NI Holdings, Inc. is a North Dakota business corporation that is the stock holding company of Nodak Insurance Company. The company generates its results from five insurance subsidiaries. These subsidiaries write property and casualty insurance coverages, including private passenger automobile, non‐standard automobile, homeowners, farmowners, crop hail, federal multi‐peril crop and commercial insurance policies. The company writes insurance coverages across five states and also holds licenses in 7 additional states for future geographic expansion. Insurance coverages are marketed through captive agents in North Dakota and through independent insurance agents located through all other operating areas.
Unique Corporate Structure
NI Holdings is a stock holding company formed prior to the company’s 2017 initial minority public stock offering, in connection with the demutualization of Nodak Mutual Insurance Company and formation of Nodak Mutual Group, Inc., a mutual holding company.
The primary benefits of this structure are:
- Control – Nodak Mutual Group, Inc. owns over 60% of our outstanding common stock, providing mutual control intended to best serve the long-term interests of the Company and its shareholders, and
- Capital – We have the ability to raise additional capital through a future potential secondary IPO, where existing shareholders could maintain their existing ownership interests in a newly formed and fully publicly traded stock company
As a result, management can focus on increasing shareholder value over time through organic growth, strategic investments and acquisitions, and share repurchases or shareholder dividends.
Our Mission and Values
To profitability grow our companies thus increasing shareholder value over time.
To empower our employees to make decisions that contribute to our success while providing a challenging and fulfilling work environment.
To give back to the communities where we live and work by supporting education, community and charitable organizations through corporate sponsorships and employee volunteerism.
Nodak Insurance Company has been recognized by the United Way of Class-Clay County as one of the top 50 most generous workplaces since 2017.
Our Past, Present and Future
1946
The BeginningNorth Dakota Farm Bureau starts Nodak Mutual Insurance Company for the state's farmers and ranchers.
2001
American West AcquisitionNodak Mutual acquires American West Insurance, a multi-state licensed property/casualty company.
2010
Addition of Battle Creek MutualAn affiliation agreement begins with Battle Creek Mutual Insurance Company, a domestic property/casualty insurer in Nebraska.
2014
Primero AcquisitionPrimero Insurance Company, a Nevada non-standard auto insurance company, is acquired through a stock purchase agreement.
2017
Nodak Goes PublicAfter 70 years of being a mutual company, Nodak is now a publicly traded company on Nasdaq (NODK), NI Holdings Inc., is formed.
2018
Direct Auto AcquisitionOur footprint expands with the acquisition of auto carrier Direct Auto, based in Chicago, Illinois.
2021
A New FutureAt 75 years old, Nodak Insurance is Financially stable, a leader in the marketplace and poised to grow.