Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1027

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 2
Chunk 1027
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Agents’ Balances 
Receivable, Net of
 Allowance for 
Expected Credit 
Losses  
    Allowance for 
Expected Credit 
Losses 
  
    Continuing operations 

    Balance, beginning of period 
    $47,346  
    $417 

    Current period charge for expected credit losses 
        
     327 
  
    Write-offs of uncollectible premiums receivable 
        
     (350)

    Balance, end of period 
    $56,154  
    $394 

    Year Ended  December 31, 2023 

    Premiums and 
Agents’ Balances
 Receivable, Net of 
Allowance for 
Expected Credit 
Losses  
    Allowance for
 Expected Credit 
Losses 
  
    Discontinued operations 

    Balance, beginning of period 
    $14,827  
    $8 

    Current period charge for expected credit losses 
        
     8 
  
    Write-offs of uncollectible premiums receivable 
        
     (8)

    Balance, end of period 
    $17,904  
    $8 

95 

20.       Discontinued Operations

On May 7, 2024, we entered into a definitive agreement
to sell our subsidiary, Westminster, to Scott Insurance Holdings, for a cash purchase price of $10,500, as well as a $1,772 post-closing
adjustment pursuant to the purchase agreement, for a net amount of $12,272. The sale closed on June 30, 2024, and we reported an after-tax
loss on the sale of discontinued operations of $11,148. For additional information see Part II, Item 8, Note 3 “Summary of Significant
Accounting Policies and Basis of Presentation.”

The assets and liabilities associated with discontinued
operations prior to the closing of the sale have been presented separately in our Consolidated Balance Sheets. The Company’s Consolidated
Statements of Cash Flows presents operating, investing, and financing cash flows of the discontinued operations separately. The major
assets and liability categories were as follows as of the dates indicated:

    December 31, 2024  
    December 31, 2023 
  
    Assets: 

    Cash and cash equivalents 
    $—  
    $15,656 
  
    Fixed income securities, at fair value 
     —