Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 162

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 162
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 same period in 2024. Net premiums earned for the first six months of 2025 increased
$906, or 9.6% from the first six months of 2024. The decrease in the second quarter of 2025 was driven by lower commodity prices compared
to the prior year. 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 year-to-date increase was driven by the recognition of more
favorable premium adjustments in the first quarter of 2025 compared to the first quarter of 2024.

All Other – Net premiums earned for the second
quarter of 2025, increased $502, or 16.4%, compared to the same period in 2024. Net premiums earned for the first six months of 2025 increased
$816, or 13.6%, from the first six months of 2024. Results were driven by rate increases for the North Dakota commercial lines of business.

Losses and Loss Adjustment Expenses

    Three Months Ended June 30,  
    Six Months Ended June 30, 

    2025  
    2024  
    2025  
    2024 
  
    Net losses and loss adjustment expenses: 

    Direct losses and loss adjustment expenses 
    $109,382  
    $73,350  
    $149,761  
    $114,869 
  
    Assumed losses and loss adjustment expenses 
     284  
     224  
     51  
     269 
  
    Ceded losses and loss adjustment expenses 
     (43,059) 
     (4,216) 
     (44,680) 
     (5,636)
  
    Total net losses and loss adjustment expenses 
    $66,607  
    $69,358  
    $105,132  
    $109,502 

Our net losses and loss adjustment expenses for the three months ended
June 30, 2025, decreased $2,751, or 4.0%, compared to the three months ended June 30, 2024. Our net losses and loss adjustment expenses
for the six months ended June 30, 2025, decreased $4,370, or 4.0%, compared to the six months ended June 30, 202