Welcome to our dedicated page for Ni Hldgs SEC filings (Ticker: NODK), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Analyzing an insurer’s disclosures can feel like decoding actuarial tables. NI Holdings Inc’s diverse book—private passenger auto, non-standard auto, home & farm, crop, and commercial—means its reports span weather losses, reserve adjustments, and reinsurance fine print. If you’ve ever searched for “NI Holdings quarterly earnings report 10-Q filing” or “NI Holdings annual report 10-K simplified,” you know the challenge. Investors often just want NI Holdings SEC filings explained simply without wading through statistical exhibits.
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NI Holdings, Inc. furnished a press release announcing its financial results for the quarter ended September 30, 2025. The company issued the release on November 7, 2025, and attached it as Exhibit 99.1 to this report. The company states that the information is furnished and not deemed filed under the Securities Exchange Act of 1934, and it is not incorporated by reference into Securities Act filings unless specifically referenced.
NI Holdings (NODK) reported a Q3 2025 net loss of $1.7 million
Underwriting remained pressured: losses and loss adjustment expenses were $56.2 million in Q3, and year‑to‑date results included $19.8 million of unfavorable development on prior accident years, primarily in Non‑Standard Auto. The company continued a strategic pullback in non‑standard auto, ceasing new writings in additional states during Q3, with existing policies to be non‑renewed. Operating cash flow for the first nine months was negative $28.5 million, and cash and cash equivalents were $24.7 million at quarter‑end. Shareholders’ equity was $243.8 million. The board authorized a new $5.0 million buyback on August 25, 2025, alongside $0.9 million remaining from a prior authorization.
NI Holdings (NODK) disclosed a Separation Agreement with former President and CEO Seth C. Daggett. The agreement provides a severance payment of $2,559,947 in exchange for a comprehensive release of claims and post‑employment covenants. The company will also pay $72,968.49 to cover the cost of health coverage for 24 months, consistent with the terms of his employment agreement.
Mr. Daggett may revoke the agreement for seven days after October 29, 2025, the date he signed it. The Separation Agreement becomes effective and enforceable only after that revocation period ends.
NI Holdings, Inc. (NODK) amended its disclosure to detail CEO compensation for Cindy L. Launer. Effective October 10, 2025 through year‑end, her pay includes a pro rata portion of a $750,000 annual base salary, a short‑term incentive with a $150,000 target payout, and $187,500 in restricted stock units with a standard 3‑year vesting schedule, to be granted after the next trading window opens.
Beginning January 1, 2026, compensation consists of a $750,000 annual base salary, an annual short‑term incentive targeted at 80% of base salary (payouts at 50% threshold, 80% target, 140% stretch), and an annual long‑term equity incentive equal to 100% of base salary with a 3‑year vesting schedule. The company will also reimburse moving expenses and provide short‑term housing during relocation.
NI Holdings reported weaker underwriting results this quarter, recording a loss from continuing operations of $12.1 million for the three months and a $5.6 million loss year-to-date. Net premiums earned for the quarter declined to $73.0 million from $85.2 million a year earlier, reducing core revenue while loss and loss adjustment expenses remained elevated.
The balance sheet shows growth in scale and liquidity with total assets of $620.1 million and cash and investments of $406.1 million. Unpaid losses and loss adjustment expenses rose to $203.5 million from $137.3 million, with reinsurance recoverables increasing to $51.3 million, and the company recorded $11.2 million of unfavorable prior-year development largely in its Non-Standard Auto segment. Net investment income improved to $3.15 million for the quarter and unrealized losses on fixed income securities narrowed versus year-end.
NI Holdings reported results for the quarter ended June 30, 2025. Direct written premiums fell to $109.5 million from $118.5 million (down 7.6%), driven by a strategic reduction in Non-Standard Auto while Home and Farm grew 8.1% on higher rates and new business. Net earned premiums declined to $73.0 million (down 14.3%).
The underwriting combined ratio rose to 125.1% from 113.7%, largely due to unfavorable prior-year liability development in Non-Standard Auto and a significant North Dakota catastrophe that, after reinsurance effects, is reported as a $20.0 million net pre-tax catastrophe loss and increased the quarter loss and LAE ratio by 30.2 percentage points. Net investment income improved 40.8% to $2.7 million. Basic loss per share was ($0.57) on continuing operations versus ($0.36) a year earlier. Management highlighted favorable underwriting results in South Dakota and Nebraska and reiterated confidence in the company’s core operations.
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