Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 30

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 for the three months
ended March 31, 2025 and 2024, respectively. Depreciation expense for continuing operations was $173 and $154 for the three months ended
March 31, 2025 and 2024, respectively.

  9.
  Goodwill and Other Intangibles

Goodwill

The following table presents the carrying amount of the Company’s
goodwill and related impairment by segment:

    Three Months Ended March 31, 2025  
    Year Ended December 31, 2024 

    Non-Standard 
Auto  
    Commercial  
    Total  
    Non-Standard 
Auto  
    Commercial  
    Total 
  
    Goodwill, beginning of period 
     —  
     —  
     —  
     2,628  
     —  
     2,628 
  
    Impairment recognized during the period 
     —  
     —  
     —  
     (2,628) 
     —  
     (2,628)
  
    Goodwill, end of period 
    $—  
    $—  
    $—  
    $—  
    $—  
    $— 

21 

We performed a quantitative assessment of
the goodwill related to the Primero acquisition during the fourth quarter of 2024, which is allocated to our Non-Standard Auto segment,
and concluded that the goodwill was fully impaired as of December 31, 2024, resulting in a non-cash impairment charge of $2,628. See the
Part II, Item 8, Note 10 “Goodwill and Other Intangibles” section of the 2024 Annual Report for additional information.

Other Intangible Assets

The gross and net carrying value of the
Company’s other intangible assets were $100 at March 31, 2025, and December 31, 2024, and consist of the state insurance license
for Direct Auto, which has an indefinite life.

We determined during our reviews that the
other indefinite-lived intangible assets were not impaired as of March 31, 2025, or December 31, 2024.

Amortization expense was $0 and $106 for the three months
ended March 31, 2025 and 2024, respectively. Amortization expense for continuing operations was $0 for the