DGICB Form 4: Executive Dividend Reinvestment Purchase, 53 Shares

Rhea-AI Filing Summary

Donegal Group Inc (DGICB) insider transaction: The filing reports that David Benjamin Bawel, identified as SVP & Chief Accounting Officer, executed a transaction on 08/15/2025. The form shows an acquisition of 53 shares of Class A Common Stock at a price of $17.74, with an explanation that the transaction was part of a Dividend Reinvestment Plan. The table lists 5,210 shares beneficially owned following the reported transaction (noted as indirect ownership) and separately shows 21,336 shares with a notation referencing a 401(k) plan and a disposal entry. The filing was signed by a power of attorney (Jeffrey D. Miller) on 08/25/2025.

Positive

• Acquisition of 53 Class A shares through a dividend reinvestment plan demonstrates continued insider reinvestment
• Form filed and signed by power of attorney, indicating adherence to reporting procedures

Negative

• Disposition entry of 21,336 Class A shares tied to a 401(k) plan is reported without explanatory detail
• Post-transaction beneficial ownership is relatively small (5,210 shares indirect), indicating limited insider stake

Insights

Financial Analyst

TL;DR: Small dividend-reinvestment purchase; overall holdings change appears minor relative to company size.

The filing documents a routine, non-derivative acquisition of 53 Class A shares at $17.74 through a dividend reinvestment plan, which typically reflects passive ownership activity rather than a directional trading signal. The reported post-transaction beneficial ownership of 5,210 shares (indirect) suggests limited insider exposure. The entry showing 21,336 shares tied to a 401(k) plan and marked as a disposition should be noted for clarity, but the filing does not provide context for whether that reflects an internal plan transfer, reclassification, or an actual market sale. Overall, the transaction is small and likely immaterial to valuation absent additional context.

Corporate Governance Expert

TL;DR: Disclosure is standard; the presence of POA signature and plan-related entries merit routine documentation review.

The report is consistent with Section 16 reporting norms: an officer reported a reinvestment acquisition and the form was executed by a power of attorney. The filing explicitly cites a dividend reinvestment plan as the basis for the acquisition, which is a common, prearranged mechanism. The separate notation of 21,336 shares associated with a 401(k) plan and indicated as a disposition requires only administrative clarification to confirm beneficiary treatment and timing. No governance red flags are evident from the information provided.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BAWEL DAVID BENJAMIN

(Last) (First) (Middle)

1195 RIVER ROAD

(Street)

MARIETTA PA 17547

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DONEGAL GROUP INC [ DGICA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP & CHIEF ACCOUNTING OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock(1)	08/15/2025		J	V	53	A	$17.74	5,210	I	401(k) Plan
Class A Common Stock								21,336	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Dividend Reinvestment Plan

Remarks:

	Jeffrey D. Miller, by power of attorney	08/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Donegal Group insider David B. Bawel report on Form 4 (DGICB)?

The Form 4 reports that David B. Bawel acquired 53 Class A shares at $17.74 on 08/15/2025 via a Dividend Reinvestment Plan.

How many shares does the filing show beneficially owned after the transaction?

The filing lists 5,210 shares as beneficially owned following the reported transaction, noted as indirect ownership.

Why is there a 401(k) entry showing 21,336 shares on the Form 4?

The Form 4 shows a 21,336 share entry associated with a 401(k) plan marked as a disposition in the table; no additional explanation beyond the table is provided.

Who signed the Form 4 for the reporting person?

The Form 4 was signed on behalf of the reporting person by Jeffrey D. Miller by power of attorney on 08/25/2025.

Does this Form 4 disclose any derivative transactions or option exercises?

No. The filing's Table II for derivative securities contains no reported transactions; the disclosed activity is limited to non-derivative Class A common stock movements.