Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 781

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1C
Chunk 781
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,334)
  
    Net losses and loss adjustment expenses 
    $230,971  
    $244,412  
    $294,432 

The reconciliations for current and prior year continuing and discontinued
operations of direct to net losses and loss adjustment expenses is as follows:

    Year Ended December 31, 

    2024  
    2023  
    2022 
  
    Continuing Operations: 

    Direct losses and loss adjustment expenses 
    $220,991  
    $195,138  
    $255,187 
  
    Assumed losses and loss adjustment expenses 
     784  
     1,140  
     2,369 
  
    Ceded losses and loss adjustment expenses 
     (14,310) 
     (9,762) 
     (15,806)
  
    Net losses and loss adjustment expenses 
    $207,465  
    $186,516  
    $241,750 

    Year Ended December 31, 

    2024  
    2023  
    2022 
  
    Discontinued Operations: 

    Direct losses and loss adjustment expenses 
    $28,353  
    $98,840  
    $78,210 
  
    Assumed losses and loss adjustment expenses 
     —  
     —  
     — 
  
    Ceded losses and loss adjustment expenses 
     (4,847) 
     (40,944) 
     (25,528)
  
    Net losses and loss adjustment expenses 
    $23,506  
    $57,896  
    $52,682 

72 

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