Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 122

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 122
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     56,131  
     — 
  
    Redeemable preferred stock 
     3,249  
     —  
     3,249  
     — 
  
    Total fixed income securities 
     307,712  
     —  
     307,712  
     — 

    Equity Securities - Common stock 
     24,640  
     24,640  
     —  
     — 

    Money market accounts and cash equivalents 
     10,950  
     10,950  
     —  
     — 
  
    Total assets 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