Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 564

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1B
Chunk 564
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 to losses. Our ceded
reinsurance is placed either on an automatic basis under general reinsurance contracts known as treaties or through facultative contracts
placed on substantial individual risks. These contracts do not relieve the Company from its obligations to policyholders. Treaty reinsurance
contracts are typically effective from January 1 through December 31 each year.

70 

During the year ended December 31, 2024, the Company
maintained property catastrophe reinsurance protection covering $133,000 in excess of a $20,000 retention. With the exception of Westminster,
a per risk excess of loss treaty provides coverage of $4,000 in excess of $1,000 for property risks and $11,000 in excess of $1,000 for
casualty risks. For Westminster, a per risk excess of loss treaty provided coverage of $3,000 in excess of $2,000 for property risks and
$10,000 in excess of $2,000 for casualty risks until July 1, 2024. Additionally, a property per-risk facultative contract is in place
to provide coverage up to $20,000 in excess of $5,000 per property. Aggregate stop loss reinsurance agreements are also in place for both
crop hail and multi-peril crop coverage. The crop hail aggregate attaches at a 100% net loss ratio providing 50 points of cover. The multi-peril
crop aggregate attaches at a 105% net loss ratio providing 45 points of cover. In addition to the aggregate covers, underlying multi-peril
crop reinsurance is provided through the FCIC.

Effective July 1, 2024, the Company’s reinsurance contracts
were modified to exclude any Westminster losses occurring on or after that date, while maintaining all other existing limits, retentions,
and attachment points.

For the year ended December 31, 2023, the Company’s
catastrophe retention and retention limit were consistent with those for the year ended December 31, 2024. In addition, limits, retentions,
and attachment points in our other reinsurance contracts were also consistent with those for the year ended December 31, 2024 (with the
exception of Westminster for which per risk excess of loss treaties provided coverage of $4,000 in excess of $1,000 for property risks
and $11,000 in excess of $1,000 for casualty risks).

During the year ended December 31, 2022, the Company
maintained