Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 13

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1
Chunk 13
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 are rated “A” Excellent by AM Best, which is the third highest out of 15 possible ratings, under a
group rating due to the intercompany pooling reinsurance agreement. Effective May 10, 2024, AM Best affirmed a stable financial strength
outlook to the group.

Competition

The property casualty and crop insurance markets
are competitive. We compete with stock insurance companies, mutual insurance companies, and other underwriting organizations. Our largest
competitors in North Dakota for private passenger auto and homeowners include Progressive, State Farm, American Family, National General,
Farmers Union, and Auto-Owners insurance companies. In South Dakota and Nebraska, we have small market shares and our competitors are
the large national and regional companies as well as Farmers Mutual of Nebraska. In our non-standard auto markets, which are primarily
Illinois and Arizona, our primary competitors are regional carriers.

Based on 2023 data, Nodak Insurance is the second
largest writer of farmowners insurance in North Dakota. Our largest competitors include Farmers Union, North Star Mutual, American Family,
and Liberty Mutual insurance companies. In Nebraska and South Dakota, we have a small farmowners market share, which is dominated by the
large national and regional carriers.

The principal competitors in our markets for multi-peril
crop insurance include Chubb, QBE Insurance Group, Zurich, AgriSompo, and Great American Insurance Group. The premium rates for multi-peril
crop insurance are established by the RMA and, accordingly, we compete with other insurance companies on factors such as agency relationships,
claim service, and market reputation in the crop insurance market. We believe that our relationship with the NDFB and our leading market
share are significant factors in maintaining our market share of the crop insurance business in North Dakota. The Company’s multi-peril
crop insurance premiums for North Dakota were $30,641, $39,073, and $45,465 for the years ended December 31, 2024, 2023, and 2022, respectively.
Total North Dakota multi-peril crop premiums for the industry were $1,231,110, $1,491,650, and $1,537,758 for the years ended December
31, 2024, 2023, and 2022, respectively.

With respect to writing property and casualty
insurance, competitive factors include pricing, agency relationships, policy support, claim service, and market reputation. Like other
writers of property and casualty insurance