Company: NODK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001174947-25-001356
Chunk: 190

Company: NI Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part II, Item 1A
Chunk 190
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Item 1A. - Risk Factors

There have been no material changes in our assessment of our risk
factors from those set forth in Part I, Item 1A, “Risk Factors” in our 2024 Annual Report, except as indicated below:

Strategic decisions may not achieve their intended benefits,
may be based on incomplete or inaccurate information, or may not be implemented in a timely manner, which could adversely affect our results
of operations.

From time to time, we evaluate and adjust our business strategies
in response to changes in market conditions, underwriting results, competitive dynamics, regulatory developments, and other factors. For
example, we recently determined to cease writing new policies and non-renew existing policies in our Non-Standard Auto segment. Strategic
decisions such as these are based on information, estimates, and assumptions available to us at the time they are made. However, such
information may prove to be inaccurate or incomplete, and the anticipated benefits of these actions, such as improved underwriting performance,
reduced volatility, or more efficient capital allocation, may not be realized as expected, or at all.

In addition, there can be significant timing and execution risks
associated with strategic changes. Our decision-making and implementation processes may take longer than anticipated, or we may not identify
needed changes on a timely basis. While we evaluate and execute strategic adjustments, our business operations may experience disruption,
our relationships with agents, policyholders, or reinsurers may be adversely affected, and our overall financial results may be negatively
impacted. Furthermore, no longer writing a line of business may result in short-term declines in premium volume, increased expense ratios,
or other unforeseen consequences that could negatively impact our results of operations and financial condition.

Trade policies, including tariffs, could adversely impact our
financial condition and operating results. 

We maintain reserves to cover estimated unpaid losses and expenses
necessary to settle claims. The reserves for losses and loss adjustment expenses that we have established are estimates of amounts needed
to pay reported and unreported claims and related expenses, based on facts and circumstances known to us at the time we established the
reserves. Reserves are actuarially projected based on historical claims information, industry statistics, anticipated trends, and other
factors. Changes in U.S. trade policy, including recently announced tariffs, could have a material adverse impact on our business, financial
condition, and results of operations. The imposition of new tariffs or increases in existing tariffs on goods imported from other countries
could result in