DGICA Insider Filing: 732-Share Purchase, 23,387 Shares Disposed

Rhea-AI Filing Summary

Donegal Group Inc. (DGICA) Form 4 shows transactions by Daniel J. Wagner, identified as Sr. VP & Treasurer, filed as a single reporting person. On 08/15/2025 the report records a purchase of 732 shares of Class A Common Stock at a price of $17.77 and lists that following the reported transaction 71,997 shares are beneficially owned indirectly through a 401(k) plan. The filing also records dispositions of 166 Class B shares and 23,387 Class A shares. The explanatory note states the activity relates to the issuer's Dividend Reinvestment Plan. The form is signed by power of attorney Jeffrey D. Miller on 08/25/2025.

Positive

• Purchase disclosed of 732 Class A shares at a specified price ($17.77), increasing transparency
• Explanatory note states the activity relates to a Dividend Reinvestment Plan, clarifying the nature of transactions
• Post-transaction beneficial ownership via 401(k) plan (71,997 shares) is explicitly reported

Negative

• Dispositions recorded of 23,387 Class A shares and 166 Class B shares, representing reductions in holdings
• Form executed by power of attorney rather than the reporting person, which may lead investors to seek confirmation of intent

Insights

Financial Analyst

TL;DR: Insider activity shows a small buy and larger disposals tied to a dividend reinvestment plan, with modest net change in ownership.

The reported purchase of 732 Class A shares at $17.77 indicates incremental accumulation, while the disposals of 23,387 Class A and 166 Class B shares represent notable reductions in directly held stock on the same report. The filing specifies an indirect holding of 71,997 shares via a 401(k) plan, which remains substantial. Because the form attributes the activity to a Dividend Reinvestment Plan, the transactions appear procedural rather than signaling a strategic change in ownership. Impact on valuation or control appears limited based on the sizes reported.

Corporate Governance Expert

TL;DR: Transactions are documented and signed by POA; disclosure aligns with Section 16 reporting, showing routine plan-related activity.

The Form 4 discloses both acquisitions and dispositions and includes an explicit explanatory note referencing the issuer's Dividend Reinvestment Plan. The filing was executed under power of attorney and filed by one reporting person, meeting procedural requirements. From a governance standpoint, the report provides clear transaction dates and post-transaction beneficial ownership figures, supporting regulatory transparency. There is no instance of ambiguous attribution or missing required fields in the provided content.

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
Estimated average burden
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^*

WAGNER DANIEL J

(Last) (First) (Middle)

1195 RIVER ROAD

P.O. BOX 302

(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)
	Sr. VP & Treasurer

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	732	A	$17.77	71,997	I	401(k) Plan
Class B Common Stock								166	D
Class A Common Stock								23,387	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 transactions did Daniel J. Wagner report on the Form 4 for Donegal Group (DGICA)?

The Form 4 reports a purchase of 732 Class A shares at $17.77 on 08/15/2025 and dispositions of 23,387 Class A shares and 166 Class B shares; activity is tied to a Dividend Reinvestment Plan.

How many shares does the filing show as beneficially owned after the transactions?

The filing shows 71,997 shares beneficially owned indirectly through a 401(k) plan following the reported transaction(s).

Who filed and signed the Form 4 for DGICA?

The form lists Daniel J. Wagner as the reporting person (Sr. VP & Treasurer) and is signed by Jeffrey D. Miller by power of attorney on 08/25/2025.

What is the stated reason for the transactions on the Form 4?

The filing includes an explanation stating the activity is related to the issuer's Dividend Reinvestment Plan.

Was this Form 4 filed individually or jointly?

The filing indicates it was submitted by one reporting person (individual filing).