Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 798

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1C
Chunk 798
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Discontinued Operations” for additional
information.

84 

Battle Creek

Prior to January 2, 2024, we consolidated the financial statements
of Battle Creek, and Battle Creek’s policyholders’ interest in Battle Creek was reflected as a non-controlling interest in
shareholders’ equity in our Consolidated Balance Sheets. Subsequent to January 2, 2024, Battle Creek is fully consolidated in our
Consolidated Balance Sheets. The following table discloses the standalone balance sheet of Battle Creek, prior to intercompany eliminations,
to illustrate the impact of including Battle Creek in our December 31, 2023, Consolidated Balance Sheet prior to demutualization:

    December 31, 2023 
  
    Assets: 

    Cash and cash equivalents 
    $2,621 
  
    Investments 
     15,394 
  
    Premiums and agents’ balances receivable 
     5,953 
  
    Deferred policy acquisition costs 
     682 
  
    Reinsurance recoverables on losses (2) 
     6,918 
  
    Accrued investment income 
     85 
  
    Income tax recoverable 
     225 
  
    Deferred income taxes 
     706 
  
    Property and equipment 
     306 
  
    Other assets 
     97 
  
    Total assets 
    $32,987 

    Liabilities: 

    Unpaid losses and loss adjustment expenses 
    $4,276 
  
    Unearned premiums 
     3,269 
  
    Notes payable (1) 
     3,000 
  
    Pooling payable (1) 
     5,932 
  
    Reinsurance losses payable (2) 
     13,275 
  
    Accrued expenses and other liabilities 
     477 
  
    Total liabilities 
     30,229 

    Equity: 

    Non-controlling interest 
     2,758 
  
    Total equity 
     2,758 

    Total liabilities and equity 
    $32,987 

(1)       
Amount fully eliminated in consolidation.

(2)       
Amount partly eliminated in consolidation.

12.       Benefit
Plans

Nodak Insurance sponsors a 401(k) plan with
an automatic and matching contribution for eligible employees at Nodak Insurance, Primero, and Direct Auto. Nodak Insurance also contributes
an additional elective amount of