Company: NODK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001174947-25-001356
Chunk: 115

Company: NI Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2
Chunk 115
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. In addition, net premiums earned for the second and third quarter of 2025 were impacted by the
recognition of higher ceded premiums earned as a result of a significant catastrophe event in North Dakota during the second quarter of
2025.

Crop – Net premiums earned for the third quarter
of 2025, decreased $521, or 4.8%, compared to the same period in 2024. Net premiums earned for the first nine months of 2025 increased
$382, or 1.9% from the first nine months of 2024. The decrease in the third quarter of 2025 was driven by lower commodity prices compared
to the prior year. The year-to-date increase was driven by the recognition of more favorable premium adjustments, related to the settlement
of prior crop year claims, in the first quarter of 2025 compared to the first quarter of 2024.

All Other – Net premiums earned for the third
quarter of 2025, increased $541, or 16.4%, compared to the same period in 2024. Net premiums earned for the first nine months of 2025
increased $1,360, or 14.7%, from the first nine months of 2024. Results were driven by rate increases for the North Dakota commercial
and excess lines of business.

Losses and Loss Adjustment Expenses

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

    2025  
    2024  
    2025  
    2024 
  
    Net losses and loss adjustment expenses: 

    Direct losses and loss adjustment expenses 
    $57,828  
    $69,692  
    $207,589  
    $184,561 
  
    Assumed losses and loss adjustment expenses 
     523  
     617  
     574  
     886 
  
    Ceded losses and loss adjustment expenses 
     (2,154) 
     (5,209) 
     (46,834) 
     (10,845)
  
    Total net losses and loss adjustment expenses 
    $56,197  
    $65,100  
    $161,329  
    $174,602 

Our net losses and loss adjustment expenses for the three months
ended September 30, 2025, decreased $8,903, or 13.7