NI Holdings, Inc. (NODK): Business Model Canvas [Jan-2025 Mise à jour]

Niché au cœur du paysage d'assurance du Dakota du Nord, NI Holdings, Inc. (NODK) apparaît comme une puissance stratégique, tissant des solutions d'assurance innovantes avec une profonde expertise régionale. Cette toile complète du modèle commercial révèle comment l'entreprise transforme la gestion des risques complexe en expériences d'assurance personnalisées et localisées qui résonnent avec les clients du Midwest. En mélangeant les principes d'assurance traditionnels avec des technologies de pointe et des approches axées sur la communauté, NI Holdings élabore une proposition de valeur unique qui le distingue sur un marché concurrentiel, une efficacité prometteuse, une fiabilité et une protection sur mesure pour les particuliers et les entreprises dans ses principaux territoires opérationnels.

NI Holdings, Inc. (NODK) - Modèle commercial: partenariats clés

Sociétés d'assurance et de réassurance

NI Holdings s'associe à plusieurs sociétés d'assurance et de réassurance pour gérer les risques et étendre les capacités de couverture.

Type de partenaire	Nombre de partenaires	Focus de partenariat
Partenaires de réassurance primaire	7	Partage des risques et gestion du capital
Sociétés de réassurance régionale	3	Couverture régionale spécialisée

Agents et courtiers d'assurance indépendants

NI Holdings maintient un réseau robuste d'agents d'assurance indépendants et de courtiers.

• Réseau d'agent indépendant total: 325 agents
• Couverture géographique: Dakota du Nord, Minnesota et États environnants
• Taux de commission moyen: 10-15% de la prime

Fournisseurs de services technologiques

Les partenariats technologiques critiques soutiennent l'infrastructure opérationnelle de NI Holdings.

Partenaire technologique	Service fourni	Investissement annuel
Logiciel Guidewire	Système de base d'assurance	1,2 million de dollars
Microsoft Azure	Infrastructure cloud	$750,000

Institutions et banques financières

Les partenariats financiers stratégiques soutiennent les stratégies de gestion des capitaux de NI Holdings.

• Partenaire bancaire primaire: banque américaine
• Partenaires de gestion des investissements: 4 institutions financières régionales
• Actif total des partenariats financiers sous gestion: 215 millions de dollars

NI Holdings, Inc. (NODK) - Modèle d'entreprise: Activités clés

Souscription d'assurance des biens et des victimes

NI Holdings a généré 187,7 millions de dollars de primes écrites directes totales pour l'exercice clos le 31 décembre 2022. La société opère principalement dans le Dakota du Nord, le Minnesota et le Dakota du Sud.

Segment de l'assurance	Primes écrites directes	Part de marché
Lignes personnelles	109,4 millions de dollars	Environ 25% dans le Dakota du Nord
Lignes commerciales	78,3 millions de dollars	Environ 18% sur les marchés régionaux

Traitement et gestion des réclamations

Ni Holdings traités 12 456 réclamations totales en 2022, avec un temps de résolution moyen de réclamation de 18 jours ouvrables.

• Total des réclamations payées: 84,2 millions de dollars
• Ratio de dépenses d'ajustement des pertes: 10,3%
• Personnel de traitement des réclamations: 87 employés dévoués

Évaluation et évaluation des risques

Catégorie de risque	Mesures d'évaluation	Investissement annuel
Risque de souscription	Ratio combiné: 94,6%	2,3 millions de dollars
Gestion des risques technologiques	Évaluations de la cybersécurité: trimestriel	1,7 million de dollars

Service client et assistance

Ni Holdings maintient 6 centres de services régionaux Avec 142 représentants du service client total.

• Évaluation moyenne de satisfaction du client: 4.6 / 5
• Taux de rétention de la clientèle: 87%
• Interactions totales du support client: 156 300 en 2022

Développement de la plate-forme de technologie numérique

Investissement technologique pour 2022: 4,1 millions de dollars

Fonctionnalité de plate-forme numérique	Statut de développement	Taux d'adoption des utilisateurs
Application de revendications mobiles	Pleinement opérationnel	42% des assurés
Gestion des politiques en ligne	Entièrement implémenté	68% des assurés

NI Holdings, Inc. (NODK) - Modèle d'entreprise: Ressources clés

Solide présence du marché régional de l'assurance

NI Holdings, Inc. opère principalement dans le Dakota du Nord, le Minnesota et le Dakota du Sud. Depuis 2023, la société maintient un Part de marché d'environ 25% sur le marché de l'assurance du Dakota du Nord.

État	Présence du marché	Nombre d'agences
Dakota du Nord	25% de part de marché	42 agences
Minnesota	15% de part de marché	28 agences
Dakota du Sud	18% de part de marché	22 agences

Équipe de gestion expérimentée

L'équipe de direction comprend des professionnels avec une moyenne de 18 ans d'expérience dans l'industrie de l'assurance.

• PDG avec 25 ans de leadership d'assurance
• CFO avec 20 ans d'expérience en gestion financière
• Chef de la souscription avec 15 ans d'expertise spécialisée

Systèmes technologiques d'assurance propriétaire

Ni Holdings investit 3,2 millions de dollars par an dans l'infrastructure technologique. Les systèmes technologiques de l'entreprise comprennent:

• Logiciel de gestion des réclamations propriétaires
• Algorithmes d'évaluation des risques avancés
• Plateforme de gestion des politiques numériques

Capital financier et réserves

Métrique financière	Valeur 2023
Actif total	687,4 millions de dollars
Total des capitaux propres	294,6 millions de dollars
Réserves d'assurance	392,1 millions de dollars

Base de données client et réseau de relations

Ni Holdings maintient un base de données client robuste avec 187 000 détenteurs de politiques actives.

Segment de clientèle	Nombre de politiques
Assurance automobile personnelle	89,000
Assurance habitation	62,000
Assurance commerciale	36,000

NI Holdings, Inc. (NODK) - Modèle d'entreprise: propositions de valeur

Produits d'assurance spécialisés pour les marchés du Dakota du Nord et du Midwest

NI Holdings, Inc. propose des produits d'assurance ciblés avec une orientation régionale spécifique. Au quatrième trimestre 2023, la société a rapporté:

Catégorie de produits	Pénétration du marché	Volume premium
Assurance automobile personnelle	68% de part de marché du Dakota du Nord	87,4 millions de dollars
Assurance habitation	Couverture du marché régional de 52%	43,2 millions de dollars
Lignes commerciales	41% de présence régionale du Midwest	62,7 millions de dollars

Service client personnalisé

Métriques du service client pour 2023:

• Temps de réponse moyen: 17 minutes
• Évaluation de satisfaction du client: 4.7 / 5
• Disponibilité du support local 24/7
• Options de communication multicanal

Couverture d'assurance compétitive et sur mesure

Compétition des prix à partir de 2023:

Type d'assurance	Prime moyenne	Comparaison du marché
Assurance automobile	642 $ par an	7% en dessous de la moyenne régionale
Assurance habitation	1 128 $ par an	5% en dessous de la moyenne de l'État

Compréhension locale de la dynamique des risques régionaux

Capacités d'évaluation des risques:

• Modélisation spécialisée des risques agricoles
• Couverture spécifique au climat pour les conditions météorologiques extrêmes
• Algorithmes d'évaluation des risques propriétaires

Règlement des réclamations rapides et efficaces

Réclamations Traitement des performances en 2023:

Métrique	Performance
Temps de résolution des réclamations moyennes	8,3 jours
Taux d'approbation des réclamations	94.6%
Soumission de revendications numériques	72% du total des réclamations

NI Holdings, Inc. (NODK) - Modèle d'entreprise: relations avec les clients

Interactions personnelles directes avec les agents locaux

Ni Holdings maintient un réseau de 72 agents locaux à travers le Dakota du Nord et le Minnesota en 2023. Ces agents servent Environ 57 000 titulaires de gardes actifs.

Emplacement de l'agent	Nombre d'agents	Temps d'interaction du client moyen
Dakota du Nord	52	45 minutes par client
Minnesota	20	38 minutes par client

Plates-formes de support client numérique

L'entreprise exploite canaux de support numériques avec les mesures suivantes:

• Taux de soumission des réclamations en ligne: 62%
• Base d'utilisateurs d'applications mobiles: 24 500 utilisateurs actifs
• Temps de réponse moyen du support numérique: 17 minutes

Engagement axé sur la communauté

Ni Holdings investit dans l'engagement communautaire à travers:

Type d'engagement	Investissement annuel	Atteindre
Parrainages locaux	$215,000	37 événements communautaires
Programmes d'éducation communautaire	$95,000	12 initiatives éducatives

Solutions d'assurance personnalisées

Répartition des produits d'assurance personnalisée:

• Taux de personnalisation de l'assurance automobile: 78%
• Packages sur mesure d'assurance habitation: 65%
• Plans spécialisés de l'assurance agricole: 89%

Construction de relations à long terme

Métrique relationnelle	2023 données
Taux de rétention de clientèle moyen	86.4%
Participation du programme de fidélisation du titulaire de police	42%
Score de satisfaction du client	4.6/5

NI Holdings, Inc. (NODK) - Modèle commercial: canaux

Réseau d'agent d'assurance indépendant

NI Holdings utilise un réseau de 370 agents d'assurance indépendants à travers le Dakota du Nord et le Minnesota en 2023.

Couverture géographique	Nombre d'agents	États servis
Dakota du Nord	235	Dakota du Nord
Minnesota	135	Minnesota

Plateforme de vente en ligne directe

Le canal de vente en ligne génère environ 22% du total des revenus de primes en 2023, avec des transactions de plate-forme numérique d'une valeur de 34,6 millions de dollars.

Application mobile

L'application mobile a été lancée en 2022 avec 47 500 utilisateurs actifs au quatrième trimestre 2023.

• Compte de téléchargement d'applications: 68 300
• Utilisateurs actifs mensuels moyens: 38 200
• Fonctionnalités de gestion des politiques numériques disponibles

Emplacements de branche physiques

Ni Holdings maintient 12 emplacements de succursales physiques à travers le Dakota du Nord et le Minnesota.

État	Nombre de branches
Dakota du Nord	8
Minnesota	4

Service client téléphonique

Le centre de service à la clientèle gère environ 42 000 interactions client tous les mois.

• Temps de résolution moyenne des appels: 7,2 minutes
• Taux de satisfaction client: 87,5%
• Disponibilité du support 24/7

NI Holdings, Inc. (NODK) - Modèle d'entreprise: segments de clientèle

Dakota du Nord et des clients régionaux du Midwest

NI Holdings, Inc. sert principalement des clients du Dakota du Nord et des États du Midwest environnants. En 2023, le marché géographique de base de la société comprend environ 530 000 résidents dans le Dakota du Nord.

Région	Clients potentiels totaux	Pénétration du marché
Dakota du Nord	530,000	42.3%
Minnesota	385,000	28.7%
Dakota du Sud	245,000	18.5%

Propriétaires fonciers individuels

La société cible les propriétaires individuels avec divers produits d'assurance.

• Politiques d'assurance des propriétaires: 78 500 polices actives
• Valeur de propriété moyenne assurée: 245 000 $
• Gamme de couverture résidentielle: 100 000 $ - 750 000 $

Petites et moyennes entreprises

NI Holdings fournit des solutions d'assurance commerciale spécialisées.

Taille de l'entreprise	Total des entreprises assurées	Prime annuelle moyenne
Petites entreprises (1-50 employés)	4,200	$3,750
Entreprises moyennes (51-250 employés)	1,350	$12,500

Secteur agricole

En tant que fournisseur d'assurance du Midwest, NI Holdings propose d'importantes offres d'assurance agricole.

• Politiques totales d'assurance agricole: 22,750
• Valeur de propriété agricole moyenne assurée: 1,2 million de dollars
• Couverture d'assurance-récolte: 350 millions de dollars

Clients d'assurance personnelle et commerciale

Répartition complète du portefeuille d'assurance pour 2023.

Type d'assurance	Politiques totales	Pourcentage de portefeuille
Auto personnel	95,600	38%
Propriétaires	78,500	31%
Lignes commerciales	45,200	18%
Ferme / agricole	22,750	9%
Autres lignes de spécialité	10,500	4%

NI Holdings, Inc. (NODK) - Modèle d'entreprise: Structure des coûts

Paiements de réclamations d'assurance

Pour l'exercice 2022, NI Holdings a déclaré que les réclamations d'assurance totales et les frais d'ajustement des réclamations de 47,2 millions de dollars.

Année	Réclamations	Pourcentage du total des revenus
2022	47,2 millions de dollars	62.3%
2021	42,5 millions de dollars	59.7%

Commissions d'agent

Les commissions d'agent pour NI Holdings en 2022 ont totalisé 12,3 millions de dollars, ce qui représente 16,3% du total des dépenses d'exploitation.

• Le taux de commission varie entre 8 et 15% selon le produit d'assurance
• Le réseau d'agent total comprend 237 agents indépendants
• Commission moyenne par agent: 51 900 $ par an

Maintenance des infrastructures technologiques

Les coûts de technologie et d'infrastructure pour 2022 étaient de 5,6 millions de dollars, y compris les investissements logiciels, matériels et cybersécurité.

Catégorie de coûts technologiques	Montant
Licence de logiciel	2,1 millions de dollars
Maintenance matérielle	1,8 million de dollars
Cybersécurité	1,7 million de dollars

Frais opérationnels et administratifs

Les dépenses opérationnelles et administratives totales pour 2022 étaient de 18,4 millions de dollars.

• Salaires des employés: 12,2 millions de dollars
• Loyer de bureau et services publics: 3,6 millions de dollars
• Services professionnels: 2,6 millions de dollars

Coûts de marketing et d'acquisition des clients

Les dépenses de marketing en 2022 ont atteint 4,5 millions de dollars, avec un coût d'acquisition de client de 287 $ par nouveau titulaire d'assurance.

Canal de marketing	Dépenses	Pourcentage du budget marketing
Publicité numérique	1,9 million de dollars	42%
Médias traditionnels	1,3 million de dollars	29%
Marketing direct	1,3 million de dollars	29%

NI Holdings, Inc. (NODK) - Modèle d'entreprise: Strots de revenus

Primes d'assurance immobilière

Pour l'exercice 2023, NI Holdings a déclaré des primes d'assurance immobilière de 57,3 millions de dollars.

Année	Primes d'assurance immobilière	Croissance d'une année à l'autre
2022	54,6 millions de dollars	5.3%
2023	57,3 millions de dollars	4.9%

Primes d'assurance des victimes

Les primes d'assurance de blessures pour NI Holdings en 2023 ont totalisé 82,4 millions de dollars.

Segment d'assurance de blessures	Volume premium
Assurance automobile	45,2 millions de dollars
Assurance responsabilité civile	37,2 millions de dollars

Polices d'assurance commerciale

Les polices d'assurance commerciale ont généré 43,7 millions de dollars de revenus pour 2023.

• Assurance des biens commerciaux: 22,1 millions de dollars
• Assurance responsabilité civile commerciale: 21,6 millions de dollars

Assurance des lignes personnelles

L'assurance des lignes personnelles a généré 63,5 millions de dollars en primes en 2023.

Type d'assurance personnelle	Revenus de primes
Assurance habitation	28,3 millions de dollars
Assurance automobile personnelle	35,2 millions de dollars

Revenu de placement des réserves premium

Le revenu de placement pour 2023 était de 12,6 millions de dollars, dérivé des réserves premium.

Catégorie d'investissement	Revenus générés
Titres à revenu fixe	8,4 millions de dollars
Investissements en actions	4,2 millions de dollars

NI Holdings, Inc. (NODK) - Canvas Business Model: Value Propositions

You're looking at the core promises NI Holdings, Inc. (NODK) makes to its policyholders and the market, which are deeply rooted in its North Dakota heritage. The value proposition centers on being a reliable, local partner in property and casualty insurance.

Regional stability and local market expertise are key differentiators, especially where it counts for agricultural and residential clients. Nodak Insurance Company, a key subsidiary headquartered in Fargo, North Dakota, is recognized as the largest domestic property and casualty insurer in that state. This local presence translates directly into product strength; for instance, Home and Farm premiums saw a 10.1% increase in the third quarter of 2025, a growth explicitly driven by new business in North Dakota, rate increases, and higher insured property values. The company currently writes coverages across five states and maintains licenses in 7 additional states for future expansion, but the North Dakota farm/home segment remains a bedrock.

NI Holdings, Inc. offers comprehensive property and casualty coverage across several lines. You get protection for a wide array of risks through its subsidiaries. These coverages include private passenger automobile, homeowners, farmowners, commercial multi-peril, and specialized crop insurance like crop hail and federal multi-peril crop policies. This breadth helps ensure that local customers, from homeowners to ranchers, can consolidate their needs with a familiar carrier.

Here's a quick look at some of the key financial metrics from the third quarter ended September 30, 2025, that underpin the promise of financial security:

Financial Metric	Amount/Ratio (Q3 2025)
Total Assets (Approximate)	USD 652 million
Direct Written Premiums	$58.5 million
Net Investment Income	$3.0 million
Net Investment Gains	$1.4 million

Financial security and the ability to pay claims are backed by a conservatively managed portfolio. The investment side of the business is actively managed, showing that even with market fluctuations, the portfolio is working to support operations. For the third quarter of 2025, net investment income grew 8.1% to $3.0 million, primarily due to higher reinvestment rates in the fixed income portfolio. To be fair, net investment gains did decrease 43.5% to $1.4 million, reflecting lower unrealized gains on equity securities, but the core income stream is showing positive momentum.

The underwriting strategy is focused on achieving a steadier combined ratio (the measure of losses and expenses relative to premiums earned). The company is actively managing its risk exposure to improve this metric. For Q3 2025, the combined ratio was reported at 109.1%, an improvement from 111.0% in the prior year period. This improvement is partly due to a strategic decision made during the quarter to stop writing Non-Standard Auto business in Illinois, Arizona, and South Dakota, which caused an 80.0% decline in that segment's premiums. The value proposition here is a commitment to disciplined underwriting for long-term stability, even if it means shedding less profitable business lines.

The core value drivers you should note are:

• Strongest premium growth in the core Home and Farm segment at 10.1%.
• Active portfolio management driving investment income up 8.1%.
• Strategic exit from high-risk Non-Standard Auto business.
• Commitment to North Dakota market via Nodak Insurance Company.
• Consolidated P&C offerings including farmowners and commercial policies.

Finance: draft 13-week cash view by Friday.

NI Holdings, Inc. (NODK) - Canvas Business Model: Customer Relationships

You're looking at how NI Holdings, Inc. (NODK) connects with and serves its policyholders as of late 2025. The core strategy clearly centers on maintaining deep local ties in North Dakota while managing a broader, broker-driven network elsewhere.

Dedicated, personalized service via captive agents in the core North Dakota market

The focus on the North Dakota market, served by captive agents, shows tangible results in the core property lines. For instance, Home and Farm premiums saw a 10.1% increase in the third quarter ended September 30, 2025, compared to the prior period, driven by new business growth specifically in North Dakota. This growth trend was also seen earlier in the year, with Home and Farm premiums up 7.1% in the first quarter of 2025 due to higher new business in North Dakota. This suggests the dedicated agent model is effectively driving penetration in the home and farm segments within the home state.

Broker-mediated relationships through independent agents in other states

Outside the core, NI Holdings, Inc. relies on a network of external partners. While the latest 2025 agent network size isn't public, the structure as of the end of 2024 showed Nodak Insurance distributing products through 63 exclusive agents appointed by Nodak Insurance. Furthermore, an affiliated entity, Battle Creek, used 113 contracted agencies for distribution as of December 31, 2024. The CEO, Cindy Launer, in November 2025, expressed looking forward to collaborating with 'exceptional agents,' confirming this channel remains critical to the overall service delivery structure.

Service-oriented claims handling for policyholders

Handling claims efficiently is a key part of the relationship, especially when adverse events occur. The company provides comprehensive claims management services, handling the process from initial report to final settlement. The strategic decision in Q3 2025 to stop writing Non-Standard Auto business in Illinois, Arizona, and South Dakota reflects a commitment to underwriting performance, which indirectly supports long-term policyholder stability by focusing resources on more predictable risk pools.

Long-term relationship focus, especially with farm and home customers

The emphasis on long-term relationships is most evident in the performance of the Home and Farm segment, which is a cornerstone of the business. This segment showed premium increases across the first three quarters of 2025: 7.1% in Q1, 8.1% in Q2, and 10.1% in Q3. To be fair, this Q3 growth was partially offset by lower retention in Nebraska, showing where relationship efforts might need reinforcement outside the primary market.

Here are some key figures related to the customer-facing segments and operational context from the 2025 reporting periods:

Metric	Period End Date	Value	Context/Segment
Home and Farm Premium Growth	Q3 2025	10.1% increase	Driven by new business in North Dakota
Home and Farm Premium Growth	Q2 2025	8.1% increase	Driven by rate and insured values
Home and Farm Premium Growth	Q1 2025	7.1% increase	Driven by new business in North Dakota
Direct Written Premiums (Total)	Q3 2025	$58.5 million	Down from $67.7 million (due to Non-Standard Auto exit)
Direct Written Premiums (Total)	Q1 2025	$67.7 million	Down from $83.0 million

The relationship strategy is supported by the following focus areas:

• Focus on new business growth in the core North Dakota Home and Farm market.
• Strategic exit from Non-Standard Auto in Illinois, Arizona, and South Dakota during Q3 2025.
• Reliance on a network of independent and exclusive agents for out-of-state distribution.
• Commitment to service, as highlighted by the CEO in late 2025 commentary.
• Latest structural data shows 63 exclusive agents and 113 contracted agencies as of December 31, 2024.

Finance: draft 13-week cash view by Friday.

NI Holdings, Inc. (NODK) - Canvas Business Model: Channels

You're looking at how NI Holdings, Inc. gets its insurance products into customers' hands as of late 2025. It's a dual-pronged approach, really-one way for the core North Dakota market and another for everywhere else.

Captive Agent Network (Exclusive Distribution in North Dakota)

Nodak Insurance Company, the largest domestic property and casualty insurer in North Dakota, relies on its captive agent network there. This channel serves members of the North Dakota Farm Bureau Federation who are eligible to purchase coverage. Historically, this network has involved approximately 65 exclusive agents appointed by Nodak Insurance Company. This exclusive setup helps maintain deep local ties within the company's home state.

Independent Insurance Agent Network (Primary Distribution Outside North Dakota)

Outside of North Dakota, NI Holdings, Inc. uses a network of independent producers. These producers are key partners because they can recommend NI Holdings, Inc.'s products or a competitor's. Subsidiaries like American West, Battle Creek, and Primero rely on these independent channels to reach their markets. The scale of this network across the various subsidiaries, based on recent agency counts, looks something like this:

Subsidiary/Channel	Distribution Method	Agency Count (Latest Reported)	Key States/Area
Nodak Insurance Company	Exclusive Agents	Approximately 65 (as of 2016)	North Dakota
Direct Auto	Independent Agents	156 Contracted Agencies (as of Dec 31, 2024)	Illinois (Chicago Area)
Primero Insurance Company	Independent Agents	216 Contracted Agencies (as of Dec 31, 2024)	Arizona, North Dakota, South Dakota
Battle Creek Insurance Company	Independent Agents	113 Contracted Agencies (as of Dec 31, 2024)	Nebraska
American West Insurance Company	Independent Agents	Approximately 104 Offices (Earlier Data)	South Dakota, Minnesota, North Dakota

The company reviews these independent producers annually based on premium volume and profitability.

Corporate and Subsidiary Websites for Information and Investor Relations

The digital presence is crucial for transparency and information dissemination. NI Holdings, Inc. uses its corporate website, www.niholdingsinc.com, as the central hub for investor relations. You can find official documents there, such as the Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as soon as they are filed with the SEC. The company also maintains specific websites for its operating subsidiaries, like nodakins.com.

Direct Mail and Digital Marketing for New Business Growth

Marketing efforts are clearly driving results in specific lines. For example, the Home and Farm segment showed a 10.1% increase in premiums for the third quarter ended September 30, 2025. This growth was attributed to several factors channeled through marketing and underwriting actions:

• New business growth specifically in North Dakota.
• Rate increases implemented across the portfolio.
• Increased insured property values.

This growth partially offset lower retention and new business in Nebraska for that line. Overall direct written premiums for Q3 2025 were $58.5 million, down from $67.7 million in the prior period, largely due to the strategic decision to stop writing Non-Standard Auto business in Illinois, Arizona, and South Dakota, which saw an 80.0% decline.

NI Holdings, Inc. (NODK) - Canvas Business Model: Customer Segments

You're looking at the core customer groups NI Holdings, Inc. (NODK) serves as of late 2025, based on their property and casualty insurance offerings. The company's structure relies on several distinct groups, with a clear focus on the agricultural sector driving recent positive momentum.

The Farm and Ranch Owners segment is definitely a bright spot. For the third quarter ended September 30, 2025, Home and Farm premiums saw a 10.1% increase. This growth came from new business in North Dakota, rate adjustments, and higher insured property values. Still, this growth was partially offset by lower retention and new business in Nebraska.

The overall premium picture for Q3 2025 shows a strategic pivot. Total direct written premiums for the quarter were $58.5 million, down 13.7% year-over-year. This drop is almost entirely due to the company's decision to stop writing Non-Standard Auto business in Illinois, Arizona, and South Dakota, which caused that line to decline by 80.0%.

Here's a breakdown mapping the known financial metrics to your required customer segments for Q3 2025:

Customer Segment	Most Relevant 2025 Statistical/Financial Number (Q3 2025)
Farm and Ranch Owners	10.1% increase in Home and Farm premiums.
Private Passenger Auto Owners	Total Direct Written Premiums for all Auto lines were impacted by an 80.0% decline in Non-Standard Auto.
Homeowners and Town Dwelling Residents	Included in the Home and Farm segment, which grew premiums by 10.1%.
Commercial Businesses seeking property and liability coverage	Part of the total Direct Written Premiums of $58.5 million for the quarter.
Agricultural Producers requiring Crop Hail and Multi-Peril Crop Insurance	Part of the total Direct Written Premiums of $58.5 million for the quarter.

To give you a fuller picture of the financial environment these segments operate within during Q3 2025, here are some related figures:

• Total Direct Written Premiums: $58.5 million.
• Net Investment Income: Increased by 8.1% to $3.0 million.
• Net Investment Gains: Decreased by 43.5% to $1.4 million.
• Basic Loss Per Share: ($0.08).

The company's subsidiaries, including Nodak Insurance Company, American West Insurance Company, Primero Insurance Company, and Battle Creek Insurance Company, service these varied customer bases with their property and casualty coverages. Finance: draft 13-week cash view by Friday.

NI Holdings, Inc. (NODK) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving NI Holdings, Inc. (NODK)'s operations, which is critical for understanding their underwriting profitability, especially given the recent strategic shifts away from Non-Standard Auto.

The largest component of cost, by far, is the direct cost of claims. Insurance Loss and Loss Adjustment Expenses (LAE) was reported as 78.2% of net earned premiums in Q3 2025. This ratio is the engine of the cost structure, and any movement here directly impacts the combined ratio.

Operating expenses, which cover everything outside of claims, are also significant. The underwriting and administrative expenses came in at an expense ratio of 30.9% in Q3 2025. This figure, when combined with the LAE, determines the overall underwriting performance.

Here's a quick look at the key Q3 2025 cost and profitability metrics we have:

Metric	Q3 2025 Value
Insurance Loss and LAE (% of Net Earned Premiums)	78.2%
Underwriting and Administrative Expense Ratio	30.9%
Combined Ratio	109.1%

The cost of getting business written involves Agent commissions and distribution costs for captive and independent channels. While specific dollar amounts for these commission structures aren't broken out separately in the top-line expense ratio, they are embedded within the administrative component. You should expect these to vary based on the mix between the captive agency system and independent producers.

Mitigating large, unexpected losses is a major cost consideration, managed through reinsurance. The Q2 2025 period highlighted this cost in action when a North Dakota catastrophe event exceeded the company's reinsurance retention. The pre-tax catastrophe losses, net of reinsurance, for that event added $20.0 million to losses, showing the financial impact when a loss breaches the retention layer.

Finally, the overhead costs are necessary to keep the lights on and the systems running. General and administrative costs include employee salaries and technology spend. These fixed and semi-fixed costs are spread across the remaining premium base. For context on overall profitability, the net investment income provided some offset, coming in at $3.0 million for Q3 2025.

The cost structure is heavily weighted toward claims, which is typical for property and casualty insurers. The strategic pullback from Non-Standard Auto, which saw an 80.0% decline in premiums in Q3 2025, is intended to bring the Loss and LAE ratio down over time, even if it reduces near-term earned premiums.

• Unfavorable prior year loss reserve development in Non-Standard Auto contributed 11.2 pts to the Q3 2025 combined ratio.
• Home and Farm premiums grew 10.1% in Q3 2025, reflecting rate increases and new business.
• Net investment gains decreased 43.5% in Q3 2025 to $1.4 million.

Finance: draft 13-week cash view by Friday.

NI Holdings, Inc. (NODK) - Canvas Business Model: Revenue Streams

You're looking at the core ways NI Holdings, Inc. brings in money, which for an insurance holding company like this, centers heavily on underwriting and investing the float from those policies. As of late 2025, the revenue picture shows a mix of expected insurance income, investment returns, and strategic shifts impacting top-line premium figures.

The primary revenue components for NI Holdings, Inc. in the third quarter ended September 30, 2025, are detailed below. You'll notice the mix between direct policy income and investment performance.

Revenue Source	Q3 2025 Amount (USD)	Notes
Net Earned Premiums from insurance policies	$71.9 million	As specified for the period.
Net Investment Income from the fixed-income portfolio	$3.0 million	Driven by higher reinvestment rates.
Net Investment Gains from realized and unrealized gains on securities	$1.4 million	Reflecting lower unrealized equity gains partially offset by realized gains.
Direct Written Premiums (Total)	$58.5 million	Compared to $67.7 million in Q3 2024.

The insurance operations are clearly the bedrock, though the reported Direct written premiums for Q3 2025 were $58.5 million, down from the prior year's $67.7 million. This drop reflects a major strategic move: the Company stopped writing Non-Standard Auto business in Illinois, Arizona, and South Dakota, causing an 80.0% decline in that specific premium line. Honestly, that's a big chunk to lose, but it's aimed at profitability.

Still, not all premium lines saw a reduction. Premium growth in specific segments is a key focus area for NI Holdings, Inc. You can see the positive momentum in the property lines:

• Premium growth, particularly in the Home and Farm segment, saw a 10.1% increase in premiums for Q3 2025.
• This growth was fueled by new business in North Dakota.
• Rate increases and higher insured property values also contributed to the lift.

The investment side provided a steady, albeit smaller, stream. Net investment income increased by 8.1% to reach $3.0 million for the quarter, which management attributes to better reinvestment rates in the fixed-income portfolio. That's a good sign that their cash management is working in the current rate environment. Conversely, Net Investment Gains were down 43.5% to $1.4 million, mainly because of lower unrealized gains on equity securities.

If you look at the nine months ended September 30, 2025, the consolidated picture shows total Net earned premiums at $212.4 million, down 10.9% from the same period in 2024. The total Direct written premiums year-to-date were $235.7 million. Finance: draft the 13-week cash view by Friday, focusing on the run-off of the Non-Standard Auto business versus the growth in Home and Farm.