Company: NODK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001174947-25-001356
Chunk: 404

Company: NI Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 404
---

    $16,030  
     (8)

    Balance, end of period 
    $—  
    $—  
    $—  
    $— 

31 

19.Discontinued Operations

On May 7, 2024, we entered into a definitive agreement
to sell our subsidiary, Westminster, to Scott Insurance Holdings, for a cash purchase price of $10,500, as well as a $1,772 post-closing
adjustment pursuant to the purchase agreement, for a net amount of $12,272. The sale closed on June 30, 2024, and we reported an after-tax
loss on the sale of discontinued operations of $11,148. For additional information see Part I, Item 1, Note 2 “Basis of Presentation
and Accounting Policies” of this Form 10-Q.

The Company’s Consolidated Statements of
Cash Flows presents operating, investing, and financing cash flows of the discontinued operations separately. Summary operating results
of discontinued operations were as follows for the periods indicated:

    Three Months Ended September 30,  
    Nine Months Ended September 30, 

    2025  
    2024  
    2025  
    2024 
  
    Revenues: 

    Net premiums earned 
    $—  
    $—  
    $—  
    $31,056 
  
    Fee and other income 
     —  
     —  
     —  
     14 
  
    Net investment income 
     —  
     —  
     —  
     1,419 
  
    Net investment gains 
     —  
     —  
     —  
     116 
  
    Total revenues 
     —  
     —  
     —  
     32,605 

    Expenses: 

    Losses and loss adjustment expenses 
     —  
     —  
     —  
     23,506 
  
    Amortization of deferred policy acquisition costs 
     —  
     —  
     —  
     7,928 
  
    Other underwriting and general expenses 
     —  
     —  
     —  
     3,088 
  
    Total expenses 
     —  
     —