Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 521

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1B
Chunk 521
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 used these independent estimates to assess the reasonableness of the Company’s reserves by comparing our estimates
to the Company’s recorded losses and loss expenses reserves.

●We tested the underlying data that served as
the basis for the actuarial analysis, including historical claims data, to test the reasonableness of key inputs to the actuarial estimate.

/s/ Forvis Mazars, LLP  

PCAOB ID 686

We have served as the Company’s auditor since 2024.

New York, New York

March 7, 2025

47 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

To the Board of Directors
and
Shareholders of NI Holdings, Inc.

Opinion on the Consolidated Financial Statements

We have audited,
before the effects of the adjustments to retrospectively apply the change in accounting for (a) discontinued operations described in Note
3 and Note 20, and (b) the adoption of ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures
described in Note 21, the accompanying consolidated balance sheet of NI Holdings, Inc. and Subsidiaries (collectively, the “Company”)
as of December 31, 2023, and the related consolidated statements of operations, comprehensive income (loss), changes in shareholders’
equity, and cash flows for each of the years in the two-year period ended December 31, 2023, and the related notes and the schedule listed
in Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). The consolidated financial statements,
before the effects of the adjustments to retrospectively apply the change in accounting for (a) discontinued operations described in Note
3 and Note 20, and (b) the adoption of ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures
described in Note 21, are not presented herein.

In our opinion,
the consolidated financial statements referred to above, before the effects of the adjustments to retrospectively apply the change in
accounting for (a) discontinued operations described in Note 3 and Note 20, and (b) the adoption of ASU 2023-07, Segment Reporting (Topic
280) – Improvements to Reportable Segment Disclosures described in Note 21, present fairly, in all material respects, the financial
position