NI Holdings, Inc.
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
NODK$15.33-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0001174947-25-001142
Item 2. - Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001174947-25-001356
Item 2. - Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 70 previous paragraphs and 70 current paragraphs.
30 unchanged; 36 reworded; 4 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 24 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Net premiums earned for the three months ended September 30, 2025, decreased $11,365, or 13.6%, compared to the three months ended September 30, 2024. Net premiums earned for the nine months ended September 30, 2025, decreased 25,916, or 10.9%, compared to the nine months ended September 30, 2024.
Current report
Crop – The net loss and loss adjustment expense ratio decreased 5.4 percentage points and increased 5.5 percentage points in the three- and nine-month periods ended September 30, 2025, respectively, compared to the same periods in 2024. The current quarter decrease was driven by the recognition of a reduction to the anticipated loss ratio for the current crop year compared to the anticipated loss ratio remaining relatively flat in the prior year. The year-to-date increase was driven by higher crop hail losses in the current year compared to the prior year.
Current report
Net Investment Gains
Current report
For the nine months ended September 30, 2025, net cash used by financing activities totaled $1,387 compared to $3,613 a year ago. The net cash used in the current year was driven by cash outflows for share repurchases. The net cash used in the prior year was attributable to pooling payments, partially offset by Westminster’s net cash provided by financing activities.
Removed paragraphs (4)
Previous report
Net premiums earned for the three months ended June 30, 2025, decreased $12,164, or 14.3%, compared to the three months ended June 30, 2024. Net premiums earned for the six months ended June 30, 2025, decreased 14,551, or 9.4%, compared to the six months ended June 30, 2024.
Previous report
Crop – The net loss and loss adjustment expense ratio increased 12.5 percentage points and 16.1 percentage points in the three- and six-month periods ended June 30, 2025, respectively, compared to the same periods in 2024. These increases were driven by less favorable crop growing conditions compared to the prior year.
Previous report
Net Investment Gains (Losses)
Previous report
For the six months ended June 30, 2025, net cash used by financing activities totaled $189 compared to $202 a year ago. This decrease in cash used was attributable to a decrease in the issuance of vested award shares partially offset by an increase in principal repayments for finance leases.
Reworded paragraphs (36)
Previous wording
2025 Second Quarter Consolidated Results of Operations
Current wording
2025 Third Quarter Consolidated Results of Operations
Previous wording
2025 Second Quarter Consolidated Financial Condition
Current wording
2025 Third Quarter Consolidated Financial Condition
Previous wording
Our consolidated net loss from continuing operations was $12,051 for the three months ended June 30, 2025, compared to net loss from continuing operations of $7,478 for the three months ended June 30, 2024. Our consolidated net loss from continuing operations was $5,591 for the six months ended June 30, 2025, compared to net loss from continuing operations of $543 for the six months ended June 30, 2024.
Current wording
Our consolidated net loss from continuing operations was $1,666 for the three months ended September 30, 2025, compared to net loss from continuing operations of $2,705 for the three months ended September 30, 2024. Our consolidated net loss from continuing operations was $7,257 for the nine months ended September 30, 2025, compared to net loss from continuing operations of $3,248 for the nine months ended September 30, 2024.
Previous wording
Private Passenger Auto – Net premiums earned for the second quarter of 2025 increased $452, or 2.0%, compared to the same period in 2024. Net premiums earned for the first six months of 2025 increased $1,008, or 2.3% from the first six months of 2024. Results were driven by new business growth in North Dakota as well as significant rate increases in South Dakota and Nebraska, partially offset by lower new business and retention levels in South Dakota and Nebraska as a result of underwriting actions taken.
Current wording
Private Passenger Auto – Net premiums earned for the third quarter of 2025 increased $594, or 2.6%, compared to the same period in 2024. Net premiums earned for the first nine months of 2025 increased $1,602, or 2.4% from the first nine months of 2024. Results were driven by new business growth in North Dakota as well as significant rate increases in South Dakota and Nebraska, partially offset by lower new business and retention levels in South Dakota and Nebraska as a result of underwriting actions taken.
Previous wording
Non-Standard Auto – Net premiums earned for the second quarter of 2025 decreased $12,238, or 45.8%, compared to the same period in 2024. Net premiums earned for the first six months of 2025 decreased $18,973, or 36.7% from the first six months of 2024. These decreases were driven by strategic decisions to exit Nevada and significantly reduce written premium in the Chicago market in recent periods to improve profitability. We anticipate further continued reductions in net earned premiums as a result of these decisions.
Current wording
Non-Standard Auto – Net premiums earned for the third quarter of 2025 decreased $12,142, or 52.8%, compared to the same period in 2024. Net premiums earned for the first nine months of 2025 decreased $31,116, or 41.6% from the first nine months of 2024. These decreases were driven by strategic decisions to exit Nevada and significantly reduce written premium in the Chicago market. During the third quarter we also made the strategic decision to stop writing non-standard auto business in Illinois, Arizona, and South Dakota, and existing policies will be non-renewed. We anticipate further reductions in net earned premiums over the next twelve months as a result of the decisions to run off these non-standard auto operations.
Previous wording
Home and Farm – Net premiums earned for the second quarter of 2025 decreased $613, or 2.8%, compared to the same period in 2024. Net premiums earned for the first six months of 2025 increased $1,692, or 3.9% from the first six months of 2024. Results were driven by new business growth in North Dakota, rate increases, and increased insured property values, partially offset by lower retention rates and new business levels in Nebraska as a result of underwriting actions taken to improve profitability. In addition, net premiums earned for the second quarter of 2025 were impacted by the recognition of higher ceded premiums earned as a result of a significant catastrophe event in North Dakota during the second quarter of 2025.
Current wording
Home and Farm – Net premiums earned for the third quarter of 2025 increased $163, or 0.7%, compared to the same period in 2024. Net premiums earned for the first nine months of 2025 increased $1,856, or 2.8% from the first nine months of 2024. Results were driven by new business growth in North Dakota, rate increases, and increased insured property values, partially offset by lower retention rates and new business levels in Nebraska as a result of underwriting actions taken to improve profitability. In addition, net premiums earned for the second and third quarter of 2025 were impacted by the recognition of higher ceded premiums earned as a result of a significant catastrophe event in North Dakota during the second quarter of 2025.
Previous wording
Crop**–** Net premiums earned for the second quarter of 2025, decreased $267, or 2.4%, compared to the same period in 2024. Net premiums earned for the first six months of 2025 increased $906, or 9.6% from the first six months of 2024. The decrease in the second quarter of 2025 was driven by lower commodity prices compared to the prior year. Net premiums earned for the first quarter of any year are typically the result of prior crop year premium adjustments that correspond to the current year settlement of prior crop year claims. The year-to-date increase was driven by the recognition of more favorable premium adjustments in the first quarter of 2025 compared to the first quarter of 2024.
Current wording
Crop**–** Net premiums earned for the third quarter of 2025, decreased $521, or 4.8%, compared to the same period in 2024. Net premiums earned for the first nine months of 2025 increased $382, or 1.9% from the first nine months of 2024. The decrease in the third quarter of 2025 was driven by lower commodity prices compared to the prior year. The year-to-date increase was driven by the recognition of more favorable premium adjustments, related to the settlement of prior crop year claims, in the first quarter of 2025 compared to the first quarter of 2024.
Previous wording
All Other – Net premiums earned for the second quarter of 2025, increased $502, or 16.4%, compared to the same period in 2024. Net premiums earned for the first six months of 2025 increased $816, or 13.6%, from the first six months of 2024. Results were driven by rate increases for the North Dakota commercial lines of business.
Current wording
All Other – Net premiums earned for the third quarter of 2025, increased $541, or 16.4%, compared to the same period in 2024. Net premiums earned for the first nine months of 2025 increased $1,360, or 14.7%, from the first nine months of 2024. Results were driven by rate increases for the North Dakota commercial and excess lines of business.
Previous wording
Our net losses and loss adjustment expenses for the three months ended June 30, 2025, decreased $2,751, or 4.0%, compared to the three months ended June 30, 2024. Our net losses and loss adjustment expenses for the six months ended June 30, 2025, decreased $4,370, or 4.0%, compared to the six months ended June 30, 2024.
Current wording
Our net losses and loss adjustment expenses for the three months ended September 30, 2025, decreased $8,903, or 13.7%, compared to the three months ended September 30, 2024. Our net losses and loss adjustment expenses for the nine months ended September 30, 2025, decreased $13,273, or 7.6%, compared to the nine months ended September 30, 2024.
Previous wording
Private Passenger Auto – The net loss and loss adjustment expense ratio decreased 28.9 percentage points and 10.3 percentage points in the three- and six-month periods ended June 30, 2025, respectively, compared to the same periods in 2024. These decreases in the current year were driven by improved loss severity on physical damage claims.
Current wording
Private Passenger Auto – The net loss and loss adjustment expense ratio decreased 1.4 percentage points and 7.3 percentage points in the three- and nine-month periods ended September 30, 2025, respectively, compared to the same periods in 2024. These decreases in the current year were driven by improved loss severity on physical damage claims and rate increases impacting net premiums earned.
Previous wording
Non-Standard Auto – The net loss and loss adjustment expense ratio increased 44.0 percentage points and 25.9 percentage points in the three- and six-month periods ended June 30, 2025, respectively, compared to the same period in 2024. These increases were driven by higher unfavorable prior year development on liability loss reserves in the current year periods compared to the same periods in 2024.
Current wording
Non-Standard Auto – The net loss and loss adjustment expense ratio increased 52.5 percentage points and 31.3 percentage points in the three- and nine-month periods ended September 30, 2025, respectively, compared to the same period in 2024. These increases were driven by higher unfavorable prior year development on liability loss reserves due to higher loss frequency and severity.
Previous wording
Home and Farm – The net loss and loss adjustment expense ratio increased 26.2 percentage points and 2.8 percentage points in the three- and six-month periods ended June 30, 2025, respectively, compared to the same periods in 2024. These increases in net loss and loss adjustment expense ratios were driven by losses from a significant catastrophe event in North Dakota during the second quarter of 2025 that exceeded the Company’s $20,000 retention as well as the related ceded premiums earned. Although the results for the six-month period ended June 30, 2024, were impacted by elevated non-catastrophe weather losses in North Dakota and Nebraska, there were no catastrophes during that period. Catastrophe losses, net of reinsurance, for the Home and Farm segment accounted for 94.7 and 45.1 percentage points of the net loss and loss adjustment expense ratio for the three- and six-month periods ended June 30, 2025, respectively, and did not have a negative impact for the same periods in 2024.
Current wording
Home and Farm – The net loss and loss adjustment expense ratio decreased 15.3 percentage points and 3.6 percentage points in the three- and nine-month periods ended September 30, 2025, respectively, compared to the same periods in 2024. The elevated 2025 net loss and loss adjustment expense ratios were driven by losses from a significant catastrophe event in North Dakota during the second quarter of 2025 that exceeded the Company’s $20,000 retention as well as the related ceded premiums earned. Although there were no catastrophes during 2024, the net loss and loss adjustment expense ratios for the three- and nine-month periods ended September 30, 2024, were impacted by elevated non-catastrophe weather losses in North Dakota and Nebraska. Catastrophe losses, net of reinsurance, for the Home and Farm segment accounted for 29.0 percentage points of the net loss and loss adjustment expense ratio for the nine-month period ended September 30, 2025, and did not have a negative impact for the same periods in 2024.
Previous wording
All Other – The net loss and loss adjustment expense ratio decreased 9.5 percentage points and 9.6 percentage points in the three- and six-month period ended June 30, 2025, compared to the same period in 2024. These decreases were driven by favorable loss development related to the continued run-off of our participation in an assumed domestic and international reinsurance pool of business.
Current wording
All Other – The net loss and loss adjustment expense ratio increased 3.0 percentage points and decreased 4.9 percentage points in the three- and nine-month period ended September 30, 2025, compared to the same period in 2024. The current quarter increase was driven by unfavorable development for commercial property losses related to the significant catastrophe event in North Dakota during the second quarter of 2025. The year-to-date decrease was driven by favorable loss development related to the continued run-off of our participation in an assumed domestic and international reinsurance pool of business.
Previous wording
The expense ratio is calculated by dividing other underwriting and general expenses and amortization of deferred policy acquisition costs by net premiums earned. The expense ratio measures a company’s operational efficiency in producing, underwriting, and administering its insurance business. The overall expense ratio increased 1.6 percentage points and 1.3 percentage points in the three-and six-month periods ended June 30, 2025, respectively, compared to the same periods in 2024. The decrease in the amortization of deferred policy acquisition costs is due to lower deferrable costs resulting from the strategic reduction in premium for the Non-Standard Auto segment, which generally pays higher agent commissions than our other segments. Other underwriting and general expenses are generally consistent year-over-year.
Current wording
The expense ratio is calculated by dividing other underwriting and general expenses and amortization of deferred policy acquisition costs by net premiums earned. The expense ratio measures a company’s operational efficiency in producing, underwriting, and administering its insurance business. The overall expense ratio decreased 1.9 percentage points and increased 0.3 percentage points in the three-and nine-month periods ended September 30, 2025, respectively, compared to the same periods in 2024. The decrease in the amortization of deferred policy acquisition costs is due to lower deferrable costs resulting from the strategic reduction in premium for the Non-Standard Auto segment, which generally pays higher agent commissions than our other segments. Other underwriting and general expenses are generally consistent year-over-year, with the elevated expenses during the third quarter of 2024 being the result of the costs associated with the execution of an executive separation agreement.
Previous wording
The total underwriting loss increased $6,668 for the three-month period ended June 30, 2025, compared to the same period in 2024. The total underwriting loss increased $7,074 for the six-month period ended June 30, 2025, compared to the same period in 2024. These results were driven by the factors discussed in the Loss and Loss Adjustment Expenses as well as the Underwriting and General Expenses and Expense Ratio sections above.
Current wording
The total underwriting loss decreased $2,649 for the three-month period ended September 30, 2025, compared to the same period in 2024. The total underwriting loss increased $4,425 for the nine-month period ended September 30, 2025, compared to the same period in 2024. These results were driven by the factors discussed in the Loss and Loss Adjustment Expenses as well as the Underwriting and General Expenses and Expense Ratio sections above.
Previous wording
The overall combined ratio increased 11.4 percentage points in the three-month period ended June 30, 2025, compared to the same period in 2024. The overall combined ratio increased 5.5 percentage points in the six-month period ended June 30, 2025, compared to the same period in 2024. These results were driven by the factors discussed in the Loss and Loss Adjustment Expenses as well as the Underwriting and General Expenses and Expense Ratio sections above.
Current wording
The overall combined ratio decreased 1.9 percentage points in the three-month period ended September 30, 2025, compared to the same period in 2024. The overall combined ratio increased 3.0 percentage points in the nine-month period ended September 30, 2025, compared to the same period in 2024. These results were driven by the factors discussed in the Loss and Loss Adjustment Expenses as well as the Underwriting and General Expenses and Expense Ratio sections above.
Previous wording
We had fee and other income of $316 and $546 for the three and six months ended June 30, 2025, respectively, compared to $695 and $1,099 for the three and six months ended June 30, 2024, respectively. These decreases were driven by strategic reductions in the premiums that generate fee income and write-offs of uncollectable premiums receivable during the second quarter of 2025.
Current wording
We had fee and other income of $261 and $807 for the three and nine months ended September 30, 2025, respectively, compared to $491 and $1,590 for the three and nine months ended September 30, 2024, respectively. These decreases were driven by strategic reductions in the premiums that generate fee income and write-offs of uncollectable premiums receivable.
Previous wording
Net investment income increased $623 for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Net investment income increased $706 for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. These increases were primarily driven by the higher interest rate environment which resulted in higher reinvestment rates in our fixed income portfolio.
Current wording
Net investment income increased $229 for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. Net investment income increased $935 for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. These increases were primarily driven by the higher interest rate environment which resulted in higher reinvestment rates in our fixed income portfolio.
Previous wording
Net investment gains (losses) consisted of the following:
Current wording
Net investment gains consisted of the following:
Previous wording
We had net realized gains of $107 and $433 for the three and six months ended June 30, 2025, respectively, compared to net realized gains of $9 and losses of $82 for the three and six months ended June 30, 2024, respectively. The elevated net realized gains in the six months ended June 30, 2025, were driven by sales of equity securities that were executed as part of the strategic management of our investment portfolio. No credit impairment losses were reported during any of the periods presented.
Current wording
We had net realized gains of $811 and $1,244 for the three and nine months ended September 30, 2025, respectively, compared to net realized gains of $45 and losses of $37 for the three and nine months ended September 30, 2024, respectively. The elevated net realized gains in the nine months ended September 30, 2025, were driven by sales of equity securities that were executed as part of the strategic management of our investment portfolio. No credit impairment losses were reported during any of the periods presented.
Previous wording
We experienced a decrease of $517 and an increase of $26 in net unrealized gains on equity securities during the three and six months ended June 30, 2025, respectively. We experienced a decrease in net unrealized gains on equity securities of $589 and an increase of $958 during the three and six months ended June 30, 2024, respectively. These results were driven by the impact of changes in fair value attributable to overall favorable or unfavorable equity markets during those periods.
Current wording
We experienced an increase of $551 and $577 in net unrealized gains on equity securities during the three and nine months ended September 30, 2025, respectively. We experienced an increase in net unrealized gains on equity securities of $2,367 and $3,325 during the three and nine months ended September 30, 2024, respectively. These results were driven by the impact of changes in fair value attributable to overall favorable equity markets during those periods.
Previous wording
Our fixed income securities are classified as available for sale because we will, from time to time, execute sales of securities that are not impaired, consistent with our investment goals and policies. The fixed income portion of the portfolio experienced net unrealized gains of $1,469 and $4,782 during the three and six months ended June 30, 2025, respectively, compared to net unrealized losses of $923 and $2,730 during the three and six months ended June 30, 2024, respectively. The changes were primarily the result of changes in U.S. interest rates. The change in the fair value of fixed income securities is not reflected in net income; rather it is reflected as a separate component (net of income taxes) of other comprehensive income.
Current wording
Our fixed income securities are classified as available for sale because we will, from time to time, execute sales of securities that are not impaired, consistent with our investment goals and policies. The fixed income portion of the portfolio experienced net unrealized gains of $3,895 and $8,677 during the three and nine months ended September 30, 2025, respectively, compared to net unrealized gains of $11,138 and $8,848 during the three and nine months ended September 30, 2024, respectively. The changes were primarily the result of changes in U.S. interest rates. The change in the fair value of fixed income securities is not reflected in net income; rather it is reflected as a separate component (net of income taxes) of other comprehensive income.
Previous wording
For the three months ended June 30, 2025, we had a pre-tax loss of $15,324 compared to a pre-tax loss of $9,070 for the three months ended June 30, 2024. The year-over-year change was largely attributable to the catastrophe losses for Home and Farm in North Dakota and unfavorable prior year loss reserve development for Non-Standard Auto, partially offset by improved loss experience for Private Passenger Auto and higher net investment income.
Current wording
For the three months ended September 30, 2025, we had a pre-tax loss of $1,858 compared to a pre-tax loss of $3,456 for the three months ended September 30, 2024. The year-over-year change was largely attributable to lower levels of non-catastrophe weather losses, improved loss experience for Private Passenger Auto, and higher net investment income in the current year, partially offset by lower net investment gains and higher unfavorable prior year loss reserve development for Non-Standard Auto.
Previous wording
For the six months ended June 30, 2025, we had a pre-tax loss of $7,575 compared to pre-tax loss of $237 for the six months ended June 30, 2024. The year-over-year change was largely attributable to the catastrophe losses for Home and Farm in North Dakota and unfavorable prior year loss reserve development for Non-Standard Auto, partially offset by improved loss experience for Private Passenger Auto and higher net investment income.
Current wording
For the nine months ended September 30, 2025, we had a pre-tax loss of $9,433 compared to pre-tax loss of $3,693 for the nine months ended September 30, 2024. The year-over-year change was largely attributable to the catastrophe losses for Home and Farm in North Dakota, lower net investment gains, and unfavorable prior year loss reserve development for Non-Standard Auto, partially offset by lower levels of non-catastrophe weather losses, improved loss experience for Private Passenger Auto, and higher net investment income.
Previous wording
We recorded an income tax benefit of $3,273 for the three months ended June 30, 2025, compared to an income tax benefit of $1,592 for the three months ended June 30, 2024. Our effective tax rate for the second quarter of 2025 was 21.4% compared to an effective tax rate of 17.6% for the second quarter of 2024.
Current wording
We recorded an income tax benefit of $192 for the three months ended September 30, 2025, compared to an income tax benefit of $751 for the three months ended September 30, 2024. Our effective tax rate for the third quarter of 2025 was 10.3% compared to an effective tax rate of 21.7% for the third quarter of 2024.
Previous wording
We recorded an income tax benefit of $1,984 for the six months ended June 30, 2025, compared to income tax expense of $306 for the six months ended June 30, 2024. Our effective tax rate for the first six months of 2025 was 26.2% compared to an effective tax rate of (129.1)% for the first six months of 2024. The effective tax rate for the first six months of 2025 and 2024 were impacted by changes in our valuation allowances against deferred income tax assets.
Current wording
We recorded an income tax benefit of $2,176 for the nine months ended September 30, 2025, compared to income tax benefit of $445 for the nine months ended September 30, 2024. Our effective tax rate for the first nine months of 2025 was 23.1% compared to an effective tax rate (excluding tax effects relates to the loss on sale of Westminster) of 12.0% for the first nine months of 2024. The effective tax rate for the first nine months of 2025 and 2024 were impacted by changes in our valuation allowances against deferred income tax assets.
Previous wording
For the six months ended June 30, 2025, we had a net loss of $5,591 compared to net loss of $543 for the six months ended June 30, 2024. The year-over-year change was largely attributable to the catastrophe losses for Home and Farm in North Dakota and unfavorable prior year loss reserve development for Non-Standard Auto, partially offset by improved loss experience for Private Passenger Auto and higher net investment income.
Current wording
For the three months ended September 30, 2025, we had a net loss of $1,666 compared to net loss of $2,705 for the three months ended September 30, 2024. The year-over-year change was largely attributable to lower levels of non-catastrophe weather losses, improved loss experience for Private Passenger Auto, and higher net investment income in the current year, partially offset by lower net investment gains and higher unfavorable prior year loss reserve development for Non-Standard Auto.
Previous wording
For the three months ended June 30, 2025, we had a net loss of $12,051 compared to net loss of $7,478 for the three months ended June 30, 2024. The year-over-year change was largely attributable to the catastrophe losses for Home and Farm in North Dakota and unfavorable prior year loss reserve development for Non-Standard Auto, partially offset by improved loss experience for Private Passenger Auto and higher net investment income.
Current wording
For the nine months ended September 30, 2025, we had a net loss of $7,257 compared to net loss of $3,248 for the nine months ended September 30, 2024. The year-over-year change was largely attributable to the catastrophe losses for Home and Farm in North Dakota, lower net investment gains, and unfavorable prior year loss reserve development for Non-Standard Auto, partially offset by lower levels of non-catastrophe weather losses, improved loss experience for Private Passenger Auto, and higher net investment income.
Previous wording
For the three months ended June 30, 2025, we had annualized return on average equity of (19.4)% compared to (12.8)% for the three months ended June 30, 2024.
Current wording
For the three months ended September 30, 2025, we had annualized return on average equity of (2.7)% compared to (4.5)% for the three months ended September 30, 2024.
Previous wording
For the six months ended June 30, 2025, we had annualized return on average equity of (4.6)% compared to (0.5)% for the six months ended June 30, 2024.
Current wording
For the nine months ended September 30, 2025, we had annualized return on average equity of (4.0)% compared to (1.9)% for the nine months ended September 30, 2024.
Previous wording
We also have a $3,000 line of credit with Wells Fargo Bank, N.A. The terms of the line of credit include a floating interest rate of 2.50% above the daily simple secured overnight financing rate. There were no outstanding amounts during the six months ended June 30, 2025, or the year ended December 31, 2024. This line of credit is scheduled to expire on December 13, 2025.
Current wording
We also have a $3,000 line of credit with Wells Fargo Bank, N.A. The terms of the line of credit include a floating interest rate of 2.50% above the daily simple secured overnight financing rate. There were no outstanding amounts during the nine months ended September 30, 2025, or the year ended December 31, 2024. This line of credit is scheduled to expire on December 13, 2025.
Previous wording
The change in cash and cash equivalents for continuing and discontinued operations for the six months ended June 30, 2025 and 2024, were as follows:
Current wording
The change in cash and cash equivalents for continuing and discontinued operations for the nine months ended September 30, 2025 and 2024, were as follows:
Previous wording
For the six months ended June 30, 2025, net cash provided by operating activities totaled $16,289 compared to $34,760 a year ago. This change was primarily driven by lower levels of premium collections in the current year, partially offset by lower levels of loss and loss adjustment payments in the current year.
Current wording
For the nine months ended September 30, 2025, net cash used by operating activities totaled $28,511 compared to net cash provided of $16,780 a year ago. This change was primarily driven by lower levels of premium collections in the current year, partially offset by lower levels of loss and loss adjustment payments in the current year.
Previous wording
For the six months ended June 30, 2025, net cash used by investing activities totaled $10,246 compared to $3,776 a year ago. This change was primarily attributable to the proceeds from the sale of Westminster and Westminster’s net cash provided by investing activities in the prior year, partially offset by a decrease in net cash outflows for investment activities in the current year.
Current wording
For the nine months ended September 30, 2025, net cash provided by investing activities totaled $3,621 compared to $5,327 a year ago. The net cash provided in the current year was driven by cash inflows from net sales of equity and fixed income securities. The net cash provided in the prior year was attributable to the proceeds from the sale of Westminster and Westminster’s net cash provided by investing activities, partially offset by cash outflows for net purchases of fixed income securities.
Previous wording
The amount available for payment of dividends from Nodak Insurance to NI Holdings during 2025 without the prior approval of the North Dakota Insurance Department is approximately $8,273 as of December 31, 2024. No dividends were declared or paid by Nodak Insurance during the six months ended June 30, 2025, or the year ended December 31, 2024.
Current wording
The amount available for payment of dividends from Nodak Insurance to NI Holdings during 2025 without the prior approval of the North Dakota Insurance Department is approximately $8,273 as of December 31, 2024. No dividends were declared or paid by Nodak Insurance during the nine months ended September 30, 2025, or the year ended December 31, 2024.
Previous wording
The amount available for payment of dividends from Direct Auto to NI Holdings during 2025 without the prior approval of the North Dakota Insurance Department is approximately $3,146 as of December 31, 2024. No dividends were declared or paid by Direct Auto during the six months ended June 30, 2025, or the year ended December 31, 2024.
Current wording
The amount available for payment of dividends from Direct Auto to NI Holdings during 2025 without the prior approval of the North Dakota Insurance Department is approximately $3,146 as of December 31, 2024. No dividends were declared or paid by Direct Auto during the nine months ended September 30, 2025, or the year ended December 31, 2024.