Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1202

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 3
Chunk 1202
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 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 FCIC.

Effective July 1, 2024, the Company’s reinsurance contracts
were modified to exclude any Westminster losses occurring on or after that date, while maintaining all other existing limits, retentions,
and attachment points.

For the year ended December 31, 2023, the Company’s
catastrophe retention and retention limit were consistent with those for the year ended December 31, 2024. In addition, limits, retentions,
and attachment points in our other reinsurance contracts were also consistent with those for the year ended December 31, 2024 (with the
exception of Westminster for which per risk excess of loss treaties provided coverage of $4,000 in excess of $1,000 for property risks
and $11,000 in excess of $1,000 for casualty risks).

During the year ended December 31, 2022, the Company
maintained property catastrophe reinsurance protection covering $125,000 in excess of a $15,000 retention. Additionally, per risk excess
of loss treaties provided coverage of $4,000 in excess of $1,000 for property risks and $11,000 in excess of $1,000 for casualty risks,
with facultative contracts in place to provide coverage up to $20,000 in excess of $5,000 per property. Aggregate stop loss reinsurance
agreements were placed for both crop hail and multi-peril crop coverage. The crop hail aggregate attached at a 100% net loss ratio providing
50 points of cover. The multi-peril crop aggregate attached at a 105% net loss ratio providing 45 points of cover. In addition to the
aggregate covers, underlying multi-peril crop reinsurance was provided through the FCIC.

The Company experienced multiple catastrophe events
during 2022 which resulted in reinsurance recoveries of $5,648 through December 31, 2024.

For 2025, the Company’s catastrophe retention
will remain consistent with 2024 at $20,000 and the reinsurance protection will cover $117,000. The lower limit for 2025 was primarily
due to the sale of Westminster, which drove the top end of the catastrophe modeling results. There were no