Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 26

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 26
---
 at fair value 
    $343,302  
    $35,590  
    $307,712  
    $— 

There were no liabilities measured at fair value on a recurring
basis at June 30, 2025, or December 31, 2024.

16 

  5. 
  Reinsurance

External Reinsurance 

The Company’s consolidated financial statements reflect
the effects of assumed and ceded reinsurance transactions. Assumed reinsurance refers to the acceptance of certain insurance risks that
other insurance companies have underwritten. Ceded reinsurance involves transferring certain insurance risks (along with the related written
and earned premiums) the Company has underwritten to other insurance companies who agree to share these risks. The Company reinsures a
portion of the risks it underwrites, through these ceded reinsurance agreements, in order to control its exposure to losses. Our ceded
reinsurance is placed either on an automatic basis under general reinsurance contracts known as treaties or through facultative contracts
placed on substantial individual risks. These contracts do not relieve the Company from its obligations to policyholders. Treaty reinsurance
contracts are typically effective from January 1 through December 31 each year.

During the six-month period ended June 30, 2025, the Company
maintained property catastrophe reinsurance protection covering $117,000 in excess of a $20,000 retention. Our per risk excess of loss
treaty provides coverage of $4,000 in excess of $1,000 for property risks and $11,000 in excess of $1,000 for casualty risks. Additionally,
a property per-risk facultative contract is in place to provide coverage up to $20,000 in excess of $5,000 per property. Aggregate stop
loss reinsurance agreements are also in place for both crop hail and multi-peril crop coverage. The crop hail aggregate attaches at a
100% net loss ratio providing 50 points of cover. The multi-peril crop aggregate attaches at a 105% net loss ratio providing 45 points
of cover. In addition to the aggregate covers, underlying multi-peril crop reinsurance is provided through the Federal Crop Insurance
Corporation (“FCIC”).

During the year ended December 31, 2024, the Company maintained property
catastrophe reinsurance protection covering $133,000 in excess of a $20,000 retention. With the exception of Westminster, a per risk excess
of loss treaty provides