Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1838

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 6
Chunk 1838
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 historical experience, current economic conditions, and the state of reinsurer relations in general. Collection
risk is mitigated by entering into reinsurance arrangements only with reinsurers that have strong credit ratings and statutory surplus
above certain levels. At December 31, 2024 and 2023, management has concluded that it is not necessary to record an allowance for expected
credit losses related to reinsurance recoverables. All of our significant reinsurance partners are rated “A-” (Excellent)
or better by AM Best, and there is no history of write-offs.

A reconciliation of direct to net premiums on both a written
and an earned basis, presented on a consolidated basis, including both continuing and discontinued operations, is as follows:

    Year Ended December 31, 

    2024  
    2023  
    2022 

    Premiums 
Written  
    Premiums 
Earned  
    Premiums 
Written  
    Premiums
 Earned  
    Premiums 
Written  
    Premiums 
Earned 
  
    Direct premium 
    $383,933  
    $380,968  
    $418,399  
    $401,945  
    $389,706  
    $368,886 
  
    Assumed premium 
     2,967  
     2,984  
     3,098  
     3,570  
     6,299  
     6,550 
  
    Ceded premium 
     (43,503) 
     (42,786) 
     (54,848) 
     (54,378) 
     (46,993) 
     (47,146)
  
    Net premiums 
    $343,397  
    $341,166  
    $366,649  
    $351,137  
    $349,012  
    $328,290 

71 

The reconciliations of the Company’s direct to net
premiums on both a written and an earned basis for the current year-to-date and comparable prior year-to-date amounts, segregated between
continuing and discontinued operations, are shown below.

    Year Ended December 31, 

    2024  
    2023  
    2022 

    Premiums 
Written  
    Premiums 
Earned  
    Premiums 
Written