Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 103

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 103
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 and loss adjustment expenses 
     (233) 
     45 
  
    Ceded losses and loss adjustment expenses 
     (1,621) 
     (2,490)
  
    Net losses and loss adjustment expenses 
    $38,525  
    $52,209 

17 

The reconciliations for the current and comparable prior year
quarter continuing and discontinued operations of direct to net losses and loss adjustment expenses  are as follows:

    Three Months Ended March 31, 

    2025  
    2024 
  
    Continuing operations: 

    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)
  
    Net losses and loss adjustment expenses 
    $38,525  
    $40,144 

    Three Months Ended March 31, 

    2025  
    2024 
  
    Discontinued operations: 

    Direct losses and loss adjustment expenses 
    $—  
    $13,135 
  
    Assumed losses and loss adjustment expenses 
     —  
     — 
  
    Ceded losses and loss adjustment expenses 
     —  
     (1,070)
  
    Net losses and loss adjustment expenses 
    $—  
    $12,065 

Intercompany Reinsurance Pooling Arrangement

Effective January 1, 2020, all of our insurance subsidiary and affiliate
companies entered into an intercompany reinsurance pooling agreement. Nodak Insurance is the lead company of the pool, and assumes the
net premiums, net losses, and underwriting expenses from each of the other five companies. Nodak Insurance then retrocedes balances back
to each company, while retaining its own share of the pool’s net underwriting results, based on individual pool percentages established
in the respective pooling agreement. This arrangement allows each insurance company to rely upon the capacity of the pool’s total
statutory capital and surplus. As a result, they are evaluated by AM Best on a group basis and hold a single combined financial strength
rating, long-term issuer credit rating, and financial size category. Subsequent to the June 30, 2024, date of sale, Westminster is