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

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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     (6,654)
  
    Net cash flows from investing activities – discontinued operations 
     —  
     2,878 
  
    Net cash flows from investing activities 
     (10,246) 
     (3,776)

    Cash flows from financing activities: 

    Pooling (payments) receipts 
     —  
     (7,058)
  
    Principal repayments of finance leases 
     (53) 
     (48)
  
    Issuance of vested award shares 
     (136) 
     (154)
  
    Net cash flows from financing activities – continuing operations 
     (189) 
     (7,260)
  
    Net cash flows from financing activities – discontinued operations 
     —  
     7,058 
  
    Net cash flows from financing activities 
     (189) 
     (202)

    Net change in cash and cash equivalents 
     5,854  
     30,782 
  
    (Increase) decrease in cash and cash equivalents – discontinued operations 
     —  
     (20,429)
  
    Net increase (decrease) in cash and cash equivalents – continuing operations 
     5,854  
     10,353 

    Cash and cash equivalents at beginning of period – continuing operations 
     50,930  
     41,037 

    Cash and cash equivalents at end of period – continuing operations 
    $56,784  
    $51,390 

    Federal and state income taxes paid (net of refunds received) 
    $2,975  
    $2,848 

The accompanying notes are an integral part of these consolidated financial
statements. 

8 

1.Organization

NI Holdings is a North Dakota business corporation
that is the stock holding company of Nodak Insurance and became such in connection with the Nodak conversion, whereby Nodak Mutual converted
from a mutual to stock form of organization and the creation of a mutual holding company. The Nodak conversion was consummated on March
13, 2017. Immediately following the Nodak conversion, all of the outstanding shares of common stock of Nodak Insurance were issued to
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