Company: NODK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001174947-25-001356
Chunk: 129

Company: NI Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2
Chunk 129
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 and financial condition.

Trade policies, including tariffs, could adversely impact our
financial condition and operating results. 

We maintain reserves to cover estimated unpaid losses and expenses
necessary to settle claims. The reserves for losses and loss adjustment expenses that we have established are estimates of amounts needed
to pay reported and unreported claims and related expenses, based on facts and circumstances known to us at the time we established the
reserves. Reserves are actuarially projected based on historical claims information, industry statistics, anticipated trends, and other
factors. Changes in U.S. trade policy, including recently announced tariffs, could have a material adverse impact on our business, financial
condition, and results of operations. The imposition of new tariffs or increases in existing tariffs on goods imported from other countries
could result in increased costs for raw materials, components, or finished goods and adversely impact loss severity. In addition, tariffs
or other trade restrictions may lead to continuing uncertainty and volatility in U.S. and global financial and economic conditions and
commodity markets, declining consumer confidence, significant inflation, and diminished expectations for the economy. Such conditions
could have a material adverse impact on our business, results of operations and cash flows. We are unable to predict the ultimate result
and duration of any tariff actions by the U.S. government or countermeasures that may be taken by other nations.

47 

Item 2. - Unregistered Sales of Equity Securities
and Use of Proceeds

All dollar amounts included in Item 2 herein, except per share data,
are in thousands.

The Company has not sold any unregistered securities within the
past three years.

From time to time, the Company may repurchase its own stock.

On May 9, 2022, our Board of Directors approved an authorization
for the repurchase of up to approximately $10,000 of the Company’s outstanding common stock. During the year ended December 31,
2022, we completed the repurchase of 54,223 shares of our common stock for $734 under this authorization. During the year ended December
31, 2023, we repurchased an additional 548,549 shares of our common stock for $7,278, including the effect from applicable excise taxes.
During the year ended December 31, 2024, we did not repurchase any shares of our common stock. During the nine months ended September
30, 2025, we completed the repurchase of 87,199 shares of our common stock for