Donegal (DGICA) Sees Q1 Earnings Adversely Impacted by Increased Claim Activity
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Donegal Group Inc. (Nasdaq: DGICA) (Nasdaq: DGICB) announced today that its earnings for Q109 were adversely impacted by increased claim activity and an accrual following an adverse court ruling related to premium tax litigation.
Claim activity from severe winter weather and an unusually large number of fires during Q1 accounted for approximately $14 million of pre-tax losses. The Company's quarterly results were also impacted by a pre-tax accrual of approximately $1.4 million related to a contested premium tax issue covering tax years 2002 through 2008. The Company did not recognize any other than temporary impairments in Q109 and will report an increase in its book value per share as of March 31, 2009 primarily due to unrealized gains on its securities during Q1. The Company expects to report EPS of approximately $0.01.
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