Vincent Viozzi, the Senior Vice President and Chief Investment Officer of Donegal Group Inc. (NASDAQ:DGICA), a $544 million property and casualty insurance company that has maintained dividend payments for 24 consecutive years, recently sold 10,500 shares of the company's Class A Common Stock. According to InvestingPro data, DGICA shares have surged nearly 31% over the past six months. The shares were sold on December 13 at an average price of $16.29 per share, amounting to a total transaction value of approximately $171,054. Following this sale, Viozzi holds 9,891 shares directly.
In a related move, Viozzi acquired 10,500 shares through the exercise of options at a price of $14.43 per share on the same day. This transaction, valued at approximately $151,515, reflects Viozzi's strategic management of his stock options.
In addition to his direct holdings, Viozzi maintains an indirect ownership of 3,014 shares through a 401(k) plan.
In other recent news, Donegal Group Inc. announced noteworthy developments in its Third Quarter 2024 Earnings Call and board of directors. The company reported a net income of $16.8 million, or $0.51 per Class A share, despite facing $6 million in pre-tax catastrophe losses due to Hurricane Helene. The company's net premiums earned rose by 6% to $238 million, demonstrating resilience in the face of industry challenges.
Donegal Group also revealed that director Scott A. Berlucchi will retire and not seek re-election at the 2025 annual stockholders meeting. The company asserted that Berlucchi's decision was not due to any disagreements with the company's operations, policies, or practices. Details regarding changes to the board's composition following Berlucchi's departure have not yet been provided.
In addition to these recent developments, Donegal Group completed strategic exits from commercial policies in Georgia and Alabama, with plans for software enhancements to improve policy management set for January 2025. Analysts highlighted the company's alignment of growth strategies across regions and a focus on disciplined expense reduction, aiming to improve the expense ratio by two points by the end of 2025. Despite challenges, these recent developments indicate Donegal Group's strategic focus on growth and efficiency.
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