Kristi Spencer Altshuler, Senior Vice President at Donegal Group Inc. (NASDAQ:DGICA), recently sold 200 shares of the company's Class A Common Stock. The shares were sold at a price of $16.50 per share, totaling $3,300. The transaction comes as DGICA, a $553 million market cap insurer, trades near its 52-week high of $17, having gained approximately 31% over the past six months. According to InvestingPro analysis, the stock is currently trading slightly below its Fair Value. This transaction, dated December 11, 2024, leaves Altshuler with no remaining shares of this class in direct ownership.
Additionally, Altshuler acquired 200 shares through a separate transaction at a price of $14.43 per share, which was related to the exercise of stock options. Following these transactions, Altshuler's total direct ownership stands at 15,239 shares.
In other recent news, Donegal Group reported key developments in its recent financial performance and board composition. The company disclosed 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%.
Donegal Group also announced the upcoming retirement of director Scott A. Berlucchi, who will not seek re-election at the 2025 annual stockholders meeting. The company has not yet announced a successor or detailed potential changes to the board's composition following Berlucchi's departure.
In terms of strategic initiatives, Donegal Group completed exits from commercial policies in Georgia and Alabama, with software enhancements planned for January 2025. These developments are part of the company's cohesive business plan for 2025, which includes a focus on disciplined expense reduction, aiming to improve the expense ratio by two points by the end of 2025. Despite challenges such as a 7.3% decline in personal lines due to targeted non-renewals, Donegal Group continues to navigate through industry challenges with a strategic focus on growth and efficiency.
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