Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 31

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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    $114,869 
  
    Assumed losses and loss adjustment expenses 
     284  
     224  
     51  
     269 
  
    Ceded losses and loss adjustment expenses 
     (43,059) 
     (4,216) 
     (44,680) 
     (5,636)
  
    Net losses and loss adjustment expenses 
    $66,607  
    $69,358  
    $105,132  
    $109,502 

    Three Months Ended June 30,  
    Six Months Ended June 30, 

    2025  
    2024  
    2025  
    2024 
  
    Discontinued operations: 

    Direct losses and loss adjustment expenses 
    $—  
    $15,218  
    $—  
    $28,353 
  
    Assumed losses and loss adjustment expenses 
     —  
     —  
     —  
     — 
  
    Ceded losses and loss adjustment expenses 
     —  
     (3,777) 
     —  
     (4,847)
  
    Net losses and loss adjustment expenses 
    $—  
    $11,441  
    $—  
    $23,506 

Intercompany Reinsurance Pooling Arrangement

Effective January 1, 2020, all of our insurance subsidiary and affiliate
companies entered into an intercompany reinsurance pooling agreement. Nodak Insurance is the lead company of the pool, and assumes the
net premiums, net losses, and underwriting expenses from each of the other five companies. Nodak Insurance then retrocedes balances back
to each company, while retaining its own share of the pool’s net underwriting results, based on individual pool percentages established
in the respective pooling agreement. This arrangement allows each insurance company to rely upon the capacity of the pool’s total
statutory capital and surplus. As a result, they are evaluated by AM Best on a group basis and hold a single combined financial strength
rating, long-term issuer credit rating, and financial size category. Subsequent to the June 30, 2024, date of sale, Westminster is no
longer a member of the pool, and the pooling percentages for the remaining insurance subsidiaries were updated based on their respective
surplus as a percentage