NI (NODK) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Information [Line Items]
Entity Registrant Name	NI Holdings, Inc.
Entity Central Index Key	0001681206
Entity File Number	001-37973
Entity Tax Identification Number	81-2683619
Entity Incorporation, State or Country Code	ND
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	1101 First Avenue North
Entity Address, City or Town	Fargo
Entity Address, State or Province	ND
Entity Address, Postal Zip Code	58102
Entity Phone Fax Numbers [Line Items]
City Area Code	(701)
Local Phone Number	298-4200
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	NODK
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		20,575,593

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 34,506	$ 47,002
Fixed income securities, at fair value (net of allowance for expected credit losses of $0 at September 30, 2023 and $0 at December 31, 2022)	325,168	303,324
Equity securities, at fair value	24,853	52,393
Other investments	2,004	2,005
Total cash and investments	386,531	404,724
Premiums and agents' balances receivable (net of allowance for expected credit losses of $424 at September 30, 2023 and $425 at December 31, 2022)	99,625	62,173
Deferred policy acquisition costs	32,177	29,768
Reinsurance premiums receivable	597	1,647
Reinsurance recoverables on losses (net of allowance for expected credit losses of $0 at September 30, 2023 and $0 at December 31, 2022)	56,790	37,575
Income tax recoverable	12,389	13,964
Accrued investment income	2,724	2,456
Property and equipment, net	10,200	9,843
Deferred income taxes	14,266	9,005
Receivable from Federal Crop Insurance Corporation	14,479	15,462
Goodwill and other intangibles	16,901	17,250
Other assets	10,415	10,365
Total assets	657,094	614,232
Liabilities:
Unpaid losses and loss adjustment expenses	240,748	190,459
Unearned premiums	165,498	148,513
Accrued expenses and other liabilities	20,911	22,053
Total liabilities	427,157	361,025
Shareholders’ equity:
Common stock, $0.01 par value, authorized: 25,000,000 shares; issued: 23,000,000 shares; and outstanding: 2023 – 20,575,593 shares, 2022 – 21,076,255 shares	230	230
Additional paid-in capital	96,159	95,671
Unearned employee stock ownership plan shares	(941)	(941)
Retained earnings	201,749	214,121
Accumulated other comprehensive loss, net of income taxes	(33,722)	(29,286)
Treasury stock, at cost, 2023 – 2,330,297 shares, 2022 – 1,829,635 shares	(35,179)	(28,818)
Non-controlling interest	1,641	2,230
Total shareholders’ equity	229,937	253,207
Total liabilities and shareholders’ equity	$ 657,094	$ 614,232

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 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)	424	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	20,575,593	21,076,255
Treasury stock, shares	2,330,297	1,829,635

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Net premiums earned	$ 90,770	$ 89,532	$ 262,543	$ 243,615
Fee and other income	455	476	1,228	1,319
Net investment income	2,751	2,035	7,495	5,703
Net investment gains (losses)	(1,227)	(2,868)	15	(19,532)
Total revenues	92,749	89,175	271,281	231,105
Expenses:
Losses and loss adjustment expenses	63,564	78,917	199,895	227,641
Amortization of deferred policy acquisition costs	20,362	17,589	59,529	49,456
Other underwriting and general expenses	8,695	5,912	27,646	23,695
Total expenses	92,621	102,418	287,070	300,792
Income (loss) before income taxes	128	(13,243)	(15,789)	(69,687)
Income tax benefit	(170)	(3,074)	(3,352)	(14,921)
Net income (loss)	298	(10,169)	(12,437)	(54,766)
Net income (loss) attributable to non-controlling interest	67	(184)	(336)	(780)
Net income (loss) attributable to NI Holdings, Inc.	$ 231	$ (9,985)	$ (12,101)	$ (53,986)
Income (loss) per common share:
Basic (in Dollars per share)	$ 0.01	$ (0.47)	$ (0.57)	$ (2.53)
Diluted (in Dollars per share)	$ 0.01	$ (0.47)	$ (0.57)	$ (2.53)
Share data:
Weighted average common shares outstanding used in basic per common share calculations (in Shares)	21,111,832	21,328,383	21,253,168	21,360,151
Plus: Dilutive securities (in Shares)	81,690
Weighted average common shares used in diluted per common share calculations (in Shares)	21,193,522	21,328,383	21,253,168	21,360,151

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income (loss)	$ 298	$ (10,169)	$ (12,437)	$ (54,766)
Other comprehensive loss, before income taxes:
Holding losses on investments	(9,191)	(12,766)	(6,563)	(50,048)
Reclassification adjustment for net realized losses included in net loss	8	39	495	101
Other comprehensive loss, before income taxes	(9,183)	(12,727)	(6,068)	(49,947)
Income tax benefit related to items of other comprehensive loss	2,087	2,893	1,379	11,353
Other comprehensive loss, net of income taxes	(7,096)	(9,834)	(4,689)	(38,594)
Comprehensive loss	(6,798)	(20,003)	(17,126)	(93,360)
Attributable to NI Holdings, Inc.
Net income (loss)	231	(9,985)	(12,101)	(53,986)
Other comprehensive loss, before income taxes:
Holding losses on investments	(8,726)	(12,319)	(6,236)	(48,254)
Reclassification adjustment for net realized losses included in net loss	8	19	495	81
Other comprehensive loss, before income taxes	(8,718)	(12,300)	(5,741)	(48,173)
Income tax benefit related to items of other comprehensive loss	1,982	2,796	1,305	10,950
Other comprehensive loss, net of income taxes	(6,736)	(9,504)	(4,436)	(37,223)
Comprehensive loss	(6,505)	(19,489)	(16,537)	(91,209)
Attributable to Non- Controlling Interest
Net income (loss)	67	(184)	(336)	(780)
Other comprehensive loss, before income taxes:
Holding losses on investments	(465)	(447)	(327)	(1,794)
Reclassification adjustment for net realized losses included in net loss		20		20
Other comprehensive loss, before income taxes	(465)	(427)	(327)	(1,774)
Income tax benefit related to items of other comprehensive loss	105	97	74	403
Other comprehensive loss, net of income taxes	(360)	(330)	(253)	(1,371)
Comprehensive loss	$ (293)	$ (514)	$ (589)	$ (2,151)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Unearned Employee Stock Ownership Plan Shares	Retained Earnings	Accumulated Other Comprehensive Income (Loss), Net of Income Taxes	Treasury Stock	Non-Controlling Interest	Total
Balance at Dec. 31, 2021	$ 230	$ 98,166	$ (1,184)	$ 267,207	$ 5,237	$ (26,452)	$ 4,209	$ 347,413
Net income (loss)				(53,986)			(780)	(54,766)
Other comprehensive loss, net of income taxes					(37,223)		(1,371)	(38,594)
Purchase of treasury stock						(2,870)		(2,870)
Share-based compensation		406						406
Issuance of vested award shares		(2,592)		10		1,814		(768)
Balance at Sep. 30, 2022	230	95,980	(1,184)	213,231	(31,986)	(27,508)	2,058	250,821
Balance at Jun. 30, 2022	230	96,827	(1,184)	223,217	(22,482)	(26,569)	2,572	272,611
Net income (loss)				(9,985)			(184)	(10,169)
Other comprehensive loss, net of income taxes					(9,504)		(330)	(9,834)
Purchase of treasury stock						(939)		(939)
Share-based compensation		(645)						(645)
Issuance of vested award shares		(202)		(1)				(203)
Balance at Sep. 30, 2022	230	95,980	(1,184)	213,231	(31,986)	(27,508)	2,058	250,821
Balance at Dec. 31, 2022	230	95,671	(941)	214,121	(29,286)	(28,818)	2,230	253,207
Net income (loss)				(12,101)			(336)	(12,437)
Other comprehensive loss, net of income taxes					(4,436)		(253)	(4,689)
Purchase of treasury stock						(7,280)		(7,280)
Share-based compensation		1,310						1,310
Issuance of vested award shares		(822)		(271)		919		(174)
Balance at Sep. 30, 2023	230	96,159	(941)	201,749	(33,722)	(35,179)	1,641	229,937
Balance at Jun. 30, 2023	230	95,750	(941)	201,518	(26,986)	(31,122)	1,934	240,383
Net income (loss)				231			67	298
Other comprehensive loss, net of income taxes					(6,736)		(360)	(7,096)
Purchase of treasury stock						(4,057)		(4,057)
Share-based compensation		409						409
Issuance of vested award shares
Balance at Sep. 30, 2023	$ 230	$ 96,159	$ (941)	$ 201,749	$ (33,722)	$ (35,179)	$ 1,641	$ 229,937

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (12,437)	$ (54,766)
Adjustments to reconcile net loss to net cash flows from operating activities:
Net investment losses (gains)	(15)	19,532
Deferred income tax benefit	(3,881)	(6,128)
Depreciation of property and equipment	558	517
Amortization of intangibles	349	354
Share-based compensation	1,310	406
Amortization of deferred policy acquisition costs	59,529	49,456
Deferral of policy acquisition costs	(61,938)	(54,328)
Net amortization of premiums and discounts on investments	793	1,251
Gain on sale of property and equipment	(44)	(186)
Changes in operating assets and liabilities:
Premiums and agents’ balances receivable	(37,452)	(51,518)
Reinsurance premiums receivable / payable	1,050	1,223
Reinsurance recoverables on losses	(19,215)	(11,790)
Income tax recoverable / payable	1,575	(11,020)
Accrued investment income	(268)	327
Federal Crop Insurance Corporation receivable / payable	983	(262)
Other assets	(50)	(305)
Unpaid losses and loss adjustment expenses	50,289	46,275
Unearned premiums	16,985	26,620
Accrued expenses and other liabilities	(1,142)	19,662
Net cash flows from operating activities	(3,021)	(24,680)
Cash flows from investing activities:
Proceeds from maturities and sales of fixed income securities	24,828	68,584
Proceeds from sales of equity securities	38,388	13,598
Purchases of fixed income securities	(54,027)	(49,444)
Purchases of equity securities	(10,338)	(13,715)
Purchases of property and equipment	(1,001)	(1,052)
Proceeds from sales of property and equipment	129	668
Net cash flows from investing activities	(2,021)	18,639
Cash flows from financing activities:
Purchases of treasury stock	(7,280)	(2,870)
Installment payment on Westminster consideration payable		(6,667)
Issuance of vested award shares	(174)	(768)
Net cash flows from financing activities	(7,454)	(10,305)
Net decrease in cash and cash equivalents	(12,496)	(16,346)
Cash and cash equivalents at beginning of period	47,002	70,623
Cash and cash equivalents at end of period	34,506	54,277
Federal and state income taxes paid		$ 2,360

Organization

Organization	9 Months Ended
	Sep. 30, 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 private passenger 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 private passenger 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 for NI Holdings (“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 for NI Holdings (“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”), a global credit rating agency specializing in the insurance industry. The same executive management team provides oversight and strategic direction for the entire organization. Nodak Insurance provides common product oversight, pricing practices, and underwriting standards, as well as underwriting and claims administration, to itself, American West, and Battle Creek. Primero, Direct Auto, and Westminster personnel manage the day-to-day operations of their respective companies.

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	9 Months Ended
	Sep. 30, 2023
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 conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim unaudited consolidated financial statements and the reported amounts of revenues, claims, and expenses during the reporting period. Actual results could differ from those estimates. Operating results for the interim periods ended September 30, 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 nine months ended September 30, 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 are now unable 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	9 Months Ended
	Sep. 30, 2023
Investments [Abstract]
Investments	3. Investments The amortized cost and estimated fair value of fixed income securities as of September 30, 2023, and December 31, 2022, were as follows: September 30, 2023 Cost or Allowance for Gross Gross Fair Value Fixed income securities: U.S. Government and agencies $ 9,941 $ — $ — $ (1,019 ) $ 8,922 Obligations of states and political subdivisions 57,007 — 1 (7,534 ) 49,474 Corporate securities 151,844 — 60 (17,099 ) 134,805 Residential mortgage-backed securities 64,767 — — (8,628 ) 56,139 Commercial mortgage-backed securities 30,289 — — (5,432 ) 24,857 Asset-backed securities 52,295 — 18 (5,159 ) 47,154 Redeemable preferred stocks 4,747 — — (930 ) 3,817 Total fixed income securities $ 370,890 $ — $ 79 $ (45,801 ) $ 325,168 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. September 30, 2023 Amortized Cost Fair Value Due to mature: One year or less $ 13,605 $ 13,354 After one year through five years 77,699 72,443 After five years through ten years 85,106 73,366 After ten years 42,382 34,038 Mortgage / asset-backed securities 147,351 128,150 Redeemable preferred stocks 4,747 3,817 Total fixed income securities $ 370,890 $ 325,168 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 $5,734 at September 30, 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. September 30, 2023 Less than 12 Months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed income securities: U.S. Government and agencies $ — $ — $ 8,922 $ (1,019 ) $ 8,922 $ (1,019 ) Obligations of states and political subdivisions 8,706 (957 ) 39,242 (6,577 ) 47,948 (7,534 ) Corporate securities 23,227 (1,294 ) 108,062 (15,805 ) 131,289 (17,099 ) Residential mortgage-backed securities 24,639 (1,144 ) 31,500 (7,484 ) 56,139 (8,628 ) Commercial mortgage-backed securities 1,908 (67 ) 22,949 (5,365 ) 24,857 (5,432 ) Asset-backed securities 10,817 (216 ) 33,134 (4,943 ) 43,951 (5,159 ) Redeemable preferred stocks — — 3,817 (930 ) 3,817 (930 ) Total fixed income securities $ 69,297 $ (3,678 ) $ 247,626 $ (42,123 ) $ 316,923 $ (45,801 ) 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 or nine months ended September 30, 2023. Therefore, there was no beginning or ending balance of credit losses for the three or nine months ended September 30, 2023, or 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Fixed income securities $ 2,906 $ 2,303 $ 8,317 $ 6,870 Equity securities 355 402 958 1,126 Real estate 158 149 464 390 Cash and cash equivalents 154 18 300 30 Total gross investment income 3,573 2,872 10,039 8,416 Investment expenses 822 837 2,544 2,713 Net investment income $ 2,751 $ 2,035 $ 7,495 $ 5,703 Net investment gains (losses) consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Gross realized gains: Fixed income securities $ — $ 67 $ — $ 118 Equity securities 722 1,219 13,810 3,488 Total gross realized gains 722 1,286 13,810 3,606 Gross realized losses, excluding credit impairment losses: Fixed income securities (8 ) (106 ) (495 ) (219 ) Equity securities (183 ) (1,097 ) (1,317 ) (1,339 ) Total gross realized losses, excluding credit impairment losses (191 ) (1,203 ) (1,812 ) (1,558 ) Net realized gains 531 83 11,998 2,048 Change in net unrealized gains on equity securities (1,758 ) (2,951 ) (11,983 ) (21,580 ) Net investment gains (losses) $ (1,227 ) $ (2,868 ) $ 15 $ (19,532 )

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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. We also use information from our third-party investment advisors who utilize different independent pricing services to further validate the reasonableness of the valuation of our fixed income portfolio. 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 or nine months ended September 30, 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 money market accounts and equity securities are generally based on Level 1 inputs, which use the market-approach valuation technique. The valuation of certain cash equivalents and 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 September 30, 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: September 30, 2023 Total Level 1 Level 2 Level 3 Fixed income securities: U.S. Government and agencies $ 8,922 $ — $ 8,922 $ — Obligations of states and political subdivisions 49,474 — 49,474 — Corporate securities 134,805 — 134,805 — Residential mortgage-backed securities 56,139 — 56,139 — Commercial mortgage-backed securities 24,857 — 24,857 — Asset-backed securities 47,154 — 47,154 — Redeemable preferred stock 3,817 — 3,817 — Total fixed income securities 325,168 — 325,168 — Equity securities: Common stock 23,132 23,132 — — Non-redeemable preferred stock 1,721 1,721 — — Total equity securities 24,853 24,853 — — Money market accounts and cash equivalents 11,116 4,850 6,266 — Total assets at fair value $ 361,137 $ 29,703 $ 331,434 $ — 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 — — Money market accounts and 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 September 30, 2023, or December 31, 2022.

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2023
Reinsurance [Abstract]
Reinsurance	5. Reinsurance External 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 nine-month period ended September 30, 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 financial strength ratings. At September 30, 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 September 30, 2023 Nine Months Ended September 30, 2023 Premiums Written Premiums Earned Premiums Written Premiums Earned Direct premium $ 81,223 $ 104,540 $ 316,029 $ 296,176 Assumed premium 175 2,045 3,014 3,448 Ceded premium (10,773 ) (15,815 ) (39,671 ) (37,081 ) Net premiums $ 70,625 $ 90,770 $ 279,372 $ 262,543 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Premiums Written Premiums Earned Premiums Written Premiums Earned Direct premium $ 81,147 $ 102,173 $ 301,642 $ 269,823 Assumed premium 680 2,460 5,767 6,012 Ceded premium (10,765 ) (15,101 ) (36,600 ) (32,220 ) Net premiums $ 71,062 $ 89,532 $ 270,809 $ 243,615 A reconciliation of direct to net losses and loss adjustment expenses is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Direct losses and loss adjustment expenses $ 71,107 $ 94,446 $ 237,117 $ 250,611 Assumed losses and loss adjustment expenses 725 868 882 2,413 Ceded losses and loss adjustment expenses (8,268 ) (16,397 ) (38,104 ) (25,383 ) Net losses and loss adjustment expenses $ 63,564 $ 78,917 $ 199,895 $ 227,641 If 100% of our ceded reinsurance was cancelled as of September 30, 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. 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 nine months ended September 30, 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%

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	9 Months Ended
	Sep. 30, 2023
Deferred Policy Acquisition Costs [Abstract]
Deferred Policy Acquisition Costs	6. Deferred Policy Acquisition Costs Expenses directly related to successfully acquired insurance policies, primarily commissions, premium taxes, and underwriting costs, are deferred and amortized over the terms of the policies. We update our acquisition cost assumptions periodically to reflect actual experience, and we evaluate the costs for recoverability. The table below shows the deferred policy acquisition costs and asset reconciliation: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance, beginning of period $ 34,124 $ 30,917 $ 29,768 $ 24,947 Deferral of policy acquisition costs 18,415 16,491 61,938 54,328 Amortization of deferred policy acquisition costs (20,362 ) (17,589 ) (59,529 ) (49,456 ) Balance, end of period $ 32,177 $ 29,819 $ 32,177 $ 29,819

Unpaid Losses and Loss Adjustme

Unpaid Losses and Loss Adjustment Expenses	9 Months Ended
	Sep. 30, 2023
Unpaid Losses and Loss Adjustment Expenses [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: Nine Months Ended September 30, 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 180,895 234,823 Prior years 19,000 (7,182 ) Total incurred 199,895 227,641 Paid related to: Current year 91,979 141,810 Prior years 76,842 51,346 Total paid 168,821 193,156 Balance, end of period: Liability for unpaid losses and loss adjustment expenses 240,748 185,937 Reinsurance recoverables on losses 56,790 32,990 Net balance, end of period $ 183,958 $ 152,947 During the nine months ended September 30, 2023, the Company’s incurred reported losses and loss adjustment expenses included $19,000 of net unfavorable development on prior accident years. The net unfavorable development was primarily attributable to Direct Auto and Westminster, partially offset by net favorable development on prior accident years for Nodak Insurance, American West, and Battle Creek. During the nine months ended September 30, 2022, the Company’s incurred reported losses and loss adjustment expenses included $7,182 of net favorable development on prior accident years, primarily attributable to Battle Creek and American West. 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	9 Months Ended
	Sep. 30, 2023
Property and Equipment [Abstract]
Property and Equipment	8. Property and Equipment Property and equipment consisted of the following: September 30, 2023 December 31, 2022 Estimated Useful Life Cost: Land $ 1,403 $ 1,403 indefinite Building and improvements 14,538 14,271 10 – 43 years Electronic data processing equipment 1,637 1,310 5 – 7 years Furniture and fixtures 3,034 2,919 5 – 7 years Automobiles 1,317 1,310 2 – 3 years Gross cost 21,929 21,213 Accumulated depreciation (11,729 ) (11,370 ) Total property and equipment, net $ 10,200 $ 9,843 Depreciation expense was $188 and $174 for the three months ended September 30, 2023 and 2022, respectively, and $558 and $517 for the nine months ended September 30, 2023 and 2022, respectively.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
	Sep. 30, 2023
Goodwill and Other Intangible [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: September 30, 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: September 30, 2023 Gross Carrying Accumulated Net Subject to amortization: Trade names $ 748 $ 435 $ 313 Distribution network 6,700 1,396 5,304 Total subject to amortization 7,448 1,831 5,617 Not subject to amortization: State insurance licenses 1,900 — 1,900 Total $ 9,348 $ 1,831 $ 7,517 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 licenses 1,900 — 1,900 Total $ 9,348 $ 1,482 $ 7,866 Amortization expense was $114 and $118 for the three months ended September 30, 2023 and 2022, respectively, and $349 and $354 for the nine months ended September 30, 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 September 30, 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 (three months remaining) $ 106 2024 422 2025 422 2026 422 2027 422 Thereafter 3,823 Total other intangible assets with finite lives $ 5,617

Royalties, Dividends, and Affil

Royalties, Dividends, and Affiliations	9 Months Ended
	Sep. 30, 2023
Royalties, Dividends, and Affiliations [Abstract]
Royalties, Dividends, and Affiliations	10. Royalties, Dividends, and Affiliations 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 $426 and $397 during the three months ended September 30, 2023 and 2022, respectively, and $1,225 and $1,141 for the nine months ended September 30, 2023 and 2022, respectively. Royalty amounts payable of $112 and $119 were accrued as a liability to the NDFB at September 30, 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: September 30, 2023 December 31, 2022 Assets: Cash and cash equivalents $ 123 $ 5,008 Investments 13,675 13,350 Premiums and agents’ balances receivable 5,887 5,422 Deferred policy acquisition costs 644 595 Reinsurance recoverables on losses (2) 15,601 12,597 Accrued investment income 71 59 Income tax recoverable — 225 Deferred income taxes 884 780 Property and equipment 310 319 Other assets 82 52 Total assets $ 37,277 $ 38,407 Liabilities: Unpaid losses and loss adjustment expenses $ 4,842 $ 6,453 Unearned premiums 3,295 2,959 Notes payable (1) 3,000 3,000 Pooling payable (1) 9,847 8,337 Reinsurance losses payable (2) 13,635 13,125 Accrued expenses and other liabilities 1,017 2,303 Total liabilities 35,636 36,177 Equity: Non-controlling interest 1,641 2,230 Total equity 1,641 2,230 Total liabilities and equity $ 37,277 $ 38,407 (1) Amount fully eliminated in consolidation. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues: Net premiums earned $ 1,816 $ 1,790 $ 5,251 $ 4,872 Fee and other income (expenses) 10 (1 ) 27 (8 ) Net investment income (expense) 80 (8 ) 227 32 Total revenues 1,906 1,781 5,505 4,896 Expenses: Losses and loss adjustment expenses 1,271 1,579 3,998 4,553 Amortization of deferred policy acquisition costs 408 352 1,191 989 Other underwriting and general expenses 139 89 457 363 Total expenses 1,818 2,020 5,646 5,905 Income (loss) before income taxes 88 (239 ) (141 ) (1,009 ) Income tax expense (benefit) 21 (55 ) 195 (229 ) Net income (loss) $ 67 $ (184 ) $ (336 ) $ (780 )

Benefit Plans

Benefit Plans	9 Months Ended
	Sep. 30, 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. Nodak Insurance also contributes an additional elective amount of employee compensation as a profit-sharing contribution for its eligible employees. Westminster also sponsors a separate 401(k) plan. American West and Battle Creek have no employees. The Company reported expenses related to these plans totaling $656 and $383 during the three months ended September 30, 2023 and 2022, respectively, and $1,315 and $1,150 during the nine months ended September 30, 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 executives’ compensation or incentive payments. The Company reported expenses related to this plan totaling $45 and $23 during the three months ended September 30, 2023 and 2022, respectively, and $143 and $150 during the nine months ended September 30, 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 ESOP, Nodak Insurance loaned $2,400 to the ESOP’s related trust (the “ESOP Trust”). The ESOP loan was for a period of ten years, bearing interest at the long-term Applicable Federal Rate effective on the closing date of the offering (2.79% annually). The ESOP Trust used the proceeds of the loan to purchase shares in our IPO, which resulted in the ESOP Trust owning approximately 1.0% of the Company’s authorized shares. The ESOP has purchased the shares for investment and not for resale. The shares purchased by the ESOP Trust in the offering are held in a suspense account as collateral for the ESOP loan. Nodak Insurance makes semi-annual cash contributions to the ESOP in amounts no smaller than the amounts required for the ESOP Trust to make its loan payments to Nodak Insurance. While the ESOP makes two loan payments per year, a pre-determined portion of the shares are released from the suspense account and allocated to participant accounts at the end of the calendar year. This release and allocation occurs on an annual basis over the ten-year term of the ESOP loan. Nodak Insurance has a lien on the shares of common stock of the Company held by the ESOP to secure repayment of the loan from the ESOP to Nodak Insurance. If the ESOP is terminated as a result of a change in control of the Company, the ESOP may be required to pay the costs of terminating the plan. It is anticipated that the only assets held by the ESOP will be shares of the Company’s common stock. Participants in the ESOP cannot direct the investment of any assets allocated to their accounts. The ESOP participants are employees of Nodak Insurance. The employees of Primero, Direct Auto, and Westminster do not participate in the ESOP. 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 related to the ESOP of $81 and $88 during the three months ended September 30, 2023 and 2022, respectively, and $245 and $298 during the nine months ended September 30, 2023 and 2022, respectively. Through September 30, 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 September 30, 2023, and December 31, 2022. Using the Company’s quarter-end market price of $12.87 per share, the fair value of the unearned ESOP shares was $1,211 at September 30, 2023.

Line of Credit

Line of Credit	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2023
Income Taxes [Abstract]
Income Taxes	13. Income Taxes At September 30, 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- and nine-month periods ended September 30, 2023 or the year ended December 31, 2022. At September 30, 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 at the end of 2023. As of September 30, 2023, we are no longer subject to federal tax examination for years prior to 2019.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	14. Leases Primero leases a facility in Spearfish, South Dakota under a non-cancellable operating lease expiring in 2028, 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 periods ended September 30, 2023, are not comparable to the periods ended September 30, 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. We currently do not have leases that include options to purchase or provisions that would automatically transfer ownership of the leased property to the Company. We determine 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. We 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, we estimate 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 our operating leases are as follows: As of and For the Three Months As of and For the Nine Months Ended 2023 2022 2023 2022 Operating lease expense $ 98 $ 98 $ 293 $ 293 Other information on operating leases: Operating cash outflow from operating leases 103 101 307 239 Right-of-use assets obtained in exchange for new lease liabilities — — 247 — Weighted average discount rate 3.95% 3.25% 3.95% 3.25% Weighted average remaining lease term in years 5.6 years 6.4 years 5.6 years 6.4 years The following table presents the contractual maturities of our operating leases for each of the five years in the period ending December 31, 2027, and thereafter, reconciled to our operating lease liability at September 30, 2023: Year ending December 31, 2023 (three months remaining) $ 97 2024 381 2025 346 2026 351 2027 356 Thereafter 509 Total undiscounted lease payments 2,040 Less: present value adjustment 200 Operating lease liability at September 30, 2023 $ 1,840

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2023
Common and Preferred Stock [Abstract]
Common and Preferred Stock	16. Common and Preferred Stock Changes in the number of common stock shares outstanding are as follows: Nine Months Ended September 30, 2023 2022 Shares outstanding, beginning of period 21,076,255 21,219,808 Treasury shares repurchased through stock repurchase authorization (548,549 ) (173,419 ) Issuance of treasury shares for vesting of restricted stock units 47,887 101,292 Shares outstanding, end of period 20,575,593 21,147,681 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. The net loss per diluted common share for the nine-month period ended September 30, 2023, excluded the weighted average effects of 68,380 shares of stock awards since the impacts of these potential shares of common stock were anti-dilutive. The net loss per diluted common share for the three- and nine-month periods ended September 30, 2022, excluded the weighted average effects of 99,960 and 171,209 shares of stock awards, respectively, 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 year ended December 31, 2021, we completed the repurchase of 81,095 shares of our common stock for $1,554 under this authorization. During the 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, 173,419 shares were repurchased for $2,870 during the nine months ended September 30, 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 nine months ended September 30, 2023, we completed the repurchase of 548,549 shares of our common stock for $7,280, including the applicable excise tax. At September 30, 2023, $2,052 remains available 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, subject to certain adjustments. 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 and does not expect the IRA to have a material impact on the Company’s financial position and results of operations. 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	9 Months Ended
	Sep. 30, 2023
Share-Based Compensation [Abstract]
Share-Based Compensation	17. Share-Based Compensation The NI Holdings, Inc. 2020 Stock and Incentive Plan (the “Plan”) is designed 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 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 85,000 13.76 RSUs earned during 2023 (53,780 ) 16.32 Units outstanding and unearned at September 30, 2023 146,580 15.37 The following table shows the impact of RSU activity to the Company’s financial results: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 RSU compensation expense $ 268 $ 227 $ 827 $ 725 Income tax benefit (61 ) (52 ) (188 ) (165 ) RSU compensation expense, net of income taxes $ 207 $ 175 $ 639 $ 560 At September 30, 2023, there was $1,159 of unrecognized compensation cost related to outstanding RSUs. That cost is expected to be recognized over a weighted-average period of 1.70 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 adjusted 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 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 September 30, 2023 213,800 16.53 (1) The following table shows the impact of PSU activity to the Company’s financial results: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 PSU compensation expense (benefit) $ 141 $ (872 ) $ 418 $ (349 ) Income tax expense (benefit) (32 ) 198 (95 ) 79 PSU compensation expense, net of income taxes $ 109 $ (674 ) $ 323 $ (270 ) The cost estimates for PSU grants represent initial target awards until we can reasonably forecast the financial performance of each PSU award grant. At the end of the performance period, we 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 September 30, 2023, there was $1,175 of unrecognized compensation cost related to outstanding PSUs. That cost is expected to be recognized over a weighted-average period of 2.20 years.

Allowance for Expected Credit L

Allowance for Expected Credit Losses	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2023, and the changes in the allowance for expected credit losses for the three and nine months ended September 30, 2023. As of and For the Three Months Ended Premiums and Allowance for Balance, beginning of period $ 106,946 $ 434 Current period charge for expected credit losses 45 Write-offs of uncollectible premiums receivable 55 Balance, end of period $ 99,625 $ 424 As of and For the Nine Months Ended September 30, 2023 Premiums and Allowance for Balance, beginning of period $ 62,173 $ 425 Current period charge for expected credit losses 323 Write-offs of uncollectible premiums receivable 324 Balance, end of period $ 99,625 $ 424

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 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- and nine-month periods ended September 30, 2023 and 2022. For purposes of evaluating profitability of the non-standard auto segment, we combine 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 net investment income, net investment gains (losses), fee and other income excluding non-standard auto, 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 and other liabilities, income taxes recoverable or payable, and shareholders’ equity. Three Months Ended September 30, 2023 Private Non-Standard Home and Crop Commercial All Other Total Direct premiums earned $ 22,377 $ 21,334 $ 23,650 $ 15,283 $ 20,544 $ 1,352 $ 104,540 Assumed premiums earned — — — 1,792 — 253 2,045 Ceded premiums earned (1,142 ) (103 ) (2,341 ) (7,329 ) (4,793 ) (107 ) (15,815 ) Net premiums earned 21,235 21,231 21,309 9,746 15,751 1,498 90,770 Direct losses and loss adjustment expenses 16,148 18,838 14,611 4,899 17,043 (432 ) 71,107 Assumed losses and loss adjustment expenses — — — 558 — 167 725 Ceded losses and loss adjustment expenses 455 — (559 ) (1,767 ) (6,771 ) 374 (8,268 ) Net losses and loss adjustment expenses 16,603 18,838 14,052 3,690 10,272 109 63,564 Gross margin 4,632 2,393 7,257 6,056 5,479 1,389 27,206 Underwriting and general expenses 6,078 8,671 6,159 1,950 5,810 389 29,057 Underwriting gain (loss) (1,446 ) (6,278 ) 1,098 4,106 (331 ) 1,000 (1,851 ) Fee and other income 278 455 (6,000 ) Net investment income 2,751 Net investment losses (1,227 ) Income before income taxes 128 Income tax benefit (170 ) Net income 298 Net income attributable to non-controlling interest 67 Net income attributable to NI Holdings, Inc. $ 231 Operating Ratios: Loss and loss adjustment expense ratio 78.2% 88.7% 65.9% 37.9% 65.2% 7.3% 70.0% Expense ratio 28.6% 40.8% 28.9% 20.0% 36.9% 26.0% 32.0% Combined ratio 106.8% 129.5% 94.8% 57.9% 102.1% 33.3% 102.0% Balances at September 30, 2023: Premiums and agents’ balances receivable $ 23,901 $ 15,854 $ 9,655 $ 35,982 $ 13,438 $ 795 $ 99,625 Deferred policy acquisition costs 5,744 9,797 7,973 1,046 7,160 457 32,177 Reinsurance recoverables on losses 139 — 3,918 4,676 46,097 1,960 56,790 Receivable from Federal Crop Insurance Corporation — — — 14,479 — — 14,479 Goodwill and other intangibles — 2,728 — — 14,173 — 16,901 Unpaid losses and loss adjustment expenses 33,124 59,663 24,489 16,614 99,521 7,337 240,748 Unearned premiums 35,059 31,072 48,636 10,208 37,663 2,860 165,498 Three Months Ended September 30, 2022 Private Non-Standard Home and Crop Commercial All Other Total Direct premiums earned $ 20,523 $ 17,646 $ 22,429 $ 20,921 $ 19,342 $ 1,312 $ 102,173 Assumed premiums earned — — — 1,768 — 692 2,460 Ceded premiums earned (710 ) (67 ) (2,678 ) (8,123 ) (3,458 ) (65 ) (15,101 ) Net premiums earned 19,813 17,579 19,751 14,566 15,884 1,939 89,532 Direct losses and loss adjustment expenses 20,969 11,958 34,051 12,040 14,646 782 94,446 Assumed losses and loss adjustment expenses — — — 539 — 329 868 Ceded losses and loss adjustment expenses (615 ) — (5,229 ) (5,605 ) (4,834 ) (114 ) (16,397 ) Net losses and loss adjustment expenses 20,354 11,958 28,822 6,974 9,812 997 78,917 Gross margin (541 ) 5,621 (9,071 ) 7,592 6,072 942 10,615 Underwriting and general expenses 5,061 6,399 5,396 343 5,840 462 23,501 Underwriting gain (loss) (5,602 ) (778 ) (14,467 ) 7,249 232 480 (12,886 ) Fee and other income 246 476 (532 ) Net investment income 2,035 Net investment losses (2,868 ) Loss before income taxes (13,243 ) Income tax benefit (3,074 ) Net loss (10,169 ) Net loss attributable to non-controlling interest (184 ) Net loss attributable to NI Holdings, Inc. $ (9,985 ) Operating Ratios: Loss and loss adjustment expense ratio 102.7% 68.0% 145.9% 47.9% 61.8% 51.4% 88.1% Expense ratio 25.6% 36.4% 27.3% 2.3% 36.8% 23.8% 26.3% Combined ratio 128.3% 104.4% 173.2% 50.2% 98.6% 75.2% 114.4% Balances at September 30, 2022: Premiums and agents’ balances receivable $ 21,252 $ 17,754 $ 9,461 $ 42,395 $ 11,343 $ 765 $ 102,970 Deferred policy acquisition costs 5,311 8,992 7,708 436 6,928 444 29,819 Reinsurance recoverables on losses 1,135 — 7,035 8,226 15,763 831 32,990 Goodwill and other intangibles — 2,773 — — 14,595 — 17,368 Unpaid losses and loss adjustment expenses 29,821 41,231 31,792 25,244 49,545 8,304 185,937 Unearned premiums 31,331 27,031 44,841 11,071 37,042 3,093 154,409 Payable to Federal Crop Insurance Corporation — — — 4,700 — — 4,700 Nine Months Ended September 30, 2023 Private Non-Standard Home and Crop Commercial All Other Total Direct premiums earned $ 64,426 $ 64,049 $ 69,077 $ 32,800 $ 61,850 $ 3,974 $ 296,176 Assumed premiums earned — — — 2,293 — 1,155 3,448 Ceded premiums earned (2,995 ) (295 ) (7,363 ) (12,735 ) (13,440 ) (253 ) (37,081 ) Net premiums earned 61,431 63,754 61,714 22,358 48,410 4,876 262,543 Direct losses and loss adjustment expenses 50,227 50,015 42,548 16,932 76,050 1,345 237,117 Assumed losses and loss adjustment expenses — — — 558 — 324 882 Ceded losses and loss adjustment expenses 867 — (1,862 ) (6,363 ) (29,535 ) (1,211 ) (38,104 ) Net losses and loss adjustment expenses 51,094 50,015 40,686 11,127 46,515 458 199,895 Gross margin 10,337 13,739 21,028 11,231 1,895 4,418 62,648 Underwriting and general expenses 18,249 26,349 18,515 4,630 18,146 1,286 87,175 Underwriting gain (loss) (7,912 ) (12,610 ) 2,513 6,601 (16,251 ) 3,132 (24,527 ) Fee and other income 748 1,228 (11,862 ) Net investment income 7,495 Net investment gains 15 Loss before income taxes (15,789 ) Income tax benefit (3,352 ) Net loss (12,437 ) Net loss attributable to non-controlling interest (336 ) Net loss attributable to NI Holdings, Inc. $ (12,101 ) Operating Ratios: Loss and loss adjustment expense ratio 83.2% 78.5% 65.9% 49.8% 96.1% 9.4% 76.1% Expense ratio 29.7% 41.3% 30.0% 20.7% 37.5% 26.4% 33.2% Combined ratio 112.9% 119.8% 95.9% 70.5% 133.6% 35.8% 109.3% Nine Months Ended September 30, 2022 Private Non-Standard Home and Crop Commercial All Other Total Direct premiums earned $ 59,648 $ 47,665 $ 65,312 $ 38,612 $ 54,733 $ 3,853 $ 269,823 Assumed premiums earned — — — 2,259 — 3,753 6,012 Ceded premiums earned (1,830 ) (196 ) (6,393 ) (14,023 ) (9,630 ) (148 ) (32,220 ) Net premiums earned 57,818 47,469 58,919 26,848 45,103 7,458 243,615 Direct losses and loss adjustment expenses 52,360 24,582 103,430 25,173 42,791 2,275 250,611 Assumed losses and loss adjustment expenses — — — 781 — 1,632 2,413 Ceded losses and loss adjustment expenses (442 ) — (5,938 ) (8,819 ) (9,970 ) (214 ) (25,383 ) Net losses and loss adjustment expenses 51,918 24,582 97,492 17,135 32,821 3,693 227,641 Gross margin 5,900 22,887 (38,573 ) 9,713 12,282 3,765 15,974 Underwriting and general expenses 16,382 19,357 17,425 1,400 16,752 1,835 73,151 Underwriting gain (loss) (10,482 ) 3,530 (55,998 ) 8,313 (4,470 ) 1,930 (57,177 ) Fee and other income 888 1,319 4,418 Net investment income 5,703 Net investment losses (19,532 ) Loss before income taxes (69,687 ) Income tax benefit (14,921 ) Net loss (54,766 ) Net loss attributable to non-controlling interest (780 ) Net loss attributable to NI Holdings, Inc. $ (53,986 ) Operating Ratios: Loss and loss adjustment expense ratio 89.8% 51.8% 165.5% 63.8% 72.8% 49.5% 93.5% Expense ratio 28.3% 40.8% 29.6% 5.2% 37.1% 24.6% 30.0% Combined ratio 118.1% 92.6% 195.1% 69.0% 109.9% 74.1% 123.5%

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 231	$ (9,985)	$ (12,101)	$ (53,986)

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. 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 conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim unaudited consolidated financial statements and the reported amounts of revenues, claims, and expenses during the reporting period. Actual results could differ from those estimates. Operating results for the interim periods ended September 30, 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 nine months ended September 30, 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 are now unable 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)	9 Months Ended
	Sep. 30, 2023
Investments [Abstract]
Schedule of Amortized Cost and Estimated Fair Value of Income Securities	The amortized cost and estimated fair value of fixed income securities as of September 30, 2023, and December 31, 2022, were as follows: September 30, 2023 Cost or Allowance for Gross Gross Fair Value Fixed income securities: U.S. Government and agencies $ 9,941 $ — $ — $ (1,019 ) $ 8,922 Obligations of states and political subdivisions 57,007 — 1 (7,534 ) 49,474 Corporate securities 151,844 — 60 (17,099 ) 134,805 Residential mortgage-backed securities 64,767 — — (8,628 ) 56,139 Commercial mortgage-backed securities 30,289 — — (5,432 ) 24,857 Asset-backed securities 52,295 — 18 (5,159 ) 47,154 Redeemable preferred stocks 4,747 — — (930 ) 3,817 Total fixed income securities $ 370,890 $ — $ 79 $ (45,801 ) $ 325,168 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	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. September 30, 2023 Amortized Cost Fair Value Due to mature: One year or less $ 13,605 $ 13,354 After one year through five years 77,699 72,443 After five years through ten years 85,106 73,366 After ten years 42,382 34,038 Mortgage / asset-backed securities 147,351 128,150 Redeemable preferred stocks 4,747 3,817 Total fixed income securities $ 370,890 $ 325,168 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	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. September 30, 2023 Less than 12 Months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed income securities: U.S. Government and agencies $ — $ — $ 8,922 $ (1,019 ) $ 8,922 $ (1,019 ) Obligations of states and political subdivisions 8,706 (957 ) 39,242 (6,577 ) 47,948 (7,534 ) Corporate securities 23,227 (1,294 ) 108,062 (15,805 ) 131,289 (17,099 ) Residential mortgage-backed securities 24,639 (1,144 ) 31,500 (7,484 ) 56,139 (8,628 ) Commercial mortgage-backed securities 1,908 (67 ) 22,949 (5,365 ) 24,857 (5,432 ) Asset-backed securities 10,817 (216 ) 33,134 (4,943 ) 43,951 (5,159 ) Redeemable preferred stocks — — 3,817 (930 ) 3,817 (930 ) Total fixed income securities $ 69,297 $ (3,678 ) $ 247,626 $ (42,123 ) $ 316,923 $ (45,801 ) 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	Net investment income consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Fixed income securities $ 2,906 $ 2,303 $ 8,317 $ 6,870 Equity securities 355 402 958 1,126 Real estate 158 149 464 390 Cash and cash equivalents 154 18 300 30 Total gross investment income 3,573 2,872 10,039 8,416 Investment expenses 822 837 2,544 2,713 Net investment income $ 2,751 $ 2,035 $ 7,495 $ 5,703
Schedule of Net Investment Gains (Losses)	Net investment gains (losses) consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Gross realized gains: Fixed income securities $ — $ 67 $ — $ 118 Equity securities 722 1,219 13,810 3,488 Total gross realized gains 722 1,286 13,810 3,606 Gross realized losses, excluding credit impairment losses: Fixed income securities (8 ) (106 ) (495 ) (219 ) Equity securities (183 ) (1,097 ) (1,317 ) (1,339 ) Total gross realized losses, excluding credit impairment losses (191 ) (1,203 ) (1,812 ) (1,558 ) Net realized gains 531 83 11,998 2,048 Change in net unrealized gains on equity securities (1,758 ) (2,951 ) (11,983 ) (21,580 ) Net investment gains (losses) $ (1,227 ) $ (2,868 ) $ 15 $ (19,532 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Measurements [Abstract]
Schedule of Assets Which are Measured on a Recurring Basis	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: September 30, 2023 Total Level 1 Level 2 Level 3 Fixed income securities: U.S. Government and agencies $ 8,922 $ — $ 8,922 $ — Obligations of states and political subdivisions 49,474 — 49,474 — Corporate securities 134,805 — 134,805 — Residential mortgage-backed securities 56,139 — 56,139 — Commercial mortgage-backed securities 24,857 — 24,857 — Asset-backed securities 47,154 — 47,154 — Redeemable preferred stock 3,817 — 3,817 — Total fixed income securities 325,168 — 325,168 — Equity securities: Common stock 23,132 23,132 — — Non-redeemable preferred stock 1,721 1,721 — — Total equity securities 24,853 24,853 — — Money market accounts and cash equivalents 11,116 4,850 6,266 — Total assets at fair value $ 361,137 $ 29,703 $ 331,434 $ — 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 — — Money market accounts and cash equivalents 27,255 27,255 — — Total assets at fair value $ 382,972 $ 79,648 $ 303,324 $ —

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2023
Reinsurance [Abstract]
Schedule of Reconciliation of Direct to Net Premiums on Both a Written and an Earned Basis	A reconciliation of direct to net premiums on both a written and an earned basis is as follows: Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Premiums Written Premiums Earned Premiums Written Premiums Earned Direct premium $ 81,223 $ 104,540 $ 316,029 $ 296,176 Assumed premium 175 2,045 3,014 3,448 Ceded premium (10,773 ) (15,815 ) (39,671 ) (37,081 ) Net premiums $ 70,625 $ 90,770 $ 279,372 $ 262,543 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Premiums Written Premiums Earned Premiums Written Premiums Earned Direct premium $ 81,147 $ 102,173 $ 301,642 $ 269,823 Assumed premium 680 2,460 5,767 6,012 Ceded premium (10,765 ) (15,101 ) (36,600 ) (32,220 ) Net premiums $ 71,062 $ 89,532 $ 270,809 $ 243,615
Schedule of Reconciliation of Direct to Net Losses and Loss Adjustment Expenses	A reconciliation of direct to net losses and loss adjustment expenses is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Direct losses and loss adjustment expenses $ 71,107 $ 94,446 $ 237,117 $ 250,611 Assumed losses and loss adjustment expenses 725 868 882 2,413 Ceded losses and loss adjustment expenses (8,268 ) (16,397 ) (38,104 ) (25,383 ) Net losses and loss adjustment expenses $ 63,564 $ 78,917 $ 199,895 $ 227,641
Schedule of Pooling Share Percentages by Insurance Company	For the nine months ended September 30, 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%

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	9 Months Ended
	Sep. 30, 2023
Deferred Policy Acquisition Costs [Abstract]
Schedule of Deferred Policy Acquisition Costs and Asset Reconciliation	We update our acquisition cost assumptions periodically to reflect actual experience, and we evaluate the costs for recoverability. The table below shows the deferred policy acquisition costs and asset reconciliation: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance, beginning of period $ 34,124 $ 30,917 $ 29,768 $ 24,947 Deferral of policy acquisition costs 18,415 16,491 61,938 54,328 Amortization of deferred policy acquisition costs (20,362 ) (17,589 ) (59,529 ) (49,456 ) Balance, end of period $ 32,177 $ 29,819 $ 32,177 $ 29,819

Unpaid Losses and Loss Adjust_2

Unpaid Losses and Loss Adjustment Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Unpaid Losses and Loss Adjustment Expenses [Abstract]
Schedule of Activity in the Liability for Unpaid Losses and Loss Adjustment Expenses	Activity in the liability for unpaid losses and loss adjustment expenses is summarized as follows: Nine Months Ended September 30, 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 180,895 234,823 Prior years 19,000 (7,182 ) Total incurred 199,895 227,641 Paid related to: Current year 91,979 141,810 Prior years 76,842 51,346 Total paid 168,821 193,156 Balance, end of period: Liability for unpaid losses and loss adjustment expenses 240,748 185,937 Reinsurance recoverables on losses 56,790 32,990 Net balance, end of period $ 183,958 $ 152,947

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2023
Property and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consisted of the following: September 30, 2023 December 31, 2022 Estimated Useful Life Cost: Land $ 1,403 $ 1,403 indefinite Building and improvements 14,538 14,271 10 – 43 years Electronic data processing equipment 1,637 1,310 5 – 7 years Furniture and fixtures 3,034 2,919 5 – 7 years Automobiles 1,317 1,310 2 – 3 years Gross cost 21,929 21,213 Accumulated depreciation (11,729 ) (11,370 ) Total property and equipment, net $ 10,200 $ 9,843

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Other Intangible [Abstract]
Schedule of Goodwill by Segment	The following table presents the carrying amount of the Company’s goodwill by segment: September 30, 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	The following table presents the carrying amount of the Company’s other intangible assets: September 30, 2023 Gross Carrying Accumulated Net Subject to amortization: Trade names $ 748 $ 435 $ 313 Distribution network 6,700 1,396 5,304 Total subject to amortization 7,448 1,831 5,617 Not subject to amortization: State insurance licenses 1,900 — 1,900 Total $ 9,348 $ 1,831 $ 7,517 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 licenses 1,900 — 1,900 Total $ 9,348 $ 1,482 $ 7,866
Schedule of Amortization of Other Intangible Assets with Finite Lives	Other intangible assets that have finite lives, including trade names and distribution networks, are amortized over their useful lives. As of September 30, 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 (three months remaining) $ 106 2024 422 2025 422 2026 422 2027 422 Thereafter 3,823 Total other intangible assets with finite lives $ 5,617

Royalties, Dividends, and Aff_2

Royalties, Dividends, and Affiliations (Tables)	9 Months Ended
	Sep. 30, 2023
Royalties, Dividends, and Affiliations [Abstract]
Schedule of Impact of Including Battle Creek in our Consolidated Balance Sheets and Statements Of Operations	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: September 30, 2023 December 31, 2022 Assets: Cash and cash equivalents $ 123 $ 5,008 Investments 13,675 13,350 Premiums and agents’ balances receivable 5,887 5,422 Deferred policy acquisition costs 644 595 Reinsurance recoverables on losses (2) 15,601 12,597 Accrued investment income 71 59 Income tax recoverable — 225 Deferred income taxes 884 780 Property and equipment 310 319 Other assets 82 52 Total assets $ 37,277 $ 38,407 Liabilities: Unpaid losses and loss adjustment expenses $ 4,842 $ 6,453 Unearned premiums 3,295 2,959 Notes payable (1) 3,000 3,000 Pooling payable (1) 9,847 8,337 Reinsurance losses payable (2) 13,635 13,125 Accrued expenses and other liabilities 1,017 2,303 Total liabilities 35,636 36,177 Equity: Non-controlling interest 1,641 2,230 Total equity 1,641 2,230 Total liabilities and equity $ 37,277 $ 38,407 (1) Amount fully eliminated in consolidation. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues: Net premiums earned $ 1,816 $ 1,790 $ 5,251 $ 4,872 Fee and other income (expenses) 10 (1 ) 27 (8 ) Net investment income (expense) 80 (8 ) 227 32 Total revenues 1,906 1,781 5,505 4,896 Expenses: Losses and loss adjustment expenses 1,271 1,579 3,998 4,553 Amortization of deferred policy acquisition costs 408 352 1,191 989 Other underwriting and general expenses 139 89 457 363 Total expenses 1,818 2,020 5,646 5,905 Income (loss) before income taxes 88 (239 ) (141 ) (1,009 ) Income tax expense (benefit) 21 (55 ) 195 (229 ) Net income (loss) $ 67 $ (184 ) $ (336 ) $ (780 )

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Operating Leases	Additional information regarding our operating leases are as follows: As of and For the Three Months As of and For the Nine Months Ended 2023 2022 2023 2022 Operating lease expense $ 98 $ 98 $ 293 $ 293 Other information on operating leases: Operating cash outflow from operating leases 103 101 307 239 Right-of-use assets obtained in exchange for new lease liabilities — — 247 — Weighted average discount rate 3.95% 3.25% 3.95% 3.25% Weighted average remaining lease term in years 5.6 years 6.4 years 5.6 years 6.4 years
Schedule of Contractual Maturities of our Operating Leases	The following table presents the contractual maturities of our operating leases for each of the five years in the period ending December 31, 2027, and thereafter, reconciled to our operating lease liability at September 30, 2023: Year ending December 31, 2023 (three months remaining) $ 97 2024 381 2025 346 2026 351 2027 356 Thereafter 509 Total undiscounted lease payments 2,040 Less: present value adjustment 200 Operating lease liability at September 30, 2023 $ 1,840

Common and Preferred Stock (Tab

Common and Preferred Stock (Tables)	9 Months Ended
	Sep. 30, 2023
Common and Preferred Stock [Abstract]
Schedule of Changes in the Number of Common Stock Shares Outstanding	Changes in the number of common stock shares outstanding are as follows: Nine Months Ended September 30, 2023 2022 Shares outstanding, beginning of period 21,076,255 21,219,808 Treasury shares repurchased through stock repurchase authorization (548,549 ) (173,419 ) Issuance of treasury shares for vesting of restricted stock units 47,887 101,292 Shares outstanding, end of period 20,575,593 21,147,681

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Compensation [Abstract]
Schedule of Restricted Stock Outstanding	A summary of the Company’s outstanding and unearned RSUs is presented below: RSUs Weighted-Average 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 85,000 13.76 RSUs earned during 2023 (53,780 ) 16.32 Units outstanding and unearned at September 30, 2023 146,580 15.37
Schedule of RSU Activity	The following table shows the impact of RSU activity to the Company’s financial results: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 RSU compensation expense $ 268 $ 227 $ 827 $ 725 Income tax benefit (61 ) (52 ) (188 ) (165 ) RSU compensation expense, net of income taxes $ 207 $ 175 $ 639 $ 560
Schedule of Performance Stock Outstanding	A summary of the Company’s outstanding PSUs is presented below: PSUs Weighted-Average 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 September 30, 2023 213,800 16.53 (1)
Schedule of PSU Activity	The following table shows the impact of PSU activity to the Company’s financial results: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 PSU compensation expense (benefit) $ 141 $ (872 ) $ 418 $ (349 ) Income tax expense (benefit) (32 ) 198 (95 ) 79 PSU compensation expense, net of income taxes $ 109 $ (674 ) $ 323 $ (270 )

Allowance for Expected Credit_2

Allowance for Expected Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2023
Allowance for Expected Credit Losses [Abstract]
Schedule of Allowance for Expected Credit Losses	The following table presents the balances of premiums and agents’ receivable balances, net of the allowance for expected credit losses as of September 30, 2023, and the changes in the allowance for expected credit losses for the three and nine months ended September 30, 2023. As of and For the Three Months Ended Premiums and Allowance for Balance, beginning of period $ 106,946 $ 434 Current period charge for expected credit losses 45 Write-offs of uncollectible premiums receivable 55 Balance, end of period $ 99,625 $ 424 As of and For the Nine Months Ended September 30, 2023 Premiums and Allowance for Balance, beginning of period $ 62,173 $ 425 Current period charge for expected credit losses 323 Write-offs of uncollectible premiums receivable 324 Balance, end of period $ 99,625 $ 424

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Revenue by Insurance Product Line	Three Months Ended September 30, 2023 Private Non-Standard Home and Crop Commercial All Other Total Direct premiums earned $ 22,377 $ 21,334 $ 23,650 $ 15,283 $ 20,544 $ 1,352 $ 104,540 Assumed premiums earned — — — 1,792 — 253 2,045 Ceded premiums earned (1,142 ) (103 ) (2,341 ) (7,329 ) (4,793 ) (107 ) (15,815 ) Net premiums earned 21,235 21,231 21,309 9,746 15,751 1,498 90,770 Direct losses and loss adjustment expenses 16,148 18,838 14,611 4,899 17,043 (432 ) 71,107 Assumed losses and loss adjustment expenses — — — 558 — 167 725 Ceded losses and loss adjustment expenses 455 — (559 ) (1,767 ) (6,771 ) 374 (8,268 ) Net losses and loss adjustment expenses 16,603 18,838 14,052 3,690 10,272 109 63,564 Gross margin 4,632 2,393 7,257 6,056 5,479 1,389 27,206 Underwriting and general expenses 6,078 8,671 6,159 1,950 5,810 389 29,057 Underwriting gain (loss) (1,446 ) (6,278 ) 1,098 4,106 (331 ) 1,000 (1,851 ) Fee and other income 278 455 (6,000 ) Net investment income 2,751 Net investment losses (1,227 ) Income before income taxes 128 Income tax benefit (170 ) Net income 298 Net income attributable to non-controlling interest 67 Net income attributable to NI Holdings, Inc. $ 231 Operating Ratios: Loss and loss adjustment expense ratio 78.2% 88.7% 65.9% 37.9% 65.2% 7.3% 70.0% Expense ratio 28.6% 40.8% 28.9% 20.0% 36.9% 26.0% 32.0% Combined ratio 106.8% 129.5% 94.8% 57.9% 102.1% 33.3% 102.0% Balances at September 30, 2023: Premiums and agents’ balances receivable $ 23,901 $ 15,854 $ 9,655 $ 35,982 $ 13,438 $ 795 $ 99,625 Deferred policy acquisition costs 5,744 9,797 7,973 1,046 7,160 457 32,177 Reinsurance recoverables on losses 139 — 3,918 4,676 46,097 1,960 56,790 Receivable from Federal Crop Insurance Corporation — — — 14,479 — — 14,479 Goodwill and other intangibles — 2,728 — — 14,173 — 16,901 Unpaid losses and loss adjustment expenses 33,124 59,663 24,489 16,614 99,521 7,337 240,748 Unearned premiums 35,059 31,072 48,636 10,208 37,663 2,860 165,498 Three Months Ended September 30, 2022 Private Non-Standard Home and Crop Commercial All Other Total Direct premiums earned $ 20,523 $ 17,646 $ 22,429 $ 20,921 $ 19,342 $ 1,312 $ 102,173 Assumed premiums earned — — — 1,768 — 692 2,460 Ceded premiums earned (710 ) (67 ) (2,678 ) (8,123 ) (3,458 ) (65 ) (15,101 ) Net premiums earned 19,813 17,579 19,751 14,566 15,884 1,939 89,532 Direct losses and loss adjustment expenses 20,969 11,958 34,051 12,040 14,646 782 94,446 Assumed losses and loss adjustment expenses — — — 539 — 329 868 Ceded losses and loss adjustment expenses (615 ) — (5,229 ) (5,605 ) (4,834 ) (114 ) (16,397 ) Net losses and loss adjustment expenses 20,354 11,958 28,822 6,974 9,812 997 78,917 Gross margin (541 ) 5,621 (9,071 ) 7,592 6,072 942 10,615 Underwriting and general expenses 5,061 6,399 5,396 343 5,840 462 23,501 Underwriting gain (loss) (5,602 ) (778 ) (14,467 ) 7,249 232 480 (12,886 ) Fee and other income 246 476 (532 ) Net investment income 2,035 Net investment losses (2,868 ) Loss before income taxes (13,243 ) Income tax benefit (3,074 ) Net loss (10,169 ) Net loss attributable to non-controlling interest (184 ) Net loss attributable to NI Holdings, Inc. $ (9,985 ) Operating Ratios: Loss and loss adjustment expense ratio 102.7% 68.0% 145.9% 47.9% 61.8% 51.4% 88.1% Expense ratio 25.6% 36.4% 27.3% 2.3% 36.8% 23.8% 26.3% Combined ratio 128.3% 104.4% 173.2% 50.2% 98.6% 75.2% 114.4% Balances at September 30, 2022: Premiums and agents’ balances receivable $ 21,252 $ 17,754 $ 9,461 $ 42,395 $ 11,343 $ 765 $ 102,970 Deferred policy acquisition costs 5,311 8,992 7,708 436 6,928 444 29,819 Reinsurance recoverables on losses 1,135 — 7,035 8,226 15,763 831 32,990 Goodwill and other intangibles — 2,773 — — 14,595 — 17,368 Unpaid losses and loss adjustment expenses 29,821 41,231 31,792 25,244 49,545 8,304 185,937 Unearned premiums 31,331 27,031 44,841 11,071 37,042 3,093 154,409 Payable to Federal Crop Insurance Corporation — — — 4,700 — — 4,700 Nine Months Ended September 30, 2023 Private Non-Standard Home and Crop Commercial All Other Total Direct premiums earned $ 64,426 $ 64,049 $ 69,077 $ 32,800 $ 61,850 $ 3,974 $ 296,176 Assumed premiums earned — — — 2,293 — 1,155 3,448 Ceded premiums earned (2,995 ) (295 ) (7,363 ) (12,735 ) (13,440 ) (253 ) (37,081 ) Net premiums earned 61,431 63,754 61,714 22,358 48,410 4,876 262,543 Direct losses and loss adjustment expenses 50,227 50,015 42,548 16,932 76,050 1,345 237,117 Assumed losses and loss adjustment expenses — — — 558 — 324 882 Ceded losses and loss adjustment expenses 867 — (1,862 ) (6,363 ) (29,535 ) (1,211 ) (38,104 ) Net losses and loss adjustment expenses 51,094 50,015 40,686 11,127 46,515 458 199,895 Gross margin 10,337 13,739 21,028 11,231 1,895 4,418 62,648 Underwriting and general expenses 18,249 26,349 18,515 4,630 18,146 1,286 87,175 Underwriting gain (loss) (7,912 ) (12,610 ) 2,513 6,601 (16,251 ) 3,132 (24,527 ) Fee and other income 748 1,228 (11,862 ) Net investment income 7,495 Net investment gains 15 Loss before income taxes (15,789 ) Income tax benefit (3,352 ) Net loss (12,437 ) Net loss attributable to non-controlling interest (336 ) Net loss attributable to NI Holdings, Inc. $ (12,101 ) Operating Ratios: Loss and loss adjustment expense ratio 83.2% 78.5% 65.9% 49.8% 96.1% 9.4% 76.1% Expense ratio 29.7% 41.3% 30.0% 20.7% 37.5% 26.4% 33.2% Combined ratio 112.9% 119.8% 95.9% 70.5% 133.6% 35.8% 109.3% Nine Months Ended September 30, 2022 Private Non-Standard Home and Crop Commercial All Other Total Direct premiums earned $ 59,648 $ 47,665 $ 65,312 $ 38,612 $ 54,733 $ 3,853 $ 269,823 Assumed premiums earned — — — 2,259 — 3,753 6,012 Ceded premiums earned (1,830 ) (196 ) (6,393 ) (14,023 ) (9,630 ) (148 ) (32,220 ) Net premiums earned 57,818 47,469 58,919 26,848 45,103 7,458 243,615 Direct losses and loss adjustment expenses 52,360 24,582 103,430 25,173 42,791 2,275 250,611 Assumed losses and loss adjustment expenses — — — 781 — 1,632 2,413 Ceded losses and loss adjustment expenses (442 ) — (5,938 ) (8,819 ) (9,970 ) (214 ) (25,383 ) Net losses and loss adjustment expenses 51,918 24,582 97,492 17,135 32,821 3,693 227,641 Gross margin 5,900 22,887 (38,573 ) 9,713 12,282 3,765 15,974 Underwriting and general expenses 16,382 19,357 17,425 1,400 16,752 1,835 73,151 Underwriting gain (loss) (10,482 ) 3,530 (55,998 ) 8,313 (4,470 ) 1,930 (57,177 ) Fee and other income 888 1,319 4,418 Net investment income 5,703 Net investment losses (19,532 ) Loss before income taxes (69,687 ) Income tax benefit (14,921 ) Net loss (54,766 ) Net loss attributable to non-controlling interest (780 ) Net loss attributable to NI Holdings, Inc. $ (53,986 ) Operating Ratios: Loss and loss adjustment expense ratio 89.8% 51.8% 165.5% 63.8% 72.8% 49.5% 93.5% Expense ratio 28.3% 40.8% 29.6% 5.2% 37.1% 24.6% 30.0% Combined ratio 118.1% 92.6% 195.1% 69.0% 109.9% 74.1% 123.5%

Organization (Details)

Organization (Details)	9 Months Ended
	Sep. 30, 2023
Nodak Insurance [Member]
Organization (Details) [Line Items]
Ownership percentage	100%
Nodak Insurance [Member]
Organization (Details) [Line Items]
Percentage of shares exchanged	55%

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments [Abstract]
Fixed income securities with a fair value	$ 5,734	$ 6,613

Investments (Details) - Schedul

Investments (Details) - Schedule of Amortized Cost and Estimated Fair Value of Income Securities - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fixed income securities:
Cost or Amortized Cost	$ 370,890	$ 342,977
Allowance for Expected Credit Losses
Gross Unrealized Gains	79	233
Gross Unrealized Losses	(45,801)	(39,886)
Fair Value	325,168	303,324
U.S. Government and agencies [Member]
Fixed income securities:
Cost or Amortized Cost	9,941	11,174
Allowance for Expected Credit Losses
Gross Unrealized Gains		1
Gross Unrealized Losses	(1,019)	(1,008)
Fair Value	8,922	10,167
Obligations of states and political subdivisions [Member]
Fixed income securities:
Cost or Amortized Cost	57,007	60,342
Allowance for Expected Credit Losses
Gross Unrealized Gains	1	38
Gross Unrealized Losses	(7,534)	(6,454)
Fair Value	49,474	53,926
Corporate securities [Member]
Fixed income securities:
Cost or Amortized Cost	151,844	136,837
Allowance for Expected Credit Losses
Gross Unrealized Gains	60	109
Gross Unrealized Losses	(17,099)	(15,787)
Fair Value	134,805	121,159
Residential mortgage-backed securities [Member]
Fixed income securities:
Cost or Amortized Cost	64,767	53,254
Allowance for Expected Credit Losses
Gross Unrealized Gains		85
Gross Unrealized Losses	(8,628)	(5,846)
Fair Value	56,139	47,493
Commercial mortgage-backed securities [Member]
Fixed income securities:
Cost or Amortized Cost	30,289	30,837
Allowance for Expected Credit Losses
Gross Unrealized Gains
Gross Unrealized Losses	(5,432)	(4,702)
Fair Value	24,857	26,135
Asset-backed securities [Member]
Fixed income securities:
Cost or Amortized Cost	52,295	45,786
Allowance for Expected Credit Losses
Gross Unrealized Gains	18
Gross Unrealized Losses	(5,159)	(5,061)
Fair Value	47,154	40,725
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	(930)	(1,028)
Fair Value	$ 3,817	$ 3,719

Investments (Details) - Sched_2

Investments (Details) - Schedule of Fixed Maturities - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Due to mature:
Amortized Cost, Due to mature One year or less	$ 13,605	$ 10,130
Fair Value, Due to mature One year or less	13,354	9,971
Amortized Cost, Due to mature After one year through five years	77,699	81,879
Fair Value, Due to mature After one year through five years	72,443	77,031
Amortized Cost, Due to mature After five years through ten years	85,106	76,648
Fair Value, Due to mature After five years through ten years	73,366	65,966
Amortized Cost, Due to mature After ten years	42,382	39,696
Fair Value, Due to mature After ten years	34,038	32,284
Amortized Cost, Due to mature Mortgage/asset-backed securities	147,351	129,877
Fair Value, Due to mature Mortgage/asset-backed securities	128,150	114,353
Amortized Cost, Due to mature Redeemable preferred stocks	4,747	4,747
Fair Value, Due to mature Redeemable preferred stocks	3,817	3,719
Available-for-sale Securities, Debt Maturities, Amortized Cost	370,890	342,977
Available-for-sale Securities, Debt Securities, Estimated Fair Value	$ 325,168	$ 303,324

Investments (Details) - Sched_3

Investments (Details) - Schedule of Gross Unrealized Loss - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fixed income securities:
Less than 12 months Fair Value	$ 69,297	$ 185,804
Less than 12 months Unrealized Losses	(3,678)	(18,768)
Greater than 12 months Fair Value	247,626	99,552
Greater than 12 months Unrealized Losses	(42,123)	(21,118)
Fair Value, Total	316,923	285,356
Unrealized Losses, Total	(45,801)	(39,886)
Fixed Income Securities [Member] | Redeemable preferred stocks [Member]
Fixed income securities:
Less than 12 months Fair Value		3,015
Less than 12 months Unrealized Losses		(732)
Greater than 12 months Fair Value	3,817	705
Greater than 12 months Unrealized Losses	(930)	(296)
Fair Value, Total	3,817	3,720
Unrealized Losses, Total	(930)	(1,028)
U.S. Government and agencies [Member] | Fixed Income Securities [Member]
Fixed income securities:
Less than 12 months Fair Value		7,078
Less than 12 months Unrealized Losses		(537)
Greater than 12 months Fair Value	8,922	2,587
Greater than 12 months Unrealized Losses	(1,019)	(471)
Fair Value, Total	8,922	9,665
Unrealized Losses, Total	(1,019)	(1,008)
Obligations of states and political subdivisions [Member] | Fixed Income Securities [Member]
Fixed income securities:
Less than 12 months Fair Value	8,706	40,213
Less than 12 months Unrealized Losses	(957)	(3,554)
Greater than 12 months Fair Value	39,242	9,045
Greater than 12 months Unrealized Losses	(6,577)	(2,900)
Fair Value, Total	47,948	49,258
Unrealized Losses, Total	(7,534)	(6,454)
Corporate securities [Member] | Fixed Income Securities [Member]
Fixed income securities:
Less than 12 months Fair Value	23,227	76,645
Less than 12 months Unrealized Losses	(1,294)	(7,944)
Greater than 12 months Fair Value	108,062	39,683
Greater than 12 months Unrealized Losses	(15,805)	(7,843)
Fair Value, Total	131,289	116,328
Unrealized Losses, Total	(17,099)	(15,787)
Residential mortgage-backed securities [Member] | Fixed Income Securities [Member]
Fixed income securities:
Less than 12 months Fair Value	24,639	21,017
Less than 12 months Unrealized Losses	(1,144)	(1,805)
Greater than 12 months Fair Value	31,500	18,519
Greater than 12 months Unrealized Losses	(7,484)	(4,041)
Fair Value, Total	56,139	39,536
Unrealized Losses, Total	(8,628)	(5,846)
Commercial mortgage-backed securities [Member] | Fixed Income Securities [Member]
Fixed income securities:
Less than 12 months Fair Value	1,908	18,932
Less than 12 months Unrealized Losses	(67)	(2,674)
Greater than 12 months Fair Value	22,949	7,204
Greater than 12 months Unrealized Losses	(5,365)	(2,028)
Fair Value, Total	24,857	26,136
Unrealized Losses, Total	(5,432)	(4,702)
Asset-backed securities [Member] | Fixed Income Securities [Member]
Fixed income securities:
Less than 12 months Fair Value	10,817	18,904
Less than 12 months Unrealized Losses	(216)	(1,522)
Greater than 12 months Fair Value	33,134	21,809
Greater than 12 months Unrealized Losses	(4,943)	(3,539)
Fair Value, Total	43,951	40,713
Unrealized Losses, Total	$ (5,159)	$ (5,061)

Investments (Details) - Sched_4

Investments (Details) - Schedule of Net Investment Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Investment Income [Line Items]
Total gross investment income	$ 3,573	$ 2,872	$ 10,039	$ 8,416
Investment expenses	822	837	2,544	2,713
Net investment income	2,751	2,035	7,495	5,703
Fixed income securities [Member]
Net Investment Income [Line Items]
Total gross investment income	2,906	2,303	8,317	6,870
Equity securities [Member]
Net Investment Income [Line Items]
Total gross investment income	355	402	958	1,126
Real Estate [Member]
Net Investment Income [Line Items]
Total gross investment income	158	149	464	390
Cash and Cash Equivalents [Member]
Net Investment Income [Line Items]
Total gross investment income	$ 154	$ 18	$ 300	$ 30

Investments (Details) - Sched_5

Investments (Details) - Schedule of Net Investment Gains (Losses) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Gross realized gains:
Total gross realized gains	$ 722	$ 1,286	$ 13,810	$ 3,606
Gross realized losses, excluding credit impairment losses:
Total gross realized losses, excluding credit impairment losses	(191)	(1,203)	(1,812)	(1,558)
Net realized gains	531	83	11,998	2,048
Change in net unrealized gains on equity securities	(1,758)	(2,951)	(11,983)	(21,580)
Net investment gains (losses)	(1,227)	(2,868)	15	(19,532)
Fixed income securities [Member]
Gross realized gains:
Total gross realized gains		67		118
Gross realized losses, excluding credit impairment losses:
Total gross realized losses, excluding credit impairment losses	(8)	(106)	(495)	(219)
Equity Securities [Member]
Gross realized gains:
Total gross realized gains	722	1,219	13,810	3,488
Gross realized losses, excluding credit impairment losses:
Total gross realized losses, excluding credit impairment losses	$ (183)	$ (1,097)	$ (1,317)	$ (1,339)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Schedule of Assets Which are Measured on a Recurring Basis - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fixed income securities:
Total fixed income securities	$ 325,168	$ 303,324
Equity securities:
Total equity securities	24,853	52,393
Money market accounts and cash equivalents	11,116	27,255
Total assets at fair value	361,137	382,972
Common stock [Member]
Equity securities:
Total equity securities	23,132	50,699
Non-redeemable preferred stock [Member]
Equity securities:
Total equity securities	1,721	1,694
U.S. Government and agencies [Member]
Fixed income securities:
Total fixed income securities	8,922	10,167
Obligations of states and political subdivisions [Member]
Fixed income securities:
Total fixed income securities	49,474	53,926
Corporate securities [Member]
Fixed income securities:
Total fixed income securities	134,805	121,159
Residential mortgage-backed securities [Member]
Fixed income securities:
Total fixed income securities	56,139	47,493
Commercial mortgage-backed securities [Member]
Fixed income securities:
Total fixed income securities	24,857	26,135
Asset-backed securities [Member]
Fixed income securities:
Total fixed income securities	47,154	40,725
Redeemable preferred stock [Member]
Fixed income securities:
Total fixed income securities	3,817	3,719
Fair Value, Inputs, Level 1 [Member]
Fixed income securities:
Total fixed income securities
Equity securities:
Total equity securities	24,853	52,393
Money market accounts and cash equivalents	4,850	27,255
Total assets at fair value	29,703	79,648
Fair Value, Inputs, Level 1 [Member] | Common stock [Member]
Equity securities:
Total equity securities	23,132	50,699
Fair Value, Inputs, Level 1 [Member] | Non-redeemable preferred stock [Member]
Equity securities:
Total equity securities	1,721	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	325,168	303,324
Equity securities:
Total equity securities
Money market accounts and cash equivalents	6,266
Total assets at fair value	331,434	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	8,922	10,167
Fair Value, Inputs, Level 2 [Member] | Obligations of states and political subdivisions [Member]
Fixed income securities:
Total fixed income securities	49,474	53,926
Fair Value, Inputs, Level 2 [Member] | Corporate securities [Member]
Fixed income securities:
Total fixed income securities	134,805	121,159
Fair Value, Inputs, Level 2 [Member] | Residential mortgage-backed securities [Member]
Fixed income securities:
Total fixed income securities	56,139	47,493
Fair Value, Inputs, Level 2 [Member] | Commercial mortgage-backed securities [Member]
Fixed income securities:
Total fixed income securities	24,857	26,135
Fair Value, Inputs, Level 2 [Member] | Asset-backed securities [Member]
Fixed income securities:
Total fixed income securities	47,154	40,725
Fair Value, Inputs, Level 2 [Member] | Redeemable preferred stock [Member]
Fixed income securities:
Total fixed income securities	3,817	3,719
Fair Value, Inputs, Level 3 [Member]
Fixed income securities:
Total fixed income securities
Equity securities:
Total equity securities
Money market accounts and 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	9 Months Ended	12 Months Ended
	Sep. 30, 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]
Net loss ratio percentage	100%	100%
Multi-Peril Crop [Member]
Reinsurance (Details) [Line Items]
Net loss ratio 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Premiums Written [Member]
Effects of Reinsurance [Line Items]
Premiums Written, Direct premium	$ 81,223	$ 81,147	$ 316,029	$ 301,642
Premiums Written, Assumed premium	175	680	3,014	5,767
Premiums Written, Ceded premium	(10,773)	(10,765)	(39,671)	(36,600)
Premiums Written, Net premiums	70,625	71,062	279,372	270,809
Premiums Earned [Member]
Effects of Reinsurance [Line Items]
Premiums Earned, Direct premium	104,540	102,173	296,176	269,823
Premiums Earned, Assumed premium	2,045	2,460	3,448	6,012
Premiums Earned, Ceded premium	(15,815)	(15,101)	(37,081)	(32,220)
Premiums Earned, Net premiums	$ 90,770	$ 89,532	$ 262,543	$ 243,615

Reinsurance (Details) - Sched_2

Reinsurance (Details) - Schedule of Reconciliation of Direct to Net Losses and Loss Adjustment Expenses - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Reconciliation of Direct to Net Losses and Loss Adjustment Expenses [Abstract]
Direct losses and loss adjustment expenses	$ 71,107	$ 94,446	$ 237,117	$ 250,611
Assumed losses and loss adjustment expenses	725	868	882	2,413
Ceded losses and loss adjustment expenses	(8,268)	(16,397)	(38,104)	(25,383)
Net losses and loss adjustment expenses	$ 63,564	$ 78,917	$ 199,895	$ 227,641

Reinsurance (Details) - Sched_3

Reinsurance (Details) - Schedule of Pooling Share Percentages by Insurance Company	Sep. 30, 2023
Reinsurance (Details) - Schedule of Pooling Share Percentages by Insurance Company [Line Items]
Pool Percentage	100%
Nodak Insurance Company [Member]
Reinsurance (Details) - Schedule of Pooling Share Percentages by Insurance Company [Line Items]
Pool Percentage	66%
American West Insurance Company [Member]
Reinsurance (Details) - Schedule of Pooling Share Percentages by Insurance Company [Line Items]
Pool Percentage	7%
Primero Insurance Company [Member]
Reinsurance (Details) - Schedule of Pooling Share Percentages by Insurance Company [Line Items]
Pool Percentage	3%
Battle Creek Mutual Insurance Company [Member]
Reinsurance (Details) - Schedule of Pooling Share Percentages by Insurance Company [Line Items]
Pool Percentage	2%
Direct Auto Insurance Company [Member]
Reinsurance (Details) - Schedule of Pooling Share Percentages by Insurance Company [Line Items]
Pool Percentage	13%
Westminster American Insurance Company [Member]
Reinsurance (Details) - Schedule of Pooling Share Percentages by Insurance Company [Line Items]
Pool Percentage	9%

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Deferred Policy Acquisition Costs and Asset Reconciliation [Abstract]
Balance, beginning of period	$ 34,124	$ 30,917	$ 29,768	$ 24,947
Deferral of policy acquisition costs	18,415	16,491	61,938	54,328
Amortization of deferred policy acquisition costs	(20,362)	(17,589)	(59,529)	(49,456)
Balance, end of period	$ 32,177	$ 29,819	$ 32,177	$ 29,819

Unpaid Losses and Loss Adjust_3

Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Direct Auto and Westminster [Member]
Unpaid Losses and Loss Adjustment Expenses (Details) [Line Items]
Incurred reported losses and loss adjustment expenses	$ 19,000
Battle Creek [Member]
Unpaid Losses and Loss Adjustment Expenses (Details) [Line Items]
Incurred reported losses and loss adjustment expenses		$ 7,182

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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 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	180,895	234,823
Prior years	19,000	(7,182)
Total incurred	199,895	227,641
Paid related to:
Current year	91,979	141,810
Prior years	76,842	51,346
Total paid	168,821	193,156
Balance, end of period:
Liability for unpaid losses and loss adjustment expenses	240,748	185,937
Reinsurance recoverables on losses	56,790	32,990
Net balance, end of period	$ 183,958	$ 152,947

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property and Equipment [Abstract]
Depreciation expense	$ 188	$ 174	$ 558	$ 517

Property and Equipment (Detai_2

Property and Equipment (Details) - Schedule of Property and Equipment - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Cost:
Property and equipment, Gross cost	$ 21,929	$ 21,213
Accumulated depreciation	(11,729)	(11,370)
Total property and equipment, net	10,200	9,843
Land [Member]
Cost:
Property and equipment, Gross cost	1,403	1,403
Building and improvements [Member]
Cost:
Property and equipment, Gross cost	$ 14,538	14,271
Building and improvements [Member] | Minimum [Member]
Cost:
Estimated Useful Life	10 years
Building and improvements [Member] | Maximum [Member]
Cost:
Estimated Useful Life	43 years
Electronic data processing equipment [Member]
Cost:
Property and equipment, Gross cost	$ 1,637	1,310
Electronic data processing equipment [Member] | Minimum [Member]
Cost:
Estimated Useful Life	5 years
Electronic data processing equipment [Member] | Maximum [Member]
Cost:
Estimated Useful Life	7 years
Furniture and Fixtures [Member]
Cost:
Property and equipment, Gross cost	$ 3,034	2,919
Furniture and Fixtures [Member] | Minimum [Member]
Cost:
Estimated Useful Life	5 years
Furniture and Fixtures [Member] | Maximum [Member]
Cost:
Estimated Useful Life	7 years
Automobiles [Member]
Cost:
Property and equipment, Gross cost	$ 1,317	$ 1,310
Automobiles [Member] | Minimum [Member]
Cost:
Estimated Useful Life	2 years
Automobiles [Member] | Maximum [Member]
Cost:
Estimated Useful Life	3 years

Goodwill and Other Intangible_2

Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Other Intangible [Abstract]
Amortization expense	$ 118	$ 114	$ 349	$ 354

Goodwill and Other Intangible_3

Goodwill and Other Intangibles (Details) - Schedule of Goodwill by Segment - USD ($) $ in Thousands	Sep. 30, 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	Sep. 30, 2023	Dec. 31, 2022
Subject to amortization:
Gross Carrying Amount	$ 9,348	$ 9,348
Accumulated Amortization	1,831	1,482
Net	7,517	7,866
Trade Names [Member]
Subject to amortization:
Gross Carrying Amount	748	748
Accumulated Amortization	435	365
Net	313	383
Distribution Network [Member]
Subject to amortization:
Gross Carrying Amount	6,700	6,700
Accumulated Amortization	1,396	1,117
Net	5,304	5,583
Subject to Amortization [Member]
Subject to amortization:
Gross Carrying Amount	7,448	7,448
Accumulated Amortization	1,831	1,482
Net	5,617	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	Sep. 30, 2023 USD ($)
Schedule of Amortization of Other Intangible Assets with Finite Lives [Abstract]
2023 (three months remaining)	$ 106
2024	422
2025	422
2026	422
2027	422
Thereafter	3,823
Total other intangible assets with finite lives	$ 5,617

Royalties, Dividends, and Aff_3

Royalties, Dividends, and Affiliations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Royalties, Dividends, and Affiliations (Details) [Line Items]
Payment of royalties	$ 426	$ 397	$ 1,225	$ 1,141
NDFB [Member]
Royalties, Dividends, and Affiliations (Details) [Line Items]
Royalty amounts payable accrued			$ 112		$ 119

Royalties, Dividends, and Aff_4

Royalties, Dividends, and Affiliations (Details) - Schedule of Impact of Including Battle Creek in our Consolidated Balance Sheets and Statements Of Operations - Battle Creek [Member] - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Assets:
Cash and cash equivalents		$ 123		$ 123		$ 5,008
Investments		13,675		13,675		13,350
Premiums and agents’ balances receivable		5,887		5,887		5,422
Deferred policy acquisition costs		644		644		595
Reinsurance recoverables on losses	[1]	15,601		15,601		12,597
Accrued investment income		71		71		59
Income tax recoverable						225
Deferred income taxes		884		884		780
Property and equipment		310		310		319
Other assets		82		82		52
Total assets		37,277		37,277		38,407
Liabilities:
Unpaid losses and loss adjustment expenses		4,842		4,842		6,453
Unearned premiums		3,295		3,295		2,959
Notes payable	[2]	3,000		3,000		3,000
Pooling payable	[2]	9,847		9,847		8,337
Reinsurance losses payable	[1]	13,635		13,635		13,125
Accrued expenses and other liabilities		1,017		1,017		2,303
Total liabilities		35,636		35,636		36,177
Equity:
Non-controlling interest		1,641		1,641		2,230
Total equity		1,641		1,641		2,230
Total liabilities and equity		37,277		37,277		$ 38,407
Revenues:
Net premiums earned		1,816	$ 1,790	5,251	$ 4,872
Fee and other income (expenses)		10	(1)	27	(8)
Net investment income		80	(8)	227	32
Total revenues		1,906	1,781	5,505	4,896
Expenses:
Losses and loss adjustment expenses		1,271	1,579	3,998	4,553
Amortization of deferred policy acquisition costs		408	352	1,191	989
Other underwriting and general expenses		139	89	457	363
Total expenses		1,818	2,020	5,646	5,905
Loss before income taxes		88	(239)	(141)	(1,009)
Income tax expense (benefit)		21	(55)	195	(229)
Net loss		$ 67	$ (184)	$ (336)	$ (780)
[1]Amount partly eliminated in consolidation.[2]Amount fully eliminated in consolidation.

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Benefit Plans (Details) [Line Items]
Company's total contributions to the 401(k) plan	$ 656	$ 383	$ 1,315	$ 1,150
Deferred compensation plan expenses	45	23	143	150
Debt from ESOP	$ 2,400		$ 2,400
Percentage of ESOP in authorized shares			1%
Per share price (in Dollars per share)	$ 10		$ 10
Distribution of employee stock ownership plan shares	$ 81	$ 88	$ 245	$ 298
ESOP shares were released and allocated (in Shares)	145,890		145,890
ESOP shares in suspense (in Shares)					94,110
Market price (in Dollars per share)			$ 12.87
Fair value of unearned ESOP shares	$ 1,211		$ 1,211
ESOP Loan [Member]
Benefit Plans (Details) [Line Items]
Debt term			10 years
Interest rate	2.79%		2.79%

Line of Credit (Details)

Line of Credit (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease expense	$ 98	$ 98	$ 293	$ 293
Other information on operating leases:
Operating cash outflow from operating leases	103	101	307	239
Right-of-use assets obtained in exchange for new lease liabilities			$ 247
Weighted average discount rate	3.95%	3.25%	3.95%	3.25%
Weighted average remaining lease term in years	5 years 7 months 6 days	6 years 4 months 24 days	5 years 7 months 6 days	6 years 4 months 24 days

Leases (Details) - Schedule o_2

Leases (Details) - Schedule of Contractual Maturities of our Operating Leases $ in Thousands	Sep. 30, 2023 USD ($)
Schedule of Contractual Maturities of the Company's Lease Liabilities [Abstract]
2023 (three months remaining)	$ 97
2024	381
2025	346
2026	351
2027	356
Thereafter	509
Total undiscounted lease payments	2,040
Less: present value adjustment	200
Operating lease liability at September 30, 2023	$ 1,840

Common and Preferred Stock (Det

Common and Preferred Stock (Details) - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Aug. 16, 2022	May 09, 2022	Aug. 11, 2021
Common and Preferred Stock (Details) [Line Items]
Weighted average effects shares		68,380
Weighted average shares	99,960	171,209
Stock repurchase program, authorized amount							$ 10,000,000	$ 5,000,000
Shares repurchased		548,549	173,419	54,223
Repurchase shares				214,937
Shares repurchased, value			$ 2,870,000	$ 734,000
Excise tax						1%
Common Stock [Member]
Common and Preferred Stock (Details) [Line Items]
Shares repurchased, value		$ 7,280,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 2,052,000
Additional Authorization [Member]
Common and Preferred Stock (Details) [Line Items]
Shares repurchased					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	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 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	(548,549)	(173,419)	(54,223)
Issuance of treasury shares for vesting of restricted stock units	47,887	101,292
Shares outstanding, end of period	20,575,593	21,147,681	21,076,255

Share-Based Compensation (Detai

Share-Based Compensation (Details) $ in Thousands	9 Months Ended
	Sep. 30, 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	$ 1,159
Total unrecognized compensation cost, weighted average period	1 year 8 months 12 days
Performance Shares [Member]
Share-Based Compensation (Details) [Line Items]
Total unrecognized compensation cost	$ 1,175
Total unrecognized compensation cost, weighted average period	2 years 2 months 12 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	9 Months Ended	12 Months Ended
	Sep. 30, 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	13.76	17.61
RSUs earned	16.32	17.39
Units outstanding and unearned at ending	$ 15.37	$ 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	85,000	59,600
RSUs earned	(53,780)	(52,620)
Units outstanding and unearned at ending	146,580	115,360

Share-Based Compensation (Det_3

Share-Based Compensation (Details) - Schedule of RSU Activity - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation (Details) - Schedule of RSU Activity [Line Items]
RSU compensation expense	$ 268	$ 227	$ 827	$ 725
Income tax benefit	(61)	(52)	(188)	(165)
RSU compensation expense, net of income taxes	$ 207	$ 175	$ 639	$ 560

Share-Based Compensation (Det_4

Share-Based Compensation (Details) - Schedule of Performance Stock Outstanding - $ / shares		9 Months Ended	12 Months Ended
		Sep. 30, 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation (Details) - Schedule of PSU Activity [Line Items]
PSU compensation expense (benefit)	$ 141	$ (872)	$ 418	$ (349)
Income tax expense (benefit)	(32)	198	(95)	79
PSU compensation expense, net of income taxes	$ 109	$ (674)	$ 323	$ (270)

Allowance for Expected Credit_3

Allowance for Expected Credit Losses (Details) - Schedule of Allowance for Expected Credit Losses - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
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	$ 106,946	$ 62,173
Balance, end of period	99,625	99,625
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	434	425
Current period charge for expected credit losses	45	323
Write-offs of uncollectible premiums receivable	55	324
Balance, end of period	$ 424	$ 424

Segment Information (Details)

Segment Information (Details)	Sep. 30, 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Information (Details) - Schedule of Revenue by Insurance Product Line [Line Items]
Direct premiums earned	$ 104,540	$ 102,173	$ 296,176	$ 269,823
Assumed premiums earned	2,045	2,460	3,448	6,012
Ceded premiums earned	(15,815)	(15,101)	(37,081)	(32,220)
Net premiums earned	90,770	89,532	262,543	243,615
Direct losses and loss adjustment expenses	71,107	94,446	237,117	250,611
Assumed losses and loss adjustment expenses	725	868	882	2,413
Ceded losses and loss adjustment expenses	(8,268)	(16,397)	(38,104)	(25,383)
Net losses and loss adjustment expenses	63,564	78,917	199,895	227,641
Gross margin	27,206	10,615	62,648	15,974
Underwriting and general expenses	29,057	23,501	87,175	73,151
Underwriting gain (loss)	(1,851)	(12,886)	(24,527)	(57,177)
Fee and other income	455	476	1,228	1,319
Total	455	476	1,228	1,319
Net investment income	2,751	2,035	7,495	5,703
Net investment losses	(1,227)	(2,868)	15	(19,532)
Income (loss) before income taxes	128	(13,243)	(15,789)	(69,687)
Income tax benefit	(170)	(3,074)	(3,352)	(14,921)
Net income (loss)	298	(10,169)	(12,437)	(54,766)
Net income (loss) attributable to non-controlling interest	67	(184)	(336)	(780)
Net income (loss) attributable to NI Holdings, Inc.	$ 231	$ (9,985)	$ (12,101)	$ (53,986)
Operating Ratios:
Loss and loss adjustment expense ratio	70%	88.10%	76.10%	93.50%
Expense ratio	32%	26.30%	33.20%	30%
Combined ratio	102%	114.40%	109.30%	123.50%
Premiums and agents’ balances receivable	$ 99,625	$ 102,970	$ 99,625	$ 102,970
Deferred policy acquisition costs	32,177	29,819
Reinsurance recoverables on losses	56,790	32,990	56,790	32,990	$ 37,575
Receivable from Federal Crop Insurance Corporation	14,479		14,479
Goodwill and other intangibles	16,901	17,368	16,901	17,368	17,250
Unpaid losses and loss adjustment expenses	240,748	185,937	240,748	185,937	190,459
Unearned premiums	165,498	154,409	165,498	154,409	$ 148,513
Payable to Federal Crop Insurance Corporation		4,700		4,700
Private Passenger Auto [Member]
Segment Information (Details) - Schedule of Revenue by Insurance Product Line [Line Items]
Direct premiums earned	22,377	20,523	64,426	59,648
Assumed premiums earned
Ceded premiums earned	(1,142)	(710)	(2,995)	(1,830)
Net premiums earned	21,235	19,813	61,431	57,818
Direct losses and loss adjustment expenses	16,148	20,969	50,227	52,360
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses	455	(615)	867	(442)
Net losses and loss adjustment expenses	16,603	20,354	51,094	51,918
Gross margin	4,632	(541)	10,337	5,900
Underwriting and general expenses	6,078	5,061	18,249	16,382
Underwriting gain (loss)	$ (1,446)	$ (5,602)	$ (7,912)	$ (10,482)
Operating Ratios:
Loss and loss adjustment expense ratio	78.20%	102.70%	83.20%	89.80%
Expense ratio	28.60%	25.60%	29.70%	28.30%
Combined ratio	106.80%	128.30%	112.90%	118.10%
Premiums and agents’ balances receivable	$ 23,901	$ 21,252	$ 23,901	$ 21,252
Deferred policy acquisition costs	5,744	5,311
Reinsurance recoverables on losses	139	1,135	139	1,135
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	33,124	29,821	33,124	29,821
Unearned premiums	35,059	31,331	35,059	31,331
Payable to Federal Crop Insurance Corporation
Non-Standard Auto [Member]
Segment Information (Details) - Schedule of Revenue by Insurance Product Line [Line Items]
Direct premiums earned	21,334	17,646	64,049	47,665
Assumed premiums earned
Ceded premiums earned	(103)	(67)	(295)	(196)
Net premiums earned	21,231	17,579	63,754	47,469
Direct losses and loss adjustment expenses	18,838	11,958	50,015	24,582
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses
Net losses and loss adjustment expenses	18,838	11,958	50,015	24,582
Gross margin	2,393	5,621	13,739	22,887
Underwriting and general expenses	8,671	6,399	26,349	19,357
Underwriting gain (loss)	(6,278)	(778)	(12,610)	3,530
Fee and other income	278	246	748	888
Total	$ (6,000)	$ (532)	$ (11,862)	$ 4,418
Operating Ratios:
Loss and loss adjustment expense ratio	88.70%	68%	78.50%	51.80%
Expense ratio	40.80%	36.40%	41.30%	40.80%
Combined ratio	129.50%	104.40%	119.80%	92.60%
Premiums and agents’ balances receivable	$ 15,854	$ 17,754	$ 15,854	$ 17,754
Deferred policy acquisition costs	9,797	8,992
Reinsurance recoverables on losses
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles	2,728	2,773	2,728	2,773
Unpaid losses and loss adjustment expenses	59,663	41,231	59,663	41,231
Unearned premiums	31,072	27,031	31,072	27,031
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	23,650	22,429	69,077	65,312
Assumed premiums earned
Ceded premiums earned	(2,341)	(2,678)	(7,363)	(6,393)
Net premiums earned	21,309	19,751	61,714	58,919
Direct losses and loss adjustment expenses	14,611	34,051	42,548	103,430
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses	(559)	(5,229)	(1,862)	(5,938)
Net losses and loss adjustment expenses	14,052	28,822	40,686	97,492
Gross margin	7,257	(9,071)	21,028	(38,573)
Underwriting and general expenses	6,159	5,396	18,515	17,425
Underwriting gain (loss)	$ 1,098	$ (14,467)	$ 2,513	$ (55,998)
Operating Ratios:
Loss and loss adjustment expense ratio	65.90%	145.90%	65.90%	165.50%
Expense ratio	28.90%	27.30%	30%	29.60%
Combined ratio	94.80%	173.20%	95.90%	195.10%
Premiums and agents’ balances receivable	$ 9,655	$ 9,461	$ 9,655	$ 9,461
Deferred policy acquisition costs	7,973	7,708
Reinsurance recoverables on losses	3,918	7,035	3,918	7,035
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	24,489	31,792	24,489	31,792
Unearned premiums	48,636	44,841	48,636	44,841
Payable to Federal Crop Insurance Corporation
Crop [Member]
Segment Information (Details) - Schedule of Revenue by Insurance Product Line [Line Items]
Direct premiums earned	15,283	20,921	32,800	38,612
Assumed premiums earned	1,792	1,768	2,293	2,259
Ceded premiums earned	(7,329)	(8,123)	(12,735)	(14,023)
Net premiums earned	9,746	14,566	22,358	26,848
Direct losses and loss adjustment expenses	4,899	12,040	16,932	25,173
Assumed losses and loss adjustment expenses	558	539	558	781
Ceded losses and loss adjustment expenses	(1,767)	(5,605)	(6,363)	(8,819)
Net losses and loss adjustment expenses	3,690	6,974	11,127	17,135
Gross margin	6,056	7,592	11,231	9,713
Underwriting and general expenses	1,950	343	4,630	1,400
Underwriting gain (loss)	$ 4,106	$ 7,249	$ 6,601	$ 8,313
Operating Ratios:
Loss and loss adjustment expense ratio	37.90%	47.90%	49.80%	63.80%
Expense ratio	20%	2.30%	20.70%	5.20%
Combined ratio	57.90%	50.20%	70.50%	69%
Premiums and agents’ balances receivable	$ 35,982	$ 42,395	$ 35,982	$ 42,395
Deferred policy acquisition costs	1,046	436
Reinsurance recoverables on losses	4,676	8,226	4,676	8,226
Receivable from Federal Crop Insurance Corporation	14,479		14,479
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	16,614	25,244	16,614	25,244
Unearned premiums	10,208	11,071	10,208	11,071
Payable to Federal Crop Insurance Corporation		4,700		4,700
Commercial [Member]
Segment Information (Details) - Schedule of Revenue by Insurance Product Line [Line Items]
Direct premiums earned	20,544	19,342	61,850	54,733
Assumed premiums earned
Ceded premiums earned	(4,793)	(3,458)	(13,440)	(9,630)
Net premiums earned	15,751	15,884	48,410	45,103
Direct losses and loss adjustment expenses	17,043	14,646	76,050	42,791
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses	(6,771)	(4,834)	(29,535)	(9,970)
Net losses and loss adjustment expenses	10,272	9,812	46,515	32,821
Gross margin	5,479	6,072	1,895	12,282
Underwriting and general expenses	5,810	5,840	18,146	16,752
Underwriting gain (loss)	$ (331)	$ 232	$ (16,251)	$ (4,470)
Operating Ratios:
Loss and loss adjustment expense ratio	65.20%	61.80%	96.10%	72.80%
Expense ratio	36.90%	36.80%	37.50%	37.10%
Combined ratio	102.10%	98.60%	133.60%	109.90%
Premiums and agents’ balances receivable	$ 13,438	$ 11,343	$ 13,438	$ 11,343
Deferred policy acquisition costs	7,160	6,928
Reinsurance recoverables on losses	46,097	15,763	46,097	15,763
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles	14,173	14,595	14,173	14,595
Unpaid losses and loss adjustment expenses	99,521	49,545	99,521	49,545
Unearned premiums	37,663	37,042	37,663	37,042
Payable to Federal Crop Insurance Corporation
All Other [Member]
Segment Information (Details) - Schedule of Revenue by Insurance Product Line [Line Items]
Direct premiums earned	1,352	1,312	3,974	3,853
Assumed premiums earned	253	692	1,155	3,753
Ceded premiums earned	(107)	(65)	(253)	(148)
Net premiums earned	1,498	1,939	4,876	7,458
Direct losses and loss adjustment expenses	(432)	782	1,345	2,275
Assumed losses and loss adjustment expenses	167	329	324	1,632
Ceded losses and loss adjustment expenses	374	(114)	(1,211)	(214)
Net losses and loss adjustment expenses	109	997	458	3,693
Gross margin	1,389	942	4,418	3,765
Underwriting and general expenses	389	462	1,286	1,835
Underwriting gain (loss)	$ 1,000	$ 480	$ 3,132	$ 1,930
Operating Ratios:
Loss and loss adjustment expense ratio	7.30%	51.40%	9.40%	49.50%
Expense ratio	26%	23.80%	26.40%	24.60%
Combined ratio	33.30%	75.20%	35.80%	74.10%
Premiums and agents’ balances receivable	$ 795	$ 765	$ 795	$ 765
Deferred policy acquisition costs	457	444
Reinsurance recoverables on losses	1,960	831	1,960	831
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	7,337	8,304	7,337	8,304
Unearned premiums	$ 2,860	3,093	$ 2,860	3,093
Payable to Federal Crop Insurance Corporation