|Over a month ago|
Donegal Group announces increase to quarterly dividend » 10:3104/1504/15/21
Donegal Group announced…
Donegal Group announced that its board of directors declared a regular quarterly cash dividend of 16c per share of the company's Class A common stock and 14.25c per share of the company's Class B common stock. The dividends are payable on May 17, 2021 to stockholders of record as of the close of business on May 3, 2021. These dividends represent percentage increases of 6.7% for the company's Class A common stock and 7.5% for the company's Class B common stock compared to the previous quarterly cash dividend rates.
Donegal Group reports Q3 EPS 49c, consensus 33c » 16:1802/2302/23/21
Reports Q3 revenue…
Reports Q3 revenue $197.5M, consensus $193.86M. Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc., stated, "We are pleased with the solid underwriting performance of our book of business during the fourth quarter of 2020, and continue to see tangible results of changes we implemented throughout our organization over the past several years. The underwriting results of our insurance subsidiaries were profitable throughout 2020, with a 96.2% combined ratio for the fourth quarter and 96.0% for the full year. Favorable operating results in 2020 contributed to a 9.3% increase in our book value per share to $17.13 at December 31, 2020. We are expanding our market presence within key geographies where we see opportunities for profitable growth, while also maintaining underwriting and pricing discipline. We have significant positive momentum as we enter 2021, supported by favorable market conditions and the productive relationships we have fostered with dedicated professional independent agents."
|Over a quarter ago|
Donegal Group appoints Jeffery Hay as chief underwriting officer » 09:1501/1901/19/21
The Donegal Insurance…
The Donegal Insurance Group announced the appointment of Jeffery T. Hay as Senior Vice President and Chief Underwriting Officer. Mr. Hay will play a key underwriting oversight role as Donegal continues to expand its underwriting capabilities to maximize the value Donegal provides to its policyholders and independent agents. Mr. Hay will also oversee process innovation to modernize and streamline the underwriting process by leveraging new technologies and enhanced data analytics in support of Donegal's strategic objective to generate continued profitable growth in current and future markets. Mr. Hay worked for Willis Towers Watson as Senior Director in the Insurance Consulting and Technology division, where his primary responsibilities included leadership of commercial lines pricing, product and claims consulting engagements.
Donegal Group announces inclusion of Mountain States in underwriting pool » 09:0501/1501/15/21
Donegal Group announced…
Donegal Group announced that its 2021 consolidated financial results will begin to include the business Donegal Mutual Insurance Company and its subsidiaries generate in four Southwestern states. Donegal Mutual and its subsidiaries have marketed commercial products in the Southwestern region as the Mountain States Insurance Group since the May 2017 merger of Mountain States Mutual Casualty Company with and into Donegal Mutual. For the year ended December 31, 2020, Mountain States had net premiums written of approximately $48.5M in the states of Colorado, New Mexico, Texas and Utah. For policies effective January 1, 2021 and thereafter, Donegal Mutual will include the insurance business of Mountain States in its pooling agreement with Atlantic States Insurance Company, an insurance subsidiary of Donegal Group Inc. Pursuant to the pooling agreement, Atlantic States has an 80% share of the results of the pooled business. Therefore, Donegal Group Inc.'s consolidated financial results will include 80% of the net underwriting results of Mountain States for policies effective in 2021 and subsequently.
Donegal Group Inc. reports Q3 EPS 29c, consensus 24c » 16:2310/2810/28/20
Reports Q3 revenue…
Reports Q3 revenue $196.51M, two estimates $194.72M. Reports Q3 book value per share $19.96. Kevin Burke, president and CEO of Donegal Group, noted, "Donegal Group reported solid bottom line results and higher book value per share, driven by improved underwriting performance and investment gains during the third quarter of 2020 compared to the prior-year third quarter. We benefitted from lower incurred losses in our personal lines segment due to lower-than-average frequency of automobile and homeowners claims. Our net income of $38.2 million, along with unrealized gains within our available-for-sale fixed-maturity portfolio related to a decline in market interest rates during the first nine months of 2020, contributed to an increase in our book value per share to $16.96 at September 30, 2020, which represented an 8.2% increase compared to our book value per share of $15.67 at December 31, 2019."