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DONEGAL GROUP TO ACQUIRE PIONEER MUTUAL

 DONEGAL GROUP TO ACQUIRE PIONEER MUTUAL
 MARIETTA, Pa., June 30 /PRNewswire/ -- Donegal Group Inc. ("DGI")


(NASDAQ: DGIC), today reported its intent to acquire control of Pioneer Mutual Insurance Company of Greenville, Ohio, as part of a plan of conversion in which Pioneer will convert from a mutual to a stock entity.
 The plan of conversion calls for an equity contribution of approximately $2.5 million by DGI into the reorganized Pioneer. DGI would also acquire from Donegal Mutual Insurance Company (the mutual company) a $2 million surplus note, which would also be converted into stock as part of the plan.
 Pioneer is an Ohio-domiciled property and casualty insurance company with projected premium writings of approximately $3 million in Ohio and Indiana for 1992.
 This acquisition will give DGI direct entry into two additional states with good potential for growth through the expansion of Pioneer's products into those lines of business written successfully by Donegal in other states.
 -0- 6/30/92
 /CONTACT: Ralph G. Spontak, senior vice president of Donegal Group Inc., 717-426-1931/
 (DGIC) CO: Donegal Group Inc.; Pioneer Mutual Insurance Company ST: Pennsylvania, Ohio IN: INS SU: TNM


TQ -- NY030 -- 5078 06/30/92 10:12 EDT
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Publication:PR Newswire
Date:Jun 30, 1992
Words:198
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