0001140361-25-040238 | 10-Q | XBRL Viewer

Reinsurance

9 Months Ended

Sep. 30, 2025

4 -	Reinsurance

Atlantic States and Donegal Mutual have participated in a pooling agreement since 1986 under which they pool substantially all of their respective premiums, losses and loss expenses, and Atlantic States and Donegal Mutual then share the underwriting results of the pool in accordance with the terms of the pooling agreement. Atlantic States has an 80% share of the results of the pool, and Donegal Mutual has a 20% share of the results of the pool.

Our insurance subsidiaries and Donegal Mutual participate in a consolidated third-party reinsurance program. The coverage and parameters of the program are common to all of our insurance subsidiaries and Donegal Mutual. The program utilizes several different reinsurers. They require their reinsurers to maintain an A.M. Best rating of A- (Excellent) or better or, with respect to foreign reinsurers, have a financial condition that, in the opinion of our management, is equivalent to a company with at least an A- rating from A.M. Best. The following information describes the external reinsurance Donegal Mutual and our insurance subsidiaries have in place for 2025:

•

excess of loss reinsurance, under which Donegal Mutual and our insurance subsidiaries recover losses over a set retention of $4.0 million for all property losses, $6.0 million for all liability losses except workers’ compensation losses and $3.0 million for all workers’ compensation losses; and

•

catastrophe reinsurance, under which Donegal Mutual and our insurance subsidiaries recover 100% of an accumulation of many losses resulting from a single event, including natural disasters, over a set retention of $25.0 million up to aggregate losses of $200.0 million per occurrence.

For property insurance, our insurance subsidiaries have excess of loss reinsurance that provides coverage of $36.0 million per loss over a set retention of $4.0 million. For liability insurance, our insurance subsidiaries have excess of loss reinsurance that provides coverage of $69.0 million per occurrence over a set retention of $6.0 million. For workers’ compensation insurance, our insurance subsidiaries have excess of loss reinsurance that provides coverage of $17.0 million on any one life over a set retention of $3.0 million.

In addition to the pooling agreement and third-party reinsurance, our insurance subsidiaries have a catastrophe reinsurance agreement with Donegal Mutual, under which each of our insurance subsidiaries recovers 100% of an accumulation of multiple losses resulting from a single event, including natural disasters, over a set retention of $3.0 million up to aggregate losses of $22.0 million per occurrence. The agreement also provides additional coverage for an accumulation of losses from a single event including a combination of our insurance subsidiaries over a combined retention of $6.0 million. The purpose of the agreement is to lessen the effects of an accumulation of losses arising from one event to levels that are appropriate given each subsidiary’s size, underwriting profile and surplus.

Southern, MICO and The Peninsula Insurance Company also have a liability reinsurance agreement with Donegal Mutual, under which each insurance subsidiary recovers up to $3.0 million per occurrence over a set retention of $3.0 million.

Our insurance subsidiaries and Donegal Mutual also purchase facultative reinsurance to cover certain exposures, including property exposures that exceeded the limits provided by their respective treaty reinsurance.

In order to write automobile insurance in the state of Michigan, Atlantic States, MICO and The Peninsula Insurance Company are required to be members of the Michigan Catastrophic Claims Association (“MCCA”). The MCCA provides reinsurance to Atlantic States, MICO and The Peninsula Insurance Company for personal automobile and commercial automobile personal injury claims in the state of Michigan over a set retention.

We report reinsurance receivable net of an allowance for expected credit losses. We base the allowance upon our ongoing review of amounts outstanding, historical loss data, changes in reinsurer credit standing and other relevant factors. We use a probability-of-default methodology, which reflects current and forecasted economic conditions, to estimate the allowance for expected credit losses.

Consolidated Balance Sheets - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Fixed maturities
Held to maturity, at amortized cost (net of allowance for expected credit losses of $1,272,622 and $1,388,240)	$ 761,409,462	$ 705,713,916
Available for sale, at fair value	642,657,930	617,891,862
Equity securities, at fair value	43,637,074	36,807,810
Short-term investments, at cost, which approximates fair value	37,432,420	24,558,744
Total investments	1,485,136,886	1,384,972,332
Cash	38,571,476	52,925,931
Accrued investment income	11,459,164	10,361,959
Premiums receivable	192,896,079	181,106,519
Reinsurance receivable (net of allowance for expected credit losses of $340,757 and $391,432)	403,763,714	420,741,855
Deferred policy acquisition costs	73,423,403	73,346,967
Deferred tax asset, net	14,002,759	18,769,861
Prepaid reinsurance premiums	180,412,938	176,161,872
Property and equipment, net	2,366,252	2,479,183
Accounts receivable - securities	0	24,924
Federal income taxes recoverable	4,403,466	0
Due from affiliate	8,647,871	8,410,090
Goodwill	5,625,354	5,625,354
Other intangible assets	958,010	958,010
Other	9,918	147,126
Total assets	2,421,677,290	2,336,031,983
Liabilities
Losses and loss expenses	1,114,301,536	1,120,985,050
Unearned premiums	622,948,885	612,476,068
Accrued expenses	2,500,859	2,916,705
Reinsurance balances payable	2,912,424	4,345,426
Borrowings under lines of credit	35,000,000	35,000,000
Cash dividends declared to stockholders	0	6,031,078
Federal income taxes payable	0	356,103
Accounts payable - securities	7,975,071	0
Other	8,596,657	8,145,422
Total liabilities	1,794,235,432	1,790,255,852
Stockholders’ Equity
Preferred stock, $.01 par value, authorized 2,000,000 shares; none issued	0	0
Additional paid-in capital	386,550,965	369,679,946
Accumulated other comprehensive loss	(12,083,931)	(28,200,481)
Retained earnings	293,804,314	245,136,987
Treasury stock, at cost	(41,226,357)	(41,226,357)
Total stockholders’ equity	627,441,858	545,776,131
Total liabilities and stockholders’ equity	2,421,677,290	2,336,031,983
Class A Common Stock [Member]
Stockholders’ Equity
Common stock	340,375	329,544
Class B Common Stock [Member]
Stockholders’ Equity
Common stock	$ 56,492	$ 56,492

Investments

9 Months Ended

Sep. 30, 2025

Investments [Abstract]

Investments

5 -	Investments

The amortized cost and estimated fair values of our fixed maturities at September 30, 2025 were as follows:

	Carrying Value		Allowance for Credit Losses		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Held to Maturity
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	84,699	$	51	$	84,750	$	80	$	5,407	$	79,423
Obligations of states and political subdivisions		418,191		322		418,513		2,338		43,513		377,338
Corporate securities		249,405		895		250,300		2,322		7,705		244,917
Mortgage-backed securities		9,114		5		9,119		59		173		9,005
Totals	$	761,409	$	1,273	$	762,682	$	4,799	$	56,798	$	710,683

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Available for Sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	54,431	$	125	$	1,631	$	52,925
Obligations of states and political subdivisions		44,599		288		2,472		42,415
Corporate securities		145,782		1,048		2,955		143,875
Mortgage-backed securities		412,255		2,590		11,402		403,443
Totals	$	657,067	$	4,051	$	18,460	$	642,658

At September 30, 2025, our holdings of obligations of states and political subdivisions included general obligation bonds with an aggregate fair value of $274.4 million and an amortized cost of $304.7 million. Our holdings at September 30, 2025 also included special revenue bonds with an aggregate fair value of $145.4 million and an amortized cost of $158.4 million. With respect to both categories of those bonds, we held no securities of any issuer that comprised more than 10% of our holdings of either bond category at September 30, 2025. Education bonds and water and sewer utility bonds represented 45% and 32%, respectively, of our total investments in special revenue bonds based on the carrying values of these investments at September 30, 2025. Many of the issuers of the special revenue bonds we held at September 30, 2025 have the authority to impose ad valorem taxes. In that respect, many of the special revenue bonds we held are similar to general obligation bonds.

The amortized cost and estimated fair values of our fixed maturities at December 31, 2024 were as follows:

	Carrying Value		Allowance for Credit Losses		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Held to Maturity
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	86,579	$	52	$	86,631	$	—	$	8,484	$	78,147
Obligations of states and political subdivisions		371,896		260		372,155		650		54,062		318,743
Corporate securities		236,550		1,070		237,621		273		13,608		224,286
Mortgage-backed securities		10,689		6		10,695		—		302		10,393
Totals	$	705,714	$	1,388	$	707,102	$	923	$	76,456	$	631,569

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Available for Sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	87,514	$	51	$	3,772	$	83,793
Obligations of states and political subdivisions		41,694		9		4,299		37,404
Corporate securities		211,059		142		8,269		202,932
Mortgage-backed securities		312,298		216		18,751		293,763
Totals	$	652,565	$	418	$	35,091	$	617,892

At December 31, 2024, our holdings of obligations of states and political subdivisions included general obligation bonds with an aggregate fair value of $233.1 million and an amortized cost of $272.5 million. Our holdings also included special revenue bonds with an aggregate fair value of $123.0 million and an amortized cost of $141.3 million. With respect to both categories of bonds, we held no securities of any issuer that comprised more than 10% of that category at December 31, 2024. Education bonds and water and sewer utility bonds represented 44% and 37%, respectively, of our total investments in special revenue bonds based on their carrying values at December 31, 2024. Many of the issuers of the special revenue bonds we held at December 31, 2024 have the authority to impose ad valorem taxes. In that respect, many of the special revenue bonds we held are similar to general obligation bonds.

We have segregated within accumulated other comprehensive loss the net unrealized losses of $15.1 million arising prior to the November 30, 2013 reclassification date for fixed maturities reclassified from available for sale to held to maturity. We are amortizing this balance over the remaining life of the related securities as an adjustment of yield in a manner consistent with the accretion of discount on the same fixed maturities. We recorded amortization of $136,807 and $149,274 in other comprehensive income during the nine months ended September 30, 2025 and 2024, respectively. At September 30, 2025 and December 31, 2024, net unrealized losses of $898,768 and $1.0 million, respectively, remained within accumulated other comprehensive loss.

We show below the amortized cost and estimated fair value of our fixed maturities at September 30, 2025 by contractual maturity. Expected maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Estimated Fair Value
	(in thousands)
Held to maturity
Due in one year or less	$	18,931	$	18,895
Due after one year through five years		158,572		153,148
Due after five years through ten years		246,057		236,617
Due after ten years		330,003		293,018
Mortgage-backed securities		9,119		9,005
Total held to maturity	$	762,682	$	710,683

Available for sale
Due in one year or less	$	33,144	$	32,936
Due after one year through five years		87,073		85,653
Due after five years through ten years		82,935		80,455
Due after ten years		41,660		40,171
Mortgage-backed securities		412,255		403,443
Total available for sale	$	657,067	$	642,658

The cost and estimated fair values of our equity securities at September 30, 2025 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	27,238	$	16,431	$	32	$	43,637

The cost and estimated fair values of our equity securities at December 31, 2024 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	24,726	$	12,087	$	5	$	36,808

We present below gross gains and losses from investments and the change in the difference between fair value and cost of investments:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
	(in thousands)						(in thousands)
Gross realized gains:
Fixed maturities	$	399		$	69		$	814		$	74
Equity securities		—			72			687			72
		399			141			1,501			146
Gross realized losses:
Fixed maturities		1,857			139			3,587			139
Equity securities		—			71			—			71
		1,857			210			3,587			210
Net realized losses		(1,458	)		(69	)		(2,086	)		(64	)
Gross unrealized gains on equity securities		2,629			2,073			4,348			4,947
Gross unrealized losses on equity securities		—			—			(32	)		—
Fixed maturities - credit impairment charges		101			(129	)		115			(157	)
Net investment gains	$	1,272		$	1,875		$	2,345		$	4,726

We held fixed maturities with unrealized losses representing declines that we considered temporary at September 30, 2025 as follows:

	Less Than 12 Months				More Than 12 Months
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	13,793	$	28	$	98,605	$	7,010
Obligations of states and political subdivisions		24,753		219		283,290		45,766
Corporate securities		10,498		87		222,106		10,573
Mortgage-backed securities		79,738		373		122,041		11,202
Totals	$	128,782	$	707	$	726,042	$	74,551

We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 2024 as follows:

	Less Than 12 Months				More Than 12 Months
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	37,528	$	350	$	112,322	$	11,907
Obligations of states and political subdivisions		37,675		824		292,852		57,537
Corporate securities		83,343		1,505		311,436		20,371
Mortgage-backed securities		112,950		1,262		153,960		17,791
Totals	$	271,496	$	3,941	$	870,570	$	107,606

We make estimates concerning the valuation of our investments and, as applicable, the recognition of declines in the value of our investments. For equity securities, we measure investments at fair value, and we recognize changes in fair value in our results of operations. With respect to an available-for-sale debt security that is in an unrealized loss position, we first assess if we intend to sell the debt security. If we determine we intend to sell the debt security, we recognize the impairment loss in our results of operations. If we do not intend to sell the debt security, we determine whether it is more likely than not that we will be required to sell the debt security prior to recovery. If we determine it is more likely than not that we will be required to sell the debt security prior to recovery, we recognize the impairment loss in our results of operations. If we determine it is more likely than not that we will not be required to sell the debt security prior to recovery, we then evaluate whether a credit loss has occurred with respect to that security. We determine whether a credit loss has occurred by comparing the amortized cost of the debt security to the present value of the cash flows we expect to collect. If we expect a cash flow shortfall, we consider that a credit loss has occurred. If we determine that a credit loss has occurred, we establish an allowance for credit loss. We then recognize the amount of the allowance in our results of operations, and we recognize the remaining portion of the impairment loss in our other comprehensive income, net of applicable taxes. We regularly review the allowance for credit losses and recognize changes in the allowance in our results of operations. In addition, we may write down securities in an unrealized loss position based on a number of other factors, including when the fair value of an investment is significantly below its cost, when the financial condition of the issuer of a security has deteriorated, the occurrence of industry, issuer or geographic events that have negatively impacted the value of a security and rating agency downgrades. For held-to-maturity debt securities, we make estimates concerning expected credit losses at an aggregated level rather than monitoring individual debt securities for credit losses. We establish an allowance for expected credit losses based on an ongoing review of securities held, historical loss data, changes in issuer credit standing and other relevant factors. We utilize a probability-of-default methodology, which reflects current and forecasted economic conditions, to estimate the allowance for expected credit losses and recognize changes to the allowance in our results of operations. We held 692 debt securities that were in an unrealized loss position at September 30, 2025. Based upon our analysis of general market conditions and underlying factors impacting these debt securities, we considered these declines in value to be temporary.

We amortize premiums and discounts on debt securities over the life of the security as an adjustment to yield using the effective interest method. We compute realized investment gains and losses using the specific identification method.

We amortize premiums and discounts on mortgage-backed debt securities using anticipated prepayments.

Segment Information - Financial Data by Segment (Details) - Operating Segments [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues:
Net premiums earned	$ 229,822	$ 237,957	$ 694,299	$ 700,017
Net investment income	13,943	10,827	38,466	32,868
Investment gains	1,272	1,875	2,345	4,726
Total segment revenues	245,037	250,659	735,110	737,611
Other	882	1,078	2,762	2,040
Total revenues	245,919	251,737	737,872	739,651
Segment expenses:
Net losses and loss expenses	142,635	147,235	426,172	466,300
Other underwriting expenses	73,510	79,170	231,401	240,551
Policyholder dividends	731	1,007	2,309	3,248
Total expenses	216,876	227,412	659,882	710,099
SAP underwriting income (loss)	12,946	10,545	34,417	(10,082)
GAAP adjustments	(3,476)	(2,047)	(76)	6,106
GAAP underwriting income (loss)	9,470	8,498	34,341	(3,976)
Other	365	(789)	1,483	(946)
Income before income tax expense	25,050	20,411	76,635	32,672
Investments [Member]
Revenues:
Net premiums earned	0	0	0	0
Net investment income	13,943	10,827	38,466	32,868
Investment gains	1,272	1,875	2,345	4,726
Total segment revenues	15,215	12,702	40,811	37,594
Segment expenses:
Net losses and loss expenses	0	0	0	0
Other underwriting expenses	0	0	0	0
Policyholder dividends	0	0	0	0
Total expenses	0	0	0	0
SAP underwriting income (loss)	0	0	0	0
Commercial Lines [Member]
Revenues:
Net premiums earned	140,289	136,401	415,032	402,982
Net investment income	0	0	0	0
Investment gains	0	0	0	0
Total segment revenues	140,289	136,401	415,032	402,982
Segment expenses:
Net losses and loss expenses	83,730	71,488	256,569	253,968
Other underwriting expenses	47,653	46,471	153,141	148,021
Policyholder dividends	731	1,007	2,309	3,248
Total expenses	132,114	118,966	412,019	405,237
SAP underwriting income (loss)	8,175	17,435	3,013	(2,255)
Personal Lines [Member]
Revenues:
Net premiums earned	89,533	101,556	279,267	297,035
Net investment income	0	0	0	0
Investment gains	0	0	0	0
Total segment revenues	89,533	101,556	279,267	297,035
Segment expenses:
Net losses and loss expenses	58,905	75,747	169,603	212,332
Other underwriting expenses	25,857	32,699	78,260	92,530
Policyholder dividends	0	0	0	0
Total expenses	84,762	108,446	247,863	304,862
SAP underwriting income (loss)	$ 4,771	$ (6,890)	$ 31,404	$ (7,827)

Reinsurance (Details) $ in Millions	9 Months Ended
Reinsurance (Details) $ in Millions	Sep. 30, 2025 USD ($)
Reinsurance [Abstract]
Workers' compensation and retention amount	$ 4.0
Liability loss coverage under reinsurance agreement	6.0
Workers' compensation losses	$ 3.0
Atlantic States [Member]
Reinsurance [Abstract]
Percentage of share in results of pooled business owned by third party	80.00%
Donegal Mutual [Member]
Reinsurance [Abstract]
Percentage of share in results of pooled business owned by third party	20.00%
Percentage of accumulation of losses	100.00%
Catastrophe reinsurance, set retention amount	$ 3.0
Maximum amount of loss coverage under reinsurance agreement of property catastrophe	22.0
Additional coverage amount	$ 6.0
Third Party Reinsurance [Member]
Reinsurance [Abstract]
Percentage of accumulation of losses	100.00%
Catastrophe reinsurance, set retention amount	$ 25.0
Maximum amount of loss coverage under reinsurance agreement of property catastrophe	200.0
Property Insurance [Member]
Reinsurance [Abstract]
Catastrophe reinsurance, set retention amount	4.0
Maximum amount of loss coverage under reinsurance agreement of property catastrophe	36.0
Liability Insurance [Member]
Reinsurance [Abstract]
Catastrophe reinsurance, set retention amount	6.0
Maximum amount of loss coverage under reinsurance agreement of property catastrophe	69.0
Liability Insurance [Member] \| Donegal Mutual [Member]
Reinsurance [Abstract]
Catastrophe reinsurance, set retention amount	3.0
Maximum amount of loss coverage under reinsurance agreement of property catastrophe	3.0
Workers' Compensation Insurance [Member]
Reinsurance [Abstract]
Catastrophe reinsurance, set retention amount	3.0
Maximum amount of loss coverage under reinsurance agreement of property catastrophe	$ 17.0

Consolidated Balance Sheets (Parentheticals) - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Held to maturity, allowance for expected credit losses (in Dollars)	$ 1,272,622	$ 1,388,240
Reinsurance receivable, allowance for expected credit losses (in Dollars)	$ 340,757	$ 391,432
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in Shares)	2,000,000	2,000,000
Preferred stock, shares issued (in Shares)	0	0
Class A Common Stock [Member]
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in Shares)	50,000,000	50,000,000
Common stock, shares issued (in Shares)	34,037,415	32,954,347
Common stock, shares outstanding (in Shares)	31,034,827	29,951,759
Class B Common Stock [Member]
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in Shares)	10,000,000	10,000,000
Common stock, shares issued (in Shares)	5,649,240	5,649,240
Common stock, shares outstanding (in Shares)	5,576,775	5,576,775

Liabilities for Losses and Loss Expenses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Liabilities for Losses and Loss Expenses [Abstract]
Prior years	$ (12,495)	$ (15,367)
Percentage of development	1.80%	2.20%

Share–Based Compensation

9 Months Ended

Sep. 30, 2025

Share–Based Compensation [Abstract]

Share–Based Compensation

8 -	Share–Based Compensation

We measure all share-based payments to employees, including grants of stock options, and use a fair-value-based method for the recording of related compensation expense in our results of operations. In determining the expense we record for stock options granted to directors and employees of our subsidiaries and affiliates, we estimate the fair value of each option award on the date of grant using the Black-Scholes option pricing model. The significant assumptions we utilize in applying the Black-Scholes option pricing model are the risk-free interest rate, the expected term, the dividend yield and the expected volatility.

We recorded compensation expense related to our stock compensation plans of $296,162 and $209,496 for the three months ended September 30, 2025 and 2024, respectively, with a corresponding income tax benefit of $62,194 and $43,994, respectively. We recorded compensation expense related to our stock compensation plans of $893,154 and $773,834 for the nine months ended September 30, 2025 and 2024, respectively, with a corresponding income tax benefit of $187,562 and $162,505, respectively. At September 30, 2025, we had $1.0 million of unrecognized compensation expense related to nonvested share-based compensation granted under our stock compensation plans that we expect to recognize over a weighted average period of approximately 1.4 years.

We received cash from option exercises under our stock compensation plans during the three months ended September 30, 2025 and 2024 of $2.1 million and $3.7 million, respectively. We received cash from option exercises under our stock compensation plans during the nine months ended September 30, 2025 and 2024 of $14.2 million and $4.0 million, respectively. We realized actual tax benefits for the tax deductions related to those option exercises of $132,692 and $35,339 for the three months ended September 30, 2025 and 2024, respectively. We realized actual tax benefits for the tax deductions related to those option exercises of $909,949 and $37,058 for the nine months ended September 30, 2025 and 2024, respectively.

Allowance for Expected Credit Losses - Held-to-Maturity Fixed-Maturity Securities (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Allowance for Expected Credit Losses [Abstract]
Balance at beginning of period	$ 737,356,000	$ 690,580,000	$ 705,713,916	$ 679,497,000
Balance at beginning of period	1,374,000	1,354,000	1,388,240	1,326,000
Current period change for expected credit losses	(101,000)	129,000	(115,000)	157,000
Balance at end of period	761,409,462	694,663,000	761,409,462	694,663,000
Balance at end of period	$ 1,272,622	$ 1,483,000	$ 1,272,622	$ 1,483,000

Income Taxes

9 Months Ended

Sep. 30, 2025

Income Taxes [Abstract]

Income Taxes

10 -	Income Taxes

At September 30, 2025 and December 31, 2024, respectively, we had no material unrecognized tax benefits or accrued interest and penalties. In 2019, the Internal Revenue Service (“IRS”) began a federal income tax audit of our consolidated tax returns for tax years 2016 to 2018. No material issues have been raised and no adjustments have been proposed as a result of this ongoing audit. We provide a valuation allowance when we believe it is more likely than not that we will not realize some portion of our tax assets. We established a valuation allowance of $7.6 million for our net state operating loss carryforward, which will expire between 2025 and 2044. We have determined that we are not required to establish a valuation allowance for our other deferred tax assets of $33.5 million and $37.5 million at September 30, 2025 and December 31, 2024, respectively, because it is more likely than not that we will realize these deferred tax assets through reversals of existing temporary differences, future taxable income and the implementation of tax planning strategies.

On July 4, 2025, a budget reconciliation package referred to as the One Big Beautiful Bill Act of 2025 (the “OBBBA”) was enacted. We do not expect the tax provisions included within the OBBBA to have a material impact on our financial position, results of operations or cash flows.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Investments (Details)		9 Months Ended		12 Months Ended
Investments (Details)	Nov. 30, 2013 USD ($)	Sep. 30, 2025 USD ($) Securities	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Investments [Abstract]
Net unrealized losses arising prior to reclassification date	$ (15,100,000)
Amortization of other comprehensive income		$ 136,807	$ 149,274
Number of fixed maturity securities classified as available for sale (in Securities) \| Securities		692
Obligations of States and Political Subdivisions [Member]
Investments [Abstract]
Aggregate fair value of bond held		$ 274,400,000		$ 233,100,000
Amortized cost of bond held		304,700,000		272,500,000
Special Revenue Bonds [Member]
Investments [Abstract]
Aggregate fair value of bond held		145,400,000		123,000,000
Amortized cost of bond held		$ 158,400,000		$ 141,300,000
Education Bonds [Member]
Investments [Abstract]
Percentage of investments in special revenue bonds		45.00%		44.00%
Water and Sewer Utility Bonds [Member]
Investments [Abstract]
Percentage of investments in special revenue bonds		32.00%		37.00%
Minimum [Member]
Investments [Abstract]
Percentage of which the company held security of any issuer		10.00%		10.00%
Accumulated Net Unrealized Investment Losses [Member]
Investments [Abstract]
Net unrealized losses after adjustment		$ 898,768		$ 1,000,000

Liabilities for Losses and Loss Expenses

9 Months Ended

Sep. 30, 2025

Liabilities for Losses and Loss Expenses [Abstract]

Liabilities for Losses and Loss Expenses

11 -	Liabilities for Losses and Loss Expenses

The establishment of appropriate liabilities for losses and loss expenses is an inherently uncertain process, and we can provide no assurance that our insurance subsidiaries’ ultimate liabilities for losses and loss expenses will not exceed their loss and loss expense reserves and have an adverse effect on our results of operations and financial condition. For example, legislative, judicial and regulatory actions may expand coverage definitions, retroactively mandate coverage or otherwise require our insurance subsidiaries to pay losses for damages that their policies explicitly excluded or did not intend to cover. Furthermore, we cannot predict the timing, frequency and extent of adjustments to our insurance subsidiaries’ estimated future liabilities, because the historical conditions and events that serve as a basis for our insurance subsidiaries’ estimates of ultimate claim costs may change. As is the case for substantially all property and casualty insurance companies, our insurance subsidiaries have found it necessary in the past to increase their estimated future liabilities for losses and loss expenses in certain periods, and, in other periods, their estimated future liabilities for losses and loss expenses have exceeded their actual liabilities for losses and loss expenses. Changes in our insurance subsidiaries’ estimate of their liabilities for losses and loss expenses generally reflect actual payments and their evaluation of information received subsequent to the prior reporting period.

We summarize activity in our insurance subsidiaries’ liabilities for losses and loss expenses as follows:

	Nine Months Ended September 30,
	2025			2024
	(in thousands)
Balance at January 1	$	1,120,985		$	1,126,157
Less reinsurance recoverable		(416,621	)		(437,014	)
Net balance at January 1		704,364			689,143
Incurred related to:
Current year		438,161			478,050
Prior years		(12,495	)		(15,367	)
Total incurred		425,666			462,683
Paid related to:
Current year		203,886			223,719
Prior years		211,098			222,165
Total paid		414,984			445,884
Net balance at end of period		715,046			705,942
Plus reinsurance recoverable		399,256			428,910
Balance at end of period	$	1,114,302		$	1,134,852

Our insurance subsidiaries recognized a decrease in their liabilities for losses and loss expenses of prior years of $12.5 million and $15.4 million for the nine months ended September 30, 2025 and 2024, respectively. Our insurance subsidiaries made no significant changes in their reserving philosophy or claims management personnel, and they have made no significant offsetting changes in estimates that increased or decreased their loss and loss expense reserves in those years. The 2025 development represented 1.8% of the December 31, 2024 net carried reserves and resulted from lower-than-expected loss emergence or severity primarily in the commercial multi-peril, commercial automobile, personal automobile, and homeowners lines of business, offset partially by unfavorable development in other commercial lines of business that we attribute to higher-than-anticipated case reserve development. The majority of the 2025 development related to decreases in the liabilities for losses and loss expenses of prior years for Atlantic States and The Peninsula Insurance Company. The 2024 development represented 2.2% of the December 31, 2023 net carried reserves and resulted from lower-than-expected loss emergence or severity primarily in the commercial multi-peril, commercial automobile, personal automobile and other lines of business. The majority of the 2024 development related to decreases in the liabilities for losses and loss expenses of prior years for Atlantic States.

Short-duration contracts are contracts for which our insurance subsidiaries receive premiums that they recognize as revenue over the period of the contract in proportion to the amount of insurance protection our insurance subsidiaries provide. Our insurance subsidiaries consider the policies they issue to be short-duration contracts. We consider the material lines of business of our insurance subsidiaries to be personal automobile, homeowners, commercial automobile, commercial multi-peril and workers’ compensation.

Our insurance subsidiaries determine incurred but not reported (“IBNR”) reserves by subtracting the cumulative loss and loss expense amounts our insurance subsidiaries have paid and the case reserves our insurance subsidiaries have established at the balance sheet date from their actuaries’ estimate of the ultimate cost of losses and loss expenses. Accordingly, the IBNR reserves of our insurance subsidiaries include their actuaries’ projections of the cost of unreported claims as well as their actuaries’ projected development of case reserves on known claims and reopened claims. Our insurance subsidiaries’ methodology for estimating IBNR reserves has been in place for many years, and their actuaries made no significant changes to that methodology during the nine months ended September 30, 2025.

The actuaries for our insurance subsidiaries generally prepare an initial estimate for ultimate losses and loss expenses for the current accident year by multiplying earned premium by an “a priori,” or expected, loss ratio for each line of business our insurance subsidiaries write. Expected loss ratios represent the actuaries’ expectation of losses at the time our insurance subsidiaries price and write their policies and before the emergence of any actual claims experience. The actuaries determine an expected loss ratio by analyzing historical experience and adjusting for loss cost trends, loss frequency and severity trends, premium rate level changes, reported and paid loss emergence patterns and other known or observed factors.

The actuaries use a variety of actuarial methods to estimate the ultimate cost of losses and loss expenses. These methods include paid loss development, incurred loss development and the Bornhuetter-Ferguson method from which the actuaries select loss development factor assumptions. The actuaries base their selection of a point estimate on a judgmental weighting of the estimates each of these methods produce.

The actuaries consider loss frequency and severity trends when they develop expected loss ratios and point estimates. Loss frequency is a measure of the number of claims per unit of insured exposure, and loss severity is a measure of the average size of claims. Factors that affect loss frequency include changes in weather patterns and economic activity. Factors that affect loss severity include changes in policy limits, reinsurance retentions, inflation rates and judicial interpretations.

Our insurance subsidiaries create a claim file when they receive notice of an actual demand for payment, an event that may lead to a demand for payment or when they otherwise determine that a demand for payment could potentially lead to a future demand for payment on another coverage under the same policy or another policy they have issued. In recent years, our insurance subsidiaries have noted an increase in the period of time between the occurrence of a casualty loss event and the date at which they receive notice of a liability claim. Changes in the length of time between the loss occurrence date and the claim reporting date affect the actuaries’ ability to predict loss frequency accurately and the amount of IBNR reserves our insurance subsidiaries require.

Our insurance subsidiaries generally create a claim file for a policy at the claimant level by type of coverage and generally recognize one count for each claim event. In certain lines of business where it is common for multiple parties to claim damages arising from a single claim event, our insurance subsidiaries recognize one count for each claimant involved in the event. Atlantic States recognizes one count for each claim event, or claimant involved in a multiple-party claim event, related to losses Atlantic States assumes through its participation in its pooling agreement with Donegal Mutual. Our insurance subsidiaries accumulate the claim counts and report them by line of business.

Investments - Amortized Cost and Estimated Fair Value of Fixed Maturities by Contractual Maturity (Details) - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Held to maturity
Due in one year or less, amortized cost	$ 18,931,000
Due in one year or less, estimated fair value	18,895,000
Due after one year through five years, amortized cost	158,572,000
Due after one year through five years, estimated fair value	153,148,000
Due after five years through ten years, amortized cost	246,057,000
Due after five years through ten years, estimated fair value	236,617,000
Due after ten years, amortized cost	330,003,000
Due after ten years, estimated fair value	293,018,000
Mortgage-backed securities, amortized cost	9,119,000
Mortgage-backed securities, estimated fair value	9,005,000
Total held to maturity, amortized cost	762,682,000	$ 707,102,000
Total held to maturity, estimated fair value	710,683,000	631,569,000
Available for sale
Due in one year or less, amortized cost	33,144,000
Due in one year or less, estimated fair value	32,936,000
Due after one year through five years, amortized cost	87,073,000
Due after one year through five years, estimated fair value	85,653,000
Due after five years through ten years, amortized cost	82,935,000
Due after five years through ten years, estimated fair value	80,455,000
Due after ten years, amortized cost	41,660,000
Due after ten years, estimated fair value	40,171,000
Mortgage-backed securities, amortized cost	412,255,000
Mortgage-backed securities, estimated fair value	403,443,000
Total available for sale, amortized cost	657,067,000	652,565,000
Total available for sale, estimated fair value	$ 642,657,930	$ 617,891,862

Consolidated Statement of Stockholders’ Equity - USD ($)	Common Stock [Member] Class A Common Stock [Member]	Common Stock [Member] Class B Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Beginning balance at Dec. 31, 2023	$ 307,646	$ 56,492	$ 335,694,478	$ (32,881,822)	$ 217,794,917	$ (41,226,357)	$ 479,745,354
Beginning balance (in Shares) at Dec. 31, 2023	30,764,555	5,649,240
Issuance of common stock (stock compensation plans)	$ 383	$ 0	472,740	0	0	0	473,123
Issuance of common stock (stock compensation plans) (in Shares)	38,287	0
Share-based compensation	$ 164	$ 0	522,460	0	0	0	522,624
Share-based compensation (in Shares)	16,400	0
Net income	$ 0	$ 0	0	0	5,955,551	0	5,955,551
Cash dividends declared	0	0	0	0	(8,888)	0	(8,888)
Grant of stock options	0	0	128,267	0	(128,267)	0	0
Other comprehensive income (loss)	0	0	0	(1,601,290)	0	0	(1,601,290)
Beginning balance at Mar. 31, 2024	$ 308,193	$ 56,492	336,817,945	(34,483,112)	223,613,313	(41,226,357)	485,086,474
Beginning balance (in Shares) at Mar. 31, 2024	30,819,242	5,649,240
Beginning balance at Dec. 31, 2023	$ 307,646	$ 56,492	335,694,478	(32,881,822)	217,794,917	(41,226,357)	479,745,354
Beginning balance (in Shares) at Dec. 31, 2023	30,764,555	5,649,240
Net income							26,859,858
Other comprehensive income (loss)							11,930,533
Beginning balance at Sep. 30, 2024	$ 311,545	$ 56,492	342,186,402	(20,951,289)	232,993,253	(41,226,357)	513,370,046
Beginning balance (in Shares) at Sep. 30, 2024	31,154,488	5,649,240
Beginning balance at Mar. 31, 2024	$ 308,193	$ 56,492	336,817,945	(34,483,112)	223,613,313	(41,226,357)	485,086,474
Beginning balance (in Shares) at Mar. 31, 2024	30,819,242	5,649,240
Issuance of common stock (stock compensation plans)	$ 434	$ 0	604,562	0	0	0	604,996
Issuance of common stock (stock compensation plans) (in Shares)	43,428	0
Share-based compensation	$ 0	$ 0	278,337	0	0	0	278,337
Share-based compensation (in Shares)	0	0
Net income	$ 0	$ 0	0	0	4,152,777	0	4,152,777
Cash dividends declared	0	0	0	0	(5,670,265)	0	(5,670,265)
Grant of stock options	0	0	72,106	0	(72,106)	0	0
Other comprehensive income (loss)	0	0	0	(376,452)	0	0	(376,452)
Beginning balance at Jun. 30, 2024	$ 308,627	$ 56,492	337,772,950	(34,859,564)	222,023,719	(41,226,357)	484,075,867
Beginning balance (in Shares) at Jun. 30, 2024	30,862,670	5,649,240
Issuance of common stock (stock compensation plans)	$ 339	$ 0	370,784	0	0	0	371,123
Issuance of common stock (stock compensation plans) (in Shares)	33,899	0
Share-based compensation	$ 2,579	$ 0	3,939,010	0	0	0	3,941,589
Share-based compensation (in Shares)	257,919	0
Net income	$ 0	$ 0	0	0	16,751,530	0	16,751,530
Cash dividends declared	0	0	0	0	(5,678,338)	0	(5,678,338)
Grant of stock options	0	0	103,658	0	(103,658)	0	0
Other comprehensive income (loss)	0	0	0	13,908,275	0	0	13,908,275
Beginning balance at Sep. 30, 2024	$ 311,545	$ 56,492	342,186,402	(20,951,289)	232,993,253	(41,226,357)	513,370,046
Beginning balance (in Shares) at Sep. 30, 2024	31,154,488	5,649,240
Beginning balance at Dec. 31, 2024	$ 329,544	$ 56,492	369,679,946	(28,200,481)	245,136,987	(41,226,357)	545,776,131
Beginning balance (in Shares) at Dec. 31, 2024	32,954,347	5,649,240
Issuance of common stock (stock compensation plans)	$ 365	$ 0	444,142	0	0	0	444,507
Issuance of common stock (stock compensation plans) (in Shares)	36,500	0
Share-based compensation	$ 4,384	$ 0	6,571,130	0	0	0	6,575,514
Share-based compensation (in Shares)	438,380	0
Net income	$ 0	$ 0	0	0	25,205,174	0	25,205,174
Cash dividends declared	0	0	0	0	(6,556)	0	(6,556)
Grant of stock options	0	0	168,699	0	(168,699)	0	0
Other comprehensive income (loss)	0	0	0	6,728,245	0	0	6,728,245
Beginning balance at Mar. 31, 2025	$ 334,293	$ 56,492	376,863,917	(21,472,236)	270,166,906	(41,226,357)	584,723,015
Beginning balance (in Shares) at Mar. 31, 2025	33,429,227	5,649,240
Beginning balance at Dec. 31, 2024	$ 329,544	$ 56,492	369,679,946	(28,200,481)	245,136,987	(41,226,357)	545,776,131
Beginning balance (in Shares) at Dec. 31, 2024	32,954,347	5,649,240
Net income							62,151,508
Other comprehensive income (loss)							16,116,550
Beginning balance at Sep. 30, 2025	$ 340,375	$ 56,492	386,550,965	(12,083,931)	293,804,314	(41,226,357)	627,441,858
Beginning balance (in Shares) at Sep. 30, 2025	34,037,415	5,649,240
Beginning balance at Mar. 31, 2025	$ 334,293	$ 56,492	376,863,917	(21,472,236)	270,166,906	(41,226,357)	584,723,015
Beginning balance (in Shares) at Mar. 31, 2025	33,429,227	5,649,240
Issuance of common stock (stock compensation plans)	$ 271	$ 0	506,971	0	0	0	507,242
Issuance of common stock (stock compensation plans) (in Shares)	27,102	0
Share-based compensation	$ 4,061	$ 0	6,099,313	0	0	0	6,103,374
Share-based compensation (in Shares)	406,085	0
Net income	$ 0	$ 0	0	0	16,866,120	0	16,866,120
Cash dividends declared	0	0	0	0	(6,485,554)	0	(6,485,554)
Grant of stock options	0	0	76,115	0	(76,115)	0	0
Other comprehensive income (loss)	0	0	0	3,955,248	0	0	3,955,248
Beginning balance at Jun. 30, 2025	$ 338,625	$ 56,492	383,546,316	(17,516,988)	280,471,357	(41,226,357)	605,669,445
Beginning balance (in Shares) at Jun. 30, 2025	33,862,414	5,649,240
Issuance of common stock (stock compensation plans)	$ 253	$ 0	357,986	0	0	0	358,239
Issuance of common stock (stock compensation plans) (in Shares)	25,328	0
Share-based compensation	$ 1,497	$ 0	2,460,778	0	0	0	2,462,275
Share-based compensation (in Shares)	149,673	0
Net income	$ 0	$ 0	0	0	20,080,214	0	20,080,214
Cash dividends declared	0	0	0	0	(6,561,372)	0	(6,561,372)
Grant of stock options	0	0	185,885	0	(185,885)	0	0
Other comprehensive income (loss)	0	0	0	5,433,057	0	0	5,433,057
Beginning balance at Sep. 30, 2025	$ 340,375	$ 56,492	$ 386,550,965	$ (12,083,931)	$ 293,804,314	$ (41,226,357)	$ 627,441,858
Beginning balance (in Shares) at Sep. 30, 2025	34,037,415	5,649,240

Borrowings (Details) - USD ($)	9 Months Ended
Borrowings (Details) - USD ($)	Sep. 30, 2025	Aug. 31, 2020
Borrowings [Abstract]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Manufacturers and Traders Trust Company [Member] \| Lines of Credit [Member]
Borrowings [Abstract]
Unsecured demand line of credit		$ 20,000,000
Outstanding borrowings	$ 0
Line of credit facility remaining borrowing capacity	$ 20,000,000
Interest rate	2.11%
FHLB of Pittsburgh [Member] \| Atlantic States [Member] \| Lines of Credit [Member]
Borrowings [Abstract]
Federal home loan bank, cash advance at fixed rate advances	$ 35,000,000
Fixed interest rate on advance	3.806%
Debt instrument due date	Sep. 30, 2026

Allowance for Expected Credit Losses - Reinsurance Receivable (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Allowance for Expected Credit Losses [Abstract]
Balance at beginning of period	$ 411,125,000	$ 440,858,000	$ 420,741,855	$ 441,431,000
Balance at beginning of period	332,000	932,000	391,432	1,394,000
Current period change for expected credit losses	9,000	11,000	(50,000)	(451,000)
Balance at end of period	403,763,714	434,078,000	403,763,714	434,078,000
Balance at end of period	$ 340,757	$ 943,000	$ 340,757	$ 943,000

- Definition

Amount, after valuation allowance, recoverable under reinsurance contracts. Examples include, but are not limited to, settled and unsettled claims, incurred but not reported losses, loss adjustment expense, policy benefits and policy reserves. Excludes premiums paid under reinsurance contracts.

+ References + Details

Consolidated Statements of Income (Parentheticals) - Reclassification out of Accumulated Other Comprehensive Income [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net investment gains	$ (1,472,009)	$ 69,478	$ (2,787,258)	$ (65,121)
Income tax benefit	$ 309,122	$ 14,590	$ 585,324	$ 13,675

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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+ Details

Segment Information (Details)	9 Months Ended
Segment Information (Details)	Sep. 30, 2025 Segment
Segment Information [Abstract]
Number of reportable segments	3

Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 20,080,214	$ 16,751,530	$ 62,151,508	$ 26,859,858
Unrealized income on securities:
Unrealized holding income during the period, net of income tax expense	4,270,170	13,853,387	13,914,616	11,879,087
Reclassification adjustment for losses included in net income, net of income tax benefit	1,162,887	54,888	2,201,934	51,446
Other comprehensive income	5,433,057	13,908,275	16,116,550	11,930,533
Comprehensive income	$ 25,513,271	$ 30,659,805	$ 78,268,058	$ 38,790,391

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments [Abstract]

Amortized Cost and Estimated Fair Values of Fixed Maturities

The amortized cost and estimated fair values of our fixed maturities at September 30, 2025 were as follows:

	Carrying Value		Allowance for Credit Losses		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Held to Maturity
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	84,699	$	51	$	84,750	$	80	$	5,407	$	79,423
Obligations of states and political subdivisions		418,191		322		418,513		2,338		43,513		377,338
Corporate securities		249,405		895		250,300		2,322		7,705		244,917
Mortgage-backed securities		9,114		5		9,119		59		173		9,005
Totals	$	761,409	$	1,273	$	762,682	$	4,799	$	56,798	$	710,683

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Available for Sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	54,431	$	125	$	1,631	$	52,925
Obligations of states and political subdivisions		44,599		288		2,472		42,415
Corporate securities		145,782		1,048		2,955		143,875
Mortgage-backed securities		412,255		2,590		11,402		403,443
Totals	$	657,067	$	4,051	$	18,460	$	642,658

The amortized cost and estimated fair values of our fixed maturities at December 31, 2024 were as follows:

	Carrying Value		Allowance for Credit Losses		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Held to Maturity
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	86,579	$	52	$	86,631	$	—	$	8,484	$	78,147
Obligations of states and political subdivisions		371,896		260		372,155		650		54,062		318,743
Corporate securities		236,550		1,070		237,621		273		13,608		224,286
Mortgage-backed securities		10,689		6		10,695		—		302		10,393
Totals	$	705,714	$	1,388	$	707,102	$	923	$	76,456	$	631,569

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Available for Sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	87,514	$	51	$	3,772	$	83,793
Obligations of states and political subdivisions		41,694		9		4,299		37,404
Corporate securities		211,059		142		8,269		202,932
Mortgage-backed securities		312,298		216		18,751		293,763
Totals	$	652,565	$	418	$	35,091	$	617,892

Amortized Cost and Estimated Fair Value of Fixed Maturities by Contractual Maturity

	Amortized Cost		Estimated Fair Value
	(in thousands)
Held to maturity
Due in one year or less	$	18,931	$	18,895
Due after one year through five years		158,572		153,148
Due after five years through ten years		246,057		236,617
Due after ten years		330,003		293,018
Mortgage-backed securities		9,119		9,005
Total held to maturity	$	762,682	$	710,683

Available for sale
Due in one year or less	$	33,144	$	32,936
Due after one year through five years		87,073		85,653
Due after five years through ten years		82,935		80,455
Due after ten years		41,660		40,171
Mortgage-backed securities		412,255		403,443
Total available for sale	$	657,067	$	642,658

Cost and Estimated Fair Values of Equity Securities

The cost and estimated fair values of our equity securities at September 30, 2025 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	27,238	$	16,431	$	32	$	43,637

The cost and estimated fair values of our equity securities at December 31, 2024 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	24,726	$	12,087	$	5	$	36,808

Gross Investment Gains and Losses before Applicable Income Taxes

We present below gross gains and losses from investments and the change in the difference between fair value and cost of investments:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
	(in thousands)						(in thousands)
Gross realized gains:
Fixed maturities	$	399		$	69		$	814		$	74
Equity securities		—			72			687			72
		399			141			1,501			146
Gross realized losses:
Fixed maturities		1,857			139			3,587			139
Equity securities		—			71			—			71
		1,857			210			3,587			210
Net realized losses		(1,458	)		(69	)		(2,086	)		(64	)
Gross unrealized gains on equity securities		2,629			2,073			4,348			4,947
Gross unrealized losses on equity securities		—			—			(32	)		—
Fixed maturities - credit impairment charges		101			(129	)		115			(157	)
Net investment gains	$	1,272		$	1,875		$	2,345		$	4,726

Fixed Maturities with Unrealized Losses

We held fixed maturities with unrealized losses representing declines that we considered temporary at September 30, 2025 as follows:

	Less Than 12 Months				More Than 12 Months
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	13,793	$	28	$	98,605	$	7,010
Obligations of states and political subdivisions		24,753		219		283,290		45,766
Corporate securities		10,498		87		222,106		10,573
Mortgage-backed securities		79,738		373		122,041		11,202
Totals	$	128,782	$	707	$	726,042	$	74,551

We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 2024 as follows:

	Less Than 12 Months				More Than 12 Months
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	37,528	$	350	$	112,322	$	11,907
Obligations of states and political subdivisions		37,675		824		292,852		57,537
Corporate securities		83,343		1,505		311,436		20,371
Mortgage-backed securities		112,950		1,262		153,960		17,791
Totals	$	271,496	$	3,941	$	870,570	$	107,606

Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Income Taxes [Abstract]
Other deferred tax assets, net	$ 33.5	$ 37.5
DGI Parent [Member]
Income Taxes [Abstract]
Valuation allowance related to the portion of operating loss carryforwards	$ 7.6

Organization

9 Months Ended

Sep. 30, 2025

Organization [Abstract]

Organization

1 -	Organization

Donegal Mutual Insurance Company (“Donegal Mutual”) organized us as an insurance holding company on August 26, 1986. Our insurance subsidiaries are Atlantic States Insurance Company (“Atlantic States”), Michigan Insurance Company (“MICO”), the Peninsula Insurance Group (“Peninsula”), which consists of The Peninsula Insurance Company and its wholly owned subsidiary Peninsula Indemnity Company, and Southern Insurance Company of Virginia (“Southern”). Our insurance subsidiaries and their affiliates write property and casualty insurance exclusively through a network of independent insurance agents in certain Mid-Atlantic, Midwestern, Southern and Southwestern states.

At September 30, 2025, we had three segments: our investment function, our commercial lines of insurance and our personal lines of insurance. The commercial lines products of our insurance subsidiaries consist primarily of commercial automobile, commercial multi-peril and workers’ compensation policies. The personal lines products of our insurance subsidiaries consist primarily of homeowners and private passenger automobile policies.

At September 30, 2025, Donegal Mutual held approximately 44% of our outstanding Class A common stock and approximately 84% of our outstanding Class B common stock. This ownership provides Donegal Mutual with approximately 70% of the total voting power of our common stock. Our insurance subsidiaries and Donegal Mutual have interrelated operations due to a pooling agreement and other intercompany agreements and transactions. While each company maintains its separate corporate existence, our insurance subsidiaries and Donegal Mutual conduct business together as the Donegal Insurance Group. As such, Donegal Mutual and our insurance subsidiaries share the same business philosophy, the same management, the same employees and the same facilities and offer the same types of insurance products.

Atlantic States, our largest subsidiary, participates in a proportional reinsurance agreement (the “pooling agreement”) with Donegal Mutual. Under the pooling agreement, Donegal Mutual and Atlantic States contribute substantially all of their respective premiums, losses and loss expenses to the underwriting pool, and the underwriting pool, acting through Donegal Mutual, then allocates 80% of the pooled business to Atlantic States. Thus, Donegal Mutual and Atlantic States share the underwriting results of the pooled business in proportion to their respective participation in the underwriting pool.

In addition, Donegal Mutual has 100% quota-share reinsurance agreements with Mountain States Commercial Insurance Company, Mountain States Indemnity Company and Southern Mutual Insurance Company. Donegal Mutual places its assumed business from these companies into the underwriting pool.

The same executive management and underwriting personnel administer products, classes of business underwritten, pricing practices and underwriting standards of Donegal Mutual and our insurance subsidiaries. In addition, as the Donegal Insurance Group, Donegal Mutual and our insurance subsidiaries share a combined business plan to achieve market penetration and underwriting profitability objectives. The products our insurance subsidiaries and Donegal Mutual market are generally complementary, thereby allowing the Donegal Insurance Group to offer a broader range of products to a given market and to expand the Donegal Insurance Group’s ability to service an entire personal lines or commercial lines account. Distinctions within the products of Donegal Mutual and our insurance subsidiaries generally allow the individual companies to manage certain risk segments through variations in coverage, terms and pricing. Therefore, the underwriting profitability of the business the individual companies write directly will vary. However, the underwriting pool homogenizes the risk characteristics of all business that Donegal Mutual and Atlantic States write directly. The business Atlantic States derives from the underwriting pool represents a significant percentage of our total consolidated revenues.

In September 2025, we entered into a renewal rights agreement with a farm-focused Pennsylvania-based mutual insurance company to provide a continuation option for our farm policyholders when we begin to non-renew all farm policies as they expire beginning in the second quarter of 2026. We determined that the costs required to modernize our legacy farm product and systems were higher than the projected return on investment for this non-core line of business that represents approximately $6 million in premiums. We currently include farm policies within other commercial lines in our line of business reporting.

Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Net Income Per Share [Abstract]

Reconciliation of Numerators and Denominators Used in Basic and Diluted Per Share Computations

The table below presents for the periods indicated a reconciliation of the numerators and denominators we used to compute basic and diluted net income per share for our Class A common stock and our Class B common stock:

			Three Months Ended September 30,
	2025				2024
	Class A		Class B		Class A		Class B
	(in thousands, except per share data)
Basic net income per share:
Numerator:
Allocation of net income	$	17,257	$	2,823	$	14,189	$	2,563
Denominator:
Weighted-average shares outstanding		30,954		5,577		27,978		5,577
Basic net income per share	$	0.56	$	0.51	$	0.51	$	0.46

Diluted net income per share:
Numerator:
Allocation of net income	$	17,257	$	2,823	$	14,189	$	2,563
Denominator:
Number of shares used in basic computation		30,954		5,577		27,978		5,577
Weighted-average shares effect of dilutive securities:
Director and employee stock options		486		—		80		—
Number of shares used in diluted computation		31,440		5,577		28,058		5,577
Diluted net income per share	$	0.55	$	0.51	$	0.51	$	0.46

			Nine Months Ended September 30,
	2025				2024
	Class A		Class B		Class A		Class B
	(in thousands, except per share data)
Basic net income per share:
Numerator:
Allocation of net income	$	53,331	$	8,821	$	22,746	$	4,114
Denominator:
Weighted-average shares outstanding		30,587		5,577		27,879		5,577
Basic net income per share	$	1.74	$	1.58	$	0.82	$	0.74

Diluted net income per share:
Numerator:
Allocation of net income	$	53,331	$	8,821	$	22,746	$	4,114
Denominator:
Number of shares used in basic computation		30,587		5,577		27,879		5,577
Weighted-average shares effect of dilutive securities:
Director and employee stock options		485		—		38		—
Number of shares used in diluted computation		31,072		5,577		27,917		5,577
Diluted net income per share	$	1.72	$	1.58	$	0.81	$	0.74

Antidilutive Securities Excluded From Computation of Earnings Per Share

We did not include outstanding options to purchase the following number of shares of Class A common stock in our computation of diluted net income per share because the exercise price of the options exceeded the average market price of our Class A common stock during the applicable periods.

	Three Months Ended September 30,				Nine Months Ended September 30,

	2025		2024		2025		2024
	(in thousands)
Number of options to purchase Class A shares excluded		—		867		—		881

Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Consolidated Statements of Comprehensive Income [Abstract]
Income tax expense on unrealized holding income arising during the period	$ 1,125,235	$ 3,682,547	$ 3,698,822	$ 3,157,722
Income tax expense benefit on reclassification adjustment for losses	$ 309,122	$ 14,590	$ 585,324	$ 13,675

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Measurements [Abstract]

Fair Value Measurements

9 -	Fair Value Measurements

We account for financial assets using a framework that establishes a hierarchy that ranks the quality and reliability of the inputs, or assumptions, we use in the determination of fair value, and we classify financial assets and liabilities carried at fair value in one of the following three categories:

Level 1 – quoted prices in active markets for identical assets and liabilities;

Level 2 – directly or indirectly observable inputs other than Level 1 quoted prices; and

Level 3 – unobservable inputs not corroborated by market data.

For investments that have quoted market prices in active markets, we use the quoted market price as fair value and include these investments in Level 1 of the fair value hierarchy. We classify publicly-traded equity securities as Level 1. When quoted market prices in active markets are not available, we base fair values on quoted market prices of comparable instruments or price estimates we obtain from independent pricing services and include these investments in Level 2 of the fair value hierarchy. We classify our fixed maturity investments and non-publicly traded equity securities as Level 2. Our fixed maturity investments consist of U.S. Treasury securities and obligations of U.S. government corporations and agencies, obligations of states and political subdivisions, corporate securities and mortgage-backed securities.

We present our investments in available-for-sale fixed maturity and equity securities at estimated fair value. The estimated fair value of a security may differ from the amount that could be realized if we sold the security in a forced transaction. In addition, the valuation of fixed maturity investments is more subjective when markets are less liquid, increasing the potential that the estimated fair value does not reflect the price at which an actual transaction would occur. We utilize nationally recognized independent pricing services to estimate fair values or obtain market quotations for substantially all of our fixed maturity and equity investments. We generally obtain two prices per security. These pricing services utilize market quotations for fixed maturity and equity securities that have quoted prices in active markets. For fixed maturity securities that generally do not trade on a daily basis, the pricing services prepare estimates of fair value measurements based predominantly on observable market inputs. The pricing services do not use broker quotes in determining the fair values of our investments. Our investment personnel review the estimates of fair value the pricing services provide to verify that the estimates we obtain from the pricing services are representative of fair values based upon our investment personnel’s general knowledge of the market, their research findings related to unusual fluctuations in value and their comparison of such values to execution prices for similar securities. Our investment personnel monitor the market and are familiar with current trading ranges for similar securities and the pricing of specific investments. Our investment personnel review all pricing estimates that we receive from the pricing services against their expectations with respect to pricing based on fair market curves, security ratings, coupon rates, security types and recent trading activity. Our investment personnel periodically review documentation with respect to the pricing services’ pricing methodology that they obtain to determine if the primary pricing sources, market inputs and pricing frequency for various security types are reasonable. At September 30, 2025, we received two estimates per security from the pricing services, and we priced substantially all of our Level 1 and Level 2 investments using those prices. In our review of the estimates the pricing services provided at September 30, 2025, we did not identify any material discrepancies, and we did not make any adjustments to the estimates the pricing services provided.

We present our cash and short-term investments at estimated fair value. We classify these items as Level 1.

The carrying values we report in our balance sheet for premium receivables, reinsurance receivables related to paid losses and loss expenses and reinsurance balances payable approximate their fair values. The carrying amounts we report in our balance sheets for our borrowings under lines of credit approximate their fair values. We classify these items as Level 3.

We evaluate our assets and liabilities to determine the appropriate level at which to classify them for each reporting period. Based on our review of the methodology and summary of inputs the pricing services use, we have concluded that our Level 1 and Level 2 investments were classified properly at September 30, 2025 and December 31, 2024.

The following table presents our fair value measurements for our investments in available-for-sale fixed maturity and equity securities at September 30, 2025:

	Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
			(in thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	52,925	$	—	$	52,925	$	—
Obligations of states and political subdivisions		42,415		—		42,415		—
Corporate securities		143,875		—		143,875		—
Mortgage-backed securities		403,443		—		403,443		—
Equity securities		43,637		41,527		2,110		—
Total investments in the fair value hierarchy	$	686,295	$	41,527	$	644,768	$	—

The following table presents our fair value measurements for our investments in available-for-sale fixed maturity and equity securities at December 31, 2024:

	Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
			(in thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	83,793	$	—	$	83,793	$	—
Obligations of states and political subdivisions		37,404		—		37,404		—
Corporate securities		202,932		—		202,932		—
Mortgage-backed securities		293,763		—		293,763		—
Equity securities		36,808		34,708		2,100		—
Totals	$	654,700	$	34,708	$	619,992	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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+ Details

Investments - Fixed Maturities with Unrealized Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Investments [Abstract]
Less than 12 months, fair value	$ 128,782	$ 271,496
Less than 12 months, unrealized losses	707	3,941
More than 12 months, fair value	726,042	870,570
More than 12 months, unrealized losses	74,551	107,606
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member]
Investments [Abstract]
Less than 12 months, fair value	13,793	37,528
Less than 12 months, unrealized losses	28	350
More than 12 months, fair value	98,605	112,322
More than 12 months, unrealized losses	7,010	11,907
Obligations of States and Political Subdivisions [Member]
Investments [Abstract]
Less than 12 months, fair value	24,753	37,675
Less than 12 months, unrealized losses	219	824
More than 12 months, fair value	283,290	292,852
More than 12 months, unrealized losses	45,766	57,537
Corporate Securities [Member]
Investments [Abstract]
Less than 12 months, fair value	10,498	83,343
Less than 12 months, unrealized losses	87	1,505
More than 12 months, fair value	222,106	311,436
More than 12 months, unrealized losses	10,573	20,371
Mortgage-Backed Securities [Member]
Investments [Abstract]
Less than 12 months, fair value	79,738	112,950
Less than 12 months, unrealized losses	373	1,262
More than 12 months, fair value	122,041	153,960
More than 12 months, unrealized losses	$ 11,202	$ 17,791

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

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+ Details

Net Income Per Share - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Options [Member]
Net Income Per Share [Abstract]
Number of options to purchase Class A shares excluded (in Shares)	0	867	0	881

Allowance for Expected Credit Losses (Tables)

9 Months Ended

Sep. 30, 2025

Allowance for Expected Credit Losses [Abstract]

Held-to-Maturity Fixed-Maturity Securities

The following table presents the balances for fixed maturities classified as held-to-maturity, net of the allowance for expected credit losses, at September 30, 2025 and 2024 and changes in the allowance for expected credit losses for the three and nine months ended September 30, 2025 and 2024.

	At and For the Three Months Ended September 30, 2025					At and For the Three Months Ended September 30, 2024
	Held-to-Maturity, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses			Held-to-Maturity, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses
	(in thousands)
Balance at beginning of period	$	737,356	$	1,374		$	690,580	$	1,354
Current period change for expected credit losses				(101	)				129
Balance at end of period	$	761,409	$	1,273		$	694,663	$	1,483

	At and For the Nine Months Ended September 30, 2025					At and For the Nine Months Ended September 30, 2024
	Held-to-Maturity, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses			Held-to-Maturity, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses
	(in thousands)
Balance at beginning of period	$	705,714	$	1,388		$	679,497	$	1,326
Current period change for expected credit losses				(115	)				157
Balance at end of period	$	761,409	$	1,273		$	694,663	$	1,483

Reinsurance Receivable

The following table presents the balances for reinsurance receivable, net of the allowance for expected credit losses, at September 30, 2025 and 2024, and the changes in the allowance for expected credit losses for the three and nine months ended September 30, 2025 and 2024.

	At and For the Three Months Ended September 30, 2025				At and For the Three Months Ended September 30, 2024
	Reinsurance Receivable, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses		Reinsurance Receivable, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses
	(in thousands)
Balance at beginning of period	$	411,125	$	332	$	440,858	$	932
Current period change for expected credit losses				9				11
Balance at end of period	$	403,764	$	341	$	434,078	$	943

	At and For the Nine Months Ended September 30, 2025					At and For the Nine Months Ended September 30, 2024
	Reinsurance Receivable, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses			Reinsurance Receivable, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses
	(in thousands)
Balance at beginning of period	$	420,742	$	391		$	441,431	$	1,394
Current period change for expected credit losses				(50	)				(451	)
Balance at end of period	$	403,764	$	341		$	434,078	$	943

Borrowings - FHLB of Stock Purchased, Collateral Pledged and Assets Related (Parentheticals) (Details)	Sep. 30, 2025 USD ($)
FHLB of Pittsburgh [Member] \| Asset Pledged as Collateral without Right [Member] \| Atlantic States [Member]
Borrowings [Abstract]
Collateral pledged at carrying value	$ 41,498,061

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Borrowings

9 Months Ended

Sep. 30, 2025

Borrowings [Abstract]

Borrowings

7 -	Borrowings

Lines of Credit

In August 2020, we entered into a credit agreement with Manufacturers and Traders Trust Company (“M&T”) that related to a $20.0 million unsecured demand line of credit. The line of credit has no expiration date, no annual fees and no covenants. At September 30, 2025, we had no outstanding borrowings from M&T and had the ability to borrow up to $20.0 million at an interest rate equal to the then-current Term SOFR rate plus 2.11%.

Atlantic States is a member of the FHLB of Pittsburgh. Through its membership, Atlantic States has the ability to issue debt to the FHLB of Pittsburgh in exchange for cash advances. Atlantic States has a fixed-rate cash advance of $35.0 million that was outstanding at September 30, 2025. The cash advance carries a fixed interest rate of 3.806% and is due in September 2026. The table below presents the amount of FHLB of Pittsburgh stock Atlantic States purchased, collateral pledged and assets related to Atlantic States’ membership in the FHLB of Pittsburgh at September 30, 2025.

FHLB of Pittsburgh stock purchased and owned	$	1,615,400
Collateral pledged, at par (carrying value $41,498,061)		43,565,579
Borrowing capacity currently available		4,334,579

Basis of Presentation

9 Months Ended

Sep. 30, 2025

Basis of Presentation [Abstract]

Basis of Presentation

2 -	Basis of Presentation

Our financial information for the interim periods included in this Form 10-Q Report is unaudited; however, our financial information we include in this Form 10-Q Report reflects all adjustments, consisting only of normal recurring adjustments that, in the opinion of our management, are necessary for a fair presentation of our financial position, results of operations and cash flows for those interim periods. Our results of operations for the nine months ended September 30, 2025 are not necessarily indicative of the results of operations we expect for the year ending December 31, 2025.

We recommend you read the interim financial statements we include in this Form 10-Q Report in conjunction with the financial statements and the notes to our financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2024 that we filed with the Securities and Exchange Commission (“SEC”) on March 10, 2025.

Investments - Amortized Cost and Estimated Fair Values of Fixed Maturities (Details) - USD ($)	Sep. 30, 2025	Jun. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Investments [Abstract]
Held to maturity, carrying value	$ 761,409,462	$ 737,356,000	$ 705,713,916	$ 694,663,000	$ 690,580,000	$ 679,497,000
Held to maturity, allowance for credit loss	1,272,622	$ 1,374,000	1,388,240	$ 1,483,000	$ 1,354,000	$ 1,326,000
Held to maturity, amortized cost	762,682,000		707,102,000
Held to maturity, gross unrealized gains	4,799,000		923,000
Held to maturity, gross unrealized losses	56,798,000		76,456,000
Held to maturity, estimated fair value	710,683,000		631,569,000
Total available for sale, amortized cost	657,067,000		652,565,000
Available for sale, gross unrealized gains	4,051,000		418,000
Available for sale, gross unrealized losses	18,460,000		35,091,000
Available for sale, estimated fair value	642,657,930		617,891,862
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member]
Investments [Abstract]
Held to maturity, carrying value	84,699,000		86,579,000
Held to maturity, allowance for credit loss	51,000		52,000
Held to maturity, amortized cost	84,750,000		86,631,000
Held to maturity, gross unrealized gains	80,000		0
Held to maturity, gross unrealized losses	5,407,000		8,484,000
Held to maturity, estimated fair value	79,423,000		78,147,000
Total available for sale, amortized cost	54,431,000		87,514,000
Available for sale, gross unrealized gains	125,000		51,000
Available for sale, gross unrealized losses	1,631,000		3,772,000
Available for sale, estimated fair value	52,925,000		83,793,000
Obligations of States and Political Subdivisions [Member]
Investments [Abstract]
Held to maturity, carrying value	418,191,000		371,896,000
Held to maturity, allowance for credit loss	322,000		260,000
Held to maturity, amortized cost	418,513,000		372,155,000
Held to maturity, gross unrealized gains	2,338,000		650,000
Held to maturity, gross unrealized losses	43,513,000		54,062,000
Held to maturity, estimated fair value	377,338,000		318,743,000
Total available for sale, amortized cost	44,599,000		41,694,000
Available for sale, gross unrealized gains	288,000		9,000
Available for sale, gross unrealized losses	2,472,000		4,299,000
Available for sale, estimated fair value	42,415,000		37,404,000
Corporate Securities [Member]
Investments [Abstract]
Held to maturity, carrying value	249,405,000		236,550,000
Held to maturity, allowance for credit loss	895,000		1,070,000
Held to maturity, amortized cost	250,300,000		237,621,000
Held to maturity, gross unrealized gains	2,322,000		273,000
Held to maturity, gross unrealized losses	7,705,000		13,608,000
Held to maturity, estimated fair value	244,917,000		224,286,000
Total available for sale, amortized cost	145,782,000		211,059,000
Available for sale, gross unrealized gains	1,048,000		142,000
Available for sale, gross unrealized losses	2,955,000		8,269,000
Available for sale, estimated fair value	143,875,000		202,932,000
Mortgage-Backed Securities [Member]
Investments [Abstract]
Held to maturity, carrying value	9,114,000		10,689,000
Held to maturity, allowance for credit loss	5,000		6,000
Held to maturity, amortized cost	9,119,000		10,695,000
Held to maturity, gross unrealized gains	59,000		0
Held to maturity, gross unrealized losses	173,000		302,000
Held to maturity, estimated fair value	9,005,000		10,393,000
Total available for sale, amortized cost	412,255,000		312,298,000
Available for sale, gross unrealized gains	2,590,000		216,000
Available for sale, gross unrealized losses	11,402,000		18,751,000
Available for sale, estimated fair value	$ 403,443,000		$ 293,763,000

Organization (Details) $ in Millions		9 Months Ended
Organization (Details) $ in Millions	Sep. 09, 2025 USD ($)	Sep. 30, 2025 Segment
Organization [Abstract]
Number of operating segments (in Segment) \| Segment		3
Premiums ceded to other party (in Dollars) \| $	$ 6
Donegal Mutual Insurance Company [Member]
Organization [Abstract]
Voting power percentage of outstanding common stock		70.00%
Premiums and losses related to certain products		100.00%
Atlantic States [Member]
Organization [Abstract]
Percentage of share in results of pooled business subsidiary		80.00%
Class A Common Stock [Member] \| Donegal Mutual Insurance Company [Member]
Organization [Abstract]
Stock ownership percentage held by major shareholder		44.00%
Class B Common Stock [Member] \| Donegal Mutual Insurance Company [Member]
Organization [Abstract]
Stock ownership percentage held by major shareholder		84.00%

Impact of New Accounting Standards

9 Months Ended

Sep. 30, 2025

Impact of New Accounting Standards [Abstract]

Impact of New Accounting Standards

13 -	Impact of New Accounting Standards

In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance to enhance the transparency and usefulness of income tax disclosures. The guidance requires disclosure of specific categories in the rate reconciliation table and additional information for reconciling items that meet a quantitative threshold of equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate. The guidance also requires disaggregated disclosure of the amount of income taxes paid for federal, state and foreign taxes. The guidance is effective for annual reporting periods beginning after December 15, 2024. The adoption of this guidance will not have an impact on our financial position, results of operations or cash flows.

In November 2024, the FASB issued guidance requiring disaggregated disclosure of income statement expenses in the notes to financial statements. The guidance requires disclosure of certain expenses, including employee compensation, depreciation and selling expenses. The guidance will not impact current income statement expense captions that industry-specific guidance requires. The guidance is effective for annual and interim reporting periods beginning after December 15, 2026. The adoption of this guidance will not have an impact on our financial position, results of operations or cash flows.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org/250/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Measurements [Abstract]

Investments in Available-for-Sale Fixed Maturity and Equity Securities

The following table presents our fair value measurements for our investments in available-for-sale fixed maturity and equity securities at September 30, 2025:

	Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
			(in thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	52,925	$	—	$	52,925	$	—
Obligations of states and political subdivisions		42,415		—		42,415		—
Corporate securities		143,875		—		143,875		—
Mortgage-backed securities		403,443		—		403,443		—
Equity securities		43,637		41,527		2,110		—
Total investments in the fair value hierarchy	$	686,295	$	41,527	$	644,768	$	—

The following table presents our fair value measurements for our investments in available-for-sale fixed maturity and equity securities at December 31, 2024:

	Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
			(in thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	83,793	$	—	$	83,793	$	—
Obligations of states and political subdivisions		37,404		—		37,404		—
Corporate securities		202,932		—		202,932		—
Mortgage-backed securities		293,763		—		293,763		—
Equity securities		36,808		34,708		2,100		—
Totals	$	654,700	$	34,708	$	619,992	$	—

Liabilities for Losses and Loss Expenses - Liabilities for Losses and Loss Expenses (Details) - USD ($)	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Liabilities for Losses and Loss Expenses [Abstract]
Balance at January 1	$ 1,120,985,050	$ 1,126,157,000
Less reinsurance recoverable	(416,621,000)	(437,014,000)
Net balance at January 1	704,364,000	689,143,000
Incurred related to:
Current year	438,161,000	478,050,000
Prior years	(12,495,000)	(15,367,000)
Total incurred	425,666,000	462,683,000
Paid related to:
Current year	203,886,000	223,719,000
Prior years	211,098,000	222,165,000
Total paid	414,984,000	445,884,000
Net balance at end of period	715,046,000	705,942,000
Plus reinsurance recoverable	399,256,000	428,910,000
Balance at end of period	$ 1,114,301,536	$ 1,134,852,000

Share–Based Compensation (Details) - USD ($)	3 Months Ended		9 Months Ended
Share–Based Compensation (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share–Based Compensation [Abstract]
Compensation expense in stock compensation plans	$ 296,162	$ 209,496	$ 893,154	$ 773,834
Income tax benefit of stock compensation plans	62,194	43,994	187,562	162,505
Unrecognized compensation expense related to nonvested share-based compensation granted under the plan	1,000,000		$ 1,000,000
Weighted average period of unrecognized compensation expense			1 year 4 months 24 days
Cash from option exercises	2,100,000	3,700,000	$ 14,200,000	4,000,000
Tax benefit for tax deductions related to option exercises	$ 132,692	$ 35,339	$ 909,949	$ 37,058

Borrowings - FHLB of Stock Purchased, Collateral Pledged and Assets Related (Details) - FHLB of Pittsburgh [Member] - Atlantic States [Member]	Sep. 30, 2025 USD ($)
Borrowings [Abstract]
FHLB of Pittsburgh stock purchased and owned	$ 1,615,400
Collateral pledged, at par (carrying value $41,498,061)	43,565,579
Borrowing capacity currently available	$ 4,334,579

Net Income Per Share

9 Months Ended

Sep. 30, 2025

Net Income Per Share [Abstract]

Net Income Per Share

3 -	Net Income Per Share

We have two classes of common stock, which we refer to as our Class A common stock and our Class B common stock. Our certificate of incorporation provides that whenever our board of directors declares a dividend on our Class B common stock, our board of directors shall simultaneously declare a dividend on our Class A common stock that is payable to the holders of our Class A common stock at the same time and as of the same record date at a rate that is at least 10% greater than the rate at which our board of directors declared a dividend on our Class B common stock. Accordingly, we use the two-class method to compute our net income per share. The two-class method is an earnings allocation formula that determines net income per share separately for each class of common stock based on dividends we have declared and an allocation of our remaining undistributed net income using a participation percentage that reflects the dividend rights of each class. The table below presents for the periods indicated a reconciliation of the numerators and denominators we used to compute basic and diluted net income per share for our Class A common stock and our Class B common stock:

			Three Months Ended September 30,
	2025				2024
	Class A		Class B		Class A		Class B
	(in thousands, except per share data)
Basic net income per share:
Numerator:
Allocation of net income	$	17,257	$	2,823	$	14,189	$	2,563
Denominator:
Weighted-average shares outstanding		30,954		5,577		27,978		5,577
Basic net income per share	$	0.56	$	0.51	$	0.51	$	0.46

Diluted net income per share:
Numerator:
Allocation of net income	$	17,257	$	2,823	$	14,189	$	2,563
Denominator:
Number of shares used in basic computation		30,954		5,577		27,978		5,577
Weighted-average shares effect of dilutive securities:
Director and employee stock options		486		—		80		—
Number of shares used in diluted computation		31,440		5,577		28,058		5,577
Diluted net income per share	$	0.55	$	0.51	$	0.51	$	0.46

			Nine Months Ended September 30,
	2025				2024
	Class A		Class B		Class A		Class B
	(in thousands, except per share data)
Basic net income per share:
Numerator:
Allocation of net income	$	53,331	$	8,821	$	22,746	$	4,114
Denominator:
Weighted-average shares outstanding		30,587		5,577		27,879		5,577
Basic net income per share	$	1.74	$	1.58	$	0.82	$	0.74

Diluted net income per share:
Numerator:
Allocation of net income	$	53,331	$	8,821	$	22,746	$	4,114
Denominator:
Number of shares used in basic computation		30,587		5,577		27,879		5,577
Weighted-average shares effect of dilutive securities:
Director and employee stock options		485		—		38		—
Number of shares used in diluted computation		31,072		5,577		27,917		5,577
Diluted net income per share	$	1.72	$	1.58	$	0.81	$	0.74

	Three Months Ended September 30,				Nine Months Ended September 30,

	2025		2024		2025		2024
	(in thousands)
Number of options to purchase Class A shares excluded		—		867		—		881

Net Income Per Share (Details)	9 Months Ended
Net Income Per Share (Details)	Sep. 30, 2025
Net Income Per Share [Abstract]
Minimum percentage of class A common stock declared dividend excess over class B dividend	10.00%

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Oct. 31, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Sep. 30, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Information [Line Items]
Entity Registrant Name	Donegal Group Inc.
Entity Central Index Key	0000800457
Entity File Number	0-15341
Entity Tax Identification Number	23-2424711
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	1195 River Road
Entity Address, Address Line Two	P.O. Box 302
Entity Address, City or Town	Marietta
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	17547
Entity Phone Fax Numbers [Line Items]
City Area Code	717
Local Phone Number	426-1931
Common Class A [Member]
Entity Listings [Line Items]
Title of 12(b) Security	Class A Common Stock, $.01 par value
Trading Symbol	DGICA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		31,064,786
Common Class B [Member]
Entity Listings [Line Items]
Title of 12(b) Security	Class B Common Stock, $.01 par value
Trading Symbol	DGICB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		5,576,775

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Borrowings (Tables)

9 Months Ended

Sep. 30, 2025

FHLB of Pittsburgh [Member]

Borrowings [Abstract]

FHLB of Stock Purchased, Collateral Pledged and Assets Related

The table below presents the amount of FHLB of Pittsburgh stock Atlantic States purchased, collateral pledged and assets related to Atlantic States’ membership in the FHLB of Pittsburgh at September 30, 2025.

FHLB of Pittsburgh stock purchased and owned	$	1,615,400
Collateral pledged, at par (carrying value $41,498,061)		43,565,579
Borrowing capacity currently available		4,334,579

Allowance for Expected Credit Losses

9 Months Ended

Sep. 30, 2025

Allowance for Expected Credit Losses [Abstract]

Allowance for Expected Credit Losses

12 -	Allowance for Expected Credit Losses

We make estimates with respect to the potential impairment of financial instruments and recognize expected credit losses as an allowance rather than impairments as credit losses are incurred. We have established allowances for expected credit losses with respect to held-to-maturity debt securities and reinsurance receivable.

Held-to-Maturity Fixed-Maturity Securities

For held-to-maturity debt securities, we make estimates concerning expected credit losses at an aggregated level rather than monitoring individual debt securities for credit losses. We establish an allowance for expected credit losses based on an ongoing review of securities held, historical loss data, changes in issuer credit standing and other relevant factors. We utilize a probability-of-default methodology, which reflects current and forecasted economic conditions, to estimate the allowance for expected credit losses and recognize changes to the allowance in our results of operations.

	At and For the Three Months Ended September 30, 2025					At and For the Three Months Ended September 30, 2024
	Held-to-Maturity, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses			Held-to-Maturity, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses
	(in thousands)
Balance at beginning of period	$	737,356	$	1,374		$	690,580	$	1,354
Current period change for expected credit losses				(101	)				129
Balance at end of period	$	761,409	$	1,273		$	694,663	$	1,483

	At and For the Nine Months Ended September 30, 2025					At and For the Nine Months Ended September 30, 2024
	Held-to-Maturity, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses			Held-to-Maturity, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses
	(in thousands)
Balance at beginning of period	$	705,714	$	1,388		$	679,497	$	1,326
Current period change for expected credit losses				(115	)				157
Balance at end of period	$	761,409	$	1,273		$	694,663	$	1,483

Reinsurance Receivable

For reinsurance receivable, we establish an allowance for expected credit losses based upon our ongoing review of amounts outstanding, historical loss data, changes in reinsurer credit standing and other relevant factors. We utilize a probability-of-default methodology, which reflects current and forecasted economic conditions, to estimate the allowance for expected credit losses and recognize changes to the allowance in our results of operations.

	At and For the Three Months Ended September 30, 2025				At and For the Three Months Ended September 30, 2024
	Reinsurance Receivable, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses		Reinsurance Receivable, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses
	(in thousands)
Balance at beginning of period	$	411,125	$	332	$	440,858	$	932
Current period change for expected credit losses				9				11
Balance at end of period	$	403,764	$	341	$	434,078	$	943

	At and For the Nine Months Ended September 30, 2025					At and For the Nine Months Ended September 30, 2024
	Reinsurance Receivable, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses			Reinsurance Receivable, Net of Allowance for Expected Credit Losses		Allowance for Expected Credit Losses
	(in thousands)
Balance at beginning of period	$	420,742	$	391		$	441,431	$	1,394
Current period change for expected credit losses				(50	)				(451	)
Balance at end of period	$	403,764	$	341		$	434,078	$	943

Consolidated Statements of Income - USD ($)	3 Months Ended		9 Months Ended
Consolidated Statements of Income - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues:
Net premiums earned	$ 229,822,240	$ 237,957,051	$ 694,298,723	$ 700,016,877
Investment income, net of investment expenses	13,942,503	10,826,991	38,466,439	32,867,817
Net investment gains	1,272,277	1,875,466	2,345,137	4,725,513
Lease income	74,671	77,335	227,779	236,662
Installment payment fees	807,427	1,000,702	2,533,937	1,804,091
Total revenues	245,919,118	251,737,545	737,872,015	739,650,960
Expenses:
Net losses and loss expenses	142,715,240	146,425,777	425,665,512	462,682,511
Amortization of deferred policy acquisition costs	37,218,000	40,200,000	115,950,000	120,458,000
Other underwriting expenses	39,688,044	41,827,018	116,032,926	117,604,295
Policyholder dividends	731,131	1,006,645	2,309,462	3,247,853
Interest	340,425	367,583	1,010,175	676,766
Other expenses, net	176,750	1,499,217	269,106	2,309,392
Total expenses	220,869,590	231,326,240	661,237,181	706,978,817
Income before income tax expense	25,049,528	20,411,305	76,634,834	32,672,143
Income tax expense	4,969,314	3,659,775	14,483,326	5,812,285
Net income	$ 20,080,214	$ 16,751,530	$ 62,151,508	$ 26,859,858
Class A Common Stock [Member]
Net income per share:
Basic (in Dollars per share)	$ 0.56	$ 0.51	$ 1.74	$ 0.82
Diluted (in Dollars per share)	0.55	0.51	1.72	0.81
Class B Common Stock [Member]
Net income per share:
Basic (in Dollars per share)	0.51	0.46	1.58	0.74
Diluted (in Dollars per share)	$ 0.51	$ 0.46	$ 1.58	$ 0.74

Segment Information

9 Months Ended

Sep. 30, 2025

Segment Information [Abstract]

Segment Information

6 -	Segment Information

We have three reportable segments, which consist of our investment function, our commercial lines of insurance and our personal lines of insurance. Using independent agents, our insurance subsidiaries market commercial lines of insurance to small and medium-sized businesses and personal lines of insurance to individuals.

Our chief operating decision maker is our Chief Executive Officer. Our Chief Executive Officer evaluates the performance of the commercial lines and personal lines primarily based upon our insurance subsidiaries’ underwriting results as determined under statutory accounting principles (“SAP”). This segmentation is consistent with the segmentation we utilize to manage our business. We make resource allocation decisions based upon historical underwriting results as well as perceived opportunities for future profitable growth within each segment.

We operate only in the United States, and no single customer or agent provides 10 percent or more of our revenues.

Financial data by segment is as follows:

	Three Months Ended September 30, 2025
	Investments		Commercial Lines		Personal Lines		Total
	(in thousands)
Revenues:
Net premiums earned	$	—	$	140,289	$	89,533	$	229,822
Net investment income		13,943		—		—		13,943
Investment gains		1,272		—		—		1,272
Total segment revenues		15,215		140,289		89,533		245,037
Other								882
Total revenues							$	245,919
Segment expenses:
Net losses and loss expenses		—		83,730		58,905		142,635
Other underwriting expenses		—		47,653		25,857		73,510
Policyholder dividends		—		731		—		731
Total segment expenses		—		132,114		84,762		216,876
SAP underwriting income		—		8,175		4,771		12,946
GAAP adjustments								(3,476	)
GAAP underwriting income								9,470
Net investment income								13,943
Investment gains								1,272
Other								365
Income before income tax expense							$	25,050

	Three Months Ended September 30, 2024
	Investments		Commercial Lines		Personal Lines			Total
	(in thousands)
Revenues:
Net premiums earned	$	—	$	136,401	$	101,556		$	237,957
Net investment income		10,827		—		—			10,827
Investment gains		1,875		—		—			1,875
Total segment revenues		12,702		136,401		101,556			250,659
Other									1,078
Total revenues								$	251,737
Segment expenses:
Net losses and loss expenses		—		71,488		75,747			147,235
Other underwriting expenses		—		46,471		32,699			79,170
Policyholder dividends		—		1,007		—			1,007
Total segment expenses		—		118,966		108,446			227,412
SAP underwriting income (loss)		—		17,435		(6,890	)		10,545
GAAP adjustments									(2,047	)
GAAP underwriting income									8,498
Net investment income									10,827
Investment gains									1,875
Other									(789	)
Income before income tax expense								$	20,411

	Nine Months Ended September 30, 2025
	Investments		Commercial Lines		Personal Lines		Total
	(in thousands)
Revenues:
Net premiums earned	$	—	$	415,032	$	279,267	$	694,299
Net investment income		38,466		—		—		38,466
Investment gains		2,345		—		—		2,345
Total segment revenues		40,811		415,032		279,267		735,110
Other								2,762
Total revenues							$	737,872
Segment expenses:
Net losses and loss expenses		—		256,569		169,603		426,172
Other underwriting expenses		—		153,141		78,260		231,401
Policyholder dividends		—		2,309		—		2,309
Total segment expenses		—		412,019		247,863		659,882
SAP underwriting income		—		3,013		31,404		34,417
GAAP adjustments								(76	)
GAAP underwriting income								34,341
Net investment income								38,466
Investment gains								2,345
Other								1,483
Income before income tax expense							$	76,635

	Nine Months Ended September 30, 2024
	Investments		Commercial Lines			Personal Lines			Total
	(in thousands)
Revenues:
Net premiums earned	$	—	$	402,982		$	297,035		$	700,017
Net investment income		32,868		—			—			32,868
Investment gains		4,726		—			—			4,726
Total segment revenues		37,594		402,982			297,035			737,611
Other										2,040
Total revenues									$	739,651
Segment expenses:
Net losses and loss expenses		—		253,968			212,332			466,300
Other underwriting expenses		—		148,021			92,530			240,551
Policyholder dividends		—		3,248			—			3,248
Total segment expenses		—		405,237			304,862			710,099
SAP underwriting loss		—		(2,255	)		(7,827	)		(10,082	)
GAAP adjustments										6,106
GAAP underwriting loss										(3,976	)
Net investment income										32,868
Investment gains										4,726
Other										(946	)
Income before income tax expense									$	32,672

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
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+ Details

Investments - Gross Investment Gains and Losses before Applicable Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Investments [Abstract]
Gross realized gains	$ 399,000	$ 141,000	$ 1,501,000	$ 146,000
Gross realized losses	1,857,000	210,000	3,587,000	210,000
Net realized losses	(1,458,000)	(69,000)	(2,086,000)	(64,000)
Gross unrealized gains on equity securities			16,431,000		$ 12,087,000
Gross unrealized losses on equity securities			(32,000)		$ (5,000)
Net investment gains	1,272,277	1,875,466	2,345,137	4,725,513
Fixed Maturities [Member]
Investments [Abstract]
Gross realized gains	399,000	69,000	814,000	74,000
Gross realized losses	1,857,000	139,000	3,587,000	139,000
Credit impairment charges	101,000	(129,000)	115,000	(157,000)
Equity Securities [Member]
Investments [Abstract]
Gross realized gains	0	72,000	687,000	72,000
Gross realized losses	0	71,000	0	71,000
Gross unrealized gains on equity securities	2,629,000	2,073,000	4,348,000	4,947,000
Gross unrealized losses on equity securities	$ 0	$ 0	$ (32,000)	$ 0

Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Information [Abstract]

Financial Data by Segment

Financial data by segment is as follows:

	Three Months Ended September 30, 2025
	Investments		Commercial Lines		Personal Lines		Total
	(in thousands)
Revenues:
Net premiums earned	$	—	$	140,289	$	89,533	$	229,822
Net investment income		13,943		—		—		13,943
Investment gains		1,272		—		—		1,272
Total segment revenues		15,215		140,289		89,533		245,037
Other								882
Total revenues							$	245,919
Segment expenses:
Net losses and loss expenses		—		83,730		58,905		142,635
Other underwriting expenses		—		47,653		25,857		73,510
Policyholder dividends		—		731		—		731
Total segment expenses		—		132,114		84,762		216,876
SAP underwriting income		—		8,175		4,771		12,946
GAAP adjustments								(3,476	)
GAAP underwriting income								9,470
Net investment income								13,943
Investment gains								1,272
Other								365
Income before income tax expense							$	25,050

	Three Months Ended September 30, 2024
	Investments		Commercial Lines		Personal Lines			Total
	(in thousands)
Revenues:
Net premiums earned	$	—	$	136,401	$	101,556		$	237,957
Net investment income		10,827		—		—			10,827
Investment gains		1,875		—		—			1,875
Total segment revenues		12,702		136,401		101,556			250,659
Other									1,078
Total revenues								$	251,737
Segment expenses:
Net losses and loss expenses		—		71,488		75,747			147,235
Other underwriting expenses		—		46,471		32,699			79,170
Policyholder dividends		—		1,007		—			1,007
Total segment expenses		—		118,966		108,446			227,412
SAP underwriting income (loss)		—		17,435		(6,890	)		10,545
GAAP adjustments									(2,047	)
GAAP underwriting income									8,498
Net investment income									10,827
Investment gains									1,875
Other									(789	)
Income before income tax expense								$	20,411

	Nine Months Ended September 30, 2025
	Investments		Commercial Lines		Personal Lines		Total
	(in thousands)
Revenues:
Net premiums earned	$	—	$	415,032	$	279,267	$	694,299
Net investment income		38,466		—		—		38,466
Investment gains		2,345		—		—		2,345
Total segment revenues		40,811		415,032		279,267		735,110
Other								2,762
Total revenues							$	737,872
Segment expenses:
Net losses and loss expenses		—		256,569		169,603		426,172
Other underwriting expenses		—		153,141		78,260		231,401
Policyholder dividends		—		2,309		—		2,309
Total segment expenses		—		412,019		247,863		659,882
SAP underwriting income		—		3,013		31,404		34,417
GAAP adjustments								(76	)
GAAP underwriting income								34,341
Net investment income								38,466
Investment gains								2,345
Other								1,483
Income before income tax expense							$	76,635

	Nine Months Ended September 30, 2024
	Investments		Commercial Lines			Personal Lines			Total
	(in thousands)
Revenues:
Net premiums earned	$	—	$	402,982		$	297,035		$	700,017
Net investment income		32,868		—			—			32,868
Investment gains		4,726		—			—			4,726
Total segment revenues		37,594		402,982			297,035			737,611
Other										2,040
Total revenues									$	739,651
Segment expenses:
Net losses and loss expenses		—		253,968			212,332			466,300
Other underwriting expenses		—		148,021			92,530			240,551
Policyholder dividends		—		3,248			—			3,248
Total segment expenses		—		405,237			304,862			710,099
SAP underwriting loss		—		(2,255	)		(7,827	)		(10,082	)
GAAP adjustments										6,106
GAAP underwriting loss										(3,976	)
Net investment income										32,868
Investment gains										4,726
Other										(946	)
Income before income tax expense									$	32,672

Net Income Per Share - Reconciliation of Numerators and Denominators Used in Basic and Diluted Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Class A Common Stock [Member]
Numerator:
Allocation of net income (in Dollars)	$ 17,257	$ 14,189	$ 53,331	$ 22,746
Denominator:
Weighted-average shares outstanding (in Shares)	30,954	27,978	30,587	27,879
Basic net income per share (in Dollars per share)	$ 0.56	$ 0.51	$ 1.74	$ 0.82
Numerator:
Allocation of net income (in Dollars)	$ 17,257	$ 14,189	$ 53,331	$ 22,746
Denominator:
Number of shares used in basic computation (in Shares)	30,954	27,978	30,587	27,879
Weighted-average shares effect of dilutive securities:
Director and employee stock options (in Shares)	486	80	485	38
Number of shares used in diluted computation (in Shares)	31,440	28,058	31,072	27,917
Diluted net income per share (in Dollars per share)	$ 0.55	$ 0.51	$ 1.72	$ 0.81
Class B Common Stock [Member]
Numerator:
Allocation of net income (in Dollars)	$ 2,823	$ 2,563	$ 8,821	$ 4,114
Denominator:
Weighted-average shares outstanding (in Shares)	5,577	5,577	5,577	5,577
Basic net income per share (in Dollars per share)	$ 0.51	$ 0.46	$ 1.58	$ 0.74
Numerator:
Allocation of net income (in Dollars)	$ 2,823	$ 2,563	$ 8,821	$ 4,114
Denominator:
Number of shares used in basic computation (in Shares)	5,577	5,577	5,577	5,577
Weighted-average shares effect of dilutive securities:
Director and employee stock options (in Shares)	0	0	0	0
Number of shares used in diluted computation (in Shares)	5,577	5,577	5,577	5,577
Diluted net income per share (in Dollars per share)	$ 0.51	$ 0.46	$ 1.58	$ 0.74

Liabilities for Losses and Loss Expenses (Tables)

9 Months Ended

Sep. 30, 2025

Liabilities for Losses and Loss Expenses [Abstract]

Summary of Insurance Subsidiaries' Liabilities for Losses and Loss Expenses

We summarize activity in our insurance subsidiaries’ liabilities for losses and loss expenses as follows:

	Nine Months Ended September 30,
	2025			2024
	(in thousands)
Balance at January 1	$	1,120,985		$	1,126,157
Less reinsurance recoverable		(416,621	)		(437,014	)
Net balance at January 1		704,364			689,143
Incurred related to:
Current year		438,161			478,050
Prior years		(12,495	)		(15,367	)
Total incurred		425,666			462,683
Paid related to:
Current year		203,886			223,719
Prior years		211,098			222,165
Total paid		414,984			445,884
Net balance at end of period		715,046			705,942
Plus reinsurance recoverable		399,256			428,910
Balance at end of period	$	1,114,302		$	1,134,852

Fair Value Measurements - Fair Value Measurements (Details) - Recurring Basis [Member] - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value Measurements [Abstract]
Equity securities, at fair value	$ 43,637	$ 36,808
Investments in the fair value hierarchy	686,295	654,700
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Measurements [Abstract]
Equity securities, at fair value	41,527	34,708
Investments in the fair value hierarchy	41,527	34,708
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Measurements [Abstract]
Equity securities, at fair value	2,110	2,100
Investments in the fair value hierarchy	644,768	619,992
Significant Unobservable Inputs (Level 3) [Member]
Fair Value Measurements [Abstract]
Equity securities, at fair value	0	0
Investments in the fair value hierarchy	0	0
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member]
Fair Value Measurements [Abstract]
Available for sale, at fair value	52,925	83,793
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Measurements [Abstract]
Available for sale, at fair value	0	0
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value Measurements [Abstract]
Available for sale, at fair value	52,925	83,793
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value Measurements [Abstract]
Available for sale, at fair value	0	0
Obligations of States and Political Subdivisions [Member]
Fair Value Measurements [Abstract]
Available for sale, at fair value	42,415	37,404
Obligations of States and Political Subdivisions [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Measurements [Abstract]
Available for sale, at fair value	0	0
Obligations of States and Political Subdivisions [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value Measurements [Abstract]
Available for sale, at fair value	42,415	37,404
Obligations of States and Political Subdivisions [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value Measurements [Abstract]
Available for sale, at fair value	0	0
Corporate Securities [Member]
Fair Value Measurements [Abstract]
Available for sale, at fair value	143,875	202,932
Corporate Securities [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Measurements [Abstract]
Available for sale, at fair value	0	0
Corporate Securities [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value Measurements [Abstract]
Available for sale, at fair value	143,875	202,932
Corporate Securities [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value Measurements [Abstract]
Available for sale, at fair value	0	0
Mortgage-Backed Securities [Member]
Fair Value Measurements [Abstract]
Available for sale, at fair value	403,443	293,763
Mortgage-Backed Securities [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Measurements [Abstract]
Available for sale, at fair value	0	0
Mortgage-Backed Securities [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value Measurements [Abstract]
Available for sale, at fair value	403,443	293,763
Mortgage-Backed Securities [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value Measurements [Abstract]
Available for sale, at fair value	$ 0	$ 0

Investments - Cost and Estimated Fair Value of Equity Securities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Investments [Abstract]
Cost	$ 27,238,000	$ 24,726,000
Gross gains	16,431,000	12,087,000
Gross losses	32,000	5,000
Estimated fair value	$ 43,637,074	$ 36,807,810

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
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-Paragraph 11
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(b))
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

Pay vs Performance Disclosure - USD ($)	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($)	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 20,080,214	$ 16,866,120	$ 25,205,174	$ 16,751,530	$ 4,152,777	$ 5,955,551	$ 62,151,508	$ 26,859,858

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2025	Sep. 30, 2024
Cash Flows from Operating Activities:
Net income	$ 62,151,508	$ 26,859,858
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other non-cash items	2,649,815	2,877,843
Net investment gains	(2,345,137)	(4,725,513)
Changes in assets and liabilities:
Losses and loss expenses	(6,683,514)	8,695,604
Unearned premiums	10,472,817	47,458,942
Premiums receivable	(11,789,560)	(14,662,164)
Deferred acquisition costs	(76,436)	(3,441,052)
Deferred income taxes	482,956	73,149
Reinsurance receivable	16,978,141	7,353,674
Prepaid reinsurance premiums	(4,251,066)	(16,639,438)
Accrued investment income	(1,097,205)	(864,579)
Due from affiliate	(237,781)	(15,492,085)
Reinsurance balances payable	(1,433,002)	(5,369,148)
Current income taxes	(4,759,569)	5,726,637
Accrued expenses	(415,846)	(959,576)
Other, net	586,963	2,346,248
Net adjustments	(1,918,424)	12,378,542
Net cash provided by operating activities	60,233,084	39,238,400
Cash Flows from Investing Activities:
Purchases of fixed maturities, held to maturity	(82,373,947)	(38,788,763)
Purchases of fixed maturities, available for sale	(211,471,122)	(103,059,218)
Purchases of equity securities, available for sale	(2,512,570)	(6,680,114)
Maturity of fixed maturities:
Held to maturity	25,567,921	23,520,685
Available for sale	95,926,329	80,297,679
Sales of fixed maturities:
Available for sale	114,705,284	3,943,799
Sales of equity securities, available for sale	2,145,314	1,574,265
Net purchases of property and equipment	(102)	0
Net (purchases) sales of short-term investments	(12,873,676)	16,500,623
Net cash used in investing activities	(70,886,569)	(22,691,044)
Cash Flows from Financing Activities:
Cash dividends paid	(19,084,560)	(16,927,483)
Issuance of common stock	15,383,590	5,238,628
Net cash used in financing activities	(3,700,970)	(11,688,855)
Net (decrease) increase in cash	(14,354,455)	4,858,501
Cash at beginning of period	52,925,931	23,792,273
Cash at end of period	38,571,476	28,650,774
Cash paid during period - Interest	1,013,876	632,363
Net cash paid during period - Taxes	$ 18,747,439	$ 0

Accounting Policies, by Policy (Policies)	9 Months Ended
Accounting Policies, by Policy (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Organization	Donegal Mutual Insurance Company (“Donegal Mutual”) organized us as an insurance holding company on August 26, 1986. Our insurance subsidiaries are Atlantic States Insurance Company (“Atlantic States”), Michigan Insurance Company (“MICO”), the Peninsula Insurance Group (“Peninsula”), which consists of The Peninsula Insurance Company and its wholly owned subsidiary Peninsula Indemnity Company, and Southern Insurance Company of Virginia (“Southern”). Our insurance subsidiaries and their affiliates write property and casualty insurance exclusively through a network of independent insurance agents in certain Mid-Atlantic, Midwestern, Southern and Southwestern states. At September 30, 2025, we had three segments: our investment function, our commercial lines of insurance and our personal lines of insurance. The commercial lines products of our insurance subsidiaries consist primarily of commercial automobile, commercial multi-peril and workers’ compensation policies. The personal lines products of our insurance subsidiaries consist primarily of homeowners and private passenger automobile policies. At September 30, 2025, Donegal Mutual held approximately 44% of our outstanding Class A common stock and approximately 84% of our outstanding Class B common stock. This ownership provides Donegal Mutual with approximately 70% of the total voting power of our common stock. Our insurance subsidiaries and Donegal Mutual have interrelated operations due to a pooling agreement and other intercompany agreements and transactions. While each company maintains its separate corporate existence, our insurance subsidiaries and Donegal Mutual conduct business together as the Donegal Insurance Group. As such, Donegal Mutual and our insurance subsidiaries share the same business philosophy, the same management, the same employees and the same facilities and offer the same types of insurance products. Atlantic States, our largest subsidiary, participates in a proportional reinsurance agreement (the “pooling agreement”) with Donegal Mutual. Under the pooling agreement, Donegal Mutual and Atlantic States contribute substantially all of their respective premiums, losses and loss expenses to the underwriting pool, and the underwriting pool, acting through Donegal Mutual, then allocates 80% of the pooled business to Atlantic States. Thus, Donegal Mutual and Atlantic States share the underwriting results of the pooled business in proportion to their respective participation in the underwriting pool. In addition, Donegal Mutual has 100% quota-share reinsurance agreements with Mountain States Commercial Insurance Company, Mountain States Indemnity Company and Southern Mutual Insurance Company. Donegal Mutual places its assumed business from these companies into the underwriting pool. The same executive management and underwriting personnel administer products, classes of business underwritten, pricing practices and underwriting standards of Donegal Mutual and our insurance subsidiaries. In addition, as the Donegal Insurance Group, Donegal Mutual and our insurance subsidiaries share a combined business plan to achieve market penetration and underwriting profitability objectives. The products our insurance subsidiaries and Donegal Mutual market are generally complementary, thereby allowing the Donegal Insurance Group to offer a broader range of products to a given market and to expand the Donegal Insurance Group’s ability to service an entire personal lines or commercial lines account. Distinctions within the products of Donegal Mutual and our insurance subsidiaries generally allow the individual companies to manage certain risk segments through variations in coverage, terms and pricing. Therefore, the underwriting profitability of the business the individual companies write directly will vary. However, the underwriting pool homogenizes the risk characteristics of all business that Donegal Mutual and Atlantic States write directly. The business Atlantic States derives from the underwriting pool represents a significant percentage of our total consolidated revenues.
Impact of New Accounting Standards	In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance to enhance the transparency and usefulness of income tax disclosures. The guidance requires disclosure of specific categories in the rate reconciliation table and additional information for reconciling items that meet a quantitative threshold of equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate. The guidance also requires disaggregated disclosure of the amount of income taxes paid for federal, state and foreign taxes. The guidance is effective for annual reporting periods beginning after December 15, 2024. The adoption of this guidance will not have an impact on our financial position, results of operations or cash flows. In November 2024, the FASB issued guidance requiring disaggregated disclosure of income statement expenses in the notes to financial statements. The guidance requires disclosure of certain expenses, including employee compensation, depreciation and selling expenses. The guidance will not impact current income statement expense captions that industry-specific guidance requires. The guidance is effective for annual and interim reporting periods beginning after December 15, 2026. The adoption of this guidance will not have an impact on our financial position, results of operations or cash flows.