NI Holdings, Inc. (NASDAQ: NODK)

NI Holdings is a holding company that owns and manages a group of property and casualty insurance subsidiaries operating primarily in the Upper Midwest. The company’s core business involves underwriting personal and commercial insurance policies through its affiliates, which include providers of auto, home, farm, crop and specialty coverages. NI Holdings generates revenue mainly from the premiums collected on these insurance policies written by its subsidiaries.

Revenue is derived from writing insurance contracts and collecting associated premiums across its various lines of business, supplemented by investment income on the float generated from those premiums. The company’s subsidiaries issue policies to individual and commercial customers, earning premiums that are recognized as revenue over the policy period. Underwriting results and investment returns together drive the firm’s financial performance.

NI Holdings operates through the following segments: Private Passenger Auto, Non-Standard Auto, Home and Farm, Crop, and All Other.

• Private Passenger Auto: This segment provides standard auto liability and physical damage coverage for personal vehicles through subsidiaries Nodak Insurance, American West, and Battle Creek.

• Non-Standard Auto: This segment offers minimum‑limit auto liability coverage for higher‑risk drivers via Primero and Direct Auto.

• Home and Farm: This segment writes homeowners and farmowners policies protecting dwellings, property and liability through Nodak Insurance, American West, and Battle Creek.

• Crop: This segment supplies crop hail and multi‑peril crop insurance products to agricultural producers through Nodak Insurance, American West, and Battle Creek.

• All Other: This segment includes commercial excess liability coverages and an assumed reinsurance book that is in run‑off, contributed by Nodak Insurance, American West, and Battle Creek.

Within the property and casualty insurance industry, NI Holdings holds a niche position as a regional carrier with a strong affinity to the North Dakota Farm Bureau, which supports its brand and distribution in its home state. The company’s subsidiaries are rated “A” Excellent by A. M. Best, reflecting solid financial strength, and it competes with larger national carriers such as Progressive, State Farm and American Family while emphasizing local service and claims expertise.

NI Holdings serves individual policyholders including private vehicle owners, homeowners, farmers and small business owners seeking auto, home, farm, crop or specialty insurance coverage. Its customers are primarily located in the states of North Dakota, South Dakota, Nebraska, Arizona, Minnesota and, historically, Illinois and Nevada for certain specialty lines.