Company: NODK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001174947-25-001356
Chunk: 35

Company: NI Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 period: 

    Liability for unpaid losses and loss adjustment expenses 
     157,383  
     159,069 
  
    Reinsurance recoverables on losses 
     23,051  
     14,321 
  
    Net balance, end of period 
    $134,332  
    $144,748 

During the nine months ended
September 30, 2025, the Company’s incurred reported losses and loss adjustment expense included $19,792 of net unfavorable development
on prior accident years. This was primarily attributable to unfavorable development for the Non-Standard Auto segment. During the nine
months ended September 30, 2024, the Company’s incurred reported losses and loss adjustment expenses included $13,102 of net unfavorable
development on prior accident years, primarily attributable to the Non-Standard Auto segment. During 2024, Westminster was sold and all
associated liabilities were included in the sale.

Changes in unpaid losses and loss adjustment expense reserves
are generally the result of ongoing analysis of recent loss development trends. As additional information becomes known regarding individual
claims, original estimates are increased or decreased accordingly.

21 

The tables for the current and comparable prior year continuing
and discontinued operations showing the liability for unpaid losses and loss adjustment expense are shown below:

    Nine Months Ended September 30, 

    2025  
    2024 
  
    Continuing operations: 

    Balance, beginning of period: 

    Liability for unpaid losses and loss adjustment expenses 
    $137,288  
    $119,185 
  
    Reinsurance recoverables on losses 
     12,561  
     6,460 
  
    Net balance, beginning of period 
     124,727  
     112,725 

    Incurred related to: 

    Current year 
     141,537  
     160,891 
  
    Prior years 
     19,792  
     13,711 
  
    Total incurred 
     161,329  
     174,602 

    Paid related to: 

    Current year 
     83,304  
     83,766 
  
    Prior years 
     68,420  
     58,813 
  
    Total paid 
     151,724  
     142,579 

    Balance, end of period: 

    Liability for unpaid losses and loss adjustment expenses