Governance

Mr. Aasmundstad has served as Chairperson of the Board of Directors of NI Holdings, Inc. since its creation in March 2017.

Mr. Aasmundstad currently serves as Chairperson of the Nodak Mutual Group, Inc. Board of Directors, as well as Chairperson of the Board of Directors of Nodak Insurance Company, American West Insurance Company, and Battle Creek Mutual Insurance Company. Prior to the conversion of the mutual insurance company to a stock company and the creation of the mutual holding company, Mr. Aasmundstad served on the Board of Directors of Nodak Mutual Insurance Company from 1997 to 2017, and held the position of President of Nodak Mutual Insurance Company from 2008 to 2017.

Mr. Aasmundstad farms approximately 4,000 acres and, until 2012, operated a custom harvesting business. He has also owned a metalworking business since 2010. Mr. Aasmundstad served as president of the North Dakota Farm Bureau from 1999 through 2011. During his tenure as president of the North Dakota Farm Bureau, he served on the Board of Directors of American Agricultural Insurance Company, Inc., which provides reinsurance to Farm Bureau insurance companies and other independent insurers. Mr. Aasmundstad graduated from North Dakota State University with a degree in engineering.

Mr. Devlin has served as Vice Chairperson on the Board of Directors of NI Holdings, Inc. since 2017. He is also Chair of the Nominating & Corporate Governance Committee.

Mr. Devlin currently serves as Vice Chairperson of Nodak Mutual Group, Inc. Mr. Devlin serves on the Board of Directors of Nodak Insurance Company, American West Insurance Company, and Battle Creek Mutual Insurance Company. Prior to the conversion of the mutual insurance company to a stock company and the creation of the mutual holding company, Mr. Devlin served on the Board of Directors of Nodak Mutual Insurance Company from 2003 to 2017, and held the position of Vice President from 2008 to 2017.

Devlin served as a state legislator in the North Dakota House of Representatives for 22 years, including a term as Speaker. Mr. Devlin has been in public service for 35 years, with 13 years as Steele County Commissioner and 22 years as a North Dakota state legislator. Mr. Devlin was the chief executive officer of three family-owned newspaper corporations in North Dakota and Minnesota for over thirty years. He served as state president of the North Dakota Newspaper Association and the Society of Professional Journalists, and was a board member of the North Dakota Newspaper Foundation.

Mr. Espegard has served as a director of NI Holdings, Inc. since its creation in March 2017. He is also Chair of the Executive Committee.

Mr. Espegard currently serves on the Nodak Mutual Group, Inc. Board of Directors. Mr. Espegard serves on the Board of Directors of Nodak Insurance Company, American West Insurance Company, and Battle Creek Mutual Insurance Company. Prior to the conversion of the mutual insurance company to a stock company and the creation of the mutual holding company, Mr. Espegard served on the Board of Directors of Nodak Mutual Insurance Company from 2003 to 2017. Mr. Espegard previously served as Chair of the Investment Committee from 2003 to 2012, and Chair of the Audit Committee from 2012 to 2017.

Mr. Espegard has acted as a consultant to financial institutions since his retirement in 2001. Prior to his retirement, Mr. Espegard served as the Chief Executive Officer of Bremer Bank for over 25 years and has nearly 50 years of experience in the banking industry. Mr. Espegard holds a business associates degree from Aakers Business College in Grand Forks, North Dakota and attended the Graduate School of Banking at the University of Wisconsin.

Cindy Launer was appointed President and Chief Executive Officer in October 2025. Prior to her current role, Ms. Launer served as a director of NI Holdings, Inc. since November 2019.

Ms. Launer was employed by American International Group from 2007 to 2018, where she served in various roles including financial planning and analysis, capital projects, financial communications, Chief of Staff to the CEO, and finally Chief Operating Officer of the AIG commercial insurance business. Prior to joining AIG, she held progressive audit, finance, investor relations, and Chief of Staff roles at MetLife and Deloitte & Touche LLP. Ms. Launer graduated from Florida Southern College with a Bachelor of Science degree in finance and marketing and earned her Bachelor of Science degree in accounting from International College.

Mr. Mathew has served as a director of NI Holdings, Inc. since his appointment in February, 2023.

Mr. Mathew served as the Vice President for Student Affairs at North Dakota State University (NDSU) from 2006 to 2014 and retired after 38 years of service in student affairs at NDSU as well as at Mankato State University. He currently serves as Vice President Emeritus for Student Affairs. Upon his retirement in 2014, he served as the Interim Director of Athletics at NDSU.

Mr. Mathew served on the Board of Directors for Thrivent Financial, Northland Region, from 2014 to 2023. He served on the Board of Directors of the Fargo Public Library from 2000 to 2007, including President from 2006 to 2007. He is currently serving in the Cass County Jail chaplaincy program and the Renaissance Zone Authority for the city of Fargo. Mr. Mathew graduated from the University of Allahabad, India with a Bachelor of Science degree in agriculture and rural sociology, and earned a Master of Science degree in education from North Dakota State University.

Mr. Missling has served as a director of NI Holdings, Inc. since its creation in 2017.

Mr. Missling has served as the Executive Vice President of the North Dakota Farm Bureau since 2005. He grew up on a diversified crop and livestock farm and has worked with farmers and ranchers his entire life, having been employed by agriculture-related entities such as Rhone Poulenc Ag Company, Cargill, the University of Minnesota Extension Service, and the Minnesota Farm Bureau Federation. Mr. Missling holds a bachelor’s degree in agricultural business management from South Dakota State University and a master’s degree in international management from the University of Maryland.

Mr. Stende has served as a director of NI Holdings, Inc. since his appointment in March 2025.

Mr. Stende served as Chief Executive Officer and a member of the Board of Directors of Eide Bailly from 2013 until his retirement in April 2022. From 2006 to 2013, he served as Chief Operating Officer of Eide Bailly. Prior to serving as Chief Operating Officer, Mr. Stende was employed by Eide Bailly in various roles, including Audit Partner, from 1982 to 2006. Mr. Stende graduated from the University of North Dakota with a bachelor's degree in Business Administration and Accounting, and is a Certified Public Accountant.