Donegal Group is a regional property and casualty insurance holding company operating in 21 states, primarily across the Mid-Atlantic, Midwest, South, and Southwest. Donegal Group sells commercial and personal lines insurance to small and mid-sized businesses and individuals, distributing exclusively through roughly 2,000 independent insurance agencies. Pennsylvania accounts for about 38% of direct premiums written, followed by Michigan at about 17%. Commercial lines account for roughly 62% of net premiums written, with key products including commercial auto, commercial multi-peril, and workers' compensation. Personal lines — primarily personal auto and homeowners — make up the remaining 38%. Like most P&C insurers, Donegal Group earns money through underwriting profit and investment income. Underwriting profitability is measured by the combined ratio, which improved from 104.4% in 2023 to 95.4% in 2025, driven by rate increases, tighter underwriting, and non-renewal of unprofitable accounts. Donegal Group holds a roughly $1.5B fixed-income investment portfolio funded by policyholder premiums and surplus, and rising reinvestment yields have boosted investment income. A key structural feature is an intercompany pooling agreement with its controlling shareholder, Donegal Mutual, through which Donegal Group's main subsidiary retains an 80% allocation of the shared pool's underwriting results. Donegal Group's near-term growth focus is commercial lines, with dedicated divisions for middle-market and small commercial accounts, while personal lines is being stabilized after a deliberate contraction since 2023.