Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 24

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 by employing various analytical procedures. We also use information from a second independent pricing
service to further validate the reasonableness of the valuation of our fixed income portfolio. If, after this review, management does
not believe the pricing for any security is a reasonable estimate of fair value, then it will seek to resolve the discrepancy through
discussions with the independent pricing services. In its review, management did not identify any such discrepancies and no adjustments
were made to the estimates provided by the independent pricing services for the six-month period ended June 30, 2025, or the year ended
December 31, 2024. The classification within the fair value hierarchy is then confirmed based on the final conclusions from the pricing
review.

The valuation of money market accounts and equity securities are
generally based on Level 1 inputs, which use the market-approach valuation technique. The valuation of certain cash equivalents and our
fixed income securities generally incorporates significant Level 2 inputs using the market and income approach techniques. We may assign
a lower level to inputs typically considered to be Level 2 based on our assessment of liquidity and relative level of uncertainty surrounding
inputs. There were no assets or liabilities classified at Level 3 at June 30, 2025, or December 31, 2024.

The following tables set forth our assets which are measured on
a recurring basis by the level within the fair value hierarchy in which fair value measurements fall:

    June 30, 2025 

    Total  
    Level 1  
    Level 2  
    Level 3 
  
    Fixed income securities: 

    U.S. Government and agencies 
    $12,682  
    $—  
    $12,682  
    $— 
  
    Obligations of states and political subdivisions 
     44,877  
     —  
     44,877  
     — 
  
    Corporate securities 
     132,385  
     —  
     132,385  
     — 
  
    Residential mortgage-backed securities 
     70,809  
     —  
     70,809  
     — 
  
    Commercial mortgage-backed securities 
     28,741  
     —  
     28,741  
     — 
  
    Asset-backed securities 
     29,498  
     —  
     29,498