Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 571

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1B
Chunk 571
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    Total paid 
     212,206  
     229,148  
     260,010 

    Westminster balances disposed in sale: 

    Liability for unpaid losses and loss adjustment expenses 
     107,508  
     —  
     — 
  
    Reinsurance recoverables on losses 
     45,320  
     —  
     — 
  
    Net balance, date of sale 
     62,188  
     —  
     — 

    Balance, end of year: 

    Liability for unpaid losses and loss adjustment expenses 
     137,288  
     217,119  
     190,459 
  
    Reinsurance recoverables on losses 
     12,561  
     48,969  
     37,575 
  
    Net balance, end of year 
    $124,727  
    $168,150  
    $152,884 

During the year ended December 31, 2024, the Company’s
incurred reported losses and loss adjustment expense included $12,908 of net unfavorable development on prior accident years. This was
primarily attributable to unfavorable development for the Direct Auto non-standard auto business, partially offset by favorable development
in Battle Creek, American West, Primero, and Nodak Insurance. During the year ended December 31, 2023, the Company’s incurred reported
losses and loss adjustment expenses included $20,452 of net unfavorable development on prior accident years, primarily attributable to
unfavorable development for the Westminster commercial and Direct Auto non-standard auto businesses partially offset by favorable development
for Battle Creek, American West, and Nodak Insurance. During the year ended December 31, 2022, the Company’s incurred reported losses
and loss adjustment expenses included $1,149 of net unfavorable development on prior accident years, primarily attributable to unfavorable
development for the Westminster commercial business partially offset by favorable development for Battle Creek and Nodak Insurance. During
2024, Westminster was sold and all associated liabilities were included in the sale.

Changes in unpaid losses and loss adjustment expense
reserves are generally the result of ongoing analysis of recent loss development trends. As additional information becomes known regarding
individual claims, original estimates are increased or decreased accordingly.

74 

The tables for current and prior year continuing and discontinued
operations showing the liability for unpaid losses and loss adjustment expense are shown