Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 947

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 2
Chunk 947
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 and (b) the adoption of ASU 2023-07, Segment Reporting (Topic 280) – Improvements to
Reportable Segment Disclosures described in Note 21, and, accordingly, we do not express an opinion or any other form of assurance about
whether such adjustments are appropriate and have been properly applied. Those adjustments were audited by Forvis Mazars, LLP.

Basis for Opinion

These consolidated financial statements are the
responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial
statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect
to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.

We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.

/s/ Mazars USA
LLP

PCAOB ID 339

We have served as the
Company’s auditor from 2016 to 2024.

Fort Washington, Pennsylvania

March 15, 2024

48 

NI Holdings, Inc.

Consolidated Balance Sheets

December 31, 2024 and 2023

(dollar amounts in thousands, except par value) 

    2024  
    2023 
  
    Assets: 

    Cash and cash equivalents 
    $50,930  
    $41,037 
  
    Fixed income securities, at fair value (net of allowance for expected credit losses of $0 at December 31, 2024 and 2023) 
     307,712  
     289,399 
  
    Equity securities, at fair value 
     24,640