Donegal Group Inc SEC Filings

UBS AG is offering unsubordinated, unsecured Trigger Callable Contingent Yield Notes maturing on or about 13 July 2028, linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indices. The $1,000-denominated notes pay a contingent coupon of 7.95% p.a. ($6.625 monthly) only if, on the relevant monthly observation date, each index closes at or above 70 % of its initial level (the “coupon barrier”).

UBS may, at its sole discretion, call the notes in whole on any observation date beginning six months after issuance. If called, investors receive par plus any due coupon and the notes terminate early, creating reinvestment risk.

If the notes are not called and, at final valuation (10 Jul 2028), every index is ≥ 70 % of its initial level, holders receive full principal. Otherwise, repayment is $1,000 × (1 + worst-performing index return), exposing investors to the full downside of the weakest index—all the way to a total loss.

The indicative estimated initial value is $925.20–$955.20, well below the $1,000 issue price, reflecting dealer compensation (up to $29.50), hedging and funding costs. The notes will not be listed, and secondary liquidity will depend on UBS Securities LLC, which may cease market-making at any time. All payments are subject to UBS credit risk; a UBS default would leave investors with no recourse.

Key dates: trade 9 Jul 2025, settle 14 Jul 2025; monthly observations; maturity 13 Jul 2028. CUSIP 90309KAY0; ISIN US90309KAY01.

Donegal Group Inc. (DGICB) Form 4 filing: On 01 Jul 2025, Executive Vice President & Chief Financial Officer Jeffrey D. Miller acquired 735 Class A common shares at $14.144 via the Employee Stock Purchase Plan (transaction code J).

After the purchase, Miller’s direct holdings rise to 24,715 Class A shares. He also indirectly holds 40,100 Class A and 478 Class B shares in the 401(k) Plan, plus 106 Class B shares directly. No derivative securities were reported.

The transaction is valued at roughly $10.4 k, indicating a routine, low-dollar insider purchase rather than a materially significant trade.

Donegal Group Inc. (DGICA) – Form 4 insider transaction

Senior Vice-President & Chief Risk Officer Christina Marie Hoffman purchased 92 shares of the company’s Class A common stock on 01 July 2025 through the company’s Employee Stock Purchase Plan (Code J) at a price of $14.144 per share. Following the purchase, Ms. Hoffman directly owns 4,497 shares. No derivative transactions were reported.

The filing reflects routine participation in an employee stock plan rather than an open-market buy, representing an outlay of approximately $1.3 thousand. While the volume is modest relative to Donegal’s average daily trading volume and executive holdings, insider purchases—even small and plan-based—can be interpreted as a signal of confidence when viewed alongside broader insider activity trends.

Donegal Group Inc. (DGICB) filed a Form 4 reporting that Senior Vice President Jeffery Tim Hay acquired 749 shares of Class A common stock on July 1, 2025.

The shares were obtained under an Employee Stock Purchase Plan (transaction code J, transaction marked as “V” to indicate a plan-related purchase) at an average price of $14.144 per share. Following the purchase, Hay’s direct beneficial ownership increased to 6,861 shares. No derivative securities were reported.

The transaction is routine, modest in size, and does not materially alter the company’s share structure or insider ownership profile.

Voya Financial (VOYA) – Form 4 insider transaction summary

Executive Vice President & Chief Information Officer Santhosh Keshavan reported routine equity activity dated 07/01/2025. A total of 1,679 restricted stock units vested and automatically converted to common shares at no cost (transaction code M). To satisfy tax withholding requirements, 788 shares were simultaneously disposed of at $72.51 (code F). After these actions, the executive directly owns 27,557 common shares. He also retains derivative interests comprising 19,451 RSUs, 48,834 performance stock units and 35,587 performance-based stock options. No open-market purchases or discretionary sales were disclosed, indicating a routine, compensation-related event rather than a signal of strategic intent.

Coinbase Global, Inc. (COIN) – Form 4 insider activity

Chief Legal Officer Paul Grewal exercised 10,000 employee stock options on 07-02-2025 at an exercise price of $26.26 per share and immediately sold the same aggregate number of Class A common shares under a pre-arranged Rule 10b5-1 trading plan adopted 08-28-2024. The sales were executed in 15 tranches between $339.51 and $356.80, generating roughly $3.5 million in gross proceeds. Following the transactions, Grewal’s direct ownership returned to 82,328 shares, unchanged from the level prior to the option exercise, while 171,722 unexercised options remain outstanding.

No open-market purchase of additional shares occurred, and the activity appears to be cashless exercise designed to cover taxes and monetize gains. Because the insider’s net share count stayed flat, the filing is largely administrative rather than indicative of a shift in sentiment. Nevertheless, investors often monitor executive selling—especially when it occurs near 52-week highs (COIN recently traded in the mid-$340s)--for any potential signaling effect.

Arteris, Inc. (NASDAQ: AIP) – Form 144 filing discloses that a shareholder intends to sell up to 1,554 common shares through Morgan Stanley Smith Barney on or after 07 / 03 / 2025. The estimated aggregate market value is $14,125.86. Total shares outstanding are 41,977,728, so the proposed sale represents roughly 0.0037 % of shares outstanding.

The filer—identified in the accompanying sales history as “10b5-1 Sales Plan for Laurent Moll” and “Laurent Moll”—has already disposed of 2,368 shares over the past three months through multiple Rule 10b5-1 transactions, generating $16,743 in gross proceeds. Combined with the new notice, total contemplated and recent sales amount to 3,922 shares, or approximately 0.009 % of outstanding shares.

No information on the seller’s relationship to Arteris, the purpose of the sale, or any material, non-public information is provided, and the standard Rule 144 representation affirms the seller’s lack of undisclosed adverse knowledge. Given the de-minimis size relative to the public float, the filing is unlikely to have a material impact on AIP’s share price, but investors may note the continued insider selling trend.

Royal Bank of Canada ("RBC") is marketing a new structured note offering — Dual Directional Buffer Digital Notes linked to the S&P 500 Index. The securities are senior unsecured debt of the Bank, issued under its Series J GMTN program.

Key economics: Investors pay $1,000 per Note on the 25 Jul 2025 Issue Date and receive the redemption amount on 27 Aug 2026 (≈ 13-month tenor). The payoff is determined as follows:

• Digital component: If the Final Index level is ≥ 93 % of the initial level, the Note pays $1,070 (fixed 7 % Digital Return), regardless of how high the S&P 500 rises.
• Dual-direction buffer: If the Final Index level is < 93 % but ≥ 86 %, the Note pays $1,000 plus the absolute value of the index decline (1 % per 1 % drop) up to a maximum of 14 %. Thus a 10 % index loss yields $1,100.
• Principal at risk: Below the 86 % Buffer Value, investors lose principal at a rate of 1 % for each 1 % index loss beyond the 14 % buffer (e.g., a 50 % decline produces $640, a 36 % loss).

The Notes do not pay periodic interest, are not listed on any exchange, and all payments depend on RBC’s creditworthiness.

Pricing & fees: Public offer price is 100 % of face; RBC Capital Markets receives a 1 % underwriting discount and may pay up to $10 per $1,000 in concessions and $4.30 in referral fees. The initial estimated value is expected between $939–$989, reflecting dealer margin, hedging costs and RBC’s lower internal funding rate.

Material risks highlighted: limited upside (7 % cap), credit risk of the issuer, potential loss of principal below the buffer, illiquid secondary market, uncertain U.S. tax treatment, and conflicts of interest because RBC (through RBCCM) acts as both counterparty and calculation agent.

Overall, the product is designed for yield-seeking investors with a short-term horizon who are moderately bullish-to-range-bound on the S&P 500 yet willing to accept issuer credit exposure and capped upside in exchange for a 14 % downside cushion.