Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 0

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1
Chunk 0
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Item 1.Business

All dollar amounts,
except per share amounts, are in thousands.

Overview

NI Holdings is a North Dakota business corporation
that is the stock holding company of Nodak Insurance Company and became such in connection with the conversion of Nodak Mutual Insurance
Company (“Nodak Mutual”) from a mutual to stock form of organization and the creation of a mutual holding company. The conversion
was completed on March 13, 2017. Immediately following the conversion, all of the outstanding shares of common stock of Nodak Insurance
Company (“Nodak Insurance,” the successor to Nodak Mutual Insurance Company) were issued to Nodak Mutual Group, Inc. (“Nodak
Mutual Group”), which then contributed the shares to NI Holdings in exchange for 55% of the outstanding shares of common stock of
NI Holdings. Nodak Insurance then became a wholly-owned stock subsidiary of NI Holdings. Prior to completion of the conversion, NI Holdings
conducted no business and had no assets or liabilities. As a result of the conversion, NI Holdings became the holding company for Nodak
Insurance and its existing subsidiaries. Concurrent with the conversion, on March 13, 2017, the Company completed an initial public offering
(“IPO”) of 10,350,000 shares of common stock at a price of $10.00 per share. The Company received net proceeds of $93,145
from the offering, after deducting the underwriting discounts and offering expenses. The newly issued shares of NI Holdings were available
for public trading on March 16, 2017.

These consolidated financial statements include the financial
position and results of operations of NI Holdings and the following other entities:

●Nodak Insurance – a wholly-owned subsidiary of NI Holdings;

●Nodak Agency, Inc. (“Nodak Agency”) – a wholly-owned subsidiary of Nodak Insurance;

●American West Insurance Company (“American West”) – a wholly-owned subsidiary of Nodak Insurance;

●Primero Insurance Company (“Primero”) – an indirect wholly-owned subsidiary of Nodak Insurance;

●Battle Creek Insurance Company (“Battle Creek”) – a wholly-owned subsidiary of Nodak Insurance, formerly Battle
Creek Mutual Insurance Company. Battle Creek Mutual Insurance Company became affiliated with Nodak Insurance in 2011 and, prior to January
2, 2024, was controlled by Nodak Insurance via a surplus note. The terms of the surplus note allowed N