NI (NODK) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 31, 2022
Cover [Abstract]
Entity Central Index Key	0001681206
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 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, Address Line Two	North Dakota
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		21,179,053

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 63,032	$ 70,623
Fixed income securities, at fair value	336,099	364,651
Equity securities, at fair value	63,422	77,690
Other investments	2,005	2,005
Total cash and investments	464,558	514,969
Premiums and agents' balances receivable	108,336	51,452
Deferred policy acquisition costs	30,917	24,947
Reinsurance premiums receivable	2,227
Reinsurance recoverables on losses	17,041	21,200
Income tax recoverable	8,475	364
Accrued investment income	2,551	2,524
Property and equipment	9,837	9,869
Deferred income taxes	9,025
Goodwill and other intangibles	17,486	17,722
Other assets	11,136	8,735
Total assets	681,589	651,782
Liabilities:
Unpaid losses and loss adjustment expenses	182,876	139,662
Unearned premiums	173,725	127,789
Reinsurance premiums payable	3,140	326
Deferred income taxes		5,506
Payable to Federal Crop Insurance Corporation	7,102	4,962
Westminster consideration payable	6,454	13,020
Accrued expenses and other liabilities	35,681	13,104
Total liabilities	408,978	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 – 21,209,856 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	96,827	98,166
Unearned employee stock ownership plan shares	(1,184)	(1,184)
Retained earnings	223,217	267,207
Accumulated other comprehensive income (loss), net of income taxes	(22,482)	5,237
Treasury stock, at cost, 2022 – 1,671,719 shares, 2021 – 1,661,767 shares	(26,569)	(26,452)
Non-controlling interest	2,572	4,209
Total shareholders' equity	272,611	347,413
Total liabilities and shareholders' equity	$ 681,589	$ 651,782

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	21,209,856	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	1,671,719	1,661,767

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Net premiums earned	$ 84,496	$ 76,281	$ 154,083	$ 139,416
Fee and other income	415	520	843	837
Net investment income	2,015	1,710	3,668	3,246
Net investment gains (losses)	(11,136)	4,701	(16,664)	10,512
Total revenues	75,790	83,212	141,930	154,011
Expenses:
Losses and loss adjustment expenses	108,595	62,918	148,724	99,807
Amortization of deferred policy acquisition costs	16,244	19,886	31,867	33,473
Other underwriting and general expenses	10,002	3,703	17,783	11,354
Total expenses	134,841	86,507	198,374	144,634
Income (loss) before income taxes	(59,051)	(3,295)	(56,444)	9,377
Income tax expense (benefit)	(12,415)	(561)	(11,847)	2,329
Net income (loss)	(46,636)	(2,734)	(44,597)	7,048
Net income (loss) attributable to non-controlling interest	(726)	(90)	(596)	23
Net income (loss) attributable to NI Holdings, Inc.	$ (45,910)	$ (2,644)	$ (44,001)	$ 7,025
Earnings (loss) per common share:
Basic	$ (2.15)	$ (0.12)	$ (2.06)	$ 0.33
Diluted	$ (2.15)	$ (0.12)	$ (2.06)	$ 0.32
Share data:
Weighted average common shares outstanding used in basic per common share calculations	21,379,803	21,464,840	21,376,298	21,463,747
Plus: Dilutive securities				224,312
Weighted average common shares used in diluted per common share calculations	21,379,803	21,464,840	21,376,298	21,688,059

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net income (loss)	$ (46,636)	$ (2,734)	$ (44,597)	$ 7,048
Other comprehensive income (loss), before income taxes:
Holding gains (losses) on investments	(16,388)	3,160	(37,282)	(3,896)
Reclassification adjustment for net realized gain included in net income (loss)	105	(325)	62	(426)
Other comprehensive income (loss), before income taxes	(16,283)	2,835	(37,220)	(4,322)
Income tax benefit (expense) related to items of other comprehensive income (loss)	3,701	(595)	8,460	908
Other comprehensive income (loss), net of income taxes	(12,582)	2,240	(28,760)	(3,414)
Comprehensive income (loss)	(59,218)	(494)	(73,357)	3,634
Attributable to NI Holdings, Inc. [Member]
Net income (loss)	(45,910)	(2,644)	(44,001)	7,025
Other comprehensive income (loss), before income taxes:
Holding gains (losses) on investments	(15,738)	3,032	(35,935)	(3,731)
Reclassification adjustment for net realized gain included in net income (loss)	105	(325)	62	(426)
Other comprehensive income (loss), before income taxes	(15,633)	2,707	(35,873)	(4,157)
Income tax benefit (expense) related to items of other comprehensive income (loss)	3,553	(568)	8,154	873
Other comprehensive income (loss), net of income taxes	(12,080)	2,139	(27,719)	(3,284)
Comprehensive income (loss)	(57,990)	(505)	(71,720)	3,741
Attributable to Non-Controlling Interest [Member]
Net income (loss)	(726)	(90)	(596)	23
Other comprehensive income (loss), before income taxes:
Holding gains (losses) on investments	(650)	128	(1,347)	(165)
Reclassification adjustment for net realized gain included in net income (loss)
Other comprehensive income (loss), before income taxes	(650)	128	(1,347)	(165)
Income tax benefit (expense) related to items of other comprehensive income (loss)	148	(27)	306	35
Other comprehensive income (loss), net of income taxes	(502)	101	(1,041)	(130)
Comprehensive income (loss)	$ (1,228)	$ 11	$ (1,637)	$ (107)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Unearned Employee Stock Ownership Plan Shares	Retained Earnings	Accumulated Other Comprehensive Income (Loss), Net of Income Taxes	Treasury Stock	Non-Controlling Interest	Total
Balance at Dec. 31, 2020	$ 230	$ 97,911	$ (1,427)	$ 258,741	$ 12,840	$ (23,968)	$ 4,545	$ 348,872
Net income (loss)				7,025			23	7,048
Other comprehensive income (loss), net of income taxes					(3,284)		(130)
Purchase of treasury  stock						(2,267)		(2,267)
Share-based  compensation		1,188						1,188
Issuance of vested award shares		(2,370)		50		1,832		(488)
Balance at Jun. 30, 2021	230	96,729	(1,427)	265,816	9,556	(24,403)	4,438	350,939
Balance at Mar. 31, 2021	230	96,511	(1,427)	268,444	7,417	(23,012)	4,427	352,590
Net income (loss)				(2,644)			(90)	(2,734)
Other comprehensive income (loss), net of income taxes					2,139		101
Purchase of treasury  stock						(1,671)		(1,671)
Share-based  compensation		516						516
Issuance of vested award shares		(298)		16		280		(2)
Balance at Jun. 30, 2021	230	96,729	(1,427)	265,816	9,556	(24,403)	4,438	350,939
Balance at Dec. 31, 2021	230	98,166	(1,184)	267,207	5,237	(26,452)	4,209	347,413
Net income (loss)				(44,001)			(596)	(44,597)
Other comprehensive income (loss), net of income taxes					(27,719)		(1,041)
Purchase of treasury  stock						(1,931)		(1,931)
Share-based  compensation		1,051						1,051
Issuance of vested award shares		(2,390)		11		1,814		(565)
Balance at Jun. 30, 2022	230	96,827	(1,184)	223,217	(22,482)	(26,569)	2,572	272,611
Balance at Mar. 31, 2022	230	96,517	(1,184)	269,142	10,402	(25,825)	3,800	332,278
Net income (loss)				(45,910)			(726)	(46,636)
Other comprehensive income (loss), net of income taxes					(12,080)		(502)
Purchase of treasury  stock
Share-based  compensation		486						486
Issuance of vested award shares		(176)		15		190		(1)
Balance at Jun. 30, 2022	$ 230	$ 96,827	$ (1,184)	$ 223,217	$ (22,482)	$ (26,569)	$ 2,572	$ 272,611

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ (44,597)	$ 7,048
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Net investment (gains) losses	16,664	(10,512)
Deferred income tax expense (benefit)	(6,069)	197
Depreciation of property and equipment	344	341
Amortization of intangibles	236	236
Share-based compensation	1,051	1,188
Amortization of deferred policy acquisition costs	31,867	33,473
Deferral of policy acquisition costs	(37,837)	(39,162)
Net amortization of premiums and discounts on investments	885	1,024
Loss (gain) on sale of property and equipment	(186)	4
Changes in operating assets and liabilities:
Premiums and agents' balances receivable	(56,884)	(35,940)
Reinsurance premiums receivable / payable	587	2,739
Reinsurance recoverables on losses	4,159	(15,864)
Accrued investment income	(27)	(335)
Federal Crop Insurance Corporation receivable / payable	2,140	(10,545)
Income tax recoverable / payable	(8,111)	(3,303)
Other assets	(2,401)	(3,120)
Unpaid losses and loss adjustment expenses	43,214	46,590
Unearned premiums	45,936	42,229
Accrued expenses and other liabilities	22,676	5,420
Net cash flows from operating activities	13,647	21,708
Cash flows from investing activities:
Proceeds from maturities and sales of fixed income securities	31,846	35,483
Proceeds from sales of equity securities	7,837	17,247
Purchases of fixed income securities	(41,461)	(89,729)
Purchases of equity securities	(10,171)	(15,559)
Purchases of property and equipment	(126)	(417)
Proceeds from sale of other investments and other		835
Net cash flows from investing activities	(12,075)	(52,140)
Cash flows from financing activities:
Purchases of treasury stock	(1,931)	(2,267)
Installment payment on Westminster consideration payable	(6,667)	(6,667)
Issuance of restricted stock awards	(565)	(488)
Net cash flows from financing activities	(9,163)	(9,422)
Net decrease in cash and cash equivalents	(7,591)	(39,854)
Cash and cash equivalents at beginning of period	70,623	101,077
Cash and cash equivalents at end of period	63,032	61,223
Federal and state income taxes paid	$ 2,360	$ 5,435

Organization

Organization	6 Months Ended
	Jun. 30, 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 These Unaudited 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 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 Unaudited Consolidated Balance Sheets and its net income or loss is excluded from net income or loss attributed to NI Holdings in our Unaudited 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. 9 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	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Accounting Policies	2. Basis of Presentation and Accounting Policies Basis of Presentation The accompanying Unaudited 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 Unaudited 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 Unaudited 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 June 30, 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 six months ended June 30, 2022 and 2021. 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. 10 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) 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	6 Months Ended
	Jun. 30, 2022
Marketable Securities [Abstract]
Investments	3. Investments The amortized cost and estimated fair value of fixed income securities as of June 30, 2022, and December 31, 2021, were as follows: June 30, 2022 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed income securities: U.S. Government and agencies $ 13,017 $ 26 $ ( 649 ) $ 12,394 Obligations of states and political subdivisions 65,836 113 ( 5,177 ) 60,772 Corporate securities 158,812 46 ( 13,080 ) 145,778 Residential mortgage-backed securities 43,868 1 ( 4,043 ) 39,826 Commercial mortgage-backed securities 34,498 8 ( 3,306 ) 31,200 Asset-backed securities 45,831 3 ( 3,765 ) 42,069 Redeemable preferred stocks 4,746 - ( 686 ) 4,060 Total fixed income securities $ 366,608 $ 197 $ ( 30,706 ) $ 336,099 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. June 30, 2022 Amortized Cost Fair Value Due to mature: One year or less $ 17,381 $ 17,373 After one year through five years 96,141 92,562 After five years through ten years 80,132 71,557 After ten years 44,011 37,452 Mortgage / asset-backed securities 124,197 113,095 Redeemable preferred stocks 4,746 4,060 Total fixed income securities $ 366,608 $ 336,099 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 12 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) Fixed income securities with a fair value of $ 6,773 7,977 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. June 30, 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 $ 9,143 $ ( 305 ) $ 2,350 $ ( 344 ) $ 11,493 $ ( 649 ) Obligations of states and political subdivisions 45,078 ( 4,532 ) 3,032 ( 645 ) 48,110 ( 5,177 ) Corporate securities 113,527 ( 9,597 ) 19,931 ( 3,483 ) 133,458 ( 13,080 ) Residential mortgage-backed securities 34,949 ( 3,266 ) 4,616 ( 777 ) 39,565 ( 4,043 ) Commercial mortgage-backed securities 29,073 ( 3,259 ) 824 ( 47 ) 29,897 ( 3,306 ) Asset-backed securities 37,725 ( 3,437 ) 3,500 ( 328 ) 41,225 ( 3,765 ) Redeemable preferred stocks 4,060 ( 686 ) - - 4,060 ( 686 ) Total fixed income securities $ 273,555 $ ( 25,082 ) $ 34,253 $ ( 5,624 ) $ 307,808 $ ( 30,706 ) 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- or six-month periods ending June 30, 2022, or the year ended December 31, 2021. 13 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) Net investment income consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Fixed income securities $ 2,406 $ 2,112 $ 4,567 $ 4,123 Equity securities 395 280 724 545 Real estate 75 157 241 313 Cash and cash equivalents 10 1 12 2 Total gross investment income 2,886 2,550 5,544 4,983 Investment expenses 871 840 1,876 1,737 Net investment income $ 2,015 $ 1,710 $ 3,668 $ 3,246 Net investment gains (losses) consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Gross realized gains: Fixed income securities $ 5 $ 331 $ 51 $ 440 Equity securities 1,196 2,605 2,269 6,521 Total gross realized gains 1,201 2,936 2,320 6,961 Gross realized losses, excluding other-than-temporary impairment losses: Fixed income securities ( 110 ) ( 6 ) ( 113 ) ( 14 ) Equity securities ( 64 ) ( 55 ) ( 242 ) ( 170 ) Total gross realized losses, excluding other-than-temporary impairment losses ( 174 ) ( 61 ) ( 355 ) ( 184 ) Net realized gains 1,027 2,875 1,965 6,777 Change in net unrealized gain on equity securities ( 12,163 ) 1,826 ( 18,629 ) 3,735 Net investment gains (losses) $ ( 11,136 ) $ 4,701 $ ( 16,664 ) $ 10,512

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 June 30, 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. 15 Table of Contents NI Holdings, Inc. Notes to Unaudited 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 six-month period ended June 30, 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 June 30, 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: June 30, 2022 Total Level I Level II Level III Fixed income securities: U.S. Government and agencies $ 12,394 $ - $ 12,394 $ - Obligations of states and political subdivisions 60,772 - 60,772 - Corporate securities 145,778 - 145,778 - Residential mortgage-backed securities 39,826 - 39,826 - Commercial mortgage-backed securities 31,200 - 31,200 - Asset-backed securities 42,069 - 42,069 - Redeemable preferred stock 4,060 - 4,060 - Total fixed income securities 336,099 - 336,099 - Equity securities: Common stock 61,573 61,573 - - Non-redeemable preferred stock 1,849 1,849 - - Total equity securities 63,422 63,422 - - Cash equivalents 35,142 35,142 - - Total assets at fair value $ 434,663 $ 98,564 $ 336,099 $ - 16 Table of Contents NI Holdings, Inc. Notes to Unaudited 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 June 30, 2022, or December 31, 2021.

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 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 six-month period ended June 30, 2022, the Company retained the first $ 15,000 125,000 15,000 During the year ended December 31, 2021, the Company retained the first $ 10,000 117,000 10,000 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. 18 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) A reconciliation of direct to net premiums on both a written and an earned basis is as follows: Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Premiums Written Premiums Earned Premiums Written Premiums Earned Direct premium $ 144,962 $ 94,251 $ 220,495 $ 167,650 Assumed premium 3,226 1,691 5,087 3,552 Ceded premium ( 20,175 ) ( 11,446 ) ( 25,835 ) ( 17,119 ) Net premiums $ 128,013 $ 84,496 $ 199,747 $ 154,083 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Premiums Written Premiums Earned Premiums Written Premiums Earned Direct premium $ 125,552 $ 87,059 $ 197,972 $ 155,802 Assumed premium 3,576 3,516 5,026 4,964 Ceded premium ( 26,203 ) ( 14,294 ) ( 33,317 ) ( 21,350 ) Net premiums $ 102,925 $ 76,281 $ 169,681 $ 139,416 A reconciliation of direct to net losses and loss adjustment expenses is as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Direct losses and loss adjustment expenses $ 110,670 $ 76,599 $ 156,165 $ 114,177 Assumed losses and loss adjustment expenses 1,535 1,960 1,545 2,908 Ceded losses and loss adjustment expenses ( 3,610 ) ( 15,641 ) ( 8,986 ) ( 17,278 ) Net losses and loss adjustment expenses $ 108,595 $ 62,918 $ 148,724 $ 99,807 If 100

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Balance, beginning of period $ 26,272 $ 26,575 $ 24,947 $ 23,968 Deferral of policy acquisition costs 20,889 22,968 37,837 39,162 Amortization of deferred policy acquisition costs ( 16,244 ) ( 19,886 ) ( 31,867 ) ( 33,473 ) Balance, end of period $ 30,917 $ 29,657 $ 30,917 $ 29,657

Unpaid Losses and Loss Adjustme

Unpaid Losses and Loss Adjustment Expenses	6 Months Ended
	Jun. 30, 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: Six Months Ended June 30, 2022 2021 Balance, 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, beginning of period 118,462 97,040 Incurred related to: Current year 157,214 102,004 Prior years ( 8,490 ) ( 2,197 ) Total incurred 148,724 99,807 Paid related to: Current year 59,634 40,664 Prior years 41,717 28,417 Total paid 101,351 69,081 Balance, end of period: Liability for unpaid losses and loss adjustment expenses 182,876 152,340 Reinsurance recoverables on losses 17,041 24,574 Net balance, end of period $ 165,835 $ 127,766 During the six months ended June 30, 2022, the Company’s reported incurred losses and loss adjustment expenses included $ 8,490 2,197 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	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	8. Property and Equipment Property and equipment consisted of the following: June 30, 2022 December 31, 2021 Estimated Useful Life Cost: Land $ 1,403 $ 1,403 indefinite Building and improvements 13,952 14,193 10 – years Electronic data processing equipment 1,554 1,518 5 – years Furniture and fixtures 2,321 2,885 5 – years Automobiles 1,195 1,228 2 – years Gross cost 20,425 21,227 Accumulated depreciation ( 10,588 ) ( 11,358 ) Total property and equipment, net $ 9,837 $ 9,869 Depreciation expense was $ 176 171 344 341 20 Table of Contents NI Holdings, Inc.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	6 Months Ended
	Jun. 30, 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: June 30, 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: June 30, 2022 Gross Carrying Amount Accumulated Amortization Net Subject to amortization: Trade names $ 748 $ 315 $ 433 Distribution network 6,700 931 5,769 Total subject to amortization 7,448 1,246 6,202 Not subject to amortization : State insurance license 1,900 - 1,900 Total $ 9,348 $ 1,246 $ 8,102 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 $ 118 118 236 236 Other intangible assets that have finite lives, including trade names and distribution networks, are amortized over their useful lives. As of June 30, 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 2022 (six months remaining) $ 236 2023 455 2024 422 2025 422 2026 422 Thereafter 4,245 Total other intangible assets with finite lives $ 6,202

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 % North Dakota Farm Bureau We were organized by the North Dakota Farm Bureau (“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 $ 405 395 744 732 151 144 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 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 22 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) 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 Battle Creek Mutual Insurance Company The following tables illustrates the impact of including Battle Creek in our Unaudited Consolidated Balance Sheets and Statements of Operations prior to intercompany eliminations: June 30, 2022 December 31, 2021 Assets: Cash and cash equivalents $ 1,360 $ 4,398 Investments 11,618 10,610 Premiums and agents’ balances receivable 5,799 5,038 Deferred policy acquisition costs 618 499 Reinsurance recoverables on losses (2) 3,121 10,173 Accrued investment income 57 51 Property and equipment 325 325 Pooling receivable (1) 6,900 - Deferred income taxes 623 142 Other assets 58 52 Total assets $ 30,479 $ 31,288 Liabilities: Unpaid losses and loss adjustment expenses $ 3,941 $ 2,937 Unearned premiums 3,458 2,544 Notes payable (1) 3,000 3,000 Pooling payable (1) - 5,580 Reinsurance losses payable (2) 10,718 12,754 Accrued expenses and other liabilities 6,790 264 Total liabilities 27,907 27,079 Equity: Non-controlling interest 2,572 4,209 Total equity 2,572 4,209 Total liabilities and equity $ 30,479 $ 31,288 (1) Amount fully eliminated in consolidation. (2) Amount partially eliminated in consolidation. 23 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenues: Net premiums earned $ 1,690 $ 1,832 $ 3,082 $ 3,095 Fee and other income (expenses) ( 2 ) 1 ( 7 ) ( 2 ) Net investment income 27 15 40 23 Total revenues 1,715 1,848 3,115 3,116 Expenses: Losses and loss adjustment expenses 2,171 1,531 2,974 2,269 Amortization of deferred policy acquisition costs 325 397 637 669 Other underwriting and general expenses 157 31 274 147 Total expenses 2,653 1,959 3,885 3,085 Income (loss) before income taxes ( 938 ) ( 111 ) ( 770 ) 31 Income tax expense (benefit) ( 212 ) ( 21 ) ( 174 ) 8 Net income (loss) $ ( 726 ) $ ( 90 ) $ ( 596 ) $ 23

Benefit Plans

Benefit Plans	6 Months Ended
	Jun. 30, 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 $ 242 270 432 539 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 $ 187 175 335 347 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 $ 23 149 127 567 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 2.79 1.0 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. 24 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) 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 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 The Company recognized compensation expense of $ 101 117 210 226 Through June 30, 2022, and December 31, 2021, the Company had released and allocated 121,575 118,425 16.43 1,946

Line of Credit

Line of Credit	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Line of Credit	12. Line of Credit Nodak Insurance has a $ 5,000 3.25 May 31, 2023

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes At June 30, 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 June 30, 2022 or 2021. At June 30, 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 Westminster had a $ 2,122 As of June 30, 2022, federal income tax years 2018 through 2020 remain open for examination.

Operating Leases

Operating Leases	6 Months Ended
	Jun. 30, 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 69 63 137 124 As of June 30, 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 2022 (six months remaining) $ 192 2023 358 2024 320 2025 286 2026 291 Thereafter 775 Total minimum future commitments $ 2,222

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Common Stock	16. Common Stock Changes in the number of common stock shares outstanding are as follows: Six Months Ended June 30, 2022 2021 Shares outstanding, beginning of period 21,219,808 21,318,638 Treasury shares repurchased through stock repurchase authorization ( 111,244 ) ( 118,531 ) Issuance of treasury shares for vesting of restricted stock units 101,292 102,060 Shares outstanding, end of period 21,209,856 21,302,167 The changes in the number of common shares outstanding excludes certain non-forfeitable stock award shares that are included in the weighted average common shares outstanding used in basic earnings per common share calculations. In addition, the net loss per diluted common share for the three- and six-month periods ended June 30, 2022, excluded the weighted average effects of 176,037 207,424 On May 4, 2020, our Board of Directors approved an authorization for the repurchase of up to approximately $ 10,000 454,443 7,238 144,110 2,762 On August 11, 2021, our Board of Directors approved an authorization for the repurchase of up to approximately $ 5,000 81,095 1,554 56,372 935 111,244 1,932 On May 9, 2022, our Board of Directors approved an authorization for the repurchase of up to approximately $ 10,000 1,514 The cost of this treasury stock is a reduction of shareholders’ equity within our Unaudited Consolidated Balance Sheets.

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 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 1,000,000 100,000 1,000 150 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 five-year 100 27 Table of Contents NI Holdings, Inc. Notes to Unaudited 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 59,600 17.61 RSUs earned during 2022 ( 52,620 ) 17.39 Units outstanding and unearned at June 30, 2022 115,360 17.00 The following table shows the impact of RSU activity to the Company’s financial results: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 RSU compensation expense $ 225 $ 229 $ 498 $ 617 Income tax benefit ( 51 ) ( 48 ) ( 113 ) ( 130 ) RSU compensation expense, net of income taxes $ 174 $ 181 $ 385 $ 487 At June 30, 2022, there was $ 1,270 2.05 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. 28 Table of Contents NI Holdings, Inc. Notes to Unaudited 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 June 30, 2022 190,000 17.00 ​ (1) Represents the change in PSUs issued based upon the attainment of performance goals established by the Company. The following table shows the impact of PSU activity to the Company’s financial results: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 PSU compensation expense $ 262 $ 287 $ 523 $ 571 Income tax benefit ( 60 ) ( 60 ) ( 119 ) ( 120 ) PSU compensation expense, net of income taxes $ 202 $ 227 $ 404 $ 451 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 0 150 At June 30, 2022, there was $ 1,656 2.10

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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- and six- month periods ended June 30, 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 line items in our Unaudited Consolidated Statement of Operations or Unaudited Consolidated Balance Sheet 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 Unaudited Consolidated Statement of Operations. For the Unaudited Consolidated Balance Sheet, those items include cash and investments, property and equipment, other assets, accrued expenses, income taxes recoverable or payable, and shareholders’ equity. 30 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) Three Months Ended June 30, 2022 Private Passenger Auto Non- Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 19,824 $ 15,577 $ 21,703 $ 17,709 $ 18,161 $ 1,277 $ 94,251 Assumed premiums earned - - - 491 - 1,200 1,691 Ceded premiums earned ( 559 ) ( 65 ) ( 1,748 ) ( 5,905 ) ( 3,130 ) ( 39 ) ( 11,446 ) Net premiums earned 19,265 15,512 19,955 12,295 15,031 2,438 84,496 Direct losses and loss adjustment expenses 16,866 4,133 62,188 13,237 13,081 1,165 110,670 Assumed losses and loss adjustment expenses - - - 244 - 1,291 1,535 Ceded losses and loss adjustment expenses ( 12 ) - ( 357 ) ( 3,151 ) ( 90 ) - ( 3,610 ) Net losses and loss adjustment expenses 16,854 4,133 61,831 10,330 12,991 2,456 108,595 Gross margin 2,411 11,379 ( 41,876 ) 1,965 2,040 ( 18 ) ( 24,099 ) Underwriting and general expenses 5,553 6,867 6,056 1,609 5,576 585 26,246 Underwriting gain (loss) ( 3,142 ) 4,512 ( 47,932 ) 356 ( 3,536 ) ( 603 ) ( 50,345 ) Fee and other income 254 415 4,766 Net investment income 2,015 Net investment losses ( 11,136 ) Loss before income taxes ( 59,051 ) Income tax benefit ( 12,415 ) Net loss ( 46,636 ) Net loss attributable to non-controlling interest ( 726 ) Net loss attributable to NI Holdings, Inc. $ ( 45,910 ) Operating Ratios: Loss and loss adjustment expense ratio 87.5 % 26.6 % 309.9 % 84.0 % 86.4 % 100.7 % 128.5 % Expense ratio 28.8 % 44.3 % 30.3 % 13.1 % 37.1 % 24.0 % 31.1 % Combined ratio 116.3 % 70.9 % 340.2 % 97.1 % 123.5 % 124.7 % 159.6 % Balances at June 30, 2022: Premiums and agents’ balances receivable $ 21,287 $ 16,678 $ 10,468 $ 42,905 $ 16,175 $ 823 $ 108,336 Deferred policy acquisition costs 5,427 8,201 7,838 1,060 7,929 462 30,917 Reinsurance recoverables on losses 591 - 2,766 1,976 10,960 748 17,041 Goodwill and other intangibles - 2,786 - - 14,700 - 17,486 Unpaid losses and loss adjustment expenses 29,105 38,689 49,052 12,755 43,876 9,399 182,876 Unearned premiums 31,885 24,030 45,942 26,205 42,379 3,284 173,725 Payable to Federal Crop Insurance Corporation - - - 7,102 - - 7,102 31 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) Three Months Ended June 30, 2021 Private Passenger Auto Non- Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 19,012 $ 15,263 $ 20,808 $ 14,574 $ 16,195 $ 1,207 $ 87,059 Assumed premiums earned - - - 2,084 - 1,432 3,516 Ceded premiums earned ( 944 ) ( 365 ) ( 2,435 ) ( 8,305 ) ( 2,175 ) ( 70 ) ( 14,294 ) Net premiums earned 18,068 14,898 18,373 8,353 14,020 2,569 76,281 Direct losses and loss adjustment expenses 15,094 11,490 19,436 21,803 8,494 282 76,599 Assumed losses and loss adjustment expenses - - - 523 - 1,437 1,960 Ceded losses and loss adjustment expenses ( 189 ) - ( 1,228 ) ( 12,994 ) ( 1,230 ) - ( 15,641 ) Net losses and loss adjustment expenses 14,905 11,490 18,208 9,332 7,264 1,719 62,918 Gross margin 3,163 3,408 165 ( 979 ) 6,756 850 13,363 Underwriting and general expenses 4,767 6,525 5,073 1,431 5,177 616 23,589 Underwriting gain (loss) ( 1,604 ) ( 3,117 ) ( 4,908 ) ( 2,410 ) 1,579 234 ( 10,226 ) Fee and other income 361 520 ( 2,756 ) Net investment income 1,710 Net investment gains 4,701 Loss before income taxes ( 3,295 ) Income tax benefit ( 561 ) Net loss ( 2,734 ) Net loss attributable to non-controlling interest ( 90 ) Net loss attributable to NI Holdings, Inc. $ ( 2,644 ) Operating Ratios: Loss and loss adjustment expense ratio 82.5 % 77.1 % 99.1 % 111.7 % 51.8 % 66.9 % 82.5 % Expense ratio 26.4 % 43.8 % 27.6 % 17.1 % 36.9 % 24.0 % 30.9 % Combined ratio 108.9 % 120.9 % 126.7 % 128.9 % 88.7 % 90.9 % 113.4 % Balances at June 30, 2021: Premiums and agents’ balances receivable $ 20,100 $ 9,408 $ 9,739 $ 30,438 $ 14,048 $ 730 $ 84,463 Deferred policy acquisition costs 6,548 6,368 9,069 358 6,763 551 29,657 Reinsurance recoverables on losses 905 - 1,600 13,918 5,934 2,217 24,574 Receivable from Federal Crop Insurance Corporation - - - 17,191 - - 17,191 Goodwill and other intangibles - 2,835 - - 15,123 - 17,958 Unpaid losses and loss adjustment expenses 26,161 43,727 20,839 23,638 26,812 11,163 152,340 Unearned premiums 30,518 19,968 43,229 27,615 37,047 3,215 161,592 32 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) Six Months Ended June 30, 2022 Private Passenger Auto Non- Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 39,125 $ 30,019 $ 42,882 $ 17,692 $ 35,391 $ 2,541 $ 167,650 Assumed premiums earned - - - 491 - 3,061 3,552 Ceded premiums earned ( 1,118 ) ( 129 ) ( 3,715 ) ( 5,901 ) ( 6,172 ) ( 84 ) ( 17,119 ) Net premiums earned 38,007 29,890 39,167 12,282 29,219 5,518 154,083 Direct losses and loss adjustment expenses 31,392 12,624 69,380 13,134 28,144 1,491 156,165 Assumed losses and loss adjustment expenses - - - 244 - 1,301 1,545 Ceded losses and loss adjustment expenses 173 - ( 709 ) ( 3,214 ) ( 5,136 ) ( 100 ) ( 8,986 ) Net losses and loss adjustment expenses 31,565 12,624 68,671 10,164 23,008 2,692 148,724 Gross margin 6,442 17,266 ( 29,504 ) 2,118 6,211 2,826 5,359 Underwriting and general expenses 11,321 12,958 12,029 1,057 10,912 1,373 49,650 Underwriting gain (loss) ( 4,879 ) 4,308 ( 41,533 ) 1,061 ( 4,701 ) 1,453 ( 44,291 ) Fee and other income 642 843 4,950 Net investment income 3,668 Net investment losses ( 16,664 ) Loss before income ​ ​ ( 56,444 ) Income tax benefit ( 11,847 ) Net loss ( 44,597 ) Net loss attributable to non-controlling interest ( 596 ) Net loss attributable to NI Holdings, Inc. $ ( 44,001 ) Operating Ratios: Loss and loss adjustment expense ratio 83.1 % 42.2 % 175.3 % 82.8 % 78.7 % 48.8 % 96.5 % Expense ratio 29.8 % 43.4 % 30.7 % 8.6 % 37.3 % 24.9 % 32.2 % Combined ratio 112.8 % 85.6 % 206.0 % 91.4 % 116.1 % 73.7 % 128.7 % 33 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) Six Months Ended June 30, 2021 Private Passenger Auto Non- Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 37,700 $ 28,844 $ 41,391 $ 14,558 $ 30,917 $ 2,392 $ 155,802 Assumed premiums earned - - - 2,084 - 2,880 4,964 Ceded premiums earned ( 2,134 ) ( 688 ) ( 5,564 ) ( 8,242 ) ( 4,559 ) ( 163 ) ( 21,350 ) Net premiums earned 35,566 28,156 35,827 8,400 26,358 5,109 139,416 Direct losses and loss adjustment expenses 27,653 16,290 27,324 22,375 19,958 577 114,177 Assumed losses and loss adjustment expenses - - - 523 - 2,385 2,908 Ceded losses and loss adjustment expenses ( 494 ) - ( 1,484 ) ( 13,005 ) ( 2,295 ) - ( 17,278 ) Net losses and loss adjustment expenses 27,159 16,290 25,840 9,893 17,663 2,962 99,807 Gross margin 8,407 11,866 9,987 ( 1,493 ) 8,695 2,147 39,609 Underwriting and general expenses 10,126 10,939 10,684 1,967 9,792 1,319 44,827 Underwriting gain (loss) ( 1,719 ) 927 ( 697 ) ( 3,460 ) ( 1,097 ) 828 ( 5,218 ) Fee and other income 693 837 1,620 Net investment income 3,246 Net investment gains 10,512 Income before income ​ ​ 9,377 Income tax expense 2,329 Net income 7,048 Net income attributable to non-controlling interest 23 Net income attributable to NI Holdings, Inc. $ 7,025 Operating Ratios: Loss and loss adjustment expense ratio 76.4 % 57.9 % 72.1 % 117.8 % 67.0 % 58.0 % 71.6 % Expense ratio 28.5 % 38.9 % 29.8 % 23.4 % 37.2 % 25.8 % 32.2 % Combined ratio 104.8 % 96.7 % 101.9 % 141.2 % 104.2 % 83.8 % 103.7 %

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Unaudited 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 Unaudited 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 Unaudited 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 June 30, 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 six months ended June 30, 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. 10 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) 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)	6 Months Ended
	Jun. 30, 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 June 30, 2022, and December 31, 2021, were as follows: June 30, 2022 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed income securities: U.S. Government and agencies $ 13,017 $ 26 $ ( 649 ) $ 12,394 Obligations of states and political subdivisions 65,836 113 ( 5,177 ) 60,772 Corporate securities 158,812 46 ( 13,080 ) 145,778 Residential mortgage-backed securities 43,868 1 ( 4,043 ) 39,826 Commercial mortgage-backed securities 34,498 8 ( 3,306 ) 31,200 Asset-backed securities 45,831 3 ( 3,765 ) 42,069 Redeemable preferred stocks 4,746 - ( 686 ) 4,060 Total fixed income securities $ 366,608 $ 197 $ ( 30,706 ) $ 336,099 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. June 30, 2022 Amortized Cost Fair Value Due to mature: One year or less $ 17,381 $ 17,373 After one year through five years 96,141 92,562 After five years through ten years 80,132 71,557 After ten years 44,011 37,452 Mortgage / asset-backed securities 124,197 113,095 Redeemable preferred stocks 4,746 4,060 Total fixed income securities $ 366,608 $ 336,099 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. June 30, 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 $ 9,143 $ ( 305 ) $ 2,350 $ ( 344 ) $ 11,493 $ ( 649 ) Obligations of states and political subdivisions 45,078 ( 4,532 ) 3,032 ( 645 ) 48,110 ( 5,177 ) Corporate securities 113,527 ( 9,597 ) 19,931 ( 3,483 ) 133,458 ( 13,080 ) Residential mortgage-backed securities 34,949 ( 3,266 ) 4,616 ( 777 ) 39,565 ( 4,043 ) Commercial mortgage-backed securities 29,073 ( 3,259 ) 824 ( 47 ) 29,897 ( 3,306 ) Asset-backed securities 37,725 ( 3,437 ) 3,500 ( 328 ) 41,225 ( 3,765 ) Redeemable preferred stocks 4,060 ( 686 ) - - 4,060 ( 686 ) Total fixed income securities $ 273,555 $ ( 25,082 ) $ 34,253 $ ( 5,624 ) $ 307,808 $ ( 30,706 ) 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Fixed income securities $ 2,406 $ 2,112 $ 4,567 $ 4,123 Equity securities 395 280 724 545 Real estate 75 157 241 313 Cash and cash equivalents 10 1 12 2 Total gross investment income 2,886 2,550 5,544 4,983 Investment expenses 871 840 1,876 1,737 Net investment income $ 2,015 $ 1,710 $ 3,668 $ 3,246
Schedule of net realized gain (loss) on investments	Net investment gains (losses) consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Gross realized gains: Fixed income securities $ 5 $ 331 $ 51 $ 440 Equity securities 1,196 2,605 2,269 6,521 Total gross realized gains 1,201 2,936 2,320 6,961 Gross realized losses, excluding other-than-temporary impairment losses: Fixed income securities ( 110 ) ( 6 ) ( 113 ) ( 14 ) Equity securities ( 64 ) ( 55 ) ( 242 ) ( 170 ) Total gross realized losses, excluding other-than-temporary impairment losses ( 174 ) ( 61 ) ( 355 ) ( 184 ) Net realized gains 1,027 2,875 1,965 6,777 Change in net unrealized gain on equity securities ( 12,163 ) 1,826 ( 18,629 ) 3,735 Net investment gains (losses) $ ( 11,136 ) $ 4,701 $ ( 16,664 ) $ 10,512

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 2022 Total Level I Level II Level III Fixed income securities: U.S. Government and agencies $ 12,394 $ - $ 12,394 $ - Obligations of states and political subdivisions 60,772 - 60,772 - Corporate securities 145,778 - 145,778 - Residential mortgage-backed securities 39,826 - 39,826 - Commercial mortgage-backed securities 31,200 - 31,200 - Asset-backed securities 42,069 - 42,069 - Redeemable preferred stock 4,060 - 4,060 - Total fixed income securities 336,099 - 336,099 - Equity securities: Common stock 61,573 61,573 - - Non-redeemable preferred stock 1,849 1,849 - - Total equity securities 63,422 63,422 - - Cash equivalents 35,142 35,142 - - Total assets at fair value $ 434,663 $ 98,564 $ 336,099 $ - 16 Table of Contents NI Holdings, Inc. Notes to Unaudited 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)	6 Months Ended
	Jun. 30, 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 losses and loss adjustment expenses is as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Direct losses and loss adjustment expenses $ 110,670 $ 76,599 $ 156,165 $ 114,177 Assumed losses and loss adjustment expenses 1,535 1,960 1,545 2,908 Ceded losses and loss adjustment expenses ( 3,610 ) ( 15,641 ) ( 8,986 ) ( 17,278 ) Net losses and loss adjustment expenses $ 108,595 $ 62,918 $ 148,724 $ 99,807
Schedule of reconciliation of direct to net losses and loss adjustment expenses	A reconciliation of direct to net premiums on both a written and an earned basis is as follows: Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Premiums Written Premiums Earned Premiums Written Premiums Earned Direct premium $ 144,962 $ 94,251 $ 220,495 $ 167,650 Assumed premium 3,226 1,691 5,087 3,552 Ceded premium ( 20,175 ) ( 11,446 ) ( 25,835 ) ( 17,119 ) Net premiums $ 128,013 $ 84,496 $ 199,747 $ 154,083 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Premiums Written Premiums Earned Premiums Written Premiums Earned Direct premium $ 125,552 $ 87,059 $ 197,972 $ 155,802 Assumed premium 3,576 3,516 5,026 4,964 Ceded premium ( 26,203 ) ( 14,294 ) ( 33,317 ) ( 21,350 ) Net premiums $ 102,925 $ 76,281 $ 169,681 $ 139,416

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	6 Months Ended
	Jun. 30, 2022
Reinsurance Disclosures [Abstract]
Schedule of deferred policy acquisition costs	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Balance, beginning of period $ 26,272 $ 26,575 $ 24,947 $ 23,968 Deferral of policy acquisition costs 20,889 22,968 37,837 39,162 Amortization of deferred policy acquisition costs ( 16,244 ) ( 19,886 ) ( 31,867 ) ( 33,473 ) Balance, end of period $ 30,917 $ 29,657 $ 30,917 $ 29,657

Unpaid Losses and Loss Adjust_2

Unpaid Losses and Loss Adjustment Expenses (Tables)	6 Months Ended
	Jun. 30, 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: Six Months Ended June 30, 2022 2021 Balance, 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, beginning of period 118,462 97,040 Incurred related to: Current year 157,214 102,004 Prior years ( 8,490 ) ( 2,197 ) Total incurred 148,724 99,807 Paid related to: Current year 59,634 40,664 Prior years 41,717 28,417 Total paid 101,351 69,081 Balance, end of period: Liability for unpaid losses and loss adjustment expenses 182,876 152,340 Reinsurance recoverables on losses 17,041 24,574 Net balance, end of period $ 165,835 $ 127,766

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2022
Reinsurance Disclosures [Abstract]
Schedule of Property and equipment	Property and equipment consisted of the following: June 30, 2022 December 31, 2021 Estimated Useful Life Cost: Land $ 1,403 $ 1,403 indefinite Building and improvements 13,952 14,193 10 – years Electronic data processing equipment 1,554 1,518 5 – years Furniture and fixtures 2,321 2,885 5 – years Automobiles 1,195 1,228 2 – years Gross cost 20,425 21,227 Accumulated depreciation ( 10,588 ) ( 11,358 ) Total property and equipment, net $ 9,837 $ 9,869

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 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: June 30, 2022 Gross Carrying Amount Accumulated Amortization Net Subject to amortization: Trade names $ 748 $ 315 $ 433 Distribution network 6,700 931 5,769 Total subject to amortization 7,448 1,246 6,202 Not subject to amortization : State insurance license 1,900 - 1,900 Total $ 9,348 $ 1,246 $ 8,102 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 June 30, 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 2022 (six months remaining) $ 236 2023 455 2024 422 2025 422 2026 422 Thereafter 4,245 Total other intangible assets with finite lives $ 6,202

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Schedule of Pooling Share Percentages	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 Unaudited Consolidated Balance Sheets and Statements of Operations prior to intercompany eliminations: June 30, 2022 December 31, 2021 Assets: Cash and cash equivalents $ 1,360 $ 4,398 Investments 11,618 10,610 Premiums and agents’ balances receivable 5,799 5,038 Deferred policy acquisition costs 618 499 Reinsurance recoverables on losses (2) 3,121 10,173 Accrued investment income 57 51 Property and equipment 325 325 Pooling receivable (1) 6,900 - Deferred income taxes 623 142 Other assets 58 52 Total assets $ 30,479 $ 31,288 Liabilities: Unpaid losses and loss adjustment expenses $ 3,941 $ 2,937 Unearned premiums 3,458 2,544 Notes payable (1) 3,000 3,000 Pooling payable (1) - 5,580 Reinsurance losses payable (2) 10,718 12,754 Accrued expenses and other liabilities 6,790 264 Total liabilities 27,907 27,079 Equity: Non-controlling interest 2,572 4,209 Total equity 2,572 4,209 Total liabilities and equity $ 30,479 $ 31,288 (1) Amount fully eliminated in consolidation. (2) Amount partially eliminated in consolidation. 23 Table of Contents NI Holdings, Inc. Notes to Unaudited Consolidated Financial Statements (Unaudited) (dollar amounts in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenues: Net premiums earned $ 1,690 $ 1,832 $ 3,082 $ 3,095 Fee and other income (expenses) ( 2 ) 1 ( 7 ) ( 2 ) Net investment income 27 15 40 23 Total revenues 1,715 1,848 3,115 3,116 Expenses: Losses and loss adjustment expenses 2,171 1,531 2,974 2,269 Amortization of deferred policy acquisition costs 325 397 637 669 Other underwriting and general expenses 157 31 274 147 Total expenses 2,653 1,959 3,885 3,085 Income (loss) before income taxes ( 938 ) ( 111 ) ( 770 ) 31 Income tax expense (benefit) ( 212 ) ( 21 ) ( 174 ) 8 Net income (loss) $ ( 726 ) $ ( 90 ) $ ( 596 ) $ 23

Operating Leases (Tables)

Operating Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Surplus Notes [Member]
Schedule of Minimum Future Commitments Under Non-Cancellable Leases	As of June 30, 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 2022 (six months remaining) $ 192 2023 358 2024 320 2025 286 2026 291 Thereafter 775 Total minimum future commitments $ 2,222

Common Stock (Tables)

Common Stock (Tables)	6 Months Ended
	Jun. 30, 2022
Common Stock Tables Abstract
Schedule of number of common stock shares	Six Months Ended June 30, 2022 2021 Shares outstanding, beginning of period 21,219,808 21,318,638 Treasury shares repurchased through stock repurchase authorization ( 111,244 ) ( 118,531 ) Issuance of treasury shares for vesting of restricted stock units 101,292 102,060 Shares outstanding, end of period 21,209,856 21,302,167

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of RSU activity	The following table shows the impact of RSU activity to the Company’s financial results: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 RSU compensation expense $ 225 $ 229 $ 498 $ 617 Income tax benefit ( 51 ) ( 48 ) ( 113 ) ( 130 ) RSU compensation expense, net of income taxes $ 174 $ 181 $ 385 $ 487
Schedule of Restricted Stock Outstanding	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 59,600 17.61 RSUs earned during 2022 ( 52,620 ) 17.39 Units outstanding and unearned at June 30, 2022 115,360 17.00
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 June 30, 2022 190,000 17.00 ​ (1) Represents the change in PSUs issued based upon the attainment of performance goals established by the Company.
Schedule of PSU activity	The following table shows the impact of PSU activity to the Company’s financial results: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 PSU compensation expense $ 262 $ 287 $ 523 $ 571 Income tax benefit ( 60 ) ( 60 ) ( 119 ) ( 120 ) PSU compensation expense, net of income taxes $ 202 $ 227 $ 404 $ 451

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Schedule of revenue by insurance product line	Three Months Ended June 30, 2022 Private Passenger Auto Non- Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 19,824 $ 15,577 $ 21,703 $ 17,709 $ 18,161 $ 1,277 $ 94,251 Assumed premiums earned - - - 491 - 1,200 1,691 Ceded premiums earned ( 559 ) ( 65 ) ( 1,748 ) ( 5,905 ) ( 3,130 ) ( 39 ) ( 11,446 ) Net premiums earned 19,265 15,512 19,955 12,295 15,031 2,438 84,496 Direct losses and loss adjustment expenses 16,866 4,133 62,188 13,237 13,081 1,165 110,670 Assumed losses and loss adjustment expenses - - - 244 - 1,291 1,535 Ceded losses and loss adjustment expenses ( 12 ) - ( 357 ) ( 3,151 ) ( 90 ) - ( 3,610 ) Net losses and loss adjustment expenses 16,854 4,133 61,831 10,330 12,991 2,456 108,595 Gross margin 2,411 11,379 ( 41,876 ) 1,965 2,040 ( 18 ) ( 24,099 ) Underwriting and general expenses 5,553 6,867 6,056 1,609 5,576 585 26,246 Underwriting gain (loss) ( 3,142 ) 4,512 ( 47,932 ) 356 ( 3,536 ) ( 603 ) ( 50,345 ) Fee and other income 254 415 4,766 Net investment income 2,015 Net investment losses ( 11,136 ) Loss before income taxes ( 59,051 ) Income tax benefit ( 12,415 ) Net loss ( 46,636 ) Net loss attributable to non-controlling interest ( 726 ) Net loss attributable to NI Holdings, Inc. $ ( 45,910 ) Operating Ratios: Loss and loss adjustment expense ratio 87.5 % 26.6 % 309.9 % 84.0 % 86.4 % 100.7 % 128.5 % Expense ratio 28.8 % 44.3 % 30.3 % 13.1 % 37.1 % 24.0 % 31.1 % Combined ratio 116.3 % 70.9 % 340.2 % 97.1 % 123.5 % 124.7 % 159.6 % Balances at June 30, 2022: Premiums and agents’ balances receivable $ 21,287 $ 16,678 $ 10,468 $ 42,905 $ 16,175 $ 823 $ 108,336 Deferred policy acquisition costs 5,427 8,201 7,838 1,060 7,929 462 30,917 Reinsurance recoverables on losses 591 - 2,766 1,976 10,960 748 17,041 Goodwill and other intangibles - 2,786 - - 14,700 - 17,486 Unpaid losses and loss adjustment expenses 29,105 38,689 49,052 12,755 43,876 9,399 182,876 Unearned premiums 31,885 24,030 45,942 26,205 42,379 3,284 173,725 Payable to Federal Crop Insurance Corporation - - - 7,102 - - 7,102 Three Months Ended June 30, 2021 Private Passenger Auto Non- Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 19,012 $ 15,263 $ 20,808 $ 14,574 $ 16,195 $ 1,207 $ 87,059 Assumed premiums earned - - - 2,084 - 1,432 3,516 Ceded premiums earned ( 944 ) ( 365 ) ( 2,435 ) ( 8,305 ) ( 2,175 ) ( 70 ) ( 14,294 ) Net premiums earned 18,068 14,898 18,373 8,353 14,020 2,569 76,281 Direct losses and loss adjustment expenses 15,094 11,490 19,436 21,803 8,494 282 76,599 Assumed losses and loss adjustment expenses - - - 523 - 1,437 1,960 Ceded losses and loss adjustment expenses ( 189 ) - ( 1,228 ) ( 12,994 ) ( 1,230 ) - ( 15,641 ) Net losses and loss adjustment expenses 14,905 11,490 18,208 9,332 7,264 1,719 62,918 Gross margin 3,163 3,408 165 ( 979 ) 6,756 850 13,363 Underwriting and general expenses 4,767 6,525 5,073 1,431 5,177 616 23,589 Underwriting gain (loss) ( 1,604 ) ( 3,117 ) ( 4,908 ) ( 2,410 ) 1,579 234 ( 10,226 ) Fee and other income 361 520 ( 2,756 ) Net investment income 1,710 Net investment gains 4,701 Loss before income taxes ( 3,295 ) Income tax benefit ( 561 ) Net loss ( 2,734 ) Net loss attributable to non-controlling interest ( 90 ) Net loss attributable to NI Holdings, Inc. $ ( 2,644 ) Operating Ratios: Loss and loss adjustment expense ratio 82.5 % 77.1 % 99.1 % 111.7 % 51.8 % 66.9 % 82.5 % Expense ratio 26.4 % 43.8 % 27.6 % 17.1 % 36.9 % 24.0 % 30.9 % Combined ratio 108.9 % 120.9 % 126.7 % 128.9 % 88.7 % 90.9 % 113.4 % Balances at June 30, 2021: Premiums and agents’ balances receivable $ 20,100 $ 9,408 $ 9,739 $ 30,438 $ 14,048 $ 730 $ 84,463 Deferred policy acquisition costs 6,548 6,368 9,069 358 6,763 551 29,657 Reinsurance recoverables on losses 905 - 1,600 13,918 5,934 2,217 24,574 Receivable from Federal Crop Insurance Corporation - - - 17,191 - - 17,191 Goodwill and other intangibles - 2,835 - - 15,123 - 17,958 Unpaid losses and loss adjustment expenses 26,161 43,727 20,839 23,638 26,812 11,163 152,340 Unearned premiums 30,518 19,968 43,229 27,615 37,047 3,215 161,592 Six Months Ended June 30, 2022 Private Passenger Auto Non- Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 39,125 $ 30,019 $ 42,882 $ 17,692 $ 35,391 $ 2,541 $ 167,650 Assumed premiums earned - - - 491 - 3,061 3,552 Ceded premiums earned ( 1,118 ) ( 129 ) ( 3,715 ) ( 5,901 ) ( 6,172 ) ( 84 ) ( 17,119 ) Net premiums earned 38,007 29,890 39,167 12,282 29,219 5,518 154,083 Direct losses and loss adjustment expenses 31,392 12,624 69,380 13,134 28,144 1,491 156,165 Assumed losses and loss adjustment expenses - - - 244 - 1,301 1,545 Ceded losses and loss adjustment expenses 173 - ( 709 ) ( 3,214 ) ( 5,136 ) ( 100 ) ( 8,986 ) Net losses and loss adjustment expenses 31,565 12,624 68,671 10,164 23,008 2,692 148,724 Gross margin 6,442 17,266 ( 29,504 ) 2,118 6,211 2,826 5,359 Underwriting and general expenses 11,321 12,958 12,029 1,057 10,912 1,373 49,650 Underwriting gain (loss) ( 4,879 ) 4,308 ( 41,533 ) 1,061 ( 4,701 ) 1,453 ( 44,291 ) Fee and other income 642 843 4,950 Net investment income 3,668 Net investment losses ( 16,664 ) Loss before income ​ ​ ( 56,444 ) Income tax benefit ( 11,847 ) Net loss ( 44,597 ) Net loss attributable to non-controlling interest ( 596 ) Net loss attributable to NI Holdings, Inc. $ ( 44,001 ) Operating Ratios: Loss and loss adjustment expense ratio 83.1 % 42.2 % 175.3 % 82.8 % 78.7 % 48.8 % 96.5 % Expense ratio 29.8 % 43.4 % 30.7 % 8.6 % 37.3 % 24.9 % 32.2 % Combined ratio 112.8 % 85.6 % 206.0 % 91.4 % 116.1 % 73.7 % 128.7 % Six Months Ended June 30, 2021 Private Passenger Auto Non- Standard Auto Home and Farm Crop Commercial All Other Total Direct premiums earned $ 37,700 $ 28,844 $ 41,391 $ 14,558 $ 30,917 $ 2,392 $ 155,802 Assumed premiums earned - - - 2,084 - 2,880 4,964 Ceded premiums earned ( 2,134 ) ( 688 ) ( 5,564 ) ( 8,242 ) ( 4,559 ) ( 163 ) ( 21,350 ) Net premiums earned 35,566 28,156 35,827 8,400 26,358 5,109 139,416 Direct losses and loss adjustment expenses 27,653 16,290 27,324 22,375 19,958 577 114,177 Assumed losses and loss adjustment expenses - - - 523 - 2,385 2,908 Ceded losses and loss adjustment expenses ( 494 ) - ( 1,484 ) ( 13,005 ) ( 2,295 ) - ( 17,278 ) Net losses and loss adjustment expenses 27,159 16,290 25,840 9,893 17,663 2,962 99,807 Gross margin 8,407 11,866 9,987 ( 1,493 ) 8,695 2,147 39,609 Underwriting and general expenses 10,126 10,939 10,684 1,967 9,792 1,319 44,827 Underwriting gain (loss) ( 1,719 ) 927 ( 697 ) ( 3,460 ) ( 1,097 ) 828 ( 5,218 ) Fee and other income 693 837 1,620 Net investment income 3,246 Net investment gains 10,512 Income before income ​ ​ 9,377 Income tax expense 2,329 Net income 7,048 Net income attributable to non-controlling interest 23 Net income attributable to NI Holdings, Inc. $ 7,025 Operating Ratios: Loss and loss adjustment expense ratio 76.4 % 57.9 % 72.1 % 117.8 % 67.0 % 58.0 % 71.6 % Expense ratio 28.5 % 38.9 % 29.8 % 23.4 % 37.2 % 25.8 % 32.2 % Combined ratio 104.8 % 96.7 % 101.9 % 141.2 % 104.2 % 83.8 % 103.7 %

Organization (Details)

Organization (Details) - Nodak Insurance [Member]	6 Months Ended
	Jun. 30, 2022
Percentage of shares exchanged	55%
Ownership percentage	100%

Investments (Narrative) (Detail

Investments (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Investments [Abstract]
Fixed income securities with a fair value	$ 6,773	$ 7,977

Investments (Schedule of amorti

Investments (Schedule of amortized cost and estimated fair value of investment securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Cost or Amortized Cost	$ 366,608	$ 357,942
Fair Value	336,099	364,651
Redeemable preferred stocks [Member]
Fair Value	4,060	4,128
U.S. Government and agencies [Member]
Fair Value	12,394	13,498
Obligations of states and political subdivisions [Member]
Fair Value	60,772	87,294
Corporate securities [Member]
Fair Value	145,778	147,621
Residential mortgage-backed securities [Member]
Fair Value	39,826	26,156
Commercial mortgage-backed securities [Member]
Fair Value	31,200	33,532
Asset-backed securities [Member]
Fair Value	42,069	52,422
Fixed income securities [Member]
Cost or Amortized Cost	366,608	357,942
Gross Unrealized Gains	197	9,008
Gross Unrealized Losses	(30,706)	(2,299)
Fair Value	336,099	364,651
Fixed income securities [Member] | Redeemable preferred stocks [Member]
Cost or Amortized Cost	4,746	4,008
Gross Unrealized Gains		136
Gross Unrealized Losses	(686)	(16)
Fair Value	4,060	4,128
Fixed income securities [Member] | U.S. Government and agencies [Member]
Cost or Amortized Cost	13,017	13,118
Gross Unrealized Gains	26	467
Gross Unrealized Losses	(649)	(87)
Fair Value	12,394	13,498
Fixed income securities [Member] | Obligations of states and political subdivisions [Member]
Cost or Amortized Cost	65,836	84,668
Gross Unrealized Gains	113	2,979
Gross Unrealized Losses	(5,177)	(353)
Fair Value	60,772	87,294
Fixed income securities [Member] | Corporate securities [Member]
Cost or Amortized Cost	158,812	144,476
Gross Unrealized Gains	46	4,214
Gross Unrealized Losses	(13,080)	(1,069)
Fair Value	145,778	147,621
Fixed income securities [Member] | Residential mortgage-backed securities [Member]
Cost or Amortized Cost	43,868	26,190
Gross Unrealized Gains	1	266
Gross Unrealized Losses	(4,043)	(300)
Fair Value	39,826	26,156
Fixed income securities [Member] | Commercial mortgage-backed securities [Member]
Cost or Amortized Cost	34,498	32,878
Gross Unrealized Gains	8	815
Gross Unrealized Losses	(3,306)	(161)
Fair Value	31,200	33,532
Fixed income securities [Member] | Asset-backed securities [Member]
Cost or Amortized Cost	45,831	52,604
Gross Unrealized Gains	3	131
Gross Unrealized Losses	(3,765)	(313)
Fair Value	$ 42,069	$ 52,422

Investments (Schedule of Fixed

Investments (Schedule of Fixed Maturities) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Marketable Securities [Abstract]
Amortized Cost, Due to mature One year or less	$ 17,381	$ 14,457
Amortized Cost, Due to mature After one year through five years	96,141	82,429
Amortized Cost, Due to mature After five years through ten years	80,132	82,270
Amortized Cost, Due to mature After ten years	44,011	63,106
Amortized Cost, Due to mature Mortgage/asset-backed securities	124,197	111,672
Amortized Cost, Due to mature Redeemable preferred stocks	4,746	4,008
Available-for-sale Securities, Debt Maturities, Amortized Cost	366,608	357,942
Fair Value, Due to mature One year or less	17,373	14,586
Fair Value, Due to mature After one year through five years	92,562	84,760
Fair Value, Due to mature After five years through ten years	71,557	84,173
Fair Value, Due to mature After ten years	37,452	64,894
Fair Value, Due to mature Mortgage/asset-backed securities	113,095	112,110
Fair Value, Due to mature Redeemable preferred stocks	4,060	4,128
Available-for-sale Securities, Debt Securities, Estimated Fair Value	$ 336,099	$ 364,651

Investments (Schedule of aggreg

Investments (Schedule of aggregate fair value and unrealized loss) (Details) - Fixed income securities [Member] - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Less than 12 months Fair Value	$ 273,555	$ 128,694
Less than 12 months Unrealized Losses	(25,082)	(2,197)
Greater than 12 months Fair Value	34,253	4,762
Greater than 12 months Unrealized Losses	(5,624)	(102)
Fair Value, Total	307,808	133,456
Unrealized Losses, Total	(30,706)	(2,299)
Redeemable preferred stocks [Member]
Less than 12 months Fair Value	4,060	1,493
Less than 12 months Unrealized Losses	(686)	(16)
Greater than 12 months Fair Value
Greater than 12 months Unrealized Losses
Fair Value, Total	4,060	1,493
Unrealized Losses, Total	(686)	(16)
U.S. Government and agencies [Member]
Less than 12 months Fair Value	9,143	3,125
Less than 12 months Unrealized Losses	(305)	(87)
Greater than 12 months Fair Value	2,350
Greater than 12 months Unrealized Losses	(344)
Fair Value, Total	11,493	3,125
Unrealized Losses, Total	(649)	(87)
Obligations of states and political subdivisions [Member]
Less than 12 months Fair Value	45,078	19,769
Less than 12 months Unrealized Losses	(4,532)	(350)
Greater than 12 months Fair Value	3,032	222
Greater than 12 months Unrealized Losses	(645)	(3)
Fair Value, Total	48,110	19,991
Unrealized Losses, Total	(5,177)	(353)
Corporate securities [Member]
Less than 12 months Fair Value	113,527	46,816
Less than 12 months Unrealized Losses	(9,597)	(1,015)
Greater than 12 months Fair Value	19,931	1,895
Greater than 12 months Unrealized Losses	(3,483)	(54)
Fair Value, Total	133,458	48,711
Unrealized Losses, Total	(13,080)	(1,069)
Residential mortgage-backed securities [Member]
Less than 12 months Fair Value	34,949	17,407
Less than 12 months Unrealized Losses	(3,266)	(261)
Greater than 12 months Fair Value	4,616	1,434
Greater than 12 months Unrealized Losses	(777)	(39)
Fair Value, Total	39,565	18,841
Unrealized Losses, Total	(4,043)	(300)
Commercial mortgage-backed securities [Member]
Less than 12 months Fair Value	29,073	11,287
Less than 12 months Unrealized Losses	(3,259)	(160)
Greater than 12 months Fair Value	824	216
Greater than 12 months Unrealized Losses	(47)	(1)
Fair Value, Total	29,897	11,503
Unrealized Losses, Total	(3,306)	(161)
Asset-backed securities [Member]
Less than 12 months Fair Value	37,725	28,797
Less than 12 months Unrealized Losses	(3,437)	(308)
Greater than 12 months Fair Value	3,500	995
Greater than 12 months Unrealized Losses	(328)	(5)
Fair Value, Total	41,225	29,792
Unrealized Losses, Total	$ (3,765)	$ (313)

Investments (Schedule of Net In

Investments (Schedule of Net Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Total gross investment income	$ 2,886	$ 2,550	$ 5,544	$ 4,983
Investment expenses	871	840	1,876	1,737
Net investment income	2,015	1,710	3,668	3,246
Fixed income securities [Member]
Total gross investment income	2,406	2,112	4,567	4,123
Equity securities [Member]
Total gross investment income	395	280	724	545
Real estate [Member]
Total gross investment income	75	157	241	313
Cash and cash equivalents [Member]
Total gross investment income	$ 10	$ 1	$ 12	$ 2

Investments (Schedule of compon

Investments (Schedule of components of Net realized capital gains on investments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Gross realized gains	$ 1,201	$ 2,936	$ 2,320	$ 6,961
Gross realized losses, excluding other-than-temporary impairment losses	(174)	(61)	(355)	(184)
Net realized gains	1,027	2,875	1,965	6,777
Change in net unrealized gains on equity securities	(12,163)	1,826	(18,629)	3,735
Net investment gains (losses)	(11,136)	4,701	(16,664)	10,512
Fixed income securities [Member]
Gross realized gains	5	331	51	440
Gross realized losses, excluding other-than-temporary impairment losses	(110)	(6)	(113)	(14)
Equity securities [Member]
Gross realized gains	1,196	2,605	2,269	6,521
Gross realized losses, excluding other-than-temporary impairment losses	$ (64)	$ (55)	$ (242)	$ (170)

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of assets, which are measured on a recurring basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Total fixed income securities	$ 336,099	$ 364,651
Total equity securities	63,422	77,690
Cash equivalents	35,142	45,741
Total assets at fair value	434,663	488,082
Common stock [Member]
Total equity securities	61,573	75,143
Redeemable preferred stock [Member]
Total fixed income securities	4,060	4,128
Non-redeemable preferred stock [Member]
Total equity securities	1,849	2,547
U.S. Government and agencies [Member]
Total fixed income securities	12,394	13,498
Obligations of states and political subdivisions [Member]
Total fixed income securities	60,772	87,294
Corporate securities [Member]
Total fixed income securities	145,778	147,621
Residential mortgage-backed securities [Member]
Total fixed income securities	39,826	26,156
Commercial mortgage-backed securities [Member]
Total fixed income securities	31,200	33,532
Asset backed securities [Member]
Total fixed income securities	42,069	52,422
Level I [Member]
Total fixed income securities
Total equity securities	63,422	77,690
Cash equivalents	35,142	45,741
Total assets at fair value	98,564	123,431
Level I [Member] | Common stock [Member]
Total equity securities	61,573	75,143
Level I [Member] | Redeemable preferred stock [Member]
Total fixed income securities
Level I [Member] | Non-redeemable preferred stock [Member]
Total equity securities	1,849	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	336,099	364,651
Total equity securities
Cash equivalents
Total assets at fair value	336,099	364,651
Level II [Member] | Common stock [Member]
Total equity securities
Level II [Member] | Redeemable preferred stock [Member]
Total fixed income securities	4,060	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	12,394	13,498
Level II [Member] | Obligations of states and political subdivisions [Member]
Total fixed income securities	60,772	87,294
Level II [Member] | Corporate securities [Member]
Total fixed income securities	145,778	147,621
Level II [Member] | Residential mortgage-backed securities [Member]
Total fixed income securities	39,826	26,156
Level II [Member] | Commercial mortgage-backed securities [Member]
Total fixed income securities	31,200	33,532
Level II [Member] | Asset backed securities [Member]
Total fixed income securities	42,069	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	6 Months Ended	12 Months Ended
	Jun. 30, 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%	100%

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Premiums Written
Direct premium	$ 144,962	$ 125,552	$ 220,495	$ 197,972
Assumed premium	3,226	3,576	5,087	5,026
Ceded premium	(20,175)	(26,203)	(25,835)	(33,317)
Net premiums	128,013	102,925	199,747	169,681
Premiums Earned
Direct premium	94,251	87,059	167,650	155,802
Assumed premium	1,691	3,516	3,552	4,964
Ceded premium	(11,446)	(14,294)	(17,119)	(21,350)
Net premiums	$ 84,496	$ 76,281	$ 154,083	$ 139,416

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reinsurance Disclosures [Abstract]
Direct losses and loss adjustment expenses	$ 110,670	$ 76,599	$ 156,165	$ 114,177
Assumed losses and loss adjustment expenses	1,535	1,960	1,545	2,908
Ceded losses and loss adjustment expenses	(3,610)	(15,641)	(8,986)	(17,278)
Net losses and loss adjustment expenses	$ 108,595	$ 62,918	$ 148,724	$ 99,807

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs (Schedule of deferred policy acquisition costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Deferred Policy Acquisition Costs Disclosures [Abstract]
Balance, beginning of period	$ 26,575		$ 24,947	$ 23,968
Deferral of policy acquisition costs	20,889	$ 22,968	37,837	39,162
Amortization of deferred policy acquisition costs	(16,244)	(19,886)	(31,867)	(33,473)
Balance, end of period	$ 30,917	$ 29,657	$ 30,917	$ 29,657

Unpaid Losses and Loss Adjust_3

Unpaid Losses and Loss Adjustment Expenses (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Unpaid Losses And Loss Adjustment Expenses Narrative
Loss adjustment expenses on prior accident years	$ (8,490)	$ (2,197)

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	6 Months Ended
	Jun. 30, 2022	Jun. 30, 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	157,214	102,004
Prior years	(8,490)	(2,197)
Total Incurred	148,724	99,807
Paid related to:
Current year	59,634	40,664
Prior years	41,717	28,417
Total paid	101,351	69,081
Liability for unpaid losses and loss adjustment expenses	182,876	152,340
Reinsurance recoverables on losses	17,041	24,574
Net balance at end of period	$ 165,835	$ 127,766

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Cost:	$ 20,425		$ 20,425		$ 21,227
Accumulated depreciation	(10,588)		(10,588)		(11,358)
Total property and equipment, net	9,837		9,837		9,869
Depreciation expense	176	$ 171	344	$ 341
Land [Member]
Cost:	1,403		1,403		1,403
Building and improvements [Member]
Cost:	13,952		$ 13,952		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:	1,554		$ 1,554		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:	2,321		$ 2,321		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:	$ 1,195		$ 1,195		$ 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	Jun. 30, 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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 9,348		$ 9,348		$ 9,348
Accumulated Amortization	1,246		1,246		1,010
Net	8,102		8,102		8,338
Amortization expense	118	$ 118	236	$ 236
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	748		748		748
Accumulated Amortization	315		315		265
Net	433		433		483
Distribution Network [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,700		6,700		6,700
Accumulated Amortization	931		931		745
Net	5,769		5,769		5,955
Subject to Amortization [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,448		7,448		7,448
Accumulated Amortization	1,246		1,246		1,010
Net	6,202		6,202		6,438
Not Subject to Amortization - State Insurance Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,900		1,900		1,900
Accumulated Amortization
Net	$ 1,900		$ 1,900		$ 1,900

Goodwill and Other Intangible_4

Goodwill and Other Intangibles (Schedule of Estimated Amortization of Other Intangible Assets) (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (six months remaining)	$ 236
2023	455
2024	422
2025	422
2026	422
Thereafter	4,245
Total other intangible assets with finite lives	$ 6,202

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Payment of dividends					$ 21,493
NDFB [Member]
Related Party Transaction [Line Items]
Royalties	$ 395	$ 405	$ 744	$ 732
Accrued royalties	$ 151		$ 151		144
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)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Nodak Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	66%	66%
American West Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	7%	7%
Primero Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	3%	3%
Battle Creek Mutual Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	2%	2%
Direct Auto Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	13%	13%
Westminster American Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	9%	9%
Total [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	100%	100%

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		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents		$ 35,142		$ 35,142			$ 45,741
Deferred policy acquisition costs		30,917	$ 29,657	30,917	$ 29,657	$ 26,575	24,947	$ 23,968
Accrued investment income		2,551		2,551			2,524
Property and equipment		9,837		9,837			9,869
Deferred income taxes		9,025		9,025
Other assets		11,136		11,136			8,735
Total assets		681,589		681,589			651,782
Liabilities:
Unpaid losses and loss adjustment expenses		182,876	152,340	182,876	152,340		139,662
Unearned premiums		173,725	161,592	173,725	161,592		127,789
Total liabilities		408,978		408,978			304,369
Equity:
Non-controlling interest		2,572		2,572			4,209
Total liabilities and equity		681,589		681,589			651,782
Revenues:
Net premiums earned		84,496	76,281	154,083	139,416
Fee and other income (expenses)		415	520	843	837
Net investment income		2,015	1,710	3,668	3,246
Total revenues		75,790	83,212	141,930	154,011
Expenses:
Losses and loss adjustment expenses		108,595	62,918	148,724	99,807
Amortization of deferred policy acquisition costs		16,244	19,886	31,867	33,473
Other underwriting and general expenses		10,002	3,703	17,783	11,354
Total expenses		134,841	86,507	198,374	144,634
Income (loss) before income taxes		(59,051)	(3,295)	(56,444)	9,377
Income tax expense (benefit)		(12,415)	(561)	(11,847)	2,329
Net income (loss)		(46,636)	(2,734)	(44,597)	7,048
Battle Creek [Member]
Assets:
Cash and cash equivalents		1,360		1,360			4,398
Investments		11,618		11,618			10,610
Premiums and agents' balances receivable		5,799		5,799			5,038
Deferred policy acquisition costs		618		618			499
Reinsurance recoverables on losses	[1]	3,121		3,121			10,173
Accrued investment income		57		57			51
Property and equipment		325		325			325
Pooling receivable		6,900		6,900
Deferred income taxes		623		623			142
Other assets		58		58			52
Total assets		30,479		30,479			31,288
Liabilities:
Unpaid losses and loss adjustment expenses		3,941		3,941			2,937
Unearned premiums		3,458		3,458			2,544
Notes payable	[2]	3,000		3,000			3,000
Pooling payable	[2]						5,580
Reinsurance losses payable	[1]	10,718		10,718			12,754
Accrued expenses and other liabilities		6,790		6,790			264
Total liabilities		27,907		27,907			27,079
Equity:
Non-controlling interest		2,572		2,572			4,209
Total equity		2,572		2,572			4,209
Total liabilities and equity		30,479		30,479			$ 31,288
Revenues:
Net premiums earned		1,690	1,832	3,082	3,095
Fee and other income (expenses)		(2)	1	(7)	(2)
Net investment income		27	15	40	23
Total revenues		1,715	1,848	3,115	3,116
Expenses:
Losses and loss adjustment expenses		2,171	1,531	2,974	2,269
Amortization of deferred policy acquisition costs		325	397	637	669
Other underwriting and general expenses		157	31	274	147
Total expenses		2,653	1,959	3,885	3,085
Income (loss) before income taxes		(938)	(111)	(770)	31
Income tax expense (benefit)		(212)	(21)	(174)	8
Net income (loss)		$ (726)	$ (90)	$ (596)	$ 23
[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		6 Months Ended
	Mar. 31, 2017	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Company's Total contribution to the profit sharing plan		$ 242	$ 270	$ 432	$ 539
Company's total contributions to the 401(k) plan		187	175	335	347
Compensation expense		$ 101	117	$ 210	226
ESOP shares were released and allocated		121,575		121,575		121,575
ESOP shares in suspense		118,425		118,425		118,425
Market price				$ 16.43
Fair value of unearned ESOP shares		$ 1,946		$ 1,946
Debt from ESOP	$ 2,400
Percentage of ESOP in authorized shares	1%
Per share price	$ 10
Deferred compensation plan expenses		$ 23	$ 149	$ 127	$ 567
ESOP Loan [Member]
Debt term	21 years
Interest rate	2.79%

Line of Credit (Details)

Line of Credit (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
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	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Leased Assets [Line Items]
Operating lease expenses	$ 69	$ 63	$ 137	$ 124
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	Jun. 30, 2022 USD ($)
Leases, Operating [Abstract]
2022 (six months remaining)	$ 192
2023	358
2024	320
2025	286
2026	291
Thereafter	775
Total minimum future commitments	$ 2,222

Common Stock (Narrative) (Detai

Common Stock (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	May 09, 2022	Aug. 11, 2021	May 04, 2020
Authorization for repurchase of shares value							$ 10,000	$ 5,000	$ 10,000
Shares repurchased		111,244	118,531
Outstanding common stock amount								$ 1,514
Common Stock [Member]
Shares repurchased	56,372
Shares repurchased, value	$ 935
Weighted Average [Member]
Net loss per diluted common share	176,037	207,424
Additional Authorization [Member]
Shares repurchased					81,095	454,443
Shares repurchased, value					$ 1,554	$ 7,238
First Authorization [Member]
Shares repurchased		111,244		144,110
Shares repurchased, value		$ 1,932		$ 2,762

Common Stock (Schedule of chang

Common Stock (Schedule of changes in number of common stock) (Details) - shares	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 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	(111,244)	(118,531)
Issuance of treasury shares for vesting of restricted stock units	101,292	102,060
Shares outstanding, end of period	21,209,856	21,302,167	21,219,808

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 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	59,600	58,700
Vesting period	5 years
Total unrecognized compensation cost	$ 1,270
Total unrecognized compensation cost, weighted average period	2 years 18 days
Percentage of RSU granted to employees per year	20%
Percentage of RSU granted to non-employee directors per year	100%
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	$ 1,656
Total unrecognized compensation cost, weighted average period	2 years 1 month 6 days
Percentage of RSU granted to employees per year	0%
Percentage of RSU granted to non-employee directors per year	150%

Stock Based Compensation (Sched

Stock Based Compensation (Schedule of Restricted Stock Outstanding) (Details) - Restricted Stock [Member] - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Shares
Units outstanding at Beginning	108,380	115,780
RSUs granted	59,600	58,700
RSUs earned	(52,620)	(66,100)
Units outstanding at Ending	115,360	108,380
Weighted Average Grant-Date Fair Value Per Share
Units outstanding at Beginning	$ 16.86	$ 15.27
RSUs granted	17.61	18.76
RSUs earned	17.39	15.77
Units outstanding at Ending	$ 17	$ 16.86

Stock Based Compensation (Sch_2

Stock Based Compensation (Schedule of RSU activity) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSU compensation expense	$ 225	$ 229	$ 498	$ 617
Income tax benefit	(51)	(48)	(113)	(130)
RSU compensation expense, net of income taxes	$ 174	$ 181	$ 385	$ 487

Stock Based Compensation (Sch_3

Stock Based Compensation (Schedule of Outstanding Performance Stock Units) (Details) - Performance Stock Units [Member] - $ / shares		6 Months Ended	12 Months Ended
		Jun. 30, 2022	Dec. 31, 2021
Shares
Units outstanding at Beginning		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 Beginning		$ 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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
PSU compensation expense	$ 262	$ 287	$ 523	$ 571
Income tax benefit	(60)	(60)	(119)	(120)
PSU compensation expense, net of income taxes	$ 202	$ 227	$ 404	$ 451

Segment Information (Schedule o

Segment Information (Schedule of revenue by insurance product line) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Direct premiums earned	$ 94,251	$ 87,059	$ 167,650	$ 155,802
Assumed premiums earned	1,691	3,516	3,552	4,964
Ceded premiums earned	(11,446)	(14,294)	(17,119)	(21,350)
Net premiums earned	84,496	76,281	154,083	139,416
Direct losses and loss adjustment expenses	110,670	76,599	156,165	114,177
Assumed losses and loss adjustment expenses	1,535	1,960	1,545	2,908
Ceded losses and loss adjustment expenses	(3,610)	(15,641)	(8,986)	(17,278)
Net losses and loss adjustment expenses	108,595	62,918	148,724	99,807
Gross margin	(24,099)	13,363	5,359	39,609
Underwriting and general expenses	26,246	23,589	49,650	44,827
Underwriting gain (loss)	(50,345)	(10,226)	(44,291)	(5,218)
Fee and other income	415	520	843	837
Net investment income	2,015	1,710	3,668	3,246
Net investment gains (losses)	(11,136)	4,701	(16,664)	10,512
Income (loss) before income taxes	(59,051)	(3,295)	(56,444)	9,377
Income tax expense (benefit)	(12,415)	(561)	(11,847)	2,329
Net Income (loss)	(46,636)	(2,734)	(44,597)	7,048
Net income attributable to non-controlling interest	(726)	(90)	(596)	23
Net income (loss) attributable to NI Holdings, Inc.	$ (45,910)	$ (2,644)	$ (44,001)	$ 7,025
Operating Ratios:
Loss and loss adjustment expense ratio	128.50%	82.50%	96.50%	71.60%
Expense ratio	31.10%	30.90%	32.20%	32.20%
Combined ratio	159.60%	113.40%	128.70%	103.70%
Premiums and agents' balances receivable	$ 108,336	$ 84,463	$ 108,336	$ 84,463		$ 51,452
Deferred policy acquisition costs	30,917	29,657	30,917	29,657	$ 26,575	24,947	$ 23,968
Reinsurance recoverables on losses	17,041	24,574	17,041	24,574		21,200
Receivable from Federal Crop Insurance Corporation		17,191		17,191
Goodwill and other intangibles	17,486	17,958	17,486	17,958		17,722
Unpaid losses and loss adjustment expenses	182,876	152,340	182,876	152,340		139,662
Unearned premiums	173,725	161,592	173,725	161,592		$ 127,789
Payable to Federal Crop Insurance Corporation	7,102
Private Passenger Auto [Member]
Direct premiums earned	19,824	19,012	39,125	37,700
Assumed premiums earned
Ceded premiums earned	(559)	(944)	(1,118)	(2,134)
Net premiums earned	19,265	18,068	38,007	35,566
Direct losses and loss adjustment expenses	16,866	15,094	31,392	27,653
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses	(12)	(189)	173	(494)
Net losses and loss adjustment expenses	16,854	14,905	31,565	27,159
Gross margin	2,411	3,163	6,442	8,407
Underwriting and general expenses	5,553	4,767	11,321	10,126
Underwriting gain (loss)	$ (3,142)	$ (1,604)	$ (4,879)	$ (1,719)
Operating Ratios:
Loss and loss adjustment expense ratio	87.50%	82.50%	83.10%	76.40%
Expense ratio	28.80%	26.40%	29.80%	28.50%
Combined ratio	116.30%	108.90%	112.80%	104.80%
Premiums and agents' balances receivable	$ 21,287	$ 20,100	$ 21,287	$ 20,100
Deferred policy acquisition costs	5,427	6,548	5,427	6,548
Reinsurance recoverables on losses	591	905	591	905
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	29,105	26,161	29,105	26,161
Unearned premiums	31,885	30,518	31,885	30,518
Payable to Federal Crop Insurance Corporation
Non Standard Auto [Member]
Direct premiums earned	15,577	15,263	30,019	28,844
Assumed premiums earned
Ceded premiums earned	(65)	(365)	(129)	(688)
Net premiums earned	15,512	14,898	29,890	28,156
Direct losses and loss adjustment expenses	4,133	11,490	12,624	16,290
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses
Net losses and loss adjustment expenses	4,133	11,490	12,624	16,290
Gross margin	11,379	3,408	17,266	11,866
Underwriting and general expenses	6,867	6,525	12,958	10,939
Underwriting gain (loss)	4,512	(3,117)	4,308	927
Fee and other income	254	361	642	693
Other income net	$ 4,766	$ (2,756)	$ 4,950	$ 1,620
Operating Ratios:
Loss and loss adjustment expense ratio	26.60%	77.10%	42.20%	57.90%
Expense ratio	44.30%	43.80%	43.40%	38.90%
Combined ratio	70.90%	120.90%	85.60%	96.70%
Premiums and agents' balances receivable	$ 16,678	$ 9,408	$ 16,678	$ 9,408
Deferred policy acquisition costs	8,201	6,368	8,201	6,368
Reinsurance recoverables on losses
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles	2,786	2,835	2,786	2,835
Unpaid losses and loss adjustment expenses	38,689	43,727	38,689	43,727
Unearned premiums	24,030	19,968	24,030	19,968
Payable to Federal Crop Insurance Corporation
Home and Farm [Member]
Direct premiums earned	21,703	20,808	42,882	41,391
Assumed premiums earned
Ceded premiums earned	(1,748)	(2,435)	(3,715)	(5,564)
Net premiums earned	19,955	18,373	39,167	35,827
Direct losses and loss adjustment expenses	62,188	19,436	69,380	27,324
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses	(357)	(1,228)	(709)	(1,484)
Net losses and loss adjustment expenses	61,831	18,208	68,671	25,840
Gross margin	(41,876)	165	(29,504)	9,987
Underwriting and general expenses	6,056	5,073	12,029	10,684
Underwriting gain (loss)	$ (47,932)	$ (4,908)	$ (41,533)	$ (697)
Operating Ratios:
Loss and loss adjustment expense ratio	309.90%	99.10%	175.30%	72.10%
Expense ratio	30.30%	27.60%	30.70%	29.80%
Combined ratio	340.20%	126.70%	206%	101.90%
Premiums and agents' balances receivable	$ 10,468	$ 9,739	$ 10,468	$ 9,739
Deferred policy acquisition costs	7,838	9,069	7,838	9,069
Reinsurance recoverables on losses	2,766	1,600	2,766	1,600
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	49,052	20,839	49,052	20,839
Unearned premiums	45,942	43,229	45,942	43,229
Payable to Federal Crop Insurance Corporation
Crop [Member]
Direct premiums earned	17,709	14,574	17,692	14,558
Assumed premiums earned	491	2,084	491	2,084
Ceded premiums earned	(5,905)	(8,305)	(5,901)	(8,242)
Net premiums earned	12,295	8,353	12,282	8,400
Direct losses and loss adjustment expenses	13,237	21,803	13,134	22,375
Assumed losses and loss adjustment expenses	244	523	244	523
Ceded losses and loss adjustment expenses	(3,151)	(12,994)	(3,214)	(13,005)
Net losses and loss adjustment expenses	10,330	9,332	10,164	9,893
Gross margin	1,965	(979)	2,118	(1,493)
Underwriting and general expenses	1,609	1,431	1,057	1,967
Underwriting gain (loss)	$ 356	$ (2,410)	$ 1,061	$ (3,460)
Operating Ratios:
Loss and loss adjustment expense ratio	84%	111.70%	82.80%	117.80%
Expense ratio	13.10%	17.10%	8.60%	23.40%
Combined ratio	97.10%	128.90%	91.40%	141.20%
Premiums and agents' balances receivable	$ 42,905	$ 30,438	$ 42,905	$ 30,438
Deferred policy acquisition costs	1,060	358	1,060	358
Reinsurance recoverables on losses	1,976	13,918	1,976	13,918
Receivable from Federal Crop Insurance Corporation		17,191		17,191
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	12,755	23,638	12,755	23,638
Unearned premiums	26,205	27,615	26,205	27,615
Payable to Federal Crop Insurance Corporation	7,102
Commercial [Member]
Direct premiums earned	18,161	16,195	35,391	30,917
Assumed premiums earned
Ceded premiums earned	(3,130)	(2,175)	(6,172)	(4,559)
Net premiums earned	15,031	14,020	29,219	26,358
Direct losses and loss adjustment expenses	13,081	8,494	28,144	19,958
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses	(90)	(1,230)	(5,136)	(2,295)
Net losses and loss adjustment expenses	12,991	7,264	23,008	17,663
Gross margin	2,040	6,756	6,211	8,695
Underwriting and general expenses	5,576	5,177	10,912	9,792
Underwriting gain (loss)	$ (3,536)	$ 1,579	$ (4,701)	$ (1,097)
Operating Ratios:
Loss and loss adjustment expense ratio	86.40%	51.80%	78.70%	67%
Expense ratio	37.10%	36.90%	37.30%	37.20%
Combined ratio	123.50%	88.70%	116.10%	104.20%
Premiums and agents' balances receivable	$ 16,175	$ 14,048	$ 16,175	$ 14,048
Deferred policy acquisition costs	7,929	6,763	7,929	6,763
Reinsurance recoverables on losses	10,960	5,934	10,960	5,934
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles	14,700	15,123	14,700	15,123
Unpaid losses and loss adjustment expenses	43,876	26,812	43,876	26,812
Unearned premiums	42,379	37,047	42,379	37,047
Payable to Federal Crop Insurance Corporation
All Other [Member]
Direct premiums earned	1,277	1,207	2,541	2,392
Assumed premiums earned	1,200	1,432	3,061	2,880
Ceded premiums earned	(39)	(70)	(84)	(163)
Net premiums earned	2,438	2,569	5,518	5,109
Direct losses and loss adjustment expenses	1,165	282	1,491	577
Assumed losses and loss adjustment expenses	1,291	1,437	1,301	2,385
Ceded losses and loss adjustment expenses			(100)
Net losses and loss adjustment expenses	2,456	1,719	2,692	2,962
Gross margin	(18)	850	2,826	2,147
Underwriting and general expenses	585	616	1,373	1,319
Underwriting gain (loss)	$ (603)	$ 234	$ 1,453	$ 828
Operating Ratios:
Loss and loss adjustment expense ratio	100.70%	66.90%	48.80%	58%
Expense ratio	24%	24%	24.90%	25.80%
Combined ratio	124.70%	90.90%	73.70%	83.80%
Premiums and agents' balances receivable	$ 823	$ 730	$ 823	$ 730
Deferred policy acquisition costs	462	551	462	551
Reinsurance recoverables on losses	748	2,217	748	2,217
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	9,399	11,163	9,399	11,163
Unearned premiums	3,284	$ 3,215	$ 3,284	$ 3,215
Payable to Federal Crop Insurance Corporation