Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 68

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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 increased 44.0 percentage points and 25.9 percentage points in the three- and six-month periods ended June 30, 2025, respectively,
compared to the same period in 2024. These increases were driven by higher unfavorable prior year development on liability loss reserves
in the current year periods compared to the same periods in 2024.

Home and Farm – The net loss and loss adjustment
expense ratio increased 26.2 percentage points and 2.8 percentage points in the three- and six-month periods ended June 30, 2025, respectively,
compared to the same periods in 2024. These increases in net loss and loss adjustment expense ratios were driven by losses from a significant
catastrophe event in North Dakota during the second quarter of 2025 that exceeded the Company’s $20,000 retention as well as the
related ceded premiums earned. Although the results for the six-month period ended June 30, 2024, were impacted by elevated non-catastrophe
weather losses in North Dakota and Nebraska, there were no catastrophes during that period. Catastrophe losses, net of reinsurance, for
the Home and Farm segment accounted for 94.7 and 45.1 percentage points of the net loss and loss adjustment expense ratio for the three-
and six-month periods ended June 30, 2025, respectively, and did not have a negative impact for the same periods in 2024.

Crop – The net loss and loss adjustment expense
ratio increased 12.5 percentage points and 16.1 percentage points in the three- and six-month periods ended June 30, 2025, respectively,
compared to the same periods in 2024. These increases were driven by less favorable crop growing conditions compared to the prior year.

All Other – The net loss and loss adjustment expense
ratio decreased 9.5 percentage points and 9.6 percentage points in the three- and six-month period ended June 30, 2025, compared to the
same period in 2024. These decreases were driven by favorable loss development related to the continued run-off of our participation in
an assumed domestic and international reinsurance pool of business.

Underwriting and General Expenses and Expense Ratio

    Three Months Ended June 30,  
    Six Months Ended June 30, 

    2025  
    2024  
    2025  
    2024