Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 38

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 exceeded the amount of statutory capital and surplus necessary
to satisfy risk-based capital requirements by a significant margin. For information regarding the availability of subsidiaries to pay
dividends to NI Holdings during 2025, see Part II, Item 8, Note 11 “Royalties, Dividends, and Affiliations” section of the
2024 Annual Report.

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. See the Part I, Item 1, Note 1 “Organization” section of this Form 10-Q for additional information.

  11. 
  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 employee compensation as a profit-sharing contribution for eligible employees. Westminster also sponsored a separate 401(k)
plan until the company was sold on June 30, 2024. American West and Battle Creek have no employees. The Company reported expenses related
to these plans totaling $482 and $459 during the three months ended June 30, 2025 and 2024, respectively, and $802 and $805 during the
six months ended June 30, 2025 and 2024, respectively.

All fees associated with the plans are deducted from the
eligible employee accounts.

The Company also offers a non-qualified deferred compensation
plan to key executives of the Company (as designated by the Board of Directors). The Company’s policy is to fund the plan by amounts
that represent the excess of the maximum contribution allowed by the Employee Retirement Income Security Act over the key executives’
allowable 401(k) contribution. The plan also allows employee-directed deferral of key executives’ compensation or incentive payments.
The Company reported expenses related to this plan totaling $24 and $33 during the three months ended June 30, 2025 and 2024, respectively,
and $158 and $231 during the six months ended June 30, 2025 and 2024, respectively.

In connection with our initial public offering (“IPO”)