Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 3

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1
Chunk 3
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 the name “Farm Bureau” and the “FB” logo and associated trademarks to market Nodak
Insurance products. Nodak Insurance has held this license since the insurance company’s inception in 1946, and the current version
of the license agreement has been in place since 2002. The current license agreement between the NDFB and Nodak Insurance renewed on October
1, 2024, with an expiration date of September 30, 2025. The agreement has historically been renewed annually by a vote of the Nodak Insurance
Board of Directors. Under the current license agreement, Nodak Insurance is required to pay to the NDFB an annual royalty payment equal
to 1.3% of Nodak Insurance’s written premiums (excluding multi-peril crop insurance premiums), subject to a minimum annual payment
of $900 and a maximum annual payment of $1,672. The maximum royalty payment is adjusted annually based upon the June index month for the
Consumer Price Index.

As of December 31, 2024, Nodak Insurance distributed
its insurance products through 63 exclusive agents appointed by Nodak Insurance.

Nodak Agency, Inc.

Nodak Agency is an inactive shell corporation.

Tri-State, Ltd.

Tri-State, Ltd. is an inactive shell corporation.

American West Insurance Company

American West is a property and casualty insurance
company licensed in eight states in the Midwest and Western regions of the United States (“U.S.”). American West began writing
policies in 2002 and primarily writes private passenger auto, homeowners, and farm coverages in South Dakota. American West also writes
private passenger auto coverage in North Dakota, as well as crop hail and Federal multi-peril crop insurance coverages in Minnesota and
South Dakota. As of December 31, 2024, American West distributed its products through independent agents in 63 contracted agencies.

Primero Insurance Company

Primero is a wholly-owned subsidiary of Tri-State,
Ltd. Tri-State, Ltd. is an inactive shell corporation 100% owned by Nodak Insurance. Primero is a property and casualty insurance company
writing non-standard automobile coverage in the states of Nevada, Arizona, North Dakota, and South Dakota during 2024. Primero was acquired
by Nodak Insurance in 2014. As of December 31, 2024, Primero no longer writes coverage in the state of Nevada. Primero distributed its
policies through independent agents in