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Sanjay Pandey, Senior Vice President and Chief Information Officer at Donegal Group Inc. (NASDAQ:DGICA), a property and casualty insurance company with a market capitalization of $625 million, sold 2,057 shares of Class A common stock on March 10, according to a recent SEC filing. The company’s stock is currently trading near its 52-week high of $18.19, with InvestingPro analysis suggesting the shares are slightly undervalued. The transaction was completed at a price of $18.0017 per share, totaling approximately $37,029.
In addition to the sale, Pandey acquired 2,057 shares through an exercise of options at $14.43 per share, amounting to $29,682. Following these transactions, Pandey holds 7,449 shares directly, with an additional 27,454 shares indirectly owned through a 401(k) plan.
In other recent news, Donegal Group Inc. has announced a new Annual Executive Incentive Plan, as detailed in a recent SEC filing. This plan, approved by the board of directors and the Compensation Committee, is designed to offer bonus opportunities to executive officers based on the achievement of specific performance goals for the fiscal year 2025. The plan specifies that bonuses will be awarded if Donegal Insurance Group meets targets for commercial lines premium growth and statutory combined ratio, alongside achieving a specified operating return on equity. The Joint Compensation Committee, which includes members from both the Company’s and Donegal Mutual’s boards, retains the authority to issue discretionary bonuses. This move aims to align the interests of the Company and its shareholders by incentivizing the realization of financial goals and retaining key executives. Adjustments to bonus payouts will depend on the degree to which the set objectives are met. Further details on executive compensation, including salary increases and stock option grants, will be disclosed in the Proxy Statement for the 2025 Annual Meeting of Stockholders. This strategic initiative reflects Donegal Group Inc.’s efforts to align executive performance with its financial targets.
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