K
Net investment gains (includes ($5,224,178), ($174,302) and ($2,242,190) accumulated other comprehensive income reclassification)$619.3K$5.0M$3.2M
Total revenues$978.0M$989.6M$927.3M
Net losses and loss expenses (includes affiliated reinsurance of $140,294,717, $136,662,558 and $150,198,479 - see note 3)$564.3M$604.1M$609.2M
Amortization of deferred policy acquisition costs$152.8M$160.3M$154.2M
Other underwriting expenses$158.4M$155.3M$151.7M
Policyholder dividends$3.0M$4.1M$5.3M
Interest$1.4M$946.0K$619.8K
Other, net$559.9K$2.6M$1.2M
Total expenses$880.4M$927.3M$922.3M
Income before income tax expense$97.6M$62.3M$5.1M
Income tax expense (includes $1,097,077, $36,603 and $470,860 income tax benefit from reclassification items)$18.3M$11.5M$638.0K
Net income$79.3M$50.9M$4.4M
Unrealized holding gain arising during the period, net of income tax expense of $4,196,548, $1,207,804 and $1,285,390$15.8M$4.5M$4.2M
Reclassification adjustment for losses included in net income, net of income tax benefit of $1,097,077, $36,603 and $470,860$4.1M$137.7K$1.8M
Other comprehensive income$19.9M$4.7M$6.0M
Comprehensive income$99.2M$55.5M$10.4M
Net premiums earned - affiliated reinsurance$244.6M$239.5M$237.9M
Net losses and loss expenses - affiliated reinsurance$140.3M$136.7M$150.2M
Income tax (benefit) expense on unrealized holding (loss) gain arising during the period$4.2M$1.2M$1.3M
Income tax (benefit) expense on reclassification adjustment for losses (gains)$1.1M$36.6K$470.9K

Compare DONEGAL GROUP INC with another company

Corporate structure

DONEGAL GROUP INC sits at the top of its group. 6 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of DONEGAL GROUP INC

  • BlackRock Filed SCHEDULE 13G on DONEGAL GROUP INC, latest Jul 28, 2026
  • DIMENSIONAL FUND ADVISORS LP Filed SCHEDULE 13G/A on DONEGAL GROUP INC, latest Jan 21, 2026 (4 filings since Feb 8, 2022)
  • DONEGAL MUTUAL INSURANCE CO Filed SC 13D/A on DONEGAL GROUP INC, latest Apr 29, 2022
  • DONEGAL GROUP INC Chattanooga, Tennessee, United States
    • Atlantic States Insurance Company Subsidiary · Pennsylvania, United States
    • Michigan Insurance Company Subsidiary · Michigan, United States
    • Peninsula Indemnity Company Subsidiary · Pennsylvania, United States
    • Southern Insurance Company of Virginia Subsidiary · Virginia, United States
    • The Peninsula Insurance Company Subsidiary · Pennsylvania, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What DONEGAL GROUP INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$12.3M3 Dec 31, 2025$12.3M3 Dec 31, 20240%
Accumulated depreciation$10.0M3 Dec 31, 2025$9.8M3 Dec 31, 2024+1.5%
Property and equipment, net$2.3M3 Dec 31, 2025$2.5M3 Dec 31, 2024−6.0%

Investments

ItemLatestA year beforeChange
Debt securities available for sale$640.7M3 Dec 31, 2025$617.9M3 Dec 31, 2024+3.7%
Debt securities held to maturity$776.4M3 Dec 31, 2025$705.7M3 Dec 31, 2024+10.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$5.6M3 Dec 31, 2025$5.6M3 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$958.0K3 Dec 31, 2025$958.0K3 Dec 31, 20240%

Properties, in its own words

We and our insurance subsidiaries share administrative headquarters with Donegal Mutual in a building in Marietta, Pennsylvania that Donegal Mutual owns. The Marietta headquarters has approximately 270,000 square feet of office space. Southern owns a facility of approximately 10,000 square feet in Glen Allen, Virginia. In addition, Donegal Mutual leases office space in Albuquerque, New Mexico, MICO leases office space in Grand Rapids, Michigan, and Southern Mutual owns a building in Athens, Georgia. Donegal Mutual and our insurance subsidiaries share property-related expenses proportionately under a services allocation agreement.

Item 2 of the 10-K filed Mar 6, 2026.6

Leadership

Who has led DONEGAL GROUP INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Donald H. Nikolaus2006–2014

Chair

  1. Philip H. Glatfelter Ii.2006–2007

President

  1. Donald H. Nikolaus2006–2015
2010201520202025
Board members and other officers (35)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Atlantic States Insurance Company Pennsylvania5
  • Michigan Insurance Company Michigan5
  • Peninsula Indemnity Company Pennsylvania5
  • Southern Insurance Company of Virginia Virginia5
  • The Peninsula Insurance Company Pennsylvania5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 15, 20268-K Regulation FD disclosure53
  2. Oct 6, 20268-K Other events54
  3. Jul 30, 20268-K Results of operations55
  4. Jul 16, 20268-K Regulation FD disclosure56
  5. Jul 7, 20268-K Other events57
  6. Jun 17, 20268-K Change of auditor58
  7. Apr 30, 20268-K Results of operations59
  8. Apr 17, 20268-K Shareholder vote60
  9. Apr 16, 20268-K Regulation FD disclosure61
  10. Apr 6, 20268-K Other events62
  11. Feb 19, 20268-K Results of operations63
  12. Jan 29, 20268-K Other events64
  13. Jan 11, 2006New chief executive Donald H. Nikolaus becomes CEO17

Calendar

Coming up

  1. Oct 29, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.52 a share, on Oct 30, 2025.65

When it reported results

  1. Jul 30, 2026Reported quarterly or annual results55
  2. Apr 30, 2026Reported quarterly or annual results59
  3. Feb 19, 2026Reported quarterly or annual results63
  4. Jul 24, 2025Reported quarterly or annual results66
  5. Apr 24, 2025Reported quarterly or annual results67
  6. Feb 20, 2025Reported quarterly or annual results68
  7. Oct 24, 2024Reported quarterly or annual results69
  8. Jul 25, 2024Reported quarterly or annual results70

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

885 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 78 major events, 706 insider forms, 9 large holders, 72 other. The latest 20:

  1. Oct 15, 20268-K EDGAR
  2. Oct 6, 20268-K EDGAR
  3. Sep 14, 20264 EDGAR
  4. Sep 14, 20264 EDGAR
  5. Sep 14, 20264 EDGAR
  6. Sep 11, 20264 EDGAR
  7. Sep 11, 20264 EDGAR
  8. Sep 9, 20264 EDGAR
  9. Sep 4, 20264 EDGAR
  10. Sep 4, 20264 EDGAR
  11. Sep 4, 20264 EDGAR
  12. Sep 3, 2026144 EDGAR
  13. Sep 2, 20264 EDGAR
  14. Aug 31, 20264 EDGAR
  15. Aug 27, 20264 EDGAR
  16. Aug 25, 20264 EDGAR
  17. Aug 21, 20264 EDGAR
  18. Aug 20, 20264 EDGAR
  19. Aug 19, 20264 EDGAR
  20. Aug 18, 20264 EDGAR

The 885 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

450 open-market trades by officers, directors and large owners since October 2021: 297 buys and 153 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 11, 2026BURKE KEVIN GERARDPresident & Chief Exec OfficerSale24,000$19.23$461.5KForm 4
Sep 11, 2026MILLER JEFFREY DEANEVP & Chief Financial OfficerSale21,000$19.23$403.8KForm 4
Sep 11, 2026DONEGAL MUTUAL INSURANCE CO10% ownerBuy54,725$19.23$1.1MForm 4
Sep 10, 2026DONEGAL MUTUAL INSURANCE CO10% ownerBuy10,000$19.13$191.3KForm 4
Sep 9, 2026BAWEL DAVID BENJAMINSVP & CHIEF ACCOUNTING OFFICERSale8,326$19.28$160.5KForm 4
Sep 9, 2026DONEGAL MUTUAL INSURANCE CO10% ownerBuy13,469$19.13$257.7KForm 4
Sep 8, 2026DONEGAL MUTUAL INSURANCE CO10% ownerBuy10,000$19.14$191.4KForm 4
Sep 4, 2026DONEGAL MUTUAL INSURANCE CO10% ownerBuy6,368$19.39$123.5KForm 4
Sep 3, 2026VIOZZI VINCENT ANTHONYSr. VP & Chief Inv OfficerSale2,282$19.50$44.5KForm 4
Sep 3, 2026HUBER BARRY CRAIGDirectorSale4,500$19.43$87.4KForm 4
Sep 3, 2026DONEGAL MUTUAL INSURANCE CO10% ownerBuy9,595$19.53$187.4KForm 4
Sep 2, 2026DONEGAL MUTUAL INSURANCE CO10% ownerBuy10,000$19.43$194.3KForm 4
Sep 1, 2026DONEGAL MUTUAL INSURANCE CO10% ownerBuy9,257$19.17$177.5KForm 4
Aug 31, 2026DONEGAL MUTUAL INSURANCE CO10% ownerBuy10,000$19.18$191.8KForm 4
Aug 28, 2026DONEGAL MUTUAL INSURANCE CO10% ownerBuy10,000$19.19$191.9KForm 4
Aug 27, 2026DONEGAL MUTUAL INSURANCE CO10% ownerBuy10,000$18.95$189.5KForm 4
Aug 26, 2026DONEGAL MUTUAL INSURANCE CO10% ownerBuy9,508$19.11$181.7KForm 4
Aug 25, 2026DONEGAL MUTUAL INSURANCE CO10% ownerBuy10,000$19.00$190.0KForm 4
Aug 24, 2026DONEGAL MUTUAL INSURANCE CO10% ownerBuy10,000$19.06$190.6KForm 4
Aug 21, 2026DONEGAL MUTUAL INSURANCE CO10% ownerBuy10,000$18.68$186.8KForm 4

All 450 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Kevin G. Burke,$795.0K$1.7M74
2025Jeffrey D. Miller,$681.6K$1.5M74
2025W. Daniel DeLamater,$583.0K$1.2M74
2025Sanjay Pandey,$517.3K$1.1M74
2025Jeffery T. Hay,$486.5K$1.0M74
2024President and Chief Executive Officer$750.0K$1.5M74
2024Executive Vice President andChief Operating Officer$547.0K$992.3K74
2024Executive VicePresident$459.0K$840.4K74
2023President and Chief Executive Officer$750.0K$914.4K74
2023Executive Vice President andChief Financial Officer$643.0K$792.1K74
2023Executive VicePresident$459.0K$501.3K74

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.2,169,284$40.9M0.0%+262,498
Dimensional Fund Advisors LP1,809,165$34.1M0.0%+71,899
Vanguard Capital Management LLC706,706$13.3M0.0%−42,449
Geode Capital Management, LLC596,546$11.3M0.0%+40,594
American Century Companies Inc469,881$8.9M0.0%+73,902
State Street Corp406,603$7.7M0.0%+14,035
Renaissance Technologies LLC359,911$6.8M0.0%−32,800
Morgan Stanley330,680$6.2M0.0%+48,962
Connor, Clark & Lunn Investment Management Ltd.322,288$6.1M0.0%−25,358
Arrowstreet Capital, Limited Partnership267,074$5.0M0.0%−9,163
Goldman Sachs Group Inc259,723$4.9M0.0%+101,346
Caldwell Sutter Capital, Inc.226,439$4.3M1.6%+14,136
Logan Capital Management Inc223,703$4.2M0.2%New
Wells Fargo & Company/mn217,942$4.1M0.0%+7,974
Royce & Associates LP209,183$3.9M0.0%+11,208
Two Sigma Investments, LP197,233$3.7M0.0%+19,591
Aqr Capital Management LLC170,415$3.2M0.0%−1,728
Northern Trust Corp169,734$3.2M0.0%+9,746
Bank of New York Mellon Corp167,590$3.2M0.0%+974
Vanguard Portfolio Management LLC167,046$3.2M0.0%+12,777
Creative Planning159,860$3.0M0.0%+36,100
Qube Research & Technologies Ltd143,443$2.7M0.0%−98,247
Charles Schwab Investment Management Inc142,414$2.7M0.0%+2,894
Bridgeway Capital Management, LLC136,781$2.6M0.0%No change
Vanguard Fiduciary Trust Co113,689$2.1M0.0%+6,716

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How DONEGAL GROUP INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARDONEGAL GROUP INC1
  • CIK0000800457
  • Employer ID (EIN)23-24247116
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsDecember 311
  • Industry code (SIC)6331 Fire, Marine & Casualty Insurance1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address1195 River Rd Po Box 302, Marietta, PA 17547-03021
  • Mailing address1195 River Road, Box 302, Marietta, PA 175471
  • Phone71742619311
  • Shares outstanding31,426,189 Common Class A shares; 5,576,775 Common Class B shares as of Mar 2, 20266
  • Public float$355.5M as of Jun 30, 20256
  • AuditorKPMG LLP, Philadelphia, Pennsylvania PCAOB ID 185; it also attests to the company’s internal control over financial reporting6
  • On EDGAR sinceMay 12, 19951
  • Filings2,898 in all: 4 (2,004), 8-K (312), 10-Q (94), SC 13D/A (49), 144 (45), SC 13G/A (36), 4/A (35), 3 (33)1
    All 51 form types

    DEF 14A (31), 10-K (28), 11-K (26), CORRESP (22), UPLOAD (21), S-8 (20), 424B3 (18), SC 13G (15), ARS (14), 5 (10), S-2/A (9), EFFECT (7), 3/A (6), S-3 (6), 425 (5), POS AM (4), PRE 14A (4), S-2 (4), 10-K405 (3), 10-Q/A (3), NO ACT (3), SC 14D9/A (3), SC TO-T/A (3), DEFA14A (2), S-3D (2), S-3DPOS (2), S-8 POS (2), SCHEDULE 13G/A (2), 10-K/A (1), 15-12G (1), 424B1 (1), 424B5 (1), 8-A12G (1), 8-A12G/A (1), 8-K/A (1), DEFR14A (1), NT 10-K (1), NT 10-Q (1), NT 11-K (1), S-4 (1), SC 13D (1), SC 14D9 (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 6, 2026
    Quarterly report (10-Q) Aug 4, 2026
    Proxy statement (DEF 14A) Mar 16, 2026
    Latest 8-K (8-K) Oct 15, 2026

Securities registered for trading

ClassSymbolExchange
Class A Common Stock, $.01 par valueDGICANASDAQ
Class B Common Stock, $.01 par valueDGICBNASDAQ

From the cover page of the 10-K filed Mar 6, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks DONEGAL GROUP INC names in Item 1A of its 10-K filed Mar 6, 2026: 28 risks under these headings, as written.6

  • Risks Relating to the Property and Casualty Insurance Industry
  • Industry trends, such as increasing loss severity due to higher rates of litigation against the insurance industry and individual insurers, the willingness of courts to expand covered causes of loss, rising jury awards, escalating medical, automobile and property repair costs and other factors may contribute to increased costs and result in ultimate loss settlements that exceed the reserves of our insurance subsidiaries.
  • Our insurance subsidiaries are subject to catastrophe losses and losses from other severe weather events, which are unpredictable and may adversely affect our results of operations, liquidity and financial condition.
  • Our insurance subsidiaries must establish premium rates and loss and loss expense reserves from forecasts of the ultimate costs they expect will arise from risks underwritten during the policy period, and the profitability of our insurance subsidiaries could be adversely affected if their premium rates or reserves are insufficient to satisfy their ultimate costs.
  • The financial results of our insurance subsidiaries depend primarily on their ability to underwrite risks effectively and to charge adequate rates to policyholders.
  • We face risks associated with technological change, including artificial intelligence, data modernization and cloud migration, and the profitability of our insurance subsidiaries could be adversely affected if their competitors deploy such technologies more effectively or at greater scale.
  • Loss or significant restriction of the use of specific rating attributes, analytical models or technologies in the pricing and underwriting of insurance products by our insurance subsidiaries could adversely affect their future profitability.
  • Changes in applicable insurance laws or regulations or changes in the way insurance regulators administer those laws or regulations could adversely affect the operating environment of our insurance subsidiaries and increase their exposure to loss or put them at a competitive disadvantage.
  • Insurance companies are subject to assessments, based on their market share in a given line of business, to assist in the payment of unpaid claims and related costs of insolvent insurance companies. Such assessments could adversely affect the financial condition of our insurance subsidiaries.
  • Risks Relating to Our Business
  • Our insurance subsidiaries and Donegal Mutual currently conduct business in a limited number of states, with a concentration of business in Pennsylvania, Michigan, Delaware, Maryland and Virginia. Any single catastrophe occurrence or other condition affecting losses in these states could adversely affect the results of operations of our insurance subsidiaries.
  • If the independent agents who market the products of our insurance subsidiaries and Donegal Mutual do not maintain their current levels of premium writing with us and Donegal Mutual, fail to comply with established underwriting guidelines of our insurance subsidiaries and Donegal Mutual or otherwise inappropriately market the products of our insurance subsidiaries and Donegal Mutual, the business, financial condition and results of operations of our insurance subsidiaries could be adversely affected.
The other 18 risks
  • The business of our insurance subsidiaries and Donegal Mutual may not continue to grow and may be materially adversely affected if our insurance subsidiaries and Donegal Mutual cannot retain existing, and attract new, independent agents or if insurance consumers increase their use of insurance distribution channels other than independent agents.
  • Competition within the property and casualty insurance industry may adversely impact the revenues and profit margins of our insurance subsidiaries.
  • If A.M. Best downgrades the rating it has assigned to Donegal Mutual or any of our insurance subsidiaries, it would adversely affect their competitive position.
  • Economic disruption related to a future pandemic may adversely affect our revenues, profitability, results of operations, cash flows, liquidity and financial condition.
  • Dividends from our insurance subsidiaries are a significant source of funds for the payment of our operating expenses and dividends to our stockholders; however, there are regulatory restrictions and business considerations that may limit the amount of dividends our insurance subsidiaries may pay to us.
  • The growth and profitability of our insurance subsidiaries depend, in part, on the effective maintenance and ongoing development of Donegal Mutual’s information technology systems, and the allocation of related costs to our insurance subsidiaries may adversely impact their profitability.
  • While we are currently placing less emphasis on pursuing acquisitions because Donegal Mutual and we believe there are opportunities for profitable organic growth, our strategy to grow in part through acquisitions of other insurance companies exposes us to risks that could adversely affect our results of operations and financial condition.
  • If we cannot obtain sufficient capital to fund the organic growth of our insurance subsidiaries and to make acquisitions, we may not be able to expand our business.
  • The investment portfolios of our insurance subsidiaries consist primarily of fixed-income securities; therefore, the investment income and the fair value of the investment portfolios of our insurance subsidiaries could decrease as a result of a number of factors.
  • We and our insurance subsidiaries depend on key personnel. The loss of any member of our executive management or the senior management of our insurance subsidiaries could negatively affect the continuation of our business strategies and achievement of our growth objectives.
  • The reinsurance agreements on which our insurance subsidiaries rely do not relieve our insurance subsidiaries from their primary liability to their policyholders, and our insurance subsidiaries face a risk of non-payment from their reinsurers as well as the non-availability of reinsurance in the future.
  • The disruption or failure of Donegal Mutual’s information technology systems or the compromise of the security of those systems that results in the theft or misuse of confidential information could materially impact adversely the business of Donegal Mutual and our insurance subsidiaries.
  • Risks Relating to Us and Our Common Stock
  • The price of our common stock may be adversely affected by its low trading volume.
  • Donegal Mutual is our controlling stockholder. Donegal Mutual and its directors and executive officers have potential conflicts of interest between the best interests of our stockholders and the best interests of the policyholders of Donegal Mutual.
  • Donegal Mutual has sufficient voting power to determine the outcome of substantially all matters submitted to our stockholders for approval.
  • Donegal Mutual’s majority voting control of us, certain provisions of our certificate of incorporation and by-laws and certain provisions of Delaware law make it remote that anyone could acquire actual control of us unless Donegal Mutual were in favor of another person’s acquisition of control of us.
  • We have authorized preferred stock that we could issue without stockholder approval to make it more difficult for a third party to acquire us.
  • Because we are an insurance holding company, no person can acquire or seek to acquire a 10% or greater interest in us without first obtaining approval of the insurance commissioners of the states of domicile of each of our insurance subsidiaries.

Legal proceedings

Our insurance subsidiaries are parties to routine litigation that arises in the ordinary course of their insurance business. We believe that the resolution of these lawsuits will not have a material adverse effect on the financial condition or results of operations of our insurance subsidiaries. However, regardless of outcome, litigation and related matters could have an adverse impact on us and our insurance subsidiaries due to defense and settlement costs, diversion of management resources, negative publicity, reputational harm and other factors.

The opening of Item 3, Legal Proceedings.6

Sources

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