Donegal Mutual Insurance Co disclosed purchases of Donegal Group Inc Class A common stock totaling $369,198 in two transactions executed late last month.
The insurer acquired 10,000 shares on August 31 at prices ranging from $19.1675 to $19.1765 per share, followed by an additional 9,257 shares on September 1 at similar price levels. The average transaction price was approximately $19.17 per share, aligning with the stock's recent trading range.
Following the purchases, Donegal Mutual's direct holdings in Donegal Group now stand at 14,272,971 Class A shares and 4,751,974 Class B shares, according to regulatory filings. The Class A stock has gained nearly 11% over the past six months.
Donegal Group reported a 32% year-over-year increase in second-quarter after-tax net income to $22.3 million, driven by lower weather-related losses, stronger investment income and favorable reserve development. The combined ratio improved to 95.6% from 97.7% in the prior-year period, despite higher fire losses and increased expenses. The company maintains a 4% dividend yield and has raised its payout for 25 consecutive years.
The transactions were conducted by a 10% owner and director of Donegal Group, as noted in the filings.
