Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 28

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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418 of net unfavorable development
on prior accident years. This was primarily attributable to unfavorable development for the Direct Auto non-standard auto business. During
the three months ended March 31, 2024, the Company’s incurred reported losses and loss adjustment expenses included $1,284 of net
unfavorable development on prior accident years, primarily attributable to unfavorable development for the Direct Auto non-standard auto
business partially offset by favorable development for Battle Creek, American West, and Nodak Insurance. 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.

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

    Three Months Ended March 31, 

    2025  
    2024 
  
    Continuing operations: 

    Balance, beginning of period: 

    Liability for unpaid losses and loss adjustment expenses 
    $137,288  
    $119,184 
  
    Reinsurance recoverables on losses 
     12,561  
     6,460 
  
    Net balance, beginning of period 
     124,727  
     112,724 

    Incurred related to: 

    Current year 
     37,107  
     38,888 
  
    Prior years 
     1,418  
     1,256 
  
    Total incurred 
     38,525  
     40,144 

    Paid related to: 

    Current year 
     10,375  
     11,702 
  
    Prior years 
     25,637  
     26,981 
  
    Total paid 
     36,012  
     38,683 

    Balance, end of period: 

    Liability for unpaid losses and loss adjustment expenses 
     135,886  
     120,531 
  
    Reinsurance recoverables on losses 
     8,646  
     6,346 
  
    Net balance, end of period 
    $127,240  
    $114,185 

20 

    Three Months Ended March 31, 

    2025