MARIETTA, Pa., Jan. 15, 2021 (Globe NEWSWIRE) — Donegal Group Inc. (NASDAQ:DGICA) and (NASDAQ:DGICB) now declared that its 2021 consolidated fiscal benefits will begin to involve the enterprise Donegal Mutual Coverage Company (“Donegal Mutual”) and its subsidiaries deliver in four Southwestern states. Donegal Mutual and its subsidiaries have marketed professional items in the Southwestern region as the Mountain States Insurance coverage Group (“Mountain States”) considering that the Might 2017 merger of Mountain States Mutual Casualty Business with and into Donegal Mutual. For the 12 months ended December 31, 2020, Mountain States had internet premiums created of around $48.5 million in the states of Colorado, New Mexico, Texas and Utah.
Kevin G. Burke, President and Main Government Officer of Donegal Team Inc., commented, “We are pleased with the transformation of Mountain States considering that Donegal Mutual’s acquisition of that business enterprise procedure in 2017. Donegal Mutual furnished sizeable means and operational guidance in excess of the previous various years to entirely integrate the Mountain States functions and return them to underwriting profitability. The inclusion of the Mountain States insurance plan business in the pooling arrangement represents a continuation of the multi-faceted acquisition approach Donegal Group Inc. has shared with Donegal Mutual around the past 30 several years.”
For guidelines effective January 1, 2021 and thereafter, Donegal Mutual will contain the insurance enterprise of Mountain States in its pooling agreement with Atlantic States Insurance coverage Business (“Atlantic States”), an coverage subsidiary of Donegal Team Inc. Pursuant to the pooling arrangement, Atlantic States has an 80% share of the effects of the pooled business enterprise. For that reason, Donegal Group Inc.’s consolidated money benefits will consist of 80% of the internet underwriting results of Mountain States for procedures productive in 2021 and subsequently.
About the Firm
Donegal Team Inc. is an insurance plan keeping corporation whose insurance coverage subsidiaries and affiliate marketers present private and professional residence and casualty strains of insurance coverage in 24 Mid-Atlantic, Midwestern, New England, Southern and Southwestern states. Donegal Mutual Insurance coverage Enterprise and the coverage subsidiaries of Donegal Group Inc. carry out business enterprise jointly as the Donegal Insurance policies Team. The Donegal Insurance coverage Team has an A.M. Finest ranking of A (Fantastic).
The Class A common inventory and Class B widespread inventory of Donegal Team Inc. trade on the NASDAQ Global Select Current market less than the symbols DGICA and DGICB, respectively. We are targeted on many major procedures, which include accomplishing sustained exceptional fiscal functionality, strategically modernizing our functions and procedures to change our business, capitalizing on possibilities to increase profitably and offering a excellent encounter to our agents and customers.
Safe and sound Harbor
We foundation all statements contained in this release that are not historic points on our current expectations. These statements are ahead-seeking in nature (as outlined in the Personal Securities Litigation Reform Act of 1995) and include a number of threats and uncertainties. True final results could fluctuate materially. Things that could result in genuine outcomes to differ materially incorporate: our skill to draw in new company, retain existing organization and acquire balances thanks to us as a final result of the extended economic challenges ensuing from the COVID-19 pandemic, adverse and catastrophic weather conditions occasions, our potential to preserve successful operations, the adequacy of the reduction and loss price reserves of our insurance policy subsidiaries, company and economic circumstances in the parts in which our insurance coverage subsidiaries function, fascination costs, level of competition from a variety of coverage and other fiscal companies, terrorism, the availability and charge of reinsurance, lawful and judicial developments which includes people relevant to COVID-19 small business interruption protection and exclusions, variations in regulatory needs and other hazards we explain in the periodic reports we file with the Securities and Exchange Fee. You should really not area undue reliance on any such ahead-seeking statements. We disclaim any obligation to update this kind of statements or to announce publicly the effects of any revisions that we might make to any forward-wanting statements to reflect the incidence of anticipated or unanticipated situations or situation soon after the day of these kinds of statements.
For More Info:
Jeffrey D. Miller, Government Vice President & Chief Monetary Officer
Cellphone: (717) 426-1931
E-mail: [email protected]
Adam Prior, Senior Vice President, The Equity Group Inc.
Phone: (212) 836-9606
E-mail: [email protected]