NI Holdings Inc (NASDAQ: NODK) is a property and casualty insurance holding company that writes personal and commercial insurance lines across the Midwest and Western United States. It earns revenue primarily through net premiums written across subsidiaries including Nodak Insurance Company, American West Insurance Company, and Battle Creek Mutual Insurance Company, supplemented by net investment income from premiums held before claims are paid. Nodak Insurance, founded in 1946 and operating under a Farm Bureau license from the North Dakota Farm Bureau (NDFB), distributes through 59 exclusive captive agents as of December 31, 2025. American West operates in eight states using independent agents. The company exited its non-standard auto line (Direct Auto, Illinois) during Q3 2025 and sold Westminster American Insurance Company, its commercial multi-peril unit, to Scott Insurance Holdings on June 30, 2024. All insurance subsidiaries carry an AM Best rating of A (Excellent). The NDFB license requires Nodak to pay an annual royalty of 1.3% of written premiums, capped at $1,717 thousand annually, with the current agreement renewed through September 30, 2026.

Revenue model

Revenue comes from net premiums earned across property and casualty lines including private passenger auto, homeowners, farmowners, commercial, multi-peril crop, and crop hail insurance, plus net investment income from a fixed income and equity portfolio funded by policyholder float. Multi-peril crop premiums and policy terms are set by the USDA Risk Management Agency (RMA), while crop hail is underwritten internally with support from AFBIS.

Products and services

Product lines include private passenger auto, homeowners, farmowners, and commercial property and casualty policies written under the Nodak Insurance and American West brands. Crop insurance includes federally administered multi-peril crop insurance and privately underwritten crop hail insurance. The company ceased writing non-standard auto through Direct Auto (Illinois) in Q3 2025. Westminster American Insurance (commercial multi-peril, 18 states plus D.C.) was sold June 30, 2024, and is reported as discontinued operations.

Customers and end markets

Policyholders include individual farmers, ranchers, homeowners, and small commercial operators concentrated in North Dakota and the broader Midwest and Western U.S. Crop insurance customers are agricultural producers seeking yield and revenue protection against natural disasters and commodity price declines. Nodak Insurance policyholders are reached through captive agents; American West policyholders through independent agents.

Value-chain role

NI Holdings acts as a direct insurance carrier and underwriter, bearing underwriting risk and investing float. Nodak Insurance uses captive agents for distribution; other subsidiaries use independent agents. For multi-peril crop insurance, the company markets and administers federal policies on behalf of the RMA, earning a share of premiums while bearing a portion of underwriting risk as defined by the federal crop insurance program.

Geographic exposure

Primary operations are in North Dakota under the Nodak Insurance brand. American West Insurance is licensed in eight states in the Midwest and Western U.S. Direct Auto operated only in Illinois and is being wound down as of Q3 2025. Westminster (18 states plus D.C.) was sold June 30, 2024.

Source: SEC 10-K, filed 2026-03-06

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