Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 20

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 20
---
 of fair value, then it will seek to resolve the discrepancy through
discussions with the independent pricing services. In its review, management did not identify any such discrepancies and no adjustments
were made to the estimates provided by the independent pricing services for the three-month period ended March 31, 2025, or the year ended
December 31, 2024. The classification within the fair value hierarchy is then confirmed based on the final conclusions from the pricing
review.

The valuation of money market accounts and equity securities are
generally based on Level 1 inputs, which use the market-approach valuation technique. The valuation of certain cash equivalents and our
fixed income securities generally incorporates significant Level 2 inputs using the market and income approach techniques. We may assign
a lower level to inputs typically considered to be Level 2 based on our assessment of liquidity and relative level of uncertainty surrounding
inputs. There were no assets or liabilities classified at Level 3 at March 31, 2025, or December 31, 2024.

14 

The following tables set forth our assets which are measured on
a recurring basis by the level within the fair value hierarchy in which fair value measurements fall:

    March 31, 2025 

    Total  
    Level 1  
    Level 2  
    Level 3 
  
    Fixed income securities: 

    U.S. Government and agencies 
    $12,608  
    $—  
    $12,608  
    $— 
  
    Obligations of states and political subdivisions 
     45,449  
     —  
     45,449  
     — 
  
    Corporate securities 
     124,258  
     —  
     124,258  
     — 
  
    Residential mortgage-backed securities 
     69,640  
     —  
     69,640  
     — 
  
    Commercial mortgage-backed securities 
     27,354  
     —  
     27,354  
     — 
  
    Asset-backed securities 
     31,829  
     —  
     31,829  
     — 
  
    Redeemable preferred stock 
     3,165  
     —  
     3,165  
     — 
  
    Total fixed income securities 
     314,303