Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 165

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 2
Chunk 165
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     21,414 
  
    Crop 
     (376) 
     (1,549)
  
    All Other 
     3,241  
     2,928 
  
    Total net premiums earned 
    $67,497  
    $69,884 

34 

Below are comments regarding significant changes in net premiums earned
by business segment:

Private Passenger Auto – Net premiums earned for
the three months ended March 31, 2025, increased $556, or 2.5%, compared to the same period in 2024. Results were driven by new business
growth in North Dakota as well as significant rate increases in South Dakota, and Nebraska, partially offset by lower new business and
retention levels in South Dakota and Nebraska as a result of underwriting actions taken.

Non-Standard Auto – Net premiums earned for the
three months ended March 31, 2025, decreased $6,736, or 27.0%, compared to the same period in 2024. This decrease was driven by strategic
decisions to exit Nevada and significantly reduce written premium in the Chicago market in recent periods to improve profitability. We
anticipate that this strategic shift away from Nevada and Chicago will result in a continued reduction of net premiums earned for Non-Standard
Auto in the near term.

Home and Farm – Net premiums earned for the three
months ended March 31, 2025, increased $2,307, or 10.8%, compared to the same period in 2024. Results were driven by new business growth
in North Dakota, rate increases, and increased insured property values. These increases were partially offset by lower retention rates
and new business levels in Nebraska as a result of underwriting actions taken to improve profitability.

Crop – Net premiums earned for the first quarter
of any year are typically the result of prior crop year premium adjustments that correspond to the current year settlement of prior crop
year claims. The majority of crop insurance premiums are generally written in the second quarter and earned ratably over the remainder
of the calendar year.

All Other – Net premiums earned for the three months
ended March 31, 2025, increased $313, or 10.7%, compared to the same period in 2024 primarily driven by rate increases for the North Dakota
commercial lines of business.

Losses and Loss Adjustment Expenses

    Three Months Ended March 31, 

    2025