DGICB Insider Activity: Small Class A Purchases and Large Class B Disposition

Rhea-AI Filing Summary

Donegal Mutual Insurance Co reported insider transactions in Donegal Group Inc (ticker DGICB). The filer purchased 19,025 Class A shares on 09/08/2025 at $19.1021 and 19,352 Class A shares on 09/09/2025 at $19.2379, bringing Class A beneficial ownership to 13,598,006 shares. The filing also shows a disposition of 4,708,570 Class B shares. The Form 4 is signed by Jeffrey D. Miller, EVP & CFO, dated 09/10/2025.

Positive

• Insider purchases recorded: 19,025 and 19,352 Class A shares acquired at $19.1021 and $19.2379 respectively
• Increased Class A beneficial ownership: Reported total of 13,598,006 Class A shares following purchases
• Timely, signed filing: Form 4 signed by Jeffrey D. Miller, EVP & CFO on 09/10/2025

Negative

• Large Class B disposition: Reported sale/disposition of 4,708,570 Class B shares, which is material in absolute terms
• Insufficient detail on impact: Filing does not specify economic or voting rights differences between Class A and Class B, so governance impact is unclear

Insights

Securities Analyst

TL;DR: Insider purchases of Class A shares offset by a large Class B disposition; net effects on control and economics depend on share class differences.

The reporting entity recorded two small open-market purchases of Class A common stock totaling 38,377 shares at roughly $19.11–$19.24 per share, increasing reported Class A holdings to 13.6 million shares. Concurrently, a sizeable reported disposition of 4,708,570 Class B shares appears in the same filing. For investors, the purchases are modest relative to total reported holdings while the large Class B disposal is material in absolute terms; implications hinge on voting and economic rights of Class A versus Class B stock, which are not detailed in this filing.

Corporate Governance Expert

TL;DR: Filings show routine insider activity but a large Class B sale that could affect ownership structure if Class B carries superior voting rights.

The Form 4 documents transactions by Donegal Mutual Insurance Co, identified as a reporting person and linked to the issuer. Two scheduled purchases increased Class A holdings modestly, while a 4.7 million share Class B disposition is significant in scale. Without the charter details in this document, we cannot determine whether the Class B reduction meaningfully alters control or governance. The signature by the issuer's EVP & CFO indicates timely, compliant reporting.

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^*

DONEGAL MUTUAL INSURANCE CO

(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	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2025

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	09/08/2025		P		19,025	A	$19.1021	13,578,654	D
Class A Common Stock	09/09/2025		P		19,352	A	$19.2379	13,598,006	D
Class B Common Stock								4,708,570	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:

Remarks:

	Jeffrey D. Miller, EVP & Chief Financial Officer	09/10/2025
	** 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 insider transactions were reported for Donegal Group Inc (DGICB)?

Donegal Mutual Insurance Co reported purchases of 19,025 Class A shares on 09/08/2025 at $19.1021 and 19,352 Class A shares on 09/09/2025 at $19.2379. The filing also shows a disposition of 4,708,570 Class B shares.

How many Class A shares does the reporting person own after these transactions?

The filing reports 13,598,006 Class A shares beneficially owned following the reported transactions.

Who signed the Form 4 for Donegal Group Inc (DGICB)?

The Form 4 is signed by Jeffrey D. Miller, EVP & Chief Financial Officer, dated 09/10/2025.

Are the Class B dispositions significant?

Yes. The filing lists a disposition of 4,708,570 Class B shares, which is sizable in absolute terms; the filing does not disclose the impact on control or voting.

Does this Form 4 explain why the transactions occurred?

No. The filing lists transactions and amounts but does not provide reasons or context for the purchases or disposition.