Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 42

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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 $49,220  
    $232  
    $59,979  
    $216 

    As of and For the Three Months 
Ended March 31, 2025  
    As of and For the Three Months
 Ended March 31, 2024 

    Premiums and 
Agents’ Balances 
Receivable, Net of 
Allowance for
 Expected Credit 
Losses  
    Allowance for 
Expected Credit 
Losses  
    Premiums and 
Agents’ Balances
 Receivable, Net of
 Allowance for
 Expected Credit 
Losses  
    Allowance for 
Expected Credit 
Losses 
  
    Discontinued operations: 

    Balance, beginning of period 
    $—  
    $—  
    $17,904  
    $8 

    Current period charge for expected credit losses 
        
     —  
        
     2 
  
    Write-offs of uncollectible premiums receivable 
        
     —  
        
     (2)

    Balance, end of period 
    $—  
    $—  
    $19,727  
    $8 

28 

19.Discontinued Operations

On May 7, 2024, we entered into a definitive agreement
to sell our subsidiary, Westminster, to Scott Insurance Holdings, for a cash purchase price of $10,500, as well as a $1,772 post-closing
adjustment pursuant to the purchase agreement, for a net amount of $12,272. The sale closed on June 30, 2024, and we reported an after-tax
loss on the sale of discontinued operations of $11,148. For additional information see Part I, Item 1, Note 2 “Basis of Presentation
and Accounting Policies” of this Form 10-Q.

The Company’s Consolidated Statements of Cash
Flows presents operating, investing, and financing cash flows of the discontinued operations separately. Summary operating results of
discontinued operations were as follows for the periods indicated:

    Three Months Ended March 31, 

    2025  
    2024 
  
    Revenues: 

    Net premiums earned 
    $—  
    $15,673 
  
    Fee and other income 
     —  
     7 
  
    Net investment income 
     —