NI Holdings Inc
niholdingsinc.comWhat Do They Do?
Sells property and casualty insurance to personal, farm and commercial policyholders.
10-K for FY2025, filed Mar 6, 2026Nodak Insurance is the largest domestic property and casualty insurance company based in North Dakota, offering private passenger auto…View ↗
American West is a property and casualty insurance company licensed in eight states in the Midwest and Western regions of the United States…View ↗
Battle Creek is a property and casualty insurance company writing private passenger auto, homeowners, and farm coverages solely in the…View ↗
How Do They Make Money?
Policyholders buy insurance coverage through premiums earned over the policy term; crop premiums are earned over the crop coverage period. The company also collects policy-related fees when paid.
10-K for FY2025, filed Mar 6, 2026Revenue RecognitionView ↗
We record premiums written at policy inception and recognize them as revenue on a pro rata basis over the policy term or, in the case of…View ↗
The period of risk for our crop insurance program, which is comprised of primarily spring-planted crops, typically runs from April 1 (the…View ↗
-
10-K for FY2025, filed Mar 6, 2026
FY2025 revenue by reportable segment (Underwriting Income (Loss)) ↗
$285.1M
-
10-K for FY2025, filed Mar 6, 2026
$285.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Private Passenger Auto
Recurring
|
−22% |
Private Passenger Auto, FY2025
$6M Sources
|
Recurring |
|
Non-Standard Auto
Recurring
10-K for FY2025, filed Mar 6, 2026 |
153%
FY2022: 100%
|
Non-Standard Auto, FY2025
−$40.8M Sources
|
Recurring |
|
Home and Farm
Recurring
|
5.6% |
Home and Farm, FY2025
−$1.5M Sources
|
Recurring |
|
Crop
Recurring
|
−22% |
Crop, FY2025
$5.9M Sources
|
Recurring |
|
All Other
Recurring
|
−14% |
All Other, FY2025
$3.7M Sources
|
Recurring |
Who Are Their Customers?
Policyholders buy auto, home, farm, commercial and crop coverage through captive agents at Nodak Insurance and independent agents at the other insurers.
10-K for FY2025, filed Mar 6, 2026Nodak Insurance is the largest domestic property and casualty insurance company based in North Dakota, offering private passenger auto…View ↗
American West is a property and casualty insurance company licensed in eight states in the Midwest and Western regions of the United States…View ↗
Battle Creek is a property and casualty insurance company writing private passenger auto, homeowners, and farm coverages solely in the…View ↗
Nodak Insurance markets and distributes its policies through its captive agents, while all other companies utilize the independent agent…View ↗
Do Revenues Turn Into Profits?
No. It lost $10.4M in FY2025.
10-K for FY2025, filed Mar 6, 2026
−$10.4MView ↗
10-K for FY2025, filed Mar 6, 2026
−$15.5MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 7, 2026
$146KView ↗
- ▲ Now profitable
- vs −$12.1M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 7, 2026
Open tableView ↗
Shrinking. Revenue fell 12% in 4 years, from $324M in FY2021 to $285.1M in FY2025, about 3% a year.
Westminster sale
The older report listed Westminster as a subsidiary; the latest says it was sold, and its results are reported as discontinued operations.
10-K for FY2022, filed Mar 8, 2023 10-K for FY2025, filed Mar 6, 2026Westminster American Insurance Company (“Westminster”) – a wholly-owned subsidiary of NI Holdings.View ↗
Westminster was a property and casualty insurance company underwriting commercial multi-peril insurance in 18 states and the District of…View ↗
Non-standard auto exit Primero's earlier listed markets included Nevada, Arizona, North Dakota and South Dakota; the latest report says it stopped writing in Nevada, Arizona and South Dakota and will not renew existing policies.
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