NI (NODK) 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 31, 2021
Cover [Abstract]
Entity Central Index Key	0001681206
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Entity File Number	001-37973
Entity Registrant Name	NI HOLDINGS, INC.
Entity Incorporation, State or Country Code	ND
Entity Tax Identification Number	81-2683619
Entity Address, Address Line One	1101 First Avenue North
Entity Address, City or Town	Fargo
Entity Address, State or Province	ND
Entity Address, Postal Zip Code	58102
City Area Code	701
Local Phone Number	298-4200
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	NODK
Name of Exchange on which Security is Registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,232,976

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 47,729	$ 101,077
Fixed income securities, at fair value	371,416	320,410
Equity securities, at fair value	74,460	69,952
Other investments	2,071	2,924
Total cash and investments	495,676	494,363
Premiums and agents' balances receivable	82,388	48,523
Deferred policy acquisition costs	25,476	23,968
Reinsurance premiums receivable		93
Reinsurance recoverables on losses	42,678	8,710
Income tax recoverable	2,675
Accrued investment income	2,213	2,141
Property and equipment	9,949	9,899
Receivable from Federal Crop Insurance Corporation	9,362	6,646
Goodwill and other intangibles	17,840	18,194
Other assets	8,229	5,066
Total assets	696,486	617,603
Liabilities:
Unpaid losses and loss adjustment expenses	179,576	105,750
Unearned premiums	137,099	119,363
Reinsurance premiums payable	1,205
Income tax payable		754
Deferred income taxes	6,100	8,757
Westminster consideration payable	12,920	19,287
Accrued expenses and other liabilities	15,610	14,820
Total liabilities	352,510	268,731
Commitments and Contingencies
Shareholders' equity:
Common stock, $0.01 par value, authorized: 25,000,000 shares; issued: 23,000,000 shares; and outstanding: 2021 - 21,252,305 shares, 2020 - 21,318,638 shares	230	230
Preferred stock, without par value, authorized 5,000,000 shares, no shares issued or outstanding
Additional paid-in capital	97,245	97,911
Unearned employee stock ownership plan shares	(1,427)	(1,427)
Retained earnings	261,079	258,741
Accumulated other comprehensive income, net of income taxes	7,928	12,840
Treasury stock, at cost, 2021 - 1,604,955 shares, 2020 - 1,538,622 shares	(25,347)	(23,968)
Non-controlling interest	4,268	4,545
Total shareholders' equity	343,976	348,872
Total liabilities and shareholders' equity	$ 696,486	$ 617,603

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	23,000,000	23,000,000
Common stock, shares outstanding	21,252,305	21,318,638
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Treasury stock, shares	1,604,955	1,538,622

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Net premiums earned	$ 82,173	$ 73,342	$ 221,589	$ 214,120
Fee and other income	501	524	1,338	1,332
Net investment income	1,713	1,886	4,959	5,875
Net capital gain on investments	222	5,102	10,734	1,380
Total revenues	84,609	80,854	238,620	222,707
Expenses:
Losses and loss adjustment expenses	65,742	53,836	165,549	136,622
Amortization of deferred policy acquisition costs	12,898	15,061	46,371	39,277
Other underwriting and general expenses	12,450	7,083	23,804	22,651
Total expenses	91,090	75,980	235,724	198,550
Income (loss) before income taxes	(6,481)	4,874	2,896	24,157
Income tax expense (benefit)	(1,622)	1,188	707	5,259
Net income (loss)	(4,859)	3,686	2,189	18,898
Net income (loss) attributable to non-controlling interest	(122)	22	(99)	88
Net income (loss) attributable to NI Holdings, Inc.	$ (4,737)	$ 3,664	$ 2,288	$ 18,810
Earnings (loss) per common share:
Basic	$ (0.22)	$ 0.17	$ 0.11	$ 0.86
Diluted	$ (0.22)	$ 0.17	$ 0.11	$ 0.85
Share data:
Weighted average common shares outstanding used in basic per common share calculations	21,411,654	21,565,962	21,446,192	21,889,138
Plus: Dilutive securities		189,266	223,784	149,748
Weighted average common shares used in diluted per common share calculations	21,411,654	21,755,228	21,669,976	22,038,886

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net income (loss)	$ (4,859)	$ 3,686	$ 2,189	$ 18,898
Other comprehensive loss, before income taxes:
Holding losses on investments	(2,001)	2,049	(5,897)	8,970
Reclassification adjustment for net realized capital gain included in net income (loss)	(120)	(531)	(546)	(686)
Other comprehensive loss, before income taxes	(2,121)	1,518	(6,443)	8,284
Income tax benefit related to items of other comprehensive loss	445	(319)	1,353	(1,740)
Other comprehensive loss, net of income taxes	(1,676)	1,199	(5,090)	6,544
Comprehensive loss	(6,535)	4,885	(2,901)	25,442
Attributable to Non-Controlling Interest [Member]
Net income (loss)	(122)	22	(99)	88
Other comprehensive loss, before income taxes:
Holding losses on investments	(58)	11	(223)	119
Reclassification adjustment for net realized capital gain included in net income (loss)	(2)	8	(2)	(2)
Other comprehensive loss, before income taxes	(60)	19	(225)	117
Income tax benefit related to items of other comprehensive loss	12	(4)	47	(25)
Other comprehensive loss, net of income taxes	(48)	15	(178)	92
Comprehensive loss	(170)	37	(277)	180
Attributable to NI Holdings Inc [Member]
Net income (loss)	(4,737)	3,664	2,288	18,810
Other comprehensive loss, before income taxes:
Holding losses on investments	(1,943)	2,038	(5,674)	8,851
Reclassification adjustment for net realized capital gain included in net income (loss)	(118)	(539)	(544)	(684)
Other comprehensive loss, before income taxes	(2,061)	1,499	(6,218)	8,167
Income tax benefit related to items of other comprehensive loss	433	(315)	1,306	(1,715)
Other comprehensive loss, net of income taxes	(1,628)	1,184	(4,912)	6,452
Comprehensive loss	$ (6,365)	$ 4,848	$ (2,624)	$ 25,262

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Unearned Employee Stock Ownership Plan Shares [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income, Net of Income Taxes [Member]	Treasury Stock	Non-Controlling Interest [Member]	Total
Balance at Dec. 31, 2019	$ 230	$ 95,961	$ (1,671)	$ 218,480	$ 5,612	$ (12,308)	$ 3,499	$ 309,803
Net income (loss)				18,810			88	18,898
Other comprehensive income (loss), net of income taxes					6,452		92	6,544
Purchase of treasury stock						(11,363)		(11,363)
Share-based compensation		1,662						1,662
Issuance of vested award shares		(477)		(128)		574		(31)
Balance at Sep. 30, 2020	230	97,146	(1,671)	237,162	12,064	(23,097)	3,679	325,513
Balance at Jun. 30, 2020	230	96,661	(1,671)	233,498	10,880	(18,517)	3,642	324,723
Net income (loss)				3,664			22	3,686
Other comprehensive income (loss), net of income taxes					1,184		15	1,199
Purchase of treasury stock						(4,580)		(4,580)
Share-based compensation		485						485
Balance at Sep. 30, 2020	230	97,146	(1,671)	237,162	12,064	(23,097)	3,679	325,513
Balance at Dec. 31, 2020	230	97,911	(1,427)	258,741	12,840	(23,968)	4,545	348,872
Net income (loss)				2,288			(99)	2,189
Other comprehensive income (loss), net of income taxes					(4,912)		(178)	(5,090)
Purchase of treasury stock						(3,211)		(3,211)
Share-based compensation		1,704						1,704
Issuance of vested award shares		(2,370)		50		1,832		(488)
Balance at Sep. 30, 2021	230	97,245	(1,427)	261,079	7,928	(25,347)	4,268	343,976
Balance at Jun. 30, 2021	230	96,729	(1,427)	265,816	9,556	(24,403)	4,438	350,939
Net income (loss)				(4,737)			(122)	(4,859)
Other comprehensive income (loss), net of income taxes					(1,628)		(48)	(1,676)
Purchase of treasury stock						(944)		(944)
Share-based compensation		516						516
Balance at Sep. 30, 2021	$ 230	$ 97,245	$ (1,427)	$ 261,079	$ 7,928	$ (25,347)	$ 4,268	$ 343,976

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 2,189	$ 18,898
Adjustments to reconcile net income to net cash flows from operating activities:
Net capital gain on investments	(10,734)	(1,380)
Deferred income tax benefit	(1,304)	(511)
Depreciation of property and equipment	503	545
Amortization of intangibles	354	4,781
Share-based compensation	1,704	1,662
Amortization of deferred policy acquisition costs	46,371	39,277
Deferral of policy acquisition costs	(47,879)	(47,763)
Net amortization of premiums and discounts on investments	1,546	1,031
Loss on sale of property and equipment	4	7
Changes in operating assets and liabilities:
Premiums and agents' balances receivable	(33,865)	(39,670)
Reinsurance premiums receivable / payable	1,298	438
Reinsurance recoverables on losses	(33,968)	(8,748)
Accrued investment income	(72)	64
Receivable from Federal Crop Insurance Corporation	(2,716)	4,711
Income tax recoverable / payable	(3,429)	(2,050)
Other assets	(3,163)	753
Unpaid losses and loss adjustment expenses	73,826	32,985
Unearned premiums	17,736	20,079
Accrued expenses and other liabilities	1,088	5,835
Net cash flows from operating activities	9,489	30,944
Cash flows from investing activities:
Proceeds from maturities and sales of fixed income securities	54,492	67,029
Proceeds from sales of equity securities	26,790	13,176
Purchases of fixed income securities	(112,940)	(73,502)
Purchases of equity securities	(21,091)	(15,630)
Purchases of property and equipment	(557)	(489)
Acquisition of Westminster American Insurance Company (cash consideration paid net of cash and cash equivalents acquired)		(703)
Proceeds from sale of other investments and other	835	(258)
Net cash flows from investing activities	(52,471)	(10,377)
Cash flows from financing activities:
Purchases of treasury stock	(3,211)	(11,363)
Installment payment on Westminster consideration payable	(6,667)
Issuance of restricted stock awards	(488)	(31)
Net cash flows from financing activities	(10,366)	(11,394)
Net (decrease) increase in cash and cash equivalents	(53,348)	9,173
Cash and cash equivalents at beginning of period	101,077	62,132
Cash and cash equivalents at end of period	47,729	71,305
Non-cash item: Present value of installment payable issued in connection with acquisition of Westminster American Insurance Company		18,787
Federal and state income taxes paid	$ 5,440	$ 7,819

Organization

Organization	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization NI Holdings is a North Dakota business corporation that is the stock holding company of Nodak Insurance Company and became such in connection with the conversion of Nodak Mutual Insurance Company from a mutual to stock form of organization and the creation of a mutual holding company. The conversion was consummated on March 13, 2017. Immediately following the conversion, all of the outstanding shares of common stock of Nodak Insurance Company (the successor to Nodak Mutual Insurance Company) were issued to Nodak Mutual Group, Inc., which then contributed the shares to NI Holdings in exchange for 55% of the outstanding shares of common stock of NI Holdings. Nodak Insurance Company then became a wholly-owned stock subsidiary of NI Holdings. Prior to completion of the conversion, NI Holdings conducted no business and had no assets or liabilities. As a result of the conversion, NI Holdings became the holding company for Nodak Insurance Company and its existing subsidiaries. The newly issued shares of NI Holdings became available for public trading on March 16, 2017. These Consolidated Financial Statements include the financial position and results of NI Holdings and seven other entities: • Nodak Insurance – a wholly-owned subsidiary of NI Holdings;   • Nodak Agency – a wholly-owned subsidiary of Nodak Insurance;   • American West – a wholly-owned subsidiary of Nodak Insurance;   • Primero – an indirect wholly-owned subsidiary of Nodak Insurance;   • Battle Creek – an affiliated company of Nodak Insurance;   • Direct Auto – a wholly-owned subsidiary of NI Holdings; and   • Westminster – a wholly-owned subsidiary of NI Holdings.   Nodak Insurance is the largest domestic property and casualty insurance company in North Dakota. Nodak Insurance was incorporated on April 15, 1946 under the laws of North Dakota, and benefits from a strong marketing affiliation with the North Dakota Farm Bureau (“NDFB”). Nodak Insurance offers private passenger auto, homeowners, farmowners, commercial multi-peril, crop hail, and Federal multi-peril crop insurance coverages through its captive agents. Nodak Agency, a wholly-owned subsidiary of Nodak Insurance, is an inactive shell corporation. American West, a wholly-owned subsidiary of Nodak Insurance, is a property and casualty insurance company licensed in eight states in the Midwest and Western regions of the United States. American West began writing policies in 2002 and primarily writes personal auto, homeowners, and farm coverages in South Dakota. American West also writes personal auto coverage in North Dakota, as well as crop hail and Federal multi-peril crop insurance coverages in Minnesota and South Dakota. Primero is a wholly-owned subsidiary of Tri-State, Ltd. Tri-State, Ltd. is an inactive shell corporation 100% owned by Nodak Insurance. Primero is a property and casualty insurance company which writes non-standard automobile coverage in Nevada, Arizona, North Dakota and South Dakota. Battle Creek became affiliated with Nodak Insurance in 2011, and Nodak Insurance provides underwriting, claims management, policy administration, and other administrative services to Battle Creek. Battle Creek is controlled by Nodak Insurance via a surplus note. The terms of the surplus note allow Nodak Insurance to appoint two-thirds of the Battle Creek Board of Directors. Battle Creek is a property and casualty insurance company writing personal auto, homeowners, and farm coverages in Nebraska. Direct Auto, a wholly-owned subsidiary of NI Holdings, is a property and casualty company licensed in Illinois. Direct Auto began writing non-standard automobile coverage in 2007, and was acquired by NI Holdings on August 31, 2018 via a stock purchase agreement. Westminster, a wholly-owned subsidiary of NI Holdings, is a property and casualty insurance company licensed in seventeen states and the District of Columbia. Westminster is headquartered in Owings Mills, Maryland and underwrites commercial multi-peril insurance in the states of Delaware, Georgia, Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina, Virginia, West Virginia, and the District of Columbia. Westminster was acquired by NI Holdings on January 1, 2020 via a stock purchase agreement. The financial results of Westminster have been included in the Consolidated Financial Statements and the Company’s commercial segment following the acquisition close date. See Note 3. Nodak Insurance markets and distributes its policies through its captive agents, while all other companies utilize the independent agent distribution channel. Additionally, all of the Company’s insurance subsidiary and affiliate companies are rated “A” Excellent by AM Best. 9 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) The same executive management team provides oversight and strategic direction for the entire organization. Nodak Insurance provides common product oversight, pricing practices, and underwriting standards, as well as underwriting and claims administration, to itself, American West, and Battle Creek. Primero, Direct Auto, and Westminster personnel manage the day-to-day operations of their respective companies.

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Accounting Policies	2. Basis of Presentation and Accounting Policies Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X and are unaudited. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. All material intercompany transactions and balances have been eliminated. These financial statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Annual Report”). The preparation of the interim Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim Consolidated Financial Statements and the reported amounts of revenues, claims, and expenses during the reporting period. Actual results could differ from those estimates. Operating results for the interim periods ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ended December 31, 2021. Our Consolidated Financial Statements include our accounts and those of our wholly-owned subsidiaries, as well as Battle Creek, an entity we control via contract. The terms “we”, “us”, “our”, or “the Company” as used herein refer to the consolidated entity. Our 2020 Annual Report describes the accounting policies and estimates that are critical to the understanding of our results of operations, financial condition, and liquidity. The accounting policies and estimation processes described in the 2020 Annual Report were consistently applied to the Unaudited Consolidated Financial Statements as of and for the nine months ended September 30, 2021. Recent Accounting Pronouncements As an emerging growth company, we have elected to use the extended transition period for complying with any new or revised financial accounting standards from the Financial Accounting Standards Board (“FASB”) pursuant to Section 13(a) of the Exchange Act. The following discussion includes effective dates for both public business entities and emerging growth companies, as well as whether specific guidance may be adopted early. Adopted In January 2020, the Company adopted amended guidance from the FASB that shortened the amortization period of premiums on certain fixed income securities held at a premium to the earliest call date rather than through the maturity date of the callable security. The adoption of this guidance did not materially impact the Company’s financial position, results of operations, or cash flows. In March 2020, the Company adopted modified disclosure requirements from the FASB relating to the fair value of assets and liabilities. The modifications primarily related to Level 3 fair value measurements. The Company does not currently carry any Level 3 assets or liabilities. As a result, there was no impact to the Company’s financial statement disclosures. Not Yet Adopted In February 2016, the FASB issued new guidance that requires lessees to recognize leases, including operating leases, on the lessee’s Consolidated Balance Sheet, unless a lease is considered a short-term lease. The new guidance also requires entities to make new judgments to identify leases. In July 2018, the FASB issued additional guidance to allow an optional transition method. An entity may apply the new leases guidance at the beginning of the earliest period presented in the financial statements, or at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The 10 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) new guidance was effective for annual and interim reporting periods beginning after December 15, 2018 for public business entities. For private companies and emerging growth companies, this guidance is effective for annual reporting periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted for all entities. We do not expect the adoption of this new guidance to have a significant impact on our financial position, results of operations, or cash flows. Upon adoption, the Company will recognize a right of use asset and operating lease liability on its Consolidated Balance Sheet. The cumulative adjustment to retained earnings is not expected to be significant. In June 2016, the FASB issued a new standard that requires timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance also requires financial institutions and other organizations to use forward-looking information to better form their credit loss estimates. Many of the loss estimation techniques applied prior to adoption of this standard are still permitted, although the inputs to those techniques have changed to reflect the full amount of expected credit losses. Organizations are to continue to use judgment to determine which loss estimation method is appropriate for their circumstances. Additionally, the guidance requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. Finally, the guidance amends the accounting for credit losses on available-for-sale fixed income securities and purchased financial assets with credit deterioration. The guidance was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 for filers with the Securities and Exchange Commission (“SEC”) excluding smaller reporting companies, and emerging growth companies that did not relinquish private company relief. For all other entities, this guidance will be effective for annual reporting periods beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted for all entities. Based on our evaluation, adoption of this new standard will not have a significant impact on our financial position, results of operations, and cash flows. In December 2019, the FASB issued amended guidance to simplify the accounting for income taxes. The amended guidance was effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, for public business entities. For private companies and emerging growth companies, the amended guidance will be effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted, including adoption in an interim period. We are evaluating the impact this new guidance will have on our financial position, results of operations, and cash flows.

Acquisition of Westminster Amer

Acquisition of Westminster American Insurance Company	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Acquisition of Westminster American Insurance Company	3. Acquisition of Westminster American Insurance Company On January 1, 2020, the Company completed the acquisition of 100% of the common stock of Westminster from the private shareholder of Westminster, and Westminster became a consolidated subsidiary of the Company. We account for business acquisitions in accordance with the acquisition method of accounting, which requires, among other things, that most assets acquired, liabilities assumed, and contingent consideration be recognized at their fair values as of the acquisition date, which was the closing date for the Westminster transaction. During the measurement period, adjustments to provisional purchase price allocations are recognized if new information is obtained about the facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets and liabilities as of that date. The measurement period ends as soon as it is determined that no more information is obtainable, but in no case shall the measurement period exceed one year from the acquisition date. The measurement period for the Westminster acquisition ended December 31, 2020. The Company incurred acquisition-related costs of $828 and $83 during the years ended December 31, 2020, and 2019, respectively. The Company paid $20,000 in cash consideration to the private shareholder of Westminster as of the closing date, with an additional $20,000 to be paid in three equal annual installments. The acquisition of Westminster did not include any contingent consideration other than a provision regarding future changes to federal income tax rates. The first installment of the additional consideration was paid during the first quarter of 2021. The following table summarizes the consideration transferred to acquire Westminster and the amounts of identified assets acquired and liabilities assumed at the acquisition date: Fair Value of Consideration: Cash consideration transferred $ 20,000 Present value of future cash consideration 18,787 Total cash consideration $ 38,787 Fair Value of Identifiable Assets Acquired and Liabilities Assumed: Identifiable net assets: Cash and cash equivalents $ 19,297 Fixed income securities 12,073 Equity securities 2,705 Other investments 735 Premiums and agents' balances receivable 8,507 Reinsurance recoverables on losses 763 Accrued investment income 70 Property and equipment 2,376 Federal income tax recoverable 138 State insurance licenses (included in goodwill and other intangibles) 1,800 Distribution network (included in goodwill and other intangibles) 6,700 Trade name (included in goodwill and other intangibles) 500 Value of business acquired (included in goodwill and other intangibles) 4,750 Other assets 76 Unpaid losses and loss adjustment expenses (8,568 ) Unearned premiums (16,611 ) Deferred income taxes, net (1,583 ) Reinsurance premiums payable (565 ) Accrued expenses and other liabilities (1,132 ) Total identifiable net assets $ 32,031 Goodwill $ 6,756 The fair value of the assets acquired included premiums and agents’ balances receivable of $8,507 and reinsurance recoverables on losses of $763. These are the gross amounts due from policyholders and reinsurers, respectively, none of which were anticipated to be uncollectible. The Company did not acquire any other material receivables as a result of the acquisition of Westminster. 12 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) The fair values of the acquired distribution network, state insurance licenses, Westminster trade name, and value of business acquired (“VOBA”) intangible assets were $6,700, $1,800, $500, and $4,750, respectively. The state insurance license intangible has an indefinite life, while the other intangible assets are being amortized over useful lives of up to twenty years. The goodwill is not deductible for income tax purposes.

Investments

Investments	9 Months Ended
	Sep. 30, 2021
Marketable Securities [Abstract]
Investments	4. Investments The amortized cost and estimated fair value of fixed income securities as of September 30, 2021 and December 31, 2020, were as follows: September 30, 2021 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed income securities: U.S. Government and agencies $ 13,617 $ 582 $ (84 ) $ 14,115 Obligations of states and political subdivisions 70,756 2,691 (286 ) 73,161 Corporate securities 151,028 5,768 (637 ) 156,159 Residential mortgage-backed securities 42,148 1,002 (195 ) 42,955 Commercial mortgage-backed securities 32,810 1,147 (49 ) 33,908 Asset-backed securities 50,995 258 (135 ) 51,118 Total fixed income securities $ 361,354 $ 11,448 $ (1,386 ) $ 371,416 December 31, 2020 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed income securities: U.S. Government and agencies $ 13,334 $ 1,055 $ (6 ) $ 14,383 Obligations of states and political subdivisions 61,001 3,278 (35 ) 64,244 Corporate securities 119,826 8,755 (147 ) 128,434 Residential mortgage-backed securities 35,017 1,478 (1 ) 36,494 Commercial mortgage-backed securities 23,976 1,700 (21 ) 25,655 Asset-backed securities 50,751 535 (86 ) 51,200 Total fixed income securities $ 303,905 $ 16,801 $ (296 ) $ 320,410 The amortized cost and estimated fair value of fixed income securities by contractual maturity are shown below. Actual maturities could differ from contractual maturities because issuers of the securities may have the right to call or prepay certain obligations, which may or may not include call or prepayment penalties. September 30, 2021 Amortized Cost Fair Value Due to mature: One year or less $ 17,815 $ 17,978 After one year through five years 80,664 83,892 After five years through ten years 85,609 88,611 After ten years 51,313 52,954 Mortgage / asset-backed securities 125,953 127,981 Total fixed income securities $ 361,354 $ 371,416 December 31, 2020 Amortized Cost Fair Value Due to mature: One year or less $ 17,722 $ 17,933 After one year through five years 86,709 91,457 After five years through ten years 59,408 64,987 After ten years 30,322 32,684 Mortgage / asset-backed securities 109,744 113,349 Total fixed income securities $ 303,905 $ 320,410 14 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) Fixed income securities with a fair value of $8,016 at September 30, 2021 and $6,093 at December 31, 2020, were deposited with various state regulatory agencies as required by law. The Company has not pledged any assets to secure any obligations. The investment category and duration of the Company’s gross unrealized losses on fixed income securities were as follows: September 30, 2021 Less than 12 Months Greater than 12 months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fixed income securities: U.S. Government and agencies $ 2,603 $ (84 ) $ - $ - $ 2,603 $ (84 ) Obligations of states and political subdivisions 10,285 (286 ) - - 10,285 (286 ) Corporate securities 38,474 (628 ) 535 (9 ) 39,009 (637 ) Residential mortgage-backed securities 17,333 (195 ) - - 17,333 (195 ) Commercial mortgage-backed securities 5,555 (49 ) - - 5,555 (49 ) Asset-backed securities 14,700 (131 ) 1,242 (4 ) 15,942 (135 ) Total fixed income securities $ 88,950 $ (1,373 ) $ 1,777 $ (13 ) $ 90,727 $ (1,386 ) December 31, 2020 Less than 12 Months Greater than 12 months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fixed income securities: U.S. Government and agencies $ 931 $ (6 ) $ - $ - $ 931 $ (6 ) Obligations of states and political subdivisions 1,806 (35 ) - - 1,806 (35 ) Corporate securities 3,215 (97 ) 734 (50 ) 3,949 (147 ) Residential mortgage-backed securities 68 (1 ) - - 68 (1 ) Commercial mortgage-backed securities 1,103 (21 ) - - 1,103 (21 ) Asset-backed securities 5,785 (31 ) 4,188 (55 ) 9,973 (86 ) Total fixed income securities $ 12,908 $ (191 ) $ 4,922 $ (105 ) $ 17,830 $ (296 ) Investments with unrealized losses are categorized with a duration of greater than 12 months when all positions of a security have continually been in a loss position for at least 12 months. We frequently review our investment portfolio for declines in fair value. Our process for identifying declines in the fair value of investments that are other than temporary involves consideration of several factors. These factors include (i) the time period in which there has been a significant decline in value, (ii) an analysis of the liquidity, business prospects, and overall financial condition of the issuer, (iii) the significance of the decline, and (iv) our intent and ability to hold the investment for a sufficient period of time for the value to recover. When our analysis of the above factors results in the conclusion that declines in fair values are other than temporary, the credit loss component of the impairment is reflected in net income (loss) as a realized capital loss on investment if the Company does not intend to sell the security, and the remaining portion of the other-than-temporary loss is recognized in other comprehensive income (loss), net of income taxes. If the Company intends to sell the security, or determines that it is more likely than not that it will be required to sell the security prior to recovering its cost or amortized cost basis less any current-period credit losses, the full amount of the other-than-temporary loss is recognized in net income (loss). As of September 30, 2021, we held 168 fixed income securities with unrealized losses. As of December 31, 2020, we held 67 fixed income securities with unrealized losses. In conjunction with our outside investment advisors, we analyzed the credit ratings of the securities as well as the historical monthly amortized cost to fair value ratio of securities in an unrealized loss position. This analysis yielded no fixed income securities which had fair values less than 80% of amortized cost for the preceding 12-month period. 15 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) The Company did not record any other-than-temporary impairments during the three- or nine-month periods ended September 30, 2021 and 2020. For the year ended December 31, 2020, the Company also did not recognize any other-than-temporary impairments of its investment securities. Adverse investment market conditions, in addition to poor operating results of underlying investments, could result in impairment charges in the future. Net investment income was attributable to the following types of securities: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fixed income securities $ 2,104 $ 2,065 $ 6,227 $ 6,655 Equity securities 275 278 820 903 Real estate 156 170 469 440 Cash and cash equivalents 1 1 3 27 Total gross investment income 2,536 2,514 7,519 8,025 Investment expenses 823 628 2,560 2,150 Net investment income $ 1,713 $ 1,886 $ 4,959 $ 5,875 Net capital gain on investments consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Gross realized gains: Fixed income securities $ 131 $ 279 $ 572 $ 756 Equity securities 2,674 637 9,194 2,887 Total gross realized gains 2,805 916 9,766 3,643 Gross realized losses, excluding other-than-temporary impairment losses: Fixed income securities (12 ) 252 (26 ) (70 ) Equity securities (60 ) (532 ) (230 ) (1,552 ) Total gross realized losses, excluding other-than-temporary impairment losses (72 ) (280 ) (256 ) (1,622 ) Net realized gain on investments 2,733 636 9,510 2,021 Change in net unrealized gain on equity securities (2,511 ) 4,466 1,224 (641 ) Net capital gain on investments $ 222 $ 5,102 $ 10,734 $ 1,380

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Investments, All Other Investments [Abstract]
Fair Value Measurements	5. Fair Value Measurements The Company uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. Investment securities available for sale are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other assets or liabilities at fair value on a nonrecurring basis. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or write-downs of individual assets. Accounting guidance on fair value measurements and disclosures establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The three levels of the fair value hierarchy are as follows: Level I Level II Level III The Company bases its fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It is our policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements, in accordance with the fair value hierarchy. Fair value measurements for assets where there exists limited or no observable market data and, therefore, are based primarily upon the estimates of the Company or other third-parties, and are often calculated based on the characteristics of the asset, the economic and competitive environment, and other such factors. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts which could have been realized in a sale transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective period-end and have not been re-evaluated or updated for purposes of our financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period-end. Additionally, changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future valuations. The Company uses quoted values and other data provided by an independent pricing service in its process for determining fair values of its investments. The evaluations of such pricing services represent an exit price and a good faith opinion as to what a buyer in the marketplace would pay for a security in a current sale. This pricing service provides us with one quote per instrument. For fixed income securities that have quoted prices in active markets, market quotations are provided. For fixed income securities that do not trade on a daily basis, the independent pricing service prepares estimates of fair value using a wide array of observable inputs including relevant market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. The observable market inputs that the Company’s independent pricing service utilizes may include (listed in order of priority for use) benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, market bids/offers, and other reference data on markets, industry, and the economy. Additionally, the independent pricing service uses an option-adjusted spread model to develop prepayment and interest rate scenarios. The pricing service did not use broker quotes in determining any fair values of the Company’s investments at September 30, 2021 or December 31, 2020. Should the independent pricing service be unable to provide a fair value estimate, we would attempt to obtain a non-binding fair value estimate from a number of broker-dealers and would review this estimate in conjunction with a fair value estimate reported by an independent business news service or other sources. In instances where only one broker-dealer provides a fair value for a fixed income security, we would use that estimate. In instances where we would be able to obtain fair value estimates from more than one broker-dealer, we would review the range of estimates and select the most appropriate value based on the facts and circumstances. Should neither the independent pricing service nor a broker-dealer provide a fair value estimate, we would develop a fair value estimate based on cash flow analyses and other valuation techniques that utilize certain unobservable inputs. Accordingly, the Company classifies such a security as a Level III investment. The fair value estimates of the Company’s investments provided by the independent pricing service at each period-end were utilized, among other resources, in reaching a conclusion as to the fair value of its investments. Management reviews the reasonableness of the pricing provided by the independent pricing service by employing various analytical procedures. Management reviews all securities to identify recent downgrades, significant changes in pricing, and pricing 17 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) anomalies on individual securities relative to other similar securities. This will include looking for relative consistency across securities in common sectors, durations, and credit ratings. This review will also include all fixed income securities rated lower than “A” by Moody’s or Standard & Poor’s. If, after this review, management does not believe the pricing for any security is a reasonable estimate of fair value, then it will seek to resolve the discrepancy through discussions with the pricing service. In its review, management did not identify any such discrepancies, and no adjustments were made to the estimates provided by the pricing service, for the nine-month period ended September 30, 2021, or the year ended December 31, 2020. The classification within the fair value hierarchy is then confirmed based on the final conclusions from the pricing review. The following tables set forth our assets which are measured at fair value on a recurring basis by the level within the fair value hierarchy in which fair value measurements fall: September 30, 2021 Total Level I Level II Level III Fixed income securities: U.S. Government and agencies $ 14,115 $ - $ 14,115 $ - Obligations of states and political subdivisions 73,161 - 73,161 - Corporate securities 156,159 - 156,159 - Residential mortgage-backed securities 42,955 - 42,955 - Commercial mortgage-backed securities 33,908 - 33,908 - Asset-backed securities 51,118 - 51,118 - Total fixed income securities 371,416 - 371,416 - Equity securities: Basic materials 1,073 1,073 - - Communications 7,580 7,580 - - Consumer, cyclical 10,911 10,911 - - Consumer, non-cyclical 16,386 16,386 - - Energy 2,716 2,716 - - Financial 4,165 4,165 - - Industrial 14,292 14,292 - - Technology 17,337 17,337 - - Total equity securities 74,460 74,460 - - Cash equivalents 30,529 30,529 - - Total assets at fair value $ 476,405 $ 104,989 $ 371,416 $ - 18 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) December 31, 2020 Total Level I Level II Level III Fixed income securities: U.S. Government and agencies $ 14,383 $ - $ 14,383 $ - Obligations of states and political subdivisions 64,244 - 64,244 - Corporate securities 128,434 - 128,434 - Residential mortgage-backed securities 36,494 - 36,494 - Commercial mortgage-backed securities 25,655 - 25,655 - Asset-backed securities 51,200 - 51,200 - Total fixed income securities 320,410 - 320,410 - Equity securities: Basic materials 1,285 1,285 - - Communications 7,455 7,455 - - Consumer, cyclical 9,929 9,929 - - Consumer, non-cyclical 14,633 14,633 - - Energy 1,499 1,499 - - Financial 6,235 6,235 - - Industrial 12,733 12,733 - - Technology 16,145 16,145 - - Utility 38 38 Total equity securities 69,952 69,952 - - Cash equivalents 65,354 65,354 - - Total assets at fair value $ 455,716 $ 135,306 $ 320,410 $ - There were no liabilities measured at fair value on a recurring basis at September 30, 2021 or December 31, 2020.

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2021
Reinsurance Disclosures [Abstract]
Reinsurance	6. Reinsurance The Company cedes and assumes certain premiums and losses to and from various companies and associations under a variety of reinsurance agreements. The Company seeks to limit the maximum net loss that can arise from large risks or risks in concentrated areas of exposure through use of these agreements, either on an automatic basis under general reinsurance contracts known as treaties or through facultative contracts on substantial individual risks. Reinsurance contracts do not relieve the Company from its obligation to policyholders. Additionally, failure of reinsurers to honor their obligations could result in significant losses to us. There can be no assurance that reinsurance will continue to be available to us at the same extent, and at the same cost, as it has in the past. The Company may choose in the future to reevaluate the use of reinsurance to increase or decrease the amounts of risk ceded to reinsurers. During the nine-month period ended September 30, 2021, the Company retained the first $10,000 of weather-related losses from catastrophic events and had reinsurance under various reinsurance agreements up to $117,000 in excess of its $10,000 retained risk. During the year ended December 31, 2020, the Company retained the first $10,000 of weather-related losses from catastrophic events and had reinsurance under various reinsurance agreements up to $97,000 in excess of its $10,000 retained risk. The Company actively monitors and evaluates the financial condition of the reinsurers and develops estimates of the uncollectible amounts due from reinsurers. Such estimates are made based on periodic evaluation of balances due from reinsurers, judgments regarding reinsurers’ solvency, known disputes, reporting characteristics of the underlying reinsured business, historical experience, current economic conditions, and the state of reinsurer relations in general. Collection risk is mitigated from reinsurers by entering into reinsurance arrangements only with reinsurers that have strong credit ratings and statutory surplus above certain levels. The Company’s reinsurance recoverables on paid and unpaid losses were due from reinsurance companies with A.M. Best ratings of “A” or higher. A reconciliation of direct to net premiums on both a written and an earned basis is as follows: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Premiums Written Premiums Earned Premiums Written Premiums Earned Direct premium $ 68,905 $ 93,740 $ 266,877 $ 249,542 Assumed premium 1,316 1,336 6,342 6,300 Ceded premium (3,495 ) (12,903 ) (36,812 ) (34,253 ) Net premiums $ 66,726 $ 82,173 $ 236,407 $ 221,589 Percentage of assumed earned premium to direct earned premium 1.4% 2.5% Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Premiums Written Premiums Earned Premiums Written Premiums Earned Direct premium $ 68,322 $ 79,455 $ 244,053 $ 224,300 Assumed premium 1,426 1,372 5,728 5,655 Ceded premium (7,596 ) (7,485 ) (15,497 ) (15,835 ) Net premiums $ 62,152 $ 73,342 $ 234,284 $ 214,120 Percentage of assumed earned premium to direct earned premium 1.7% 2.5% A reconciliation of direct to net losses and loss adjustment expenses is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Direct losses and loss adjustment expenses $ 87,453 $ 59,936 $ 201,630 $ 153,203 Assumed losses and loss adjustment expenses 2,308 2,436 5,216 3,538 Ceded losses and loss adjustment expenses (24,019 ) (8,536 ) (41,297 ) (20,119 ) Net losses and loss adjustment expenses $ 65,742 $ 53,836 $ 165,549 $ 136,622 20 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) If 100% of our ceded reinsurance was cancelled as of September 30, 2021 or December 31, 2020, no ceded commissions would need to be returned to the reinsurers. Reinsurance contracts are typically effective from January 1 through December 31 each year.

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	9 Months Ended
	Sep. 30, 2021
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Policy Acquisition Costs	7. Deferred Policy Acquisition Costs Expenses directly related to successfully acquired insurance policies, primarily commissions, premium taxes and underwriting costs, are deferred and amortized over the terms of the policies. We update our acquisition cost assumptions periodically to reflect actual experience, and we evaluate the costs for recoverability. The table below shows the deferred policy acquisition costs and asset reconciliation: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Balance, beginning of period $ 29,657 $ 24,204 $ 23,968 $ 15,399 Deferral of policy acquisition costs 8,717 14,742 47,879 47,763 Amortization of deferred policy acquisition costs (12,898 ) (15,061 ) (46,371 ) (39,277 ) Balance, end of period $ 25,476 $ 23,885 $ 25,476 $ 23,885

Unpaid Losses and Loss Adjustme

Unpaid Losses and Loss Adjustment Expenses	9 Months Ended
	Sep. 30, 2021
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Unpaid Losses and Loss Adjustment Expenses	8. Unpaid Losses and Loss Adjustment Expenses Activity in the liability for unpaid losses and loss adjustment expenses (“LAE”) is summarized as follows: Nine Months Ended September 30, 2021 2020 Balance at beginning of period: Liability for unpaid losses and LAE $ 105,750 $ 93,250 Reinsurance recoverables on losses 8,710 4,045 Net balance at beginning of period 97,040 89,205 Acquired unpaid losses and LAE related to: Current year - - Prior years - 8,568 Total incurred - 8,568 Incurred related to: Current year 172,443 140,890 Prior years (6,894 ) (4,268 ) Total incurred 165,549 136,622 Paid related to: Current year 86,251 65,234 Prior years 39,440 47,914 Total paid 125,691 113,148 Balance at end of period: Liability for unpaid losses and LAE 179,576 134,803 Reinsurance recoverables on losses 42,678 13,556 Net balance at end of period $ 136,898 $ 121,247 During the nine months ended September 30, 2021, the Company’s reported incurred losses and LAE included $6,894 of net favorable development on prior accident years, compared to $4,268 of net favorable development on prior accident years during the nine months ended September 30, 2020. The net favorable development on prior accident years through September 30, 2021 was primarily driven by favorable development in the non-standard auto segment and, to a lesser extent, the private passenger auto and home and farm segments. 21 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) Increases and decreases are generally the result of ongoing analysis of loss development trends. As additional information becomes known regarding individual claims, original estimates are increased or decreased accordingly. The Company’s liabilities for unpaid losses and LAE are summarized below: September 30, 2021 December 31, 2020 Case reserves $ 156,848 $ 89,903 IBNR reserves 22,728 15,847 Liability for unpaid LAE $ 179,576 $ 105,750 Reinsurance recoverables on losses 42,678 8,710 Net unpaid losses and LAE $ 136,898 $ 97,040 The following table provides case and IBNR reserves for unpaid losses and LAE by segment. September 30, 2021 Case Reserves IBNR Reserves Total Reserves Private passenger auto $ 18,344 $ 7,729 $ 26,073 Non-standard auto 51,606 (7,492 ) 44,114 Home and farm 12,771 4,672 17,443 Crop 50,378 15 50,393 Commercial 19,737 10,810 30,547 All other 4,012 6,994 11,006 Liability for unpaid losses and LAE $ 156,848 $ 22,728 $ 179,576 Reinsurance recoverables on losses 39,169 3,509 42,678 Net unpaid losses and LAE $ 117,679 $ 19,219 $ 136,898 December 31, 2020 Case Reserves IBNR Reserves Total Reserves Private passenger auto $ 14,984 $ 5,327 $ 20,311 Non-standard auto 50,702 (7,366 ) 43,336 Home and farm 7,705 4,032 11,737 Crop 756 15 771 Commercial 10,749 8,340 19,089 All other 5,007 5,499 10,506 Liability for unpaid losses and LAE $ 89,903 $ 15,847 $ 105,750 Reinsurance recoverables on losses 5,102 3,608 8,710 Net unpaid losses and LAE $ 84,801 $ 12,239 $ 97,040

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	9. Property and Equipment Property and equipment consisted of the following: September 30, 2021 December 31, 2020 Estimated Useful Life Cost: Real estate $ 15,467 $ 15,313 10-31 years Electronic data processing equipment 1,547 1,271 5-7 years Furniture and fixtures 2,908 2,867 5-7 years Automobiles 1,271 1,275 2-3 years Gross cost 21,193 20,726 Accumulated depreciation (11,244 ) (10,827 ) Total property and equipment, net $ 9,949 $ 9,899 Depreciation expense was $162 and $180 for the three months ended September 30, 2021 and 2020, respectively, and $503 and $545 for the nine months ended September 30, 2021 and 2020, respectively.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	10. Goodwill and Other Intangibles Goodwill The following table presents the carrying amount of the Company’s goodwill by segment: September 30, 2021 December 31, 2020 Non-standard auto from acquisition of Primero $ 2,628 $ 2,628 Commercial from acquisition of Westminster 6,756 6,756 Total $ 9,384 $ 9,384 Other Intangible Assets The following table presents the carrying amount of the Company’s other intangible assets: September 30, 2021 Gross Carrying Amount Accumulated Amortization Net Subject to amortization: Trade names $ 748 $ 241 $ 507 Distribution network 6,700 651 6,049 Total subject to amortization 7,448 892 6,556 Not subject to amortization – state insurance licenses 1,900 - 1,900 Total $ 9,348 $ 892 $ 8,456 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Subject to amortization: Trade names $ 748 $ 166 $ 582 Distribution network 6,700 372 6,328 Total subject to amortization 7,448 538 6,910 Not subject to amortization – state insurance license 1,900 - 1,900 Total $ 9,348 $ 538 $ 8,810 Amortization expense was $118 and $1,070 for the three months ended September 30, 2021 and 2020, respectively, and $354 and $4,781 for the nine months ended September 30, 2021 and 2020, respectively. 23 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) Other intangible assets that have finite lives, including trade names and distribution networks, are amortized over their useful lives. As of September 30, 2021, the estimated amortization of other intangible assets with finite lives for the next five years in the period ended December 31, 2025, and thereafter is as follows: Year ending December 31, Amortization Expense 2021 $ 118 2022 472 2023 455 2024 422 2025 422 Thereafter 4,667 Total other intangible assets with finite lives $ 6,556

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	11. Related Party Transactions Intercompany Reinsurance Pooling Arrangement Effective January 1, 2020, all of our insurance subsidiary and affiliate companies entered into an intercompany reinsurance pooling agreement. This agreement was finalized, approved, and implemented during the fourth quarter of 2020, retroactive to the January 1 effective date. Nodak Insurance is the lead company of the pool, and assumes the net premiums, net losses, and underwriting expenses from each of the other five companies. Nodak Insurance then retrocedes balances back to each company, while retaining its own share of the pool’s net underwriting results, based on individual pool percentages established in the respective pooling agreement. This arrangement allows each insurance company to rely upon the capacity of the pool’s total statutory capital and surplus. As a result, they are evaluated by AM Best on a group basis and hold a single combined financial strength rating, long-term issuer credit rating, and financial size category. In connection with the pooling agreement, the quota share agreement between Battle Creek and Nodak Insurance was cancelled. As a result, the Company’s consolidated financial position and results of operations are impacted by the portion of Battle Creek’s underwriting results that are allocated to the policyholders of Battle Creek rather than the shareholders of NI Holdings. For the nine months ended September 30, 2021 and the year ended December 31, 2020, the pooling percentages by insurance company were: Pool Percentage Nodak Insurance 66.0 % American West 7.0 % Primero 3.0 % Battle Creek 2.0 % Direct Auto 13.0 % Westminster 9.0 % Total 100.0 % North Dakota Farm Bureau We were organized by the NDFB to provide insurance protection for its members. We have a royalty agreement with the NDFB that recognizes the use of their trademark and provides royalties to the NDFB based on the premiums written on Nodak Insurance’s insurance policies. Royalties paid to the NDFB were $370 and $386 during the three months ended September 30, 2021 and 2020, respectively, and $1,102 and $1,115 for the nine months ended September 30, 2021 and 2020, respectively. Royalty amounts payable of $38 and $113 were accrued as a liability to the NDFB at September 30, 2021 and December 31, 2020, respectively. Dividends State insurance laws require our insurance subsidiaries to maintain certain minimum capital and surplus amounts on a statutory basis. Our insurance subsidiaries are subject to regulations that restrict the payment of dividends from statutory surplus and 24 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) may require prior approval from their domiciliary insurance regulatory authorities. Our insurance subsidiaries are also subject to risk-based capital (“RBC”) requirements that may further affect their ability to pay dividends. Our insurance subsidiaries statutory capital and surplus at December 31, 2020 exceeded the amount of statutory capital and surplus necessary to satisfy regulatory requirements, including the RBC requirements, by a significant margin. The amount available for payment of dividends from Nodak Insurance to NI Holdings during 2021 without the prior approval of the North Dakota Insurance Department is $21,628 based upon the surplus of Nodak Insurance at December 31, 2020. Prior to its payment of any extraordinary dividend, Nodak Insurance will be required to provide notice of the dividend to the North Dakota Insurance Department. This notice must be provided to the North Dakota Insurance Department 30 days prior to the payment of an extraordinary dividend and 10 days prior to the payment of an ordinary dividend. The North Dakota Insurance Department has the power to limit or prohibit dividend payments if Nodak Insurance is in violation of any law or regulation. These restrictions or any subsequently imposed restrictions may affect our future liquidity. No dividends were declared or paid by Nodak Insurance during the nine months ended September 30, 2021. The Board of Directors of Nodak Insurance declared and paid a $6,000 dividend to NI Holdings during the year ended December 31, 2020. The amount available for payment of dividends from Direct Auto to NI Holdings during 2021 without the prior approval of the Illinois Department of Insurance is $3,582 based upon the surplus of Direct Auto at December 31, 2020. Prior to its payment of any dividend, Direct Auto will be required to provide notice of the dividend to the Illinois Department of Insurance. This notice must be provided to the Illinois Department of Insurance within five business days following declaration of any dividend and no less than 30 days prior to the payment of an extraordinary dividend or 10 days prior to the payment of an ordinary dividend. The Illinois Department of Insurance has the power to limit or prohibit dividend payments if Direct Auto is in violation of any law or regulation. These restrictions or any subsequently imposed restrictions may affect our future liquidity. No dividends were declared or paid by Direct Auto during the nine months ended September 30, 2021 or the year ended December 31, 2020. The amount available for payment of dividends from Westminster to NI Holdings during 2021 without the prior approval of the Maryland Insurance Administration is $505 based upon the statutory net investment income of Westminster for the year ended December 31, 2020 and the three preceding years. Prior to its payment of any dividend, Westminster will be required to provide notice of the dividend to the Maryland Insurance Administration. This notice must be provided to the Maryland Insurance Administration within five business days following declaration of any dividend and no less than 30 days prior to the payment of an extraordinary dividend or 10 days prior to the payment of an ordinary dividend. The Maryland Insurance Administration has the power to limit or prohibit dividend payments if Westminster is in violation of any law or regulation. These restrictions or any subsequently imposed restrictions may affect our future liquidity. No dividends were declared or paid by Westminster during the nine months ended September 30, 2021 or the year ended December 31, 2020. 25 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) Battle Creek Mutual Insurance Company The following tables illustrates the impact of including Battle Creek in our Consolidated Balance Sheets and Statements of Operations prior to intercompany eliminations: September 30, 2021 December 31, 2020 Assets: Cash and cash equivalents $ 1,626 $ 6,055 Investments 10,641 5,543 Premiums and agents’ balances receivable 5,144 4,738 Deferred policy acquisition costs 510 479 Pooling receivable (1) - 920 Reinsurance recoverables on losses (2) 13,235 5,646 Accrued investment income 48 27 Deferred income tax asset 155 101 Property and equipment 328 337 Other assets 49 49 Total assets $ 31,736 $ 23,895 Liabilities: Unpaid losses and loss adjustment expenses $ 3,297 $ 2,445 Unearned premiums 2,535 2,381 Notes payable (1) 3,000 3,000 Reinsurance losses payable (2) 11,872 11,221 Pooling payable (1) 6,393 - Accrued expenses and other liabilities 371 303 Total liabilities 27,468 19,350 Equity: Non-controlling interest 4,268 4,545 Total equity 4,268 4,545 Total liabilities and equity $ 31,736 $ 23,895 (1) Amount fully eliminated in consolidation. (2) Amount partly eliminated in consolidation. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues: Net premiums earned $ 1,499 $ - $ 4,594 $ - Fee and other income (expense) (6 ) - (8 ) - Net investment income 15 34 38 110 Net capital gain on investments 2 (7 ) 2 2 Total revenues 1,510 27 4,626 112 Expenses: Losses and loss adjustment expenses 1,179 - 3,448 - Amortization of deferred policy acquisition costs 258 - 927 - Other underwriting and general expenses 209 - 356 - Total expenses 1,646 - 4,731 - Income (loss) before income taxes (136 ) 27 (105 ) 112 Income tax expense (benefit) (14 ) 5 (6 ) 24 Net income (loss) $ (122 ) $ 22 $ (99 ) $ 88

Benefit Plans

Benefit Plans	9 Months Ended
	Sep. 30, 2021
Compensation Related Costs [Abstract]
Benefit Plans	12. Benefit Plans Nodak Insurance sponsors a 401(k) plan with an automatic and matching contribution for eligible employees at Nodak Insurance, Primero, and Direct Auto. Westminster also sponsors a separate 401(k) plan. The Company reported expenses related to the 401(k) plans totaling $178 and $164 during the three months ended September 30, 2021 and 2020, respectively, and $525 and $489 during the nine months ended September 30, 2021 and 2020, respectively. Nodak Insurance also contributes an additional elective amount of employee compensation as a profit-sharing contribution for eligible employees that is invested in a portfolio of investments directed by the Company. The reported expenses related to this profit-sharing contribution were $165 and $97 during the three months ended September 30, 2021 and 2020, respectively, and $704 and $500 during the nine months ended September 30, 2021 and 2020, respectively. All fees associated with the plans are deducted from the eligible employee accounts. The Company also offers a non-qualified deferred compensation plan to key executives of the Company (as designated by the Board of Directors). The Company’s policy is to fund the plan by amounts that represent the excess of the maximum contribution allowed by the Employee Retirement Income Security Act (“ERISA”) over the key executives’ allowable 401(k) contribution. The plan also allows employee-directed deferral of key executive’s compensation or incentive payments. The Company reported expenses related to this plan totaling $21 and $15 during the three months ended September 30, 2021 and 2020, respectively, and $588 and $43 during the nine months ended September 30, 2021 and 2020, respectively. In connection with our initial public offering in March 2017, the Company established an Employee Stock Ownership Plan (the “ESOP”). The ESOP is intended to be an employee stock ownership plan within the meaning of Internal Revenue Code Section 4975(e)(7) and invests solely in common stock of the Company. Upon establishment of the plan, Nodak Insurance loaned $2,400 to the ESOP’s related trust (the “ESOP Trust”). The ESOP loan was for a period of ten years, bearing interest at the long-term Applicable Federal Rate effective on the closing date of the offering (2.79% annually). The ESOP Trust used the proceeds of the loan to purchase shares in our initial public offering, which resulted in the ESOP Trust owning approximately 1.0% of the Company’s authorized shares. The ESOP has purchased the shares for investment and not for resale. The shares purchased by the ESOP Trust in the offering are held in a suspense account as collateral for the ESOP loan. Nodak Insurance makes semi-annual cash contributions to the ESOP in amounts no smaller than the amounts required for the ESOP Trust to make its loan payments to Nodak Insurance. While the ESOP makes two loan payments per year, a pre-determined portion of the shares are released from the suspense account and allocated to participant accounts at the end of the calendar year. This release and allocation occurs on an annual basis over the ten-year term of the ESOP loan. Nodak Insurance has a lien on the shares of common stock of the Company held by the ESOP to secure repayment of the loan from the ESOP to Nodak Insurance. If the ESOP is terminated as a result of a change in control of the Company, the ESOP may be required to pay the costs of terminating the plan. It is anticipated that the only assets held by the ESOP will be shares of the Company’s common stock. Participants in the ESOP cannot direct the investment of any assets allocated to their accounts. The ESOP participants are employees of Nodak Insurance. The employees of Primero, Direct Auto, and Westminster do not participate in the ESOP. American West and Battle Creek have no employees. Each employee of Nodak Insurance automatically becomes a participant in the ESOP if such employee is at least 21 years old, has completed a minimum of one thousand hours of service with Nodak Insurance, and has completed an Eligibility Computation Period. Employees are not permitted to make any contributions to the ESOP. Participants in the ESOP receive annual reports from the Company showing the number of shares of common stock of the Company allocated to the participants’ accounts and the market value of those shares. The shares are allocated to participants based on compensation as provided for in the ESOP. In connection with the establishment of the ESOP, the Company created a contra-equity account on the Consolidated Balance Sheet equal to the ESOP’s basis in the shares. The basis of those shares was set at $10.00 per share as part of the initial public offering. As shares are released from the ESOP suspense account, the contra-equity account is credited, which reduces the impact of the contra-equity account on the Company’s Consolidated Balance Sheet over time. The Company records compensation expense related to the shares released, equal to the number of shares released from the suspense account multiplied by the average market value of the Company’s stock during the period. The Company recognized compensation expense of $116 and $98 during the three months ended September 30, 2021 and 2020, respectively, related to the ESOP, and $342 and $270 during the nine months ended September 30, 2021 and 2020, respectively. 27 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) Through September 30, 2021 and December 31, 2020, the Company has released and allocated 97,260 ESOP shares to participants, with a remainder of 142,740 ESOP shares in suspense at September 30, 2021 and December 31, 2020. Using the Company’s quarter-end market price of $17.56 per share, the fair value of the unearned ESOP shares was $2,507 at September 30, 2021.

Line of Credit

Line of Credit	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Line of Credit	13. Line of Credit Nodak Insurance has a $5,000 line of credit with Wells Fargo Bank, N.A. The terms of the line of credit include a floating interest rate with a floor rate of 3.25%. There were no outstanding amounts during the nine months ended September 30, 2021, or the year ended December 31, 2020. This line of credit is scheduled to expire on January 30, 2022.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act) was enacted, implementing numerous changes to tax law including temporary changes regarding the prior and future utilization of net operating losses, temporary changes to the prior and future limitations on interest deductions, and the creation of certain refundable employee retention credits. There has been no impact to the Company’s income taxes due to this legislation. At September 30, 2021 and December 31, 2020, we had no unrecognized tax benefits, accrued interest and penalties, or significant uncertain tax positions. No interest and penalties were recognized during the three- or nine-month periods ended September 30, 2021 or 2020. At September 30, 2021 and December 31, 2020, the Company, other than Battle Creek and Westminster, had no income tax related carryovers for net operating losses, alternative minimum tax credits, or capital losses. Battle Creek, which files its income tax returns on a stand-alone basis, had net operating loss carryovers of $3,390 at December 31, 2020. The net operating loss carryforwards expire beginning in 2021 through 2030 Westminster, which became part of the Company’s consolidated federal income tax return beginning in 2020, had net operating loss carryovers of $2,559 at December 31, 2020. The net operating loss carryforwards expire beginning in 2021 through 2023 NI Holdings had gross deferred income tax assets of $10,190 at September 30, 2021 and $8,603 at December 31, 2020, arising primarily from unearned premiums, loss reserve discounting, and net operating loss carryforwards. A valuation allowance is required to be established for any portion of the deferred income tax asset for which the Company believes it is more likely than not that it will not be realized. A valuation allowance of $931 was carried at September 30, 2021 and December 31, 2020. NI Holdings had gross deferred income tax liabilities of $15,359 at September 30, 2021 and $16,429 at December 31, 2020, arising primarily from deferred policy acquisition costs, net unrealized capital gains on investments, and other intangible assets. As of September 30, 2021, NI Holdings had no material unrecognized income tax benefits or accrued interest and penalties. Federal income tax years 2017 through 2019 remain open for examination.

Operating Leases

Operating Leases	9 Months Ended
	Sep. 30, 2021
Leases, Operating [Abstract]
Operating Leases	15. Operating Leases Primero leases a facility in Spearfish, South Dakota under a non-cancellable operating lease expiring in 2023 2029 As of September 30, 2021, we have minimum future commitments under non-cancellable leases for the next five years in the period ending December 31, 2025, and thereafter as follows: Year ending December 31, Estimated Future Minimum Commitments 2021 $ 63 2022 319 2023 358 2024 320 2025 286 Thereafter 1,066 Total minimum future commitments $ 2,412

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	16. Contingencies We have been named as a defendant in various lawsuits relating to our insurance operations. Contingent liabilities arising from litigation, income taxes, and other matters are not considered to be material to our financial position.

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Common Stock	17. Common Stock Changes in the number of common stock shares outstanding were as follows: Nine Months Ended September 30, 2021 2020 Shares outstanding, beginning of period 21,318,638 22,119,380 Treasury shares repurchased through stock repurchase authorization (168,393 ) (804,743 ) Issuance of treasury shares for vesting of restricted stock units 102,060 31,442 Shares outstanding, end of period 21,252,305 21,346,079 On February 28, 2018, our Board of Directors approved an authorization for the repurchase of up to approximately $10,000 of the Company’s outstanding common stock. We completed the repurchase of 191,265 shares of our common stock for $2,966 during 2018, and an additional 116,034 shares for $2,006 during 2019. During the six months ended June 30, 2020, we completed the repurchase of 402,056 shares of our common stock for $4,996 to close out this authorization. On May 4, 2020, our Board of Directors approved an additional authorization for the repurchase of up to approximately $10,000 of the Company’s outstanding common stock. During the year ended December 31, 2020, we completed the repurchase of 454,443 shares of our common stock for $7,238 under this authorization. During the nine months ended September 30, 2021, we completed the repurchase of 144,110 shares of our common stock for $2,762 to close out this authorization. On August 11, 2021, our Board of Directors approved an additional authorization for the repurchase of up to approximately $5,000 of the Company’s outstanding common stock. During the three months ended September 30, 2021, we completed the repurchase of 24,283 shares of our common stock for $449 under this new authorization. The cost of this treasury stock is a reduction of shareholders’ equity within our Consolidated Balance Sheets.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock Based Compensation	18. Stock Based Compensation At its 2020 Annual Shareholders’ Meeting, the NI Holdings, Inc. 2020 Stock and Incentive Plan (the “Plan”) was approved by shareholders. The purpose of the Plan is to promote the interests of the Company and its shareholders by aiding the Company in attracting and retaining employees, officers, consultants, independent contractors, advisors, and non-employee directors capable of assuring the future success of the Company, to offer such persons incentives to put forth maximum efforts for the success of the Company’s business and to afford such persons an opportunity to acquire an ownership interest in the Company, thereby aligning the interests of such persons with the Company’s shareholders. The Plan provides for the grant of nonqualified stock options, incentive stock options, restricted stock units (“RSUs”), stock appreciation rights, dividend equivalents, and performance share units (“PSUs”) to employees, officers, consultants, advisors, non-employee directors, and independent contractors designated by the Compensation Committee of the Board of Directors (the “Compensation Committee”). Awards made under the Plan are based upon, among other things, a participant’s level of responsibility and performance within the Company. The total aggregate number of shares of common stock that awards may be issued under all awards made under the Plan shall not exceed 1,000,000 shares of common stock, subject to adjustments as provided in the Plan. No eligible participant may be granted any awards for more than 100,000 shares in the aggregate in any calendar year, subject to adjustment in accordance with the Plan. The aggregate amount payable pursuant to all performance awards denominated in cash to any eligible person in any calendar year is limited to $1,000 in value. Directors who are not also employees of the Company may not be granted awards denominated in shares that exceed $150 in any calendar year. Restricted Stock Units The Compensation Committee has awarded RSUs to non-employee directors and select executives. RSUs are promises to issue actual shares of common stock at the end of a vesting period. The RSUs granted to executives under the Plan were based on salary and vest 20% per year over a five-year period, while RSUs granted to non-employee directors vest 100% on the date of the next annual meeting of shareholders following the grant date. Dividend equivalents on RSUs are accrued during the vesting period and paid in cash at the end of the vesting period, but are subject to forfeiture until the underlying shares become vested. Participants do not have voting rights with respect to RSUs. The Company recognizes stock-based compensation costs based on the grant date fair value. The compensation costs are normally expensed over the vesting periods to each vesting date; however, the cost of RSUs granted to executives are expensed immediately if the executive has met certain retirement criteria and the RSUs become non-forfeitable. Estimated forfeitures are included in the determination of compensation costs. No forfeitures are currently estimated. A summary of the Company’s outstanding and unearned restricted stock units is presented below: RSUs Weighted-Average Grant-Date Fair Value Per Share Units outstanding and unearned at January 1, 2020 96,540 $ 16.47 RSUs granted during 2020 66,000 14.27 RSUs earned during 2020 (46,760 ) 16.33 Units outstanding and unearned at December 31, 2020 115,780 $ 15.27 RSUs granted during 2021 58,700 18.76 RSUs earned during 2021 (60,720 ) 15.73 Units outstanding and unearned at September 30, 2021 113,760 $ 16.83 The following table shows the impact of RSU activity to the Company’s financial results: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 RSU compensation expense $ 226 $ 211 $ 843 $ 824 Income tax benefit (47 ) (44 ) (177 ) (173 ) RSU compensation expense, net of income taxes $ 179 $ 167 $ 666 $ 651 30 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) At September 30, 2021, there was $939 of unrecognized compensation cost related to outstanding RSUs. That cost is expected to be recognized over a weighted-average period of 2.01 years. Performance Stock Units The Compensation Committee has awarded PSUs to select executives. PSUs are promises to issue actual shares of common stock at the end of a vesting period, if certain performance conditions are met. The PSUs granted to employees under the Plan were based on salary and include a three-year book value cumulative growth target with threshold and stretch goals. They will vest on the third anniversary of the grant date, subject to the participant’s continuous employment through the vesting date and the level of performance achieved. Dividend equivalents on PSUs are accrued and paid in cash at the end of the performance period in accordance with the level of performance achieved, but are subject to forfeiture until the underlying shares become vested. Participants do not have voting rights with respect to PSUs. The Company recognizes stock-based compensation costs based on the grant date fair value over the performance period of the awards. Estimated forfeitures are included in the determination of compensation costs. The current cost estimate assumes that the cumulative growth targets will be achieved or exceeded. A summary of the Company’s outstanding performance share units is presented below: PSUs Weighted-Average Grant-Date Fair Value Per Share Units outstanding at January 1, 2020 111,000 $ 15.27 PSUs granted during 2020 (at target) 63,600 14.26 Units outstanding at December 31, 2020 174,600 $ 15.15 PSUs granted during 2021 (at target) 64,600 18.64 PSUs earned during 2021 (70,363 ) 16.25 Performance adjustment (1) 24,300 16.25 Forfeitures (2,537 ) 16.25 Units outstanding at September 30, 2021 190,600 $ 16.06 ​ (1) The following table shows the impact of PSU activity to the Company’s financial results: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 PSU compensation expense $ 290 $ 274 $ 861 $ 838 Income tax benefit (61 ) (58 ) (181 ) (176 ) PSU compensation expense, net of income taxes $ 229 $ 216 $ 680 $ 662 The PSU grants above represent initial target awards and do not reflect potential increases or decreases resulting from financial performance objectives to be determined at the end of the performance period. The actual number of shares to be issued at the end of the performance period will range from 0% to 150% of the initial target awards. At September 30, 2021, there was $1,434 of unrecognized compensation cost related to outstanding PSUs. That cost is expected to be recognized over a weighted-average period of 1.92 years.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Information	19. Segment Information We have five primary reportable operating segments, which consist of private passenger auto insurance, non-standard auto insurance, home and farm insurance, crop insurance, and commercial insurance. A sixth segment captures all other insurance coverages we sell, including our assumed reinsurance business. We operate only in the United States, and no single customer or agent provides 10 percent or more of our revenues. The following tables provide available information of these segments for the three- and nine-month periods ended September 30, 2021 and 2020. For presentation in these tables, “LAE” refers to loss adjustment expenses. The ratios presented in these tables are non-GAAP financial measures under SEC rules and regulations. While these ratios are used widely in the property and casualty insurance industry, such non-GAAP ratios may not be comparable to similarly-named measures reported by other companies. The loss and LAE ratio equals losses and loss adjustment expenses divided by net premiums earned. The expense ratio equals amortization of deferred policy acquisition costs and other underwriting and general expenses, divided by net premiums earned. The combined ratio equals losses and loss adjustment expenses, amortization of deferred policy acquisition costs, and other underwriting and general expenses, divided by net premiums earned. For purposes of evaluating profitability of the non-standard auto segment, management combines the policy fees paid by the insured with the underwriting gain or loss as its primary measure. As a result, these fees are allocated to the non-standard auto segment (included in fee and other income) in the tables below. The remaining fee and other income amounts are not allocated to any segment. We do not assign or allocate all Consolidated Statement of Operations or Consolidated Balance Sheet line items to our operating segments. Those line items include investment income, net capital gain on investments, other income excluding non-standard auto insurance fees, and income taxes within the Consolidated Statement of Operations. For the Consolidated Balance Sheet, those items include cash and investments, property and equipment, other assets, accrued expenses, income taxes recoverable or payable, and shareholders’ equity. 32 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) Three Months Ended September 30, 2021 Private Passenger Auto Non- Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 19,453 $ 15,258 $ 21,256 $ 19,654 $ 16,864 $ 1,255 $ 93,740 Assumed premiums earned - - - 24 - 1,312 1,336 Ceded premiums earned (962 ) (369 ) (2,481 ) (6,954 ) (2,066 ) (71 ) (12,903 ) Net premiums earned 18,491 14,889 18,775 12,724 14,798 2,496 82,173 Direct losses and LAE 17,646 9,620 19,839 27,237 13,058 53 87,453 Assumed losses and LAE - - - 151 - 2,157 2,308 Ceded losses and LAE (516 ) - (3,684 ) (14,906 ) (5,288 ) 375 (24,019 ) Net losses and LAE 17,130 9,620 16,155 12,482 7,770 2,585 65,742 Gross margin 1,361 5,269 2,620 242 7,028 (89 ) 16,431 Underwriting and general expenses 5,892 6,010 6,627 864 5,257 698 25,348 Underwriting gain (loss) (4,531 ) (741 ) (4,007 ) (622 ) 1,771 (787 ) (8,917 ) Fee and other income 301 501 (440 ) Net investment income 1,713 Net capital gain on investments 222 Loss before income taxes (6,481 ) Income tax benefit (1,622 ) Net loss (4,859 ) Net loss attributable to non-controlling interest (122 ) Net loss attributable to NI Holdings, Inc. $ (4,737 ) Non-GAAP Ratios: Loss and LAE ratio 92.6% 64.6% 86.0% 98.1% 52.5% 103.6% 80.0% Expense ratio 31.9% 40.4% 35.3% 6.8% 35.5% 28.0% 30.8% Combined ratio 124.5% 105.0% 121.3% 104.9% 88.0% 131.5% 110.9% Balances at September 30, 2021: Premiums and agents’ balances receivable $ 19,531 $ 8,789 $ 9,246 $ 33,376 $ 10,737 $ 709 $ 82,388 Deferred policy acquisition costs 5,234 6,226 7,539 1 6,027 449 25,476 Reinsurance recoverables 1,422 - 2,680 28,824 7,911 1,841 42,678 Receivable from Federal Crop Insurance Corporation - - - 9,362 - - 9,362 Goodwill and other intangibles - 2,823 - - 15,017 - 17,840 Unpaid losses and LAE 26,073 44,114 17,443 50,393 30,547 11,006 179,576 Unearned premiums 29,462 19,489 42,664 9,369 32,930 3,185 137,099 33 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) Three Months Ended September 30, 2020 Private Passenger Auto Non- Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 19,002 $ 13,882 $ 20,688 $ 12,189 $ 12,516 $ 1,178 $ 79,455 Assumed premiums earned - - - (33 ) - 1,405 1,372 Ceded premiums earned (1,055 ) (43 ) (2,140 ) (2,437 ) (1,743 ) (67 ) (7,485 ) Net premiums earned 17,947 13,839 18,548 9,719 10,773 2,516 73,342 Direct losses and LAE 13,570 9,425 13,912 12,154 9,257 1,618 59,936 Assumed losses and LAE (165 ) - - 617 - 1,984 2,436 Ceded losses and LAE 165 - (475 ) (3,546 ) (3,680 ) (1,000 ) (8,536 ) Net losses and LAE 13,570 9,425 13,437 9,225 5,577 2,602 53,836 Gross margin 4,377 4,414 5,111 494 5,196 (86 ) 19,506 Underwriting and general expenses 5,103 5,140 5,507 1,542 4,289 563 22,144 Underwriting gain (loss) (726 ) (726 ) (396 ) (1,048 ) 907 (649 ) (2,638 ) Fee and other income 336 524 (390 ) Net investment income 1,886 Net capital gain on investments 5,102 Income before income taxes 4,874 Income tax expense 1,188 Net income 3,686 Net income attributable to non-controlling interest 22 Net income attributable to NI Holdings, Inc. $ 3,664 Non-GAAP Ratios: Loss and LAE ratio 75.6% 68.1% 72.4% 94.9% 51.8% 103.4% 73.4% Expense ratio 28.4% 37.1% 29.7% 15.9% 39.8% 22.4% 30.2% Combined ratio 104.0% 105.2% 102.1% 110.8% 91.6% 125.8% 103.6% Balances at September 30, 2020: Premiums and agents’ balances receivable $ 19,269 $ 7,358 $ 9,323 $ 39,182 $ 9,071 $ 665 $ 84,868 Deferred policy acquisition costs 5,629 4,931 7,900 409 4,564 452 23,885 Reinsurance recoverables 341 - 1,984 3,675 5,082 2,474 13,556 Receivable from Federal Crop Insurance Corporation - - - 9,519 - - 9,519 Goodwill and other intangibles - 2,872 - - 15,765 - 18,637 Unpaid losses and LAE 20,399 44,526 12,361 29,723 16,602 11,192 134,803 Unearned premiums 29,203 17,147 41,724 8,730 26,247 2,915 125,966 34 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) Nine Months Ended September 30, 2021 Private Passenger Auto Non- Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 57,153 $ 44,102 $ 62,647 $ 34,212 $ 47,781 $ 3,647 $ 249,542 Assumed premiums earned - - - 2,108 - 4,192 6,300 Ceded premiums earned (3,096 ) (1,057 ) (8,045 ) (15,196 ) (6,625 ) (234 ) (34,253 ) Net premiums earned 54,057 43,045 54,602 21,124 41,156 7,605 221,589 Direct losses and LAE 45,299 25,910 47,163 49,612 33,016 630 201,630 Assumed losses and LAE - - - 674 - 4,542 5,216 Ceded losses and LAE (1,010 ) - (5,168 ) (27,911 ) (7,583 ) 375 (41,297 ) Net losses and LAE 44,289 25,910 41,995 22,375 25,433 5,547 165,549 Gross margin 9,768 17,135 12,607 (1,251 ) 15,723 2,058 56,040 Underwriting and general expenses 16,018 16,949 17,311 2,831 15,049 2,017 70,175 Underwriting gain (loss) (6,250 ) 186 (4,704 ) (4,082 ) 674 41 (14,135 ) Fee and other income 994 1,338 1,180 Net investment income 4,959 Net capital gain on investments 10,734 Income before income ​​taxes 2,896 Income tax expense 707 Net income 2,189 Net loss attributable to non-controlling interest (99 ) Net income attributable to NI Holdings, Inc. $ 2,288 Non-GAAP Ratios: Loss and LAE ratio 81.9% 60.2% 76.9% 105.9% 61.8% 72.9% 74.7% Expense ratio 29.6% 39.4% 31.7% 13.4% 36.6% 26.5% 31.7% Combined ratio 111.6% 99.6% 108.6% 119.3% 98.4% 99.5% 106.4% 35 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) Nine Months Ended September 30, 2020 Private Passenger Auto Non- Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 55,899 $ 40,253 $ 61,062 $ 31,438 $ 32,173 $ 3,475 $ 224,300 Assumed premiums earned - - - 1,903 - 3,752 5,655 Ceded premiums earned (3,267 ) (129 ) (7,125 ) 109 (5,206 ) (217 ) (15,835 ) Net premiums earned 52,632 40,124 53,937 33,450 26,967 7,010 214,120 Direct losses and LAE 33,324 23,560 32,661 35,212 26,169 2,277 153,203 Assumed losses and LAE - - - 839 - 2,699 3,538 Ceded losses and LAE (1 ) - (1,826 ) (5,352 ) (11,640 ) (1,300 ) (20,119 ) Net losses and LAE 33,323 23,560 30,835 30,699 14,529 3,676 136,622 Gross margin 19,309 16,564 23,102 2,751 12,438 3,334 77,498 Underwriting and general expenses 14,248 15,482 15,102 3,542 11,842 1,712 61,928 Underwriting gain (loss) 5,061 1,082 8,000 (791 ) 596 1,622 15,570 Fee and other income 993 1,332 2,075 Net investment income 5,875 Net capital gain on investments 1,380 Income before income taxes 24,157 Income tax expense 5,259 Net income 18,898 Net income attributable to non-controlling interest 88 Net income attributable to NI Holdings, Inc. $ 18,810 Non-GAAP Ratios: Loss and LAE ratio 63.3% 58.7% 57.2% 91.8% 53.9% 52.4% 63.8% Expense ratio 27.1% 38.6% 28.0% 10.6% 43.9% 24.4% 28.9% Combined ratio 90.4% 97.3% 85.2% 102.4% 97.8% 76.9% 92.7%

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X and are unaudited. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. All material intercompany transactions and balances have been eliminated. These financial statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Annual Report”). The preparation of the interim Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim Consolidated Financial Statements and the reported amounts of revenues, claims, and expenses during the reporting period. Actual results could differ from those estimates. Operating results for the interim periods ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ended December 31, 2021. Our Consolidated Financial Statements include our accounts and those of our wholly-owned subsidiaries, as well as Battle Creek, an entity we control via contract. The terms “we”, “us”, “our”, or “the Company” as used herein refer to the consolidated entity. Our 2020 Annual Report describes the accounting policies and estimates that are critical to the understanding of our results of operations, financial condition, and liquidity. The accounting policies and estimation processes described in the 2020 Annual Report were consistently applied to the Unaudited Consolidated Financial Statements as of and for the nine months ended September 30, 2021.
Recent Accounting Pronouncements	Recent Accounting Pronouncements As an emerging growth company, we have elected to use the extended transition period for complying with any new or revised financial accounting standards from the Financial Accounting Standards Board (“FASB”) pursuant to Section 13(a) of the Exchange Act. The following discussion includes effective dates for both public business entities and emerging growth companies, as well as whether specific guidance may be adopted early. Adopted In January 2020, the Company adopted amended guidance from the FASB that shortened the amortization period of premiums on certain fixed income securities held at a premium to the earliest call date rather than through the maturity date of the callable security. The adoption of this guidance did not materially impact the Company’s financial position, results of operations, or cash flows. In March 2020, the Company adopted modified disclosure requirements from the FASB relating to the fair value of assets and liabilities. The modifications primarily related to Level 3 fair value measurements. The Company does not currently carry any Level 3 assets or liabilities. As a result, there was no impact to the Company’s financial statement disclosures. Not Yet Adopted In February 2016, the FASB issued new guidance that requires lessees to recognize leases, including operating leases, on the lessee’s Consolidated Balance Sheet, unless a lease is considered a short-term lease. The new guidance also requires entities to make new judgments to identify leases. In July 2018, the FASB issued additional guidance to allow an optional transition method. An entity may apply the new leases guidance at the beginning of the earliest period presented in the financial statements, or at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The 10 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) new guidance was effective for annual and interim reporting periods beginning after December 15, 2018 for public business entities. For private companies and emerging growth companies, this guidance is effective for annual reporting periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted for all entities. We do not expect the adoption of this new guidance to have a significant impact on our financial position, results of operations, or cash flows. Upon adoption, the Company will recognize a right of use asset and operating lease liability on its Consolidated Balance Sheet. The cumulative adjustment to retained earnings is not expected to be significant. In June 2016, the FASB issued a new standard that requires timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance also requires financial institutions and other organizations to use forward-looking information to better form their credit loss estimates. Many of the loss estimation techniques applied prior to adoption of this standard are still permitted, although the inputs to those techniques have changed to reflect the full amount of expected credit losses. Organizations are to continue to use judgment to determine which loss estimation method is appropriate for their circumstances. Additionally, the guidance requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. Finally, the guidance amends the accounting for credit losses on available-for-sale fixed income securities and purchased financial assets with credit deterioration. The guidance was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 for filers with the Securities and Exchange Commission (“SEC”) excluding smaller reporting companies, and emerging growth companies that did not relinquish private company relief. For all other entities, this guidance will be effective for annual reporting periods beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted for all entities. Based on our evaluation, adoption of this new standard will not have a significant impact on our financial position, results of operations, and cash flows. In December 2019, the FASB issued amended guidance to simplify the accounting for income taxes. The amended guidance was effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, for public business entities. For private companies and emerging growth companies, the amended guidance will be effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted, including adoption in an interim period. We are evaluating the impact this new guidance will have on our financial position, results of operations, and cash flows.

Acquisition of Westminster Am_2

Acquisition of Westminster American Insurance Company (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Schedule of Identified Assets Acquired and Liabilities Assumed	The following table summarizes the consideration transferred to acquire Westminster and the amounts of identified assets acquired and liabilities assumed at the acquisition date: Fair Value of Consideration: Cash consideration transferred $ 20,000 Present value of future cash consideration 18,787 Total cash consideration $ 38,787 Fair Value of Identifiable Assets Acquired and Liabilities Assumed: Identifiable net assets: Cash and cash equivalents $ 19,297 Fixed income securities 12,073 Equity securities 2,705 Other investments 735 Premiums and agents' balances receivable 8,507 Reinsurance recoverables on losses 763 Accrued investment income 70 Property and equipment 2,376 Federal income tax recoverable 138 State insurance licenses (included in goodwill and other intangibles) 1,800 Distribution network (included in goodwill and other intangibles) 6,700 Trade name (included in goodwill and other intangibles) 500 Value of business acquired (included in goodwill and other intangibles) 4,750 Other assets 76 Unpaid losses and loss adjustment expenses (8,568 ) Unearned premiums (16,611 ) Deferred income taxes, net (1,583 ) Reinsurance premiums payable (565 ) Accrued expenses and other liabilities (1,132 ) Total identifiable net assets $ 32,031 Goodwill $ 6,756

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2021
Marketable Securities [Abstract]
Schedule of amortized cost and estimated fair value of securities	The amortized cost and estimated fair value of fixed income securities as of September 30, 2021 and December 31, 2020, were as follows: September 30, 2021 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed income securities: U.S. Government and agencies $ 13,617 $ 582 $ (84 ) $ 14,115 Obligations of states and political subdivisions 70,756 2,691 (286 ) 73,161 Corporate securities 151,028 5,768 (637 ) 156,159 Residential mortgage-backed securities 42,148 1,002 (195 ) 42,955 Commercial mortgage-backed securities 32,810 1,147 (49 ) 33,908 Asset-backed securities 50,995 258 (135 ) 51,118 Total fixed income securities $ 361,354 $ 11,448 $ (1,386 ) $ 371,416 December 31, 2020 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed income securities: U.S. Government and agencies $ 13,334 $ 1,055 $ (6 ) $ 14,383 Obligations of states and political subdivisions 61,001 3,278 (35 ) 64,244 Corporate securities 119,826 8,755 (147 ) 128,434 Residential mortgage-backed securities 35,017 1,478 (1 ) 36,494 Commercial mortgage-backed securities 23,976 1,700 (21 ) 25,655 Asset-backed securities 50,751 535 (86 ) 51,200 Total fixed income securities $ 303,905 $ 16,801 $ (296 ) $ 320,410
Schedule of amortized cost and fair value of fixed income securities by contractual maturity	The amortized cost and estimated fair value of fixed income securities by contractual maturity are shown below. Actual maturities could differ from contractual maturities because issuers of the securities may have the right to call or prepay certain obligations, which may or may not include call or prepayment penalties. September 30, 2021 Amortized Cost Fair Value Due to mature: One year or less $ 17,815 $ 17,978 After one year through five years 80,664 83,892 After five years through ten years 85,609 88,611 After ten years 51,313 52,954 Mortgage / asset-backed securities 125,953 127,981 Total fixed income securities $ 361,354 $ 371,416 December 31, 2020 Amortized Cost Fair Value Due to mature: One year or less $ 17,722 $ 17,933 After one year through five years 86,709 91,457 After five years through ten years 59,408 64,987 After ten years 30,322 32,684 Mortgage / asset-backed securities 109,744 113,349 Total fixed income securities $ 303,905 $ 320,410
Schedule of unrealized loss of securities	The investment category and duration of the Company’s gross unrealized losses on fixed income securities were as follows: September 30, 2021 Less than 12 Months Greater than 12 months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fixed income securities: U.S. Government and agencies $ 2,603 $ (84 ) $ - $ - $ 2,603 $ (84 ) Obligations of states and political subdivisions 10,285 (286 ) - - 10,285 (286 ) Corporate securities 38,474 (628 ) 535 (9 ) 39,009 (637 ) Residential mortgage-backed securities 17,333 (195 ) - - 17,333 (195 ) Commercial mortgage-backed securities 5,555 (49 ) - - 5,555 (49 ) Asset-backed securities 14,700 (131 ) 1,242 (4 ) 15,942 (135 ) Total fixed income securities $ 88,950 $ (1,373 ) $ 1,777 $ (13 ) $ 90,727 $ (1,386 ) December 31, 2020 Less than 12 Months Greater than 12 months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fixed income securities: U.S. Government and agencies $ 931 $ (6 ) $ - $ - $ 931 $ (6 ) Obligations of states and political subdivisions 1,806 (35 ) - - 1,806 (35 ) Corporate securities 3,215 (97 ) 734 (50 ) 3,949 (147 ) Residential mortgage-backed securities 68 (1 ) - - 68 (1 ) Commercial mortgage-backed securities 1,103 (21 ) - - 1,103 (21 ) Asset-backed securities 5,785 (31 ) 4,188 (55 ) 9,973 (86 ) Total fixed income securities $ 12,908 $ (191 ) $ 4,922 $ (105 ) $ 17,830 $ (296 )
Schedule of net investment income	Net investment income was attributable to the following types of securities: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fixed income securities $ 2,104 $ 2,065 $ 6,227 $ 6,655 Equity securities 275 278 820 903 Real estate 156 170 469 440 Cash and cash equivalents 1 1 3 27 Total gross investment income 2,536 2,514 7,519 8,025 Investment expenses 823 628 2,560 2,150 Net investment income $ 1,713 $ 1,886 $ 4,959 $ 5,875
Schedule of net realized gain (loss) on investments	Net capital gain on investments consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Gross realized gains: Fixed income securities $ 131 $ 279 $ 572 $ 756 Equity securities 2,674 637 9,194 2,887 Total gross realized gains 2,805 916 9,766 3,643 Gross realized losses, excluding other-than-temporary impairment losses: Fixed income securities (12 ) 252 (26 ) (70 ) Equity securities (60 ) (532 ) (230 ) (1,552 ) Total gross realized losses, excluding other-than-temporary impairment losses (72 ) (280 ) (256 ) (1,622 ) Net realized gain on investments 2,733 636 9,510 2,021 Change in net unrealized gain on equity securities (2,511 ) 4,466 1,224 (641 ) Net capital gain on investments $ 222 $ 5,102 $ 10,734 $ 1,380

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Investments, All Other Investments [Abstract]
Schedule of Financial Instruments at Fair Value Measured on a Recurring Basis	The following tables set forth our assets which are measured at fair value on a recurring basis by the level within the fair value hierarchy in which fair value measurements fall: September 30, 2021 Total Level I Level II Level III Fixed income securities: U.S. Government and agencies $ 14,115 $ - $ 14,115 $ - Obligations of states and political subdivisions 73,161 - 73,161 - Corporate securities 156,159 - 156,159 - Residential mortgage-backed securities 42,955 - 42,955 - Commercial mortgage-backed securities 33,908 - 33,908 - Asset-backed securities 51,118 - 51,118 - Total fixed income securities 371,416 - 371,416 - Equity securities: Basic materials 1,073 1,073 - - Communications 7,580 7,580 - - Consumer, cyclical 10,911 10,911 - - Consumer, non-cyclical 16,386 16,386 - - Energy 2,716 2,716 - - Financial 4,165 4,165 - - Industrial 14,292 14,292 - - Technology 17,337 17,337 - - Total equity securities 74,460 74,460 - - Cash equivalents 30,529 30,529 - - Total assets at fair value $ 476,405 $ 104,989 $ 371,416 $ - 18 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) December 31, 2020 Total Level I Level II Level III Fixed income securities: U.S. Government and agencies $ 14,383 $ - $ 14,383 $ - Obligations of states and political subdivisions 64,244 - 64,244 - Corporate securities 128,434 - 128,434 - Residential mortgage-backed securities 36,494 - 36,494 - Commercial mortgage-backed securities 25,655 - 25,655 - Asset-backed securities 51,200 - 51,200 - Total fixed income securities 320,410 - 320,410 - Equity securities: Basic materials 1,285 1,285 - - Communications 7,455 7,455 - - Consumer, cyclical 9,929 9,929 - - Consumer, non-cyclical 14,633 14,633 - - Energy 1,499 1,499 - - Financial 6,235 6,235 - - Industrial 12,733 12,733 - - Technology 16,145 16,145 - - Utility 38 38 Total equity securities 69,952 69,952 - - Cash equivalents 65,354 65,354 - - Total assets at fair value $ 455,716 $ 135,306 $ 320,410 $ -

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2021
Reinsurance Disclosures [Abstract]
Schedule of reconciliation of direct to net premiums on both a written and an earned basis	A reconciliation of direct to net premiums on both a written and an earned basis is as follows: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Premiums Written Premiums Earned Premiums Written Premiums Earned Direct premium $ 68,905 $ 93,740 $ 266,877 $ 249,542 Assumed premium 1,316 1,336 6,342 6,300 Ceded premium (3,495 ) (12,903 ) (36,812 ) (34,253 ) Net premiums $ 66,726 $ 82,173 $ 236,407 $ 221,589 Percentage of assumed earned premium to direct earned premium 1.4% 2.5% Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Premiums Written Premiums Earned Premiums Written Premiums Earned Direct premium $ 68,322 $ 79,455 $ 244,053 $ 224,300 Assumed premium 1,426 1,372 5,728 5,655 Ceded premium (7,596 ) (7,485 ) (15,497 ) (15,835 ) Net premiums $ 62,152 $ 73,342 $ 234,284 $ 214,120 Percentage of assumed earned premium to direct earned premium 1.7% 2.5%
Schedule of reconciliation of direct to net losses and loss adjustment expenses	A reconciliation of direct to net losses and loss adjustment expenses is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Direct losses and loss adjustment expenses $ 87,453 $ 59,936 $ 201,630 $ 153,203 Assumed losses and loss adjustment expenses 2,308 2,436 5,216 3,538 Ceded losses and loss adjustment expenses (24,019 ) (8,536 ) (41,297 ) (20,119 ) Net losses and loss adjustment expenses $ 65,742 $ 53,836 $ 165,549 $ 136,622

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	9 Months Ended
	Sep. 30, 2021
Reinsurance Disclosures [Abstract]
Schedule of deferred policy acquisition costs	Expenses directly related to successfully acquired insurance policies, primarily commissions, premium taxes and underwriting costs, are deferred and amortized over the terms of the policies. We update our acquisition cost assumptions periodically to reflect actual experience, and we evaluate the costs for recoverability. The table below shows the deferred policy acquisition costs and asset reconciliation: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Balance, beginning of period $ 29,657 $ 24,204 $ 23,968 $ 15,399 Deferral of policy acquisition costs 8,717 14,742 47,879 47,763 Amortization of deferred policy acquisition costs (12,898 ) (15,061 ) (46,371 ) (39,277 ) Balance, end of period $ 25,476 $ 23,885 $ 25,476 $ 23,885

Unpaid Losses and Loss Adjust_2

Unpaid Losses and Loss Adjustment Expenses (Tables)	9 Months Ended
	Sep. 30, 2021
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Schedule of Activity in the liability for unpaid losses and loss adjustment expenses	Activity in the liability for unpaid losses and loss adjustment expenses (“LAE”) is summarized as follows: Nine Months Ended September 30, 2021 2020 Balance at beginning of period: Liability for unpaid losses and LAE $ 105,750 $ 93,250 Reinsurance recoverables on losses 8,710 4,045 Net balance at beginning of period 97,040 89,205 Acquired unpaid losses and LAE related to: Current year - - Prior years - 8,568 Total incurred - 8,568 Incurred related to: Current year 172,443 140,890 Prior years (6,894 ) (4,268 ) Total incurred 165,549 136,622 Paid related to: Current year 86,251 65,234 Prior years 39,440 47,914 Total paid 125,691 113,148 Balance at end of period: Liability for unpaid losses and LAE 179,576 134,803 Reinsurance recoverables on losses 42,678 13,556 Net balance at end of period $ 136,898 $ 121,247
Schedule of Liabilities for Unpaid Losses and LAE	The Company’s liabilities for unpaid losses and LAE are summarized below: September 30, 2021 December 31, 2020 Case reserves $ 156,848 $ 89,903 IBNR reserves 22,728 15,847 Liability for unpaid LAE $ 179,576 $ 105,750 Reinsurance recoverables on losses 42,678 8,710 Net unpaid losses and LAE $ 136,898 $ 97,040
Schedule of Reconciliation of Net Incurred and Paid Claims	The following table provides case and IBNR reserves for unpaid losses and LAE by segment. September 30, 2021 Case Reserves IBNR Reserves Total Reserves Private passenger auto $ 18,344 $ 7,729 $ 26,073 Non-standard auto 51,606 (7,492 ) 44,114 Home and farm 12,771 4,672 17,443 Crop 50,378 15 50,393 Commercial 19,737 10,810 30,547 All other 4,012 6,994 11,006 Liability for unpaid losses and LAE $ 156,848 $ 22,728 $ 179,576 Reinsurance recoverables on losses 39,169 3,509 42,678 Net unpaid losses and LAE $ 117,679 $ 19,219 $ 136,898 December 31, 2020 Case Reserves IBNR Reserves Total Reserves Private passenger auto $ 14,984 $ 5,327 $ 20,311 Non-standard auto 50,702 (7,366 ) 43,336 Home and farm 7,705 4,032 11,737 Crop 756 15 771 Commercial 10,749 8,340 19,089 All other 5,007 5,499 10,506 Liability for unpaid losses and LAE $ 89,903 $ 15,847 $ 105,750 Reinsurance recoverables on losses 5,102 3,608 8,710 Net unpaid losses and LAE $ 84,801 $ 12,239 $ 97,040

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2021
Reinsurance Disclosures [Abstract]
Schedule of Property and equipment	Property and equipment consisted of the following: September 30, 2021 December 31, 2020 Estimated Useful Life Cost: Real estate $ 15,467 $ 15,313 10-31 years Electronic data processing equipment 1,547 1,271 5-7 years Furniture and fixtures 2,908 2,867 5-7 years Automobiles 1,271 1,275 2-3 years Gross cost 21,193 20,726 Accumulated depreciation (11,244 ) (10,827 ) Total property and equipment, net $ 9,949 $ 9,899

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Carrying Amount of Goodwill by Segment	The following table presents the carrying amount of the Company’s goodwill by segment: September 30, 2021 December 31, 2020 Non-standard auto from acquisition of Primero $ 2,628 $ 2,628 Commercial from acquisition of Westminster 6,756 6,756 Total $ 9,384 $ 9,384
Schedule of Carrying Amount of Other Intangible Assets	The following table presents the carrying amount of the Company’s other intangible assets: September 30, 2021 Gross Carrying Amount Accumulated Amortization Net Subject to amortization: Trade names $ 748 $ 241 $ 507 Distribution network 6,700 651 6,049 Total subject to amortization 7,448 892 6,556 Not subject to amortization – state insurance licenses 1,900 - 1,900 Total $ 9,348 $ 892 $ 8,456 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Subject to amortization: Trade names $ 748 $ 166 $ 582 Distribution network 6,700 372 6,328 Total subject to amortization 7,448 538 6,910 Not subject to amortization – state insurance license 1,900 - 1,900 Total $ 9,348 $ 538 $ 8,810
Schedule of Estimated Amortization of Other Intangible Assets	Other intangible assets that have finite lives, including trade names and distribution networks, are amortized over their useful lives. As of September 30, 2021, the estimated amortization of other intangible assets with finite lives for the next five years in the period ended December 31, 2025, and thereafter is as follows: Year ending December 31, Amortization Expense 2021 $ 118 2022 472 2023 455 2024 422 2025 422 Thereafter 4,667 Total other intangible assets with finite lives $ 6,556

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Schedule of Pooling Share Percentages	For the nine months ended September 30, 2021 and the year ended December 31, 2020, the pooling percentages by insurance company were: Pool Percentage Nodak Insurance 66.0 % American West 7.0 % Primero 3.0 % Battle Creek 2.0 % Direct Auto 13.0 % Westminster 9.0 % Total 100.0 %
Schedule of illustrates the impact of consolidating Battle Creek into our consolidated balance sheets prior to intercompany eliminations	The following tables illustrates the impact of including Battle Creek in our Consolidated Balance Sheets and Statements of Operations prior to intercompany eliminations: September 30, 2021 December 31, 2020 Assets: Cash and cash equivalents $ 1,626 $ 6,055 Investments 10,641 5,543 Premiums and agents’ balances receivable 5,144 4,738 Deferred policy acquisition costs 510 479 Pooling receivable (1) - 920 Reinsurance recoverables on losses (2) 13,235 5,646 Accrued investment income 48 27 Deferred income tax asset 155 101 Property and equipment 328 337 Other assets 49 49 Total assets $ 31,736 $ 23,895 Liabilities: Unpaid losses and loss adjustment expenses $ 3,297 $ 2,445 Unearned premiums 2,535 2,381 Notes payable (1) 3,000 3,000 Reinsurance losses payable (2) 11,872 11,221 Pooling payable (1) 6,393 - Accrued expenses and other liabilities 371 303 Total liabilities 27,468 19,350 Equity: Non-controlling interest 4,268 4,545 Total equity 4,268 4,545 Total liabilities and equity $ 31,736 $ 23,895 (1) Amount fully eliminated in consolidation. (2) Amount partly eliminated in consolidation. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues: Net premiums earned $ 1,499 $ - $ 4,594 $ - Fee and other income (expense) (6 ) - (8 ) - Net investment income 15 34 38 110 Net capital gain on investments 2 (7 ) 2 2 Total revenues 1,510 27 4,626 112 Expenses: Losses and loss adjustment expenses 1,179 - 3,448 - Amortization of deferred policy acquisition costs 258 - 927 - Other underwriting and general expenses 209 - 356 - Total expenses 1,646 - 4,731 - Income (loss) before income taxes (136 ) 27 (105 ) 112 Income tax expense (benefit) (14 ) 5 (6 ) 24 Net income (loss) $ (122 ) $ 22 $ (99 ) $ 88

Operating Leases (Tables)

Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Surplus Notes [Member]
Schedule of Minimum Future Commitments Under Non-Cancellable Leases	As of September 30, 2021, we have minimum future commitments under non-cancellable leases for the next five years in the period ending December 31, 2025, and thereafter as follows: Year ending December 31, Estimated Future Minimum Commitments 2021 $ 63 2022 319 2023 358 2024 320 2025 286 Thereafter 1,066 Total minimum future commitments $ 2,412

Common Stock (Tables)

Common Stock (Tables)	9 Months Ended
	Sep. 30, 2021
Common Stock Tables Abstract
Schedule of number of common stock shares	Changes in the number of common stock shares outstanding were as follows: Nine Months Ended September 30, 2021 2020 Shares outstanding, beginning of period 21,318,638 22,119,380 Treasury shares repurchased through stock repurchase authorization (168,393 ) (804,743 ) Issuance of treasury shares for vesting of restricted stock units 102,060 31,442 Shares outstanding, end of period 21,252,305 21,346,079

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of RSU activity	A summary of the Company’s outstanding and unearned restricted stock units is presented below: RSUs Weighted-Average Grant-Date Fair Value Per Share Units outstanding and unearned at January 1, 2020 96,540 $ 16.47 RSUs granted during 2020 66,000 14.27 RSUs earned during 2020 (46,760 ) 16.33 Units outstanding and unearned at December 31, 2020 115,780 $ 15.27 RSUs granted during 2021 58,700 18.76 RSUs earned during 2021 (60,720 ) 15.73 Units outstanding and unearned at September 30, 2021 113,760 $ 16.83
Schedule of Restricted Stock Outstanding	The following table shows the impact of RSU activity to the Company’s financial results: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 RSU compensation expense $ 226 $ 211 $ 843 $ 824 Income tax benefit (47 ) (44 ) (177 ) (173 ) RSU compensation expense, net of income taxes $ 179 $ 167 $ 666 $ 651
Schedule of Performance Stock Outstanding	A summary of the Company’s outstanding performance share units is presented below: PSUs Weighted-Average Grant-Date Fair Value Per Share Units outstanding at January 1, 2020 111,000 $ 15.27 PSUs granted during 2020 (at target) 63,600 14.26 Units outstanding at December 31, 2020 174,600 $ 15.15 PSUs granted during 2021 (at target) 64,600 18.64 PSUs earned during 2021 (70,363 ) 16.25 Performance adjustment (1) 24,300 16.25 Forfeitures (2,537 ) 16.25 Units outstanding at September 30, 2021 190,600 $ 16.06 ​ (1)
Schedule of PSU activity	The following table shows the impact of PSU activity to the Company’s financial results: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 PSU compensation expense $ 290 $ 274 $ 861 $ 838 Income tax benefit (61 ) (58 ) (181 ) (176 ) PSU compensation expense, net of income taxes $ 229 $ 216 $ 680 $ 662

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Schedule of revenue by insurance product line	NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) Three Months Ended September 30, 2021 Private Passenger Auto Non- Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 19,453 $ 15,258 $ 21,256 $ 19,654 $ 16,864 $ 1,255 $ 93,740 Assumed premiums earned - - - 24 - 1,312 1,336 Ceded premiums earned (962 ) (369 ) (2,481 ) (6,954 ) (2,066 ) (71 ) (12,903 ) Net premiums earned 18,491 14,889 18,775 12,724 14,798 2,496 82,173 Direct losses and LAE 17,646 9,620 19,839 27,237 13,058 53 87,453 Assumed losses and LAE - - - 151 - 2,157 2,308 Ceded losses and LAE (516 ) - (3,684 ) (14,906 ) (5,288 ) 375 (24,019 ) Net losses and LAE 17,130 9,620 16,155 12,482 7,770 2,585 65,742 Gross margin 1,361 5,269 2,620 242 7,028 (89 ) 16,431 Underwriting and general expenses 5,892 6,010 6,627 864 5,257 698 25,348 Underwriting gain (loss) (4,531 ) (741 ) (4,007 ) (622 ) 1,771 (787 ) (8,917 ) Fee and other income 301 501 (440 ) Net investment income 1,713 Net capital gain on investments 222 Loss before income taxes (6,481 ) Income tax benefit (1,622 ) Net loss (4,859 ) Net loss attributable to non-controlling interest (122 ) Net loss attributable to NI Holdings, Inc. $ (4,737 ) Non-GAAP Ratios: Loss and LAE ratio 92.6% 64.6% 86.0% 98.1% 52.5% 103.6% 80.0% Expense ratio 31.9% 40.4% 35.3% 6.8% 35.5% 28.0% 30.8% Combined ratio 124.5% 105.0% 121.3% 104.9% 88.0% 131.5% 110.9% Balances at September 30, 2021: Premiums and agents’ balances receivable $ 19,531 $ 8,789 $ 9,246 $ 33,376 $ 10,737 $ 709 $ 82,388 Deferred policy acquisition costs 5,234 6,226 7,539 1 6,027 449 25,476 Reinsurance recoverables 1,422 - 2,680 28,824 7,911 1,841 42,678 Receivable from Federal Crop Insurance Corporation - - - 9,362 - - 9,362 Goodwill and other intangibles - 2,823 - - 15,017 - 17,840 Unpaid losses and LAE 26,073 44,114 17,443 50,393 30,547 11,006 179,576 Unearned premiums 29,462 19,489 42,664 9,369 32,930 3,185 137,099 33 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) Three Months Ended September 30, 2020 Private Passenger Auto Non- Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 19,002 $ 13,882 $ 20,688 $ 12,189 $ 12,516 $ 1,178 $ 79,455 Assumed premiums earned - - - (33 ) - 1,405 1,372 Ceded premiums earned (1,055 ) (43 ) (2,140 ) (2,437 ) (1,743 ) (67 ) (7,485 ) Net premiums earned 17,947 13,839 18,548 9,719 10,773 2,516 73,342 Direct losses and LAE 13,570 9,425 13,912 12,154 9,257 1,618 59,936 Assumed losses and LAE (165 ) - - 617 - 1,984 2,436 Ceded losses and LAE 165 - (475 ) (3,546 ) (3,680 ) (1,000 ) (8,536 ) Net losses and LAE 13,570 9,425 13,437 9,225 5,577 2,602 53,836 Gross margin 4,377 4,414 5,111 494 5,196 (86 ) 19,506 Underwriting and general expenses 5,103 5,140 5,507 1,542 4,289 563 22,144 Underwriting gain (loss) (726 ) (726 ) (396 ) (1,048 ) 907 (649 ) (2,638 ) Fee and other income 336 524 (390 ) Net investment income 1,886 Net capital gain on investments 5,102 Income before income taxes 4,874 Income tax expense 1,188 Net income 3,686 Net income attributable to non-controlling interest 22 Net income attributable to NI Holdings, Inc. $ 3,664 Non-GAAP Ratios: Loss and LAE ratio 75.6% 68.1% 72.4% 94.9% 51.8% 103.4% 73.4% Expense ratio 28.4% 37.1% 29.7% 15.9% 39.8% 22.4% 30.2% Combined ratio 104.0% 105.2% 102.1% 110.8% 91.6% 125.8% 103.6% Balances at September 30, 2020: Premiums and agents’ balances receivable $ 19,269 $ 7,358 $ 9,323 $ 39,182 $ 9,071 $ 665 $ 84,868 Deferred policy acquisition costs 5,629 4,931 7,900 409 4,564 452 23,885 Reinsurance recoverables 341 - 1,984 3,675 5,082 2,474 13,556 Receivable from Federal Crop Insurance Corporation - - - 9,519 - - 9,519 Goodwill and other intangibles - 2,872 - - 15,765 - 18,637 Unpaid losses and LAE 20,399 44,526 12,361 29,723 16,602 11,192 134,803 Unearned premiums 29,203 17,147 41,724 8,730 26,247 2,915 125,966 34 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) Nine Months Ended September 30, 2021 Private Passenger Auto Non- Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 57,153 $ 44,102 $ 62,647 $ 34,212 $ 47,781 $ 3,647 $ 249,542 Assumed premiums earned - - - 2,108 - 4,192 6,300 Ceded premiums earned (3,096 ) (1,057 ) (8,045 ) (15,196 ) (6,625 ) (234 ) (34,253 ) Net premiums earned 54,057 43,045 54,602 21,124 41,156 7,605 221,589 Direct losses and LAE 45,299 25,910 47,163 49,612 33,016 630 201,630 Assumed losses and LAE - - - 674 - 4,542 5,216 Ceded losses and LAE (1,010 ) - (5,168 ) (27,911 ) (7,583 ) 375 (41,297 ) Net losses and LAE 44,289 25,910 41,995 22,375 25,433 5,547 165,549 Gross margin 9,768 17,135 12,607 (1,251 ) 15,723 2,058 56,040 Underwriting and general expenses 16,018 16,949 17,311 2,831 15,049 2,017 70,175 Underwriting gain (loss) (6,250 ) 186 (4,704 ) (4,082 ) 674 41 (14,135 ) Fee and other income 994 1,338 1,180 Net investment income 4,959 Net capital gain on investments 10,734 Income before income ​​taxes 2,896 Income tax expense 707 Net income 2,189 Net loss attributable to non-controlling interest (99 ) Net income attributable to NI Holdings, Inc. $ 2,288 Non-GAAP Ratios: Loss and LAE ratio 81.9% 60.2% 76.9% 105.9% 61.8% 72.9% 74.7% Expense ratio 29.6% 39.4% 31.7% 13.4% 36.6% 26.5% 31.7% Combined ratio 111.6% 99.6% 108.6% 119.3% 98.4% 99.5% 106.4% 35 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) Nine Months Ended September 30, 2020 Private Passenger Auto Non- Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 55,899 $ 40,253 $ 61,062 $ 31,438 $ 32,173 $ 3,475 $ 224,300 Assumed premiums earned - - - 1,903 - 3,752 5,655 Ceded premiums earned (3,267 ) (129 ) (7,125 ) 109 (5,206 ) (217 ) (15,835 ) Net premiums earned 52,632 40,124 53,937 33,450 26,967 7,010 214,120 Direct losses and LAE 33,324 23,560 32,661 35,212 26,169 2,277 153,203 Assumed losses and LAE - - - 839 - 2,699 3,538 Ceded losses and LAE (1 ) - (1,826 ) (5,352 ) (11,640 ) (1,300 ) (20,119 ) Net losses and LAE 33,323 23,560 30,835 30,699 14,529 3,676 136,622 Gross margin 19,309 16,564 23,102 2,751 12,438 3,334 77,498 Underwriting and general expenses 14,248 15,482 15,102 3,542 11,842 1,712 61,928 Underwriting gain (loss) 5,061 1,082 8,000 (791 ) 596 1,622 15,570 Fee and other income 993 1,332 2,075 Net investment income 5,875 Net capital gain on investments 1,380 Income before income taxes 24,157 Income tax expense 5,259 Net income 18,898 Net income attributable to non-controlling interest 88 Net income attributable to NI Holdings, Inc. $ 18,810 Non-GAAP Ratios: Loss and LAE ratio 63.3% 58.7% 57.2% 91.8% 53.9% 52.4% 63.8% Expense ratio 27.1% 38.6% 28.0% 10.6% 43.9% 24.4% 28.9% Combined ratio 90.4% 97.3% 85.2% 102.4% 97.8% 76.9% 92.7%

Organization (Details)

Organization (Details) - Nodak Insurance [Member]	9 Months Ended
	Sep. 30, 2021
Percentage of shares exchanged	55.00%
Ownership percentage	100.00%

Acquisition of Westminster Am_3

Acquisition of Westminster American Insurance Company (Narrative) (Details) - Westminster [Member] $ in Thousands	1 Months Ended	9 Months Ended
	Jan. 02, 2020	Sep. 30, 2021USD ($)Number	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Ownership percentage in acquisition	100.00%
Acquisition related costs incurred			$ 828	$ 83
Additional acquisition of entity		$ 20,000
Number of installments | Number		3
Useful life of other intangible assets		20 years

Acquisition of Westminster Am_4

Acquisition of Westminster American Insurance Company (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Identifiable net assets:
Goodwill	$ 9,384	$ 9,384
Westminster [Member]
Fair Value of Consideration:
Cash consideration transferred	20,000
Present value of future cash consideration	18,787
Total cash consideration	38,787
Identifiable net assets:
Cash and cash equivalents	19,297
Fixed income securities	12,073
Equity securities	2,705
Other investments	735
Premiums and agents' balances receivable	8,507
Reinsurance recoverables on losses	763
Accrued investment income	70
Property and equipment	2,376
Federal income tax recoverable	138
State insurance licenses (included in goodwill and other intangibles)	1,800
Distribution network (included in goodwill and other intangibles)	6,700
Trade name (included in goodwill and other intangibles)	500
Value of business acquired (included in goodwill and other intangibles)	4,750
Other assets	76
Unpaid losses and loss adjustment expenses	(8,568)
Unearned premiums	(16,611)
Deferred income taxes, net	(1,583)
Reinsurance premiums payable	(565)
Accrued expenses and other liabilities	(1,132)
Total identifiable net assets	32,031
Goodwill	$ 6,756	$ 6,756

Investments (Narrative) (Detail

Investments (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Investments [Abstract]
Fixed income securities with a fair value	$ 8,016	$ 6,093
Percentage of fixed maturities amortized cost values	80.00%
Fixed income securities [Member]
Investments [Abstract]
Number of securities	168	67

Investments (Schedule of amorti

Investments (Schedule of amortized cost and estimated fair value of investment securities) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Cost or Amortized Cost	$ 361,354	$ 303,905
Fair Value	371,416	320,410
U.S. Government and agencies [Member]
Fair Value	14,115	14,383
Obligations of states and political subdivisions [Member]
Fair Value	73,161	64,244
Corporate securities [Member]
Fair Value	156,159	128,434
Residential mortgage-backed securities [Member]
Fair Value	42,955	36,494
Commercial mortgage-backed securities [Member]
Fair Value	33,908	25,655
Asset backed securities [Member]
Fair Value	51,118	51,200
Fixed income securities [Member]
Cost or Amortized Cost	361,354	303,905
Gross Unrealized Gains	11,448	16,801
Gross Unrealized Losses	(1,386)	(296)
Fair Value	371,416	320,410
Fixed income securities [Member] | U.S. Government and agencies [Member]
Cost or Amortized Cost	13,617	13,334
Gross Unrealized Gains	582	1,055
Gross Unrealized Losses	(84)	(6)
Fair Value	14,115	14,383
Fixed income securities [Member] | Obligations of states and political subdivisions [Member]
Cost or Amortized Cost	70,756	61,001
Gross Unrealized Gains	2,691	3,278
Gross Unrealized Losses	(286)	(35)
Fair Value	73,161	64,244
Fixed income securities [Member] | Corporate securities [Member]
Cost or Amortized Cost	151,028	119,826
Gross Unrealized Gains	5,768	8,755
Gross Unrealized Losses	(637)	(147)
Fair Value	156,159	128,434
Fixed income securities [Member] | Residential mortgage-backed securities [Member]
Cost or Amortized Cost	42,148	35,017
Gross Unrealized Gains	1,002	1,478
Gross Unrealized Losses	(195)	(1)
Fair Value	42,955	36,494
Fixed income securities [Member] | Commercial mortgage-backed securities [Member]
Cost or Amortized Cost	32,810	23,976
Gross Unrealized Gains	1,147	1,700
Gross Unrealized Losses	(49)	(21)
Fair Value	33,908	25,655
Fixed income securities [Member] | Asset backed securities [Member]
Cost or Amortized Cost	50,995	50,751
Gross Unrealized Gains	258	535
Gross Unrealized Losses	(135)	(86)
Fair Value	$ 51,118	$ 51,200

Investments (Schedule of Fixed

Investments (Schedule of Fixed Maturities) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Marketable Securities [Abstract]
Amortized Cost, Due to mature One year or less	$ 17,815	$ 17,722
Amortized Cost, Due to mature After one year through five years	80,664	86,709
Amortized Cost, Due to mature After five years through ten years	85,609	59,408
Amortized Cost, Due to mature After ten years	51,313	30,322
Amortized Cost, Due to mature Mortgage/asset-backed securities	125,953	109,744
Available-for-sale Securities, Debt Maturities, Amortized Cost	361,354	303,905
Fair Value, Due to mature One year or less	17,978	17,933
Fair Value, Due to mature After one year through five years	83,892	91,457
Fair Value, Due to mature After five years through ten years	88,611	64,987
Fair Value, Due to mature After ten years	52,954	32,684
Fair Value, Due to mature Mortgage/asset-backed securities	127,981	113,349
Available-for-sale Securities, Debt Securities, Estimated Fair Value	$ 371,416	$ 320,410

Investments (Schedule of aggreg

Investments (Schedule of aggregate fair value and unrealized loss) (Details) - Fixed income securities [Member] - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Less than 12 months Fair Value	$ 88,950	$ 12,908
Less than 12 months Unrealized Losses	(1,373)	(191)
Greater than 12 months Fair Value	1,777	4,922
Greater than 12 months Unrealized Losses	(13)	(105)
Fair Value, Total	90,727	17,830
Unrealized Losses, Total	(1,386)	(296)
U.S. Government and agencies [Member]
Less than 12 months Fair Value	2,603	931
Less than 12 months Unrealized Losses	(84)	(6)
Greater than 12 months Fair Value
Greater than 12 months Unrealized Losses
Fair Value, Total	2,603	931
Unrealized Losses, Total	(84)	(6)
Obligations of states and political subdivisions [Member]
Less than 12 months Fair Value	10,285	1,806
Less than 12 months Unrealized Losses	(286)	(35)
Greater than 12 months Fair Value
Greater than 12 months Unrealized Losses
Fair Value, Total	10,285	1,806
Unrealized Losses, Total	(286)	(35)
Corporate securities [Member]
Less than 12 months Fair Value	38,474	3,215
Less than 12 months Unrealized Losses	(628)	(97)
Greater than 12 months Fair Value	535	734
Greater than 12 months Unrealized Losses	(9)	(50)
Fair Value, Total	39,009	3,949
Unrealized Losses, Total	(637)	(147)
Residential mortgage-backed securities [Member]
Less than 12 months Fair Value	17,333	68
Less than 12 months Unrealized Losses	(195)	(1)
Greater than 12 months Fair Value
Greater than 12 months Unrealized Losses
Fair Value, Total	17,333	68
Unrealized Losses, Total	(195)	(1)
Commercial mortgage-backed securities [Member]
Less than 12 months Fair Value	5,555	1,103
Less than 12 months Unrealized Losses	(49)	(21)
Greater than 12 months Fair Value
Greater than 12 months Unrealized Losses
Fair Value, Total	5,555	1,103
Unrealized Losses, Total	(49)	(21)
Asset backed securities [Member]
Less than 12 months Fair Value	14,700	5,785
Less than 12 months Unrealized Losses	(131)	(31)
Greater than 12 months Fair Value	1,242	4,188
Greater than 12 months Unrealized Losses	(4)	(55)
Fair Value, Total	15,942	9,973
Unrealized Losses, Total	$ (135)	$ (86)

Investments (Schedule of Net In

Investments (Schedule of Net Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Total gross investment income	$ 2,536	$ 2,514	$ 7,519	$ 8,025
Investment expenses	823	628	2,560	2,150
Net investment income	1,713	1,886	4,959	5,875
Fixed income securities [Member]
Total gross investment income	2,104	2,065	6,227	6,655
Equity Securities [Member]
Total gross investment income	275	278	820	903
Real estate [Member]
Total gross investment income	156	170	469	440
Cash and Cash Equivalents [Member]
Total gross investment income	$ 1	$ 1	$ 3	$ 27

Investments (Schedule of compon

Investments (Schedule of components of Net realized capital gains on investments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Gross realized gains	$ 2,805	$ 916	$ 9,766	$ 3,643
Gross realized losses, excluding other-than-temporary impairment losses	(72)	(280)	(256)	(1,622)
Net realized gain on investments	2,733	636	9,510	2,021
Change in net unrealized gain on equity securities	(2,511)	4,466	1,224	(641)
Net capital gain (loss) on investments	222	5,102	10,734	1,380
Fixed income securities [Member]
Gross realized gains	131	279	572	756
Gross realized losses, excluding other-than-temporary impairment losses	(12)		(26)	(70)
Gross realized gain, excluding other temporary losses		252
Equity Securities [Member]
Gross realized gains	2,674	637	9,194	2,887
Gross realized losses, excluding other-than-temporary impairment losses	$ (60)	$ (532)	$ (230)	$ (1,552)

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of assets, which are measured on a recurring basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Total fixed income securities	$ 371,416	$ 320,410
Total equity securities	74,460	69,952
Cash equivalents	30,529	65,354
Total assets at fair value	476,405	455,716
U.S. Government and agencies [Member]
Total fixed income securities	14,115	14,383
Obligations of states and political subdivisions [Member]
Total fixed income securities	73,161	64,244
Corporate securities [Member]
Total fixed income securities	156,159	128,434
Residential mortgage-backed securities [Member]
Total fixed income securities	42,955	36,494
Commercial mortgage-backed securities [Member]
Total fixed income securities	33,908	25,655
Asset backed securities [Member]
Total fixed income securities	51,118	51,200
Basic materials [Member]
Total equity securities	1,073	1,285
Communications [Member]
Total equity securities	7,580	7,455
Consumer, cyclical [Member]
Total equity securities	10,911	9,929
Consumer, non-cyclical [Member]
Total equity securities	16,386	14,633
Energy [Member]
Total equity securities	2,716	1,499
Financial [Member]
Total equity securities	4,165	6,235
Industrial [Member]
Total equity securities	14,292	12,733
Technology [Member]
Total equity securities	17,337	16,145
Utility [Member]
Total equity securities		38
Level I [Member]
Total fixed income securities
Total equity securities	74,460	69,952
Cash equivalents	30,529	65,354
Total assets at fair value	104,989	135,306
Level I [Member] | U.S. Government and agencies [Member]
Total fixed income securities
Level I [Member] | Obligations of states and political subdivisions [Member]
Total fixed income securities
Level I [Member] | Corporate securities [Member]
Total fixed income securities
Level I [Member] | Residential mortgage-backed securities [Member]
Total fixed income securities
Level I [Member] | Commercial mortgage-backed securities [Member]
Total fixed income securities
Level I [Member] | Asset backed securities [Member]
Total fixed income securities
Level I [Member] | Basic materials [Member]
Total equity securities	1,073	1,285
Level I [Member] | Communications [Member]
Total equity securities	7,580	7,455
Level I [Member] | Consumer, cyclical [Member]
Total equity securities	10,911	9,929
Level I [Member] | Consumer, non-cyclical [Member]
Total equity securities	16,386	14,633
Level I [Member] | Energy [Member]
Total equity securities	2,716	1,499
Level I [Member] | Financial [Member]
Total equity securities	4,165	6,235
Level I [Member] | Industrial [Member]
Total equity securities	14,292	12,733
Level I [Member] | Technology [Member]
Total equity securities	17,337	16,145
Level I [Member] | Utility [Member]
Total equity securities		38
Level II [Member]
Total fixed income securities	371,416	320,410
Total equity securities
Cash equivalents
Total assets at fair value	371,416	320,410
Level II [Member] | U.S. Government and agencies [Member]
Total fixed income securities	14,115	14,383
Level II [Member] | Obligations of states and political subdivisions [Member]
Total fixed income securities	73,161	64,244
Level II [Member] | Corporate securities [Member]
Total fixed income securities	156,159	128,434
Level II [Member] | Residential mortgage-backed securities [Member]
Total fixed income securities	42,955	36,494
Level II [Member] | Commercial mortgage-backed securities [Member]
Total fixed income securities	33,908	25,655
Level II [Member] | Asset backed securities [Member]
Total fixed income securities	51,118	51,200
Level II [Member] | Basic materials [Member]
Total equity securities
Level II [Member] | Communications [Member]
Total equity securities
Level II [Member] | Consumer, cyclical [Member]
Total equity securities
Level II [Member] | Consumer, non-cyclical [Member]
Total equity securities
Level II [Member] | Energy [Member]
Total equity securities
Level II [Member] | Financial [Member]
Total equity securities
Level II [Member] | Industrial [Member]
Total equity securities
Level II [Member] | Technology [Member]
Total equity securities
Level III [Member]
Total fixed income securities
Total equity securities
Cash equivalents
Total assets at fair value
Level III [Member] | U.S. Government and agencies [Member]
Total fixed income securities
Level III [Member] | Obligations of states and political subdivisions [Member]
Total fixed income securities
Level III [Member] | Corporate securities [Member]
Total fixed income securities
Level III [Member] | Residential mortgage-backed securities [Member]
Total fixed income securities
Level III [Member] | Commercial mortgage-backed securities [Member]
Total fixed income securities
Level III [Member] | Asset backed securities [Member]
Total fixed income securities
Level III [Member] | Basic materials [Member]
Total equity securities
Level III [Member] | Communications [Member]
Total equity securities
Level III [Member] | Consumer, cyclical [Member]
Total equity securities
Level III [Member] | Consumer, non-cyclical [Member]
Total equity securities
Level III [Member] | Energy [Member]
Total equity securities
Level III [Member] | Financial [Member]
Total equity securities
Level III [Member] | Industrial [Member]
Total equity securities
Level III [Member] | Technology [Member]
Total equity securities

Reinsurance (Narrative) (Detail

Reinsurance (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Reinsurance Disclosures [Abstract]
Reinsurance Retention Policy, Amount Retained	$ 10,000	$ 10,000
Reinsurance Retention Policy, Excess Retention, Amount Reinsured	117,000	97,000
Retained risk amount	$ 10,000	$ 10,000
Ceded reinsurance commission percentage	100.00%	100.00%

Reinsurance (Schedule of reconc

Reinsurance (Schedule of reconciliation of direct to net premiums on both a written and an earned basis) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Premiums Written
Direct premium	$ 68,905	$ 68,322	$ 266,877	$ 244,053
Assumed premium	1,316	1,426	6,342	5,728
Ceded premium	(3,495)	(7,596)	(36,812)	(15,497)
Net premiums	66,726	62,152	236,407	234,284
Premiums Earned
Direct premium	93,740	79,455	249,542	224,300
Assumed premium	1,336	1,372	6,300	5,655
Ceded premium	(12,903)	(7,485)	(34,253)	(15,835)
Net premiums	$ 82,173	$ 73,342	$ 221,589	$ 214,120
Percentage of assumed earned premium to direct earned premium	1.40%	1.70%	2.50%	2.50%

Reinsurance (Schedule of reco_2

Reinsurance (Schedule of reconciliation of direct to net losses and loss adjustment expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Reinsurance Disclosures [Abstract]
Direct losses and loss adjustment expenses	$ 87,453	$ 59,936	$ 201,630	$ 153,203
Assumed losses and loss adjustment expenses	2,308	2,436	5,216	3,538
Ceded losses and loss adjustment expenses	(24,019)	(8,536)	(41,297)	(20,119)
Net losses and loss adjustment expenses	$ 65,742	$ 53,836	$ 165,549	$ 136,622

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs (Schedule of deferred policy acquisition costs) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Deferred Policy Acquisition Costs Disclosures [Abstract]
Balance, beginning of period	$ 29,657	$ 24,204	$ 23,968	$ 15,399
Deferral of policy acquisition costs	8,717	14,742	47,879	47,763
Amortization of deferred policy acquisition costs	(12,898)	(15,061)	(46,371)	(39,277)
Balance, end of period	$ 25,476	$ 23,885	$ 25,476	$ 23,885

Unpaid Losses and Loss Adjust_3

Unpaid Losses and Loss Adjustment Expenses (Schedule of liability for unpaid losses and loss adjustment expenses) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Liability for unpaid losses and LAE	$ 105,750	$ 93,250
Reinsurance recoverables on losses	8,710	4,045
Net balance at beginning of period	97,040	89,205
Acquired unpaid losses and LAE related to:
Current year
Prior years		8,568
Total incurred		8,568
Incurred related to:
Current year	172,443	140,890
Prior years	(6,894)	(4,268)
Total Incurred	165,549	136,622
Paid related to:
Current year	86,251	65,234
Prior years	39,440	47,914
Total paid	125,691	113,148
Liability for unpaid losses and LAE	179,576	134,803
Reinsurance recoverables on losses	42,678	13,556
Net balance at end of period	$ 136,898	$ 121,247

Unpaid Losses and Loss Adjust_4

Unpaid Losses and Loss Adjustment Expenses (Schedule of Liabilities for Unpaid Losses and LAE) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	$ 179,576	$ 105,750
Reinsurance recoverables on losses	42,678	8,710
Net unpaid losses and LAE	136,898	97,040	$ 121,247	$ 89,205
Case Reserves [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	156,848	89,903
Reinsurance recoverables on losses	39,169	5,102
Net unpaid losses and LAE	117,679	84,801
IBNR Reserves [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	22,728	15,847
Reinsurance recoverables on losses	3,509	3,608
Net unpaid losses and LAE	$ 19,219	$ 12,239

Unpaid Losses and Loss Adjust_5

Unpaid Losses and Loss Adjustment Expenses (Schedule of reconciliation of the net incurred and paid claims) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	$ 179,576	$ 105,750
Reinsurance recoverables on losses	42,678	8,710
Net unpaid losses and LAE	136,898	97,040	$ 121,247	$ 89,205
Case Reserves [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	156,848	89,903
Reinsurance recoverables on losses	39,169	5,102
Net unpaid losses and LAE	117,679	84,801
IBNR Reserves [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	22,728	15,847
Reinsurance recoverables on losses	3,509	3,608
Net unpaid losses and LAE	19,219	12,239
Private Passenger Auto [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	26,073	20,311
Private Passenger Auto [Member] | Case Reserves [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	18,344	14,984
Private Passenger Auto [Member] | IBNR Reserves [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	7,729	5,327
Non Standard Auto [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	44,114	43,336
Non Standard Auto [Member] | Case Reserves [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	51,606	50,702
Non Standard Auto [Member] | IBNR Reserves [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	(7,492)	(7,366)
Home and Farm [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	17,443	11,737
Home and Farm [Member] | Case Reserves [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	12,771	7,705
Home and Farm [Member] | IBNR Reserves [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	4,672	4,032
Crop [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	50,393	771
Crop [Member] | Case Reserves [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	50,378	756
Crop [Member] | IBNR Reserves [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	15	15
Commercial [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	30,547	19,089
Commercial [Member] | Case Reserves [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	19,737	10,749
Commercial [Member] | IBNR Reserves [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	10,810	8,340
All Other [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	11,006	10,506
All Other [Member] | Case Reserves [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	4,012	5,007
All Other [Member] | IBNR Reserves [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for unpaid LAE	$ 6,994	$ 5,499

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Cost:	$ 21,193		$ 21,193		$ 20,726
Accumulated depreciation	(11,244)		(11,244)		(10,827)
Total property and equipment, net	9,949		9,949		9,899
Depreciation expense	162	$ 180	503	$ 545
Real estate [Member]
Cost:	15,467		$ 15,467		15,313
Real estate [Member] | Minimum [Member]
Estimated Useful Life			10 years
Real estate [Member] | Maximum [Member]
Estimated Useful Life			31 years
Electronic data processing equipment [Member]
Cost:	1,547		$ 1,547		1,271
Electronic data processing equipment [Member] | Minimum [Member]
Estimated Useful Life			5 years
Electronic data processing equipment [Member] | Maximum [Member]
Estimated Useful Life			7 years
Furniture and Fixtures [Member]
Cost:	2,908		$ 2,908		2,867
Furniture and Fixtures [Member] | Minimum [Member]
Estimated Useful Life			5 years
Furniture and Fixtures [Member] | Maximum [Member]
Estimated Useful Life			7 years
Automobiles [Member]
Cost:	$ 1,271		$ 1,271		$ 1,275
Automobiles [Member] | Minimum [Member]
Estimated Useful Life			2 years
Automobiles [Member] | Maximum [Member]
Estimated Useful Life			3 years

Goodwill and Other Intangible_2

Goodwill and Other Intangibles (Schedule of Carrying Amount of Goodwill by Segment) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 9,384	$ 9,384
Primero [Member]
Goodwill [Line Items]
Goodwill	2,628	2,628
Westminster [Member]
Goodwill [Line Items]
Goodwill	$ 6,756	$ 6,756

Goodwill and Other Intangible_3

Goodwill and Other Intangibles (Schedule of Carrying Amount of Other Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 9,348		$ 9,348		$ 9,348
Accumulated Amortization	892		892		538
Net	8,456		8,456		8,810
Amortization expense	118	$ 1,070	354	$ 4,781
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	748		748		748
Accumulated Amortization	241		241		166
Net	507		507		582
Distribution Network [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,700		6,700		6,700
Accumulated Amortization	651		651		372
Net	6,049		6,049		6,328
Subject to Amortization [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,448		7,448		7,448
Accumulated Amortization	892		892		538
Net	6,556		6,556		6,910
Not Subject to Amortization - State Insurance Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,900		1,900		1,900
Accumulated Amortization
Net	$ 1,900		$ 1,900		$ 1,900

Goodwill and Other Intangible_4

Goodwill and Other Intangibles (Schedule of Estimated Amortization of Other Intangible Assets) (Details) $ in Thousands	Sep. 30, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 118
2022	472
2023	455
2024	422
2025	422
Thereafter	4,667
Total other intangible assets with finite lives	$ 6,556

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Payment of dividends					$ 21,628
NDFB [Member]
Related Party Transaction [Line Items]
Royalties	$ 370	$ 386	$ 1,102	$ 1,115
Accrued royalties	$ 38		$ 38		113
Direct Auto Insurance Company [Member]
Related Party Transaction [Line Items]
Payment of dividends					3,582
Westminster Insurance Company [Member]
Related Party Transaction [Line Items]
Payment of dividends					505
Board of Directors [Member]
Related Party Transaction [Line Items]
Payment of dividends					$ 6,000

Related Party Transactions (Sch

Related Party Transactions (Schedule of Pooling Share Percentages) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Nodak Insurance [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	66.00%	66.00%
American West[Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	7.00%	7.00%
Primero [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	3.00%	3.00%
Battle Creek [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	2.00%	2.00%
Direct Auto [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	13.00%	13.00%
Westminster [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	9.00%	9.00%
Total [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	100.00%	100.00%

Related Party Transactions (S_2

Related Party Transactions (Schedule of impact of consolidating Battle Creek into our consolidated balance sheets) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents		$ 30,529		$ 30,529			$ 65,354
Deferred policy acquisition costs		25,476	$ 23,885	25,476	$ 23,885	$ 29,657	23,968	$ 24,204	$ 15,399
Reinsurance premiums receivable (eliminated in consolidation)							93
Reinsurance recoverables on losses		42,678		42,678			8,710
Accrued investment income		2,213		2,213			2,141
Property and equipment		9,949		9,949			9,899
Other assets		8,229		8,229			5,066
Total assets		696,486		696,486			617,603
Liabilities:
Unpaid losses and loss adjustment expenses		179,576	134,803	179,576	134,803		105,750
Unearned premiums		137,099	125,966	137,099	125,966		119,363
Total liabilities		352,510		352,510			268,731
Equity:
Non-controlling interest		4,268		4,268			4,545
Total liabilities and shareholders' equity		696,486		696,486			617,603
Revenues:
Net premiums earned		82,173	73,342	221,589	214,120
Fee and other income (expense)		501	524	1,338	1,332
Net investment income		1,713	1,886	4,959	5,875
Net capital gain on investments		222	5,102	10,734	1,380
Total revenues		84,609	80,854	238,620	222,707
Expenses:
Losses and loss adjustment expenses		65,742	53,836	165,549	136,622
Amortization of deferred policy acquisition costs		12,898	15,061	46,371	39,277
Other underwriting and general expenses		12,450	7,083	23,804	22,651
Total expenses		91,090	75,980	235,724	198,550
Income (loss) before income taxes		(6,481)	4,874	2,896	24,157
Income tax expense (benefit)		(1,622)	1,188	707	5,259
Net income (loss)		(4,859)	3,686	2,189	18,898
Battle Creek [Member]
Assets:
Cash and cash equivalents		1,626		1,626			6,055
Investments		10,641		10,641			5,543
Premiums and agents' balances receivable		5,144		5,144			4,738
Deferred policy acquisition costs		510		510			479
Pooling receivable	[1]						920
Reinsurance recoverables on losses	[2]	13,235		13,235			5,646
Accrued investment income		48		48			27
Deferred income tax asset		155		155			101
Property and equipment		328		328			337
Other assets		49		49			49
Total assets		31,736		31,736			23,895
Liabilities:
Unpaid losses and loss adjustment expenses		3,297		3,297			2,445
Unearned premiums		2,535		2,535			2,381
Notes payable	[1]	3,000		3,000			3,000
Reinsurance losses payable	[2]	11,872		11,872			11,221
Pooling payable	[1]	6,393		6,393
Accrued expenses and other liabilities		371		371			303
Total liabilities		27,468		27,468			19,350
Equity:
Non-controlling interest		4,268		4,268			4,545
Total shareholders' equity		4,268		4,268			4,545
Total liabilities and shareholders' equity		31,736		31,736			$ 23,895
Revenues:
Net premiums earned		1,499		4,594
Fee and other income (expense)		(6)		(8)
Net investment income		15	34	38	110
Net capital gain on investments		2	(7)	2	2
Total revenues		1,510	27	4,626	112
Expenses:
Losses and loss adjustment expenses		1,179		3,448
Amortization of deferred policy acquisition costs		258		927
Other underwriting and general expenses		209		356
Total expenses		1,646		4,731
Income (loss) before income taxes		(136)	27	(105)	112
Income tax expense (benefit)		(14)	5	(6)	24
Net income (loss)		$ (122)	$ 22	$ (99)	$ 88
[1]	Amount fully eliminated in consolidation.
[2]	Amount partly eliminated in consolidation.

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Company's Total contribution to the profit sharing plan		$ 165	$ 97	$ 704	$ 500
Company's total contributions to the 401(k) plan		178	164	525	489
Compensation expense		$ 116	98	$ 342	270
ESOP shares were released and allocated		97,260		97,260		97,260
ESOP shares in suspense		142,740		142,740		142,740
Market price				$ 17.56
Fair value of unearned ESOP shares		$ 2,507		$ 2,507
Debt from ESOP	$ 2,400
Percentage of ESOP in authorized shares	1.00%
Per share price	$ 10
Deferred compensation plan expenses		$ 21	$ 15	$ 588	$ 43
ESOP Loan [Member]
Debt term	10 years
Interest rate	2.79%

Line of Credit (Details)

Line of Credit (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Debt Disclosure [Abstract]
Line of credit with Wells Fargo	$ 5,000
Interest rate	3.25%
Line of credit expiration date	Jan. 30, 2022

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Unrecognized tax benefits
Interest and penalties
Deferred income tax assets gross	10,190	8,603
Valuation allowance	931	931
Deferred income tax liabilities gross	$ 15,359	16,429
Battle Creek [Member]
Net operating loss carryover		3,390
Expiration date	Dec. 31, 2030
Westminster [Member]
Net operating loss carryover		$ 2,559
Expiration date	Dec. 31, 2023

Operating Leases (Details)

Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating Leased Assets [Line Items]
Operating lease expenses	$ 63	$ 94	$ 187	$ 277
Primero Subsidiary Lease [Member]
Operating Leased Assets [Line Items]
Lease expiration date			Dec. 31, 2023
Direct Auto Subsidiary Lease [Member]
Operating Leased Assets [Line Items]
Lease expiration date			Dec. 31, 2029

Operating Leases (Schedule of M

Operating Leases (Schedule of Minimum Future Commitments Under Non-Cancellable Leases) (Details) $ in Thousands	Sep. 30, 2021USD ($)
Leases, Operating [Abstract]
2021	$ 63
2022	319
2023	358
2024	320
2025	286
Thereafter	1,066
Total minimum future commitments	$ 2,412

Common Stock (Narrative) (Detai

Common Stock (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Aug. 11, 2021	May 04, 2020	Feb. 28, 2018
Authorization for repurchase of shares value								$ 5,000	$ 10,000	$ 10,000
Shares repurchased			168,393	804,743		116,034	191,265
Shares repurchased, value						$ 2,006	$ 2,966
First Authorization [Member]
Shares repurchased	24,283	402,056
Shares repurchased, value	$ 449	$ 4,996
Additional Authorization [Member]
Shares repurchased			144,110		454,443
Shares repurchased, value			$ 2,762		$ 7,238

Common Stock (Schedule of chang

Common Stock (Schedule of changes in number of common stock) (Details) - shares	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Shares outstanding, beginning of period	21,318,638	22,119,380	22,119,380
Treasury shares repurchased through stock repurchase authorization	(168,393)	(804,743)		(116,034)	(191,265)
Issuance of treasury shares for vesting of restricted stock units	102,060	31,442
Shares outstanding, end of period	21,252,305	21,346,079	21,318,638	22,119,380

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
All award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share issued	1,000,000
Shares granted	100,000
Outstanding, Aggregate Intrinsic Value	$ 1,000
All award [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share granted not exceed	$ 150
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	58,700	66,000
Vesting period	5 years
Total unrecognized compensation cost	$ 939
Total unrecognized compensation cost, weighted average period	2 years 3 days
Percentage of RSU granted to employees per year	20.00%
Percentage of RSU granted to non-employee directors per year	100.00%
Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	64,600	63,600
Total unrecognized compensation cost	$ 1,434
Total unrecognized compensation cost, weighted average period	1 year 11 months 1 day

Stock Based Compensation (Sched

Stock Based Compensation (Schedule of Restricted Stock Outstanding) (Details) - Restricted Stock [Member] - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Shares
Units outstanding at Begning	115,780	96,540
RSUs granted during 2020	58,700	66,000
RSUs earned during 2020	(60,720)	(46,760)
Units outstanding at Ending	113,760	115,780
Weighted Average Grant-Date Fair Value Per Share
Units outstanding at Begning	$ 15.27	$ 16.47
RSUs granted during 2021	18.76	14.27
RSUs earned during 2021	15.73	16.33
Units outstanding at Ending	$ 16.83	$ 15.27

Stock Based Compensation (Sch_2

Stock Based Compensation (Schedule of RSU activity) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU compensation expense	$ 226	$ 211	$ 843	$ 824
Income tax benefit	(47)	(44)	(177)	(173)
RSU compensation expense, net of income taxes	$ 179	$ 167	$ 666	$ 651

Stock Based Compensation (Sch_3

Stock Based Compensation (Schedule of Outstanding Performance Stock Units) (Details) - Performance Stock Units [Member] - $ / shares		9 Months Ended	12 Months Ended
		Sep. 30, 2021	Dec. 31, 2020
Shares
Units outstanding at Begning		174,600	111,000
Grants (at target)		64,600	63,600
Earned		(70,363)
Performance adjustment	[1]	24,300
Forfeitures		(2,537)
Units outstanding at Ending		190,600	174,600
Weighted Average Grant Date Fair Value
Units outstanding at Begning		$ 15.15	$ 15.27
Grants (at target)		18.64	14.26
Earned		16.25
Performance adjustment	[1]	16.25
Forfeitures		16.25
Units outstanding at Ending		$ 16.06	$ 15.15
[1]	Represents the change in PSUs issued based upon the attainment of performance goals established by the Company.

Stock Based Compensation (Sch_4

Stock Based Compensation (Schedule of PSU Activity) (Details) - Performance Stock Units [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU compensation expense	$ 290	$ 274	$ 861	$ 838
Income tax benefit	(61)	(58)	(181)	(176)
PSU compensation expense, net of income taxes	$ 229	$ 216	$ 680	$ 662

Segment Information (Schedule o

Segment Information (Schedule of revenue by insurance product line) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Direct premiums earned	$ 93,740	$ 79,455	$ 249,542	$ 224,300
Assumed premiums earned	1,336	1,372	6,300	5,655
Ceded premiums earned	(12,903)	(7,485)	(34,253)	(15,835)
Net premiums earned	82,173	73,342	221,589	214,120
Direct losses and LAE	87,453	59,936	201,630	153,203
Assumed losses and LAE	2,308	2,436	5,216	3,538
Ceded losses and LAE	(24,019)	(8,536)	(41,297)	(20,119)
Net losses and LAE	65,742	53,836	165,549	136,622
Gross margin	16,431	19,506	56,040	77,498
Underwriting and general expenses	25,348	22,144	70,175	61,928
Underwriting gain (loss)	(8,917)	(2,638)	(14,135)	15,570
Fee and other income	501	524	1,338	1,332
Net investment income	1,713	1,886	4,959	5,875
Net capital gain (loss) on investments	222	5,102	10,734	1,380
Income (loss) before income taxes	(6,481)	4,874	2,896	24,157
Income tax expense (benefit)	(1,622)	1,188	707	5,259
Net Income (loss)	(4,859)	3,686	2,189	18,898
Net income attributable to non-controlling interest	(122)	22	(99)	88
Net income (loss) attributable to NI Holdings, Inc.	$ (4,737)	$ 3,664	$ 2,288	$ 18,810
Non-GAAP Ratios:
Loss and LAE ratio	80.00%	73.40%	74.70%	63.80%
Expense ratio	30.80%	30.20%	31.70%	28.90%
Combined ratio	110.90%	103.60%	106.40%	92.70%
Premiums and agents' balances receivable	$ 82,388	$ 84,868	$ 82,388	$ 84,868		$ 48,523
Deferred policy acquisition costs	25,476	23,885	25,476	23,885	$ 29,657	23,968	$ 24,204	$ 15,399
Reinsurance recoverables	42,678	13,556	42,678	13,556		8,710
Receivable from Federal Crop Insurance Corporation	9,362	9,519	9,362	9,519		6,646
Goodwill and other intangibles	17,840	18,637	17,840	18,637		18,194
Unpaid losses and LAE	179,576	134,803	179,576	134,803		105,750
Unearned premiums	137,099	125,966	137,099	125,966		$ 119,363
Private Passenger Auto [Member]
Direct premiums earned	19,453	19,002	57,153	55,899
Assumed premiums earned
Ceded premiums earned	(962)	(1,055)	(3,096)	(3,267)
Net premiums earned	18,491	17,947	54,057	52,632
Direct losses and LAE	17,646	13,570	45,299	33,324
Assumed losses and LAE		(165)
Ceded losses and LAE	(516)	165	(1,010)	(1)
Net losses and LAE	17,130	13,570	44,289	33,323
Gross margin	1,361	4,377	9,768	19,309
Underwriting and general expenses	5,892	5,103	16,018	14,248
Underwriting gain (loss)	$ (4,531)	$ (726)	$ (6,250)	$ 5,061
Non-GAAP Ratios:
Loss and LAE ratio	92.60%	75.60%	81.90%	63.30%
Expense ratio	31.90%	28.40%	29.60%	27.10%
Combined ratio	124.50%	104.00%	111.60%	90.40%
Premiums and agents' balances receivable	$ 19,531	$ 19,269	$ 19,531	$ 19,269
Deferred policy acquisition costs	5,234	5,629	5,234	5,629
Reinsurance recoverables	1,422	341	1,422	341
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and LAE	26,073	20,399	26,073	20,399
Unearned premiums	29,462	29,203	29,462	29,203
Non Standard Auto [Member]
Direct premiums earned	15,258	13,882	44,102	40,253
Assumed premiums earned
Ceded premiums earned	(369)	(43)	(1,057)	(129)
Net premiums earned	14,889	13,839	43,045	40,124
Direct losses and LAE	9,620	9,425	25,910	23,560
Assumed losses and LAE
Ceded losses and LAE
Net losses and LAE	9,620	9,425	25,910	23,560
Gross margin	5,269	4,414	17,135	16,564
Underwriting and general expenses	6,010	5,140	16,949	15,482
Underwriting gain (loss)	(741)	(726)	186	1,082
Fee and other income	301	336	994	993
Other income net	$ (440)	$ (390)	$ 1,180	$ 2,075
Non-GAAP Ratios:
Loss and LAE ratio	64.60%	68.10%	60.20%	58.70%
Expense ratio	40.40%	37.10%	39.40%	38.60%
Combined ratio	105.00%	105.20%	99.60%	97.30%
Premiums and agents' balances receivable	$ 8,789	$ 7,358	$ 8,789	$ 7,358
Deferred policy acquisition costs	6,226	4,931	6,226	4,931
Reinsurance recoverables
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles	2,823	2,872	2,823	2,872
Unpaid losses and LAE	44,114	44,526	44,114	44,526
Unearned premiums	19,489	17,147	19,489	17,147
Home and Farm [Member]
Direct premiums earned	21,256	20,688	62,647	61,062
Assumed premiums earned
Ceded premiums earned	(2,481)	(2,140)	(8,045)	(7,125)
Net premiums earned	18,775	18,548	54,602	53,937
Direct losses and LAE	19,839	13,912	47,163	32,661
Assumed losses and LAE
Ceded losses and LAE	(3,684)	(475)	(5,168)	(1,826)
Net losses and LAE	16,155	13,437	41,995	30,835
Gross margin	2,620	5,111	12,607	23,102
Underwriting and general expenses	6,627	5,507	17,311	15,102
Underwriting gain (loss)	$ (4,007)	$ (396)	$ (4,704)	$ 8,000
Non-GAAP Ratios:
Loss and LAE ratio	86.00%	72.40%	76.90%	57.20%
Expense ratio	35.30%	29.70%	31.70%	28.00%
Combined ratio	121.30%	102.10%	108.60%	85.20%
Premiums and agents' balances receivable	$ 9,246	$ 9,323	$ 9,246	$ 9,323
Deferred policy acquisition costs	7,539	7,900	7,539	7,900
Reinsurance recoverables	2,680	1,984	2,680	1,984
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and LAE	17,443	12,361	17,443	12,361
Unearned premiums	42,664	41,724	42,664	41,724
Crop [Member]
Direct premiums earned	19,654	12,189	34,212	31,438
Assumed premiums earned	24	(33)	2,108	1,903
Ceded premiums earned	(6,954)	(2,437)	(15,196)
Ceded premiums earned				109
Net premiums earned	12,724	9,719	21,124	33,450
Direct losses and LAE	27,237	12,154	49,612	35,212
Assumed losses and LAE	151	617	674	839
Ceded losses and LAE	(14,906)	(3,546)	(27,911)	(5,352)
Net losses and LAE	12,482	9,225	22,375	30,699
Gross margin	242	494	(1,251)	2,751
Underwriting and general expenses	864	1,542	2,831	3,542
Underwriting gain (loss)	$ (622)	$ (1,048)	$ (4,082)	$ (791)
Non-GAAP Ratios:
Loss and LAE ratio	98.10%	94.90%	105.90%	91.80%
Expense ratio	6.80%	15.90%	13.40%	10.60%
Combined ratio	104.90%	110.80%	119.30%	102.40%
Premiums and agents' balances receivable	$ 33,376	$ 39,182	$ 33,376	$ 39,182
Deferred policy acquisition costs	1	409	1	409
Reinsurance recoverables	28,824	3,675	28,824	3,675
Receivable from Federal Crop Insurance Corporation	9,362	9,519	9,362	9,519
Goodwill and other intangibles
Unpaid losses and LAE	50,393	29,723	50,393	29,723
Unearned premiums	9,369	8,730	9,369	8,730
Commercial [Member]
Direct premiums earned	16,864	12,516	47,781	32,173
Assumed premiums earned
Ceded premiums earned	(2,066)	(1,743)	(6,625)	(5,206)
Net premiums earned	14,798	10,773	41,156	26,967
Direct losses and LAE	13,058	9,257	33,016	26,169
Assumed losses and LAE
Ceded losses and LAE	(5,288)	(3,680)	(7,583)	(11,640)
Net losses and LAE	7,770	5,577	25,433	14,529
Gross margin	7,028	5,196	15,723	12,438
Underwriting and general expenses	5,257	4,289	15,049	11,842
Underwriting gain (loss)	$ 1,771	$ 907	$ 674	$ 596
Non-GAAP Ratios:
Loss and LAE ratio	52.50%	51.80%	61.80%	53.90%
Expense ratio	35.50%	39.80%	36.60%	43.90%
Combined ratio	88.00%	91.60%	98.40%	97.80%
Premiums and agents' balances receivable	$ 10,737	$ 9,071	$ 10,737	$ 9,071
Deferred policy acquisition costs	6,027	4,564	6,027	4,564
Reinsurance recoverables	7,911	5,082	7,911	5,082
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles	15,017	15,765	15,017	15,765
Unpaid losses and LAE	30,547	16,602	30,547	16,602
Unearned premiums	32,930	26,247	32,930	26,247
All Other [Member]
Direct premiums earned	1,255	1,178	3,647	3,475
Assumed premiums earned	1,312	1,405	4,192	3,752
Ceded premiums earned	(71)	(67)	(234)	(217)
Net premiums earned	2,496	2,516	7,605	7,010
Direct losses and LAE	53	1,618	630	2,277
Assumed losses and LAE	2,157	1,984	4,542	2,699
Ceded losses and LAE	375	(1,000)	375	(1,300)
Net losses and LAE	2,585	2,602	5,547	3,676
Gross margin	(89)	(86)	2,058	3,334
Underwriting and general expenses	698	563	2,017	1,712
Underwriting gain (loss)	$ (787)	$ (649)	$ 41	$ 1,622
Non-GAAP Ratios:
Loss and LAE ratio	103.60%	103.40%	72.90%	52.40%
Expense ratio	28.00%	22.40%	26.50%	24.40%
Combined ratio	131.50%	125.80%	99.50%	76.90%
Premiums and agents' balances receivable	$ 709	$ 665	$ 709	$ 665
Deferred policy acquisition costs	449	452	449	452
Reinsurance recoverables	1,841	2,474	1,841	2,474
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and LAE	11,006	11,192	11,006	11,192
Unearned premiums	$ 3,185	$ 2,915	$ 3,185	$ 2,915