Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 5

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1
Chunk 5
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ated Statements of
Operations. For additional information see Part II, Item 8, Note 20 “Discontinued Operations” of this 2024 Annual Report.

General Information

Nodak Insurance markets and distributes its policies through
its captive agents, while all other companies utilize the independent agent distribution channel. Additionally, all of the Company’s
insurance subsidiary and affiliate companies are rated “A” Excellent by AM Best.

The same executive management team provides oversight
and strategic direction for the entire organization. Nodak Insurance provides common product oversight, pricing practices, and underwriting
standards, as well as underwriting and claims administration, to itself, American West, and Battle Creek. Primero and Direct Auto personnel
manage the day-to-day operations of their respective companies. Westminster personnel managed the day-to-day operations of their company
prior to the date of sale.

The consolidated financial statements of NI Holdings
presented herein include the financial position and results of operations of NI Holdings, Direct Auto, Westminster (as discontinued operations),
and Nodak Insurance, including Nodak Insurance’s subsidiaries of American West, Primero and Battle Creek. Each of the insurance
companies is subject to examination and comprehensive regulation by the insurance department of its state of domicile, North Dakota.

Market Overview for Continuing Operations

We market our personal lines products in the upper
Midwest states of North Dakota, Nebraska, South Dakota, and Minnesota. We offer non-standard auto insurance in the states of Illinois,
Arizona, Nevada, South Dakota, and North Dakota. We offer commercial multi-peril insurance in the states of North Dakota and South Dakota.
The following chart shows our direct premiums written during the last two years and our relative market share within each of our states
during the year ended December 31, 2023:

5 

    Year Ended
 December 31, 2024  
    Year Ended December 31, 2023

    Direct Premiums 
Written  
    Direct Premiums
 Written  
    Market Size  
    Rank in  State
  
    North Dakota 
    $167,713  
    $163,505  
    $3,827,000  
     5th
  
    Illinois 
     78,523  
     86,348  
     35,939,000  
     59th
  
    Nebraska 
     53,244  
     50,698  
     7,573,000  
     32nd