NODK on Nasdaq

NI Holdings, Inc.

NI Holdings, Inc. is a fire company, listed on Nasdaq (NODK).1 It is headquartered in Fargo, North Dakota.1

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Last updated Oct 20, 2026.

Overview

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  • TickerNODK on Nasdaq1
  • IndustryFire, Marine & Casualty Insurance1
  • HeadquartersFargo, North Dakota1
  • Business address1101 First Avenue North, Fargo, Nd 581022
  • Filer categoryAccelerated filer2

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2025, American West distributed its products through independent agents in 64 contracted agencies.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

24.5%Gross margin5
-3.7%Net margin5
-12.3%Revenue growth, 20255
-4.3%Return on equity5
0.01×Debt to equity5
-$15.5MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs99¢$283.1M
  • Income tax1¢$1.9M

Out of $285.1M in revenue.5 The company lost money this year.

Financial statements

Revenue67895$285.1M in 2025+5% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $270.8M$270.8M20192020: $306.4M$306.4M2020+13%2021: $324.0M$324.0M2021+6%2022: $267.8M$267.8M2022−17%2023: $304.0M$304.0M2023+14%2024: $325.2M$325.2M2024+7%2025: $285.1M$285.1M2025−12%
Gross profit67895$69.9M in 2025−9% since 2019
0$50.0M$100.0M$150.0M2019: $76.7M$76.7M20192020: $115.2M$115.2M2020+50%2021: $83.2M$83.2M2021−28%2022: $30.0M$30.0M2022−64%2023: $105.6M$105.6M2023+252%2024: $102.6M$102.6M2024−3%2025: $69.9M$69.9M2025−32%
Net income67895-$10.4M in 2025
-$75.0M-$50.0M-$25.0M0$25.0M$50.0M2019: $26.4M$26.4M20192020: $40.4M$40.4M2020+53%2021: $8.4M$8.4M2021−79%2022: -$53.1M-$53.1M20222023: -$5.5M-$5.5M2023−90%2024: -$6.1M-$6.1M2024+11%2025: -$10.4M-$10.4M2025+72%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Net premiums earned$270.7M$310.1M$292.1M
Fee and other income$997.0K$1.9M$1.9M
Net investment income$11.7M$10.9M$8.0M
Net investment gains (losses)$1.7M$2.2M$1.9M
Total revenues$285.1M$325.2M$304.0M
Losses and loss adjustment expenses$200.8M$207.5M$186.5M
Amortization of deferred policy acquisition costs$60.0M$71.3M$67.6M
Other underwriting and general expenses$36.6M$33.7M$29.3M
Goodwill impairment charge$2.6M
Total expenses$297.4M$315.1M$283.5M
Total income (loss) before income taxes-$12.3M$10.1M$20.5M
Income tax expense (benefit)-$1.9M$3.5M$716.0K
Net income (loss) from continuing operations-$10.4M$6.6M$19.8M
Net income attributable to non-controlling interest$250.0K
Net income (loss) attributable to NI Holdings, Inc.-$10.4M$6.6M$19.6M
Loss from discontinued operations, net of income taxes-$1.5M-$25.1M
Loss on sale of discontinued operations, net of income taxes-$11.1M
Net loss-$10.4M-$6.1M-$5.5M
Basic (in Dollars per share)-$0$0$1
Diluted (in Dollars per share)-$0$0$1
Basic (in Dollars per share)-$0.50-$0.29-$0.26
Diluted (in Dollars per share)-$0.50-$0.29-$0.26
Weighted average common share outstanding used in basic per common share calculations (in Shares)21.0M shares21.0M shares21.2M shares
Dilutive securities (in Shares)120.6K shares76.5K shares
Weighted average common shares used in diluted per common share calculations (in Shares)21.0M shares21.1M shares21.2M shares

Compare NI Holdings, Inc. with another company

Corporate structure

NI Holdings, Inc. sits at the top of its group. 8 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of NI Holdings, Inc.

  • M3 PARTNERS LP Filed SCHEDULE 13G/A on NI Holdings, Inc., latest Apr 23, 2026 (3 filings since Sep 30, 2024)
  • Jeffrey Thorp Filed SC 13D/A on NI Holdings, Inc., latest Oct 18, 2024
  • NI Holdings, Inc. Fargo, North Dakota
    • American West Insurance Company Subsidiary · North Dakota, United States
    • Battle Creek Mutual Insurance Company Subsidiary · North Dakota, United States
    • Direct Auto Insurance Company Subsidiary · North Dakota, United States
    • Nodak Agency, Inc. Subsidiary · North Dakota, United States
    • Nodak Insurance Company Subsidiary · North Dakota, United States
    • Primero Insurance Company Subsidiary · North Dakota, United States
    • Tri-State Ltd. Subsidiary · South Dakota, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What NI Holdings, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$18.0M5 Dec 31, 2025$19.2M5 Dec 31, 2024−6.6%
Accumulated depreciation$11.2M5 Dec 31, 2025$11.7M5 Dec 31, 2024−4.1%
Property and equipment, net$6.8M5 Dec 31, 2025$7.5M5 Dec 31, 2024−10.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$51.7M5 Dec 31, 2025$50.9M5 Dec 31, 2024+1.5%
Marketable securities, current$500.0K5 Dec 31, 2025$500.0K9 Dec 31, 20240%
Debt securities available for sale$301.4M5 Dec 31, 2025$307.7M5 Dec 31, 2024−2.1%

Properties, in its own words

Our headquarters is located at 1101 First Avenue North, Fargo, North Dakota, which is also the headquarters of Nodak Insurance. Nodak Insurance owns this building and leases a portion of the building to the NDFB and to AFBIS.

Tri-State Ltd. leases the building at 506 5th Street, Spearfish, South Dakota.

The rest of Item 2

Direct Auto leases office space at 8700 West Bryn Mawr Avenue, Chicago, Illinois.

We believe that the offices currently occupied by each of our subsidiaries are sufficient for their needs and any expected internal growth in the near future.

Item 2 of the 10-K filed Mar 6, 2026.4

Leadership

Who has led NI Holdings, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael J. Alexander2017–2024
  2. Seth C. Daggett2024–2026
  3. Cindy Launer2026–now

President

  1. Michael J. Alexander2017–2024

Chief financial officer

  1. Brian R. Doom2017–2021
  2. Seth C. Daggett2022–2024
  3. Matthew James Maki2024–now
20202025
Board members and other officers (16)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • American West Insurance Company North Dakota3
  • Battle Creek Mutual Insurance Company North Dakota3
  • Direct Auto Insurance Company North Dakota3
  • Nodak Agency, Inc. North Dakota3
  • Nodak Insurance Company North Dakota3
  • Primero Insurance Company North Dakota3
  • Tri-State Ltd. South Dakota3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 7, 20268-K Results of operations34
  2. May 26, 20268-K Executive or director change; Shareholder vote35
  3. May 8, 20268-K Results of operations36
  4. Mar 6, 20268-K Results of operations37
  5. Feb 23, 20268-K Executive or director change38
  6. Jan 14, 2026New chief executive Cindy Launer becomes CEO14
  7. Nov 7, 20258-K Results of operations39
  8. Oct 31, 20258-K Executive or director change40
  9. Oct 29, 20258-K Executive or director change41
  10. Oct 10, 20258-K Executive or director change; Regulation FD disclosure42
  11. Aug 25, 20258-K Other events43
  12. Aug 8, 20258-K Results of operations44
  13. May 27, 20258-K Shareholder vote45
  14. Dec 4, 2024New chief executive Seth C. Daggett becomes CEO15
  15. Mar 15, 2017New chief executive Michael J. Alexander becomes CEO16

Calendar

Coming up

  1. Nov 6, 2026Reports results for the quarter ending Sep/202646

When it reported results

  1. Aug 7, 2026Reported quarterly or annual results34
  2. May 8, 2026Reported quarterly or annual results36
  3. Mar 6, 2026Reported quarterly or annual results37
  4. Nov 7, 2025Reported quarterly or annual results39
  5. Aug 8, 2025Reported quarterly or annual results44
  6. May 9, 2025Reported quarterly or annual results47
  7. Mar 7, 2025Reported quarterly or annual results48
  8. Nov 7, 2024Reported quarterly or annual results49

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

155 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 49 major events, 66 insider forms, 4 large holders, 15 other. The latest 20:

  1. Aug 7, 20268-K EDGAR
  2. Aug 7, 202610-Q EDGAR
  3. May 26, 20268-K CURRENT REPORT EDGAR
  4. May 21, 20264 EDGAR
  5. May 21, 20264 EDGAR
  6. May 21, 20264 EDGAR
  7. May 21, 20264 EDGAR
  8. May 21, 20264 EDGAR
  9. May 21, 20264 EDGAR
  10. May 21, 20264 EDGAR
  11. May 20, 20263 EDGAR
  12. May 20, 20263 EDGAR
  13. May 8, 20268-K EDGAR
  14. May 8, 202610-Q EDGAR
  15. Apr 23, 2026SCHEDULE 13G/A EDGAR
  16. Apr 8, 2026ARS ANNUAL REPORT EDGAR
  17. Apr 8, 2026DEFA14A PROXY STATEMENT EDGAR
  18. Apr 8, 2026DEF 14A DEFINITIVE PROXY STATEMENT EDGAR
  19. Mar 6, 20268-K EDGAR
  20. Mar 6, 202610-K EDGAR

The 155 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 1 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 12, 2023Duncan Patrick W.SVP, OperationsBuy808$12.95$10.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Seth C. Daggett$594.1K$3.9M52
2025Matthew J. Maki39$416.2K$1.4M52
2025Cindy L. Launer54$167.6K$712.5K52
2025Kevin D. Elfstrand46$295.8K$669.3K52
2025Douglas A. Duncan64$221.5K$442.8K52
2024Former President and CEO$432.1K$1.6M52
2024Chief Financial Officer$321.5K$737.6K52
2024President and CEO$355.7K$460.1K52
2023Former President and CEO$358.8K$836.8K52

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 76. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Newtyn Management, LLC670,000$10.5M1.3%No change
BlackRock, Inc.545,925$8.6M0.0%+17,123
Dimensional Fund Advisors LP360,722$5.7M0.0%+19,606
Vanguard Capital Management LLC288,170$4.5M0.0%−6,628
Geode Capital Management, LLC181,574$2.9M0.0%+27,871
Morgan Stanley181,564$2.9M0.0%+143,168
State Street Corp134,886$2.1M0.0%−3,869
Minerva Advisors LLC129,900$2.0M1.3%No change
Tcw Group Inc126,899$2.0M0.0%−83,222
Arbiter Partners Capital Management LLC125,184$2.0M0.5%+73,792
Orchard Capital Management, LLC120,742$1.9M2.1%+1,113
Renaissance Technologies LLC92,991$1.5M0.0%+3,800
Universal- Beteiligungs- und Servicegesellschaft mbH70,546$1.1M0.0%+1,113
Bridgeway Capital Management, LLC66,474$1.0M0.0%−14,500
Northern Trust Corp54,193$851.4K0.0%−8,426
Vanguard Fiduciary Trust Co50,770$797.6K0.0%+3,721
Caldwell Sutter Capital, Inc.44,469$698.6K0.3%No change
Vanguard Portfolio Management LLC44,468$698.6K0.0%+5,127
Boothbay Fund Management, LLC42,200$663.0K0.0%+11,200
Empowered Funds, LLC30,974$486.6K0.0%No change
Goldman Sachs Group Inc26,484$416.1K0.0%−8,898
Charles Schwab Investment Management Inc25,329$397.9K0.0%+4
Aqr Capital Management LLC23,672$371.9K0.0%+7,652
Nuveen, LLC18,573$291.8K0.0%No change
Citadel Advisors LLC18,159$285.3K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How NI Holdings, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNI Holdings, Inc.1
  • CIK0001681206
  • Employer ID (EIN)81-26836194
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inNorth Dakota4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6331 Fire, Marine & Casualty Insurance1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address1101 First Avenue North, Fargo, ND 581021
  • Phone701-298-42001
  • Shares outstanding20,404,723 as of Jul 31, 202611
  • Public float$99.0M as of Jun 30, 20254
  • AuditorMazars USA LLP, Fort Washington, Pennsylvania PCAOB ID 339; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceAug 12, 20161
  • Filings309 in all: 4 (114), 8-K (80), 10-Q (29), 3 (20), 10-K (10), DEF 14A (10), DEFA14A (10), 8-K/A (5)1
    All 27 form types

    ARS (4), CORRESP (4), S-1/A (4), S-8 (2), SCHEDULE 13G/A (2), UPLOAD (2), 10-Q/A (1), 4/A (1), 424B5 (1), 8-A12B (1), CERTNAS (1), DRS (1), EFFECT (1), NT 10-K (1), PRE 14A (1), S-1 (1), SC 13D (1), SC 13D/A (1), SC 13G (1)

  • Latest filingsAnnual report (10-K) Mar 6, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Apr 8, 2026
    Latest 8-K (8-K) Aug 7, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.01 par value per shareNODKNasdaq

From the cover page of the 10-K filed Mar 6, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks NI Holdings, Inc. names in Item 1A of its 10-K filed Mar 6, 2026: 6 risks under these headings, as written.4

  • Insurance Risks
  • Business and Operational Risks
  • The impact of a future pandemic, and related economic conditions, could materially affect our results of operations, financial position, and/or liquidity.
  • Our access to capital may be limited or may not be available on favorable terms.
  • Cyberattacks, security breaches, or similar events affecting the technologies and systems we rely on to operate our business and to maintain and protect sensitive Company and customer data could disrupt our operations, harm our reputation, and result in material losses.
  • Strategic decisions may not achieve their intended benefits, may be based on incomplete or inaccurate information, or may not be implemented in a timely manner, which could adversely affect our results of operations.
  • Regulatory Risks
  • New or changes to existing accounting rules and standards could adversely impact our reported results of operations.
  • General Risks
  • Trade policies, including tariffs, could adversely impact our financial condition and operating results.

Legal proceedings

We are party to litigation in the normal course of business. Based upon information presently available to us, we do not consider any litigation to be material. However, given the inherent uncertainties of litigation, we cannot assure you that our results of operations and financial condition will not be materially adversely affected by any litigation.

The opening of Item 3, Legal Proceedings.4

Sources

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