Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1410

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 4
Chunk 1410
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 Company would be able to obtain fair value estimates from more than one broker-dealer, we would review the range of estimates
and select the most appropriate value based on the facts and circumstances. Should neither the independent pricing service nor a broker-dealer
provide a fair value estimate, we would develop a fair value estimate based on cash flow analyses and other valuation techniques that
utilize certain unobservable inputs. Accordingly, the Company classifies such a security as a Level 3 investment.

The fair value estimates of our investments provided by the
independent pricing service at each period-end were utilized, among other resources, in reaching a conclusion as to the fair value of
its investments.

Management reviews the reasonableness of the pricing provided
by the independent pricing service by employing various analytical procedures. We also use information from our third-party investment
advisor who utilizes different independent pricing services to further validate the reasonableness of the valuation of our fixed income
portfolio. If, after this review, management does not believe the pricing for any security is a reasonable estimate of fair value, then
it will seek to resolve the discrepancy through discussions with the independent pricing service. In its review, management did not identify
any such discrepancies and no adjustments were made to the estimates provided by the independent pricing service for the years ended December
31, 2024, 2023, or 2022. 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 December 31, 2024, or 2023.

68 

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:

    December 31, 2024 

    Total  
    Level 1  
    Level 2  
    Level 3 
  
    Fixed income securities: 

    U.S. Government and agencies 
    $12,274  
    $—  
    $12,274