This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Donegal Group Inc. Reports Second Quarter Financial Information

MARIETTA, Pa., July 20, 2010 (GLOBE NEWSWIRE) -- Donegal Group Inc. (Nasdaq:DGICA) (Nasdaq:DGICB) announced today that claim activity from severe weather adversely impacted its earnings and combined ratio for the second quarter of 2010 compared to its results of operations that might otherwise have been anticipated. 

Catastrophe losses from a number of second quarter 2010 wind and hail storms in the Company's Mid-Atlantic and Midwest regions and other non-catastrophe weather-related losses totaled $10 million pre-tax after reinsurance. These losses represented $0.33 per diluted Class A share after tax, as calculated using an estimated annual effective tax rate for 2010. The Company expects to report a combined ratio of 106.4% and earnings between $.05 and $.07 per share of Class A common stock for the second quarter of 2010, compared to 101.8% and $.18 per share of Class A common stock for the second quarter of 2009. The Company's net premiums written for the second quarter of 2010 increased 9.4% compared to net premiums written for the second quarter of 2009 as a result of increases in both commercial lines and personal lines of business.

Donald H. Nikolaus, President and Chief Executive Officer of Donegal Group Inc., noted, "From time to time adverse weather affects our business, as was the case with the second quarter of 2010. However, we believe our business is fundamentally sound due to our strict underwriting discipline and strong commitment to premium adequacy. We are optimistic that we will have more normal results of operations for the remainder of 2010."

The Company plans to release its quarterly financial results on July 23, 2010, followed by a conference call at 11:00AM Eastern Time to discuss the quarterly results. Live and archived webcasts are available in the Investors' area of the Company's web site at .

Donegal Group Inc. is an insurance holding company whose insurance subsidiaries offer personal and commercial property and casualty lines of insurance in four Mid-Atlantic states (Delaware, Maryland, New York and Pennsylvania), three New England states (Maine, New Hampshire and Vermont), seven Southeastern states (Alabama, Georgia, North Carolina, South Carolina, Tennessee, Virginia and West Virginia) and six Midwestern states (Iowa, Nebraska, Ohio, Oklahoma, South Dakota and Wisconsin).

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DGICB $20.08 -2.07%
DGICA $15.67 4.75%
AAPL $126.37 2.53%
FB $83.20 -0.13%
GOOG $552.03 0.67%


DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs