Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 52

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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and new business levels in Nebraska as a result of underwriting actions taken to improve profitability.

Crop – Net premiums earned for the first quarter
of any year are typically the result of prior crop year premium adjustments that correspond to the current year settlement of prior crop
year claims. The majority of crop insurance premiums are generally written in the second quarter and earned ratably over the remainder
of the calendar year.

All Other – Net premiums earned for the three months
ended March 31, 2025, increased $313, or 10.7%, compared to the same period in 2024 primarily driven by rate increases for the North Dakota
commercial lines of business.

Losses and Loss Adjustment Expenses

    Three Months Ended March 31, 

    2025  
    2024 
  
    Net losses and loss adjustment expenses: 

    Direct losses and loss adjustment expenses 
    $40,379  
    $41,519 
  
    Assumed losses and loss adjustment expenses 
     (233) 
     45 
  
    Ceded losses and loss adjustment expenses 
     (1,621) 
     (1,420)
  
    Total net losses and loss adjustment expenses 
    $38,525  
    $40,144 

35 

Our net losses and loss adjustment expenses for the three months ended
March 31, 2025, decreased $1,619, or 4.0%, compared to the three months ended March 31, 2024.

    Three Months Ended March 31, 

    2025  
    2024 
  
    Net losses and loss adjustment expenses: 

    Private Passenger Auto 
    $13,495  
    $11,293 
  
    Non-Standard Auto 
     14,538  
     16,869 
  
    Home and Farm 
     9,787  
     12,181 
  
    Crop 
     (499) 
     (1,557)
  
    All Other 
     1,204  
     1,358 
  
    Total net losses and loss adjustment expenses 
    $38,525  
    $40,144 

    Three Months Ended March 31, 

    2025  
    2024 
  
    Loss and loss adjustment expense ratio: 

    Private Passenger Auto 
     59.6%  
     51