Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 959

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 2
Chunk 959
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31, 2018,
via a stock purchase agreement.

Westminster American Insurance Company

Westminster is a property and casualty insurance company
licensed in 18 states and the District of Columbia. Westminster is headquartered in Owings Mills, Maryland and underwrites commercial
multi-peril insurance in the states of Delaware, Georgia, Kentucky, Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina,
Tennessee, Virginia, West Virginia, and the District of Columbia. Westminster was sold to Scott Insurance Holdings on June 30, 2024. Subsequent
to the date of sale, Westminster is reflected as discontinued operations within our Consolidated Balance Sheets and Consolidated Statements
of Operations. For additional information see Part II, Item 8, Note 20 “Discontinued Operations” of this 2024 Annual Report.

Organizational Structure and Credit Ratings

Nodak Insurance markets and distributes its policies
through its captive agents, while all other companies utilize the independent agent distribution channel. Additionally, all of the Company’s
insurance subsidiary and affiliate companies as of December 31, 2024, are rated “A” Excellent by AM Best.

The same executive management team provides oversight
and strategic direction for the entire organization. Nodak Insurance personnel provide common product oversight, pricing practices, and
underwriting standards, as well as underwriting and claims administration, to Nodak Insurance, American West, and Battle Creek. Primero
and Direct Auto personnel manage the day-to-day operations of their respective companies. Westminster personnel managed the day-to-day
operations of their company prior to the date of sale.

2.       Recent
Accounting Pronouncements

Adopted

Improvements to Reportable Segment Disclosures

In the fourth quarter of 2024, the Company adopted the annual
and interim disclosure requirements of ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”
issued by the FASB in November 2023. The amendments expand a public business entity's segment disclosures by requiring disclosure of significant
segment expenses that are regularly provided to the chief operating decision maker (“CODM”), clarifying when an entity may
report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure
requirements for entities with a single reportable segment, and requiring other new disclosures. See Item II, Part 8, Note 21 “Segment
Information” section of this Annual Report for applicable disclosures required by this guidance.