Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 120

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 120
---
 Balance, beginning of period 
    $—  
    $—  
    $17,904  
    $8 

    Current period charge for expected credit losses 
        
     —  
        
     2 
  
    Write-offs of uncollectible premiums receivable 
        
     —  
        
     (2)

    Balance, end of period 
    $—  
    $—  
    $19,727  
    $8 

28 

19.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 I, Item 1, Note 2 “Basis of Presentation
and Accounting Policies” of this Form 10-Q.

The Company’s Consolidated Statements of Cash
Flows presents operating, investing, and financing cash flows of the discontinued operations separately. Summary operating results of
discontinued operations were as follows for the periods indicated:

    Three Months Ended March 31, 

    2025  
    2024 
  
    Revenues: 

    Net premiums earned 
    $—  
    $15,673 
  
    Fee and other income 
     —  
     7 
  
    Net investment income 
     —  
     798 
  
    Net investment gains (losses) 
     —  
     372 
  
    Total revenues 
     —  
     16,850 

    Expenses: 

    Losses and loss adjustment expenses 
     —  
     12,065 
  
    Amortization of deferred policy acquisition costs 
     —  
     3,846 
  
    Other underwriting and general expenses 
     —  
     1,592 
  
    Total expenses 
     —  
     17,503 

    Loss before income taxes 
     —  
     (653)
  
    Income tax benefit 
     —