NI (NODK) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
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	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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		20,629,454

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents	$ 68,518	$ 56,693
Fixed income securities, at fair value (net of allowance for expected credit losses of $0 at March 31, 2024 and December 31, 2023)	349,772	347,731
Equity securities, at fair value	29,650	27,767
Other investments	2,006	2,006
Total cash and investments	449,946	434,197
Premiums and agents' balances receivable (net of allowance for expected credit losses of $224 at March 31, 2024, and $402 at December 31, 2023)	79,706	74,058
Deferred policy acquisition costs	36,565	34,120
Reinsurance premiums receivable	2,985	4,061
Reinsurance recoverables on losses (net of allowance for expected credit losses of $0 at March 31, 2024 and December 31, 2023)	49,484	48,969
Accrued investment income	2,923	2,763
Property and equipment, net	9,708	9,897
Deferred income taxes	8,313	8,413
Receivable from Federal Crop Insurance Corporation	13,913	17,404
Goodwill and other intangibles	9,933	10,039
Other assets	11,049	10,965
Total assets	674,525	654,886
Liabilities:
Unpaid losses and loss adjustment expenses	225,006	217,119
Unearned premiums	171,418	164,100
Income tax payable	2,454	88
Accrued expenses and other liabilities	19,801	23,180
Total liabilities	418,679	404,487
Shareholders’ equity:
Common stock, $0.01 par value, authorized: 25,000,000 shares; issued: 23,000,000 shares; and outstanding: 2024 – 20,629,454 shares, 2023 – 20,599,908 shares	230	230
Additional paid-in capital	96,320	96,294
Unearned employee stock ownership plan shares	(698)	(698)
Retained earnings	218,451	208,376
Accumulated other comprehensive loss, net of income taxes	(23,858)	(21,384)
Treasury stock, at cost, 2024 – 2,300,751 shares, 2023 – 2,330,297 shares	(34,599)	(35,177)
Non-controlling interest		2,758
Total shareholders’ equity	255,846	250,399
Total liabilities and shareholders’ equity	$ 674,525	$ 654,886

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
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)	224	402
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	20,629,454	20,599,908
Treasury stock, shares	2,300,751	2,330,297

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Net premiums earned	$ 85,557	$ 77,627
Fee and other income	412	274
Net investment income	3,553	2,239
Net investment gains	1,828	1,416
Total revenues	91,350	81,556
Expenses:
Losses and loss adjustment expenses	52,209	58,825
Amortization of deferred policy acquisition costs	20,663	18,588
Other underwriting and general expenses	10,298	9,656
Total expenses	83,170	87,069
Income (loss) before income taxes	8,180	(5,513)
Income tax expense (benefit)	1,761	(1,013)
Net income (loss)	6,419	(4,500)
Net loss attributable to non-controlling interest		(290)
Net income (loss) attributable to NI Holdings, Inc.	$ 6,419	$ (4,210)
Earnings (loss) per common share:
Basic (in Dollars per share)	$ 0.31	$ (0.2)
Diluted (in Dollars per share)	$ 0.3	$ (0.2)
Share data:
Weighted average common shares outstanding used in basic per common share calculations (in Shares)	20,932,774	21,368,956
Dilutive securities (in Shares)	113,305
Weighted average common shares used in diluted per common share calculations (in Shares)	21,046,079	21,368,956

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income (loss)	$ 6,419	$ (4,500)
Other comprehensive income (loss), before income taxes:
Holding gains (losses) on investments	(1,817)	5,722
Reclassification adjustment for net realized losses included in net income (loss)	10	299
Other comprehensive income (loss), before income taxes	(1,807)	6,021
Income tax benefit (expense) related to items of other comprehensive income (loss)	407	(1,368)
Other comprehensive income (loss), net of income taxes	(1,400)	4,653
Comprehensive income (loss)	5,019	153
Attributable to NI Holdings, Inc.
Net income (loss)	6,419	(4,210)
Other comprehensive income (loss), before income taxes:
Holding gains (losses) on investments	(1,817)	5,444
Reclassification adjustment for net realized losses included in net income (loss)	10	299
Other comprehensive income (loss), before income taxes	(1,807)	5,743
Income tax benefit (expense) related to items of other comprehensive income (loss)	407	(1,305)
Other comprehensive income (loss), net of income taxes	(1,400)	4,438
Comprehensive income (loss)	5,019	228
Attributable to Non- Controlling Interest
Net income (loss)		(290)
Other comprehensive income (loss), before income taxes:
Holding gains (losses) on investments		278
Reclassification adjustment for net realized losses included in net income (loss)
Other comprehensive income (loss), before income taxes		278
Income tax benefit (expense) related to items of other comprehensive income (loss)		(63)
Other comprehensive income (loss), net of income taxes		215
Comprehensive income (loss)		$ (75)

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 Loss, Net of Income Taxes	Treasury Stock	Non-Controlling Interest	Total
Balance at Dec. 31, 2022	$ 230	$ 95,671	$ (941)	$ 214,121	$ (29,286)	$ (28,818)	$ 2,230	$ 253,207
Battle Creek demutualization
Net income (loss)				(4,210)			(290)	(4,500)
Other comprehensive income (loss), net of income taxes					4,438		215	4,653
Purchase of treasury stock						(621)		(621)
Share-based compensation		505						505
Issuance of vested award shares		(608)		(201)		636		(173)
Balance at Mar. 31, 2023	230	95,568	(941)	209,710	(24,848)	(28,803)	2,155	253,071
Balance at Dec. 31, 2023	230	96,294	(698)	208,376	(21,384)	(35,177)	2,758	250,399
Battle Creek demutualization				3,832	(1,074)		(2,758)
Net income (loss)				6,419				6,419
Other comprehensive income (loss), net of income taxes					(1,400)			(1,400)
Purchase of treasury stock
Share-based compensation		581						581
Issuance of vested award shares		(555)		(176)		578		(153)
Balance at Mar. 31, 2024	$ 230	$ 96,320	$ (698)	$ 218,451	$ (23,858)	$ (34,599)		$ 255,846

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 6,419	$ (4,500)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Net investment gains	(1,828)	(1,416)
Deferred income tax expense (benefit)	507	(2,874)
Depreciation of property and equipment	243	182
Amortization of intangibles	106	118
Share-based compensation	581	505
Amortization of deferred policy acquisition costs	20,663	18,588
Deferral of policy acquisition costs	(23,108)	(20,170)
Net amortization of premiums and discounts on investments	187	290
Gain on sale of property and equipment		(21)
Changes in operating assets and liabilities:
Premiums and agents’ balances receivable	(5,648)	(2,329)
Reinsurance premiums receivable / payable	1,076	(2,121)
Reinsurance recoverables on losses	(515)	(8,067)
Accrued investment income	(160)	102
Federal Crop Insurance Corporation receivable / payable	3,491	1,428
Other assets	(84)	79
Unpaid losses and loss adjustment expenses	7,887	14,331
Unearned premiums	7,318	4,954
Income tax recoverable / payable	2,366	1,967
Accrued expenses and other liabilities	(3,355)	(5,397)
Net cash flows from operating activities	16,146	(4,351)
Cash flows from investing activities:
Proceeds from maturities and sales of fixed income securities	7,348	11,380
Proceeds from sales of equity securities	2,963	30,389
Purchases of fixed income securities	(11,393)	(19,486)
Purchases of equity securities	(3,009)	(2,618)
Purchases of property and equipment	(52)	(293)
Proceeds from sales of property and equipment		56
Net cash flows from investing activities	(4,143)	19,428
Cash flows from financing activities:
Purchases of treasury stock		(621)
Principal repayments of finance leases	(25)
Issuance of vested award shares	(153)	(173)
Net cash flows from financing activities	(178)	(794)
Net increase in cash and cash equivalents	11,825	14,283
Cash and cash equivalents at beginning of period	56,693	47,002
Cash and cash equivalents at end of period	68,518	61,285
Federal and state income taxes paid (net of refunds received)	$ (887)

Organization

Organization	3 Months Ended
	Mar. 31, 2024
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 private passenger 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 auto coverage in the states of Nevada, Arizona, North Dakota, and South Dakota. Primero was acquired by Nodak Insurance in 2014. Battle Creek 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, prior to January 2, 2024, was controlled by Nodak Insurance via a surplus note. On January 2, 2024, Battle Creek issued 300,000 shares of its common stock to Nodak Insurance at a $10.00 per share par value and became a 100% wholly-owned subsidiary of Nodak Insurance. Because we concluded that we controlled Battle Creek prior to January 2, 2024, we consolidated the financial statements of Battle Creek, and Battle Creek’s policyholders’ interest in Battle Creek was 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 was excluded from net income or loss attributed to NI Holdings in our Consolidated Statements of Operations for NI Holdings (“Consolidated Statements of Operations”). Subsequent to January 2, 2024, Battle Creek is fully consolidated in our Consolidated Balance Sheets and Consolidated Statements of Operations and, as such, no longer reflect a non-controlling interest. Direct Auto Insurance Company Direct Auto is a property and casualty insurance company licensed in Illinois. Direct Auto began writing non-standard auto 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	3 Months Ended
	Mar. 31, 2024
Basis of Presentation and Accounting Policies [Abstract]
Basis of Presentation and Accounting Policies	2. Basis of Presentation and Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. All material intercompany transactions and balances have been eliminated. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2023 Annual Report. The Consolidated Balance Sheet at December 31, 2023, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of the interim unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim unaudited consolidated financial statements and the reported amounts of revenues, claims, and expenses during the reporting period. Actual results could differ from those estimates. Operating results for the interim period ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ended December 31, 2024. Our 2023 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 2023 Annual Report were consistently applied to the unaudited consolidated financial statements as of and for the three months ended March 31, 2024 and 2023. Recent Accounting Pronouncements 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 2023 Annual Report. Not Yet Adopted Improvements to Reportable Segment Disclosures – In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance related to improving disclosures for reportable segments primarily through enhanced disclosures about significant segment expenses that are provided to the chief operating decision maker (“CODM”). This guidance also requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact of the new standard on our consolidated financial statements, which is expected to result in enhanced disclosures. Improvements to Income Tax Disclosures – In December 2023, the FASB issued guidance related to improving income tax disclosures. This guidance requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The guidance is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this update are effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact of the new standard on our consolidated financial statements, which is expected to result in enhanced disclosures.

Investments

Investments	3 Months Ended
	Mar. 31, 2024
Investments [Abstract]
Investments	3. Investments The amortized cost and estimated fair value of fixed income securities as of March 31, 2024, and December 31, 2023, were as follows: March 31, 2024 Cost or Allowance for Gross Gross Fair Value Fixed income securities: U.S. Government and agencies $ 12,493 $ — $ 5 $ (801 ) $ 11,697 Obligations of states and political subdivisions 56,491 — 240 (4,978 ) 51,753 Corporate securities 153,966 — 149 (11,303 ) 142,812 Residential mortgage-backed securities 66,825 — 86 (6,412 ) 60,499 Commercial mortgage-backed securities 32,779 — 119 (3,742 ) 29,156 Asset-backed securities 53,278 — 176 (3,729 ) 49,725 Redeemable preferred stocks 4,747 — — (617 ) 4,130 Total fixed income securities $ 380,579 $ — $ 775 $ (31,582 ) $ 349,772 December 31, 2023 Cost or Allowance for Gross Gross Fair Value Fixed income securities: U.S. Government and agencies $ 10,998 $ — $ — $ (736 ) $ 10,262 Obligations of states and political subdivisions 55,769 — 408 (4,716 ) 51,461 Corporate securities 152,630 — 442 (10,856 ) 142,216 Residential mortgage-backed securities 66,362 — 180 (5,379 ) 61,163 Commercial mortgage-backed securities 33,532 — 148 (4,241 ) 29,439 Asset-backed securities 52,692 — 142 (3,805 ) 49,029 Redeemable preferred stocks 4,747 — — (586 ) 4,161 Total fixed income securities $ 376,730 $ — $ 1,320 $ (30,319 ) $ 347,731 The amortized cost and estimated fair value of fixed income securities by contractual maturity are shown below. Actual maturities could differ from contractual maturities because issuers may have the right to call or prepay these securities. March 31, 2024 Amortized Cost Fair Value Due to mature: One year or less $ 13,067 $ 12,822 After one year through five years 75,475 71,868 After five years through ten years 85,017 77,531 After ten years 49,391 44,041 Mortgage / asset-backed securities 152,882 139,380 Redeemable preferred stocks 4,747 4,130 Total fixed income securities $ 380,579 $ 349,772 December 31, 2023 Amortized Cost Fair Value Due to mature: One year or less $ 9,612 $ 9,436 After one year through five years 75,794 72,602 After five years through ten years 86,185 79,281 After ten years 47,806 42,620 Mortgage / asset-backed securities 152,586 139,631 Redeemable preferred stocks 4,747 4,161 Total fixed income securities $ 376,730 $ 347,731 Fixed income securities with a fair value of $7,569 at March 31, 2024, and $6,403 at December 31, 2023, were deposited with various state regulatory agencies as required by law. The Company has not pledged any assets to secure any obligations. The investment category and duration of the Company’s gross unrealized losses on fixed income securities are shown below. Investments with unrealized losses are categorized with a duration of greater than 12 months when all positions of a security have continually been in a loss position for at least 12 months. March 31, 2024 Less than 12 Months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed income securities: U.S. Government and agencies $ 1,235 $ (10 ) $ 8,808 $ (791 ) $ 10,043 $ (801 ) Obligations of states and political subdivisions 6,293 (154 ) 37,359 (4,824 ) 43,652 (4,978 ) Corporate securities 22,275 (321 ) 108,426 (10,982 ) 130,701 (11,303 ) Residential mortgage-backed securities 13,391 (310 ) 34,005 (6,102 ) 47,396 (6,412 ) Commercial mortgage-backed securities 2,061 (36 ) 24,269 (3,706 ) 26,330 (3,742 ) Asset-backed securities 7,424 (37 ) 26,545 (3,692 ) 33,969 (3,729 ) Redeemable preferred stocks — — 4,130 (617 ) 4,130 (617 ) Total fixed income securities $ 52,679 $ (868 ) $ 243,542 $ (30,714 ) $ 296,221 $ (31,582 ) December 31, 2023 Less than 12 Months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed income securities: U.S. Government and agencies $ — $ — $ 9,018 $ (736 ) $ 9,018 $ (736 ) Obligations of states and political subdivisions 5,239 (359 ) 36,194 (4,357 ) 41,433 (4,716 ) Corporate securities 8,018 (93 ) 110,117 (10,763 ) 118,135 (10,856 ) Residential mortgage-backed securities 12,054 (104 ) 33,341 (5,275 ) 45,395 (5,379 ) Commercial mortgage-backed securities 2,678 (5 ) 23,713 (4,236 ) 26,391 (4,241 ) Asset-backed securities 4,463 (18 ) 30,200 (3,787 ) 34,663 (3,805 ) Redeemable preferred stocks — — 4,161 (586 ) 4,161 (586 ) Total fixed income securities $ 32,452 $ (579 ) $ 246,744 $ (29,740 ) $ 279,196 $ (30,319 ) We, along with our investment advisor, 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 income 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 and have not recognized any credit losses for fixed income securities since adoption of the credit loss standard. Therefore, there was no beginning balance, activity, or ending balance of credit losses as of and during the three months ended March 31, 2024 and 2023. See Item II, Part 8, Note 3 “Summary of Significant Accounting Policies” section of the 2023 Annual Report for additional information. Net investment income consisted of the following: Three Months Ended March 31, 2024 2023 Fixed income securities $ 3,518 $ 2,630 Equity securities 327 320 Real estate 158 150 Cash and cash equivalents 508 52 Total gross investment income 4,511 3,152 Investment expenses 958 913 Net investment income $ 3,553 $ 2,239 Net investment gains consisted of the following: Three Months Ended March 31, 2024 2023 Gross realized gains: Fixed income securities $ 9 $ — Equity securities 226 12,731 Total gross realized gains 235 12,731 Gross realized losses, excluding credit impairment losses: Fixed income securities (19 ) (299 ) Equity securities (346 ) (846 ) Total gross realized losses, excluding credit impairment losses (365 ) (1,145 ) Net realized gains (losses) (130 ) 11,586 Change in net unrealized gains on equity securities 1,958 (10,170 ) Net investment gains $ 1,828 $ 1,416

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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 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 first attempt to obtain a fair value estimate from our third-party investment advisor who utilizes different independent pricing services. If unsuccessful, 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 advisor who utilizes 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-month period ended March 31, 2024, or the year ended December 31, 2023. 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 March 31, 2024, or December 31, 2023. The following tables set forth our assets which are measured on a recurring basis by the level within the fair value hierarchy in which fair value measurements fall: March 31, 2024 Total Level 1 Level 2 Level 3 Fixed income securities: U.S. Government and agencies $ 11,697 $ — $ 11,697 $ — Obligations of states and political subdivisions 51,753 — 51,753 — Corporate securities 142,812 — 142,812 — Residential mortgage-backed securities 60,499 — 60,499 — Commercial mortgage-backed securities 29,156 — 29,156 — Asset-backed securities 49,725 — 49,725 — Redeemable preferred stock 4,130 — 4,130 — Total fixed income securities 349,772 — 349,772 — Equity securities: Common stock 27,651 27,651 — — Non-redeemable preferred stock 1,999 1,999 — — Total equity securities 29,650 29,650 — — Money market accounts and cash equivalents 33,098 26,837 6,261 — Total assets at fair value $ 412,520 $ 56,487 $ 356,033 $ — December 31, 2023 Total Level 1 Level 2 Level 3 Fixed income securities: U.S. Government and agencies $ 10,262 $ — $ 10,262 $ — Obligations of states and political subdivisions 51,461 — 51,461 — Corporate securities 142,216 — 142,216 — Residential mortgage-backed securities 61,163 — 61,163 — Commercial mortgage-backed securities 29,439 — 29,439 — Asset-backed securities 49,029 — 49,029 — Redeemable preferred stock 4,161 — 4,161 — Total fixed income securities 347,731 — 347,731 — Equity securities: Common stock 25,890 25,890 — — Non-redeemable preferred stock 1,877 1,877 — — Total equity securities 27,767 27,767 — — Money market accounts and cash equivalents 25,596 19,412 6,184 — Total assets at fair value $ 401,094 $ 47,179 $ 353,915 $ — There were no liabilities measured at fair value on a recurring basis at March 31, 2024, or December 31, 2023.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2024
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 Company reinsures a portion of the risks it underwrites, through these ceded reinsurance agreements, in order to control its exposure to losses. Our ceded reinsurance is placed either on an automatic basis under general reinsurance contracts known as treaties or through facultative contracts placed on substantial individual risks. These contracts do not relieve the Company from its obligations to policyholders. During the three-month period ended March 31, 2024, the Company maintained property catastrophe reinsurance protection covering $133,000 in excess of a $20,000 retention. With the exception of Westminster, 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. For Westminster, per risk excess of loss treaties provided coverage of $4,000 in excess of $2,000 for property risks and $11,000 in excess of $2,000 for casualty risks. Additionally, facultative contracts are 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”). For the year ended December 31, 2023, the Company’s catastrophe retention and retention limit were consistent with those for the three-month period ended March 31, 2024. In addition, limits, retentions, and attachment points in our other reinsurance contracts were also consistent with those for the three-month period ended March 31, 2024 (with the exception of Westminster for which 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). 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 2023 Annual Report for additional information. Credit loss estimates are made based on periodic evaluation of balances due from reinsurers, changes in reinsurer credit standing, judgments regarding reinsurers’ solvency, known disputes, reporting characteristics of the underlying reinsured business, historical experience, current economic conditions, and the state of reinsurer relations in general. Collection risk is mitigated by entering into reinsurance arrangements only with reinsurers that have strong credit ratings and statutory surplus above certain levels. At March 31, 2024, and December 31, 2023, management has concluded that it is not necessary to record an allowance for expected credit losses related to reinsurance recoverables. All of our significant reinsurance partners are rated “A-” (Excellent) or better by AM Best, and there is no history of write-offs. A reconciliation of direct to net premiums on both a written and an earned basis is as follows: Three Months Ended March 31, 2024 Premiums Written Premiums Earned Direct premium $ 102,657 $ 94,900 Assumed premium 137 151 Ceded premium (9,807 ) (9,494 ) Net premiums $ 92,987 $ 85,557 Three Months Ended March 31, 2023 Premiums Written Premiums Earned Direct premium $ 90,556 $ 85,474 Assumed premium 399 576 Ceded premium (8,459 ) (8,423 ) Net premiums $ 82,496 $ 77,627 A reconciliation of direct to net losses and loss adjustment expenses is as follows: Three Months Ended March 31, 2024 2023 Direct losses and loss adjustment expenses $ 54,654 $ 70,861 Assumed losses and loss adjustment expenses 45 90 Ceded losses and loss adjustment expenses (2,490 ) (12,126 ) Net losses and loss adjustment expenses $ 52,209 $ 58,825 If 100% of our ceded reinsurance was cancelled as of March 31, 2024, or December 31, 2023, 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 three months ended March 31, 2024, and the year ended December 31, 2023, 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 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	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 Balance, beginning of period $ 34,120 $ 29,768 Deferral of policy acquisition costs 23,108 20,170 Amortization of deferred policy acquisition costs (20,663 ) (18,588 ) Balance, end of period $ 36,565 $ 31,350

Unpaid Losses and Loss Adjustme

Unpaid Losses and Loss Adjustment Expenses	3 Months Ended
	Mar. 31, 2024
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: Three Months Ended March 31, 2024 2023 Balance, beginning of period: Liability for unpaid losses and loss adjustment expenses $ 217,119 $ 190,459 Reinsurance recoverables on losses 48,969 37,575 Net balance, beginning of period 168,150 152,884 Incurred related to: Current year 50,925 48,854 Prior years 1,284 9,971 Total incurred 52,209 58,825 Paid related to: Current year 12,940 14,528 Prior years 31,897 38,033 Total paid 44,837 52,561 Balance, end of period: Liability for unpaid losses and loss adjustment expenses 225,006 204,790 Reinsurance recoverables on losses 49,484 45,642 Net balance, end of period $ 175,522 $ 159,148 During the three months ended March 31, 2024, the Company’s incurred reported losses and loss adjustment expenses included $1,284 of net unfavorable development on prior accident years, primarily attributable to Direct Auto and Primero, which was partially offset by favorable development on prior accident years for Nodak Insurance and Battle Creek. During the three months ended March 31, 2023, the Company’s incurred reported losses and loss adjustment expenses included $9,971 of net unfavorable development on prior accident years, primarily attributable to Direct Auto and Westminster. Changes in unpaid losses and loss adjustment expense reserves are generally the result of ongoing analysis of recent loss development trends. As additional information becomes known regarding individual claims, original estimates are increased or decreased accordingly.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2024
Property and Equipment [Abstract]
Property and Equipment	8. Property and Equipment Property and equipment consisted of the following: March 31, 2024 December 31, 2023 Estimated Useful Life Cost: Land $ 1,403 $ 1,403 indefinite Building and improvements 14,558 14,538 10 – 43 years Electronic data processing equipment 1,441 1,441 5 – 7 years Furniture and fixtures 2,953 2,953 5 – 7 years Automobiles 1,353 1,319 2 – 3 years Gross cost 21,708 21,654 Accumulated depreciation (12,000 ) (11,757 ) Total property and equipment, net $ 9,708 $ 9,897 Depreciation expense was $243 and $182 for the three months ended March 31, 2024 and 2023, respectively

Goodwill and Other Intangibles

Goodwill and Other Intangibles	3 Months Ended
	Mar. 31, 2024
Goodwill and Other Intangibles [Abstract]
Goodwill and Other Intangibles	9. Goodwill and Other Intangibles Goodwill The following table presents the carrying amount of the Company’s goodwill and related impairment by segment: Three Months Ended March 31, 2024 Year Ended December 31, 2023 Non-standard Commercial Total Non-standard Commercial Total Goodwill, original recorded value $ 2,628 $ 6,756 $ 9,384 $ 2,628 $ 6,756 $ 9,384 Accumulated impairment losses at the beginning of the period — (6,756 ) (6,756 ) — — — Goodwill, beginning of period 2,628 — 2,628 2,628 6,756 9,384 Impairment recognized during the period — — — — (6,756 ) (6,756 ) Goodwill, end of period $ 2,628 $ — $ 2,628 $ 2,628 $ — $ 2,628 Based on the qualitative analyses performed for the goodwill related to our non-standard auto segment, we concluded that goodwill was not impaired as of March 31, 2024, or December 31, 2023. During the fourth quarter of 2023, we performed a quantitative assessment of the goodwill related to the Westminster acquisition, which is allocated to our commercial segment, and concluded that the goodwill was fully impaired as of December 31, 2023, resulting in a non-cash impairment charge of $6,756. See the Part II, Item 8, Note 10 “Goodwill and Other Intangibles” section of the 2023 Annual Report for additional information. Other Intangible Assets The following table presents the carrying amount of the Company’s other intangible assets: March 31, 2024 Gross Carrying Accumulated Net Subject to amortization: Trade names $ 748 $ 461 $ 287 Distribution network 6,700 1,582 5,118 Total subject to amortization 7,448 2,043 5,405 Not subject to amortization: State insurance licenses 1,900 — 1,900 Total $ 9,348 $ 2,043 $ 7,305 December 31, 2023 Gross Carrying Accumulated Net Subject to amortization: Trade names $ 748 $ 448 $ 300 Distribution network 6,700 1,489 5,211 Total subject to amortization 7,448 1,937 5,511 Not subject to amortization: State insurance licenses 1,900 — 1,900 Total $ 9,348 $ 1,937 $ 7,411 We determined during our reviews that other indefinite-lived intangible assets and finite-lived intangible assets were not impaired as of March 31, 2024, or December 31, 2023. Amortization expense was $106 and $118 for the three months ended March 31, 2024 and 2023, respectively. Other intangible assets that have finite lives, including trade names and distribution networks, are amortized over their useful lives. As of March 31, 2024, the estimated amortization of other intangible assets with finite lives for each of the five years in the period ending December 31, 2028, and thereafter is as follows: Year ending December 31, 2024 (nine months remaining) $ 317 2025 422 2026 422 2027 422 2028 422 Thereafter 3,400 Total other intangible assets with finite lives $ 5,405

Royalties, Dividends, and Affil

Royalties, Dividends, and Affiliations	3 Months Ended
	Mar. 31, 2024
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 $403 and $357 during the three months ended March 31, 2024 and 2023, respectively. Royalty amounts payable of $150 and $131 were accrued as a liability to the NDFB at March 31, 2024, and December 31, 2023, 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, 2023, 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 2024, see Item II, Part 8, Note 12 “Related Party Transactions” section of the 2023 Annual Report. Battle Creek Prior to January 2, 2024, we consolidated the financial statements of Battle Creek, and Battle Creek’s policyholders’ interest in Battle Creek was reflected as a non-controlling interest in shareholders’ equity in our Consolidated Balance Sheets. Subsequent to January 2, 2024, Battle Creek is fully consolidated in our Consolidated Balance Sheets. The following table discloses the standalone balance sheet of Battle Creek, prior to intercompany eliminations, to illustrate the impact of including Battle Creek in our December 31, 2023, Consolidated Balance Sheet prior to demutualization: December 31, 2023 Assets: Cash and cash equivalents $ 2,621 Investments 15,394 Premiums and agents’ balances receivable 5,953 Deferred policy acquisition costs 682 Reinsurance recoverables on losses (2) 6,918 Accrued investment income 85 Income tax recoverable 225 Deferred income taxes 706 Property and equipment 306 Other assets 97 Total assets $ 32,987 Liabilities: Unpaid losses and loss adjustment expenses $ 4,276 Unearned premiums 3,269 Notes payable (1) 3,000 Pooling payable (1) 5,932 Reinsurance losses payable (2) 13,275 Accrued expenses and other liabilities 477 Total liabilities 30,229 Equity: Non-controlling interest 2,758 Total equity 2,758 Total liabilities and equity $ 32,987 (1) Amount fully eliminated in consolidation. (2) Amount partly eliminated in consolidation.

Benefit Plans

Benefit Plans	3 Months Ended
	Mar. 31, 2024
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 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 $210 and $189 during the three months ended March 31, 2024 and 2023, 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 $173 and $22 during the three months ended March 31, 2024 and 2023, respectively. In connection with our initial public offering (“IPO”) in March 2017, the Company established its Employee Stock Ownership Plan (the “ESOP”) 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 Sheets 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 $84 and $82 during the three months ended March 31, 2024 and 2023, respectively, related to the ESOP. Through March 31, 2024, and December 31, 2023, the Company had released and allocated 170,205 ESOP shares to participants, with a remainder of 69,795 ESOP shares in suspense at March 31, 2024 and December 31, 2023. Using the Company’s quarter-end market price of $15.15 per share, the fair value of the unearned ESOP shares was $1,057 at March 31, 2024.

Line of Credit

Line of Credit	3 Months Ended
	Mar. 31, 2024
Line of Credit [Abstract]
Line of Credit	12. Line of Credit NI Holdings has a $3,000 line of credit with Wells Fargo Bank, N.A. The terms of the line of credit include a floating interest rate of 2.50% above the daily simple secured overnight financing rate. There were no

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Taxes [Abstract]
Income Taxes	13. Income Taxes As of January 2, 2024, Battle Creek became a 100% wholly-owned subsidiary of Nodak Insurance and will be included in the Company’s consolidated federal income tax returns beginning in 2024. For tax years 2023 and prior, Battle Creek has filed or will file its federal income tax returns on a stand-alone basis. At March 31, 2024, and December 31, 2023, we had no No At March 31, 2024, and December 31, 2023, the Company, other than Battle Creek, had no Battle Creek had net operating loss carryforwards of $3,756 at December 31, 2023. These net operating loss carryforwards expire through 2032

Leases

Leases	3 Months Ended
	Mar. 31, 2024
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. In addition, Nodak Insurance leases server equipment under a non-cancellable finance lease expiring in 2026. Effective for the year ended December 31, 2022, the Company adopted the updated guidance for leases. See Part II, Item 8, Note 2 “Recent Accounting Pronouncements” section of the 2023 Annual Report for additional information. 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. 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. Lease liabilities are included in accrued expenses and other liabilities and right-of-use assets are included in other assets in the Consolidated Balance Sheets. There were expenses of $122 and $98 related to these leases during the three months ended March 31, 2024 and 2023, respectively. Additional information regarding the Company’s leases are as follows: As of and For the Three Months Ended March 31, 2024 2023 Operating lease cost $ 96 $ 98 Finance lease cost: Amortization of right-of-use assets 20 — Interest on lease liabilities 6 — Finance lease cost 26 — Total lease cost $ 122 $ 98 Other information on leases: Cash payments included in operating cash flows from operating leases $ 101 $ 101 Cash payments included in operating cash flows from finance leases 6 — Cash payments included in financing cash flows from finance leases 25 — Right-of-use assets obtained in exchange for new operating lease liabilities — — Right-of-use assets obtained in exchange for new finance lease liabilities — — Weighted average discount rate – operating leases 3.94% 3.25% Weighted average discount rate – finance leases 8.50% — Weighted average remaining lease term in years – operating leases 5.1 years 6.1 years Weighted average remaining lease term in years – finance leases 2.6 years — The following table presents the contractual maturities of the Company’s operating leases for each of the five years in the period ending December 31, 2028, and thereafter, reconciled to the Company’s operating lease liability at March 31, 2024: Year ending December 31, Operating Leases Finance Leases Total 2024 (nine months remaining) $ 283 $ 90 $ 373 2025 347 120 467 2026 351 100 451 2027 356 — 356 2028 331 — 331 Thereafter 178 — 178 Total undiscounted lease payments 1,846 310 2,156 Less: present value adjustment 167 31 198 Lease liability at March 31, 2024 $ 1,679 $ 279 $ 1,958

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2024
Contingencies [Abstract]
Contingencies	15. Contingencies We have been named as a defendant in various lawsuits relating to our insurance operations. Contingent liabilities arising from litigation, income taxes, and other matters are not considered to be material to our financial position.

Common and Preferred Stock

Common and Preferred Stock	3 Months Ended
	Mar. 31, 2024
Common and Preferred Stock [Abstract]
Common and Preferred Stock	16. Common and Preferred Stock Common Stock Changes in the number of common stock shares outstanding were as follows: Three Months Ended March 31, 2024 2023 Shares outstanding, beginning of period 20,599,908 21,076,255 Treasury shares repurchased through stock repurchase authorization — (46,099 ) Issuance of treasury shares for vesting of restricted stock units 29,546 32,199 Shares outstanding, end of period 20,629,454 21,062,355 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 three months ended March 31, 2023, excluded the weighted average effects of 61,290 shares of stock awards since the impacts of these potential shares of common stock were anti-dilutive. On 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 three months ended March 31, 2024, we did not The cost of this treasury stock is a reduction of shareholders’ equity within our Consolidated Balance Sheets. Preferred Stock The Company’s Articles of Incorporation provide authority to issue up to five million shares of preferred stock. No preferred shares are issued or outstanding.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2024
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 are based on salary. RSUs granted prior to 2024 vest equally over a five-year period. Effective for executive grants in 2024, the RSUs vest equally over a three-year period. The 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, 2023 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 December 31, 2023 146,580 15.37 RSUs granted during 2024 79,800 14.19 RSUs earned during 2024 (42,820 ) 15.59 Units outstanding and unearned at March 31, 2024 183,560 14.81 The following table shows the impact of RSU activity to the Company’s financial results: Three Months Ended March 31, 2024 2023 RSU compensation expense $ 396 $ 302 Income tax benefit (90 ) (69 ) RSU compensation expense, net of income taxes $ 306 $ 233 At March 31, 2024, there was $1,627 of unrecognized compensation cost related to outstanding RSUs. That cost is expected to be recognized over a weighted-average period of 1.62 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 are based on salary and, prior to 2024, include a three-year adjusted book value cumulative growth target with threshold and stretch goals 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, 2023 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 December 31, 2023 213,800 16.53 PSUs granted during 2024 (at target) 79,800 14.19 PSUs earned during 2024 — — Performance adjustment (1) (64,600 ) 18.64 Forfeitures — — Units outstanding at March 31, 2024 229,000 15.12 (1) The following table shows the impact of PSU activity to the Company’s financial results: Three Months Ended March 31, 2024 2023 PSU compensation expense $ 185 $ 138 Income tax benefit (42 ) (31 ) PSU compensation expense, net of income taxes $ 143 $ 107 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. As of December 31, 2023, the previously recognized compensation expense related to the PSU awards granted during 2022 and 2021 was eliminated due to the Company's expectation that the threshold performance goal will not be met. At March 31, 2024, there was $1,776 of unrecognized compensation cost related to outstanding PSUs. That cost is expected to be recognized over a weighted-average period of 2.50 years.

Allowance for Expected Credit L

Allowance for Expected Credit Losses	3 Months Ended
	Mar. 31, 2024
Allowance for Expected Credit Losses [Abstract]
Allowance for Expected Credit Losses	18. Allowance for Expected Credit Losses Premiums Receivable The following table presents the balances of premiums and agents’ balances receivable, net of the allowance for expected credit losses as of March 31, 2024 and 2023, and the changes in the allowance for expected credit losses for the three months ended March 31, 2024 and 2023. As of and For the Three Months As of and For the Three Months Ended Premiums and Allowance for Premiums and Allowance for Balance, beginning of period $ 74,058 $ 402 $ 62,173 $ 425 Current period charge for expected credit losses (117 ) 90 Write-offs of uncollectible premiums receivable (61 ) (70 ) Balance, end of period $ 79,706 $ 224 $ 64,502 $ 445

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Information [Abstract]
Segment Information	19. Segment Information We have six reportable operating segments, which consist of private passenger auto, non-standard auto, home and farm, crop, commercial, and all other (which primarily consists of assumed reinsurance and our excess liability business). We operate only in the U.S., and no single customer or agent provides 10 percent or more of our revenues. The following tables provide available information of these segments for the three-month periods ended March 31, 2024 and 2023. 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 Consolidated Statement of Operations or Consolidated Balance Sheets to our operating segments. Those line items include net investment income, net investment gains, fee and other income excluding non-standard auto, and income tax expense (benefit) within the Unaudited Consolidated Statement of Operations. For the Consolidated Balance Sheets, 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 March 31, 2024 Private Non-Standard Home and Crop Commercial All Other Total Direct premiums earned $ 23,225 $ 25,058 $ 24,245 $ (204 ) $ 21,182 $ 1,394 $ 94,900 Assumed premiums earned — — — — — 151 151 Ceded premiums earned (1,123 ) (69 ) (2,831 ) (1,345 ) (4,044 ) (82 ) (9,494 ) Net premiums earned 22,102 24,989 21,414 (1,549 ) 17,138 1,463 85,557 Direct losses and loss adjustment expenses 11,409 16,869 12,782 (1,962 ) 13,976 1,580 54,654 Assumed losses and loss adjustment expenses — — — — — 45 45 Ceded losses and loss adjustment expenses (116 ) — (601 ) 405 (1,075 ) (1,103 ) (2,490 ) Net losses and loss adjustment expenses 11,293 16,869 12,181 (1,557 ) 12,901 522 52,209 Gross margin 10,809 8,120 9,233 8 4,237 941 33,348 Underwriting and general expenses 6,989 10,266 6,665 1 6,081 959 30,961 Underwriting gain (loss) 3,820 (2,146 ) 2,568 7 (1,844 ) (18 ) 2,387 Fee and other income 350 412 (1,796 ) Net investment income 3,553 Net investment gains 1,828 Income (loss) before income taxes 8,180 Income tax expense (benefit) 1,761 Net income (loss) 6,419 Net loss attributable to non-controlling interest — Net income (loss) attributable to NI Holdings, Inc. $ 6,419 Operating Ratios: Loss and loss adjustment expense ratio 51.1% 67.5% 56.9% n/a 75.3% 35.7% 61.0% Expense ratio 31.6% 41.1% 31.1% n/a 35.5% 65.6% 36.2% Combined ratio 82.7% 108.6% 88.0% n/a 110.8% 101.3% 97.2% Balances at March 31, 2024: Premiums and agents’ balances receivable $ 24,562 $ 22,720 $ 10,269 $ — $ 21,374 $ 781 $ 79,706 Deferred policy acquisition costs 6,295 12,978 8,621 — 8,191 480 36,565 Reinsurance recoverables on 88 — 2,970 33 43,139 3,254 49,484 Receivable from Federal Crop Insurance Corporation — — — 13,913 — — 13,913 Goodwill and other intangibles — 2,728 — — 7,205 — 9,933 Unpaid losses and loss adjustment expenses 25,610 65,228 20,124 92 105,904 8,048 225,006 Unearned premiums 36,095 42,641 48,751 — 41,139 2,792 171,418 Three Months Ended March 31, 2023 Private Non-Standard Home and Crop Commercial All Other Total Direct premiums earned $ 20,541 $ 20,971 $ 22,433 $ (10 ) $ 20,230 $ 1,309 $ 85,474 Assumed premiums earned — — — — — 576 576 Ceded premiums earned (888 ) (92 ) (2,442 ) (715 ) (4,213 ) (73 ) (8,423 ) Net premiums earned 19,653 20,879 19,991 (725 ) 16,017 1,812 77,627 Direct losses and loss adjustment expenses 15,624 17,038 9,523 (669 ) 29,322 23 70,861 Assumed losses and loss adjustment expenses — — — — — 90 90 Ceded losses and loss adjustment expenses 1 — (804 ) (104 ) (11,208 ) (11 ) (12,126 ) Net losses and loss adjustment expenses 15,625 17,038 8,719 (773 ) 18,114 102 58,825 Gross margin 4,028 3,841 11,272 48 (2,097 ) 1,710 18,802 Underwriting and general expenses 6,418 8,994 6,205 32 6,086 509 28,244 Underwriting gain (loss) (2,390 ) (5,153 ) 5,067 16 (8,183 ) 1,201 (9,442 ) Fee and other income 232 274 (4,921 ) Net investment income 2,239 Net investment gains 1,416 Income (loss) before income taxes (5,513 ) Income tax expense (benefit) (1,013 ) Net income (loss) (4,500 ) Net loss attributable to non-controlling interest (290 ) Net income (loss) attributable to NI Holdings, Inc. $ (4,210 ) Operating Ratios: Loss and loss adjustment expense ratio 79.5% 81.6% 43.6% n/a 113.1% 5.6% 75.8% Expense ratio 32.7% 43.1% 31.1% n/a 38.0% 28.1% 36.4% Combined ratio 112.2% 124.7% 74.7% n/a 151.1% 33.7% 112.2% Balances at March 31, 2023: Premiums and agents’ balances receivable $ 21,743 $ 16,642 $ 8,954 $ 93 $ 16,301 $ 769 $ 64,502 Deferred policy acquisition costs 5,309 10,716 7,279 — 7,616 430 31,350 Reinsurance recoverables on 1,280 — 5,845 51 37,669 797 45,642 Receivable from Federal Crop Insurance Corporation — — — 14,034 — — 14,034 Goodwill and other intangibles — 2,748 — — 14,384 — 17,132 Unpaid losses and loss adjustment expenses 27,366 50,876 29,165 421 89,296 7,666 204,790 Unearned premiums 32,378 33,711 44,446 — 39,975 2,957 153,467

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	20. Subsequent Events On May 7, 2024, NI Holdings signed an agreement to sell its wholly-owned commercial insurance subsidiary, Westminster American Insurance Company, to a private party. The total consideration for the sale is $10,500 in cash, with proceeds planned to be used for general corporate purposes. The transaction was unanimously approved by the NI Holdings Board of Directors and is expected to close in 2024, subject to regulatory approval and other closing conditions.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 6,419	$ (4,210)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
Basis of Presentation and 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 2023 Annual Report. The Consolidated Balance Sheet at December 31, 2023, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of the interim unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim unaudited consolidated financial statements and the reported amounts of revenues, claims, and expenses during the reporting period. Actual results could differ from those estimates. Operating results for the interim period ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ended December 31, 2024. Our 2023 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 2023 Annual Report were consistently applied to the unaudited consolidated financial statements as of and for the three months ended March 31, 2024 and 2023.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 2023 Annual Report. Not Yet Adopted Improvements to Reportable Segment Disclosures – In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance related to improving disclosures for reportable segments primarily through enhanced disclosures about significant segment expenses that are provided to the chief operating decision maker (“CODM”). This guidance also requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact of the new standard on our consolidated financial statements, which is expected to result in enhanced disclosures. Improvements to Income Tax Disclosures – In December 2023, the FASB issued guidance related to improving income tax disclosures. This guidance requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The guidance is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this update are effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact of the new standard on our consolidated financial statements, which is expected to result in enhanced disclosures.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Investments [Abstract]
Schedule of Amortized Cost and Estimated Fair Value of Fixed Income Securities	The amortized cost and estimated fair value of fixed income securities as of March 31, 2024, and December 31, 2023, were as follows: March 31, 2024 Cost or Allowance for Gross Gross Fair Value Fixed income securities: U.S. Government and agencies $ 12,493 $ — $ 5 $ (801 ) $ 11,697 Obligations of states and political subdivisions 56,491 — 240 (4,978 ) 51,753 Corporate securities 153,966 — 149 (11,303 ) 142,812 Residential mortgage-backed securities 66,825 — 86 (6,412 ) 60,499 Commercial mortgage-backed securities 32,779 — 119 (3,742 ) 29,156 Asset-backed securities 53,278 — 176 (3,729 ) 49,725 Redeemable preferred stocks 4,747 — — (617 ) 4,130 Total fixed income securities $ 380,579 $ — $ 775 $ (31,582 ) $ 349,772 December 31, 2023 Cost or Allowance for Gross Gross Fair Value Fixed income securities: U.S. Government and agencies $ 10,998 $ — $ — $ (736 ) $ 10,262 Obligations of states and political subdivisions 55,769 — 408 (4,716 ) 51,461 Corporate securities 152,630 — 442 (10,856 ) 142,216 Residential mortgage-backed securities 66,362 — 180 (5,379 ) 61,163 Commercial mortgage-backed securities 33,532 — 148 (4,241 ) 29,439 Asset-backed securities 52,692 — 142 (3,805 ) 49,029 Redeemable preferred stocks 4,747 — — (586 ) 4,161 Total fixed income securities $ 376,730 $ — $ 1,320 $ (30,319 ) $ 347,731
Schedule of Contractual Maturity	The amortized cost and estimated fair value of fixed income securities by contractual maturity are shown below. Actual maturities could differ from contractual maturities because issuers may have the right to call or prepay these securities. March 31, 2024 Amortized Cost Fair Value Due to mature: One year or less $ 13,067 $ 12,822 After one year through five years 75,475 71,868 After five years through ten years 85,017 77,531 After ten years 49,391 44,041 Mortgage / asset-backed securities 152,882 139,380 Redeemable preferred stocks 4,747 4,130 Total fixed income securities $ 380,579 $ 349,772 December 31, 2023 Amortized Cost Fair Value Due to mature: One year or less $ 9,612 $ 9,436 After one year through five years 75,794 72,602 After five years through ten years 86,185 79,281 After ten years 47,806 42,620 Mortgage / asset-backed securities 152,586 139,631 Redeemable preferred stocks 4,747 4,161 Total fixed income securities $ 376,730 $ 347,731
Schedule of Gross Unrealized Losses on Fixed Income Securities	The investment category and duration of the Company’s gross unrealized losses on fixed income securities are shown below. Investments with unrealized losses are categorized with a duration of greater than 12 months when all positions of a security have continually been in a loss position for at least 12 months. March 31, 2024 Less than 12 Months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed income securities: U.S. Government and agencies $ 1,235 $ (10 ) $ 8,808 $ (791 ) $ 10,043 $ (801 ) Obligations of states and political subdivisions 6,293 (154 ) 37,359 (4,824 ) 43,652 (4,978 ) Corporate securities 22,275 (321 ) 108,426 (10,982 ) 130,701 (11,303 ) Residential mortgage-backed securities 13,391 (310 ) 34,005 (6,102 ) 47,396 (6,412 ) Commercial mortgage-backed securities 2,061 (36 ) 24,269 (3,706 ) 26,330 (3,742 ) Asset-backed securities 7,424 (37 ) 26,545 (3,692 ) 33,969 (3,729 ) Redeemable preferred stocks — — 4,130 (617 ) 4,130 (617 ) Total fixed income securities $ 52,679 $ (868 ) $ 243,542 $ (30,714 ) $ 296,221 $ (31,582 ) December 31, 2023 Less than 12 Months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed income securities: U.S. Government and agencies $ — $ — $ 9,018 $ (736 ) $ 9,018 $ (736 ) Obligations of states and political subdivisions 5,239 (359 ) 36,194 (4,357 ) 41,433 (4,716 ) Corporate securities 8,018 (93 ) 110,117 (10,763 ) 118,135 (10,856 ) Residential mortgage-backed securities 12,054 (104 ) 33,341 (5,275 ) 45,395 (5,379 ) Commercial mortgage-backed securities 2,678 (5 ) 23,713 (4,236 ) 26,391 (4,241 ) Asset-backed securities 4,463 (18 ) 30,200 (3,787 ) 34,663 (3,805 ) Redeemable preferred stocks — — 4,161 (586 ) 4,161 (586 ) Total fixed income securities $ 32,452 $ (579 ) $ 246,744 $ (29,740 ) $ 279,196 $ (30,319 )
Schedule of Net Investment Income	Net investment income consisted of the following: Three Months Ended March 31, 2024 2023 Fixed income securities $ 3,518 $ 2,630 Equity securities 327 320 Real estate 158 150 Cash and cash equivalents 508 52 Total gross investment income 4,511 3,152 Investment expenses 958 913 Net investment income $ 3,553 $ 2,239
Schedule of Net Investment Gains	Net investment gains consisted of the following: Three Months Ended March 31, 2024 2023 Gross realized gains: Fixed income securities $ 9 $ — Equity securities 226 12,731 Total gross realized gains 235 12,731 Gross realized losses, excluding credit impairment losses: Fixed income securities (19 ) (299 ) Equity securities (346 ) (846 ) Total gross realized losses, excluding credit impairment losses (365 ) (1,145 ) Net realized gains (losses) (130 ) 11,586 Change in net unrealized gains on equity securities 1,958 (10,170 ) Net investment gains $ 1,828 $ 1,416

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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: March 31, 2024 Total Level 1 Level 2 Level 3 Fixed income securities: U.S. Government and agencies $ 11,697 $ — $ 11,697 $ — Obligations of states and political subdivisions 51,753 — 51,753 — Corporate securities 142,812 — 142,812 — Residential mortgage-backed securities 60,499 — 60,499 — Commercial mortgage-backed securities 29,156 — 29,156 — Asset-backed securities 49,725 — 49,725 — Redeemable preferred stock 4,130 — 4,130 — Total fixed income securities 349,772 — 349,772 — Equity securities: Common stock 27,651 27,651 — — Non-redeemable preferred stock 1,999 1,999 — — Total equity securities 29,650 29,650 — — Money market accounts and cash equivalents 33,098 26,837 6,261 — Total assets at fair value $ 412,520 $ 56,487 $ 356,033 $ — December 31, 2023 Total Level 1 Level 2 Level 3 Fixed income securities: U.S. Government and agencies $ 10,262 $ — $ 10,262 $ — Obligations of states and political subdivisions 51,461 — 51,461 — Corporate securities 142,216 — 142,216 — Residential mortgage-backed securities 61,163 — 61,163 — Commercial mortgage-backed securities 29,439 — 29,439 — Asset-backed securities 49,029 — 49,029 — Redeemable preferred stock 4,161 — 4,161 — Total fixed income securities 347,731 — 347,731 — Equity securities: Common stock 25,890 25,890 — — Non-redeemable preferred stock 1,877 1,877 — — Total equity securities 27,767 27,767 — — Money market accounts and cash equivalents 25,596 19,412 6,184 — Total assets at fair value $ 401,094 $ 47,179 $ 353,915 $ —

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 Premiums Written Premiums Earned Direct premium $ 102,657 $ 94,900 Assumed premium 137 151 Ceded premium (9,807 ) (9,494 ) Net premiums $ 92,987 $ 85,557 Three Months Ended March 31, 2023 Premiums Written Premiums Earned Direct premium $ 90,556 $ 85,474 Assumed premium 399 576 Ceded premium (8,459 ) (8,423 ) Net premiums $ 82,496 $ 77,627
Schedule of Reconciliation of Direct to Net Losses and Loss Adjustment Expenses	A reconciliation of direct to net losses and loss adjustment expenses is as follows: Three Months Ended March 31, 2024 2023 Direct losses and loss adjustment expenses $ 54,654 $ 70,861 Assumed losses and loss adjustment expenses 45 90 Ceded losses and loss adjustment expenses (2,490 ) (12,126 ) Net losses and loss adjustment expenses $ 52,209 $ 58,825
Schedule of Pooling Share Percentages by Insurance Company	For the three months ended March 31, 2024, and the year ended December 31, 2023, 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 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)	3 Months Ended
	Mar. 31, 2024
Deferred Policy Acquisition Costs [Abstract]
Schedule of Deferred Policy Acquisition Costs and Asset Reconciliation	The table below shows the deferred policy acquisition costs and asset reconciliation: Three Months Ended March 31, 2024 2023 Balance, beginning of period $ 34,120 $ 29,768 Deferral of policy acquisition costs 23,108 20,170 Amortization of deferred policy acquisition costs (20,663 ) (18,588 ) Balance, end of period $ 36,565 $ 31,350

Unpaid Losses and Loss Adjust_2

Unpaid Losses and Loss Adjustment Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
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: Three Months Ended March 31, 2024 2023 Balance, beginning of period: Liability for unpaid losses and loss adjustment expenses $ 217,119 $ 190,459 Reinsurance recoverables on losses 48,969 37,575 Net balance, beginning of period 168,150 152,884 Incurred related to: Current year 50,925 48,854 Prior years 1,284 9,971 Total incurred 52,209 58,825 Paid related to: Current year 12,940 14,528 Prior years 31,897 38,033 Total paid 44,837 52,561 Balance, end of period: Liability for unpaid losses and loss adjustment expenses 225,006 204,790 Reinsurance recoverables on losses 49,484 45,642 Net balance, end of period $ 175,522 $ 159,148

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Property and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consisted of the following: March 31, 2024 December 31, 2023 Estimated Useful Life Cost: Land $ 1,403 $ 1,403 indefinite Building and improvements 14,558 14,538 10 – 43 years Electronic data processing equipment 1,441 1,441 5 – 7 years Furniture and fixtures 2,953 2,953 5 – 7 years Automobiles 1,353 1,319 2 – 3 years Gross cost 21,708 21,654 Accumulated depreciation (12,000 ) (11,757 ) Total property and equipment, net $ 9,708 $ 9,897

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Other Intangibles [Abstract]
Schedule of Goodwill by Segment	The following table presents the carrying amount of the Company’s goodwill and related impairment by segment: Three Months Ended March 31, 2024 Year Ended December 31, 2023 Non-standard Commercial Total Non-standard Commercial Total Goodwill, original recorded value $ 2,628 $ 6,756 $ 9,384 $ 2,628 $ 6,756 $ 9,384 Accumulated impairment losses at the beginning of the period — (6,756 ) (6,756 ) — — — Goodwill, beginning of period 2,628 — 2,628 2,628 6,756 9,384 Impairment recognized during the period — — — — (6,756 ) (6,756 ) Goodwill, end of period $ 2,628 $ — $ 2,628 $ 2,628 $ — $ 2,628
Schedule of Other Intangible Assets	The following table presents the carrying amount of the Company’s other intangible assets: March 31, 2024 Gross Carrying Accumulated Net Subject to amortization: Trade names $ 748 $ 461 $ 287 Distribution network 6,700 1,582 5,118 Total subject to amortization 7,448 2,043 5,405 Not subject to amortization: State insurance licenses 1,900 — 1,900 Total $ 9,348 $ 2,043 $ 7,305 December 31, 2023 Gross Carrying Accumulated Net Subject to amortization: Trade names $ 748 $ 448 $ 300 Distribution network 6,700 1,489 5,211 Total subject to amortization 7,448 1,937 5,511 Not subject to amortization: State insurance licenses 1,900 — 1,900 Total $ 9,348 $ 1,937 $ 7,411
Schedule of Amortization of Other Intangible Assets with Finite Lives	As of March 31, 2024, the estimated amortization of other intangible assets with finite lives for each of the five years in the period ending December 31, 2028, and thereafter is as follows: Year ending December 31, 2024 (nine months remaining) $ 317 2025 422 2026 422 2027 422 2028 422 Thereafter 3,400 Total other intangible assets with finite lives $ 5,405

Royalties, Dividends, and Aff_2

Royalties, Dividends, and Affiliations (Tables)	3 Months Ended
	Mar. 31, 2024
Royalties, Dividends, and Affiliations [Abstract]
Schedule of Impact of Including Battle Creek in our Consolidated Balance Sheets and Statements of Operations	The following table discloses the standalone balance sheet of Battle Creek, prior to intercompany eliminations, to illustrate the impact of including Battle Creek in our December 31, 2023, Consolidated Balance Sheet prior to demutualization: December 31, 2023 Assets: Cash and cash equivalents $ 2,621 Investments 15,394 Premiums and agents’ balances receivable 5,953 Deferred policy acquisition costs 682 Reinsurance recoverables on losses (2) 6,918 Accrued investment income 85 Income tax recoverable 225 Deferred income taxes 706 Property and equipment 306 Other assets 97 Total assets $ 32,987 Liabilities: Unpaid losses and loss adjustment expenses $ 4,276 Unearned premiums 3,269 Notes payable (1) 3,000 Pooling payable (1) 5,932 Reinsurance losses payable (2) 13,275 Accrued expenses and other liabilities 477 Total liabilities 30,229 Equity: Non-controlling interest 2,758 Total equity 2,758 Total liabilities and equity $ 32,987 (1) Amount fully eliminated in consolidation. (2) Amount partly eliminated in consolidation.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Operating Leases	Additional information regarding the Company’s leases are as follows: As of and For the Three Months Ended March 31, 2024 2023 Operating lease cost $ 96 $ 98 Finance lease cost: Amortization of right-of-use assets 20 — Interest on lease liabilities 6 — Finance lease cost 26 — Total lease cost $ 122 $ 98 Other information on leases: Cash payments included in operating cash flows from operating leases $ 101 $ 101 Cash payments included in operating cash flows from finance leases 6 — Cash payments included in financing cash flows from finance leases 25 — Right-of-use assets obtained in exchange for new operating lease liabilities — — Right-of-use assets obtained in exchange for new finance lease liabilities — — Weighted average discount rate – operating leases 3.94% 3.25% Weighted average discount rate – finance leases 8.50% — Weighted average remaining lease term in years – operating leases 5.1 years 6.1 years Weighted average remaining lease term in years – finance leases 2.6 years —
Schedule of Contractual Maturities of Operating Leases	The following table presents the contractual maturities of the Company’s operating leases for each of the five years in the period ending December 31, 2028, and thereafter, reconciled to the Company’s operating lease liability at March 31, 2024: Year ending December 31, Operating Leases Finance Leases Total 2024 (nine months remaining) $ 283 $ 90 $ 373 2025 347 120 467 2026 351 100 451 2027 356 — 356 2028 331 — 331 Thereafter 178 — 178 Total undiscounted lease payments 1,846 310 2,156 Less: present value adjustment 167 31 198 Lease liability at March 31, 2024 $ 1,679 $ 279 $ 1,958

Common and Preferred Stock (Tab

Common and Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2024
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 were as follows: Three Months Ended March 31, 2024 2023 Shares outstanding, beginning of period 20,599,908 21,076,255 Treasury shares repurchased through stock repurchase authorization — (46,099 ) Issuance of treasury shares for vesting of restricted stock units 29,546 32,199 Shares outstanding, end of period 20,629,454 21,062,355

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2023 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 December 31, 2023 146,580 15.37 RSUs granted during 2024 79,800 14.19 RSUs earned during 2024 (42,820 ) 15.59 Units outstanding and unearned at March 31, 2024 183,560 14.81
Schedule of RSU Activity	The following table shows the impact of RSU activity to the Company’s financial results: Three Months Ended March 31, 2024 2023 RSU compensation expense $ 396 $ 302 Income tax benefit (90 ) (69 ) RSU compensation expense, net of income taxes $ 306 $ 233
Schedule of Performance Stock Outstanding	A summary of the Company’s outstanding PSUs is presented below: PSUs Weighted-Average Units outstanding at January 1, 2023 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 December 31, 2023 213,800 16.53 PSUs granted during 2024 (at target) 79,800 14.19 PSUs earned during 2024 — — Performance adjustment (1) (64,600 ) 18.64 Forfeitures — — Units outstanding at March 31, 2024 229,000 15.12 (1)
Schedule of PSU Activity	The following table shows the impact of PSU activity to the Company’s financial results: Three Months Ended March 31, 2024 2023 PSU compensation expense $ 185 $ 138 Income tax benefit (42 ) (31 ) PSU compensation expense, net of income taxes $ 143 $ 107

Allowance for Expected Credit_2

Allowance for Expected Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2024
Allowance for Expected Credit Losses [Abstract]
Schedule of Allowance for Expected Credit Losses	The following table presents the balances of premiums and agents’ balances receivable, net of the allowance for expected credit losses as of March 31, 2024 and 2023, and the changes in the allowance for expected credit losses for the three months ended March 31, 2024 and 2023. As of and For the Three Months As of and For the Three Months Ended Premiums and Allowance for Premiums and Allowance for Balance, beginning of period $ 74,058 $ 402 $ 62,173 $ 425 Current period charge for expected credit losses (117 ) 90 Write-offs of uncollectible premiums receivable (61 ) (70 ) Balance, end of period $ 79,706 $ 224 $ 64,502 $ 445

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Information [Abstract]
Schedule of Revenue by Insurance Product Line	For the Consolidated Balance Sheets, 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 March 31, 2024 Private Non-Standard Home and Crop Commercial All Other Total Direct premiums earned $ 23,225 $ 25,058 $ 24,245 $ (204 ) $ 21,182 $ 1,394 $ 94,900 Assumed premiums earned — — — — — 151 151 Ceded premiums earned (1,123 ) (69 ) (2,831 ) (1,345 ) (4,044 ) (82 ) (9,494 ) Net premiums earned 22,102 24,989 21,414 (1,549 ) 17,138 1,463 85,557 Direct losses and loss adjustment expenses 11,409 16,869 12,782 (1,962 ) 13,976 1,580 54,654 Assumed losses and loss adjustment expenses — — — — — 45 45 Ceded losses and loss adjustment expenses (116 ) — (601 ) 405 (1,075 ) (1,103 ) (2,490 ) Net losses and loss adjustment expenses 11,293 16,869 12,181 (1,557 ) 12,901 522 52,209 Gross margin 10,809 8,120 9,233 8 4,237 941 33,348 Underwriting and general expenses 6,989 10,266 6,665 1 6,081 959 30,961 Underwriting gain (loss) 3,820 (2,146 ) 2,568 7 (1,844 ) (18 ) 2,387 Fee and other income 350 412 (1,796 ) Net investment income 3,553 Net investment gains 1,828 Income (loss) before income taxes 8,180 Income tax expense (benefit) 1,761 Net income (loss) 6,419 Net loss attributable to non-controlling interest — Net income (loss) attributable to NI Holdings, Inc. $ 6,419 Operating Ratios: Loss and loss adjustment expense ratio 51.1% 67.5% 56.9% n/a 75.3% 35.7% 61.0% Expense ratio 31.6% 41.1% 31.1% n/a 35.5% 65.6% 36.2% Combined ratio 82.7% 108.6% 88.0% n/a 110.8% 101.3% 97.2% Balances at March 31, 2024: Premiums and agents’ balances receivable $ 24,562 $ 22,720 $ 10,269 $ — $ 21,374 $ 781 $ 79,706 Deferred policy acquisition costs 6,295 12,978 8,621 — 8,191 480 36,565 Reinsurance recoverables on 88 — 2,970 33 43,139 3,254 49,484 Receivable from Federal Crop Insurance Corporation — — — 13,913 — — 13,913 Goodwill and other intangibles — 2,728 — — 7,205 — 9,933 Unpaid losses and loss adjustment expenses 25,610 65,228 20,124 92 105,904 8,048 225,006 Unearned premiums 36,095 42,641 48,751 — 41,139 2,792 171,418 Three Months Ended March 31, 2023 Private Non-Standard Home and Crop Commercial All Other Total Direct premiums earned $ 20,541 $ 20,971 $ 22,433 $ (10 ) $ 20,230 $ 1,309 $ 85,474 Assumed premiums earned — — — — — 576 576 Ceded premiums earned (888 ) (92 ) (2,442 ) (715 ) (4,213 ) (73 ) (8,423 ) Net premiums earned 19,653 20,879 19,991 (725 ) 16,017 1,812 77,627 Direct losses and loss adjustment expenses 15,624 17,038 9,523 (669 ) 29,322 23 70,861 Assumed losses and loss adjustment expenses — — — — — 90 90 Ceded losses and loss adjustment expenses 1 — (804 ) (104 ) (11,208 ) (11 ) (12,126 ) Net losses and loss adjustment expenses 15,625 17,038 8,719 (773 ) 18,114 102 58,825 Gross margin 4,028 3,841 11,272 48 (2,097 ) 1,710 18,802 Underwriting and general expenses 6,418 8,994 6,205 32 6,086 509 28,244 Underwriting gain (loss) (2,390 ) (5,153 ) 5,067 16 (8,183 ) 1,201 (9,442 ) Fee and other income 232 274 (4,921 ) Net investment income 2,239 Net investment gains 1,416 Income (loss) before income taxes (5,513 ) Income tax expense (benefit) (1,013 ) Net income (loss) (4,500 ) Net loss attributable to non-controlling interest (290 ) Net income (loss) attributable to NI Holdings, Inc. $ (4,210 ) Operating Ratios: Loss and loss adjustment expense ratio 79.5% 81.6% 43.6% n/a 113.1% 5.6% 75.8% Expense ratio 32.7% 43.1% 31.1% n/a 38.0% 28.1% 36.4% Combined ratio 112.2% 124.7% 74.7% n/a 151.1% 33.7% 112.2% Balances at March 31, 2023: Premiums and agents’ balances receivable $ 21,743 $ 16,642 $ 8,954 $ 93 $ 16,301 $ 769 $ 64,502 Deferred policy acquisition costs 5,309 10,716 7,279 — 7,616 430 31,350 Reinsurance recoverables on 1,280 — 5,845 51 37,669 797 45,642 Receivable from Federal Crop Insurance Corporation — — — 14,034 — — 14,034 Goodwill and other intangibles — 2,748 — — 14,384 — 17,132 Unpaid losses and loss adjustment expenses 27,366 50,876 29,165 421 89,296 7,666 204,790 Unearned premiums 32,378 33,711 44,446 — 39,975 2,957 153,467

Organization (Details)

Organization (Details) - Nodak Insurance [Member] - $ / shares	3 Months Ended
	Mar. 31, 2024	Jan. 02, 2024
Organization [Line Items]
Percentage of shares exchanged	55%
Ownership percentage	100%	100%
Shares issued (in Shares)		300,000
Par value per share (in Dollars per share)		$ 10

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments [Abstract]
Fixed income securities with a fair value	$ 7,569	$ 6,403

Investments (Details) - Schedul

Investments (Details) - Schedule of Amortized Cost and Estimated Fair Value of Fixed Income Securities - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fixed income securities:
Cost or Amortized Cost	$ 380,579	$ 376,730
Allowance for Expected Credit Losses
Gross Unrealized Gains	775	1,320
Gross Unrealized Losses	(31,582)	(30,319)
Fair Value	349,772	347,731
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	(617)	(586)
Fair Value	4,130	4,161
U.S. Government and agencies [Member]
Fixed income securities:
Cost or Amortized Cost	12,493	10,998
Allowance for Expected Credit Losses
Gross Unrealized Gains	5
Gross Unrealized Losses	(801)	(736)
Fair Value	11,697	10,262
Obligations of states and political subdivisions [Member]
Fixed income securities:
Cost or Amortized Cost	56,491	55,769
Allowance for Expected Credit Losses
Gross Unrealized Gains	240	408
Gross Unrealized Losses	(4,978)	(4,716)
Fair Value	51,753	51,461
Corporate securities [Member]
Fixed income securities:
Cost or Amortized Cost	153,966	152,630
Allowance for Expected Credit Losses
Gross Unrealized Gains	149	442
Gross Unrealized Losses	(11,303)	(10,856)
Fair Value	142,812	142,216
Residential mortgage-backed securities [Member]
Fixed income securities:
Cost or Amortized Cost	66,825	66,362
Allowance for Expected Credit Losses
Gross Unrealized Gains	86	180
Gross Unrealized Losses	(6,412)	(5,379)
Fair Value	60,499	61,163
Commercial mortgage-backed securities [Member]
Fixed income securities:
Cost or Amortized Cost	32,779	33,532
Allowance for Expected Credit Losses
Gross Unrealized Gains	119	148
Gross Unrealized Losses	(3,742)	(4,241)
Fair Value	29,156	29,439
Asset-backed securities [Member]
Fixed income securities:
Cost or Amortized Cost	53,278	52,692
Allowance for Expected Credit Losses
Gross Unrealized Gains	176	142
Gross Unrealized Losses	(3,729)	(3,805)
Fair Value	$ 49,725	$ 49,029

Investments (Details) - Sched_2

Investments (Details) - Schedule of Contractual Maturity - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Due to mature:
Amortized Cost, Due to mature One year or less	$ 13,067	$ 9,612
Fair Value, Due to mature One year or less	12,822	9,436
Amortized Cost, Due to mature After one year through five years	75,475	75,794
Fair Value, Due to mature After one year through five years	71,868	72,602
Amortized Cost, Due to mature After five years through ten years	85,017	86,185
Fair Value, Due to mature After five years through ten years	77,531	79,281
Amortized Cost, Due to mature After ten years	49,391	47,806
Fair Value, Due to mature After ten years	44,041	42,620
Amortized Cost, Due to mature Mortgage / asset-backed securities	152,882	152,586
Fair Value, Due to mature Mortgage / asset-backed securities	139,380	139,631
Amortized Cost, Due to mature Redeemable preferred stocks	4,747	4,747
Fair Value, Due to mature Redeemable preferred stocks	4,130	4,161
Amortized Cost, Due to mature, Total fixed income securities	380,579	376,730
Fair Value, Due to mature, Total fixed income securities	$ 349,772	$ 347,731

Investments (Details) - Sched_3

Investments (Details) - Schedule of Gross Unrealized Losses on Fixed Income Securities - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fixed income securities:
Less than 12 months Fair Value	$ 52,679	$ 32,452
Less than 12 months Unrealized Losses	(868)	(579)
Greater than 12 months Fair Value	243,542	246,744
Greater than 12 months Unrealized Losses	(30,714)	(29,740)
Fair Value, Total	296,221	279,196
Unrealized Losses, Total	(31,582)	(30,319)
Fixed Income Securities [Member] | U.S. Government and agencies [Member]
Fixed income securities:
Less than 12 months Fair Value	1,235
Less than 12 months Unrealized Losses	(10)
Greater than 12 months Fair Value	8,808	9,018
Greater than 12 months Unrealized Losses	(791)	(736)
Fair Value, Total	10,043	9,018
Unrealized Losses, Total	(801)	(736)
Fixed Income Securities [Member] | Obligations of states and political subdivisions [Member]
Fixed income securities:
Less than 12 months Fair Value	6,293	5,239
Less than 12 months Unrealized Losses	(154)	(359)
Greater than 12 months Fair Value	37,359	36,194
Greater than 12 months Unrealized Losses	(4,824)	(4,357)
Fair Value, Total	43,652	41,433
Unrealized Losses, Total	(4,978)	(4,716)
Fixed Income Securities [Member] | Corporate securities [Member]
Fixed income securities:
Less than 12 months Fair Value	22,275	8,018
Less than 12 months Unrealized Losses	(321)	(93)
Greater than 12 months Fair Value	108,426	110,117
Greater than 12 months Unrealized Losses	(10,982)	(10,763)
Fair Value, Total	130,701	118,135
Unrealized Losses, Total	(11,303)	(10,856)
Fixed Income Securities [Member] | Residential mortgage-backed securities [Member]
Fixed income securities:
Less than 12 months Fair Value	13,391	12,054
Less than 12 months Unrealized Losses	(310)	(104)
Greater than 12 months Fair Value	34,005	33,341
Greater than 12 months Unrealized Losses	(6,102)	(5,275)
Fair Value, Total	47,396	45,395
Unrealized Losses, Total	(6,412)	(5,379)
Fixed Income Securities [Member] | Commercial mortgage-backed securities [Member]
Fixed income securities:
Less than 12 months Fair Value	2,061	2,678
Less than 12 months Unrealized Losses	(36)	(5)
Greater than 12 months Fair Value	24,269	23,713
Greater than 12 months Unrealized Losses	(3,706)	(4,236)
Fair Value, Total	26,330	26,391
Unrealized Losses, Total	(3,742)	(4,241)
Fixed Income Securities [Member] | Asset-backed securities [Member]
Fixed income securities:
Less than 12 months Fair Value	7,424	4,463
Less than 12 months Unrealized Losses	(37)	(18)
Greater than 12 months Fair Value	26,545	30,200
Greater than 12 months Unrealized Losses	(3,692)	(3,787)
Fair Value, Total	33,969	34,663
Unrealized Losses, Total	(3,729)	(3,805)
Redeemable preferred stocks [Member] | Fixed Income Securities [Member]
Fixed income securities:
Less than 12 months Fair Value
Less than 12 months Unrealized Losses
Greater than 12 months Fair Value	4,130	4,161
Greater than 12 months Unrealized Losses	(617)	(586)
Fair Value, Total	4,130	4,161
Unrealized Losses, Total	$ (617)	$ (586)

Investments (Details) - Sched_4

Investments (Details) - Schedule of Net Investment Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Net Investment Income [Line Items]
Total gross investment income	$ 4,511	$ 3,152
Investment expenses	958	913
Net investment income	3,553	2,239
Fixed income securities [Member]
Schedule of Net Investment Income [Line Items]
Total gross investment income	3,518	2,630
Equity securities [Member]
Schedule of Net Investment Income [Line Items]
Total gross investment income	327	320
Real estate [Member]
Schedule of Net Investment Income [Line Items]
Total gross investment income	158	150
Cash and cash equivalents [Member]
Schedule of Net Investment Income [Line Items]
Total gross investment income	$ 508	$ 52

Investments (Details) - Sched_5

Investments (Details) - Schedule of Net Investment Gains - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Gross realized gains:
Total gross realized gains	$ 235	$ 12,731
Gross realized losses, excluding credit impairment losses:
Total gross realized losses, excluding credit impairment losses	(365)	(1,145)
Net realized gains (losses)	(130)	11,586
Change in net unrealized gains on equity securities	1,958	(10,170)
Net investment gains	1,828	1,416
Fixed income securities [Member]
Gross realized gains:
Total gross realized gains	9
Gross realized losses, excluding credit impairment losses:
Total gross realized losses, excluding credit impairment losses	(19)	(299)
Equity securities [Member]
Gross realized gains:
Total gross realized gains	226	12,731
Gross realized losses, excluding credit impairment losses:
Total gross realized losses, excluding credit impairment losses	$ (346)	$ (846)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Schedule of Assets Which are Measured on a Recurring Basis - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fixed income securities:
Total fixed income securities	$ 349,772	$ 347,731
Equity securities:
Total equity securities	29,650	27,767
Money market accounts and cash equivalents	33,098	25,596
Total assets at fair value	412,520	401,094
Fair Value, Inputs, Level 1 [Member]
Fixed income securities:
Total fixed income securities
Equity securities:
Total equity securities	29,650	27,767
Money market accounts and cash equivalents	26,837	19,412
Total assets at fair value	56,487	47,179
Fair Value, Inputs, Level 2 [Member]
Fixed income securities:
Total fixed income securities	349,772	347,731
Equity securities:
Total equity securities
Money market accounts and cash equivalents	6,261	6,184
Total assets at fair value	356,033	353,915
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
U.S. Government and agencies [Member]
Fixed income securities:
Total fixed income securities	11,697	10,262
U.S. Government and agencies [Member] | Fair Value, Inputs, Level 1 [Member]
Fixed income securities:
Total fixed income securities
U.S. Government and agencies [Member] | Fair Value, Inputs, Level 2 [Member]
Fixed income securities:
Total fixed income securities	11,697	10,262
U.S. Government and agencies [Member] | Fair Value, Inputs, Level 3 [Member]
Fixed income securities:
Total fixed income securities
Obligations of states and political subdivisions [Member]
Fixed income securities:
Total fixed income securities	51,753	51,461
Obligations of states and political subdivisions [Member] | Fair Value, Inputs, Level 1 [Member]
Fixed income securities:
Total fixed income securities
Obligations of states and political subdivisions [Member] | Fair Value, Inputs, Level 2 [Member]
Fixed income securities:
Total fixed income securities	51,753	51,461
Obligations of states and political subdivisions [Member] | Fair Value, Inputs, Level 3 [Member]
Fixed income securities:
Total fixed income securities
Corporate securities [Member]
Fixed income securities:
Total fixed income securities	142,812	142,216
Corporate securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fixed income securities:
Total fixed income securities
Corporate securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fixed income securities:
Total fixed income securities	142,812	142,216
Corporate securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fixed income securities:
Total fixed income securities
Residential mortgage-backed securities [Member]
Fixed income securities:
Total fixed income securities	60,499	61,163
Residential mortgage-backed securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fixed income securities:
Total fixed income securities
Residential mortgage-backed securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fixed income securities:
Total fixed income securities	60,499	61,163
Residential mortgage-backed securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fixed income securities:
Total fixed income securities
Commercial mortgage-backed securities [Member]
Fixed income securities:
Total fixed income securities	29,156	29,439
Commercial mortgage-backed securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fixed income securities:
Total fixed income securities
Commercial mortgage-backed securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fixed income securities:
Total fixed income securities	29,156	29,439
Commercial mortgage-backed securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fixed income securities:
Total fixed income securities
Asset-backed securities [Member]
Fixed income securities:
Total fixed income securities	49,725	49,029
Asset-backed securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fixed income securities:
Total fixed income securities
Asset-backed securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fixed income securities:
Total fixed income securities	49,725	49,029
Asset-backed securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fixed income securities:
Total fixed income securities
Redeemable preferred stocks [Member]
Fixed income securities:
Total fixed income securities	4,130	4,161
Redeemable preferred stocks [Member] | Fair Value, Inputs, Level 1 [Member]
Fixed income securities:
Total fixed income securities
Redeemable preferred stocks [Member] | Fair Value, Inputs, Level 2 [Member]
Fixed income securities:
Total fixed income securities	4,130	4,161
Redeemable preferred stocks [Member] | Fair Value, Inputs, Level 3 [Member]
Fixed income securities:
Total fixed income securities
Non-redeemable preferred stocks [Member]
Equity securities:
Total equity securities	1,999	1,877
Non-redeemable preferred stocks [Member] | Fair Value, Inputs, Level 1 [Member]
Equity securities:
Total equity securities	1,999	1,877
Non-redeemable preferred stocks [Member] | Fair Value, Inputs, Level 2 [Member]
Equity securities:
Total equity securities
Non-redeemable preferred stocks [Member] | Fair Value, Inputs, Level 3 [Member]
Equity securities:
Total equity securities
Common stock [Member]
Equity securities:
Total equity securities	27,651	25,890
Common stock [Member] | Fair Value, Inputs, Level 1 [Member]
Equity securities:
Total equity securities	27,651	25,890
Common stock [Member] | Fair Value, Inputs, Level 2 [Member]
Equity securities:
Total equity securities
Common stock [Member] | Fair Value, Inputs, Level 3 [Member]
Equity securities:
Total equity securities

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Reinsurance [Line Items]
Reinsurance retention policy, amount retained	$ 133,000
Reinsurance coverage excess amount	20,000
Reinsurance risk excess of loss	20,000	$ 4,000
Excess property risks	1,000	1,000
Reinsurance coverage property risk	5,000	11,000
Reinsurance coverage excess of casualty risks	$ 2,000	$ 1,000
Ceded reinsurance percentage	100%	100%
Multi-Peril Crop [Member]
Reinsurance [Line Items]
Reinsurance risk excess of loss	$ 4,000
Reinsurance coverage property risk	$ 11,000
Net loss ratio percentage	105%
Crop [Member]
Reinsurance [Line Items]
Net loss ratio percentage	100%
External Reinsurance [Member]
Reinsurance [Line Items]
Reinsurance risk excess of loss	$ 4,000
Excess property risks	2,000
Reinsurance coverage property risk	11,000
Reinsurance coverage excess of casualty risks	$ 1,000

Reinsurance (Details) - Schedul

Reinsurance (Details) - Schedule of Reconciliation of Direct to Net Premiums on Both a Written and an Earned Basis - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Premiums Written [Member]
Schedule of Reconciliation of Direct to Net Premiums on Both a Written and an Earned Basis [Line Items]
Premiums Written, Direct premium	$ 102,657	$ 90,556
Premiums Written, Assumed premium	137	399
Premiums Written, Ceded premium	(9,807)	(8,459)
Premiums Written, Net premiums	92,987	82,496
Premiums Earned [Member]
Schedule of Reconciliation of Direct to Net Premiums on Both a Written and an Earned Basis [Line Items]
Premiums Earned, Direct premium	94,900	85,474
Premiums Earned, Assumed premium	151	576
Premiums Earned, Ceded premium	(9,494)	(8,423)
Premiums Earned, Net premiums	$ 85,557	$ 77,627

Reinsurance (Details) - Sched_2

Reinsurance (Details) - Schedule of Reconciliation of Direct to Net Losses and Loss Adjustment Expenses - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Reconciliation of Direct to Net Losses and Loss Adjustment Expenses [Abstract]
Direct losses and loss adjustment expenses	$ 54,654	$ 70,861
Assumed losses and loss adjustment expenses	45	90
Ceded losses and loss adjustment expenses	(2,490)	(12,126)
Net losses and loss adjustment expenses	$ 52,209	$ 58,825

Reinsurance (Details) - Sched_3

Reinsurance (Details) - Schedule of Pooling Share Percentages by Insurance Company	Mar. 31, 2024
Schedule of Pooling Share Percentages by Insurance Company [Line Items]
Pool Percentage	100%
Nodak Insurance Company [Member]
Schedule of Pooling Share Percentages by Insurance Company [Line Items]
Pool Percentage	66%
American West Insurance Company [Member]
Schedule of Pooling Share Percentages by Insurance Company [Line Items]
Pool Percentage	7%
Primero Insurance Company [Member]
Schedule of Pooling Share Percentages by Insurance Company [Line Items]
Pool Percentage	3%
Battle Creek Insurance Company [Member]
Schedule of Pooling Share Percentages by Insurance Company [Line Items]
Pool Percentage	2%
Direct Auto Insurance Company [Member]
Schedule of Pooling Share Percentages by Insurance Company [Line Items]
Pool Percentage	13%
Westminster American Insurance Company [Member]
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
	Mar. 31, 2024	Mar. 31, 2023
Deferred Policy Acquisition Costs [Abstract]
Balance, beginning of period	$ 34,120	$ 29,768
Deferral of policy acquisition costs	23,108	20,170
Amortization of deferred policy acquisition costs	(20,663)	(18,588)
Balance, end of period	$ 36,565	$ 31,350

Unpaid Losses and Loss Adjust_3

Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Unpaid Losses and Loss Adjustment Expenses [Abstract]
Incurred reported losses and loss adjustment expenses	$ 1,284	$ 9,971

Unpaid Losses and Loss Adjust_4

Unpaid Losses and Loss Adjustment Expenses (Details) - Schedule of Activity in the Liability for Unpaid Losses and Loss Adjustment Expenses - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Balance, beginning of period:
Liability for unpaid losses and loss adjustment expenses	$ 217,119	$ 190,459
Reinsurance recoverables on losses	48,969	37,575
Net balance, beginning of period	168,150	152,884
Incurred related to:
Current year	50,925	48,854
Prior years	1,284	9,971
Total incurred	52,209	58,825
Paid related to:
Current year	12,940	14,528
Prior years	31,897	38,033
Total paid	44,837	52,561
Balance, end of period:
Liability for unpaid losses and loss adjustment expenses	225,006	204,790
Reinsurance recoverables on losses	49,484	45,642
Net balance, end of period	$ 175,522	$ 159,148

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property and Equipment [Abstract]
Depreciation expense	$ 243	$ 182

Property and Equipment (Detai_2

Property and Equipment (Details) - Schedule of Property and Equipment - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cost:
Property and equipment, Gross cost	$ 21,708	$ 21,654
Accumulated depreciation	(12,000)	(11,757)
Total property and equipment, net	9,708	9,897
Land [Member]
Cost:
Property and equipment, Gross cost	1,403	1,403
Building and improvements [Member]
Cost:
Property and equipment, Gross cost	14,558	14,538
Electronic data processing equipment [Member]
Cost:
Property and equipment, Gross cost	1,441	1,441
Furniture and fixtures [Member]
Cost:
Property and equipment, Gross cost	2,953	2,953
Automobiles [Member]
Cost:
Property and equipment, Gross cost	$ 1,353	$ 1,319
Minimum [Member] | Building and improvements [Member]
Cost:
Estimated Useful Life	10 years
Minimum [Member] | Electronic data processing equipment [Member]
Cost:
Estimated Useful Life	5 years
Minimum [Member] | Furniture and fixtures [Member]
Cost:
Estimated Useful Life	5 years
Minimum [Member] | Automobiles [Member]
Cost:
Estimated Useful Life	2 years
Maximum [Member] | Building and improvements [Member]
Cost:
Estimated Useful Life	43 years
Maximum [Member] | Electronic data processing equipment [Member]
Cost:
Estimated Useful Life	7 years
Maximum [Member] | Furniture and fixtures [Member]
Cost:
Estimated Useful Life	7 years
Maximum [Member] | Automobiles [Member]
Cost:
Estimated Useful Life	3 years

Goodwill and Other Intangible_2

Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill and Other Intangibles [Abstract]
Impairment charges			$ 6,756
Amortization expense	$ 106	$ 118

Goodwill and Other Intangible_3

Goodwill and Other Intangibles (Details) - Schedule of Goodwill by Segment - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill, original recorded value	$ 9,384	$ 9,384
Accumulated impairment losses at the beginning of the period	(6,756)
Goodwill, beginning of period	2,628	9,384
Impairment recognized during the period		(6,756)
Goodwill, end of period	2,628	2,628
Non-standard Auto [Member]
Goodwill [Line Items]
Goodwill, original recorded value	2,628	2,628
Accumulated impairment losses at the beginning of the period
Goodwill, beginning of period	2,628	2,628
Impairment recognized during the period
Goodwill, end of period	2,628	2,628
Commercial [Member]
Goodwill [Line Items]
Goodwill, original recorded value	6,756	6,756
Accumulated impairment losses at the beginning of the period	(6,756)
Goodwill, beginning of period		6,756
Impairment recognized during the period		(6,756)
Goodwill, end of period

Goodwill and Other Intangible_4

Goodwill and Other Intangibles (Details) - Schedule of Other Intangible Assets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Subject to amortization:
Gross Carrying Amount	$ 9,348	$ 9,348
Accumulated Amortization	2,043	1,937
Net	7,305	7,411
Trade Names [Member]
Subject to amortization:
Gross Carrying Amount	748	748
Accumulated Amortization	461	448
Net	287	300
Distribution Network [Member]
Subject to amortization:
Gross Carrying Amount	6,700	6,700
Accumulated Amortization	1,582	1,489
Net	5,118	5,211
Subject to Amortization [Member]
Subject to amortization:
Gross Carrying Amount	7,448	7,448
Accumulated Amortization	2,043	1,937
Net	5,405	5,511
State insurance licenses [Member]
Subject to amortization:
Gross Carrying Amount	1,900	1,900
Accumulated Amortization
Net	$ 1,900	$ 1,900

Goodwill and Other Intangible_5

Goodwill and Other Intangibles (Details) - Schedule of Amortization of Other Intangible Assets with Finite Lives $ in Thousands	Mar. 31, 2024 USD ($)
Schedule of Amortization of Other Intangible Assets with Finite Lives [Abstract]
2024 (nine months remaining)	$ 317
2025	422
2026	422
2027	422
2028	422
Thereafter	3,400
Total other intangible assets with finite lives	$ 5,405

Royalties, Dividends, and Aff_3

Royalties, Dividends, and Affiliations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Royalties, Dividends, and Affiliations [Line Items]
Payment of royalties	$ 403	$ 357
NDFB [Member]
Royalties, Dividends, and Affiliations [Line Items]
Royalty amounts payable accrued	$ 150		$ 131

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] $ in Thousands	Dec. 31, 2023 USD ($)
Assets:
Cash and cash equivalents	$ 2,621
Investments	15,394
Premiums and agents’ balances receivable	5,953
Deferred policy acquisition costs	682
Reinsurance recoverables on losses	6,918	[1]
Accrued investment income	85
Income tax recoverable	225
Deferred income taxes	706
Property and equipment	306
Other assets	97
Total assets	32,987
Liabilities:
Unpaid losses and loss adjustment expenses	4,276
Unearned premiums	3,269
Notes payable	3,000	[2]
Pooling payable	5,932	[2]
Reinsurance losses payable	13,275	[1]
Accrued expenses and other liabilities	477
Total liabilities	30,229
Equity:
Non-controlling interest	2,758
Total equity	2,758
Total liabilities and equity	$ 32,987
[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
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Benefit Plans [Line Items]
Company reported expenses	$ 210	$ 189
Deferred compensation plan expenses	173	22
Debt from ESOP	$ 2,400
Percentage of ESOP in authorized shares	1%
Per share price (in Dollars per share)	$ 10
Distribution of employee stock ownership plan shares	$ 84	$ 82
ESOP shares were released and allocated (in Shares)	170,205		170,205
ESOP shares in suspense (in Shares)	69,795		69,795
Market price (in Dollars per share)	$ 15.15
Fair value of unearned ESOP shares	$ 1,057
ESOP Loan [Member]
Benefit Plans [Line Items]
Debt term	10 years
Interest rate	2.79%

Line of Credit (Details)

Line of Credit (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Line of Credit [Line Items]
Line of credit with Wells Fargo Bank	$ 3,000
Floating interest rate	2.50%
Outstanding amount
Line of credit expiration date	Dec. 13, 2024

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Jan. 02, 2024
Income Taxes [Line Items]
Unrecognized tax benefits
Unrecognized accrued interest and penalties
Uncertain tax positions
Interest and penalties were recognized
Operating loss carryforwards		3,756
Net operating losses, alternative minimum tax credits, or capital losses
Net operating loss carryforwards expiration year	2032
Nodak Insurance [Member]
Income Taxes [Line Items]
Percentage of wholly-owned subsidiary of nodak insurance	100%		100%

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Line Items]
Leases expenses (in Dollars)	$ 122	$ 98
Spearfish [Member]
Leases [Line Items]
Operating lease expire term	2028 years
Chicago [Member]
Leases [Line Items]
Operating lease expire term	2029 years
Fargo [Member]
Leases [Line Items]
Operating lease expire term	2024 years

Leases (Details) - Schedule of

Leases (Details) - Schedule of Operating Leases - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 96	$ 98
Finance lease cost:
Amortization of right-of-use assets	20
Interest on lease liabilities	6
Finance lease cost	26
Total lease cost	122	98
Other information on leases:
Cash payments included in operating cash flows from operating leases	101	101
Cash payments included in operating cash flows from finance leases	6
Cash payments included in financing cash flows from finance leases	25
Right-of-use assets obtained in exchange for new operating lease liabilities
Right-of-use assets obtained in exchange for new finance lease liabilities
Weighted average discount rate – operating leases	3.94%	3.25%
Weighted average discount rate – finance leases	8.50%
Weighted average remaining lease term in years – operating leases	5 years 1 month 6 days	6 years 1 month 6 days
Weighted average remaining lease term in years – finance leases	2 years 7 months 6 days

Leases (Details) - Schedule o_2

Leases (Details) - Schedule of Contractual Maturities of Operating Leases $ in Thousands	Dec. 31, 2023 USD ($)
Schedule of Contractual Maturities of Operating Leases [Abstract]
Operating Leases - 2024 (nine months remaining)	$ 283
Finance Leases - 2024 (nine months remaining)	90
Lease liability - 2024 (nine months remaining)	373
Operating Leases - 2025	347
Finance Leases - 2025	120
Lease liability - 2025	467
Operating Leases - 2026	351
Finance Leases - 2026	100
Lease liability - 2026	451
Operating Leases - 2027	356
Finance Leases - 2027
Lease liability - 2027	356
Operating Leases - 2028	331
Finance Leases - 2028
Lease liability - 2028	331
Operating Leases - Thereafter	178
Finance Leases - Thereafter
Lease liability - Thereafter	178
Operating Leases - Total undiscounted lease payments	1,846
Finance Leases - Total undiscounted lease payments	310
Lease liability - Total undiscounted lease payments	2,156
Operating Leases - Less: present value adjustment	167
Finance Leases - Less: present value adjustment	31
Lease liability - Less: present value adjustment	198
Operating Leases - Lease liability at March 31, 2024	1,679
Finance Leases - Lease liability at March 31, 2024	279
Lease liability at March 31, 2024	$ 1,958

Common and Preferred Stock (Det

Common and Preferred Stock (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	May 09, 2022
Common and Preferred Stock [Line Items]
Weighted average excluded from net loss per diluted common shares		61,290
Shares repurchased		46,099
Excise tax percentage			1%
Remains authorization	$ 2,052
Board of Directors [Member]
Common and Preferred Stock [Line Items]
Stock repurchase program, authorized amount			$ 10,000
Common Stock [Member]
Common and Preferred Stock [Line Items]
Shares repurchased
Common stock authorization		$ 621

Common and Preferred Stock (D_2

Common and Preferred Stock (Details) - Schedule of Changes in the Number of Common Stock Shares Outstanding - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Changes in the Number of Common Stock Shares Outstanding [Abstract]
Shares outstanding, beginning of period	20,599,908	21,076,255
Treasury shares repurchased through stock repurchase authorization		(46,099)
Issuance of treasury shares for vesting of restricted stock units	29,546	32,199
Shares outstanding, end of period	20,629,454	21,062,355

Share-Based Compensation (Detai

Share-Based Compensation (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) shares
Share-Based Payment Arrangement [Member]
Share-Based Compensation [Line Items]
Share issued (in Shares) | shares	1,000,000
Shares granted (in Shares) | shares	100,000
Outstanding, aggregate intrinsic value	$ 1,000
Restricted Stock [Member]
Share-Based Compensation [Line Items]
Percentage of RSU granted to non-employee directors per year	100%
Total unrecognized compensation cost	$ 1,627
Total unrecognized compensation cost, weighted average period	1 year 7 months 13 days
Performance Shares [Member]
Share-Based Compensation [Line Items]
Total unrecognized compensation cost	$ 1,776
Total unrecognized compensation cost, weighted average period	2 years 6 months
Minimum [Member] | Performance Shares [Member]
Share-Based Compensation [Line Items]
Percentage of RSU granted to employees per year	0%
Maximum [Member] | Performance Shares [Member]
Share-Based Compensation [Line Items]
Percentage of RSU granted to employees per year	150%
Director [Member] | Share-Based Payment Arrangement [Member]
Share-Based Compensation [Line Items]
Share granted not exceed	$ 150

Share-Based Compensation (Det_2

Share-Based Compensation (Details) - Schedule of Restricted Stock Outstanding - RSUs [Member] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Schedule of Restricted Stock Outstanding [Line Items]
RSUs, Units outstanding and unearned at beginning	146,580	115,360
Weighted-Average Grant-Date Fair Value Per Share, Units outstanding and unearned at beginning	$ 15.37	$ 17
RSUs granted	79,800	85,000
Weighted-Average Grant-Date Fair Value Per Share, RSUs granted	$ 14.19	$ 13.76
RSUs earned	(42,820)	(53,780)
Weighted-Average Grant-Date Fair Value Per Share, RSUs earned	$ 15.59	$ 16.32
RSUs, Units outstanding and unearned at ending	183,560	146,580
Weighted-Average Grant-Date Fair Value Per Share, Units outstanding and unearned at ending	$ 14.81	$ 15.37

Share-Based Compensation (Det_3

Share-Based Compensation (Details) - Schedule of RSU Activity - RSU [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of RSU Activity [Line Items]
RSU compensation expense	$ 396	$ 302
Income tax benefit	(90)	(69)
RSU compensation expense, net of income taxes	$ 306	$ 233

Share-Based Compensation (Det_4

Share-Based Compensation (Details) - Schedule of Performance Stock Outstanding - PSUs [Member] - $ / shares		3 Months Ended	12 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Schedule of Performance Stock Outstanding [Line Items]
PSUs, Units outstanding and unearned at beginning		213,800	190,000
Weighted-Average Grant-Date Fair Value Per Share, Units outstanding and unearned at beginning		$ 16.53	$ 17
PSUs granted during (at target)		79,800	87,400
Weighted-Average Grant-Date Fair Value Per Share, PSUs granted during (at target)		$ 14.19	$ 13.85
PSUs earned during
Weighted-Average Grant-Date Fair Value Per Share, PSUs earned during
PSUs, Performance adjustment	[1]	(64,600)	(63,600)
Weighted-Average Grant-Date Fair Value Per Share, Performance adjustment	[1]	$ 18.64	$ 14.26
PSUs, Forfeitures
Weighted-Average Grant-Date Fair Value Per Share, Forfeitures
PSUs, Units outstanding and unearned at ending		229,000	213,800
Weighted-Average Grant-Date Fair Value Per Share, Units outstanding and unearned at ending		$ 15.12	$ 16.53
[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 - PSU [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of PSU Activity [Line Items]
PSU compensation expense	$ 185	$ 138
Income tax benefit	(42)	(31)
PSU compensation expense, net of income taxes	$ 143	$ 107

Allowance for Expected Credit_3

Allowance for Expected Credit Losses (Details) - Schedule of Allowance for Expected Credit Losses - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Premiums and Agents’ Balances Receivable, Net of Allowance for Expected Credit Losses [Member]
Schedule of Allowance for Expected Credit Losses [Line Items]
Balance, beginning of period	$ 74,058	$ 62,173
Balance, end of period	79,706	64,502
Allowance for Expected Credit Losses [Member]
Schedule of Allowance for Expected Credit Losses [Line Items]
Balance, beginning of period	402	425
Current period charge for expected credit losses	(117)	90
Write-offs of uncollectible premiums receivable	(61)	(70)
Balance, end of period	$ 224	$ 445

Segment Information (Details)

Segment Information (Details)	3 Months Ended
	Mar. 31, 2024
Segment Information [Abstract]
Reportable operating segments	6

Segment Information (Details) -

Segment Information (Details) - Schedule of Revenue by Insurance Product Line - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Revenue by Insurance Product Line [Line Items]
Direct premiums earned	$ 94,900	$ 85,474
Assumed premiums earned	151	576
Ceded premiums earned	(9,494)	(8,423)
Net premiums earned	85,557	77,627
Direct losses and loss adjustment expenses	54,654	70,861
Assumed losses and loss adjustment expenses	45	90
Ceded losses and loss adjustment expenses	(2,490)	(12,126)
Net losses and loss adjustment expenses	52,209	58,825
Gross margin	33,348	18,802
Underwriting and general expenses	30,961	28,244
Underwriting gain (loss)	2,387	(9,442)
Fee and other income	412	274
Total	412	274
Net investment income	3,553	2,239
Net investment gains	1,828	1,416
Income (loss) before income taxes	8,180	(5,513)
Income tax expense (benefit)	1,761	(1,013)
Net income (loss)	6,419	(4,500)
Net loss attributable to non-controlling interest		(290)
Net income (loss) attributable to NI Holdings, Inc.	$ 6,419	$ (4,210)
Operating Ratios:
Loss and loss adjustment expense ratio	61%	75.80%
Expense ratio	36.20%	36.40%
Combined ratio	97.20%	112.20%
Balances at March 31, 2024:
Premiums and agents’ balances receivable	$ 79,706	$ 64,502
Deferred policy acquisition costs	36,565	31,350
Reinsurance recoverables on losses	49,484	45,642	$ 48,969
Receivable from Federal Crop Insurance Corporation	13,913	14,034
Goodwill and other intangibles	9,933	17,132	10,039
Unpaid losses and loss adjustment expenses	225,006	204,790	217,119
Unearned premiums	171,418	153,467	$ 164,100
Private Passenger Auto [Member]
Schedule of Revenue by Insurance Product Line [Line Items]
Direct premiums earned	23,225	20,541
Assumed premiums earned
Ceded premiums earned	(1,123)	(888)
Net premiums earned	22,102	19,653
Direct losses and loss adjustment expenses	11,409	15,624
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses	(116)	1
Net losses and loss adjustment expenses	11,293	15,625
Gross margin	10,809	4,028
Underwriting and general expenses	6,989	6,418
Underwriting gain (loss)	$ 3,820	$ (2,390)
Operating Ratios:
Loss and loss adjustment expense ratio	51.10%	79.50%
Expense ratio	31.60%	32.70%
Combined ratio	82.70%	112.20%
Balances at March 31, 2024:
Premiums and agents’ balances receivable	$ 24,562	$ 21,743
Deferred policy acquisition costs	6,295	5,309
Reinsurance recoverables on losses	88	1,280
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	25,610	27,366
Unearned premiums	36,095	32,378
Non-Standard Auto [Member]
Schedule of Revenue by Insurance Product Line [Line Items]
Direct premiums earned	25,058	20,971
Assumed premiums earned
Ceded premiums earned	(69)	(92)
Net premiums earned	24,989	20,879
Direct losses and loss adjustment expenses	16,869	17,038
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses
Net losses and loss adjustment expenses	16,869	17,038
Gross margin	8,120	3,841
Underwriting and general expenses	10,266	8,994
Underwriting gain (loss)	(2,146)	(5,153)
Fee and other income	350	232
Total	$ (1,796)	$ (4,921)
Operating Ratios:
Loss and loss adjustment expense ratio	67.50%	81.60%
Expense ratio	41.10%	43.10%
Combined ratio	108.60%	124.70%
Balances at March 31, 2024:
Premiums and agents’ balances receivable	$ 22,720	$ 16,642
Deferred policy acquisition costs	12,978	10,716
Reinsurance recoverables on losses
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles	2,728	2,748
Unpaid losses and loss adjustment expenses	65,228	50,876
Unearned premiums	42,641	33,711
Home and Farm [Member]
Schedule of Revenue by Insurance Product Line [Line Items]
Direct premiums earned	24,245	22,433
Assumed premiums earned
Ceded premiums earned	(2,831)	(2,442)
Net premiums earned	21,414	19,991
Direct losses and loss adjustment expenses	12,782	9,523
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses	(601)	(804)
Net losses and loss adjustment expenses	12,181	8,719
Gross margin	9,233	11,272
Underwriting and general expenses	6,665	6,205
Underwriting gain (loss)	$ 2,568	$ 5,067
Operating Ratios:
Loss and loss adjustment expense ratio	56.90%	43.60%
Expense ratio	31.10%	31.10%
Combined ratio	88%	74.70%
Balances at March 31, 2024:
Premiums and agents’ balances receivable	$ 10,269	$ 8,954
Deferred policy acquisition costs	8,621	7,279
Reinsurance recoverables on losses	2,970	5,845
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	20,124	29,165
Unearned premiums	48,751	44,446
Crop [Member]
Schedule of Revenue by Insurance Product Line [Line Items]
Direct premiums earned	(204)	(10)
Assumed premiums earned
Ceded premiums earned	(1,345)	(715)
Net premiums earned	(1,549)	(725)
Direct losses and loss adjustment expenses	(1,962)	(669)
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses	405	(104)
Net losses and loss adjustment expenses	(1,557)	(773)
Gross margin	8	48
Underwriting and general expenses	1	32
Underwriting gain (loss)	$ 7	$ 16
Operating Ratios:
Loss and loss adjustment expense ratio
Expense ratio
Combined ratio
Balances at March 31, 2024:
Premiums and agents’ balances receivable		$ 93
Deferred policy acquisition costs
Reinsurance recoverables on losses	33	51
Receivable from Federal Crop Insurance Corporation	13,913	14,034
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	92	421
Unearned premiums
Commercial [Member]
Schedule of Revenue by Insurance Product Line [Line Items]
Direct premiums earned	21,182	20,230
Assumed premiums earned
Ceded premiums earned	(4,044)	(4,213)
Net premiums earned	17,138	16,017
Direct losses and loss adjustment expenses	13,976	29,322
Assumed losses and loss adjustment expenses
Ceded losses and loss adjustment expenses	(1,075)	(11,208)
Net losses and loss adjustment expenses	12,901	18,114
Gross margin	4,237	(2,097)
Underwriting and general expenses	6,081	6,086
Underwriting gain (loss)	$ (1,844)	$ (8,183)
Operating Ratios:
Loss and loss adjustment expense ratio	75.30%	113.10%
Expense ratio	35.50%	38%
Combined ratio	110.80%	151.10%
Balances at March 31, 2024:
Premiums and agents’ balances receivable	$ 21,374	$ 16,301
Deferred policy acquisition costs	8,191	7,616
Reinsurance recoverables on losses	43,139	37,669
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles	7,205	14,384
Unpaid losses and loss adjustment expenses	105,904	89,296
Unearned premiums	41,139	39,975
All Other [Member]
Schedule of Revenue by Insurance Product Line [Line Items]
Direct premiums earned	1,394	1,309
Assumed premiums earned	151	576
Ceded premiums earned	(82)	(73)
Net premiums earned	1,463	1,812
Direct losses and loss adjustment expenses	1,580	23
Assumed losses and loss adjustment expenses	45	90
Ceded losses and loss adjustment expenses	(1,103)	(11)
Net losses and loss adjustment expenses	522	102
Gross margin	941	1,710
Underwriting and general expenses	959	509
Underwriting gain (loss)	$ (18)	$ 1,201
Operating Ratios:
Loss and loss adjustment expense ratio	35.70%	5.60%
Expense ratio	65.60%	28.10%
Combined ratio	101.30%	33.70%
Balances at March 31, 2024:
Premiums and agents’ balances receivable	$ 781	$ 769
Deferred policy acquisition costs	480	430
Reinsurance recoverables on losses	3,254	797
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and loss adjustment expenses	8,048	7,666
Unearned premiums	$ 2,792	$ 2,957

Subsequent Events (Details)

Subsequent Events (Details)	May 07, 2024 USD ($)
Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Total consideration sale cash	$ 10,500