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.
NI Holdings, Inc. filings document a North Dakota insurance holding company's Nasdaq-listed common stock, operating results, governance, and executive-compensation matters. Recent Form 8-K reports furnish quarterly and annual earnings releases and disclose leadership transitions, director election matters, and compensatory arrangements under Item 5.02.
Proxy materials describe board and shareholder-vote matters, named executive officer compensation, equity award adjustments, and pay-versus-performance disclosures. The filing record also identifies the company's common stock, par value, and exchange listing, while formal disclosures tie financial results to segment underwriting, reserves, and investment-portfolio performance.
NI Holdings, Inc. reported much stronger results for the quarter ended March 31, 2026, highlighted by significantly improved underwriting profitability. Net income rose to $12.5 million from $6.5 million a year earlier, and basic earnings per share increased to $0.60 from $0.31.
Gross premiums written were $57.5 million and net premiums earned were $55.1 million, both lower than the prior year as the company continued its exit from Non-Standard Auto. Profitability improved sharply, with the loss and LAE ratio moving to 42.4% from 57.1%, producing a combined ratio of 79.7% versus 94.4% in 2025. Return on average equity increased to 20.4%, while the expense ratio held steady at 37.3%. Management cited disciplined underwriting, favorable prior-year reserve development, and growth in North Dakota business as key drivers.
NI Holdings, Inc. reported stronger profitability for the quarter ended March 31, 2026. Net income rose to $12.5 million from $6.5 million a year earlier, and diluted earnings per share increased to $0.60 from $0.31.
Net premiums earned fell 18.3% to $55.1 million, driven mainly by an 85.7% decline in Non-Standard Auto as the company runs off that business. Despite lower premiums, underwriting gain expanded to $11.2 million from $3.8 million, and the combined ratio improved to 79.7% from 94.4%, reflecting a lower loss ratio of 42.4% versus 57.1%.
Home and Farm premiums grew 8.3% on new business, rate increases, and higher insured values, while All Other benefited from participation in catastrophe reinsurance programs. Cash and cash equivalents were $57.7 million, total investments $374.9 million, total assets $492.1 million, and shareholders’ equity $250.2 million. Operating cash flow was a modest outflow of $1.9 million. The company repurchased 64,668 shares for $0.9 million, ending the quarter with 20,520,028 common shares outstanding.
NI Holdings, Inc. Schedule 13G/A (Amendment No. 2) reports that M3 Partners, L.P., with related entities M3 Funds, LLC and M3F, Inc., and individuals Jason A. Stock and William C. Waller, beneficially hold 1,652,020 shares of NI Holdings common stock, representing 8.04% of the class as of 03/31/2026.
The filing states the shares are owned directly by M3 Partners, L.P.; M3 Funds (general partner) and M3F, Inc. (investment adviser) are indirect holders, and Messrs. Stock and Waller are managers/MDs who could be deemed to share indirect beneficial ownership. Signatures appear on 04/23/2026.
NI Holdings, Inc. is holding its 2026 Annual Meeting on May 19, 2026 in Fargo, North Dakota. Shareholders will elect eight directors, ratify Forvis Mazars, LLP as auditor for the year ending December 31, 2026, and cast an advisory “say-on-pay” vote on executive compensation.
Cindy L. Launer became President and Chief Executive Officer on October 10, 2025 with an annual base salary of $750,000, an annual short-term incentive target of 80% of salary for 2026, and long-term equity incentives equal to 100% of salary. The proxy details board structure, committee responsibilities, director pay, and a compensation program emphasizing at-risk incentives, governance safeguards, and alignment with shareholder interests.
NI Holdings, Inc. reported weaker results for the fourth quarter and full year ended December 31, 2025, highlighted by lower premiums and underwriting losses. For 2025, direct written premiums fell to $289,784 thousand from $342,301 thousand, and the combined ratio worsened to 109.9% from 100.7%, indicating unprofitable underwriting.
Net income (loss) attributable to NI Holdings for 2025 was a loss of $10,413 thousand, compared with a loss of $6,060 thousand in 2024, while return on average equity declined to (4.3%) from 2.8%. Management cited disappointing 2025 financial results, ongoing unfavorable loss reserve development in Non-Standard Auto, and impacts from a historic catastrophe event, though it noted profitable core lines and solid investment portfolio returns.
NI Holdings, Inc., a North Dakota-based insurance holding company, operates primarily through Nodak Insurance and several property and casualty subsidiaries. The group focuses on personal lines and farm-related coverage in the upper Midwest, with all insurance entities rated “A” (Excellent) by AM Best.
Continuing operations span five segments: private passenger auto, non-standard auto, home and farm, crop, and other commercial and assumed reinsurance. In 2025, direct premiums written were $289,784, led by home and farm and private passenger auto business in North Dakota, Nebraska, and South Dakota.
The company uses an intercompany reinsurance pool, extensive third-party reinsurance, and an enterprise risk management program to manage catastrophe, crop, and credit risks. It has been exiting non-standard auto in several states and sold Westminster American Insurance Company in 2024, which is now reported as discontinued operations.
NI Holdings, Inc. Chief Financial Officer Matthew James Maki reported equity compensation and related tax-withholding transactions involving the company’s common stock. On March 2, he acquired 22,700 shares at $0.00 per share in a grant classified as a grant, award, or other acquisition, which footnotes indicate is represented by time-based restricted stock units.
On February 28 and March 1, a total of 4,059 shares (2,471 and 1,588 shares, respectively) were disposed of at $13.28 per share to satisfy withholding obligations upon the vesting of restricted stock units. After these transactions, his directly held common stock positions, which include restricted stock units, were updated as reflected in the filing.
Launer Cindy reported acquisition or exercise transactions in this Form 4 filing.
NI Holdings, Inc. reported that Chief Executive Officer Cindy Launer received an award of 56,000 shares of common stock on March 2, 2026. These shares are represented by restricted stock units with time-based vesting. After this grant, she holds 90,800 shares, including 20,724 restricted stock units that will be deferred until after separation from service.
NI Holdings, Inc. reported that Chief Accounting Officer Kevin Douglas Elfstrand received a grant of 9,300 shares of common stock, recorded as a grant, award, or other acquisition at a price of $0.0000 per share. After this award, his direct holdings totaled 23,243 shares, which include restricted stock units.
On earlier dates, 873 shares and 479 shares of common stock were disposed of at $13.28 per share to satisfy tax withholding obligations upon the vesting of restricted stock units. A footnote explains that these dispositions represent shares withheld for taxes, rather than open-market sales, and that his holdings also include 802 shares distributed from the company’s Employee Stock Ownership Plan.