NI (NODK) 10-Q 8 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 30, 2023
Document Information Line Items
Entity Registrant Name	NI HOLDINGS, INC.
Trading Symbol	NODK
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		21,027,401
Amendment Flag	false
Entity Central Index Key	0001681206
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-37973
Entity Tax Identification Number	81-2683619
Entity Address, Address Line One	1101 First Avenue North
Entity Address, City or Town	Fargo
Entity Incorporation, State or Country Code	ND
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
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 61,285	$ 47,002
Fixed income securities, at fair value (net of allowance for expected credit losses of $0 at March 31, 2023, and $0 at December 31, 2022)	316,865	303,324
Equity securities, at fair value	26,336	52,393
Other investments	2,005	2,005
Total cash and investments	406,491	404,724
Premiums and agents' balances receivable (net of allowance for expected credit losses of $445 at March 31, 2023, and $425 at December 31, 2022)	64,502	62,173
Deferred policy acquisition costs	31,350	29,768
Reinsurance premiums receivable	3,768	1,647
Reinsurance recoverables on losses (net of allowance for expected credit losses of $0 at March 31, 2023, and $0 at December 31, 2022)	45,642	37,575
Income tax recoverable	11,997	13,964
Accrued investment income	2,354	2,456
Property and equipment, net	9,918	9,843
Deferred income taxes	10,510	9,005
Receivable from Federal Crop Insurance Corporation	14,034	15,462
Goodwill and other intangibles	17,132	17,250
Other assets	10,286	10,365
Total assets	627,984	614,232
Liabilities:
Unpaid losses and loss adjustment expenses	204,790	190,459
Unearned premiums	153,467	148,513
Accrued expenses and other liabilities	16,656	22,053
Total liabilities	374,913	361,025
Shareholders’ equity:
Common stock, $0.01 par value, authorized: 25,000,000 shares; issued: 23,000,000 shares; and outstanding: 2023 – 21,062,355 shares, 2022 – 21,076,255 shares	230	230
Additional paid-in capital	95,568	95,671
Unearned employee stock ownership plan shares	(941)	(941)
Retained earnings	209,710	214,121
Accumulated other comprehensive loss, net of income taxes	(24,848)	(29,286)
Treasury stock, at cost, 2023 – 1,843,535 shares, 2022 – 1,829,635 shares	(28,803)	(28,818)
Non-controlling interest	2,155	2,230
Total shareholders’ equity	253,071	253,207
Total liabilities and shareholders’ equity	$ 627,984	$ 614,232

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Net of allowance for expected credit losses (in Dollars)	$ 0	$ 0
Premiums and agents' balances receivable net of allowance for expected credit losses (in Dollars)	445	425
Reinsurance recoverables on losses net of allowance for expected credit losses (in Dollars)	$ 0	$ 0
Common stock, par value (in Dollars per share)	$ 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	21,062,355	21,076,255
Treasury stock, shares	1,843,535	1,829,635

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Net premiums earned	$ 77,627	$ 69,587
Fee and other income	274	428
Net investment income	2,239	1,653
Net investment gains (losses)	1,416	(5,528)
Total revenues	81,556	66,140
Expenses:
Losses and loss adjustment expenses	58,825	40,129
Amortization of deferred policy acquisition costs	18,588	15,623
Other underwriting and general expenses	9,656	7,781
Total expenses	87,069	63,533
Income (loss) before income taxes	(5,513)	2,607
Income tax expense (benefit)	(1,013)	568
Net income (loss)	(4,500)	2,039
Net income (loss) attributable to non-controlling interest	(290)	130
Net income (loss) attributable to NI Holdings, Inc.	$ (4,210)	$ 1,909
Earnings (loss) per common share:
Basic (in Dollars per share)	$ (0.2)	$ 0.09
Diluted (in Dollars per share)	$ (0.2)	$ 0.09
Share data:
Weighted average common shares outstanding used in basic per common share calculations (in Shares)	21,368,956	21,372,753
Plus: Dilutive securities (in Shares)		239,161
Weighted average common shares used in diluted per common share calculations (in Shares)	21,368,956	21,611,914

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income (loss)	$ (4,500)	$ 2,039
Other comprehensive income (loss), before income taxes:
Holding gains (losses) on investments	5,722	(20,894)
Reclassification adjustment for net realized losses (gains) included in net income (loss)	299	(43)
Other comprehensive income (loss), before income taxes	6,021	(20,937)
Income tax benefit (expense) related to items of other comprehensive income (loss)	(1,368)	4,759
Other comprehensive income (loss), net of income taxes	4,653	(16,178)
Comprehensive income (loss)	153	(14,139)
Attributable to NI Holdings, Inc.
Net income (loss)	(4,210)	1,909
Other comprehensive income (loss), before income taxes:
Holding gains (losses) on investments	5,444	(20,197)
Reclassification adjustment for net realized losses (gains) included in net income (loss)	299	(43)
Other comprehensive income (loss), before income taxes	5,743	(20,240)
Income tax benefit (expense) related to items of other comprehensive income (loss)	(1,305)	4,601
Other comprehensive income (loss), net of income taxes	4,438	(15,639)
Comprehensive income (loss)	228	(13,730)
Attributable to Non- Controlling Interest
Net income (loss)	(290)	130
Other comprehensive income (loss), before income taxes:
Holding gains (losses) on investments	278	(697)
Reclassification adjustment for net realized losses (gains) included in net income (loss)
Other comprehensive income (loss), before income taxes	278	(697)
Income tax benefit (expense) related to items of other comprehensive income (loss)	(63)	158
Other comprehensive income (loss), net of income taxes	215	(539)
Comprehensive income (loss)	$ (75)	$ (409)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - USD ($)	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	Retained Earnings	Total
Balance at Dec. 31, 2021	$ 230,000	$ 98,166,000	$ (1,184,000)		$ 5,237,000	$ (26,452,000)	$ 4,209,000	$ 267,207,000	$ 347,413,000
Net income (loss)							130,000	1,909,000	2,039,000
Other comprehensive income (loss), net of income taxes					(15,639,000)		(539,000)		(16,178,000)
Purchase of treasury stock						(997,000)			(997,000)
Share-based compensation		565,000							565,000
Distribution of employee stock ownership plan shares		(2,214,000)				1,624,000		26,000	(564,000)
Balance at Mar. 31, 2022	230,000	96,517,000	(1,184,000)		(10,402,000)	(25,825,000)	3,800,000	$ 269,142,000	332,278,000
Balance at Dec. 31, 2022	230,000	95,671,000	(941,000)	$ 214,121,000	(29,286,000)	(28,818,000)	2,230,000		253,207,000
Net income (loss)				(4,210,000)			(290,000)		(4,500,000)
Other comprehensive income (loss), net of income taxes					4,438,000		215,000		4,653,000
Purchase of treasury stock						(621,000)			(621,000)
Share-based compensation		505,000							505,000
Distribution of employee stock ownership plan shares		(608)		(201)		636			(173)
Balance at Mar. 31, 2023	$ 230,000	$ 95,568,000	$ (941,000)	$ 209,710,000	$ (24,848,000)	$ (28,803,000)	$ 2,155,000		$ 253,071,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ (4,500)	$ 2,039
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Net investment losses (gains)	(1,416)	5,528
Deferred income tax benefit	(2,874)	(1,360)
Depreciation of property and equipment	182	168
Amortization of intangibles	118	118
Share-based compensation	505	565
Amortization of deferred policy acquisition costs	18,588	15,623
Deferral of policy acquisition costs	(20,170)	(16,948)
Net amortization of premiums and discounts on investments	290	470
Gain on sale of property and equipment	(21)	(160)
Changes in operating assets and liabilities:
Premiums and agents’ balances receivable	(2,329)	(3,428)
Reinsurance premiums receivable / payable	(2,121)	(989)
Reinsurance recoverables on losses	(8,067)	1,838
Income tax recoverable / payable	1,967	1,927
Accrued investment income	102	167
Federal Crop Insurance Corporation receivable / payable	1,428	2,097
Other assets	79	(123)
Unpaid losses and loss adjustment expenses	14,331	(5,968)
Unearned premiums	4,954	2,486
Accrued expenses and other liabilities	(5,397)	(201)
Net cash flows from operating activities	(4,351)	3,849
Cash flows from investing activities:
Proceeds from maturities and sales of fixed income securities	11,380	14,966
Proceeds from sales of equity securities	30,389	4,383
Purchases of fixed income securities	(19,486)	(24,761)
Purchases of equity securities	(2,618)	(6,943)
Purchases of property and equipment	(293)	(571)
Proceeds from sales of property and equipment	56	624
Net cash flows from investing activities	19,428	(12,302)
Cash flows from financing activities:
Purchases of treasury stock	(621)	(997)
Installment payment on Westminster consideration payable		(6,667)
Issuance of vested award shares	(173)	(564)
Net cash flows from financing activities	(794)	(8,228)
Net increase (decrease) in cash and cash equivalents	14,283	(16,681)
Cash and cash equivalents at beginning of period	47,002	70,623
Cash and cash equivalents at end of period	61,285	53,942
Federal and state income taxes paid

Organization

Organization	3 Months Ended
	Mar. 31, 2023
Organization [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 from a mutual to stock form of organization and the creation of a mutual holding company. The conversion was consummated on March 13, 2017. Immediately following the conversion, all of the outstanding shares of common stock of Nodak Insurance were issued to Nodak Mutual Group, which then contributed the shares to NI Holdings in exchange for 55% of the outstanding shares of common stock of NI Holdings. Nodak Insurance then became a wholly-owned stock subsidiary of NI Holdings. Prior to completion of the conversion, NI Holdings conducted no business and had no assets or liabilities. As a result of the conversion, NI Holdings became the holding company for Nodak Insurance and its existing subsidiaries. These unaudited consolidated financial statements include the financial position and results of operations of NI Holdings and the following 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 (“U.S.”). American West began writing policies in 2002 and primarily writes personal auto, homeowners, and farm coverages in South Dakota. American West also writes personal auto coverage in North Dakota, as well as crop hail and Federal multi-peril crop insurance coverages in Minnesota and South Dakota. Primero Insurance Company Primero is a wholly-owned subsidiary of Tri-State, Ltd. Tri-State, Ltd. is an inactive shell corporation 100% owned by Nodak Insurance. Primero is a property and casualty insurance company writing non-standard automobile coverage in the states of Nevada, Arizona, North Dakota, and South Dakota. Primero was acquired by Nodak Insurance in 2014. Battle Creek Mutual Insurance Company Battle Creek is a property and casualty insurance company writing personal auto, homeowners, and farm coverages solely in the state of Nebraska. Battle Creek became affiliated with Nodak Insurance in 2011, and Nodak Insurance provides underwriting, claims management, policy administration, and other administrative services to Battle Creek. Because we have concluded that we control Battle Creek, we consolidate the financial statements of Battle Creek, and Battle Creek’s policyholders’ interest in Battle Creek is reflected as a non-controlling interest in shareholders’ equity in our Consolidated Balance Sheets and its net income or loss is excluded from net income or loss attributed to NI Holdings in our Consolidated Statements of Operations. Direct Auto Insurance Company Direct Auto is a property and casualty insurance company licensed in Illinois. Direct Auto began writing non-standard automobile coverage in 2007, and was acquired by NI Holdings on August 31, 2018, via a stock purchase agreement. Westminster American Insurance Company Westminster is a property and casualty insurance company licensed in 18 states and the District of Columbia. Westminster is headquartered in Owings Mills, Maryland and underwrites commercial multi-peril insurance in the states of Delaware, Georgia, Kentucky, Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia, and the District of Columbia. Westminster was acquired by NI Holdings on January 1, 2020, via a stock purchase agreement. Nodak Insurance markets and distributes its policies through its captive agents, while all other companies utilize the independent agent distribution channel. Additionally, all of the Company’s insurance subsidiary and affiliate companies are rated “A” Excellent by A.M. Best Company, Inc. (“AM Best”). The same executive management team provides oversight and strategic direction for the entire organization. Nodak Insurance provides common product oversight, pricing practices, and underwriting standards, as well as underwriting and claims administration, to itself, American West, and Battle Creek. Primero, Direct Auto, and Westminster personnel manage the day-to-day operations of their respective companies.

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	3 Months Ended
	Mar. 31, 2023
Basis of Presentation and 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. 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 2022 Annual Report. The Consolidated Balance Sheet at December 31, 2022, 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 accordance 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 March 31, 2023, are not necessarily indicative of the results that may be expected for the year ended December 31, 2023. Our 2022 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 2022 Annual Report were consistently applied to the unaudited consolidated financial statements as of and for the three months ended March 31, 2023 and 2022. Recent Accounting Pronouncements Prior to December 31, 2022, we were classified as an emerging growth company (“EGC”) and elected to use the extended transition period for complying with certain new or revised financial accounting standards from the Financial Accounting Standards Board (“FASB”) pursuant to Section 13(a) of the Exchange Act. However, beginning on December 31, 2022, we are no longer an EGC and will no longer have the ability to delay adoption of these new or revised accounting standards, or to take advantage of reduced corporate governance disclosures. Adopted For information regarding accounting pronouncements that the Company adopted during the periods presented, see Item II, Part 8, Note 2 “Recent Accounting Pronouncements” section of the 2022 Annual Report.

Investments

Investments	3 Months Ended
	Mar. 31, 2023
Investments [Abstract]
Investments	3. Investments The amortized cost and estimated fair value of fixed income securities as of March 31, 2023, and December 31, 2022, were as follows: March 31, 2023 Cost or Allowance for Gross Gross Fair Value Fixed income securities: U.S. Government and agencies $ 10,272 $ — $ — $ (809 ) $ 9,463 Obligations of states and political subdivisions 57,833 — 92 (5,007 ) 52,918 Corporate securities 138,302 — 148 (13,324 ) 125,126 Residential mortgage-backed securities 57,624 — 198 (5,286 ) 52,536 Commercial mortgage-backed securities 30,938 — — (4,537 ) 26,401 Asset-backed securities 50,781 — 14 (4,436 ) 46,359 Redeemable preferred stocks 4,747 — — (685 ) 4,062 Total fixed income securities $ 350,497 $ — $ 452 $ (34,084 ) $ 316,865 December 31, 2022 Cost or Allowance for Gross Gross Fair Value Fixed income securities: U.S. Government and agencies $ 11,174 $ — $ 1 $ (1,008 ) $ 10,167 Obligations of states and political subdivisions 60,342 — 38 (6,454 ) 53,926 Corporate securities 136,837 — 109 (15,787 ) 121,159 Residential mortgage-backed securities 53,254 — 85 (5,846 ) 47,493 Commercial mortgage-backed securities 30,837 — — (4,702 ) 26,135 Asset-backed securities 45,786 — — (5,061 ) 40,725 Redeemable preferred stocks 4,747 — — (1,028 ) 3,719 Total fixed income securities $ 342,977 $ — $ 233 $ (39,886 ) $ 303,324 The amortized cost and estimated fair value of fixed income securities by contractual maturity are shown below. Actual maturities could differ from contractual maturities because issuers may have the right to call or prepay these securities. March 31, 2023 Amortized Cost Fair Value Due to mature: One year or less $ 9,932 $ 9,788 After one year through five years 84,213 79,721 After five years through ten years 74,106 65,903 After ten years 38,156 32,095 Mortgage / asset-backed securities 139,343 125,296 Redeemable preferred stocks 4,747 4,062 Total fixed income securities $ 350,497 $ 316,865 December 31, 2022 Amortized Cost Fair Value Due to mature: One year or less $ 10,130 $ 9,971 After one year through five years 81,879 77,031 After five years through ten years 76,648 65,966 After ten years 39,696 32,284 Mortgage / asset-backed securities 129,877 114,353 Redeemable preferred stocks 4,747 3,719 Total fixed income securities $ 342,977 $ 303,324 Fixed income securities with a fair value of $5,994 at March 31, 2023, and $6,613 at December 31, 2022, were deposited with various state regulatory agencies as required by law. The Company has not pledged any assets to secure any obligations. The investment category and duration of the Company’s gross unrealized losses on fixed income securities are shown below. Investments with unrealized losses are categorized with a duration of greater than 12 months when all positions of a security have continually been in a loss position for at least 12 months. March 31, 2023 Less than 12 Months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed income securities: U.S. Government and agencies $ 2,817 $ (147 ) $ 6,646 $ (662 ) $ 9,463 $ (809 ) Obligations of states and political subdivisions 11,468 (521 ) 35,619 (4,486 ) 47,087 (5,007 ) Corporate securities 31,765 (1,385 ) 85,610 (11,939 ) 117,375 (13,324 ) Residential mortgage-backed securities 6,539 (192 ) 31,272 (5,094 ) 37,811 (5,286 ) Commercial mortgage-backed securities 5,347 (270 ) 20,346 (4,267 ) 25,693 (4,537 ) Asset-backed securities 8,204 (129 ) 32,642 (4,307 ) 40,846 (4,436 ) Redeemable preferred stocks 3,299 (448 ) 763 (237 ) 4,062 (685 ) Total fixed income securities $ 69,439 $ (3,092 ) $ 212,898 $ (30,992 ) $ 282,337 $ (34,084 ) December 31, 2022 Less than 12 Months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed income securities: U.S. Government and agencies $ 7,078 $ (537 ) $ 2,587 $ (471 ) $ 9,665 $ (1,008 ) Obligations of states and political subdivisions 40,213 (3,554 ) 9,045 (2,900 ) 49,258 (6,454 ) Corporate securities 76,645 (7,944 ) 39,683 (7,843 ) 116,328 (15,787 ) Residential mortgage-backed securities 21,017 (1,805 ) 18,519 (4,041 ) 39,536 (5,846 ) Commercial mortgage-backed securities 18,932 (2,674 ) 7,204 (2,028 ) 26,136 (4,702 ) Asset-backed securities 18,904 (1,522 ) 21,809 (3,539 ) 40,713 (5,061 ) Redeemable preferred stocks 3,015 (732 ) 705 (296 ) 3,720 (1,028 ) Total fixed income securities $ 185,804 $ (18,768 ) $ 99,552 $ (21,118 ) $ 285,356 $ (39,886 ) We, along with our investment advisors, frequently review our investment portfolio for declines in fair value that could be indicative of credit losses. Beginning on December 31, 2022, credit losses are recognized through an allowance account. We consider a number of factors when determining if an allowance for credit losses is necessary, including payment and default history, credit spreads, credit ratings and rating actions, and probability of default. We determine the credit loss component of fixed maturity investments by utilizing discounted cash flow modeling to determine the present value of the security and comparing the present value with the amortized cost of the security. We did not recognize any credit losses for fixed income securities at the time of adoption of the new credit loss accounting standard, or during the three months ended March 31, 2023. Therefore, there was no beginning or ending balance of credit losses for the quarter, or activity during the year ended December 31, 2022. See Item II, Part 8, Note 3 “Summary of Significant Accounting Policies” section of the 2022 Annual Report for additional information. Net investment income consisted of the following: Three Months Ended March 31, 2023 2022 Fixed income securities $ 2,630 $ 2,161 Equity securities 320 329 Real estate 150 166 Cash and cash equivalents 52 2 Total gross investment income 3,152 2,658 Investment expenses 913 1,005 Net investment income $ 2,239 $ 1,653 Net investment gains (losses) consisted of the following: Three Months Ended March 31, 2023 2022 Gross realized gains: Fixed income securities $ — $ 46 Equity securities 12,731 1,073 Total gross realized gains 12,731 1,119 Gross realized losses, excluding credit impairment losses: Fixed income securities (299 ) (3 ) Equity securities (846 ) (178 ) Total gross realized losses, excluding credit impairment losses (1,145 ) (181 ) Net realized gains 11,586 938 Change in net unrealized gains on equity securities (10,170 ) (6,466 ) Net investment gains (losses) $ 1,416 $ (5,528 )

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Measurements [Abstract]
Fair Value Measurements	4. Fair Value Measurements The Company uses fair value measurements to record fair value adjustments to certain assets 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 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 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 2 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 3: 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 limitations 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 consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period-end. Additionally, changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future valuations. The Company uses quoted values and other data provided by an independent pricing service in its process for determining fair values of its investments. The evaluations of such pricing services represent an exit price and a good faith opinion as to what a buyer in the marketplace would pay for a security in a current sale. This pricing service provides us with one quote per instrument. For fixed income securities that have quoted prices in active markets, market quotations are provided. For fixed income securities that do not trade on a daily basis, the independent pricing service prepares estimates of fair value using a wide array of observable inputs including relevant market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. The observable market inputs that the Company’s independent pricing service utilizes may include (listed in order of priority for use) benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, market bids/offers, and other reference data on markets, industry, and the economy. Additionally, the independent pricing service uses an option-adjusted spread model to develop prepayment and interest rate scenarios. 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 the Company 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 3 investment. The fair value estimates of our 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 independent pricing service. In its review, management did not identify any such discrepancies and no adjustments were made to the estimates provided by the independent pricing service for the three-month period ended March 31, 2023, or the year ended December 31, 2022. 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 1 inputs, which use the market-approach valuation technique. The valuation of our fixed income securities generally incorporates significant Level 2 inputs using the market and income approach techniques. We may assign a lower level to inputs typically considered to be Level 2 based on our assessment of liquidity and relative level of uncertainty surrounding inputs. There were no assets or liabilities classified at Level 3 at March 31, 2023, or December 31, 2022. The following tables set forth our assets which are measured on a recurring basis by the level within the fair value hierarchy in which fair value measurements fall: March 31, 2023 Total Level 1 Level 2 Level 3 Fixed income securities: U.S. Government and agencies $ 9,463 $ — $ 9,463 $ — Obligations of states and political subdivisions 52,918 — 52,918 — Corporate securities 125,126 — 125,126 — Residential mortgage-backed securities 52,536 — 52,536 — Commercial mortgage-backed securities 26,401 — 26,401 — Asset-backed securities 46,359 — 46,359 — Redeemable preferred stock 4,062 — 4,062 — Total fixed income securities 316,865 — 316,865 — Equity securities: Common stock 24,481 24,481 — — Non-redeemable preferred stock 1,855 1,855 — — Total equity securities 26,336 26,336 — — Cash equivalents 43,987 43,987 — — Total assets at fair value $ 387,188 $ 70,323 $ 316,865 $ — December 31, 2022 Total Level 1 Level 2 Level 3 Fixed income securities: U.S. Government and agencies $ 10,167 $ — $ 10,167 $ — Obligations of states and political subdivisions 53,926 — 53,926 — Corporate securities 121,159 — 121,159 — Residential mortgage-backed securities 47,493 — 47,493 — Commercial mortgage-backed securities 26,135 — 26,135 — Asset-backed securities 40,725 — 40,725 — Redeemable preferred stock 3,719 — 3,719 — Total fixed income securities 303,324 — 303,324 — Equity securities: Common stock 50,699 50,699 — — Non-redeemable preferred stock 1,694 1,694 — — Total equity securities 52,393 52,393 — — Cash equivalents 27,255 27,255 — — Total assets at fair value $ 382,972 $ 79,648 $ 303,324 $ — There were no liabilities measured at fair value on a recurring basis at March 31, 2023, or December 31, 2022.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2023
Reinsurance [Abstract]
Reinsurance	5. Reinsurance The Company’s consolidated financial statements reflect the effects of assumed and ceded reinsurance transactions. Assumed reinsurance refers to the acceptance of certain insurance risks that other insurance companies have underwritten. Ceded reinsurance involves transferring certain insurance risks (along with the related written and earned premiums) the Company has underwritten to other insurance companies who agree to share these risks. The primary purpose of these agreements is to protect the Company, at a cost, from losses in excess of the amount it is prepared to accept and to protect the Company’s capital. Our ceded reinsurance is placed either on an automatic basis under general reinsurance contracts known as treaties or through facultative contracts placed on substantial individual risks. These contracts do not relieve the Company from its obligations to policyholders. During the three-month period ended March 31, 2023, the Company maintained property catastrophe reinsurance protection covering $133,000 in excess of a $20,000 retention. Additionally, per risk excess of loss treaties provided coverage of $4,000 in excess of $1,000 for property risks and $11,000 in excess of $1,000 for casualty risks, with facultative contracts in place to provide coverage up to $20,000 in excess of $5,000 per property. Aggregate stop loss reinsurance agreements were placed for both crop hail and multi-peril crop coverage. The crop hail aggregate attached at a 100% net loss ratio providing 50 points of cover. The multi-peril crop aggregate attached at a 105% net loss ratio providing 45 points of cover. In addition to the aggregate covers, underlying multi-peril crop reinsurance was provided through the Federal Crop Insurance Corporation (“FCIC”). During the year ended December 31, 2022, the Company maintained property catastrophe reinsurance protection covering $125,000 in excess of a $15,000 retention. Additionally, per risk excess of loss treaties provided coverage of $4,000 in excess of $1,000 for property risks and $11,000 in excess of $1,000 for casualty risks, with facultative contracts in place to provide coverage up to $20,000 in excess of $5,000 per property. Aggregate stop loss reinsurance agreements were placed for both crop hail and multi-peril crop coverage. The crop hail aggregate attached at a 100% net loss ratio providing 50 points of cover. The multi-peril crop aggregate attached at a 105% net loss ratio providing 45 points of cover. In addition to the aggregate covers, underlying multi-peril crop reinsurance was provided through the FCIC. The Company actively monitors and evaluates the financial condition of the reinsurers and develops estimates of the uncollectible amounts due from reinsurers. Beginning on December 31, 2022, credit losses are recognized through an allowance account developed using a new credit loss model (current expected credit losses or “CECL”). See the Part II, Item 8, Note 2 “Recent Accounting Pronouncements” section of the 2022 Annual Report for additional information. Credit loss estimates are made based on periodic evaluation of balances due from reinsurers, changes in reinsurer credit standing, 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 by entering into reinsurance arrangements only with reinsurers that have strong credit ratings and statutory surplus above certain levels. At March 31, 2023, and December 31, 2022, management has concluded that it is not necessary to record an allowance for expected credit losses related to reinsurance recoverables. All of our significant reinsurance partners are rated “A-” (Excellent) or better by AM Best, and there is no history of write-offs. A reconciliation of direct to net premiums on both a written and an earned basis is as follows: Three Months Ended March 31, 2023 Premiums Written Premiums Earned Direct premium $ 90,556 $ 85,474 Assumed premium 399 576 Ceded premium (8,459 ) (8,423 ) Net premiums $ 82,496 $ 77,627 Three Months Ended March 31, 2022 Premiums Written Premiums Earned Direct premium $ 75,533 $ 73,399 Assumed premium 1,861 1,861 Ceded premium (5,660 ) (5,673 ) Net premiums $ 71,734 $ 69,587 A reconciliation of direct to net losses and loss adjustment expenses is as follows: Three Months Ended March 31, 2023 2022 Direct losses and loss adjustment expenses $ 70,861 $ 45,495 Assumed losses and loss adjustment expenses 90 10 Ceded losses and loss adjustment expenses (12,126 ) (5,376 ) Net losses and loss adjustment expenses $ 58,825 $ 40,129 If 100% of our ceded reinsurance was cancelled as of March 31, 2023, or December 31, 2022, no ceded commissions would need to be returned to the reinsurers. Reinsurance contracts are typically effective from January 1 through December 31 each year.

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	3 Months Ended
	Mar. 31, 2023
ASU 2018-12 Transition [Abstract]
Deferred Policy Acquisition Costs	6. Deferred Policy Acquisition Costs Expenses directly related to successfully acquire insurance policies, primarily commissions, premium taxes and underwriting costs, are deferred and amortized over the terms of the policies. We update our acquisition cost assumptions periodically to reflect actual experience, and we evaluate the costs for recoverability. The table below shows the deferred policy acquisition costs and asset reconciliation: Three Months Ended March 31, 2023 2022 Balance, beginning of period $ 29,768 $ 24,947 Deferral of policy acquisition costs 20,170 16,948 Amortization of deferred policy acquisition costs (18,588 ) (15,623 ) Balance, end of period $ 31,350 $ 26,272

Unpaid Losses and Loss Adjustme

Unpaid Losses and Loss Adjustment Expenses	3 Months Ended
	Mar. 31, 2023
Reinsurance [Abstract]
Unpaid Losses and Loss Adjustment Expenses	7. Unpaid Losses and Loss Adjustment Expenses Activity in the liability for unpaid losses and loss adjustment expenses is summarized as follows: Three Months Ended March 31, 2023 2022 Balance, beginning of period: Liability for unpaid losses and loss adjustment expenses $ 190,459 $ 139,662 Reinsurance recoverables on losses 37,575 21,200 Net balance, beginning of period 152,884 118,462 Incurred related to: Current year 48,854 42,116 Prior years 9,971 (1,987 ) Total incurred 58,825 40,129 Paid related to: Current year 14,528 13,512 Prior years 38,033 30,747 Total paid 52,561 44,259 Balance, end of period: Liability for unpaid losses and loss adjustment expenses 204,790 133,694 Reinsurance recoverables on losses 45,642 19,362 Net balance, end of period $ 159,148 $ 114,332 During the three months ended March 31, 2023, the Company’s incurred reported losses and loss adjustment expenses included $9,971 of net unfavorable development on prior accident years, primarily attributable to Direct Auto and Westminster. During the three months ended March 31, 2022, the Company’s incurred reported losses and loss adjustment expenses included $1,987 of net favorable development on prior accident years, primarily attributable to Battle Creek. Changes in unpaid losses and loss adjustment expense reserves are generally the result of ongoing analysis of recent loss development trends. As additional information becomes known regarding individual claims, original estimates are increased or decreased accordingly.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2023
Property and Equipment [Abstract]
Property and Equipment	8. Property and Equipment Property and equipment consisted of the following: March 31, 2023 December 31, 2022 Estimated Useful Life Cost: Land $ 1,403 $ 1,403 indefinite Building and improvements 14,340 14,271 10 – 43 years Electronic data processing equipment 1,396 1,310 5 – 7 years Furniture and fixtures 2,919 2,919 5 – 7 years Automobiles 1,330 1,310 2 – 3 years Gross cost 21,388 21,213 Accumulated depreciation (11,470 ) (11,370 ) Total property and equipment, net $ 9,918 $ 9,843 Depreciation expense was $182 and $168 for the three months ended March 31, 2023 and 2022, respectively.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	9. Goodwill and Other Intangibles Goodwill The following table presents the carrying amount of the Company’s goodwill by segment: March 31, 2023 December 31, 2022 Non-standard auto from acquisition of Primero $ 2,628 $ 2,628 Commercial from acquisition of Westminster 6,756 6,756 Total $ 9,384 $ 9,384 Other Intangible Assets The following table presents the carrying amount of the Company’s other intangible assets: March 31, 2023 Gross Carrying Accumulated Net Subject to amortization: Trade names $ 748 $ 390 $ 358 Distribution network 6,700 1,210 5,490 Total subject to amortization 7,448 1,600 5,848 Not subject to amortization: State insurance licenses 1,900 — 1,900 Total $ 9,348 $ 1,600 $ 7,748 December 31, 2022 Gross Carrying Accumulated Net Subject to amortization: Trade names $ 748 $ 365 $ 383 Distribution network 6,700 1,117 5,583 Total subject to amortization 7,448 1,482 5,966 Not subject to amortization: State insurance license 1,900 — 1,900 Total $ 9,348 $ 1,482 $ 7,866 Amortization expense was $118 and $118 for the three months ended March 31, 2023 and 2022, respectively. Other intangible assets that have finite lives, including trade names and distribution networks, are amortized over their useful lives. As of March 31, 2023, the estimated amortization of other intangible assets with finite lives for each of the five years in the period ending December 31, 2027, and thereafter is as follows: Year ending December 31, 2023 (nine months remaining) $ 337 2024 422 2025 422 2026 422 2027 422 Thereafter 3,823 Total other intangible assets with finite lives $ 5,848

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
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. 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. For the three months ended March 31, 2023, and the year ended December 31, 2022, 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 Nodak Insurance was 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 $357 and $339 during the three months ended March 31, 2023 and 2022, respectively. Royalty amounts payable of $140 and $119 were accrued as a liability to the NDFB at March 31, 2023, and December 31, 2022, respectively. Dividends State insurance laws require our insurance subsidiaries to maintain certain minimum capital and surplus amounts on a statutory basis. Our insurance subsidiaries are subject to regulations that restrict the payment of dividends from statutory surplus and may require prior approval from their domiciliary insurance regulatory authorities. Our insurance subsidiaries are also subject to risk-based capital requirements that may further affect their ability to pay dividends. Our insurance subsidiaries statutory capital and surplus at December 31, 2022, exceeded the amount of statutory capital and surplus necessary to satisfy risk-based capital requirements by a significant margin. For information regarding the availability of subsidiaries to pay dividends to NI Holdings during 2023, see Item II, Part 8, Note 12 “Related Party Transactions” section of the 2022 Annual Report. Battle Creek Mutual Insurance Company The following tables disclose the standalone balance sheets and statements of operations of Battle Creek, prior to intercompany eliminations, to illustrate the impact of including Battle Creek in our Consolidated Balance Sheets and Statements of Operations: March 31, 2023 December 31, 2022 Assets: Cash and cash equivalents $ 3,559 $ 5,008 Investments 14,001 13,350 Premiums and agents’ balances receivable 5,197 5,422 Deferred policy acquisition costs 627 595 Reinsurance recoverables on losses (2) 10,440 12,597 Accrued investment income 68 59 Income tax recoverable — 225 Deferred income taxes 735 780 Property and equipment 316 319 Other assets 56 52 Total assets $ 34,999 $ 38,407 Liabilities: Unpaid losses and loss adjustment expenses $ 6,331 $ 6,453 Unearned premiums 3,056 2,959 Notes payable (1) 3,000 3,000 Pooling payable (1) 7,225 8,337 Reinsurance losses payable (2) 12,952 13,125 Accrued expenses and other liabilities 280 2,303 Total liabilities 32,844 36,177 Equity: Non-controlling interest 2,155 2,230 Total equity 2,155 2,230 Total liabilities and equity $ 34,999 $ 38,407 (1) Amount fully eliminated in consolidation. (2) Amount partly eliminated in consolidation. Three Months Ended March 31, 2023 2022 Revenues: Net premiums earned $ 1,553 $ 1,392 Fee and other income (expense) 10 (5 ) Net investment income 67 13 Total revenues 1,630 1,400 Expenses: Losses and loss adjustment expenses 1,177 803 Amortization of deferred policy acquisition costs 372 312 Other underwriting and general expenses 163 117 Total expenses 1,712 1,232 Income (loss) before income taxes (82 ) 168 Income tax expense 208 38 Net income (loss) $ (290 ) $ 130

Benefit Plans

Benefit Plans	3 Months Ended
	Mar. 31, 2023
Benefit Plans [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. American West and Battle Creek have no employees. The Company reported expenses related to the 401(k) plans totaling $189 and $148 during the three months ended March 31, 2023 and 2022, respectively. Nodak Insurance also contributes an additional elective amount of employee compensation as a profit-sharing contribution for eligible employees that is invested in a portfolio of investments directed by the Company. The reported expenses related to this profit-sharing contribution were $249 and $190 during the three months ended March 31, 2023 and 2022, respectively. All fees associated with the plans are deducted from the eligible employee accounts. The Company also offers a non-qualified deferred compensation plan to key executives of the Company (as designated by the Board of Directors). The Company’s policy is to fund the plan by amounts that represent the excess of the maximum contribution allowed by the Employee Retirement Income Security Act 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 $22 and $104 during the three months ended March 31, 2023 and 2022, respectively. In connection with our initial public offering (“IPO”) in March 2017, the Company established its Employee Stock Ownership Plan (the “ESOP”). The ESOP is intended to be an employee stock ownership plan within the meaning of Internal Revenue Code Section 4975(e)(7) and invests solely in common stock of the Company. Upon establishment of the plan, Nodak Insurance loaned $2,400 to the ESOP’s related trust (the “ESOP Trust”). The ESOP loan was for a period of ten The shares purchased by the ESOP Trust in the offering are held in a suspense account as collateral for the ESOP loan. Nodak Insurance makes semi-annual cash contributions to the ESOP in amounts no smaller than the amounts required for the ESOP Trust to make its loan payments to Nodak Insurance. While the ESOP makes two loan payments per year, a pre-determined portion of the shares are released from the suspense account and allocated to participant accounts at the end of the calendar year. This release and allocation occurs on an annual basis over the ten-year term of the ESOP loan. Nodak Insurance has a lien on the shares of common stock of the Company held by the ESOP to secure repayment of the loan from the ESOP to Nodak Insurance. If the ESOP is terminated as a result of a change in control of the Company, the ESOP may be required to pay the costs of terminating the plan. It is anticipated that the only assets held by the ESOP will be shares of the Company’s common stock. Participants in the ESOP cannot direct the investment of any assets allocated to their accounts. The ESOP participants are employees of Nodak Insurance. The employees of Primero, Direct Auto, and Westminster do not participate in the ESOP. Each employee of Nodak Insurance automatically becomes a participant in the ESOP if such employee is at least 21 years old, has completed a minimum of one thousand hours of service with Nodak Insurance, and has completed an Eligibility Computation Period. Employees are not permitted to make any contributions to the ESOP. Participants in the ESOP receive annual reports from the Company showing the number of shares of common stock of the Company allocated to the participants’ accounts and the market value of those shares. The shares are allocated to participants based on compensation as provided for in the ESOP. In connection with the establishment of the ESOP, the Company created a contra-equity account on the Consolidated Balance Sheet equal to the ESOP’s basis in the shares. The basis of those shares was set at $10.00 per share as part of the IPO. As shares are released from the ESOP suspense account, the contra-equity account is credited, which reduces the impact of the contra-equity account on the Company’s Consolidated Balance Sheet over time. The Company records compensation expense related to the shares released, equal to the number of shares released from the suspense account multiplied by the average market value of the Company’s stock during the period. The Company recognized compensation expense of $82 and $109 during the three months ended March 31, 2023 and 2022, respectively, related to the ESOP. Through March 31, 2023, and December 31, 2022, the Company had released and allocated 145,890 ESOP shares to participants, with a remainder of 94,110 ESOP shares in suspense at March 31, 2023 and December 31, 2022. Using the Company’s quarter-end market price of $13.00 per share, the fair value of the unearned ESOP shares was $1,223 at March 31, 2023.

Line of Credit

Line of Credit	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Line of Credit	12. Line of Credit Nodak Insurance has a $5,000 line of credit with Wells Fargo Bank, N.A. The terms of the line of credit include a floating interest rate of the bank’s Prime Rate with a floor rate of 3.25%. There were no

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Taxes [Abstract]
Income Taxes	13. Income Taxes At March 31, 2023, and December 31, 2022, 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 period ended March 31, 2023, or the year ended December 31, 2022. At March 31, 2023, and December 31, 2022, 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 $3,963 at December 31, 2022. These net operating loss carryforwards expire through 2032. Westminster, which became part of the Company’s consolidated federal income tax return beginning in 2020, had a $1,270 net operating loss carryforward at December 31, 2022. This net operating loss carryforward expires in 2023. As of March 31, 2023, federal income tax years 2019 through 2021 remain open for examination.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases, Operating [Abstract]
Leases	14. Leases Primero leases a facility in Spearfish, South Dakota under a non-cancellable operating lease expiring in 2023, and leases a facility in Las Vegas, Nevada on a month-to-month basis. Direct Auto leases a facility in Chicago, Illinois under a non-cancellable operating lease expiring in 2029. Nodak Insurance leases a facility in Fargo, North Dakota under a non-cancellable operating lease expiring in 2024. Effective for the year ended December 31, 2022, the Company adopted the updated guidance for leases. This guidance was adopted in the fourth quarter of 2022, and accordingly, the expense amounts for the period ended March 31, 2023, are not comparable to the period ended March 31, 2022. See Part II, Item 8, Note 2 “Recent Accounting Pronouncements” in the 2022 Annual Report for additional information. Under the new guidance, lease expense for these operating leases is recognized on a straight-line basis over the term of the lease, and a right-of-use asset and lease liability is recognized as part of other assets and other liabilities, respectively, in the Consolidated Balance Sheet at the origination of the lease. The Company currently does not have leases that include options to purchase or provisions that would automatically transfer ownership of the leased property to the Company. The Company determines whether a contract is or contains a lease at the inception of the contract. A contract will be deemed to be or contain a lease if the contract conveys the right to control and directs the use of identified property or equipment for a period of time in exchange for consideration. The Company generally must also have the right to obtain substantially all of the economic benefits from the use of the property and equipment. Operating lease assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. To determine the present value of lease payments not yet paid, the Company estimates incremental borrowing rates based on the floating interest rate on our Line of Credit with Wells Fargo Bank, N.A. at the lease commencement date, as rates are not implicitly stated in most leases. Additional information regarding the Company’s operating leases are as follows: As of and For the Three Months Ended March 31, 2023 2022 Operating lease expense $ 98 $ 68 Other information on operating leases: Operating cash outflow from operating leases 101 68 Right-of-use assets obtained in exchange for new lease liabilities — — Weighted average discount rate 3.25% 3.25% Weighted average remaining lease term in years 6.1 years 6.8 years The following table presents the contractual maturities of the Company’s operating leases for each of the five years in the period ending December 31, 2027, and thereafter, reconciled to the Company’s operating lease liability at March 31, 2023: Year ending December 31, 2023 (nine months remaining) $ 262 2024 321 2025 286 2026 291 2027 296 Thereafter 479 Total undiscounted lease payments 1,935 Less: present value adjustment 179 Operating lease liability at March 31, 2023 $ 1,756

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2023
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 and Preferred Stock

Common and Preferred Stock	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Common and Preferred Stock	16. Common and Preferred Stock Common Stock Changes in the number of common stock shares outstanding were as follows: Three Months Ended March 31, 2023 2022 Shares outstanding, beginning of period 21,076,255 21,219,808 Treasury shares repurchased through stock repurchase authorization (46,099 ) (54,872 ) Issuance of treasury shares for vesting of restricted stock units 32,199 90,704 Shares outstanding, end of period 21,062,355 21,255,640 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-month period ended March 31, 2023, excluded the weighted average effects of 61,290 shares of stock awards, since the impacts of these potential shares of common stock were anti-dilutive. On August 11, 2021, our Board of Directors approved an authorization for the repurchase of up to approximately $5,000 of the Company’s outstanding common stock. During the six months ended December 31, 2021, we completed the repurchase of 81,095 shares of our common stock for $1,554 under this new authorization. During the year ended December 31, 2022, we completed the repurchase of 214,937 shares of our common stock for $3,446 to close out this authorization. Of these amounts, 54,872 shares were repurchased for $997 during the three months ended March 31, 2022. On May 9, 2022, our Board of Directors approved an authorization for the repurchase of up to approximately $10,000 of the Company’s outstanding common stock. During the year ended December 31, 2022, we completed the repurchase of 54,223 shares of our common stock for $734 under this authorization. During the three months ended March 31, 2023, we completed the repurchase of 46,099 shares of our common stock for $621. At March 31, 2023, $8,645 remains outstanding under this authorization. The cost of this treasury stock is a reduction of shareholders’ equity within our Consolidated Balance Sheets. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act (“IRA”) which, among other changes, created a new corporate alternative minimum tax (“AMT”) based on adjusted financial statement income and imposes a 1% excise tax on corporate stock repurchases. The effective date of these provisions was January 1, 2023. The Company is not currently subject to the AMT based on our reported GAAP earnings for the past three years. For periods subsequent to the effective date of the IRA, the cost of treasury stock acquired, less the fair market value of any stock issued, will include the 1% excise tax imposed by the IRA. Preferred Stock The Company’s Articles of Incorporation provide authority to issue up to five million shares of preferred stock. No preferred shares are issued or outstanding.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Compensation [Abstract]
Share-Based Compensation	17. Share-Based Compensation At its 2020 Annual Shareholders’ Meeting, the NI Holdings, Inc. 2020 Stock and Incentive Plan (the “Plan”) was approved by shareholders. The purpose of the Plan is to promote the interests of the Company and its shareholders by aiding the Company in attracting and retaining employees, officers, consultants, independent contractors, advisors, and non-employee directors capable of assuring the future success of the Company, to offer such persons incentives to put forth maximum efforts for the success of the Company’s business and to afford such persons an opportunity to acquire an ownership interest in the Company, thereby aligning the interests of such persons with the Company’s shareholders. The Plan provides for the grant of nonqualified stock options, incentive stock options, restricted stock units (“RSUs”), stock appreciation rights, dividend equivalents, and performance share units (“PSUs”) to employees, officers, consultants, advisors, non-employee directors, and independent contractors designated by the Compensation Committee of the Board of Directors (the “Compensation Committee”). Awards made under the Plan are based upon, among other things, a participant’s level of responsibility and performance within the Company. The total aggregate number of shares of common stock that may be issued under the Plan shall not exceed 1,000,000 shares, subject to adjustments as provided in the Plan. No eligible participant may be granted any awards for more than 100,000 shares in the aggregate in any calendar year, subject to adjustment in accordance with the Plan. The aggregate amount payable pursuant to all performance awards denominated in cash to any eligible person in any calendar year is limited to $1,000 in value. Directors who are not also employees of the Company may not be granted awards denominated in shares that exceed $150 in any calendar year. Restricted Stock Units The Compensation Committee has awarded RSUs to non-employee directors and select executives. RSUs are promises to issue actual shares of common stock at the end of a vesting period. The RSUs granted to executives under the Plan were based on salary and vest 20% per year over a five-year period, while RSUs granted to non-employee directors vest 100% on the date of the next annual meeting of shareholders following the grant date. Dividend equivalents on RSUs are accrued during the vesting period and paid in cash at the end of the vesting period, but are subject to forfeiture until the underlying shares become vested. Participants do not have voting rights with respect to RSUs. The Company recognizes stock-based compensation costs for RSUs 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 Fair Value Per Share Units outstanding and unearned at January 1, 2022 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 December 31, 2022 115,360 17.00 RSUs granted during 2023 58,400 13.85 RSUs earned during 2023 (35,180 ) 16.22 Units outstanding and unearned at March 31, 2023 138,580 15.87 The following table shows the impact of RSU activity to the Company’s financial results: Three Months Ended March 31, 2023 2022 RSU compensation expense $ 302 $ 273 Income tax benefit (69 ) (62 ) RSU compensation expense, net of income taxes $ 233 $ 211 At March 31, 2023, there was $1,322 of unrecognized compensation cost related to outstanding RSUs. That cost is expected to be recognized over a weighted-average period of 2.22 years. Performance Share 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 for PSUs 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 estimates represent the Company’s forecasted performance against cumulative growth targets. A summary of the Company’s outstanding PSUs is presented below: PSUs Weighted-Average Fair Value Per Share Units outstanding at January 1, 2022 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 December 31, 2022 190,000 17.00 PSUs granted during 2023 (at target) 87,400 13.85 PSUs earned during 2023 — — Performance adjustment (1) (63,600 ) 14.26 Forfeitures — — Units outstanding at March 31, 2023 213,800 16.53 (1) The following table shows the impact of PSU activity to the Company’s financial results: Three Months Ended March 31, 2023 2022 PSU compensation expense $ 138 $ 261 Income tax benefit (31 ) (59 ) PSU compensation expense, net of income taxes $ 107 $ 202 The cost estimates for PSU grants represent initial target awards until the Company can reasonably forecast the financial performance of each PSU award grant. At the end of the performance period, the Company will reflect a performance adjustment, which may be either an increase or decrease from the initial target awards. The actual number of shares to be issued at the end of the performance period will range from 0% to 150% of the initial target awards. At March 31, 2023, there was $1,455 of unrecognized compensation cost related to outstanding PSUs. That cost is expected to be recognized over a weighted-average period of 2.68 years.

Allowance for Expected Credit L

Allowance for Expected Credit Losses	3 Months Ended
	Mar. 31, 2023
Allowance for Expected Credit Losses [Abstract]
Allowance for Expected Credit Losses	18. Allowance for Expected Credit Losses Premiums Receivable Beginning on December 31, 2022, credit losses are recognized through an allowance account developed using the new CECL model. This guidance was adopted in the fourth quarter of 2022, and accordingly, there was no allowance for expected credit losses as of March 31, 2022. See the Part II, Item 8, Note 2 “Recent Accounting Pronouncements” section of the 2022 Annual Report for additional information. The following table presents the balances of premiums and agents’ receivable balances, net of the allowance for expected credit losses as of March 31, 2023, and the changes in the allowance for expected credit losses for the three months ended March 31, 2023. As of and For the Three Months Ended March 31, 2023 Premiums Allowance for Balance, beginning of period $ 62,173 $ 425 Current period charge for expected credit losses 90 Write-offs of uncollectible premiums receivable 70 Balance, end of period $ 64,502 $ 445

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	19. Segment Information We have six reportable operating segments, which consist of private passenger auto insurance, non-standard auto insurance, home and farm insurance, crop insurance, commercial insurance, and all other (which primarily consists of assumed reinsurance and our excess liability business). We operate only in the U.S., and no single customer or agent provides 10 percent or more of our revenues. The following tables provide available information of these segments for the three-month periods ended March 31, 2023 and 2022. 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 tax expense (benefit) 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. Three Months Ended March 31, 2023 Private Non-Standard Home and Crop Commercial All Other Total Direct premiums earned $ 20,541 $ 20,971 $ 22,433 $ (10 ) $ 20,230 $ 1,309 $ 85,474 Assumed premiums earned — — — — — 576 576 Ceded premiums earned (888 ) (92 ) (2,442 ) (715 ) (4,213 ) (73 ) (8,423 ) Net premiums earned 19,653 20,879 19,991 (725 ) 16,017 1,812 77,627 Direct losses and loss adjustment expenses 15,624 17,038 9,523 (669 ) 29,322 23 70,861 Assumed losses and loss adjustment expenses — — — — — 90 90 Ceded losses and loss adjustment expenses 1 — (804 ) (104 ) (11,208 ) (11 ) (12,126 ) Net losses and loss adjustment expenses 15,625 17,038 8,719 (773 ) 18,114 102 58,825 Gross margin 4,028 3,841 11,272 48 (2,097 ) 1,710 18,802 Underwriting and general expenses 6,418 8,994 6,205 32 6,086 509 28,244 Underwriting gain (loss) (2,390 ) (5,153 ) 5,067 16 (8,183 ) 1,201 (9,442 ) Fee and other income 232 274 (4,921 ) Net investment income 2,239 Net investment gains (losses) 1,416 Income (loss) before income taxes (5,513 ) Income tax expense (benefit) (1,013 ) Net income (loss) (4,500 ) Net income (loss) attributable to non-controlling interest (290 ) Net income (loss) attributable to NI Holdings, Inc. $ (4,210 ) Operating Ratios: Loss and loss adjustment expense ratio 79.5% 81.6% 43.6% n/a 113.1% 5.6% 75.8% Expense ratio 32.7% 43.1% 31.1% n/a 38.0% 28.1% 36.4% Combined ratio 112.2% 124.7% 74.7% n/a 151.1% 33.7% 112.2% Balances at March 31, 2023: Premiums and agents’ balances receivable $ 21,743 $ 16,642 $ 8,954 $ 93 $ 16,301 $ 769 $ 64,502 Deferred policy acquisition costs 5,309 10,716 7,279 — 7,616 430 31,350 Reinsurance recoverables on losses 1,280 — 5,845 51 37,669 797 45,642 Receivable from Federal Crop Insurance Corporation — — — 14,034 — — 14,034 Goodwill and other intangibles — 2,748 — — 14,384 — 17,132 Unpaid losses and loss adjustment expenses 27,366 50,876 29,165 421 89,296 7,666 204,790 Unearned premiums 32,378 33,711 44,446 — 39,975 2,957 153,467 Three Months Ended March 31, 2022 Private Non-Standard Home and Crop Commercial All Other Total Direct premiums earned $ 19,301 $ 14,442 $ 21,179 $ (17 ) $ 17,230 $ 1,264 $ 73,399 Assumed premiums earned — — — — — 1,861 1,861 Ceded premiums earned (559 ) (64 ) (1,967 ) 4 (3,042 ) (45 ) (5,673 ) Net premiums earned 18,742 14,378 19,212 (13 ) 14,188 3,080 69,587 Direct losses and loss adjustment expenses 14,526 8,491 7,192 (103 ) 15,063 326 45,495 Assumed losses and loss adjustment expenses — — — — — 10 10 Ceded losses and loss adjustment expenses 185 — (352 ) (63 ) (5,046 ) (100 ) (5,376 ) Net losses and loss adjustment expenses 14,711 8,491 6,840 (166 ) 10,017 236 40,129 Gross margin 4,031 5,887 12,372 153 4,171 2,844 29,458 Underwriting and general expenses 5,768 6,091 5,973 (552 ) 5,336 788 23,404 Underwriting gain (loss) (1,737 ) (204 ) 6,399 705 (1,165 ) 2,056 6,054 Fee and other income 388 428 184 Net investment income 1,653 Net investment gains (losses) (5,528 ) Income (loss) before income taxes 2,607 Income tax expense (benefit) 568 Net income (loss) 2,039 Net income (loss) attributable to non-controlling interest 130 Net income (loss) attributable to NI Holdings, Inc. $ 1,909 Operating Ratios: Loss and loss adjustment expense ratio 78.5% 59.1% 35.6% n/a 70.6% 7.7% 57.7% Expense ratio 30.8% 42.4% 31.1% n/a 37.6% 25.6% 33.6% Combined ratio 109.3% 101.4% 66.7% n/a 108.2% 33.2% 91.3% Balances at March 31, 2022: Premiums and agents’ balances receivable $ 19,627 $ 12,098 $ 8,991 $ — $ 13,442 $ 722 $ 54,880 Deferred policy acquisition costs 5,076 7,126 7,246 — 6,392 432 26,272 Reinsurance recoverables on losses 817 — 3,559 75 14,184 727 19,362 Goodwill and other intangibles — 2,798 — — 14,806 — 17,604 Unpaid losses and loss adjustment expenses 26,340 41,948 17,130 421 38,640 9,215 133,694 Unearned premiums 29,573 20,933 42,307 — 34,181 3,281 130,275 Payable to Federal Crop Insurance Corporation — — — 7,059 — — 7,059

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2023
Organization [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. 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 2022 Annual Report. The Consolidated Balance Sheet at December 31, 2022, 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 accordance 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 March 31, 2023, are not necessarily indicative of the results that may be expected for the year ended December 31, 2023. Our 2022 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 2022 Annual Report were consistently applied to the unaudited consolidated financial statements as of and for the three months ended March 31, 2023 and 2022.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Prior to December 31, 2022, we were classified as an emerging growth company (“EGC”) and elected to use the extended transition period for complying with certain new or revised financial accounting standards from the Financial Accounting Standards Board (“FASB”) pursuant to Section 13(a) of the Exchange Act. However, beginning on December 31, 2022, we are no longer an EGC and will no longer have the ability to delay adoption of these new or revised accounting standards, or to take advantage of reduced corporate governance disclosures. Adopted For information regarding accounting pronouncements that the Company adopted during the periods presented, see Item II, Part 8, Note 2 “Recent Accounting Pronouncements” section of the 2022 Annual Report.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Investments [Abstract]
Schedule of amortized cost and estimated fair value of income securities	March 31, 2023 Cost or Allowance for Gross Gross Fair Value Fixed income securities: U.S. Government and agencies $ 10,272 $ — $ — $ (809 ) $ 9,463 Obligations of states and political subdivisions 57,833 — 92 (5,007 ) 52,918 Corporate securities 138,302 — 148 (13,324 ) 125,126 Residential mortgage-backed securities 57,624 — 198 (5,286 ) 52,536 Commercial mortgage-backed securities 30,938 — — (4,537 ) 26,401 Asset-backed securities 50,781 — 14 (4,436 ) 46,359 Redeemable preferred stocks 4,747 — — (685 ) 4,062 Total fixed income securities $ 350,497 $ — $ 452 $ (34,084 ) $ 316,865 December 31, 2022 Cost or Allowance for Gross Gross Fair Value Fixed income securities: U.S. Government and agencies $ 11,174 $ — $ 1 $ (1,008 ) $ 10,167 Obligations of states and political subdivisions 60,342 — 38 (6,454 ) 53,926 Corporate securities 136,837 — 109 (15,787 ) 121,159 Residential mortgage-backed securities 53,254 — 85 (5,846 ) 47,493 Commercial mortgage-backed securities 30,837 — — (4,702 ) 26,135 Asset-backed securities 45,786 — — (5,061 ) 40,725 Redeemable preferred stocks 4,747 — — (1,028 ) 3,719 Total fixed income securities $ 342,977 $ — $ 233 $ (39,886 ) $ 303,324
Schedule of fixed maturities	March 31, 2023 Amortized Cost Fair Value Due to mature: One year or less $ 9,932 $ 9,788 After one year through five years 84,213 79,721 After five years through ten years 74,106 65,903 After ten years 38,156 32,095 Mortgage / asset-backed securities 139,343 125,296 Redeemable preferred stocks 4,747 4,062 Total fixed income securities $ 350,497 $ 316,865 December 31, 2022 Amortized Cost Fair Value Due to mature: One year or less $ 10,130 $ 9,971 After one year through five years 81,879 77,031 After five years through ten years 76,648 65,966 After ten years 39,696 32,284 Mortgage / asset-backed securities 129,877 114,353 Redeemable preferred stocks 4,747 3,719 Total fixed income securities $ 342,977 $ 303,324
Schedule of gross unrealized loss	March 31, 2023 Less than 12 Months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed income securities: U.S. Government and agencies $ 2,817 $ (147 ) $ 6,646 $ (662 ) $ 9,463 $ (809 ) Obligations of states and political subdivisions 11,468 (521 ) 35,619 (4,486 ) 47,087 (5,007 ) Corporate securities 31,765 (1,385 ) 85,610 (11,939 ) 117,375 (13,324 ) Residential mortgage-backed securities 6,539 (192 ) 31,272 (5,094 ) 37,811 (5,286 ) Commercial mortgage-backed securities 5,347 (270 ) 20,346 (4,267 ) 25,693 (4,537 ) Asset-backed securities 8,204 (129 ) 32,642 (4,307 ) 40,846 (4,436 ) Redeemable preferred stocks 3,299 (448 ) 763 (237 ) 4,062 (685 ) Total fixed income securities $ 69,439 $ (3,092 ) $ 212,898 $ (30,992 ) $ 282,337 $ (34,084 ) December 31, 2022 Less than 12 Months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed income securities: U.S. Government and agencies $ 7,078 $ (537 ) $ 2,587 $ (471 ) $ 9,665 $ (1,008 ) Obligations of states and political subdivisions 40,213 (3,554 ) 9,045 (2,900 ) 49,258 (6,454 ) Corporate securities 76,645 (7,944 ) 39,683 (7,843 ) 116,328 (15,787 ) Residential mortgage-backed securities 21,017 (1,805 ) 18,519 (4,041 ) 39,536 (5,846 ) Commercial mortgage-backed securities 18,932 (2,674 ) 7,204 (2,028 ) 26,136 (4,702 ) Asset-backed securities 18,904 (1,522 ) 21,809 (3,539 ) 40,713 (5,061 ) Redeemable preferred stocks 3,015 (732 ) 705 (296 ) 3,720 (1,028 ) Total fixed income securities $ 185,804 $ (18,768 ) $ 99,552 $ (21,118 ) $ 285,356 $ (39,886 )
Schedule of Net Investment Income	Three Months Ended March 31, 2023 2022 Fixed income securities $ 2,630 $ 2,161 Equity securities 320 329 Real estate 150 166 Cash and cash equivalents 52 2 Total gross investment income 3,152 2,658 Investment expenses 913 1,005 Net investment income $ 2,239 $ 1,653
Schedule of net investment gains (losses)	Three Months Ended March 31, 2023 2022 Gross realized gains: Fixed income securities $ — $ 46 Equity securities 12,731 1,073 Total gross realized gains 12,731 1,119 Gross realized losses, excluding credit impairment losses: Fixed income securities (299 ) (3 ) Equity securities (846 ) (178 ) Total gross realized losses, excluding credit impairment losses (1,145 ) (181 ) Net realized gains 11,586 938 Change in net unrealized gains on equity securities (10,170 ) (6,466 ) Net investment gains (losses) $ 1,416 $ (5,528 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Measurements [Abstract]
Schedule of assets which are measured on a recurring basis	March 31, 2023 Total Level 1 Level 2 Level 3 Fixed income securities: U.S. Government and agencies $ 9,463 $ — $ 9,463 $ — Obligations of states and political subdivisions 52,918 — 52,918 — Corporate securities 125,126 — 125,126 — Residential mortgage-backed securities 52,536 — 52,536 — Commercial mortgage-backed securities 26,401 — 26,401 — Asset-backed securities 46,359 — 46,359 — Redeemable preferred stock 4,062 — 4,062 — Total fixed income securities 316,865 — 316,865 — Equity securities: Common stock 24,481 24,481 — — Non-redeemable preferred stock 1,855 1,855 — — Total equity securities 26,336 26,336 — — Cash equivalents 43,987 43,987 — — Total assets at fair value $ 387,188 $ 70,323 $ 316,865 $ — December 31, 2022 Total Level 1 Level 2 Level 3 Fixed income securities: U.S. Government and agencies $ 10,167 $ — $ 10,167 $ — Obligations of states and political subdivisions 53,926 — 53,926 — Corporate securities 121,159 — 121,159 — Residential mortgage-backed securities 47,493 — 47,493 — Commercial mortgage-backed securities 26,135 — 26,135 — Asset-backed securities 40,725 — 40,725 — Redeemable preferred stock 3,719 — 3,719 — Total fixed income securities 303,324 — 303,324 — Equity securities: Common stock 50,699 50,699 — — Non-redeemable preferred stock 1,694 1,694 — — Total equity securities 52,393 52,393 — — Cash equivalents 27,255 27,255 — — Total assets at fair value $ 382,972 $ 79,648 $ 303,324 $ —

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2023
Reinsurance [Abstract]
Schedule of reconciliation of direct to net premiums on both a written and an earned basis	Three Months Ended March 31, 2023 Premiums Written Premiums Earned Direct premium $ 90,556 $ 85,474 Assumed premium 399 576 Ceded premium (8,459 ) (8,423 ) Net premiums $ 82,496 $ 77,627 Three Months Ended March 31, 2022 Premiums Written Premiums Earned Direct premium $ 75,533 $ 73,399 Assumed premium 1,861 1,861 Ceded premium (5,660 ) (5,673 ) Net premiums $ 71,734 $ 69,587
Schedule of reconciliation of direct to net losses and loss adjustment expenses	Three Months Ended March 31, 2023 2022 Direct losses and loss adjustment expenses $ 70,861 $ 45,495 Assumed losses and loss adjustment expenses 90 10 Ceded losses and loss adjustment expenses (12,126 ) (5,376 ) Net losses and loss adjustment expenses $ 58,825 $ 40,129

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	3 Months Ended
	Mar. 31, 2023
ASU 2018-12 Transition [Abstract]
Schedule of deferred policy acquisition costs and asset reconciliation	Three Months Ended March 31, 2023 2022 Balance, beginning of period $ 29,768 $ 24,947 Deferral of policy acquisition costs 20,170 16,948 Amortization of deferred policy acquisition costs (18,588 ) (15,623 ) Balance, end of period $ 31,350 $ 26,272

Unpaid Losses and Loss Adjust_2

Unpaid Losses and Loss Adjustment Expenses (Tables)	3 Months Ended
	Mar. 31, 2023
Reinsurance [Abstract]
Schedule of activity in the liability for unpaid losses and loss adjustment expenses	Three Months Ended March 31, 2023 2022 Balance, beginning of period: Liability for unpaid losses and loss adjustment expenses $ 190,459 $ 139,662 Reinsurance recoverables on losses 37,575 21,200 Net balance, beginning of period 152,884 118,462 Incurred related to: Current year 48,854 42,116 Prior years 9,971 (1,987 ) Total incurred 58,825 40,129 Paid related to: Current year 14,528 13,512 Prior years 38,033 30,747 Total paid 52,561 44,259 Balance, end of period: Liability for unpaid losses and loss adjustment expenses 204,790 133,694 Reinsurance recoverables on losses 45,642 19,362 Net balance, end of period $ 159,148 $ 114,332

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Property and Equipment [Abstract]
Schedule of property and equipment	March 31, 2023 December 31, 2022 Estimated Useful Life Cost: Land $ 1,403 $ 1,403 indefinite Building and improvements 14,340 14,271 10 – 43 years Electronic data processing equipment 1,396 1,310 5 – 7 years Furniture and fixtures 2,919 2,919 5 – 7 years Automobiles 1,330 1,310 2 – 3 years Gross cost 21,388 21,213 Accumulated depreciation (11,470 ) (11,370 ) Total property and equipment, net $ 9,918 $ 9,843

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill by segment	March 31, 2023 December 31, 2022 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 other intangible assets	March 31, 2023 Gross Carrying Accumulated Net Subject to amortization: Trade names $ 748 $ 390 $ 358 Distribution network 6,700 1,210 5,490 Total subject to amortization 7,448 1,600 5,848 Not subject to amortization: State insurance licenses 1,900 — 1,900 Total $ 9,348 $ 1,600 $ 7,748 December 31, 2022 Gross Carrying Accumulated Net Subject to amortization: Trade names $ 748 $ 365 $ 383 Distribution network 6,700 1,117 5,583 Total subject to amortization 7,448 1,482 5,966 Not subject to amortization: State insurance license 1,900 — 1,900 Total $ 9,348 $ 1,482 $ 7,866
Schedule of amortization of other intangible assets with finite lives	Year ending December 31, 2023 (nine months remaining) $ 337 2024 422 2025 422 2026 422 2027 422 Thereafter 3,823 Total other intangible assets with finite lives $ 5,848

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2023
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 impact of consolidating Battle Creek into our consolidated balance sheets	March 31, 2023 December 31, 2022 Assets: Cash and cash equivalents $ 3,559 $ 5,008 Investments 14,001 13,350 Premiums and agents’ balances receivable 5,197 5,422 Deferred policy acquisition costs 627 595 Reinsurance recoverables on losses (2) 10,440 12,597 Accrued investment income 68 59 Income tax recoverable — 225 Deferred income taxes 735 780 Property and equipment 316 319 Other assets 56 52 Total assets $ 34,999 $ 38,407 Liabilities: Unpaid losses and loss adjustment expenses $ 6,331 $ 6,453 Unearned premiums 3,056 2,959 Notes payable (1) 3,000 3,000 Pooling payable (1) 7,225 8,337 Reinsurance losses payable (2) 12,952 13,125 Accrued expenses and other liabilities 280 2,303 Total liabilities 32,844 36,177 Equity: Non-controlling interest 2,155 2,230 Total equity 2,155 2,230 Total liabilities and equity $ 34,999 $ 38,407 (1) Amount fully eliminated in consolidation. (2) Amount partly eliminated in consolidation. Three Months Ended March 31, 2023 2022 Revenues: Net premiums earned $ 1,553 $ 1,392 Fee and other income (expense) 10 (5 ) Net investment income 67 13 Total revenues 1,630 1,400 Expenses: Losses and loss adjustment expenses 1,177 803 Amortization of deferred policy acquisition costs 372 312 Other underwriting and general expenses 163 117 Total expenses 1,712 1,232 Income (loss) before income taxes (82 ) 168 Income tax expense 208 38 Net income (loss) $ (290 ) $ 130

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases, Operating [Abstract]
Schedule of operating leases	As of and For the Three Months Ended March 31, 2023 2022 Operating lease expense $ 98 $ 68 Other information on operating leases: Operating cash outflow from operating leases 101 68 Right-of-use assets obtained in exchange for new lease liabilities — — Weighted average discount rate 3.25% 3.25% Weighted average remaining lease term in years 6.1 years 6.8 years
Schedule of contractual maturities of the Company’s lease liabilities	Year ending December 31, 2023 (nine months remaining) $ 262 2024 321 2025 286 2026 291 2027 296 Thereafter 479 Total undiscounted lease payments 1,935 Less: present value adjustment 179 Operating lease liability at March 31, 2023 $ 1,756

Common and Preferred Stock (Tab

Common and Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Schedule of changes in the number of common stock shares outstanding	Three Months Ended March 31, 2023 2022 Shares outstanding, beginning of period 21,076,255 21,219,808 Treasury shares repurchased through stock repurchase authorization (46,099 ) (54,872 ) Issuance of treasury shares for vesting of restricted stock units 32,199 90,704 Shares outstanding, end of period 21,062,355 21,255,640

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Compensation [Abstract]
Schedule of restricted stock outstanding	RSUs Weighted-Average Fair Value Per Share Units outstanding and unearned at January 1, 2022 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 December 31, 2022 115,360 17.00 RSUs granted during 2023 58,400 13.85 RSUs earned during 2023 (35,180 ) 16.22 Units outstanding and unearned at March 31, 2023 138,580 15.87
Schedule of RSU activity	Three Months Ended March 31, 2023 2022 RSU compensation expense $ 302 $ 273 Income tax benefit (69 ) (62 ) RSU compensation expense, net of income taxes $ 233 $ 211
Schedule of performance stock outstanding	PSUs Weighted-Average Fair Value Per Share Units outstanding at January 1, 2022 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 December 31, 2022 190,000 17.00 PSUs granted during 2023 (at target) 87,400 13.85 PSUs earned during 2023 — — Performance adjustment (1) (63,600 ) 14.26 Forfeitures — — Units outstanding at March 31, 2023 213,800 16.53 (1)
Schedule of PSU activity	Three Months Ended March 31, 2023 2022 PSU compensation expense $ 138 $ 261 Income tax benefit (31 ) (59 ) PSU compensation expense, net of income taxes $ 107 $ 202

Allowance for Expected Credit_2

Allowance for Expected Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2023
Allowance for Expected Credit Losses [Abstract]
Schedule of allowance for expected credit losses	As of and For the Three Months Ended March 31, 2023 Premiums Allowance for Balance, beginning of period $ 62,173 $ 425 Current period charge for expected credit losses 90 Write-offs of uncollectible premiums receivable 70 Balance, end of period $ 64,502 $ 445

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of revenue by insurance product line	Three Months Ended March 31, 2023 Private Non-Standard Home and Crop Commercial All Other Total Direct premiums earned $ 20,541 $ 20,971 $ 22,433 $ (10 ) $ 20,230 $ 1,309 $ 85,474 Assumed premiums earned — — — — — 576 576 Ceded premiums earned (888 ) (92 ) (2,442 ) (715 ) (4,213 ) (73 ) (8,423 ) Net premiums earned 19,653 20,879 19,991 (725 ) 16,017 1,812 77,627 Direct losses and loss adjustment expenses 15,624 17,038 9,523 (669 ) 29,322 23 70,861 Assumed losses and loss adjustment expenses — — — — — 90 90 Ceded losses and loss adjustment expenses 1 — (804 ) (104 ) (11,208 ) (11 ) (12,126 ) Net losses and loss adjustment expenses 15,625 17,038 8,719 (773 ) 18,114 102 58,825 Gross margin 4,028 3,841 11,272 48 (2,097 ) 1,710 18,802 Underwriting and general expenses 6,418 8,994 6,205 32 6,086 509 28,244 Underwriting gain (loss) (2,390 ) (5,153 ) 5,067 16 (8,183 ) 1,201 (9,442 ) Fee and other income 232 274 (4,921 ) Net investment income 2,239 Net investment gains (losses) 1,416 Income (loss) before income taxes (5,513 ) Income tax expense (benefit) (1,013 ) Net income (loss) (4,500 ) Net income (loss) attributable to non-controlling interest (290 ) Net income (loss) attributable to NI Holdings, Inc. $ (4,210 ) Operating Ratios: Loss and loss adjustment expense ratio 79.5% 81.6% 43.6% n/a 113.1% 5.6% 75.8% Expense ratio 32.7% 43.1% 31.1% n/a 38.0% 28.1% 36.4% Combined ratio 112.2% 124.7% 74.7% n/a 151.1% 33.7% 112.2% Balances at March 31, 2023: Premiums and agents’ balances receivable $ 21,743 $ 16,642 $ 8,954 $ 93 $ 16,301 $ 769 $ 64,502 Deferred policy acquisition costs 5,309 10,716 7,279 — 7,616 430 31,350 Reinsurance recoverables on losses 1,280 — 5,845 51 37,669 797 45,642 Receivable from Federal Crop Insurance Corporation — — — 14,034 — — 14,034 Goodwill and other intangibles — 2,748 — — 14,384 — 17,132 Unpaid losses and loss adjustment expenses 27,366 50,876 29,165 421 89,296 7,666 204,790 Unearned premiums 32,378 33,711 44,446 — 39,975 2,957 153,467 Three Months Ended March 31, 2022 Private Non-Standard Home and Crop Commercial All Other Total Direct premiums earned $ 19,301 $ 14,442 $ 21,179 $ (17 ) $ 17,230 $ 1,264 $ 73,399 Assumed premiums earned — — — — — 1,861 1,861 Ceded premiums earned (559 ) (64 ) (1,967 ) 4 (3,042 ) (45 ) (5,673 ) Net premiums earned 18,742 14,378 19,212 (13 ) 14,188 3,080 69,587 Direct losses and loss adjustment expenses 14,526 8,491 7,192 (103 ) 15,063 326 45,495 Assumed losses and loss adjustment expenses — — — — — 10 10 Ceded losses and loss adjustment expenses 185 — (352 ) (63 ) (5,046 ) (100 ) (5,376 ) Net losses and loss adjustment expenses 14,711 8,491 6,840 (166 ) 10,017 236 40,129 Gross margin 4,031 5,887 12,372 153 4,171 2,844 29,458 Underwriting and general expenses 5,768 6,091 5,973 (552 ) 5,336 788 23,404 Underwriting gain (loss) (1,737 ) (204 ) 6,399 705 (1,165 ) 2,056 6,054 Fee and other income 388 428 184 Net investment income 1,653 Net investment gains (losses) (5,528 ) Income (loss) before income taxes 2,607 Income tax expense (benefit) 568 Net income (loss) 2,039 Net income (loss) attributable to non-controlling interest 130 Net income (loss) attributable to NI Holdings, Inc. $ 1,909 Operating Ratios: Loss and loss adjustment expense ratio 78.5% 59.1% 35.6% n/a 70.6% 7.7% 57.7% Expense ratio 30.8% 42.4% 31.1% n/a 37.6% 25.6% 33.6% Combined ratio 109.3% 101.4% 66.7% n/a 108.2% 33.2% 91.3% Balances at March 31, 2022: Premiums and agents’ balances receivable $ 19,627 $ 12,098 $ 8,991 $ — $ 13,442 $ 722 $ 54,880 Deferred policy acquisition costs 5,076 7,126 7,246 — 6,392 432 26,272 Reinsurance recoverables on losses 817 — 3,559 75 14,184 727 19,362 Goodwill and other intangibles — 2,798 — — 14,806 — 17,604 Unpaid losses and loss adjustment expenses 26,340 41,948 17,130 421 38,640 9,215 133,694 Unearned premiums 29,573 20,933 42,307 — 34,181 3,281 130,275 Payable to Federal Crop Insurance Corporation — — — 7,059 — — 7,059

Organization (Details)

Organization (Details) - Nodak Insurance [Member]	3 Months Ended
	Mar. 31, 2023
Organization (Details) [Line Items]
Percentage of shares exchanged	55%
Ownership percentage	100%

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investments [Abstract]
Fixed income securities with a fair value	$ 5,994	$ 6,613

Investments (Details) - Schedul

Investments (Details) - Schedule of amortized cost and estimated fair value of income securities - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
U.S. Government and agencies [Member]
Fixed income securities:
Fair Value	$ 9,463	$ 10,167
Obligations of states and political subdivisions [Member]
Fixed income securities:
Fair Value	52,918	53,926
Corporate securities [Member]
Fixed income securities:
Fair Value	125,126	121,159
Residential mortgage-backed securities [Member]
Fixed income securities:
Fair Value	52,536	47,493
Commercial mortgage-backed securities [Member]
Fixed income securities:
Fair Value	26,401	26,135
Asset-backed securities [Member]
Fixed income securities:
Fair Value	46,359	40,725
Redeemable preferred stocks [Member]
Fixed income securities:
Fair Value	4,062	3,719
Fixed income securities [Member]
Fixed income securities:
Cost or Amortized Cost	350,497	342,977
Allowance for Expected Credit Losses
Gross Unrealized Gains	452	233
Gross Unrealized Losses	(34,084)	(39,886)
Fair Value	316,865	303,324
Fixed income securities [Member] | U.S. Government and agencies [Member]
Fixed income securities:
Cost or Amortized Cost	10,272	11,174
Allowance for Expected Credit Losses
Gross Unrealized Gains		1
Gross Unrealized Losses	(809)	(1,008)
Fair Value	9,463	10,167
Fixed income securities [Member] | Obligations of states and political subdivisions [Member]
Fixed income securities:
Cost or Amortized Cost	57,833	60,342
Allowance for Expected Credit Losses
Gross Unrealized Gains	92	38
Gross Unrealized Losses	(5,007)	(6,454)
Fair Value	52,918	53,926
Fixed income securities [Member] | Corporate securities [Member]
Fixed income securities:
Cost or Amortized Cost	138,302	136,837
Allowance for Expected Credit Losses
Gross Unrealized Gains	148	109
Gross Unrealized Losses	(13,324)	(15,787)
Fair Value	125,126	121,159
Fixed income securities [Member] | Residential mortgage-backed securities [Member]
Fixed income securities:
Cost or Amortized Cost	57,624	53,254
Allowance for Expected Credit Losses
Gross Unrealized Gains	198	85
Gross Unrealized Losses	(5,286)	(5,846)
Fair Value	52,536	47,493
Fixed income securities [Member] | Commercial mortgage-backed securities [Member]
Fixed income securities:
Cost or Amortized Cost	30,938	30,837
Allowance for Expected Credit Losses
Gross Unrealized Gains
Gross Unrealized Losses	(4,537)	(4,702)
Fair Value	26,401	26,135
Fixed income securities [Member] | Asset-backed securities [Member]
Fixed income securities:
Cost or Amortized Cost	50,781	45,786
Allowance for Expected Credit Losses
Gross Unrealized Gains	14
Gross Unrealized Losses	(4,436)	(5,061)
Fair Value	46,359	40,725
Fixed income securities [Member] | Redeemable preferred stocks [Member]
Fixed income securities:
Cost or Amortized Cost	4,747	4,747
Allowance for Expected Credit Losses
Gross Unrealized Gains
Gross Unrealized Losses	(685)	(1,028)
Fair Value	$ 4,062	$ 3,719

Investments (Details) - Sched_2

Investments (Details) - Schedule of fixed maturities - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Due to mature:
Amortized Cost, Due to mature One year or less	$ 9,932	$ 10,130
Fair Value, Due to mature One year or less	9,788	9,971
Amortized Cost, Due to mature After one year through five years	84,213	81,879
Fair Value, Due to mature After one year through five years	79,721	77,031
Amortized Cost, Due to mature After five years through ten years	74,106	76,648
Fair Value, Due to mature After five years through ten years	65,903	65,966
Amortized Cost, Due to mature After ten years	38,156	39,696
Fair Value, Due to mature After ten years	32,095	32,284
Amortized Cost, Due to mature Mortgage/asset-backed securities	139,343	129,877
Fair Value, Due to mature Mortgage/asset-backed securities	125,296	114,353
Amortized Cost, Due to mature Redeemable preferred stocks	4,747	4,747
Fair Value, Due to mature Redeemable preferred stocks	4,062	3,719
Available-for-sale Securities, Debt Maturities, Amortized Cost	350,497	342,977
Available-for-sale Securities, Debt Securities, Estimated Fair Value	$ 316,865	$ 303,324

Investments (Details) - Sched_3

Investments (Details) - Schedule of gross unrealized loss - Fixed Maturities [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fixed income securities:
Less than 12 months Fair Value	$ 69,439	$ 185,804
Less than 12 months Unrealized Losses	(3,092)	(18,768)
Greater than 12 months Fair Value	212,898	99,552
Greater than 12 months Unrealized Losses	(30,992)	(21,118)
Fair Value, Total	282,337	285,356
Unrealized Losses, Total	(34,084)	(39,886)
U.S. Government and agencies [Member]
Fixed income securities:
Less than 12 months Fair Value	2,817	7,078
Less than 12 months Unrealized Losses	(147)	(537)
Greater than 12 months Fair Value	6,646	2,587
Greater than 12 months Unrealized Losses	(662)	(471)
Fair Value, Total	9,463	9,665
Unrealized Losses, Total	(809)	(1,008)
Obligations of states and political subdivisions [Member]
Fixed income securities:
Less than 12 months Fair Value	11,468	40,213
Less than 12 months Unrealized Losses	(521)	(3,554)
Greater than 12 months Fair Value	35,619	9,045
Greater than 12 months Unrealized Losses	(4,486)	(2,900)
Fair Value, Total	47,087	49,258
Unrealized Losses, Total	(5,007)	(6,454)
Corporate securities [Member]
Fixed income securities:
Less than 12 months Fair Value	31,765	76,645
Less than 12 months Unrealized Losses	(1,385)	(7,944)
Greater than 12 months Fair Value	85,610	39,683
Greater than 12 months Unrealized Losses	(11,939)	(7,843)
Fair Value, Total	117,375	116,328
Unrealized Losses, Total	(13,324)	(15,787)
Residential mortgage-backed securities [Member]
Fixed income securities:
Less than 12 months Fair Value	6,539	21,017
Less than 12 months Unrealized Losses	(192)	(1,805)
Greater than 12 months Fair Value	31,272	18,519
Greater than 12 months Unrealized Losses	(5,094)	(4,041)
Fair Value, Total	37,811	39,536
Unrealized Losses, Total	(5,286)	(5,846)
Commercial mortgage-backed securities [Member]
Fixed income securities:
Less than 12 months Fair Value	5,347	18,932
Less than 12 months Unrealized Losses	(270)	(2,674)
Greater than 12 months Fair Value	20,346	7,204
Greater than 12 months Unrealized Losses	(4,267)	(2,028)
Fair Value, Total	25,693	26,136
Unrealized Losses, Total	(4,537)	(4,702)
Asset-backed securities [Member]
Fixed income securities:
Less than 12 months Fair Value	8,204	18,904
Less than 12 months Unrealized Losses	(129)	(1,522)
Greater than 12 months Fair Value	32,642	21,809
Greater than 12 months Unrealized Losses	(4,307)	(3,539)
Fair Value, Total	40,846	40,713
Unrealized Losses, Total	(4,436)	(5,061)
Redeemable preferred stocks [Member]
Fixed income securities:
Less than 12 months Fair Value	3,299	3,015
Less than 12 months Unrealized Losses	(448)	(732)
Greater than 12 months Fair Value	763	705
Greater than 12 months Unrealized Losses	(237)	(296)
Fair Value, Total	4,062	3,720
Unrealized Losses, Total	$ (685)	$ (1,028)

Investments (Details) - Sched_4

Investments (Details) - Schedule of Net Investment Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Investment Income [Line Items]
Total gross investment income	$ 3,152	$ 2,658
Investment expenses	913	1,005
Net investment income	2,239	1,653
Fixed Income Securities [Member]
Net Investment Income [Line Items]
Total gross investment income	2,630	2,161
Equity Securities [Member]
Net Investment Income [Line Items]
Total gross investment income	320	329
Real Estate [Member]
Net Investment Income [Line Items]
Total gross investment income	150	166
Cash and Cash Equivalents [Member]
Net Investment Income [Line Items]
Total gross investment income	$ 52	$ 2

Investments (Details) - Sched_5

Investments (Details) - Schedule of net investment gains (losses) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Gross realized gains:
Total gross realized gains	$ 12,731	$ 1,119
Gross realized losses, excluding credit impairment losses:
Total gross realized losses, excluding credit impairment losses	(1,145)	(181)
Net realized gains	11,586	938
Change in net unrealized gains on equity securities	(10,170)	(6,466)
Net investment gains (losses)	1,416	(5,528)
Fixed Income Securities [Member]
Gross realized gains:
Total gross realized gains		46
Gross realized losses, excluding credit impairment losses:
Total gross realized losses, excluding credit impairment losses	(299)	(3)
Equity Securities [Member]
Gross realized gains:
Total gross realized gains	12,731	1,073
Gross realized losses, excluding credit impairment losses:
Total gross realized losses, excluding credit impairment losses	$ (846)	$ (178)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Schedule of assets which are measured on a recurring basis - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fixed income securities:
Total fixed income securities	$ 316,865	$ 303,324
Equity securities:
Total equity securities	26,336	52,393
Cash equivalents	43,987	27,255
Total assets at fair value	387,188	382,972
Common stock [Member]
Equity securities:
Total equity securities	24,481	50,699
Non-redeemable preferred stock [Member]
Equity securities:
Total equity securities	1,855	1,694
U.S. Government and agencies [Member]
Fixed income securities:
Total fixed income securities	9,463	10,167
Obligations of states and political subdivisions [Member]
Fixed income securities:
Total fixed income securities	52,918	53,926
Corporate securities [Member]
Fixed income securities:
Total fixed income securities	125,126	121,159
Residential mortgage-backed securities [Member]
Fixed income securities:
Total fixed income securities	52,536	47,493
Commercial mortgage-backed securities [Member]
Fixed income securities:
Total fixed income securities	26,401	26,135
Asset-backed securities [Member]
Fixed income securities:
Total fixed income securities	46,359	40,725
Redeemable preferred stock [Member]
Fixed income securities:
Total fixed income securities	4,062	3,719
Fair Value, Inputs, Level 1 [Member]
Fixed income securities:
Total fixed income securities
Equity securities:
Total equity securities	26,336	52,393
Cash equivalents	43,987	27,255
Total assets at fair value	70,323	79,648
Fair Value, Inputs, Level 1 [Member] | Common stock [Member]
Equity securities:
Total equity securities	24,481	50,699
Fair Value, Inputs, Level 1 [Member] | Non-redeemable preferred stock [Member]
Equity securities:
Total equity securities	1,855	1,694
Fair Value, Inputs, Level 1 [Member] | U.S. Government and agencies [Member]
Fixed income securities:
Total fixed income securities
Fair Value, Inputs, Level 1 [Member] | Obligations of states and political subdivisions [Member]
Fixed income securities:
Total fixed income securities
Fair Value, Inputs, Level 1 [Member] | Corporate securities [Member]
Fixed income securities:
Total fixed income securities
Fair Value, Inputs, Level 1 [Member] | Residential mortgage-backed securities [Member]
Fixed income securities:
Total fixed income securities
Fair Value, Inputs, Level 1 [Member] | Commercial mortgage-backed securities [Member]
Fixed income securities:
Total fixed income securities
Fair Value, Inputs, Level 1 [Member] | Asset-backed securities [Member]
Fixed income securities:
Total fixed income securities
Fair Value, Inputs, Level 1 [Member] | Redeemable preferred stock [Member]
Fixed income securities:
Total fixed income securities
Fair Value, Inputs, Level 2 [Member]
Fixed income securities:
Total fixed income securities	316,865	303,324
Equity securities:
Total equity securities
Cash equivalents
Total assets at fair value	316,865	303,324
Fair Value, Inputs, Level 2 [Member] | Common stock [Member]
Equity securities:
Total equity securities
Fair Value, Inputs, Level 2 [Member] | Non-redeemable preferred stock [Member]
Equity securities:
Total equity securities
Fair Value, Inputs, Level 2 [Member] | U.S. Government and agencies [Member]
Fixed income securities:
Total fixed income securities	9,463	10,167
Fair Value, Inputs, Level 2 [Member] | Obligations of states and political subdivisions [Member]
Fixed income securities:
Total fixed income securities	52,918	53,926
Fair Value, Inputs, Level 2 [Member] | Corporate securities [Member]
Fixed income securities:
Total fixed income securities	125,126	121,159
Fair Value, Inputs, Level 2 [Member] | Residential mortgage-backed securities [Member]
Fixed income securities:
Total fixed income securities	52,536	47,493
Fair Value, Inputs, Level 2 [Member] | Commercial mortgage-backed securities [Member]
Fixed income securities:
Total fixed income securities	26,401	26,135
Fair Value, Inputs, Level 2 [Member] | Asset-backed securities [Member]
Fixed income securities:
Total fixed income securities	46,359	40,725
Fair Value, Inputs, Level 2 [Member] | Redeemable preferred stock [Member]
Fixed income securities:
Total fixed income securities	4,062	3,719
Fair Value, Inputs, Level 3 [Member]
Fixed income securities:
Total fixed income securities
Equity securities:
Total equity securities
Cash equivalents
Total assets at fair value
Fair Value, Inputs, Level 3 [Member] | Common stock [Member]
Equity securities:
Total equity securities
Fair Value, Inputs, Level 3 [Member] | Non-redeemable preferred stock [Member]
Equity securities:
Total equity securities
Fair Value, Inputs, Level 3 [Member] | U.S. Government and agencies [Member]
Fixed income securities:
Total fixed income securities
Fair Value, Inputs, Level 3 [Member] | Obligations of states and political subdivisions [Member]
Fixed income securities:
Total fixed income securities
Fair Value, Inputs, Level 3 [Member] | Corporate securities [Member]
Fixed income securities:
Total fixed income securities
Fair Value, Inputs, Level 3 [Member] | Residential mortgage-backed securities [Member]
Fixed income securities:
Total fixed income securities
Fair Value, Inputs, Level 3 [Member] | Commercial mortgage-backed securities [Member]
Fixed income securities:
Total fixed income securities
Fair Value, Inputs, Level 3 [Member] | Asset-backed securities [Member]
Fixed income securities:
Total fixed income securities
Fair Value, Inputs, Level 3 [Member] | Redeemable preferred stock [Member]
Fixed income securities:
Total fixed income securities

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Reinsurance (Details) [Line Items]
Reinsurance retention policy, amount retained	$ 133,000	$ 125,000
Reinsurance coverage excess amount	20,000	15,000
Reinsurance risk excess of loss	4,000	4,000
Excess property risks	1,000	1,000
Reinsurance coverage property risk	11,000	11,000
Reinsurance coverage excess of casualty risks	1,000	1,000
Reinsurance coverage	20,000	20,000
Excess amount per property	$ 5,000	$ 5,000
Ceded reinsurance percentage	100%	100%
Crop [Member]
Reinsurance (Details) [Line Items]
Ceded reinsurance commission percentage	100%	100%
Multi-Peril Crop [Member]
Reinsurance (Details) [Line Items]
Ceded reinsurance commission percentage	105%	105%

Reinsurance (Details) - Schedul

Reinsurance (Details) - Schedule of reconciliation of direct to net premiums on both a written and an earned basis - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Premiums Written [Member]
Effects of Reinsurance [Line Items]
Premiums Written, Direct premium	$ 90,556	$ 75,533
Premiums Written, Assumed premium	399	1,861
Premiums Written, Ceded premium	(8,459)	(5,660)
Premiums Written, Net premiums	82,496	71,734
Premiums Earned [Member]
Effects of Reinsurance [Line Items]
Premiums Earned, Direct premium	85,474	73,399
Premiums Earned, Assumed premium	576	1,861
Premiums Earned, Ceded premium	(8,423)	(5,673)
Premiums Earned, Net premiums	$ 77,627	$ 69,587

Reinsurance (Details) - Sched_2

Reinsurance (Details) - Schedule of reconciliation of direct to net losses and loss adjustment expenses - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reinsurance Disclosures [Abstract]
Direct losses and loss adjustment expenses	$ 70,861	$ 45,495
Assumed losses and loss adjustment expenses	90	10
Ceded losses and loss adjustment expenses	(12,126)	(5,376)
Net losses and loss adjustment expenses	$ 58,825	$ 40,129

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs (Details) - Schedule of deferred policy acquisition costs and asset reconciliation - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Deferred Policy Acquisition Costs and Asset Reconciliation [Abstract]
Balance, beginning of period	$ 29,768	$ 24,947
Deferral of policy acquisition costs	20,170	16,948
Amortization of deferred policy acquisition costs	(18,588)	(15,623)
Balance, end of period	$ 31,350	$ 26,272

Unpaid Losses and Loss Adjust_3

Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Direct Auto and Westminster [Member]
Unpaid Losses and Loss Adjustment Expenses (Details) [Line Items]
Incurred reported losses and loss adjustment expenses	$ 9,971
Battle Creek [Member]
Unpaid Losses and Loss Adjustment Expenses (Details) [Line Items]
Incurred reported losses and loss adjustment expenses		$ 1,987

Unpaid Losses and Loss Adjust_4

Unpaid Losses and Loss Adjustment Expenses (Details) - Schedule of activity in the liability for unpaid losses and loss adjustment expenses - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Balance, beginning of period:
Liability for unpaid losses and loss adjustment expenses	$ 190,459	$ 139,662
Reinsurance recoverables on losses	37,575	21,200
Net balance, beginning of period	152,884	118,462
Incurred related to:
Current year	48,854	42,116
Prior years	9,971	(1,987)
Total incurred	58,825	40,129
Paid related to:
Current year	14,528	13,512
Prior years	38,033	30,747
Total paid	52,561	44,259
Balance, end of period:
Liability for unpaid losses and loss adjustment expenses	204,790	133,694
Reinsurance recoverables on losses	45,642	19,362
Net balance, end of period	$ 159,148	$ 114,332

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property and Equipment [Abstract]
Depreciation expense	$ 182	$ 168

Property and Equipment (Detai_2

Property and Equipment (Details) - Schedule of property and equipment - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cost:
Property and equipment, Gross cost	$ 21,388	$ 21,213
Accumulated depreciation	(11,470)	(11,370)
Total property and equipment, net	9,918	9,843
Land [Member]
Cost:
Property and equipment, Gross cost	1,403	1,403
Building and improvements [Member]
Cost:
Property and equipment, Gross cost	$ 14,340	14,271
Building and improvements [Member] | Maximum [Member]
Cost:
Estimated Useful Life	10 years
Building and improvements [Member] | Minimum [Member]
Cost:
Estimated Useful Life	43 years
Electronic data processing equipment [Member]
Cost:
Property and equipment, Gross cost	$ 1,396	1,310
Electronic data processing equipment [Member] | Maximum [Member]
Cost:
Estimated Useful Life	5 years
Electronic data processing equipment [Member] | Minimum [Member]
Cost:
Estimated Useful Life	7 years
Furniture and Fixtures [Member]
Cost:
Property and equipment, Gross cost	$ 2,919	2,919
Furniture and Fixtures [Member] | Maximum [Member]
Cost:
Estimated Useful Life	5 years
Furniture and Fixtures [Member] | Minimum [Member]
Cost:
Estimated Useful Life	7 years
Automobiles [Member]
Cost:
Property and equipment, Gross cost	$ 1,330	$ 1,310
Automobiles [Member] | Maximum [Member]
Cost:
Estimated Useful Life	2 years
Automobiles [Member] | Minimum [Member]
Cost:
Estimated Useful Life	3 years

Goodwill and Other Intangible_2

Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 118	$ 118

Goodwill and Other Intangible_3

Goodwill and Other Intangibles (Details) - Schedule of goodwill by segment - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill	$ 9,384	$ 9,384
Non-standard auto from acquisition of Primero [Member]
Goodwill [Line Items]
Goodwill	2,628	2,628
Commercial from acquisition of Westminster [Member]
Goodwill [Line Items]
Goodwill	$ 6,756	$ 6,756

Goodwill and Other Intangible_4

Goodwill and Other Intangibles (Details) - Schedule of other intangible assets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Subject to amortization:
Gross Carrying Amount	$ 9,348	$ 9,348
Accumulated Amortization	1,600	1,482
Net	7,748	7,866
Trade Names [Member]
Subject to amortization:
Gross Carrying Amount	748	748
Accumulated Amortization	390	365
Net	358	383
Distribution Network [Member]
Subject to amortization:
Gross Carrying Amount	6,700	6,700
Accumulated Amortization	1,210	1,117
Net	5,490	5,583
Subject to Amortization [Member]
Subject to amortization:
Gross Carrying Amount	7,448	7,448
Accumulated Amortization	1,600	1,482
Net	5,848	5,966
Not Subject to Amortization State Insurance Licenses [Member]
Subject to amortization:
Gross Carrying Amount	1,900	1,900
Accumulated Amortization
Net	$ 1,900	$ 1,900

Goodwill and Other Intangible_5

Goodwill and Other Intangibles (Details) - Schedule of amortization of other intangible assets with finite lives $ in Thousands	Mar. 31, 2023 USD ($)
Schedule of Amortization of Other Intangible Assets with Finite Lives [Abstract]
2023 (nine months remaining)	$ 337
2024	422
2025	422
2026	422
2027	422
Thereafter	3,823
Total other intangible assets with finite lives	$ 5,848

Related Party Transactions (Det

Related Party Transactions (Details) - NDFB [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transactions (Details) [Line Items]
Payment of royalties	$ 357	$ 339
Royalty amounts payable	$ 140		$ 119

Related Party Transactions (D_2

Related Party Transactions (Details) - Schedule of pooling share percentages	3 Months Ended
	Mar. 31, 2023
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	100%
Nodak Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	66%
American West Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	7%
Primero Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	3%
Battle Creek Mutual Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	2%
Direct Auto Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	13%
Westminster American Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	9%

Related Party Transactions (D_3

Related Party Transactions (Details) - Schedule of impact of consolidating Battle Creek into our consolidated balance sheets - Battle Creek [Member] - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Assets:
Cash and cash equivalents		$ 3,559		$ 5,008
Investments		14,001		13,350
Premiums and agents’ balances receivable		5,197		5,422
Deferred policy acquisition costs		627		595
Reinsurance recoverables on losses	[1]	10,440		12,597
Accrued investment income		68		59
Income tax recoverable				225
Deferred income taxes		735		780
Property and equipment		316		319
Other assets		56		52
Total assets		34,999		38,407
Liabilities:
Unpaid losses and loss adjustment expenses		6,331		6,453
Unearned premiums		3,056		2,959
Notes payable	[2]	3,000		3,000
Pooling payable	[2]	7,225		8,337
Reinsurance losses payable	[1]	12,952		13,125
Accrued expenses and other liabilities		280		2,303
Total liabilities		32,844		36,177
Equity:
Non-controlling interest		2,155		2,230
Total equity		2,155		2,230
Total liabilities and equity		34,999		$ 38,407
Revenues:
Net premiums earned		1,553	$ 1,392
Fee and other income (expense)		10	(5)
Net investment income		67	13
Total revenues		1,630	1,400
Expenses:
Losses and loss adjustment expenses		1,177	803
Amortization of deferred policy acquisition costs		372	312
Other underwriting and general expenses		163	117
Total expenses		1,712	1,232
Income (loss) before income taxes		(82)	168
Income tax expense		208	38
Net income (loss)		$ (290)	$ 130
[1]Amount partly eliminated in consolidation.[2]Amount fully eliminated in consolidation.

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Benefit Plans (Details) [Line Items]
Company's total contributions to the 401(k) plan	$ 189	$ 148
Company's total contribution to the money purchase plan	249	190
Deferred compensation plan expenses	22	104
Debt from ESOP	$ 2,400
Percentage of ESOP in authorized shares	1%
Per share price (in Dollars per share)	$ 10
Distribution of employee stock ownership plan shares	$ 82	$ 109
ESOP shares were released and allocated (in Shares)	145,890
ESOP shares in suspense (in Shares)			94,110
Market price (in Dollars per share)	$ 13
Fair value of unearned ESOP shares	$ 1,223
ESOP Loan [Member]
Benefit Plans (Details) [Line Items]
Debt term	10 years
Interest rate	2.79%

Line of Credit (Details)

Line of Credit (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Line of credit with Wells Fargo	$ 5,000
Interest rate	3.25%
Outstanding amounts
Line of credit expiration date	Mar. 31, 2024

Income Taxes (Details)

Income Taxes (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Battle Creek [Member]
Income Taxes (Details) [Line Items]
Operating loss carryforwards	$ 3,963
Westminster [Member]
Income Taxes (Details) [Line Items]
Operating loss carryforwards	$ 1,270

Leases (Details) - Schedule of

Leases (Details) - Schedule of operating leases - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Operating Leases Abstract [Abstract]
Operating lease expense	$ 98	$ 68
Other information on operating leases:
Operating cash outflow from operating leases	101	68
Right-of-use assets obtained in exchange for new lease liabilities
Weighted average discount rate	3.25%	3.25%
Weighted average remaining lease term in years	6 years 1 month 6 days	6 years 9 months 18 days

Leases (Details) - Schedule o_2

Leases (Details) - Schedule of contractual maturities of the Company’s lease liabilities $ in Thousands	Mar. 31, 2023 USD ($)
Schedule of Contractual Maturities of the Company's Lease Liabilities [Abstract]
2023	$ 262
2024	321
2025	286
2026	291
2027	296
Thereafter	479
Total undiscounted lease payments	1,935
Less: present value adjustment	179
Operating lease liability at March 31, 2023	$ 1,756

Common and Preferred Stock (Det

Common and Preferred Stock (Details) - USD ($)	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Aug. 16, 2022	Aug. 11, 2022	May 09, 2022
Common and Preferred Stock (Details) [Line Items]
Weighted average shares (in Shares)	61,290
Stock repurchase program, authorized amount						$ 5,000,000	$ 10,000,000
Shares repurchased (in Shares)	46,099	54,872		54,223
Repurchase shares (in Shares)				214,937
Shares repurchased, value		$ 997,000		$ 734,000
Excise tax	1%				1%
Preferred stock, shares issued (in Shares)	5,000,000
Common Stock [Member]
Common and Preferred Stock (Details) [Line Items]
Shares repurchased (in Shares)	46,099
Shares repurchased, value	$ 8,645,000
Shares of common stock	$ 621,000
Additional Authorization [Member]
Common and Preferred Stock (Details) [Line Items]
Shares repurchased (in Shares)			81,095
Common stock, shares issued			$ 1,554,000
Shares repurchased, value				$ 3,446,000

Common and Preferred Stock (D_2

Common and Preferred Stock (Details) - Schedule of changes in the number of common stock shares outstanding - shares	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule Of Changes In The Number Of Common Stock Shares Outstanding Abstract
Shares outstanding, beginning of period	21,076,255	21,219,808	21,219,808
Treasury shares repurchased through stock repurchase authorization	(46,099)	(54,872)	(54,223)
Issuance of treasury shares for vesting of restricted stock units	32,199	90,704
Shares outstanding, end of period	21,062,355	21,255,640	21,076,255

Share-Based Compensation (Detai

Share-Based Compensation (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) shares
Share-Based Payment Arrangement [Member]
Share-Based Compensation (Details) [Line Items]
Share issued | shares	1,000,000
Shares granted | shares	100,000
Outstanding, aggregate intrinsic value	$ 1,000
Share-Based Payment Arrangement [Member] | Director [Member]
Share-Based Compensation (Details) [Line Items]
Share granted not exceed	$ 150
Restricted Stock [Member]
Share-Based Compensation (Details) [Line Items]
Percentage of RSU granted to employees per year	20%
Percentage of RSU granted to non-employee directors per year	100%
Total unrecognized compensation cost	$ 1,322
Total unrecognized compensation cost, weighted average period	2 years 8 months 4 days
Performance Shares [Member]
Share-Based Compensation (Details) [Line Items]
Total unrecognized compensation cost	$ 1,455
Total unrecognized compensation cost, weighted average period	2 years 2 months 19 days
Performance Shares [Member] | Minimum [Member]
Share-Based Compensation (Details) [Line Items]
Percentage of RSU granted to employees per year	0%
Performance Shares [Member] | Maximum [Member]
Share-Based Compensation (Details) [Line Items]
Percentage of RSU granted to employees per year	150%

Share-Based Compensation (Det_2

Share-Based Compensation (Details) - Schedule of restricted stock outstanding - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Weighted-Average Grant-Date Fair Value Per Share
Share-Based Compensation (Details) - Schedule of restricted stock outstanding [Line Items]
Units outstanding and unearned at beginning	$ 17	$ 16.86
RSUs granted	13.85	17.61
RSUs earned	16.22	17.39
Units outstanding and unearned at ending	$ 15.87	$ 17
Shares
Share-Based Compensation (Details) - Schedule of restricted stock outstanding [Line Items]
Units outstanding and unearned at beginning	115,360	108,380
RSUs granted	58,400	59,600
RSUs earned	(35,180)	(52,620)
Units outstanding and unearned at ending	138,580	115,360

Share-Based Compensation (Det_3

Share-Based Compensation (Details) - Schedule of RSU activity - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation (Details) - Schedule of RSU activity [Line Items]
RSU compensation expense	$ 302	$ 273
Income tax benefit	(69)	(62)
RSU compensation expense, net of income taxes	$ 233	$ 211

Share-Based Compensation (Det_4

Share-Based Compensation (Details) - Schedule of performance stock outstanding - $ / shares		3 Months Ended	12 Months Ended
		Mar. 31, 2023	Dec. 31, 2022
Weighted-Average Grant-Date Fair Value Per Share
Share-Based Compensation (Details) - Schedule of performance stock outstanding [Line Items]
Units outstanding and unearned at beginning		$ 17	$ 16.06
PSUs granted during (at target)		13.85	18.1
PSUs earned during			15.21
Performance adjustment	[1]	14.26	15.21
Forfeitures			15.21
Units outstanding and unearned at ending		$ 16.53	$ 17
PSUs
Share-Based Compensation (Details) - Schedule of performance stock outstanding [Line Items]
Units outstanding and unearned at beginning		190,000	190,600
PSUs granted during (at target)		87,400	61,800
PSUs earned during			(86,684)
Performance adjustment	[1]	(63,600)	31,200
Forfeitures			(6,916)
Units outstanding and unearned at ending		213,800	190,000
[1]Represents the change in PSUs issued based upon the attainment of performance goals established by the Company

Share-Based Compensation (Det_5

Share-Based Compensation (Details) - Schedule of PSU activity - Performance Shares [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation (Details) - Schedule of PSU activity [Line Items]
PSU compensation expense	$ 138	$ 261
Income tax benefit	(31)	(59)
PSU compensation expense, net of income taxes	$ 107	$ 202

Allowance for Expected Credit_3

Allowance for Expected Credit Losses (Details) - Schedule of allowance for expected credit losses $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Premiums Receivable, Net of Allowance for Expected Credit Losses [Member]
Allowance for Expected Credit Losses (Details) - Schedule of allowance for expected credit losses [Line Items]
Balance, beginning of period	$ 62,173
Current period charge for expected credit losses
Write-offs of uncollectible premiums receivable
Balance, end of period	64,502
Allowance for Expected Credit Losses [Member]
Allowance for Expected Credit Losses (Details) - Schedule of allowance for expected credit losses [Line Items]
Balance, beginning of period	425
Current period charge for expected credit losses	90
Write-offs of uncollectible premiums receivable	70
Balance, end of period	$ 445

Segment Information (Details)

Segment Information (Details)	Mar. 31, 2023
Segment Reporting [Abstract]
Revenues percent	10%

Segment Information (Details) -

Segment Information (Details) - Schedule of revenue by insurance product line - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Segment Information (Details) - Schedule of revenue by insurance product line [Line Items]
Direct premiums earned	$ 85,474	$ 73,399
Assumed premiums earned	576	1,861
Ceded premiums earned	(8,423)	(5,673)
Net premiums earned	77,627	69,587
Direct losses and loss adjustment expenses	70,861	45,495
Assumed losses and loss adjustment expenses	90	10
Ceded losses and loss adjustment expenses	(12,126)	(5,376)
Net losses and loss adjustment expenses	58,825	40,129
Gross margin	18,802	29,458
Underwriting and general expenses	28,244	23,404
Underwriting gain (loss)	(9,442)	6,054
Fee and other income	274	428
Total	81,556	66,140
Net investment income	2,239	1,653
Net investment gains (losses)	1,416	(5,528)
Income (loss) before income taxes	(5,513)	2,607
Income tax expense (benefit)	(1,013)	568
Net income (loss)	(4,500)	2,039
Net income (loss) attributable to non-controlling interest	(290)	130
Net income (loss) attributable to NI Holdings, Inc.	$ (4,210)	$ 1,909
Operating Ratios:
Loss and loss adjustment expenses ratio	75.80%	57.70%
Expense ratio	36.40%	33.60%
Combined ratio	112.20%	91.30%
Premiums and agents’ balances receivable	$ 64,502	$ 54,880	$ 62,173
Deferred policy acquisition costs	31,350	26,272	29,768	$ 24,947
Reinsurance recoverables on losses	45,642	19,362	37,575
Receivable from Federal Crop Insurance Corporation	14,034
Goodwill and other intangibles	17,132	17,604	17,250
Unpaid losses and loss adjustment expenses	204,790	133,694	190,459
Unearned premiums	153,467	130,275	$ 148,513
Payable to Federal Crop Insurance Corporation		7,059
Private Passenger Auto [Member]
Segment Information (Details) - Schedule of revenue by insurance product line [Line Items]
Direct premiums earned	20,541	19,301
Assumed premiums earned
Ceded premiums earned	(888)	(559)
Net premiums earned	19,653	18,742
Direct losses and loss adjustment expenses	15,624	14,526
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses	1	185
Net losses and loss adjustment expenses	15,625	14,711
Gross margin	4,028	4,031
Underwriting and general expenses	6,418	5,768
Underwriting gain (loss)	$ (2,390)	$ (1,737)
Operating Ratios:
Loss and loss adjustment expenses ratio	79.50%	78.50%
Expense ratio	32.70%	30.80%
Combined ratio	112.20%	109.30%
Premiums and agents’ balances receivable	$ 21,743	$ 19,627
Deferred policy acquisition costs	5,309	5,076
Reinsurance recoverables on losses	1,280	817
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	27,366	26,340
Unearned premiums	32,378	29,573
Payable to Federal Crop Insurance Corporation
Non-standard auto (Primero) [Member]
Segment Information (Details) - Schedule of revenue by insurance product line [Line Items]
Direct premiums earned	20,971	14,442
Assumed premiums earned
Ceded premiums earned	(92)	(64)
Net premiums earned	20,879	14,378
Direct losses and loss adjustment expenses	17,038	8,491
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses
Net losses and loss adjustment expenses	17,038	8,491
Gross margin	3,841	5,887
Underwriting and general expenses	8,994	6,091
Underwriting gain (loss)	(5,153)	(204)
Fee and other income	232	388
Total	$ (4,921)	$ 184
Operating Ratios:
Loss and loss adjustment expenses ratio	81.60%	59.10%
Expense ratio	43.10%	42.40%
Combined ratio	124.70%	101.40%
Premiums and agents’ balances receivable	$ 16,642	$ 12,098
Deferred policy acquisition costs	10,716	7,126
Reinsurance recoverables on losses
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles	2,748	2,798
Unpaid losses and loss adjustment expenses	50,876	41,948
Unearned premiums	33,711	20,933
Payable to Federal Crop Insurance Corporation
Home and Farm [Member]
Segment Information (Details) - Schedule of revenue by insurance product line [Line Items]
Direct premiums earned	22,433	21,179
Assumed premiums earned
Ceded premiums earned	(2,442)	(1,967)
Net premiums earned	19,991	19,212
Direct losses and loss adjustment expenses	9,523	7,192
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses	(804)	(352)
Net losses and loss adjustment expenses	8,719	6,840
Gross margin	11,272	12,372
Underwriting and general expenses	6,205	5,973
Underwriting gain (loss)	$ 5,067	$ 6,399
Operating Ratios:
Loss and loss adjustment expenses ratio	43.60%	35.60%
Expense ratio	31.10%	31.10%
Combined ratio	74.70%	66.70%
Premiums and agents’ balances receivable	$ 8,954	$ 8,991
Deferred policy acquisition costs	7,279	7,246
Reinsurance recoverables on losses	5,845	3,559
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	29,165	17,130
Unearned premiums	44,446	42,307
Payable to Federal Crop Insurance Corporation
Crop [Member]
Segment Information (Details) - Schedule of revenue by insurance product line [Line Items]
Direct premiums earned	(10)	(17)
Ceded premiums earned	(715)	4
Net premiums earned	(725)	(13)
Direct losses and loss adjustment expenses	(669)	(103)
Ceded losses and loss adjustment expenses	(104)	(63)
Net losses and loss adjustment expenses	(773)	(166)
Gross margin	48	153
Underwriting and general expenses	32	(552)
Underwriting gain (loss)	$ 16	$ 705
Operating Ratios:
Loss and loss adjustment expenses ratio
Expense ratio
Combined ratio
Premiums and agents’ balances receivable	$ 93
Deferred policy acquisition costs
Reinsurance recoverables on losses	51	$ 75
Receivable from Federal Crop Insurance Corporation	14,034
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	421	421
Unearned premiums
Payable to Federal Crop Insurance Corporation		7,059
Commercial [Member]
Segment Information (Details) - Schedule of revenue by insurance product line [Line Items]
Direct premiums earned	20,230	17,230
Assumed premiums earned
Ceded premiums earned	(4,213)	(3,042)
Net premiums earned	16,017	14,188
Direct losses and loss adjustment expenses	29,322	15,063
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses	(11,208)	(5,046)
Net losses and loss adjustment expenses	18,114	10,017
Gross margin	(2,097)	4,171
Underwriting and general expenses	6,086	5,336
Underwriting gain (loss)	$ (8,183)	$ (1,165)
Operating Ratios:
Loss and loss adjustment expenses ratio	113.10%	70.60%
Expense ratio	38%	37.60%
Combined ratio	151.10%	108.20%
Premiums and agents’ balances receivable	$ 16,301	$ 13,442
Deferred policy acquisition costs	7,616	6,392
Reinsurance recoverables on losses	37,669	14,184
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles	14,384	14,806
Unpaid losses and loss adjustment expenses	89,296	38,640
Unearned premiums	39,975	34,181
Payable to Federal Crop Insurance Corporation
All Other [Member]
Segment Information (Details) - Schedule of revenue by insurance product line [Line Items]
Direct premiums earned	1,309	1,264
Assumed premiums earned	576	1,861
Ceded premiums earned	(73)	(45)
Net premiums earned	1,812	3,080
Direct losses and loss adjustment expenses	23	326
Assumed losses and loss adjustment expenses	90	10
Ceded losses and loss adjustment expenses	(11)	(100)
Net losses and loss adjustment expenses	102	236
Gross margin	1,710	2,844
Underwriting and general expenses	509	788
Underwriting gain (loss)	$ 1,201	$ 2,056
Operating Ratios:
Loss and loss adjustment expenses ratio	5.60%	7.70%
Expense ratio	28.10%	25.60%
Combined ratio	33.70%	33.20%
Premiums and agents’ balances receivable	$ 769	$ 722
Deferred policy acquisition costs	430	432
Reinsurance recoverables on losses	797	727
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	7,666	9,215
Unearned premiums	$ 2,957	3,281
Payable to Federal Crop Insurance Corporation