NI (NODK) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Entity Central Index Key	0001681206
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
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		21,235,174

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 53,942	$ 70,623
Fixed income securities, at fair value	353,083	364,651
Equity securities, at fair value	74,678	77,690
Other investments	2,005	2,005
Total cash and investments	483,708	514,969
Premiums and agents' balances receivable	54,880	51,452
Deferred policy acquisition costs	26,272	24,947
Reinsurance premiums receivable	663
Reinsurance recoverables on losses	19,362	21,200
Income tax recoverable		364
Accrued investment income	2,357	2,524
Property and equipment	9,806	9,869
Deferred income taxes	613
Goodwill and other intangibles	17,604	17,722
Other assets	8,858	8,735
Total assets	624,123	651,782
Liabilities:
Unpaid losses and loss adjustment expenses	133,694	139,662
Unearned premiums	130,275	127,789
Reinsurance premiums payable		326
Income tax payable	1,563
Deferred income taxes		5,506
Payable to Federal Crop Insurance Corporation	7,059	4,962
Westminster consideration payable	6,454	13,020
Accrued expenses and other liabilities	12,800	13,104
Total liabilities	291,845	304,369
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value, authorized: 25,000,000 shares; issued: 23,000,000 shares; and outstanding: 2022 – 21,255,640 shares; 2021 – 21,219,808 shares	230	230
Preferred stock, without par value, authorized 5,000,000 shares; no shares; issued or outstanding​​
Additional paid-in capital	96,517	98,166
Unearned employee stock ownership plan shares	(1,184)	(1,184)
Retained earnings	269,142	267,207
Accumulated other comprehensive income (loss), net of income taxes	(10,402)	5,237
Treasury stock, at cost, 2022 – 1,625,935 shares, 2021 – 1,661,767 shares	(25,825)	(26,452)
Non-controlling interest	3,800	4,209
Total shareholders' equity	332,278	347,413
Total liabilities and shareholders' equity	$ 624,123	$ 651,782

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	21,255,640	21,219,808
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	1,625,935	1,661,767

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Net premiums earned	$ 69,587	$ 63,135
Fee and other income	428	317
Net investment income	1,653	1,536
Net investment gains (losses)	(5,528)	5,811
Total revenues	66,140	70,799
Expenses:
Losses and loss adjustment expenses	40,129	36,889
Amortization of deferred policy acquisition costs	15,623	13,587
Other underwriting and general expenses	7,781	7,651
Total expenses	63,533	58,127
Income before income taxes	2,607	12,672
Income tax expense	568	2,890
Net income	2,039	9,782
Net income attributable to non-controlling interest	130	113
Net income attributable to NI Holdings, Inc.	$ 1,909	$ 9,669
Earnings per common share:
Basic	$ 0.09	$ 0.45
Diluted	$ 0.09	$ 0.45
Share data:
Weighted average common shares outstanding used in basic per common share calculations	21,372,753	21,462,641
Plus: Dilutive securities	239,161	236,358
Weighted average common shares used in diluted per common share calculations	21,611,914	21,698,999

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income	$ 2,039	$ 9,782
Other comprehensive loss, before income taxes:
Holding losses on investments	(20,894)	(7,056)
Reclassification adjustment for net realized loss included in net income	(43)	(101)
Other comprehensive loss, before income taxes	(20,937)	(7,157)
Income tax benefit related to items of other comprehensive income	4,759	1,503
Other comprehensive loss, net of income taxes	(16,178)	(5,654)
Comprehensive income (loss)	(14,139)	4,128
Attributable to Non-Controlling Interest [Member]
Net income	130	113
Other comprehensive loss, before income taxes:
Holding losses on investments	(697)	(293)
Reclassification adjustment for net realized loss included in net income
Other comprehensive loss, before income taxes	(697)	(293)
Income tax benefit related to items of other comprehensive income	158	62
Other comprehensive loss, net of income taxes	(539)	(231)
Comprehensive income (loss)	(409)	(118)
Attributable to NI Holdings Inc [Member]
Net income	1,909	9,669
Other comprehensive loss, before income taxes:
Holding losses on investments	(20,197)	(6,763)
Reclassification adjustment for net realized loss included in net income	(43)	(101)
Other comprehensive loss, before income taxes	(20,240)	(6,864)
Income tax benefit related to items of other comprehensive income	4,601	1,441
Other comprehensive loss, net of income taxes	(15,639)	(5,423)
Comprehensive income (loss)	$ (13,730)	$ 4,246

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - 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 (Loss), Net of Income Taxes [Member]	Treasury Stock	Non-Controlling Interest [Member]	Total
Balance at Dec. 31, 2020	$ 230	$ 97,911	$ (1,427)	$ 258,741	$ 12,840	$ (23,968)	$ 4,545	$ 348,872
Net income				9,669			113	9,782
Other comprehensive loss, net of income taxes					(5,423)		(231)	(5,654)
Purchase of treasury stock						(596)		(596)
Share-based compensation		672						672
Issuance of vested award shares		(2,072)		34		1,552		(486)
Balance at Mar. 31, 2021	230	96,511	(1,427)	268,444	7,417	(23,012)	4,427	352,590
Balance at Dec. 31, 2021	230	98,166	(1,184)	267,207	5,237	(26,452)	4,209	347,413
Net income				1,909			130	2,039
Other comprehensive loss, net of income taxes					(15,639)		(539)	(16,178)
Purchase of treasury stock						(997)		(997)
Share-based compensation		565						565
Issuance of vested award shares		(2,214)		26		1,624		(564)
Balance at Mar. 31, 2022	$ 230	$ 96,517	$ (1,184)	$ 269,142	$ (10,402)	$ (25,825)	$ 3,800	$ 332,278

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 2,039	$ 9,782
Adjustments to reconcile net income to net cash flows from operating activities:
Net investment (gains) losses	5,528	(5,811)
Deferred income tax expense (benefit)	(1,360)	597
Depreciation of property and equipment	168	170
Amortization of intangibles	118	118
Share-based compensation	565	672
Amortization of deferred policy acquisition costs	15,623	13,587
Deferral of policy acquisition costs	(16,948)	(16,194)
Net amortization of premiums and discounts on investments	470	482
(Gain) loss on sale of property and equipment	(160)	4
Changes in operating assets and liabilities:
Premiums and agents' balances receivable	(3,428)	(802)
Reinsurance premiums receivable / payable	(989)	793
Reinsurance recoverables on losses	1,838	(560)
Accrued investment income	167	(140)
Federal Crop Insurance Corporation receivable / payable	2,097	1,464
Income tax recoverable / payables	1,927	1,163
Other assets	(123)	(302)
Unpaid losses and loss adjustment expenses	(5,968)	5,772
Unearned premiums	2,486	4,095
Accrued expenses and other liabilities	(201)	(4,096)
Net cash flows from operating activities	3,849	10,794
Cash flows from investing activities:
Proceeds from maturities and sales of fixed income securities	14,966	13,079
Proceeds from sales of equity securities	4,383	8,246
Purchases of fixed income securities	(24,761)	(61,536)
Purchases of equity securities	(6,943)	(11,946)
Purchases of property and equipment	(571)	(117)
Proceeds from sale of other investments and other	624	835
Net cash flows from investing activities	(12,302)	(51,439)
Cash flows from financing activities:
Purchases of treasury stock	(997)	(596)
Installment payment on Westminster consideration payable	(6,667)	(6,667)
Issuance of restricted stock awards	(564)	(486)
Net cash flows from financing activities	(8,228)	(7,749)
Net decrease in cash and cash equivalents	(16,681)	(48,394)
Cash and cash equivalents at beginning of period	70,623	101,077
Cash and cash equivalents at end of period	53,942	52,683
Federal and state income taxes paid		$ 1,130

Organization

Organization	3 Months Ended
	Mar. 31, 2022
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 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 were issued to Nodak Mutual Group, which then contributed the shares to NI Holdings in exchange for 55% of the outstanding shares of common stock of NI Holdings. Nodak Insurance 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 and its existing subsidiaries. These Consolidated Financial Statements include the financial position and results of NI Holdings and seven other entities: Nodak Insurance Company Nodak Insurance is the largest domestic property and casualty insurance company in North Dakota, offering private passenger auto, homeowners, farmowners, commercial multi-peril, crop hail, and Federal multi-peril crop insurance coverages through its captive agents in the state. Nodak Agency, Inc. Nodak Agency is an inactive shell corporation. American West Insurance Company American West 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 Insurance Company 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 writing non-standard automobile coverage in the states of Nevada, Arizona, North Dakota, and South Dakota. Battle Creek Mutual Insurance Company Battle Creek is a property and casualty insurance company writing personal auto, homeowners, and farm coverages solely in the state of Nebraska. 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. Because we have concluded that we control Battle Creek, we consolidate the financial statements of Battle Creek, and Battle Creek’s policyholders’ interest in Battle Creek is reflected as a non-controlling interest in shareholders’ equity in our Consolidated Balance Sheets and its net income or loss is excluded from net income attributed to NI Holdings in our Consolidated Statements of Operations. Direct Auto Insurance Company Direct Auto is a property and casualty insurance 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 American Insurance Company Westminster is a property and casualty insurance company licensed in seventeen states and the District of Columbia. Westminster 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. 8 Table of Contents NI Holdings, Inc. Notes to Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) 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 A.M. Best Company, Inc. (“AM Best”). 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	3 Months Ended
	Mar. 31, 2022
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. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. 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 2021 Annual Report. The Consolidated Balance Sheet at December 31, 2021, has been derived from the Audited Consolidated Financial Statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. 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 period ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ended December 31, 2022. Our 2021 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 2021 Annual Report were consistently applied to the Unaudited Consolidated Financial Statements as of and for the three months ended March 31, 2022 and 2021. 9 Table of Contents NI Holdings, Inc. Notes to Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) Recent Accounting Pronouncements As an emerging growth company (“EGC”), 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 EGCs, as well as whether specific guidance may be adopted early. 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 new guidance was effective for annual and interim reporting periods beginning after December 15, 2018 for public business entities. For private companies and EGCs, this guidance is effective for annual reporting periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. We will adopt this guidance in the fourth quarter of the year ended December 31, 2022, as we will lose our EGC status beginning December 31, 2022. 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 EGCs 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. We will adopt this guidance in the fourth quarter of the year ended December 31, 2022, as we will lose our EGC status beginning December 31, 2022. 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 EGCs, 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. We will adopt this guidance in the fourth quarter of the year ended December 31, 2022, as we will lose our EGC status beginning December 31, 2022. 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.

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Marketable Securities [Abstract]
Investments	3. Investments The amortized cost and estimated fair value of fixed income securities as of March 31, 2022 and December 31, 2021, were as follows: March 31, 2022 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed income securities: U.S. Government and agencies $ 13,017 $ 212 $ (360 ) $ 12,869 Obligations of states and political subdivisions 68,773 305 (2,648 ) 66,430 Corporate securities 150,071 742 (6,486 ) 144,327 Residential mortgage-backed securities 45,967 92 (2,279 ) 43,780 Commercial mortgage-backed securities 35,319 115 (1,760 ) 33,674 Asset-backed securities 49,910 17 (1,882 ) 48,045 Redeemable preferred stocks 4,253 - (295 ) 3,958 Total fixed income securities $ 367,310 $ 1,483 $ (15,710 ) $ 353,083 December 31, 2021 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed income securities: U.S. Government and agencies $ 13,118 $ 467 $ (87 ) $ 13,498 Obligations of states and political subdivisions 84,668 2,979 (353 ) 87,294 Corporate securities 144,476 4,214 (1,069 ) 147,621 Residential mortgage-backed securities 26,190 266 (300 ) 26,156 Commercial mortgage-backed securities 32,878 815 (161 ) 33,532 Asset-backed securities 52,604 131 (313 ) 52,422 Redeemable preferred stocks 4,008 136 (16 ) 4,128 Total fixed income securities $ 357,942 $ 9,008 $ (2,299 ) $ 364,651 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 may have the right to call or prepay these securities. March 31, 2022 Amortized Cost Fair Value Due to mature: One year or less $ 18,024 $ 18,117 After one year through five years 90,659 89,417 After five years through ten years 77,896 73,920 After ten years 45,282 42,172 Mortgage / asset-backed securities 131,196 125,499 Redeemable preferred stocks 4,253 3,958 Total fixed income securities $ 367,310 $ 353,083 December 31, 2021 Amortized Cost Fair Value Due to mature: One year or less $ 14,457 $ 14,586 After one year through five years 82,429 84,760 After five years through ten years 82,270 84,173 After ten years 63,106 64,894 Mortgage / asset-backed securities 111,672 112,110 Redeemable preferred stocks 4,008 4,128 Total fixed income securities $ 357,942 $ 364,651 Fixed income securities with a fair value of $7,527 at March 31, 2022 and $7,977 at December 31, 2021, were deposited with various state regulatory agencies as required by law. The Company has not pledged any assets to secure any obligations. 11 Table of Contents NI Holdings, Inc. Notes to Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) The investment category and duration of the Company’s gross unrealized losses on fixed income securities are shown below. 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. March 31, 2022 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 $ 4,969 $ (110 ) $ 2,436 $ (250 ) $ 7,405 $ (360 ) Obligations of states and political subdivisions 43,281 (2,456 ) 1,601 (192 ) 44,882 (2,648 ) Corporate securities 76,700 (4,673 ) 16,766 (1,813 ) 93,466 (6,486 ) Residential mortgage-backed securities 33,527 (1,798 ) 4,882 (481 ) 38,409 (2,279 ) Commercial mortgage-backed securities 25,160 (1,721 ) 844 (39 ) 26,004 (1,760 ) Asset-backed securities 40,922 (1,819 ) 2,366 (63 ) 43,288 (1,882 ) Redeemable preferred stocks 3,712 (295 ) - - 3,712 (295 ) Total fixed income securities $ 228,271 $ (12,872 ) $ 28,895 $ (2,838 ) $ 257,166 $ (15,710 ) December 31, 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 $ 3,125 $ (87 ) $ - $ - $ 3,125 $ (87 ) Obligations of states and political subdivisions 19,769 (350 ) 222 (3 ) 19,991 (353 ) Corporate securities 46,816 (1,015 ) 1,895 (54 ) 48,711 (1,069 ) Residential mortgage-backed securities 17,407 (261 ) 1,434 (39 ) 18,841 (300 ) Commercial mortgage-backed securities 11,287 (160 ) 216 (1 ) 11,503 (161 ) Asset-backed securities 28,797 (308 ) 995 (5 ) 29,792 (313 ) Redeemable preferred stocks 1,493 (16 ) - - 1,493 (16 ) Total fixed income securities $ 128,694 $ (2,197 ) $ 4,762 $ (102 ) $ 133,456 $ (2,299 ) 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 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). The Company did not record any other-than-temporary impairments during the three-month period ending March 31, 2022 or the year ended December 31, 2021. In conjunction with our third-party 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. 12 Table of Contents NI Holdings, Inc. Notes to Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) Net investment income consisted of the following: Three Months Ended March 31, 2022 2021 Fixed income securities $ 2,161 $ 2,011 Equity securities 329 265 Real estate 166 156 Cash and cash equivalents 2 1 Total gross investment income 2,658 2,433 Investment expenses 1,005 897 Net investment income $ 1,653 $ 1,536 Net investment gains (losses) consisted of the following: Three Months Ended March 31, 2022 2021 Gross realized gains: Fixed income securities $ 46 $ 110 Equity securities 1,073 3,915 Total gross realized gains 1,119 4,025 Gross realized losses, excluding other-than-temporary impairment losses: Fixed income securities (3 ) (9 ) Equity securities (178 ) (114 ) Total gross realized losses, excluding other-than-temporary impairment losses (181 ) (123 ) Net realized gains 938 3,902 Change in net unrealized gains on equity securities (6,466 ) 1,909 Net investment gains (losses) $ (5,528 ) $ 5,811

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Investments, All Other Investments [Abstract]
Fair Value Measurements	4. 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: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level II Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level II includes fixed income securities with quoted prices that are traded less frequently than exchange traded instruments. Valuation techniques include matrix pricing which is a mathematical technique used widely in the industry to value fixed income securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. Level III Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). 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, 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 independent 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 independent pricing service did not use broker quotes in determining any fair values of the Company’s investments at March 31, 2022 or December 31, 2021. 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. 14 Table of Contents NI Holdings, Inc. Notes to Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) 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 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 Investors Service, Inc. or Standard & Poor’s Financial Services LLC. 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 three-month period ended March 31, 2022, or the year ended December 31, 2021. The classification within the fair value hierarchy is then confirmed based on the final conclusions from the pricing review. The valuation of cash equivalents and equity securities are generally based on Level I inputs, which use the market-approach valuation technique. The valuation of our fixed income securities generally incorporates significant Level II inputs using the market and income approach techniques. We may assign a lower level to inputs typically considered to be Level II based on our assessment of liquidity and relative level of uncertainty surrounding inputs. There were no assets or liabilities classified at Level III at March 31, 2022 or December 31, 2021. 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: March 31, 2022 Total Level I Level II Level III Fixed income securities: U.S. Government and agencies $ 12,869 $ - $ 12,869 $ - Obligations of states and political subdivisions 66,430 - 66,430 - Corporate securities 144,327 - 144,327 - Residential mortgage-backed securities 43,780 - 43,780 - Commercial mortgage-backed securities 33,674 - 33,674 - Asset-backed securities 48,045 - 48,045 - Redeemable preferred stock 3,958 - 3,958 - Total fixed income securities 353,083 - 353,083 - Equity securities: Common stock 72,576 72,576 - - Non-redeemable preferred stock 2,102 2,102 - - Total equity securities 74,678 74,678 - - Cash equivalents 39,347 39,347 - - Total assets at fair value $ 467,108 $ 114,025 $ 353,083 $ - 15 Table of Contents NI Holdings, Inc. Notes to Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) December 31, 2021 Total Level I Level II Level III Fixed income securities: U.S. Government and agencies $ 13,498 $ - $ 13,498 $ - Obligations of states and political subdivisions 87,294 - 87,294 - Corporate securities 147,621 - 147,621 - Residential mortgage-backed securities 26,156 - 26,156 - Commercial mortgage-backed securities 33,532 - 33,532 - Asset-backed securities 52,422 - 52,422 - Redeemable preferred stock 4,128 - 4,128 - Total fixed income securities 364,651 - 364,651 - Equity securities: Common Stock 75,143 75,143 - - Non-redeemable preferred stock 2,547 2,547 - - Total equity securities 77,690 77,690 - - Cash equivalents 45,741 45,741 - - Total assets at fair value $ 488,082 $ 123,431 $ 364,651 $ - There were no liabilities measured at fair value on a recurring basis at March 31, 2022 or December 31, 2021.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2022
Reinsurance Disclosures [Abstract]
Reinsurance	5. 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. During the three-month period ended March 31, 2022, the Company retained the first $15,000 of weather-related losses from catastrophic events and had reinsurance under various reinsurance agreements up to $125,000 in excess of its $15,000 retained risk. During the year ended December 31, 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. The Company experienced one catastrophe event during second quarter of 2021 in excess of the retention level. 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 AM 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 March 31, 2022 Premiums Written Premiums Earned Direct premium $ 75,533 $ 73,399 Assumed premium 1,861 1,861 Ceded premium (5,660 ) (5,673 ) Net premiums $ 71,734 $ 69,587 Three Months Ended March 31, 2021 Premiums Written Premiums Earned Direct premium $ 72,420 $ 68,743 Assumed premium 1,450 1,448 Ceded premium (7,114 ) (7,056 ) Net premiums $ 66,756 $ 63,135 A reconciliation of direct to net losses and loss adjustment expenses is as follows: Three Months Ended March 31, 2022 2021 Direct losses and loss adjustment expenses $ 45,495 $ 37,578 Assumed losses and loss adjustment expenses 10 948 Ceded losses and loss adjustment expenses (5,376 ) (1,637 ) Net losses and loss adjustment expenses $ 40,129 $ 36,889 If 100% of our ceded reinsurance was cancelled as of March 31, 2022 or December 31, 2021, 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	3 Months Ended
	Mar. 31, 2022
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Policy Acquisition Costs	6. 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 March 31, 2022 2021 Balance, beginning of period $ 24,947 $ 23,968 Deferral of policy acquisition costs 16,948 16,194 Amortization of deferred policy acquisition costs (15,623 ) (13,587 ) Balance, end of period $ 26,272 $ 26,575

Unpaid Losses and Loss Adjustme

Unpaid Losses and Loss Adjustment Expenses	3 Months Ended
	Mar. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Unpaid Losses and Loss Adjustment Expenses	7. Unpaid Losses and Loss Adjustment Expenses Activity in the liability for unpaid losses and loss adjustment expenses is summarized as follows: Three Months Ended March 31, 2022 2021 Balance at beginning of period: Liability for unpaid losses and loss adjustment expenses $ 139,662 $ 105,750 Reinsurance recoverables on losses 21,200 8,710 Net balance at beginning of period 118,462 97,040 Incurred related to: Current year 42,116 34,366 Prior years (1,987 ) 2,523 Total incurred 40,129 36,889 Paid related to: Current year 13,512 13,415 Prior years 30,747 18,262 Total paid 44,259 31,677 Balance at end of period: Liability for unpaid losses and loss adjustment expenses 133,694 111,522 Reinsurance recoverables on losses 19,362 9,270 Net balance at end of period $ 114,332 $ 102,252 During the three months ended March 31, 2022, the Company’s reported incurred losses and loss adjustment expenses included $1,987 of net favorable development on prior accident years, primarily attributable to Battle Creek. During the three months ended March 31, 2021, the Company’s incurred reported losses and loss adjustment expenses included $2,523 of net unfavorable development on prior accident years, primarily attributable to Nodak Insurance, Westminster, and Direct Auto. 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.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	8. Property and Equipment Property and equipment consisted of the following: March 31, 2022 December 31, 2021 Estimated Useful Life Cost: Land $ 1,403 $ 1,403 indefinite Building and improvements 13,910 14,193 10-40 years Electronic data processing equipment 1,518 1,518 5-7 years Furniture and fixtures 2,885 2,885 5-7 years Automobiles 1,247 1,228 2-3 years Gross cost 20,963 21,227 Accumulated depreciation (11,157 ) (11,358 ) Total property and equipment, net $ 9,806 $ 9,869 Depreciation expense was $168 and $170 for the three months ended March 31, 2022 and 2021, respectively.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	9. Goodwill and Other Intangibles Goodwill The following table presents the carrying amount of the Company’s goodwill by segment: March 31, 2022 December 31, 2021 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: March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Subject to amortization: Trade names $ 748 $ 290 $ 458 Distribution network 6,700 838 5,862 Total subject to amortization 7,448 1,128 6,320 Not subject to amortization: State insurance licenses 1,900 - 1,900 Total $ 9,348 $ 1,128 $ 8,220 19 Table of Contents NI Holdings, Inc. Notes to Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Subject to amortization: Trade names $ 748 $ 265 $ 483 Distribution network 6,700 745 5,955 Total subject to amortization 7,448 1,010 6,438 Not subject to amortization: State insurance license 1,900 - 1,900 Total $ 9,348 $ 1,010 $ 8,338 Amortization expense was $118 and $118 for the three months ended March 31, 2022 and 2021, respectively. Other intangible assets that have finite lives, including trade names and distribution networks, are amortized over their useful lives. As of March 31, 2022, the estimated amortization of other intangible assets with finite lives for the next five years and thereafter is as follows: Year ending December 31, Amount Nine months ending December 31, 2022 $ 354 2023 455 2024 422 2025 422 2026 422 Thereafter 4,245 Total other intangible assets with finite lives $ 6,320

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	10. 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 three months ended March 31, 2022 and the year ended December 31, 2021, the pooling share percentages by insurance company were: Pool Percentage Nodak Insurance Company 66.0 % American West Insurance Company 7.0 % Primero Insurance Company 3.0 % Battle Creek Mutual Insurance Company 2.0 % Direct Auto Insurance Company 13.0 % Westminster American Insurance Company 9.0 % Total 100.0 % 20 Table of Contents NI Holdings, Inc. Notes to Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) 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 policies. Royalties paid to the NDFB were $339 and $337 during the three months ended March 31, 2022 and 2021, respectively. Royalty amounts payable of $128 and $125 were accrued as a liability to the NDFB at March 31, 2022 and December 31, 2021, 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 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, 2021 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 2022 without the prior approval of the North Dakota Insurance Department is $21,493 based upon the surplus of Nodak Insurance at December 31, 2021. Prior to its payment of any 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 three months ended March 31, 2022 or the year ended December 31, 2021. Direct Auto was re-domesticated from Illinois to North Dakota during 2021, and is now subject to the same dividend restrictions as Nodak Insurance. The amount available for payment of dividends from Direct Auto to NI Holdings during 2022 without the prior approval of the North Dakota Insurance Department is $3,796 based upon the surplus of Direct Auto at December 31, 2021. No dividends were declared or paid by Direct Auto during the three months ended March 31, 2022 or the year ended December 31, 2021. Westminster was re-domesticated from Maryland to North Dakota during 2021, and is now subject to the same dividend restrictions as Nodak Insurance. The amount available for payment of dividends from Westminster to NI Holdings during 2022 without the prior approval of the North Dakota Insurance Department is $2,471 based upon the surplus of Westminster at December 31, 2021. No dividends were declared or paid by Westminster during the three months ended March 31, 2022 or the year ended December 31, 2021. 21 Table of Contents NI Holdings, Inc. Notes to Consolidated Financial Statements (Unaudited) (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: March 31, 2022 December 31, 2021 Assets: Cash and cash equivalents $ 6,050 $ 4,398 Investments 11,452 10,610 Premiums and agents’ balances receivable 5,065 5,038 Deferred policy acquisition costs 525 499 Reinsurance recoverables on losses (2) 8,095 10,173 Accrued investment income 57 51 Property and equipment 322 325 Deferred income taxes 262 142 Other assets 53 52 Total assets $ 31,881 $ 31,288 Liabilities: Unpaid losses and loss adjustment expenses $ 2,865 $ 2,937 Unearned premiums 2,587 2,544 Notes payable (1) 3,000 3,000 Pooling payable (1) 8,358 5,580 Reinsurance losses payable (2) 10,951 12,754 Accrued expenses and other liabilities 320 264 Total liabilities 28,081 27,079 Equity: Non-controlling interest 3,800 4,209 Total equity 3,800 4,209 Total liabilities and equity $ 31,881 $ 31,288 (1) Amount fully eliminated in consolidation. (2) Amount partially eliminated in consolidation. Three Months Ended March 31, 2022 2021 Revenues: Net premiums earned $ 1,392 $ 1,263 Fee and other expenses (5 ) (3 ) Net investment income 13 8 Total revenues 1,400 1,268 Expenses: Losses and loss adjustment expenses 803 738 Amortization of deferred policy acquisition costs 312 272 Other underwriting and general expenses 117 116 Total expenses 1,232 1,126 Income before income taxes 168 142 Income tax expense 38 29 Net income $ 130 $ 113

Benefit Plans

Benefit Plans	3 Months Ended
	Mar. 31, 2022
Compensation Related Costs [Abstract]
Benefit Plans	11. 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 $190 and $269 during the three months ended March 31, 2022 and 2021, 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 $148 and $172 during the three months ended March 31, 2022 and 2021, 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 $104 and $418 during the three months ended March 31, 2022 and 2021, respectively. In connection with our initial public offering (“IPO”) 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 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. 23 Table of Contents NI Holdings, Inc. Notes to Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) The Company recognized compensation expense of $109 and $109 during the three months ended March 31, 2022 and 2021, respectively, related to the ESOP. Through March 31, 2022 and December 31, 2021, the Company had released and allocated 121,575 ESOP shares to participants, with a remainder of 118,425 ESOP shares in suspense at March 31, 2022 and December 31, 2021. Using the Company’s quarter-end market price of $16.96 per share, the fair value of the unearned ESOP shares was $2,008 at March 31, 2022.

Line of Credit

Line of Credit	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Line of Credit	12. 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 three months ended March 31, 2022, or the year ended December 31, 2021. This line of credit is scheduled to expire on May 31, 2023.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes At March 31, 2022 and December 31, 2021, we had no unrecognized tax benefits, no accrued interest and penalties, and no significant uncertain tax positions. No interest and penalties were recognized during the three-month periods ended March 31, 2022 or 2021. At March 31, 2022 and December 31, 2021, the Company, other than Battle Creek and Westminster, had no income tax related carryforwards 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 carryforwards of $3,215 at December 31, 2021. These net operating loss carryforwards began expiring in 2021 and will continue through 2032 Westminster had a $2,122 net operating loss carryforward at December 31, 2021. This net operating loss carryforward expires in 2023 As of March 31, 2022, federal income tax years 2018 through 2020 remain open for examination.

Operating Leases

Operating Leases	3 Months Ended
	Mar. 31, 2022
Leases, Operating [Abstract]
Operating Leases	14. Operating Leases Primero leases a facility in Spearfish, South Dakota under a non-cancellable operating lease expiring in 2023 2029 2024 As of March 31, 2022, we have minimum future commitments under non-cancellable leases for the next five years and thereafter as follows: Year ending December 31, Estimated Future Minimum Commitments Nine months ending December 31, 2022 $ 152 2023 193 2024 167 2025 144 2026 146 Thereafter 325 Total minimum future commitments $ 1,127

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	15. 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	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Common Stock	16. Common Stock Changes in the number of common stock shares outstanding are as follows: Three Months Ended March 31, 2022 2021 Shares outstanding, beginning of period 21,219,808 21,318,638 Treasury shares repurchased through stock repurchase authorization (54,872 ) (32,326 ) Issuance of treasury shares for vesting of restricted stock units 90,704 86,460 Shares outstanding, end of period 21,255,640 21,372,772 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 year ended December 31, 2021, we completed the repurchase of 81,095 shares of our common stock for $1,554 under this authorization. During the three months ended March 31, 2022, we completed the repurchase 54,872 shares of our common stock for $997. The cost of this treasury stock is a reduction of shareholders’ equity within our Consolidated Balance Sheets.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	17. 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 may be issued under the Plan shall not exceed 1,000,000 shares, 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. 25 Table of Contents NI Holdings, Inc. Notes to Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) 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 RSUs is presented below: RSUs Weighted-Average Grant-Date Fair Value Per Share Units outstanding and unearned at January 1, 2021 115,780 $ 15.27 RSUs granted during 2021 58,700 18.76 RSUs earned during 2021 (66,100 ) 15.77 Units outstanding and unearned at December 31, 2021 108,380 16.86 RSUs granted during 2022 41,000 18.10 RSUs earned during 2022 (37,020 ) 16.67 Units outstanding and unearned at March 31, 2022 112,360 17.37 The following table shows the impact of RSU activity to the Company’s financial results: Three Months Ended March 31, 2022 2021 RSU compensation expense $ 273 $ 388 Income tax benefit (62 ) (81 ) RSU compensation expense, net of income taxes $ 211 $ 307 At March 31, 2022, there was $1,187 of unrecognized compensation cost related to outstanding RSUs. That cost is expected to be recognized over a weighted-average period of 2.59 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. 26 Table of Contents NI Holdings, Inc. Notes to Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) A summary of the Company’s outstanding PSUs is presented below: PSUs Weighted-Average Grant-Date Fair Value Per Share Units outstanding at January 1, 2021 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 December 31, 2021 190,600 16.06 PSUs granted during 2022 (at target) 61,800 18.10 PSUs earned during 2022 (86,684 ) 15.21 Performance adjustment (1) 31,200 15.21 Forfeitures (6,916 ) 15.21 Units outstanding at March 31, 2022 190,000 17.00 ​ (1) The following table shows the impact of PSU activity to the Company’s financial results: Three Months Ended March 31, 2022 2021 PSU compensation expense $ 261 $ 284 Income tax benefit (59 ) (60 ) PSU compensation expense, net of income taxes $ 202 $ 224 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. At the end of the performance period, the Company will reflect a performance adjustment, which may be either an increase or decrease from the initial target awards. 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 March 31, 2022, there was $1,918 of unrecognized compensation cost related to outstanding PSUs. That cost is expected to be recognized over a weighted-average period of 2.28 years.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information	18. 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 lines of 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-month periods ended March 31, 2022 and 2021. 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 investment gains (losses), 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. 28 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) Three Months Ended March 31, 2022 Private Passenger Auto Non-Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 19,301 $ 14,442 $ 21,179 $ (17 ) $ 17,230 $ 1,264 $ 73,399 Assumed premiums earned - - - - - 1,861 1,861 Ceded premiums earned (559 ) (64 ) (1,967 ) 4 (3,042 ) (45 ) (5,673 ) Net premiums earned 18,742 14,378 19,212 (13 ) 14,188 3,080 69,587 Direct losses and loss adjustment expenses 14,526 8,491 7,192 (103 ) 15,063 326 45,495 Assumed losses and loss adjustment expenses - - - - - 10 10 Ceded losses and loss adjustment expenses 185 - (352 ) (63 ) (5,046 ) (100 ) (5,376 ) Net losses and loss adjustment expenses 14,711 8,491 6,840 (166 ) 10,017 236 40,129 Gross margin 4,031 5,887 12,372 153 4,171 2,844 29,458 Underwriting and general expenses 5,768 6,091 5,973 (552 ) 5,336 788 23,404 Underwriting gain (loss) (1,737 ) (204 ) 6,399 705 (1,165 ) 2,056 6,054 Fee and other income 388 428 184 Net investment income 1,653 Net investment losses​​ (5,528 ) Income before income taxes 2,607 Income tax expense 568 Net income 2,039 Net income attributable to non-controlling interest 130 Net income attributable to NI Holdings, Inc. $ 1,909 Operating Ratios: Loss and loss adjustment expense ratio 78.5% 59.1% 35.6% n/a 70.6% 7.7% 57.7% Expense ratio 30.8% 42.4% 31.1% n/a 37.6% 25.6% 33.6% Combined ratio 109.3% 101.4% 66.7% n/a 108.2% 33.2% 91.3% Balances at March 31, 2022: Premiums and agents’ balances receivable $ 19,627 $ 12,098 $ 8,991 $ - $ 13,442 $ 722 $ 54,880 Deferred policy acquisition  costs 5,076 7,126 7,246 - 6,392 432 26,272 Reinsurance recoverables on losses 817 - 3,559 75 14,184 727 19,362 Goodwill and other intangibles - 2,798 - - 14,806 - 17,604 Unpaid losses and loss adjustment expenses 26,340 41,948 17,130 421 38,640 9,215 133,694 Unearned premiums 29,573 20,933 42,307 - 34,181 3,281 130,275 Payable to Federal Crop Insurance Corporation - - - 7,059 - - 7,059 29 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) Three Months Ended March 31, 2021 Private Passenger Auto Non-Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 18,688 $ 13,581 $ 20,583 $ (16 ) $ 14,722 $ 1,185 $ 68,743 Assumed premiums earned - - - - - 1,448 1,448 Ceded premiums earned (1,190 ) (323 ) (3,129 ) 63 (2,384 ) (93 ) (7,056 ) Net premiums earned 17,498 13,258 17,454 47 12,338 2,540 63,135 Direct losses and loss adjustment expenses 12,559 4,800 7,888 572 11,464 295 37,578 Assumed losses and loss adjustment expenses - - - - - 948 948 Ceded losses and loss adjustment expenses (305 ) - (256 ) (11 ) (1,065 ) - (1,637 ) Net losses and loss adjustment expenses 12,254 4,800 7,632 561 10,399 1,243 36,889 Gross margin 5,244 8,458 9,822 (514 ) 1,939 1,297 26,246 Underwriting and general expenses 5,359 4,414 5,611 536 4,615 703 21,238 Underwriting gain (loss) (115 ) 4,044 4,211 (1,050 ) (2,676 ) 594 5,008 Fee and other income 332 317 4,376 Net investment income 1,536 Net investment gains​​ 5,811 Income before income taxes 12,672 Income tax expense 2,890 Net income 9,782 Net income attributable to non-controlling interest 113 Net income attributable to NI Holdings, Inc. $ 9,669 Operating Ratios: Loss and loss adjustment expense ratio 70.0% 36.2% 43.7% n/a 84.3% 48.9% 58.4% Expense ratio 30.6% 33.3% 32.1% n/a 37.4% 27.7% 33.6% Combined ratio 100.7% 69.5% 75.9% n/a 121.7% 76.6% 92.1% Balances at March 31, 2021: Premiums and agents’ balances receivable $ 19,028 $ 8,568 $ 9,102 $ - $ 11,964 $ 663 $ 49,325 Deferred policy acquisition  costs 5,934 6,099 8,170 - 5,883 489 26,575 Reinsurance recoverables on losses 717 - 588 9 5,741 2,215 9,270 Receivable from Federal Crop Insurance Corporation - - - 5,182 - - 5,182 Goodwill and other intangibles - 2,848 - - 15,228 - 18,076 Unpaid losses and loss adjustment expenses 22,503 40,289 12,657 96 25,447 10,530 111,522 Unearned premiums 28,912 19,218 40,706 - 31,639 2,983 123,458

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. 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 2021 Annual Report. The Consolidated Balance Sheet at December 31, 2021, has been derived from the Audited Consolidated Financial Statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. 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 period ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ended December 31, 2022. Our 2021 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 2021 Annual Report were consistently applied to the Unaudited Consolidated Financial Statements as of and for the three months ended March 31, 2022 and 2021.
Recent Accounting Pronouncements	Recent Accounting Pronouncements As an emerging growth company (“EGC”), 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 EGCs, as well as whether specific guidance may be adopted early. 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 new guidance was effective for annual and interim reporting periods beginning after December 15, 2018 for public business entities. For private companies and EGCs, this guidance is effective for annual reporting periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. We will adopt this guidance in the fourth quarter of the year ended December 31, 2022, as we will lose our EGC status beginning December 31, 2022. 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 EGCs 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. We will adopt this guidance in the fourth quarter of the year ended December 31, 2022, as we will lose our EGC status beginning December 31, 2022. 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 EGCs, 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. We will adopt this guidance in the fourth quarter of the year ended December 31, 2022, as we will lose our EGC status beginning December 31, 2022. 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.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, were as follows: March 31, 2022 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed income securities: U.S. Government and agencies $ 13,017 $ 212 $ (360 ) $ 12,869 Obligations of states and political subdivisions 68,773 305 (2,648 ) 66,430 Corporate securities 150,071 742 (6,486 ) 144,327 Residential mortgage-backed securities 45,967 92 (2,279 ) 43,780 Commercial mortgage-backed securities 35,319 115 (1,760 ) 33,674 Asset-backed securities 49,910 17 (1,882 ) 48,045 Redeemable preferred stocks 4,253 - (295 ) 3,958 Total fixed income securities $ 367,310 $ 1,483 $ (15,710 ) $ 353,083 December 31, 2021 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed income securities: U.S. Government and agencies $ 13,118 $ 467 $ (87 ) $ 13,498 Obligations of states and political subdivisions 84,668 2,979 (353 ) 87,294 Corporate securities 144,476 4,214 (1,069 ) 147,621 Residential mortgage-backed securities 26,190 266 (300 ) 26,156 Commercial mortgage-backed securities 32,878 815 (161 ) 33,532 Asset-backed securities 52,604 131 (313 ) 52,422 Redeemable preferred stocks 4,008 136 (16 ) 4,128 Total fixed income securities $ 357,942 $ 9,008 $ (2,299 ) $ 364,651
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 may have the right to call or prepay these securities. March 31, 2022 Amortized Cost Fair Value Due to mature: One year or less $ 18,024 $ 18,117 After one year through five years 90,659 89,417 After five years through ten years 77,896 73,920 After ten years 45,282 42,172 Mortgage / asset-backed securities 131,196 125,499 Redeemable preferred stocks 4,253 3,958 Total fixed income securities $ 367,310 $ 353,083 December 31, 2021 Amortized Cost Fair Value Due to mature: One year or less $ 14,457 $ 14,586 After one year through five years 82,429 84,760 After five years through ten years 82,270 84,173 After ten years 63,106 64,894 Mortgage / asset-backed securities 111,672 112,110 Redeemable preferred stocks 4,008 4,128 Total fixed income securities $ 357,942 $ 364,651
Schedule of unrealized loss of securities	The investment category and duration of the Company’s gross unrealized losses on fixed income securities are shown below. 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. March 31, 2022 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 $ 4,969 $ (110 ) $ 2,436 $ (250 ) $ 7,405 $ (360 ) Obligations of states and political subdivisions 43,281 (2,456 ) 1,601 (192 ) 44,882 (2,648 ) Corporate securities 76,700 (4,673 ) 16,766 (1,813 ) 93,466 (6,486 ) Residential mortgage-backed securities 33,527 (1,798 ) 4,882 (481 ) 38,409 (2,279 ) Commercial mortgage-backed securities 25,160 (1,721 ) 844 (39 ) 26,004 (1,760 ) Asset-backed securities 40,922 (1,819 ) 2,366 (63 ) 43,288 (1,882 ) Redeemable preferred stocks 3,712 (295 ) - - 3,712 (295 ) Total fixed income securities $ 228,271 $ (12,872 ) $ 28,895 $ (2,838 ) $ 257,166 $ (15,710 ) December 31, 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 $ 3,125 $ (87 ) $ - $ - $ 3,125 $ (87 ) Obligations of states and political subdivisions 19,769 (350 ) 222 (3 ) 19,991 (353 ) Corporate securities 46,816 (1,015 ) 1,895 (54 ) 48,711 (1,069 ) Residential mortgage-backed securities 17,407 (261 ) 1,434 (39 ) 18,841 (300 ) Commercial mortgage-backed securities 11,287 (160 ) 216 (1 ) 11,503 (161 ) Asset-backed securities 28,797 (308 ) 995 (5 ) 29,792 (313 ) Redeemable preferred stocks 1,493 (16 ) - - 1,493 (16 ) Total fixed income securities $ 128,694 $ (2,197 ) $ 4,762 $ (102 ) $ 133,456 $ (2,299 )
Schedule of net investment income	Net investment income consisted of the following: Three Months Ended March 31, 2022 2021 Fixed income securities $ 2,161 $ 2,011 Equity securities 329 265 Real estate 166 156 Cash and cash equivalents 2 1 Total gross investment income 2,658 2,433 Investment expenses 1,005 897 Net investment income $ 1,653 $ 1,536
Schedule of net realized gain (loss) on investments	Net investment gains (losses) consisted of the following: Three Months Ended March 31, 2022 2021 Gross realized gains: Fixed income securities $ 46 $ 110 Equity securities 1,073 3,915 Total gross realized gains 1,119 4,025 Gross realized losses, excluding other-than-temporary impairment losses: Fixed income securities (3 ) (9 ) Equity securities (178 ) (114 ) Total gross realized losses, excluding other-than-temporary impairment losses (181 ) (123 ) Net realized gains 938 3,902 Change in net unrealized gains on equity securities (6,466 ) 1,909 Net investment gains (losses) $ (5,528 ) $ 5,811

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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: March 31, 2022 Total Level I Level II Level III Fixed income securities: U.S. Government and agencies $ 12,869 $ - $ 12,869 $ - Obligations of states and political subdivisions 66,430 - 66,430 - Corporate securities 144,327 - 144,327 - Residential mortgage-backed securities 43,780 - 43,780 - Commercial mortgage-backed securities 33,674 - 33,674 - Asset-backed securities 48,045 - 48,045 - Redeemable preferred stock 3,958 - 3,958 - Total fixed income securities 353,083 - 353,083 - Equity securities: Common stock 72,576 72,576 - - Non-redeemable preferred stock 2,102 2,102 - - Total equity securities 74,678 74,678 - - Cash equivalents 39,347 39,347 - - Total assets at fair value $ 467,108 $ 114,025 $ 353,083 $ - 15 Table of Contents NI Holdings, Inc. Notes to Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) December 31, 2021 Total Level I Level II Level III Fixed income securities: U.S. Government and agencies $ 13,498 $ - $ 13,498 $ - Obligations of states and political subdivisions 87,294 - 87,294 - Corporate securities 147,621 - 147,621 - Residential mortgage-backed securities 26,156 - 26,156 - Commercial mortgage-backed securities 33,532 - 33,532 - Asset-backed securities 52,422 - 52,422 - Redeemable preferred stock 4,128 - 4,128 - Total fixed income securities 364,651 - 364,651 - Equity securities: Common Stock 75,143 75,143 - - Non-redeemable preferred stock 2,547 2,547 - - Total equity securities 77,690 77,690 - - Cash equivalents 45,741 45,741 - - Total assets at fair value $ 488,082 $ 123,431 $ 364,651 $ -

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Premiums Written Premiums Earned Direct premium $ 75,533 $ 73,399 Assumed premium 1,861 1,861 Ceded premium (5,660 ) (5,673 ) Net premiums $ 71,734 $ 69,587 Three Months Ended March 31, 2021 Premiums Written Premiums Earned Direct premium $ 72,420 $ 68,743 Assumed premium 1,450 1,448 Ceded premium (7,114 ) (7,056 ) Net premiums $ 66,756 $ 63,135
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 March 31, 2022 2021 Direct losses and loss adjustment expenses $ 45,495 $ 37,578 Assumed losses and loss adjustment expenses 10 948 Ceded losses and loss adjustment expenses (5,376 ) (1,637 ) Net losses and loss adjustment expenses $ 40,129 $ 36,889

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Balance, beginning of period $ 24,947 $ 23,968 Deferral of policy acquisition costs 16,948 16,194 Amortization of deferred policy acquisition costs (15,623 ) (13,587 ) Balance, end of period $ 26,272 $ 26,575

Unpaid Losses and Loss Adjust_2

Unpaid Losses and Loss Adjustment Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
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 is summarized as follows: Three Months Ended March 31, 2022 2021 Balance at beginning of period: Liability for unpaid losses and loss adjustment expenses $ 139,662 $ 105,750 Reinsurance recoverables on losses 21,200 8,710 Net balance at beginning of period 118,462 97,040 Incurred related to: Current year 42,116 34,366 Prior years (1,987 ) 2,523 Total incurred 40,129 36,889 Paid related to: Current year 13,512 13,415 Prior years 30,747 18,262 Total paid 44,259 31,677 Balance at end of period: Liability for unpaid losses and loss adjustment expenses 133,694 111,522 Reinsurance recoverables on losses 19,362 9,270 Net balance at end of period $ 114,332 $ 102,252

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2022
Reinsurance Disclosures [Abstract]
Schedule of Property and equipment	Property and equipment consisted of the following: March 31, 2022 December 31, 2021 Estimated Useful Life Cost: Land $ 1,403 $ 1,403 indefinite Building and improvements 13,910 14,193 10-40 years Electronic data processing equipment 1,518 1,518 5-7 years Furniture and fixtures 2,885 2,885 5-7 years Automobiles 1,247 1,228 2-3 years Gross cost 20,963 21,227 Accumulated depreciation (11,157 ) (11,358 ) Total property and equipment, net $ 9,806 $ 9,869

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	3 Months Ended
	Mar. 31, 2022
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: March 31, 2022 December 31, 2021 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: March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Subject to amortization: Trade names $ 748 $ 290 $ 458 Distribution network 6,700 838 5,862 Total subject to amortization 7,448 1,128 6,320 Not subject to amortization: State insurance licenses 1,900 - 1,900 Total $ 9,348 $ 1,128 $ 8,220 19 Table of Contents NI Holdings, Inc. Notes to Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Subject to amortization: Trade names $ 748 $ 265 $ 483 Distribution network 6,700 745 5,955 Total subject to amortization 7,448 1,010 6,438 Not subject to amortization: State insurance license 1,900 - 1,900 Total $ 9,348 $ 1,010 $ 8,338
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 March 31, 2022, the estimated amortization of other intangible assets with finite lives for the next five years and thereafter is as follows: Year ending December 31, Amount Nine months ending December 31, 2022 $ 354 2023 455 2024 422 2025 422 2026 422 Thereafter 4,245 Total other intangible assets with finite lives $ 6,320

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Schedule of Pooling Share Percentages	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 three months ended March 31, 2022 and the year ended December 31, 2021, the pooling share percentages by insurance company were: Pool Percentage Nodak Insurance Company 66.0 % American West Insurance Company 7.0 % Primero Insurance Company 3.0 % Battle Creek Mutual Insurance Company 2.0 % Direct Auto Insurance Company 13.0 % Westminster American Insurance Company 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: March 31, 2022 December 31, 2021 Assets: Cash and cash equivalents $ 6,050 $ 4,398 Investments 11,452 10,610 Premiums and agents’ balances receivable 5,065 5,038 Deferred policy acquisition costs 525 499 Reinsurance recoverables on losses (2) 8,095 10,173 Accrued investment income 57 51 Property and equipment 322 325 Deferred income taxes 262 142 Other assets 53 52 Total assets $ 31,881 $ 31,288 Liabilities: Unpaid losses and loss adjustment expenses $ 2,865 $ 2,937 Unearned premiums 2,587 2,544 Notes payable (1) 3,000 3,000 Pooling payable (1) 8,358 5,580 Reinsurance losses payable (2) 10,951 12,754 Accrued expenses and other liabilities 320 264 Total liabilities 28,081 27,079 Equity: Non-controlling interest 3,800 4,209 Total equity 3,800 4,209 Total liabilities and equity $ 31,881 $ 31,288 (1) Amount fully eliminated in consolidation. (2) Amount partially eliminated in consolidation. Three Months Ended March 31, 2022 2021 Revenues: Net premiums earned $ 1,392 $ 1,263 Fee and other expenses (5 ) (3 ) Net investment income 13 8 Total revenues 1,400 1,268 Expenses: Losses and loss adjustment expenses 803 738 Amortization of deferred policy acquisition costs 312 272 Other underwriting and general expenses 117 116 Total expenses 1,232 1,126 Income before income taxes 168 142 Income tax expense 38 29 Net income $ 130 $ 113

Operating Leases (Tables)

Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Surplus Notes [Member]
Schedule of Minimum Future Commitments Under Non-Cancellable Leases	As of March 31, 2022, we have minimum future commitments under non-cancellable leases for the next five years and thereafter as follows: Year ending December 31, Estimated Future Minimum Commitments Nine months ending December 31, 2022 $ 152 2023 193 2024 167 2025 144 2026 146 Thereafter 325 Total minimum future commitments $ 1,127

Common Stock (Tables)

Common Stock (Tables)	3 Months Ended
	Mar. 31, 2022
Common Stock Tables Abstract
Schedule of number of common stock shares	Changes in the number of common stock shares outstanding are as follows: Three Months Ended March 31, 2022 2021 Shares outstanding, beginning of period 21,219,808 21,318,638 Treasury shares repurchased through stock repurchase authorization (54,872 ) (32,326 ) Issuance of treasury shares for vesting of restricted stock units 90,704 86,460 Shares outstanding, end of period 21,255,640 21,372,772

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of RSU activity	A summary of the Company’s outstanding and unearned RSUs is presented below: RSUs Weighted-Average Grant-Date Fair Value Per Share Units outstanding and unearned at January 1, 2021 115,780 $ 15.27 RSUs granted during 2021 58,700 18.76 RSUs earned during 2021 (66,100 ) 15.77 Units outstanding and unearned at December 31, 2021 108,380 16.86 RSUs granted during 2022 41,000 18.10 RSUs earned during 2022 (37,020 ) 16.67 Units outstanding and unearned at March 31, 2022 112,360 17.37
Schedule of Restricted Stock Outstanding	The following table shows the impact of RSU activity to the Company’s financial results: Three Months Ended March 31, 2022 2021 RSU compensation expense $ 273 $ 388 Income tax benefit (62 ) (81 ) RSU compensation expense, net of income taxes $ 211 $ 307
Schedule of Performance Stock Outstanding	A summary of the Company’s outstanding PSUs is presented below: PSUs Weighted-Average Grant-Date Fair Value Per Share Units outstanding at January 1, 2021 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 December 31, 2021 190,600 16.06 PSUs granted during 2022 (at target) 61,800 18.10 PSUs earned during 2022 (86,684 ) 15.21 Performance adjustment (1) 31,200 15.21 Forfeitures (6,916 ) 15.21 Units outstanding at March 31, 2022 190,000 17.00 ​ (1)
Schedule of PSU activity	The following table shows the impact of PSU activity to the Company’s financial results: Three Months Ended March 31, 2022 2021 PSU compensation expense $ 261 $ 284 Income tax benefit (59 ) (60 ) PSU compensation expense, net of income taxes $ 202 $ 224

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of revenue by insurance product line	Three Months Ended March 31, 2022 Private Passenger Auto Non-Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 19,301 $ 14,442 $ 21,179 $ (17 ) $ 17,230 $ 1,264 $ 73,399 Assumed premiums earned - - - - - 1,861 1,861 Ceded premiums earned (559 ) (64 ) (1,967 ) 4 (3,042 ) (45 ) (5,673 ) Net premiums earned 18,742 14,378 19,212 (13 ) 14,188 3,080 69,587 Direct losses and loss adjustment expenses 14,526 8,491 7,192 (103 ) 15,063 326 45,495 Assumed losses and loss adjustment expenses - - - - - 10 10 Ceded losses and loss adjustment expenses 185 - (352 ) (63 ) (5,046 ) (100 ) (5,376 ) Net losses and loss adjustment expenses 14,711 8,491 6,840 (166 ) 10,017 236 40,129 Gross margin 4,031 5,887 12,372 153 4,171 2,844 29,458 Underwriting and general expenses 5,768 6,091 5,973 (552 ) 5,336 788 23,404 Underwriting gain (loss) (1,737 ) (204 ) 6,399 705 (1,165 ) 2,056 6,054 Fee and other income 388 428 184 Net investment income 1,653 Net investment losses​​ (5,528 ) Income before income taxes 2,607 Income tax expense 568 Net income 2,039 Net income attributable to non-controlling interest 130 Net income attributable to NI Holdings, Inc. $ 1,909 Operating Ratios: Loss and loss adjustment expense ratio 78.5% 59.1% 35.6% n/a 70.6% 7.7% 57.7% Expense ratio 30.8% 42.4% 31.1% n/a 37.6% 25.6% 33.6% Combined ratio 109.3% 101.4% 66.7% n/a 108.2% 33.2% 91.3% Balances at March 31, 2022: Premiums and agents’ balances receivable $ 19,627 $ 12,098 $ 8,991 $ - $ 13,442 $ 722 $ 54,880 Deferred policy acquisition  costs 5,076 7,126 7,246 - 6,392 432 26,272 Reinsurance recoverables on losses 817 - 3,559 75 14,184 727 19,362 Goodwill and other intangibles - 2,798 - - 14,806 - 17,604 Unpaid losses and loss adjustment expenses 26,340 41,948 17,130 421 38,640 9,215 133,694 Unearned premiums 29,573 20,933 42,307 - 34,181 3,281 130,275 Payable to Federal Crop Insurance Corporation - - - 7,059 - - 7,059 29 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (dollar amounts in thousands, except per share amounts) Three Months Ended March 31, 2021 Private Passenger Auto Non-Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 18,688 $ 13,581 $ 20,583 $ (16 ) $ 14,722 $ 1,185 $ 68,743 Assumed premiums earned - - - - - 1,448 1,448 Ceded premiums earned (1,190 ) (323 ) (3,129 ) 63 (2,384 ) (93 ) (7,056 ) Net premiums earned 17,498 13,258 17,454 47 12,338 2,540 63,135 Direct losses and loss adjustment expenses 12,559 4,800 7,888 572 11,464 295 37,578 Assumed losses and loss adjustment expenses - - - - - 948 948 Ceded losses and loss adjustment expenses (305 ) - (256 ) (11 ) (1,065 ) - (1,637 ) Net losses and loss adjustment expenses 12,254 4,800 7,632 561 10,399 1,243 36,889 Gross margin 5,244 8,458 9,822 (514 ) 1,939 1,297 26,246 Underwriting and general expenses 5,359 4,414 5,611 536 4,615 703 21,238 Underwriting gain (loss) (115 ) 4,044 4,211 (1,050 ) (2,676 ) 594 5,008 Fee and other income 332 317 4,376 Net investment income 1,536 Net investment gains​​ 5,811 Income before income taxes 12,672 Income tax expense 2,890 Net income 9,782 Net income attributable to non-controlling interest 113 Net income attributable to NI Holdings, Inc. $ 9,669 Operating Ratios: Loss and loss adjustment expense ratio 70.0% 36.2% 43.7% n/a 84.3% 48.9% 58.4% Expense ratio 30.6% 33.3% 32.1% n/a 37.4% 27.7% 33.6% Combined ratio 100.7% 69.5% 75.9% n/a 121.7% 76.6% 92.1% Balances at March 31, 2021: Premiums and agents’ balances receivable $ 19,028 $ 8,568 $ 9,102 $ - $ 11,964 $ 663 $ 49,325 Deferred policy acquisition  costs 5,934 6,099 8,170 - 5,883 489 26,575 Reinsurance recoverables on losses 717 - 588 9 5,741 2,215 9,270 Receivable from Federal Crop Insurance Corporation - - - 5,182 - - 5,182 Goodwill and other intangibles - 2,848 - - 15,228 - 18,076 Unpaid losses and loss adjustment expenses 22,503 40,289 12,657 96 25,447 10,530 111,522 Unearned premiums 28,912 19,218 40,706 - 31,639 2,983 123,458

Organization (Details)

Organization (Details) - Nodak Insurance [Member]	3 Months Ended
	Mar. 31, 2022
Percentage of shares exchanged	55.00%
Ownership percentage	100.00%

Investments (Narrative) (Detail

Investments (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2022
Investments [Abstract]
Fixed income securities with a fair value	$ 7,977	$ 7,527
Fixed income securities [Member]
Investments [Abstract]
Percentage of fixed maturities amortized cost values	80.00%

Investments (Schedule of amorti

Investments (Schedule of amortized cost and estimated fair value of investment securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Cost or Amortized Cost	$ 367,310	$ 357,942
Fair Value	353,083	364,651
Redeemable preferred stocks [Member]
Fair Value	3,958	4,128
U.S. Government and agencies [Member]
Fair Value	12,869	13,498
Obligations of states and political subdivisions [Member]
Fair Value	66,430	87,294
Corporate securities [Member]
Fair Value	144,327	147,621
Residential mortgage-backed securities [Member]
Fair Value	43,780	26,156
Commercial mortgage-backed securities [Member]
Fair Value	33,674	33,532
Asset-backed securities [Member]
Fair Value	48,045	52,422
Fixed income securities [Member]
Cost or Amortized Cost	367,310	357,942
Gross Unrealized Gains	1,483	9,008
Gross Unrealized Losses	(15,710)	(2,299)
Fair Value	353,083	364,651
Fixed income securities [Member] | Redeemable preferred stocks [Member]
Cost or Amortized Cost	4,253	4,008
Gross Unrealized Gains		136
Gross Unrealized Losses	(295)	(16)
Fair Value	3,958	4,128
Fixed income securities [Member] | U.S. Government and agencies [Member]
Cost or Amortized Cost	13,017	13,118
Gross Unrealized Gains	212	467
Gross Unrealized Losses	(360)	(87)
Fair Value	12,869	13,498
Fixed income securities [Member] | Obligations of states and political subdivisions [Member]
Cost or Amortized Cost	68,773	84,668
Gross Unrealized Gains	305	2,979
Gross Unrealized Losses	(2,648)	(353)
Fair Value	66,430	87,294
Fixed income securities [Member] | Corporate securities [Member]
Cost or Amortized Cost	150,071	144,476
Gross Unrealized Gains	742	4,214
Gross Unrealized Losses	(6,486)	(1,069)
Fair Value	144,327	147,621
Fixed income securities [Member] | Residential mortgage-backed securities [Member]
Cost or Amortized Cost	45,967	26,190
Gross Unrealized Gains	92	266
Gross Unrealized Losses	(2,279)	(300)
Fair Value	43,780	26,156
Fixed income securities [Member] | Commercial mortgage-backed securities [Member]
Cost or Amortized Cost	35,319	32,878
Gross Unrealized Gains	115	815
Gross Unrealized Losses	(1,760)	(161)
Fair Value	33,674	33,532
Fixed income securities [Member] | Asset-backed securities [Member]
Cost or Amortized Cost	49,910	52,604
Gross Unrealized Gains	17	131
Gross Unrealized Losses	(1,882)	(313)
Fair Value	$ 48,045	$ 52,422

Investments (Schedule of Fixed

Investments (Schedule of Fixed Maturities) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Marketable Securities [Abstract]
Amortized Cost, Due to mature One year or less	$ 18,024	$ 14,457
Amortized Cost, Due to mature After one year through five years	90,659	82,429
Amortized Cost, Due to mature After five years through ten years	77,896	82,270
Amortized Cost, Due to mature After ten years	45,282	63,106
Amortized Cost, Due to mature Mortgage/asset-backed securities	131,196	111,672
Amortized Cost, Due to mature Redeemable preferred stocks	4,253	4,008
Available-for-sale Securities, Debt Maturities, Amortized Cost	367,310	357,942
Fair Value, Due to mature One year or less	18,117	14,586
Fair Value, Due to mature After one year through five years	89,417	84,760
Fair Value, Due to mature After five years through ten years	73,920	84,173
Fair Value, Due to mature After ten years	42,172	64,894
Fair Value, Due to mature Mortgage/asset-backed securities	125,499	112,110
Fair Value, Due to mature Redeemable preferred stocks	3,958	4,128
Available-for-sale Securities, Debt Securities, Estimated Fair Value	$ 353,083	$ 364,651

Investments (Schedule of aggreg

Investments (Schedule of aggregate fair value and unrealized loss) (Details) - Fixed income securities [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Less than 12 months Fair Value	$ 228,271	$ 128,694
Less than 12 months Unrealized Losses	(12,872)	(2,197)
Greater than 12 months Fair Value	28,895	4,762
Greater than 12 months Unrealized Losses	(2,838)	(102)
Fair Value, Total	257,166	133,456
Unrealized Losses, Total	(15,710)	(2,299)
Redeemable preferred stocks [Member]
Less than 12 months Fair Value	3,712	1,493
Less than 12 months Unrealized Losses	(295)	(16)
Greater than 12 months Fair Value
Greater than 12 months Unrealized Losses
Fair Value, Total	3,712	1,493
Unrealized Losses, Total	(295)	(16)
U.S. Government and agencies [Member]
Less than 12 months Fair Value	4,969	3,125
Less than 12 months Unrealized Losses	(110)	(87)
Greater than 12 months Fair Value	2,436
Greater than 12 months Unrealized Losses	(250)
Fair Value, Total	7,405	3,125
Unrealized Losses, Total	(360)	(87)
Obligations of states and political subdivisions [Member]
Less than 12 months Fair Value	43,281	19,769
Less than 12 months Unrealized Losses	(2,456)	(350)
Greater than 12 months Fair Value	1,601	222
Greater than 12 months Unrealized Losses	(192)	(3)
Fair Value, Total	44,882	19,991
Unrealized Losses, Total	(2,648)	(353)
Corporate securities [Member]
Less than 12 months Fair Value	76,700	46,816
Less than 12 months Unrealized Losses	(4,673)	(1,015)
Greater than 12 months Fair Value	16,766	1,895
Greater than 12 months Unrealized Losses	(1,813)	(54)
Fair Value, Total	93,466	48,711
Unrealized Losses, Total	(6,486)	(1,069)
Residential mortgage-backed securities [Member]
Less than 12 months Fair Value	33,527	17,407
Less than 12 months Unrealized Losses	(1,798)	(261)
Greater than 12 months Fair Value	4,882	1,434
Greater than 12 months Unrealized Losses	(481)	(39)
Fair Value, Total	38,409	18,841
Unrealized Losses, Total	(2,279)	(300)
Commercial mortgage-backed securities [Member]
Less than 12 months Fair Value	25,160	11,287
Less than 12 months Unrealized Losses	(1,721)	(160)
Greater than 12 months Fair Value	844	216
Greater than 12 months Unrealized Losses	(39)	(1)
Fair Value, Total	26,004	11,503
Unrealized Losses, Total	(1,760)	(161)
Asset-backed securities [Member]
Less than 12 months Fair Value	40,922	28,797
Less than 12 months Unrealized Losses	(1,819)	(308)
Greater than 12 months Fair Value	2,366	995
Greater than 12 months Unrealized Losses	(63)	(5)
Fair Value, Total	43,288	29,792
Unrealized Losses, Total	$ (1,882)	$ (313)

Investments (Schedule of Net In

Investments (Schedule of Net Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total gross investment income	$ 2,658	$ 2,433
Investment expenses	1,005	897
Net investment income	1,653	1,536
Fixed income securities [Member]
Total gross investment income	2,161	2,011
Equity securities [Member]
Total gross investment income	329	265
Real estate [Member]
Total gross investment income	166	156
Cash and cash equivalents [Member]
Total gross investment income	$ 2	$ 1

Investments (Schedule of compon

Investments (Schedule of components of Net realized capital gains on investments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Gross realized gains	$ 1,119	$ 4,025
Gross realized losses, excluding other-than-temporary impairment losses	(181)	(123)
Net realized gain on investments	938	3,902
Change in net unrealized gains on equity securities	(6,466)	1,909
Net capital gain (loss) on investments	(5,528)	5,811
Fixed income securities [Member]
Gross realized gains	46	110
Gross realized losses, excluding other-than-temporary impairment losses	(3)	(9)
Equity securities [Member]
Gross realized gains	1,073	3,915
Gross realized losses, excluding other-than-temporary impairment losses	$ (178)	$ (114)

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of assets, which are measured on a recurring basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Total fixed income securities	$ 353,083	$ 364,651
Total equity securities	74,678	77,690
Cash equivalents	39,347	45,741
Total assets at fair value	467,108	488,082
Common stock [Member]
Total equity securities	72,576	75,143
Redeemable preferred stock [Member]
Total fixed income securities	3,958	4,128
Non-redeemable preferred stock [Member]
Total equity securities	2,102	2,547
U.S. Government and agencies [Member]
Total fixed income securities	12,869	13,498
Obligations of states and political subdivisions [Member]
Total fixed income securities	66,430	87,294
Corporate securities [Member]
Total fixed income securities	144,327	147,621
Residential mortgage-backed securities [Member]
Total fixed income securities	43,780	26,156
Commercial mortgage-backed securities [Member]
Total fixed income securities	33,674	33,532
Asset backed securities [Member]
Total fixed income securities	48,045	52,422
Level I [Member]
Total fixed income securities
Total equity securities	74,678	77,690
Cash equivalents	39,347	45,741
Total assets at fair value	114,025	123,431
Level I [Member] | Common stock [Member]
Total equity securities	72,576	75,143
Level I [Member] | Redeemable preferred stock [Member]
Total fixed income securities
Level I [Member] | Non-redeemable preferred stock [Member]
Total equity securities	2,102	2,547
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 II [Member]
Total fixed income securities	353,083	364,651
Total equity securities
Cash equivalents
Total assets at fair value	353,083	364,651
Level II [Member] | Common stock [Member]
Total equity securities
Level II [Member] | Redeemable preferred stock [Member]
Total fixed income securities	3,958	4,128
Level II [Member] | Non-redeemable preferred stock [Member]
Total equity securities
Level II [Member] | U.S. Government and agencies [Member]
Total fixed income securities	12,869	13,498
Level II [Member] | Obligations of states and political subdivisions [Member]
Total fixed income securities	66,430	87,294
Level II [Member] | Corporate securities [Member]
Total fixed income securities	144,327	147,621
Level II [Member] | Residential mortgage-backed securities [Member]
Total fixed income securities	43,780	26,156
Level II [Member] | Commercial mortgage-backed securities [Member]
Total fixed income securities	33,674	33,532
Level II [Member] | Asset backed securities [Member]
Total fixed income securities	48,045	52,422
Level III [Member]
Total fixed income securities
Total equity securities
Cash equivalents
Total assets at fair value
Level III [Member] | Common stock [Member]
Total equity securities
Level III [Member] | Redeemable preferred stock [Member]
Total fixed income securities
Level III [Member] | Non-redeemable preferred stock [Member]
Total equity securities
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

Reinsurance (Narrative) (Detail

Reinsurance (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Reinsurance Disclosures [Abstract]
Reinsurance Retention Policy, Amount Retained	$ 15,000	$ 10,000
Reinsurance Retention Policy, Excess Retention, Amount Reinsured	125,000	117,000
Retained risk amount	$ 15,000	$ 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
	Mar. 31, 2022	Mar. 31, 2021
Premiums Written
Direct premium	$ 75,533	$ 72,420
Assumed premium	1,861	1,450
Ceded premium	(5,660)	(7,114)
Net premiums	71,734	66,756
Premiums Earned
Direct premium	73,399	68,743
Assumed premium	1,861	1,448
Ceded premium	(5,673)	(7,056)
Net premiums	$ 69,587	$ 63,135

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
	Mar. 31, 2022	Mar. 31, 2021
Reinsurance Disclosures [Abstract]
Direct losses and loss adjustment expenses	$ 45,495	$ 37,578
Assumed losses and loss adjustment expenses	10	948
Ceded losses and loss adjustment expenses	(5,376)	(1,637)
Net losses and loss adjustment expenses	$ 40,129	$ 36,889

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs (Schedule of deferred policy acquisition costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Deferred Policy Acquisition Costs Disclosures [Abstract]
Balance, beginning of period	$ 24,947	$ 23,968
Deferral of policy acquisition costs	16,948	16,194
Amortization of deferred policy acquisition costs	(15,623)	(13,587)
Balance, end of period	$ 26,272	$ 26,575

Unpaid Losses and Loss Adjust_3

Unpaid Losses and Loss Adjustment Expenses (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Unpaid Losses And Loss Adjustment Expenses Narrative
Loss adjustment expenses on prior accident years	$ (1,987)	$ 2,523

Unpaid Losses and Loss Adjust_4

Unpaid Losses and Loss Adjustment Expenses (Schedule of liability for unpaid losses and loss adjustment expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Liability for unpaid losses and loss adjustment expenses	$ 139,662	$ 105,750
Reinsurance recoverables on losses	21,200	8,710
Net balance at beginning of period	118,462	97,040
Incurred related to:
Current year	42,116	34,366
Prior years	(1,987)	2,523
Total Incurred	40,129	36,889
Paid related to:
Current year	13,512	13,415
Prior years	30,747	18,262
Total paid	44,259	31,677
Liability for unpaid losses and loss adjustment expenses	133,694	111,522
Reinsurance recoverables on losses	19,362	9,270
Net balance at end of period	$ 114,332	$ 102,252

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cost:	$ 20,963		$ 21,227
Accumulated depreciation	(11,157)		(11,358)
Total property and equipment, net	9,806		9,869
Depreciation expense	168	$ 170
Land [Member]
Cost:	1,403		1,403
Building and improvements [Member]
Cost:	$ 13,910		14,193
Building and improvements [Member] | Minimum [Member]
Estimated Useful Life	10 years
Building and improvements [Member] | Maximum [Member]
Estimated Useful Life	40 years
Electronic data processing equipment [Member]
Cost:	$ 1,518		1,518
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:	$ 2,885		2,885
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:	$ 1,247		$ 1,228
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	Mar. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill	$ 9,384	$ 9,384
Primero Insurance Company [Member]
Goodwill [Line Items]
Goodwill	2,628	2,628
Westminster American Insurance Company [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
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 9,348		$ 9,348
Accumulated Amortization	1,128		1,010
Net	8,220		8,338
Amortization expense	118	$ 118
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	748		748
Accumulated Amortization	290		265
Net	458		483
Distribution Network [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,700		6,700
Accumulated Amortization	838		745
Net	5,862		5,955
Subject to Amortization [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,448		7,448
Accumulated Amortization	1,128		1,010
Net	6,320		6,438
Not Subject to Amortization - State Insurance Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,900		1,900
Accumulated Amortization
Net	$ 1,900		$ 1,900

Goodwill and Other Intangible_4

Goodwill and Other Intangibles (Schedule of Estimated Amortization of Other Intangible Assets) (Details) $ in Thousands	Mar. 31, 2022USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Nine months ending December 31, 2022	$ 354
2023	455
2024	422
2025	422
2026	422
Thereafter	4,245
Total other intangible assets with finite lives	$ 6,320

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Payment of dividends			$ 21,493
NDFB [Member]
Related Party Transaction [Line Items]
Royalties	$ 339	$ 337
Accrued royalties	$ 128		125
Direct Auto Insurance Company [Member]
Related Party Transaction [Line Items]
Payment of dividends			3,796
Westminster Insurance Company [Member]
Related Party Transaction [Line Items]
Payment of dividends			$ 2,471

Related Party Transactions (Sch

Related Party Transactions (Schedule of Pooling Share Percentages) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Nodak Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	66.00%	66.00%
American West Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	7.00%	7.00%
Primero Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	3.00%	3.00%
Battle Creek Mutual Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	2.00%	2.00%
Direct Auto Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	13.00%	13.00%
Westminster American Insurance Company [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
		Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents		$ 39,347		$ 45,741
Deferred policy acquisition costs		26,272	$ 26,575	24,947	$ 23,968
Accrued investment income		2,357		2,524
Property and equipment		9,806		9,869
Deferred income taxes		613
Other assets		8,858		8,735
Total assets		624,123		651,782
Liabilities:
Unpaid losses and loss adjustment expenses		133,694	111,522	139,662
Unearned premiums		130,275	123,458	127,789
Total liabilities		291,845		304,369
Equity:
Non-controlling interest		3,800		4,209
Total liabilities and equity		624,123		651,782
Revenues:
Net premiums earned		69,587	63,135
Fee and other expenses		428	317
Net investment income		1,653	1,536
Total revenues		66,140	70,799
Expenses:
Losses and loss adjustment expenses		40,129	36,889
Amortization of deferred policy acquisition costs		15,623	13,587
Other underwriting and general expenses		7,781	7,651
Total expenses		63,533	58,127
Income before income taxes		2,607	12,672
Income tax expense		568	2,890
Net income		2,039	9,782
Battle Creek [Member]
Assets:
Cash and cash equivalents		6,050		4,398
Investments		11,452		10,610
Premiums and agents' balances receivable		5,065		5,038
Deferred policy acquisition costs		525		499
Reinsurance recoverables on losses	[1]	8,095		10,173
Accrued investment income		57		51
Property and equipment		322		325
Deferred income taxes		262		142
Other assets		53		52
Total assets		31,881		31,288
Liabilities:
Unpaid losses and loss adjustment expenses		2,865		2,937
Unearned premiums		2,587		2,544
Notes payable	[2]	3,000		3,000
Pooling payable	[2]	8,358		5,580
Reinsurance losses payable	[1]	10,951		12,754
Accrued expenses and other liabilities		320		264
Total liabilities		28,081		27,079
Equity:
Non-controlling interest		3,800		4,209
Total equity		3,800		4,209
Total liabilities and equity		31,881		$ 31,288
Revenues:
Net premiums earned		1,392	1,263
Fee and other expenses		(5)	(3)
Net investment income		13	8
Total revenues		1,400	1,268
Expenses:
Losses and loss adjustment expenses		803	738
Amortization of deferred policy acquisition costs		312	272
Other underwriting and general expenses		117	116
Total expenses		1,232	1,126
Income before income taxes		168	142
Income tax expense		38	29
Net income		$ 130	$ 113
[1]	Amount partially eliminated in consolidation.
[2]	Amount fully eliminated in consolidation.

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Company's Total contribution to the profit sharing plan		$ 190	$ 269
Company's total contributions to the 401(k) plan		148	172
Compensation expense		$ 109	109
ESOP shares were released and allocated		121,575		121,575
ESOP shares in suspense		118,425		118,425
Market price		$ 16.96
Fair value of unearned ESOP shares		$ 2,008
Debt from ESOP	$ 2,400
Percentage of ESOP in authorized shares	1.00%
Per share price	$ 10
Deferred compensation plan expenses		$ 104	$ 418
ESOP Loan [Member]
Debt term	10 years
Interest rate	2.79%

Line of Credit (Details)

Line of Credit (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Debt Disclosure [Abstract]
Line of credit with Wells Fargo	$ 5,000
Interest rate	3.25%
Line of credit expiration date	May 31, 2023

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Westminster [Member]
Net operating loss carryover		$ 2,122
Expiration date	Dec. 31, 2023
Battle Creek [Member]
Net operating loss carryover		$ 3,215
Expiration date	Dec. 31, 2032

Operating Leases (Details)

Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Leased Assets [Line Items]
Operating lease expenses	$ 68	$ 61
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
Nodak Insurance Lease [Member]
Operating Leased Assets [Line Items]
Lease expiration date	Dec. 31, 2024

Operating Leases (Schedule of M

Operating Leases (Schedule of Minimum Future Commitments Under Non-Cancellable Leases) (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases, Operating [Abstract]
Nine months ending December 31, 2022	$ 152
2023	193
2024	167
2025	144
2026	146
Thereafter	325
Total minimum future commitments	$ 1,127

Common Stock (Narrative) (Detai

Common Stock (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Aug. 11, 2021	May 04, 2020
Authorization for repurchase of shares value						$ 5,000	$ 10,000
Shares repurchased	54,872	32,326
Additional Authorization [Member]
Shares repurchased				81,095	454,443
Shares repurchased, value				$ 1,554	$ 7,238
First Authorization [Member]
Shares repurchased	54,872		144,110
Shares repurchased, value	$ 997		$ 2,762

Common Stock (Schedule of chang

Common Stock (Schedule of changes in number of common stock) (Details) - shares	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Equity [Abstract]
Shares outstanding, beginning of period	21,219,808	21,318,638	21,318,638
Treasury shares repurchased through stock repurchase authorization	(54,872)	(32,326)
Issuance of treasury shares for vesting of restricted stock units	90,704	86,460
Shares outstanding, end of period	21,255,640	21,372,772	21,219,808

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
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	41,000	58,700
Vesting period	5 years
Total unrecognized compensation cost	$ 1,187
Total unrecognized compensation cost, weighted average period	2 years 7 months 2 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	61,800	64,600
Total unrecognized compensation cost	$ 1,918
Total unrecognized compensation cost, weighted average period	2 years 3 months 10 days
Percentage of RSU granted to employees per year	0.00%
Percentage of RSU granted to non-employee directors per year	150.00%

Stock Based Compensation (Sched

Stock Based Compensation (Schedule of Restricted Stock Outstanding) (Details) - Restricted Stock [Member] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Shares
Units outstanding at Begning	108,380	115,780
RSUs granted during 2020	41,000	58,700
RSUs earned during 2020	(37,020)	(66,100)
Units outstanding at Ending	112,360	108,380
Weighted Average Grant-Date Fair Value Per Share
Units outstanding at Begning	$ 16.86	$ 15.27
RSUs granted during 2021	18.10	18.76
RSUs earned during 2021	16.67	15.77
Units outstanding at Ending	$ 17.37	$ 16.86

Stock Based Compensation (Sch_2

Stock Based Compensation (Schedule of RSU activity) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSU compensation expense	$ 273	$ 388
Income tax benefit	(62)	(81)
RSU compensation expense, net of income taxes	$ 211	$ 307

Stock Based Compensation (Sch_3

Stock Based Compensation (Schedule of Outstanding Performance Stock Units) (Details) - Performance Stock Units [Member] - $ / shares		3 Months Ended	12 Months Ended
		Mar. 31, 2022	Dec. 31, 2021
Shares
Units outstanding at Begning		190,600	174,600
Grants (at target)		61,800	64,600
Earned		(86,684)	(70,363)
Performance adjustment	[1]	31,200	24,300
Forfeitures		(6,916)	(2,537)
Units outstanding at Ending		190,000	190,600
Weighted Average Grant Date Fair Value
Units outstanding at Begning		$ 16.06	$ 15.15
Grants (at target)		18.10	18.64
Earned		15.21	16.25
Performance adjustment	[1]	15.21	16.25
Forfeitures		15.21	16.25
Units outstanding at Ending		$ 17	$ 16.06
[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
	Mar. 31, 2022	Mar. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PSU compensation expense	$ 261	$ 284
Income tax benefit	(59)	(60)
PSU compensation expense, net of income taxes	$ 202	$ 224

Segment Information (Schedule o

Segment Information (Schedule of revenue by insurance product line) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Direct premiums earned	$ 73,399	$ 68,743
Assumed premiums earned	1,861	1,448
Ceded premiums earned	(5,673)	(7,056)
Net premiums earned	69,587	63,135
Direct losses and loss adjustment expenses	45,495	37,578
Assumed losses and loss adjustment expenses	10	948
Ceded losses and loss adjustment expenses	(5,376)	(1,637)
Net losses and loss adjustment expenses	40,129	36,889
Gross margin	29,458	26,246
Underwriting and general expenses	23,404	21,238
Underwriting gain (loss)	6,054	5,008
Fee and other income	428	317
Net investment income	1,653	1,536
Net investment gains (losses)	(5,528)	5,811
Income (loss) before income taxes	2,607	12,672
Income tax expense (benefit)	568	2,890
Net Income (loss)	2,039	9,782
Net income attributable to non-controlling interest	130	113
Net income (loss) attributable to NI Holdings, Inc.	$ 1,909	$ 9,669
Operating Ratios:
Loss and loss adjustment expense ratio	57.70%	58.40%
Expense ratio	33.60%	33.60%
Combined ratio	91.30%	92.10%
Premiums and agents' balances receivable	$ 54,880	$ 49,325	$ 51,452
Deferred policy acquisition costs	26,272	26,575	24,947	$ 23,968
Reinsurance recoverables on losses	19,362	9,270	21,200
Receivable from Federal Crop Insurance Corporation		5,182
Goodwill and other intangibles	17,604	18,076	17,722
Unpaid losses and loss adjustment expenses	133,694	111,522	139,662
Unearned premiums	130,275	123,458	$ 127,789
Payable to Federal Crop Insurance Corporation	7,059
Private Passenger Auto [Member]
Direct premiums earned	19,301	18,688
Assumed premiums earned
Ceded premiums earned	(559)	(1,190)
Net premiums earned	18,742	17,498
Direct losses and loss adjustment expenses	14,526	12,559
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses	185	(305)
Net losses and loss adjustment expenses	14,711	12,254
Gross margin	4,031	5,244
Underwriting and general expenses	5,768	5,359
Underwriting gain (loss)	$ (1,737)	$ (115)
Operating Ratios:
Loss and loss adjustment expense ratio	78.50%	70.00%
Expense ratio	30.80%	30.60%
Combined ratio	109.30%	100.70%
Premiums and agents' balances receivable	$ 19,627	$ 19,028
Deferred policy acquisition costs	5,076	5,934
Reinsurance recoverables on losses	817	717
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	26,340	22,503
Unearned premiums	29,573	28,912
Payable to Federal Crop Insurance Corporation
Non Standard Auto [Member]
Direct premiums earned	14,442	13,581
Assumed premiums earned
Ceded premiums earned	(64)	(323)
Net premiums earned	14,378	13,258
Direct losses and loss adjustment expenses	8,491	4,800
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses
Net losses and loss adjustment expenses	8,491	4,800
Gross margin	5,887	8,458
Underwriting and general expenses	6,091	4,414
Underwriting gain (loss)	(204)	4,044
Fee and other income	388	332
Other income net	$ 184	$ 4,376
Operating Ratios:
Loss and loss adjustment expense ratio	59.10%	36.20%
Expense ratio	42.40%	33.30%
Combined ratio	101.40%	69.50%
Premiums and agents' balances receivable	$ 12,098	$ 8,568
Deferred policy acquisition costs	7,126	6,099
Reinsurance recoverables on losses
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles	2,798	2,848
Unpaid losses and loss adjustment expenses	41,948	40,289
Unearned premiums	20,933	19,218
Payable to Federal Crop Insurance Corporation
Home and Farm [Member]
Direct premiums earned	21,179	20,583
Assumed premiums earned
Ceded premiums earned	(1,967)	(3,129)
Net premiums earned	19,212	17,454
Direct losses and loss adjustment expenses	7,192	7,888
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses	(352)	(256)
Net losses and loss adjustment expenses	6,840	7,632
Gross margin	12,372	9,822
Underwriting and general expenses	5,973	5,611
Underwriting gain (loss)	$ 6,399	$ 4,211
Operating Ratios:
Loss and loss adjustment expense ratio	35.60%	43.70%
Expense ratio	31.10%	32.10%
Combined ratio	66.70%	75.90%
Premiums and agents' balances receivable	$ 8,991	$ 9,102
Deferred policy acquisition costs	7,246	8,170
Reinsurance recoverables on losses	3,559	588
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	17,130	12,657
Unearned premiums	42,307	40,706
Payable to Federal Crop Insurance Corporation
Crop [Member]
Direct premiums earned	(17)	(16)
Assumed premiums earned
Ceded premiums earned	4	63
Net premiums earned	(13)	47
Direct losses and loss adjustment expenses	(103)	572
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses	(63)	(11)
Net losses and loss adjustment expenses	(166)	561
Gross margin	153	(514)
Underwriting and general expenses	(552)	536
Underwriting gain (loss)	$ 705	$ (1,050)
Operating Ratios:
Loss and loss adjustment expense ratio
Expense ratio
Combined ratio
Premiums and agents' balances receivable
Deferred policy acquisition costs
Reinsurance recoverables on losses	75	9
Receivable from Federal Crop Insurance Corporation		5,182
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	421	96
Unearned premiums
Payable to Federal Crop Insurance Corporation	7,059
Commercial [Member]
Direct premiums earned	17,230	14,722
Assumed premiums earned
Ceded premiums earned	(3,042)	(2,384)
Net premiums earned	14,188	12,338
Direct losses and loss adjustment expenses	15,063	11,464
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses	(5,046)	(1,065)
Net losses and loss adjustment expenses	10,017	10,399
Gross margin	4,171	1,939
Underwriting and general expenses	5,336	4,615
Underwriting gain (loss)	$ (1,165)	$ (2,676)
Operating Ratios:
Loss and loss adjustment expense ratio	70.60%	84.30%
Expense ratio	37.60%	37.40%
Combined ratio	108.20%	121.70%
Premiums and agents' balances receivable	$ 13,442	$ 11,964
Deferred policy acquisition costs	6,392	5,883
Reinsurance recoverables on losses	14,184	5,741
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles	14,806	15,228
Unpaid losses and loss adjustment expenses	38,640	25,447
Unearned premiums	34,181	31,639
Payable to Federal Crop Insurance Corporation
All Other [Member]
Direct premiums earned	1,264	1,185
Assumed premiums earned	1,861	1,448
Ceded premiums earned	(45)	(93)
Net premiums earned	3,080	2,540
Direct losses and loss adjustment expenses	326	295
Assumed losses and loss adjustment expenses	10	948
Ceded losses and loss adjustment expenses	(100)
Net losses and loss adjustment expenses	236	1,243
Gross margin	2,844	1,297
Underwriting and general expenses	788	703
Underwriting gain (loss)	$ 2,056	$ 594
Operating Ratios:
Loss and loss adjustment expense ratio	7.70%	48.90%
Expense ratio	25.60%	27.70%
Combined ratio	33.20%	76.60%
Premiums and agents' balances receivable	$ 722	$ 663
Deferred policy acquisition costs	432	489
Reinsurance recoverables on losses	727	2,215
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	9,215	10,530
Unearned premiums	3,281	$ 2,983
Payable to Federal Crop Insurance Corporation