Printer Friendly

DONEGAL GROUP FILES FOR PUBLIC OFFERING

 MARIETTA, Pa., Aug. 12 /PRNewswire/ -- Donegal Group Inc. (NASDAQ: DGIC) announced today that it filed a registration statement with the Securities and Exchange Commission for a public offering of 1,200,000 shares of its common stock, of which 1 million shares will be offered by the company and 200,000 shares will be offered by Donegal Mutual Insurance Company. Advest, Inc. and The Robinson-Humphrey Company, Inc. will act as managing underwriters of the offering. The company also indicated that the sale is expected to take place in September 1993.
 The company is a regional insurance holding company which engages in the property and casualty insurance business through its subsidiaries. Donegal Mutual Insurance Company also engages in the property and casualty insurance business. The company and Donegal Mutual Insurance Company underwrite a broad line of personal and commercial coverages, consisting of private passenger and commercial automobile, homeowners, commercial multi-peril, workers' compensation and other lines of insurance.
 The company stated that it intends to use the proceeds from the sale of the shares which it will offer to increase the statutory capital and surplus of its insurance subsidiaries to permit greater underwriting volume and for general corporate purposes.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 8/12/93
 /CONTACT: Ralph G. Spontak of Donegal Group Inc., 717-426-1931/
 (DGIC)


CO: Donegal Group Inc. ST: Pennsylvania IN: INS SU: OFR

MP -- NY072 -- 2250 08/12/93 16:11 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 12, 1993
Words:327
Previous Article:VIRTUE APPOINTED HEAD OF BANKERS TRUST UNIT
Next Article:ALCO STANDARD NAMES EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters