Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 2030

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 7
Chunk 2030
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angible assets, including state insurance licenses, the value of Westminster’s
distribution network, the value of the Westminster trade name, and the VOBA. The state insurance license asset had an indefinite life,
while the distribution networks asset and Westminster trade name were being amortized over twenty years and ten years, respectively, from
the January 1, 2020 acquisition/valuation date until the date of sale on June 30, 2024. The VOBA asset had been fully amortized at the
date of the sale of Westminster. We did not record any impairments of the other intangible assets for this reporting unit during the years
ended December 31, 2023 or 2022.

Discontinued Operations

On May 7, 2024, NI Holdings entered into a Stock
Purchase Agreement (“Purchase Agreement”) to sell its subsidiary, Westminster, to Scott Insurance Holdings, a privately owned
Maryland limited liability company. Scott Insurance Holdings is affiliated with John Scott, Sr., the father of the president of Westminster,
John Scott, Jr. The sale closed on June 30, 2024. The Purchase Agreement included a cash purchase price of $10,500, subject to certain
post-closing adjustments, including a post-closing payment to NI Holdings for the amount by which the ending statutory surplus balance
for Westminster exceeded $20,000. The post-closing payment received from Scott Insurance Holdings during the third quarter of 2024 was
$1,772 and has been included as an adjustment to the purchase price for the calculation of the loss on the sale of Westminster. The sale
of Westminster, which represented the majority of our Commercial segment in prior periods, was a strategic shift that has had a major
effect on our operations and financial results. Therefore, Westminster has been reported as discontinued operations in the Consolidated
Balance Sheets, Consolidated Statements of Operations, and Consolidated Statements of Cash Flows for all periods presented in this 2024
Annual Report. All current and prior periods reflected in this 2024 Annual Report have been presented as continuing and discontinued operations,
unless otherwise noted. For additional information see Part II, Item 8, Note 20 “Discontinued Operations” of this 2024 Annual
Report.

61 

Restatement

NI Holdings filed Amendment No. 1 to our Quarterly Report on Form
10-Q/A to amend certain information included in the Company's Quarterly Report on Form 10-Q for the three- and six-month periods ended
June 30