0001174947-22-000353 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 70,623	$ 101,077
Fixed income securities, at fair value	364,651	320,410
Equity securities, at fair value	77,690	69,952
Other investments	2,005	2,924
Total cash and investments	514,969	494,363
Premiums and agents' balances receivable	51,452	48,523
Deferred policy acquisition costs	24,947	23,968
Reinsurance premiums receivable		93
Reinsurance recoverables on losses	21,200	8,710
Income tax recoverable	364
Accrued investment income	2,524	2,141
Property and equipment, net	9,869	9,899
Receivable from Federal Crop Insurance Corporation		6,646
Goodwill and other intangibles	17,722	18,194
Other assets	8,735	5,066
Total assets	651,782	617,603
Liabilities:
Unpaid losses and loss adjustment expenses	139,662	105,750
Unearned premiums	127,789	119,363
Reinsurance premiums payable	326
Income tax payable		754
Deferred income taxes	5,506	8,757
Payable to Federal Crop Insurance Corporation	4,962
Westminster consideration payable	13,020	19,287
Accrued expenses and other liabilities	13,104	14,820
Total liabilities	304,369	268,731
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value, authorized 25,000,000 shares, issued: 23,000,000 shares; and outstanding: 2021 - 21,219,808 shares, 2020 - 21,318,638 shares	230	230
Preferred stock, without par value, authorized 5,000,000 shares, no shares issued or outstanding
Additional paid-in capital	98,166	97,911
Unearned employee stock ownership plan shares	(1,184)	(1,427)
Retained earnings	267,207	258,741
Accumulated other comprehensive income, net of income taxes	5,237	12,840
Treasury stock, at cost, 2021 - 1,661,767 shares, 2020 - 1,538,622 shares	(26,452)	(23,968)
Non-controlling interest	4,209	4,545
Total shareholders' equity	347,413	348,872
Total liabilities and shareholders' equity	$ 651,782	$ 617,603

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value	$ 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	21,219,808	21,318,638
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Treasury stock, shares	1,661,767	1,538,622

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Net premiums earned	$ 299,589	$ 283,661	$ 246,438
Fee and other income	1,775	1,801	2,125
Net investment income	7,131	7,271	7,433
Net capital gain on investments	15,479	13,624	14,783
Total revenues	323,974	306,357	270,779
Expenses:
Losses and loss adjustment expenses	216,379	168,473	169,710
Amortization of deferred policy acquisition costs	64,574	51,472	46,188
Other underwriting and general expenses	31,715	33,596	21,070
Total expenses	312,668	253,541	236,968
Income before income taxes	11,306	52,816	33,811
Income taxes	2,974	11,472	7,311
Net income	8,332	41,344	26,500
Net income (loss) attributable to non-controlling interest	(84)	955	99
Net income attributable to NI Holdings, Inc.	$ 8,416	$ 40,389	$ 26,401
Earnings per common share:
Basic	$ 0.39	$ 1.86	$ 1.19
Diluted	$ 0.39	$ 1.84	$ 1.19
Share data:
Weighted average common shares outstanding used in basic per common share calculations	21,424,060	21,772,475	22,179,747
Plus: Dilutive securities	232,366	169,995	85,601
Weighted average common shares used in diluted per common share calculations	21,656,426	21,942,470	22,265,348

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income (loss)	$ 8,332	$ 41,344	$ 26,500
Other comprehensive income (loss), before income taxes:
Holding gains (losses) on investments	(9,146)	10,167	9,760
Reclassification adjustment for net realized capital gain included in net income	(650)	(903)	(194)
Other comprehensive income (loss), before income taxes	(9,796)	9,264	9,566
Income tax benefit (expense) related to items of other comprehensive income (loss)	1,941	(1,945)	(2,009)
Other comprehensive income (loss), net of income taxes	(7,855)	7,319	7,557
Comprehensive income	477	48,663	34,057
Attributable to Nodak Mutual Insurance Company [Member]
Net income (loss)	8,416	40,389	26,401
Other comprehensive income (loss), before income taxes:
Holding gains (losses) on investments	(8,827)	10,051	9,583
Reclassification adjustment for net realized capital gain included in net income	(648)	(902)	(191)
Other comprehensive income (loss), before income taxes	(9,475)	9,149	9,392
Income tax benefit (expense) related to items of other comprehensive income (loss)	1,872	(1,921)	(1,972)
Other comprehensive income (loss), net of income taxes	(7,603)	7,228	7,420
Comprehensive income	813	47,617	33,821
Attributable to Non-Controlling Interest [Member]
Net income (loss)	(84)	955	99
Other comprehensive income (loss), before income taxes:
Holding gains (losses) on investments	(319)	116	177
Reclassification adjustment for net realized capital gain included in net income	(2)	(1)	(3)
Other comprehensive income (loss), before income taxes	(321)	115	174
Income tax benefit (expense) related to items of other comprehensive income (loss)	69	(24)	(37)
Other comprehensive income (loss), net of income taxes	(252)	91	137
Comprehensive income	$ (336)	$ 1,046	$ 236

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Unearned Employee Stock Ownership Plan Shares [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Treasury Stock	Non-Controlling Interest [Member]	Total
Balance at Dec. 31, 2018	$ 230	$ 94,486	$ (1,914)	$ 183,946	$ 6,376	$ (10,634)	$ 3,263	$ 275,753
Cumulative effect of change in accounting for equity securities				8,184	(8,184)
Net income (loss)				$ 26,401			99	26,500
Other comprehensive income (loss), net of income taxes					7,420		137	7,557
Share-based compensation		$ 1,613						1,613
Purchase of treasury stock						$ (2,006)		$ (2,006)
Issuance of vested award shares		(300)		(51)		332		(19)
Distribution of employee stock ownership plan shares at Dec. 31, 2019		162	243					405
Balance at Dec. 31, 2019	230	$ 95,961	$ (1,671)	$ 218,480	5,612	$ (12,308)	3,499	$ 309,803
Net income (loss)				$ 40,389			955	41,344
Other comprehensive income (loss), net of income taxes					7,228		91	7,319
Share-based compensation		$ 2,297						2,297
Purchase of treasury stock						$ (12,234)		$ (12,234)
Issuance of vested award shares		(477)		(128)		574		(31)
Distribution of employee stock ownership plan shares at Dec. 31, 2020		130	244					374
Balance at Dec. 31, 2020	230	$ 97,911	$ (1,427)	$ 258,741	12,840	$ (23,968)	4,545	$ 348,872
Net income (loss)				$ 8,416			(84)	8,332
Other comprehensive income (loss), net of income taxes					(7,603)		(252)	(7,855)
Share-based compensation		$ 2,408						2,408
Purchase of treasury stock						$ (4,316)		$ (4,316)
Issuance of vested award shares		(2,370)		50		1,832		(488)
Distribution of employee stock ownership plan shares at Dec. 31, 2021		217	243					460
Balance at Dec. 31, 2021	$ 230	$ 98,166	$ (1,184)	$ 267,207	$ 5,237	$ (26,452)	$ 4,209	$ 347,413

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 8,332	$ 41,344	$ 26,500
Adjustments to reconcile net income to net cash flows from operating activities:
Net capital gain on investments	(15,479)	(13,624)	(14,783)
Deferred income tax (benefit) expense	(1,310)	638	1,871
Depreciation of property and equipment	694	709	538
Amortization of intangibles	472	5,224	1,711
Distribution of employee stock ownership plan shares	460	373	405
Share-based incentive compensation	2,408	2,297	1,613
Amortization of deferred policy acquisition costs	64,574	51,472	46,188
Deferral of policy acquisition costs	(65,553)	(60,041)	(48,721)
Net amortization of premiums and discounts on investments	2,080	1,460	1,146
Loss on sale of property and equipment	31	6	37
Changes in operating assets and liabilities:
Premiums and agents' balances receivable	(2,929)	(3,325)	(2,404)
Reinsurance premiums receivable / payable	419	(828)	170
Reinsurance recoverables on losses	(12,490)	(3,902)	(1,813)
Income tax recoverable / payable	(1,118)	(753)	889
Accrued investment income	(383)	17	(191)
Federal Crop Insurance Corporation receivable / payable	11,608	7,584	1,939
Other assets	(3,669)	186	(109)
Unpaid losses and loss adjustment expenses	33,912	3,932	6,129
Unearned premiums	8,426	13,476	4,509
Accrued expenses and other liabilities	(1,317)	4,765	41
Net cash flows from operating activities	29,168	51,010	25,665
Cash flows from investing activities:
Proceeds from maturities and sales of fixed income securities	73,015	87,874	59,649
Proceeds from sales of equity securities	44,600	27,718	20,174
Purchases of fixed income securities	(128,480)	(91,559)	(92,012)
Purchases of equity securities	(37,491)	(22,312)	(17,042)
Purchases of property and equipment	(696)	(543)	(1,290)
Acquisition of Westminster American Insurance Company (cash consideration paid net of cash and cash equivalents acquired)		(703)
Proceeds from sale of other investments and other	901	(275)	63
Net cash flows from investing activities	(48,151)	200	(30,458)
Cash flows from financing activities:
Purchases of treasury stock	(4,316)	(12,234)	(2,006)
Installment payment on Westminster consideration payable	(6,667)
Issuance of restricted stock awards	(488)	(31)	(19)
Net cash flows from financing activities	(11,471)	(12,265)	(2,025)
Net (decrease) increase in cash and cash equivalents	(30,454)	38,945	(6,818)
Cash and cash equivalents at beginning of period	101,077	62,132	68,950
Cash and cash equivalents at end of period	70,623	101,077	62,132
Non-cash item: Present value of installment payable issued in connection with acquisition of Westminster American Insurance Company		18,787
Federal and state income taxes paid	$ 5,402	$ 11,586	$ 4,000

Organization

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [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 completed 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 Consolidated Financial Statements include the financial position and results of operations of NI Holdings and seven 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. American West began writing policies in 2002 and primarily writes personal auto, homeowners, and farm coverages in South Dakota. American West also writes personal auto coverage in North Dakota, as well as crop hail and Federal multi-peril crop insurance coverages in Minnesota and South Dakota.

Primero Insurance Company

Primero is a wholly-owned subsidiary of Tri-State, Ltd. Tri-State, Ltd. is an inactive shell corporation 100% owned by Nodak Insurance. Primero is a property and casualty insurance company writing non-standard automobile coverage in the states of Nevada, Arizona, North Dakota, and South Dakota.

Battle Creek Mutual Insurance Company

Battle Creek is a property and casualty insurance company writing personal auto, homeowners, and farm coverages solely in the state of Nebraska. Battle Creek became affiliated with Nodak Insurance in 2011, and Nodak Insurance provides underwriting, claims management, policy administration, and other administrative services to Battle Creek. Because we have concluded that we control Battle Creek, we consolidate the financial statements of Battle Creek, and Battle Creek’s policyholders’ interest in Battle Creek is reflected as a non-controlling interest in shareholders’ equity in our Consolidated Balance Sheets and its net income or loss is excluded from net income attributed to NI Holdings in our Consolidated Statements of Operations.

Direct Auto Insurance Company

Direct Auto is a property and casualty insurance company licensed in Illinois. Direct Auto began writing non-standard automobile coverage in 2007, and was acquired by NI Holdings on August 31, 2018 via a stock purchase agreement.

Westminster American Insurance Company

Westminster is a property and casualty insurance company licensed in seventeen 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, Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina, Virginia, West Virginia, and the District of Columbia. Westminster was acquired by NI Holdings on January 1, 2020 via a stock purchase agreement.

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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 AM Best.

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.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.Summary of Significant Accounting Policies

Basis of Consolidation:

Our Consolidated Financial Statements, which we have prepared in accordance with GAAP, include our accounts and those of our wholly-owned subsidiaries, as well as Battle Creek, an entity we control via a surplus note agreement. We have eliminated all significant inter-company accounts and transactions in consolidation.

Use of Estimates:

In preparing our Consolidated Financial Statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the balance sheet, and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates.

We make estimates and assumptions that can have a significant effect on amounts and disclosures we report in our Consolidated Financial Statements. The most significant estimates relate to our reserves for unpaid losses and loss adjustment expenses, earned premiums for crop insurance, valuation of investments, determination of other-than-temporary impairments, valuation allowances for deferred income tax assets, deferred policy acquisition costs, and the valuations used to establish intangible assets acquired related to business combinations. While we believe our estimates are appropriate, the ultimate amounts may differ from the estimates provided. We regularly review our methods for making these estimates as well as the continued appropriateness of the estimated amounts, and we reflect any adjustment we consider necessary in our current results of operations.

Variable-Interest Entities:

Any company deemed to be a variable interest entity (“VIE”) is required to be consolidated by the primary beneficiary of the VIE.

We assess our investments in other entities at inception to determine if any meet the qualifications of a VIE. We consider an investment in another company to be a VIE if: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to absorb expected losses of the entity or the right to receive the expected residual returns of the entity), or (c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or the rights to receive the expected residual returns of the entity, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Upon the occurrence of certain events, we would reassess our initial determination of whether the investment is a VIE.

We evaluate whether we are the primary beneficiary of each VIE and we consolidate the VIE if we have both (1) the power to direct the economically significant activities of the entity and (2) the obligation to absorb losses of, or the right to receive benefits from, the entity. We consider the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights, and board representation of the respective parties in determining whether we qualify as the primary beneficiary. Our assessment of whether we are the primary beneficiary of a VIE is performed at least annually.

We control Battle Creek via a surplus note which provides us with the ability to appoint two-thirds of the Board of Directors of Battle Creek. Under the quota share reinsurance agreement that existed through December 31, 2019, Battle Creek’s operating results included only net investment income, bad debt expense, and income taxes. Effective January 1, 2020, the Company implemented an intercompany pooling reinsurance agreement, and Battle Creek’s operating results now include its participation in the underwriting results of the pool (2% during 2021 and 2020). For more information, see Part II, Item 8, Note 12 “Related Party Transactions”. Because we have concluded that we control Battle Creek, we consolidate the financial statements of Battle Creek, and Battle Creek’s policyholders’ interest in Battle Creek is reflected as a non-controlling interest in shareholders’ equity in our Consolidated Balance Sheet and its net income or loss is excluded from net income or loss attributed to NI Holdings in our Consolidated Statement of Operations.

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Cash and Cash Equivalents:

Cash and cash equivalents include certain investments in highly liquid debt instruments with original maturities of three months or less. Cost approximates fair value for these short-term investments.

Investments:

The Company’s fixed income securities and equity securities are classified as available-for-sale and carried at estimated fair value as determined by management based upon quoted market prices or a recognized independent pricing service at the reporting date for those or similar investments. Changes in unrealized investment gains or losses on the fixed income securities, net of applicable income taxes, are reflected directly in shareholders’ equity as a component of other comprehensive income (loss) and, accordingly, have no effect on net income (loss). Changes in unrealized investments gains or losses on equity securities are reported in net income (loss). Investment income is recognized when earned, and realized capital gains and losses on investments are recognized when investments are sold, or an other-than-temporary impairment is recognized.

Fair values are based on quoted market prices or independent pricing services, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. Amortization of premium and accretion of discount are computed using an effective interest method. Net investment income includes interest and dividend income together with amortization of purchase premiums and discounts, and is net of investment management and custody fees. Realized gains and losses on investments are determined using the specific identification method and are included in net capital gain on investments, along with the change in unrealized gains and losses on equity securities.

We frequently review our investment portfolio for declines in fair value. Our process for identifying declines in the fair value of investments that are other-than-temporary involves consideration of several factors. These factors include (i) the time period in which there has been a significant decline in value, (ii) an analysis of the liquidity, business prospects, and overall financial condition of the issuer, (iii) the significance of the decline, and (iv) our intent and ability to hold the investment for a sufficient period of time for the value to recover. When our analysis of the above factors results in the conclusion that declines in fair values are other-than-temporary, the credit loss component of the impairment is reflected in net income (loss) as a realized capital loss on investment if the Company does not intend to sell the security, and the remaining portion of the other-than-temporary loss is recognized in other comprehensive income (loss), net of income taxes. If the Company intends to sell the security, or determines that it is more likely than not that it will be required to sell the security prior to recovering its cost or amortized cost basis less any current-period credit losses, the full amount of the other-than-temporary loss is recognized in net income (loss). Fair values of interest rate sensitive instruments may be affected by increases and decreases in prevailing interest rates that generally translate, respectively, into decreases and increases in fair values of fixed income securities. The fair values of interest rate sensitive instruments also may be affected by the credit worthiness of the issuer, prepayment options, relative values of other investments, the liquidity of the instrument, and other general market conditions. For more information on investment valuation measurements, see Part II, Item 8, Note 6 “Fair Value Measurements”.

Fair Value of Other Financial Instruments:

Our other financial instruments, aside from investments, are cash and cash equivalents, premiums and agents’ balances receivable, and accrued expenses and accounts payable. The carrying amounts for cash and cash equivalents, premiums and agents’ balances receivable, and accrued expenses and accounts payable approximate their fair value based on their short-term nature. Other invested assets that do not have observable inputs and little or no market activity are carried on a cost basis, which approximates fair value. All other invested assets have been assessed for impairment. The carrying value of these other invested assets was $2,005 at December 31, 2021 and $2,924 at December 31, 2020.

Revenue Recognition:

We record premiums written at policy inception and recognize them as revenue on a pro rata basis over the policy term or, in the case of crop insurance, over the period of risk. The portion of premiums that could be earned in the future is deferred and reported as unearned premiums. When policies lapse, the Company reverses the unearned portion of the written premium and removes the applicable unearned premium. Policy-related fee income is recognized when collected.

The period of risk for our crop insurance program, which comprise primarily spring-planted crops, typically runs from April 1 (the approximate time when farmers can begin to work their fields) through December 15 (last date claims can be made for the most recent planting season). The crop insurance program provides indemnification for acreage that cannot be planted because of excess moisture (known as “prevented planting”). In these situations, recognition of the remaining unearned premium may be accelerated if it is determined that the risk period has ended when these types of claims are filed.

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The Company uses the direct write-off method for recognizing bad debts. Accounts billed directly to the policyholder are provided grace payment and cancellation notice periods per state insurance regulations. Any earned but uncollected premiums are written off within 90 days after the effective date of policy cancellation.

Direct Auto also provides for agency billing for a portion of their agents. Accounts billed to agents are due within 60 days of the statement date. The balances are carried as agents’ balances receivable until it is determined the amount is not collectible from the agent. At that time, the balance is written off as uncollectible. The agent is responsible for all past due balances. As part of its agent appointment, Direct Auto requires a personal guarantee for all balances due to Direct Auto from the principal of the contracted agency.

Policy Acquisition Costs:

We defer our policy acquisition costs, consisting primarily of commissions, premium taxes, and certain other underwriting costs, reduced by ceding commissions, which vary with and relate directly to the production of business. We amortize these deferred policy acquisition costs over the period in which we earn the premiums. The method we follow in computing deferred policy acquisition costs limits the amount of such deferred costs to their estimated realizable value, which gives effect to the premium to be earned, related investment income, losses and loss adjustment expenses, and certain other costs we expect to incur as we earn the premium.

Property and Equipment:

We report property and equipment at cost less accumulated depreciation. Depreciation is computed using the straight-line method based upon estimated useful lives of the assets.

Losses and Loss Adjustment Expenses:

Liabilities for unpaid losses and loss adjustment expenses are estimates at a given point in time of the amounts we expect to pay with respect to policyholder claims based on facts and circumstances then known. At the time of establishing our estimates, we recognize that our ultimate liability for losses and loss adjustment expenses may differ from these estimates. We base our estimates of liabilities for unpaid losses and loss adjustment expenses on assumptions as to future loss trends, expected claims severity, judicial theories of liability, and other factors. During the loss adjustment period, we may learn additional facts regarding certain claims, and, consequently, it often becomes necessary for us to refine and adjust our estimates of the liability. We reflect any adjustments to our liabilities for unpaid losses and loss adjustment expenses in our operating results in the period in which we determine the need for a change in the estimates.

We maintain liabilities for unpaid losses and loss adjustment expenses with respect to both reported and unreported claims. We establish these liabilities for the purpose of covering the ultimate costs of settling all losses, including investigation and litigation costs. We base the amount of our liability for reported losses primarily upon a case-by-case evaluation of the type of risk involved, knowledge of the circumstances surrounding each claim, and the insurance policy provisions relating to the type of loss our policyholder incurred. We determine the amount of our liability for unreported losses and loss adjustment expenses on the basis of historical information by line of insurance. Inflation is not explicitly selected in the loss reserve analysis. However, historical inflation is embedded in the estimated loss development factors. We closely monitor our liabilities and update them periodically using new information on reported claims and a variety of statistical techniques. We do not discount our liabilities for unpaid losses and loss adjustment expenses.

Reserve estimates can change over time because of unexpected changes in assumptions related to our external environment and, to a lesser extent, assumptions as to our internal operations. Assumptions related to our external environment include the potential impact of significant changes in tort law and the legal environment which may impact liability exposure, the trends in judicial interpretations of insurance coverage and policy provisions, and the rate of loss cost inflation. Internal assumptions include consistency in the recording of premium and loss statistics, consistency in the recording of claims, payment and case reserving methodologies, accurate measurement of the impact of rate changes and changes in policy provisions, consistency in the quality and characteristics of business written within a given line of business, and consistency in reinsurance coverage and collectability of reinsured losses, among other items. To the extent we determine that underlying factors impacting our assumptions have changed, we attempt to make appropriate adjustments for such changes in our reserves. Accordingly, our ultimate liability for unpaid losses and loss adjustment expenses will likely differ from the amount recorded.

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Income Taxes:

With the exception of Battle Creek, which files a stand-alone federal income tax return, we currently file a consolidated federal income tax return which includes NI Holdings and its wholly-owned subsidiaries.

Insurance companies typically pay state premium taxes rather than state income taxes. However, Direct Auto is subject to state income taxes in the state of Illinois, in addition to state premium taxes. Additionally, NI Holdings, on a stand-alone basis, pays state income taxes to the state of North Dakota for income or losses generated as a separate financial entity. State premium taxes are included as a part of amortization of deferred policy acquisition costs. State income taxes are reported along with federal income taxes as income tax expense (benefit).

The Company did not have any material uncertain tax positions. The Company’s policy is to recognize tax-related interest and penalties accrued related to unrecognized benefits as a component of income tax expense. The Company did not recognize any tax-related interest and penalties, nor did it have any tax-related interest or penalties accrued as of December 31, 2021 and 2020.

We account for deferred income taxes using the asset and liability method. The objective of the asset and liability method is to establish deferred income tax assets and liabilities for the temporary differences between the financial reporting basis and the income tax basis of our assets and liabilities at enacted tax rates expected to be in effect when we realize or settle such amounts.

We re-measure existing deferred income tax assets (including loss carryforwards) and liabilities when a change in tax rate occurs, and record an offset for the net amount of the change as a component of income tax expense from continuing operations in the period of enactment. We also record any change to a previously recorded valuation allowance as a result of re-measuring existing temporary differences and loss carryforwards as a component of income tax expense from continuing operations.

The Company has elected to reclassify any tax effects stranded in accumulated other comprehensive income as a result of a change in income tax rates to retained earnings.

Earnings Per Share:

Earnings per share are computed by dividing net income available to common shareholders for the period by the weighted average number of common shares outstanding for the same period. Unearned shares related to the Company’s ESOP are not considered outstanding until they are released and allocated to plan participants. Unearned shares related to the Company’s Restricted Stock Units (“RSUs”) and Performance Share Units (“PSUs”) are not considered outstanding until they are earned by award participants. See Part II, Item 8, Note 13 “Benefit Plans” and Note 19 “Share Based Compensation”.

Credit Risk:

Our primary investment objective is to earn competitive returns by investing in a diversified portfolio of securities. Our portfolio of fixed income securities and, to a lesser extent, short-term investments, is subject to credit risk. We define this risk as the potential loss in fair value resulting from adverse changes in the borrower’s ability to repay the debt. We manage this risk by performing an analysis of prospective investments and through regular reviews of our portfolio by our management team and investment advisors. We also limit the amount of our total investment portfolio that we invest in any one security.

Property and liability insurance coverages are marketed through captive agents in North Dakota and through independent insurance agencies located throughout all other operating areas. All business, except for the majority of Direct Auto’s business, is billed directly to the policyholders.

We maintain cash balances primarily at one bank, which are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250. During the normal course of business, balances are maintained above the FDIC insurance limit. The Company maintains short-term investment balances in investment grade money market accounts that are insured by the Securities Investor Protection Corporation (“SIPC”) up to $500. On occasion, balances for these accounts are maintained in excess of the SIPC insurance limit.

Reinsurance:

The Company limits the maximum net loss that can arise from large risks or risks in concentrated areas of exposure by reinsuring (ceding) certain levels of risks to other insurers or reinsurers, either on an automatic basis under general reinsurance contracts known as “treaties” or by negotiation on substantial individual risks. Ceded reinsurance is treated as the risk and liability of the assuming companies.

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Reinsurance contracts do not relieve the Company from its obligations to policyholders. In the event that all or any of the reinsuring companies might be unable to meet their obligations under existing reinsurance agreements, the Company would be liable for such defaulted amounts.

Goodwill and Other Intangibles:

Goodwill represents the excess of the purchase price over the underlying fair value of acquired entities. When completing acquisitions, we seek to identify separately identifiable intangible assets that we have acquired. We assess goodwill and other intangibles with an indefinite useful life for impairment annually. We also assess goodwill and other intangibles for impairment upon the occurrence of certain events. In making our assessment, we consider a number of factors including operating results, business plans, economic projections, anticipated future cash flows, and current market data. Inherent uncertainties exist with respect to these factors and to our judgment in applying them when we make our assessment. Impairment of goodwill and other intangibles could result from changes in economic and operating conditions in future periods. We did not record any impairments of goodwill or other intangibles during the years ended December 31, 2021, 2020, or 2019.

Goodwill arising from the acquisition of Primero in 2014 represents the excess of the purchase price over the fair value of the net assets acquired. The purchase price in excess of the fair value of net assets acquired was negotiated at arms-length with an unrelated party and was based upon the strategic decision by Company management to expand both the geographic footprint and product lines of the Company. The nature of the business acquired was such that there were limited intangibles not reflected in the net assets acquired. The purchase price was paid with a combination of cash and cancellation of obligations owed to the acquired company by the sellers. The goodwill that arose from this transaction is included in the basis of the net assets acquired and is not deductible for income tax purposes.

Intangible assets arising from the acquisition of Direct Auto in 2018 represent the estimated fair values of certain intangible assets, including a favorable lease contract, a state insurance license, the value of the Direct Auto trade name, and the VOBA. The state insurance license asset has an indefinite life, while the Direct Auto trade name is being amortized over five years from the August 31, 2018 acquisition/valuation date. The favorable lease contract and VOBA assets have been fully amortized.

Goodwill arising from the acquisition of Westminster in January 2020 represents the excess of the purchase price over the fair value of the net assets acquired. The purchase price in excess of the fair value of net assets acquired was negotiated at arms-length with an unrelated party and was based upon the strategic decision by Company management to expand both the geographic footprint and commercial business product line of the Company. Other intangible assets arising from the acquisition of Westminster represent the estimated fair values of certain intangible assets, including state insurance licenses, the value of Westminster’s distribution network, the value of the Westminster trade name, and the VOBA. The state insurance license asset has an indefinite life, while the distribution networks asset and Westminster trade name are being amortized over twenty years and ten years, respectively, from the January 1, 2020 acquisition/valuation date. The VOBA asset has been fully amortized.

Acquisition of Westminster American Insurance Company

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Acquisition of Westminster American Insurance Company

3.Acquisition of Westminster American Insurance Company

On January 1, 2020, the Company completed the acquisition of 100% of the common stock of Westminster from the private shareholder of Westminster, and Westminster became a consolidated subsidiary of the Company. Westminster is a property and casualty insurance company specializing in multi-peril commercial insurance in nine states and the District of Columbia.

Westminster is headquartered in Owings Mills, Maryland, and continues to be led by its president and other key management in place at the time of the acquisition. The financial results of Westminster have been included in the Consolidated Financial Statements and the Company’s commercial business segment following the acquisition close date.

We account for business acquisitions in accordance with the acquisition method of accounting, which requires that most assets acquired, liabilities assumed, and contingent consideration be recognized at their fair values as of the acquisition date, which is the closing date for the Westminster transaction. During the measurement period, adjustments to provisional purchase price allocations are recognized if new information is obtained about the facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets and liabilities as of that date. The measurement period ends as soon as it is determined that no more information is obtainable, but in no case shall the measurement period exceed one year from the acquisition date. The measurement period for the Westminster acquisition ended December 31, 2020.

The following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2019:

	Pro Forma Year Ended December 31,
	2019
Revenues	$	292,858

Net income attributable to NI Holdings, Inc.		24,394

Basic earnings per common share attributable to NI Holdings, Inc.		1.10

The Company did not reflect any material, non-recurring pro forma adjustments directly attributable to the business combination in the above pro forma revenue and earnings.

These pro forma amounts have been calculated after applying the Company’s accounting policies and adjusting Westminster’s results to reflect the deferral and amortization of policy acquisition costs and the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied from January 1, 2019, with the related income tax effects.

The Company incurred acquisition-related costs of $828 and $83 during the years ended December 31, 2020 and 2019, respectively. These expenses were reclassified into first quarter 2019 in the pro forma amounts presented above.

The Company paid $20,000 in cash consideration to the private shareholder of Westminster as of the closing date, and an additional $20,000 to be paid in three equal annual installments. The acquisition of Westminster did not include any contingent consideration other than a provision regarding future changes to federal income tax rates. The first two installments were paid in January 2021 and January 2022. The final installment is due to be paid in December 2022.

Table of Contents

The following table summarizes the consideration transferred to acquire Westminster and the amounts of identified assets acquired and liabilities assumed at the acquisition date:

Fair Value of Consideration:
Cash consideration transferred	$	20,000
Present value of future cash consideration		18,787
Total cash consideration	$	38,787

Fair Value of Identifiable Assets Acquired and Liabilities Assumed:
Identifiable net assets:
Cash and cash equivalents	$	19,297
Fixed income securities		12,073
Equity securities		2,705
Other investments		735
Premiums and agents' balances receivable		8,507
Reinsurance recoverables on losses		763
Accrued investment income		70
Property and equipment		2,376
Federal income tax recoverable		138
State insurance licenses (included in goodwill and other intangibles)		1,800
Distribution network (included in goodwill and other intangibles)		6,700
Trade name (included in goodwill and other intangibles)		500
Value of business acquired (included in goodwill and other intangibles)		4,750
Other assets		76
Unpaid losses and loss adjustment expenses		(8,568	)
Unearned premiums		(16,611	)
Deferred income taxes, net		(1,583	)
Reinsurance premiums payable		(565	)
Accrued expenses and other liabilities		(1,132	)
Total identifiable net assets	$	32,031

Goodwill	$	6,756

The fair value of the assets acquired included premiums and agents’ balances receivable of $8,507 and reinsurance recoverables on losses of $763. These are the gross amounts due from policyholders and reinsurers, respectively, none of which were anticipated to be uncollectible. The Company did not acquire any other material receivables as a result of the acquisition of Westminster.

The fair values of the acquired distribution network, state insurance licenses, Westminster trade name, and VOBA intangible assets were $6,700, $1,800, $500, and $4,750, respectively. The state insurance license intangible has an indefinite life, while the other intangible assets are being amortized over their useful lives of up to twenty years. The goodwill is not deductible for income tax purposes.

Recent Accounting Pronouncements

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Recent Accounting Pronouncements

4.Recent Accounting Pronouncements

As an EGC, we have elected to use the extended transition period for complying with any new or revised financial accounting standards from the Financial Accounting Standards Board (“FASB”) pursuant to Section 13(a) of the Exchange Act. The following discussion includes effective dates for both public business entities and emerging growth companies, as well as whether specific guidance may be adopted early.

Adopted

In January 2019, the Company adopted amended guidance from the FASB that generally requires entities to measure equity securities at fair value and recognize changes in fair value in their results of operations. The FASB issued other impairment, disclosure, and presentation improvements related to financial instruments within the guidance. Effective January 1, 2019, we applied this guidance, which resulted in a cumulative-effect reclassification of after-tax unrealized net capital gains aggregating $8,184, from accumulated other comprehensive income to retained earnings. This reclassification had no impact to the Company’s results of operations at the date of adoption. The after-tax change in accounting for equity securities did not affect the Company’s total shareholders’ equity; however, the unrealized net capital gains reclassified at the transition date to retained earnings will never be recognized in net income. Prior year financial statements were not restated. Going forward, the accounting used for equity securities will record the market fluctuations attributed to equity securities through our results of operations rather than as a component of other comprehensive income, which will add a level of volatility to our net income.

In December 2019, the Company adopted guidance from the FASB that establishes the manner in which an entity recognizes the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. While the guidance replaces most existing GAAP revenue recognition guidance, the scope of the guidance excludes insurance contracts. The Company has reviewed its sources of revenues, and has determined that no material revenues are derived from non-insurance contracts and thus subject to the new revenue recognition guidance. As a result, there was no impact to the Company’s financial position, results of operations, or cash flows.

In December 2019, the Company adopted amended guidance from the FASB that addressed diversity in how certain cash receipts and cash payments are presented and classified in the Consolidated Statement of Cash Flows, and the presentation of restricted cash in the Consolidated Statement of Cash Flows. The amendments provided clarity on the treatment of eight specifically defined types of cash inflows and outflows, and requires entities to explain the changes during a reporting period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. There was no impact to the Company’s financial position, results of operations, or cash flows.

In January 2020, the Company adopted amended guidance from the FASB that shortened the amortization period of premiums on certain fixed income securities held at a premium to the earliest call date rather than through the maturity date of the callable security. The adoption of this guidance did not materially impact the Company’s financial position, results of operations, or cash flows.

In March 2020, the Company adopted modified disclosure requirements from the FASB relating to the fair value of assets and liabilities. The modifications primarily related to Level 3 fair value measurements. The Company does not currently carry any Level 3 assets or liabilities. As a result, there was no impact to the Company’s financial statement disclosures.

Not Yet Adopted

In February 2016, the FASB issued new guidance that requires lessees to recognize leases, including operating leases, on the lessee’s Consolidated Balance Sheet, unless a lease is considered a short-term lease. The new guidance also requires entities to make new judgments to identify leases. In July 2018, the FASB issued additional guidance to allow an optional transition method. An entity may apply the new leases guidance at the beginning of the earliest period presented in the financial statements, or at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The new guidance was effective for annual and interim reporting periods beginning after December 15, 2018 for public business entities. For private companies and emerging growth companies, this guidance is effective for annual reporting periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. We will adopt this guidance for the year ended December 31, 2022. We do not expect the adoption of this new guidance to have a significant impact on our financial position, results of operations, or cash flows. Upon adoption, the Company will recognize a right of use asset and operating lease liabilities on its Consolidated Balance Sheet. The cumulative adjustment to retained earnings is not expected to be significant.

Table of Contents

In June 2016, the FASB issued a new standard that requires timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance also requires financial institutions and other organizations to use forward-looking information to better form their credit loss estimates. Many of the loss estimation techniques applied prior to adoption of this standard are still permitted, although the inputs to those techniques have changed to reflect the full amount of expected credit losses. Organizations are to continue to use judgment to determine which loss estimation method is appropriate for their circumstances. Additionally, the guidance requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. Finally, the guidance amends the accounting for credit losses on available-for-sale fixed income securities and purchased financial assets with credit deterioration. The guidance was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 for filers with the SEC excluding smaller reporting companies, and emerging growth companies that did not relinquish private company relief. For all other entities, this guidance will be effective for annual reporting periods beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted for all entities. We will adopt this guidance for the year ended December 31, 2022, as we will lose our EGC status beginning December 31, 2022. Based on our evaluation, adoption of this new standard will not have a significant impact on our financial position, results of operations, and cash flows.

In December 2019, the FASB issued amended guidance to simplify the accounting for income taxes. The amended guidance was effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, for public business entities. For private companies and emerging growth companies, the amended guidance will be effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. We will adopt this guidance for the year ended December 31, 2022. Based on our evaluation, adoption of this new standard will not have a significant impact on our financial position, results of operations, and cash flows.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Investments

12 Months Ended

Dec. 31, 2021

Marketable Securities [Abstract]

Investments

5.Investments

The amortized cost and estimated fair value of fixed income securities as of December 31, 2021 and 2020 were as follows:

	December 31, 2021
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Fixed income securities:
U.S. Government and agencies	$	13,118	$	467	$	(87	)	$	13,498
Obligations of states and political subdivisions		84,668		2,979		(353	)		87,294
Corporate securities		144,476		4,214		(1,069	)		147,621
Residential mortgage-backed securities		26,190		266		(300	)		26,156
Commercial mortgage-backed securities		32,878		815		(161	)		33,532
Asset-backed securities		52,604		131		(313	)		52,422
Redeemable preferred stocks		4,008		136		(16	)		4,128
Total fixed income securities	$	357,942	$	9,008	$	(2,299	)	$	364,651

	December 31, 2020
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Fixed income securities:
U.S. Government and agencies	$	13,334	$	1,055	$	(6	)	$	14,383
Obligations of states and political subdivisions		61,001		3,278		(35	)		64,244
Corporate securities		117,628		8,549		(147	)		126,030
Residential mortgage-backed securities		35,017		1,478		(1	)		36,494
Commercial mortgage-backed securities		23,976		1,700		(21	)		25,655
Asset-backed securities		50,751		535		(86	)		51,200
Redeemable preferred stocks		2,198		206		-			2,404
Total fixed income securities	$	303,905	$	16,801	$	(296	)	$	320,410

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.

	December 31, 2021
	Amortized Cost		Fair Value
Due to mature:
One year or less	$	14,457	$	14,586
After one year through five years		82,429		84,760
After five years through ten years		82,270		84,173
After ten years		63,106		64,894
Mortgage / asset-backed securities		111,672		112,110
Redeemable preferred stocks		4,008		4,128
Total fixed income securities	$	357,942	$	364,651

	December 31, 2020
	Amortized Cost		Fair Value
Due to mature:
One year or less	$	17,722	$	17,933
After one year through five years		86,709		91,457
After five years through ten years		59,408		64,987
After ten years		28,124		30,280
Mortgage / asset-backed securities		109,744		113,349
Redeemable preferred stocks		2,198		2,404
Total fixed income securities	$	303,905	$	320,410

Table of Contents

Fixed income securities with a fair value of $7,977 at December 31, 2021 and $6,093 at December 31, 2020 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 were as follows:

	December 31, 2021
	Less than 12 Months					Greater than 12 months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Fixed income securities:
U.S. Government and agencies	$	3,125	$	(87	)	$	-	$	-		$	3,125	$	(87	)
Obligations of states and political subdivisions		19,769		(350	)		222		(3	)		19,991		(353	)
Corporate securities		46,816		(1,015	)		1,895		(54	)		48,711		(1,069	)
Residential mortgage-backed securities		17,407		(261	)		1,434		(39	)		18,841		(300	)
Commercial mortgage-backed securities		11,287		(160	)		216		(1	)		11,503		(161	)
Asset-backed securities		28,797		(308	)		995		(5	)		29,792		(313	)
Redeemable preferred stocks		1,493		(16	)		-		-			1,493		(16	)
Total fixed income securities	$	128,694	$	(2,197	)	$	4,762	$	(102	)	$	133,456	$	(2,299	)

	December 31, 2020
	Less than 12 Months					Greater than 12 months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Fixed income securities:
U.S. Government and agencies	$	931	$	(6	)	$	—	$	—		$	931	$	(6	)
Obligations of states and political subdivisions		1,806		(35	)		—		—			1,806		(35	)
Corporate securities		3,215		(97	)		734		(50	)		3,949		(147	)
Residential mortgage-backed securities		68		(1	)		—		—			68		(1	)
Commercial mortgage-backed securities		1,103		(21	)		—		—			1,103		(21	)
Asset-backed securities		5,785		(31	)		4,188		(55	)		9,973		(86	)
Total fixed income securities	$	12,908	$	(191	)	$	4,922	$	(105	)	$	17,830	$	(296	)

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.

We frequently review our investment portfolio for declines in fair value. Our process for identifying declines in the fair value of investments that are other-than-temporary involves consideration of several factors. These factors include (i) the time period in which there has been a significant decline in value, (ii) an analysis of the liquidity, business prospects, and overall financial condition of the issuer, (iii) the significance of the decline, and (iv) our intent and ability to hold the investment for a sufficient period of time for the value to recover. When our analysis of the above factors results in the conclusion that declines in fair values are other-than-temporary, the credit loss component of the impairment is reflected in net income (loss) as a realized capital loss on investment if the Company does not intend to sell the security, and the remaining portion of the other-than-temporary loss is recognized in other comprehensive income (loss), net of income taxes. If the Company intends to sell the security, or determines that it is more likely than not that it will be required to sell the security prior to recovering its cost or amortized cost basis less any current-period credit losses, the full amount of the other-than-temporary loss is recognized in net income (loss). The Company did not record any other-than-temporary impairments in 2021, 2020, or 2019.

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In conjunction with our outside investment advisors, we analyzed the credit ratings of the securities as well as the historical monthly amortized cost to fair value ratio of securities in an unrealized loss position. This analysis yielded no fixed income securities that had fair values less than 80% of amortized cost for the preceding 12-month period.

Net investment income consisted of the following:

	Year Ended December 31,
	2021		2020		2019
Fixed income securities	$	8,489	$	8,682	$	8,394
Equity securities		1,221		1,220		996
Real estate		625		587		365
Cash and cash equivalents		4		30		71
Total gross investment income		10,339		10,519		9,826
Investment expenses		3,208		3,248		2,393
Net investment income	$	7,131	$	7,271	$	7,433

Net realized capital gain on investments consisted of the following:

	Year Ended December 31,
	2021			2020			2019
Gross realized gains:
Fixed income securities	$	677		$	1,035		$	341
Equity securities		17,453			8,705			4,311
Total gross realized gains		18,130			9,740			4,652

Gross realized losses, excluding other-than-temporary impairment losses:
Fixed income securities		(27	)		(132	)		(147	)
Equity securities		(335	)		(1,837	)		(1,259	)
Total gross realized losses, excluding other-than-temporary impairment losses		(362	)		(1,969	)		(1,406	)

Net realized gain on investments		17,768			7,771			3,246

Change in net unrealized gain on equity securities		(2,289	)		5,853			11,537
Net capital gain on investments	$	15,479		$	13,624		$	14,783

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Investments, All Other Investments [Abstract]

Fair Value Measurements

6.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 I:Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level II: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 II 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 III: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, and 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 weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts which we could have 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 financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period-end. Additionally, changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future valuations.

The Company uses quoted values and other data provided by an independent pricing service in its process for determining fair values of its investments. The evaluations of such pricing services represent an exit price and a good faith opinion as to what a buyer in the marketplace would pay for a security in a current sale. This pricing service provides us with one quote per instrument. For fixed income securities that have quoted prices in active markets, market quotations are provided. For fixed income securities that do not trade on a daily basis, the independent pricing service prepares estimates of fair value using a wide array of observable inputs including relevant market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. The observable market inputs that the Company’s independent pricing service utilizes may include (listed in order of priority for use) benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, market bids/offers, and other reference data on markets, industry, and the economy. Additionally, the independent pricing service uses an option-adjusted spread model to develop prepayment and interest rate scenarios. The pricing service did not use broker quotes in determining fair values for any of the Company’s investments at December 31, 2021, 2020, or 2019.

Should the independent pricing service be unable to provide a fair value estimate, we would attempt to obtain a non-binding fair value estimate from a number of broker-dealers and would review this estimate in conjunction with a fair value estimate reported by an independent business news service or other sources. In instances where only one broker-dealer provides a fair value for a fixed income security, we would use that estimate. In instances where the Company would be able to obtain fair value estimates from more than one broker-dealer, we would review the range of estimates and select the most appropriate value based on the facts and circumstances. Should neither the independent pricing service nor a broker-dealer provide a fair value estimate, we would develop a fair value estimate based on cash flow analyses and other valuation techniques that utilize certain unobservable inputs. Accordingly, the Company classifies such a security as a Level III 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.

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Management reviews the reasonableness of the pricing provided by the independent pricing service by employing various analytical procedures. Management reviews all securities to identify recent downgrades, significant changes in pricing, and pricing anomalies on individual securities relative to other similar securities. This will include looking for relative consistency across securities in common sectors, durations, and credit ratings. This review will also include all fixed income securities rated lower than “A” by Moody’s Investors Service, Inc. or Standard & Poor’s Financial Services LLC. 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 years ended December 31, 2021, 2020, or 2019. The classification within the fair value hierarchy is then confirmed based on the final conclusions from the pricing review.

The valuation of cash equivalents and equity securities are generally based on Level I inputs, which use the market-approach valuation technique. The valuation of our fixed income securities generally incorporates significant Level II inputs using the market and income approach techniques. We may assign a lower level to inputs typically considered to be Level II based on our assessment of liquidity and relative level of uncertainty surrounding inputs. There were no assets or liabilities classified at Level III at December 31, 2021 or 2020.

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:

	December 31, 2021
	Total		Level I		Level II		Level III
Fixed income securities:
U.S. Government and agencies	$	13,498	$	-	$	13,498	$	-
Obligations of states and political subdivisions		87,294		-		87,294		-
Corporate securities		147,621		-		147,621		-
Residential mortgage-backed securities		26,156		-		26,156		-
Commercial mortgage-backed securities		33,532		-		33,532		-
Asset-backed securities		52,422		-		52,422		-
Redeemable preferred stocks		4,128		-		4,128		-
Total fixed income securities		364,651		-		364,651		-

Equity securities:
Basic materials		653		653		-		-
Communications		4,379		4,379		-		-
Consumer, cyclical		12,685		12,685		-		-
Consumer, non-cyclical		16,075		16,075		-		-
Energy		2,477		2,477		-		-
Financial		4,694		4,694		-		-
Industrial		16,658		16,658		-		-
Technology		17,522		17,522		-		-
Perpetual preferred stocks		2,547		2,547		-		-
Total equity securities		77,690		77,690		-		-

Cash and cash equivalents		45,741		45,741		-		-
Total assets at fair value	$	488,082	$	123,431	$	364,651	$	-

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	December 31, 2020
	Total		Level I		Level II		Level III
Fixed income securities:
U.S. Government and agencies	$	14,383	$	-	$	14,383	$	-
Obligations of states and political subdivisions		64,244		-		64,244		-
Corporate securities		126,030		-		126,030		-
Residential mortgage-backed securities		36,494		-		36,494		-
Commercial mortgage-backed securities		25,655		-		25,655		-
Asset-backed securities		51,200		-		51,200		-
Redeemable preferred stocks		2,404		-		2,404		-
Total fixed income securities		320,410		-		320,410		-

Equity securities:
Basic materials		1,285		1,285		-		-
Communications		7,455		7,455		-		-
Consumer, cyclical		9,929		9,929		-		-
Consumer, non-cyclical		14,633		14,633		-		-
Energy		1,499		1,499		-		-
Financial		6,235		6,235		-		-
Industrial		12,733		12,733		-		-
Technology		16,145		16,145		-		-
Utility		38		38		-		-
Total equity securities		69,952		69,952		-		-

Cash equivalents		65,354		65,354		-		-
Total assets at fair value	$	455,716	$	135,306	$	320,410	$	-

There were no liabilities measured at fair value on a recurring basis at December 31, 2021 or 2020.

Reinsurance

12 Months Ended

Dec. 31, 2021

Reinsurance Disclosures [Abstract]

Reinsurance

7.Reinsurance

The Company cedes and assumes certain premiums and losses to and from various companies and associations under a variety of reinsurance agreements. The Company seeks to limit the maximum net loss that can arise from large risks or risks in concentrated areas of exposure through use of these agreements, either on an automatic basis under general reinsurance contracts known as treaties or through facultative contracts on substantial individual risks. Reinsurance contracts do not relieve the Company from its obligations to policyholders.

During the year ended December 31, 2021, the Company retained the first $10,000 of weather-related losses from catastrophic events and had reinsurance under various reinsurance agreements up to $117,000 in excess of its $10,000 retained risk. The Company experienced one catastrophe event during 2021 in excess of the retention level, resulting in a reinsurance recovery of $5,612.

During the year ended December 31, 2020, the Company retained the first $10,000 of weather-related losses from catastrophic events and had reinsurance under various reinsurance agreements up to $97,000 in excess of its $10,000 retained risk. During the year ended December 31, 2019, the Company retained the first $10,000 of weather-related losses from catastrophic events and had reinsurance under various reinsurance agreements up to $78,600 in excess of its $10,000 retained risk. The Company did not experience any catastrophe events during 2020 or 2019 which exceeded the retention level.

For 2022, the catastrophe retention amount will increase to $15,000 while the overall catastrophic reinsurance program limit increased to $125,000 in excess of the $15,000 retention.

The Company actively monitors and evaluates the financial condition of the reinsurers and develops estimates of the uncollectible amounts due from reinsurers. Such estimates are made based on periodic evaluation of balances due from reinsurers, 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 from reinsurers by entering into reinsurance arrangements only with reinsurers that have strong credit ratings and statutory surplus above certain levels. The Company’s reinsurance recoverables on paid and unpaid losses were due from reinsurance companies with AM Best ratings of “A” or higher.

A reconciliation of direct to net premiums on both a written and an earned basis is as follows:

	Year Ended December 31,
	2021						2020						2019
	Premiums Written			Premiums Earned			Premiums Written			Premiums Earned			Premiums Written			Premiums Earned
Direct premium	$	342,215		$	333,254		$	314,187		$	301,061		$	262,145		$	257,661
Assumed premium		8,183			8,035			6,590			6,459			5,921			5,897
Ceded premium		(42,629	)		(41,700	)		(23,633	)		(23,859	)		(17,120	)		(17,120	)
Net premiums	$	307,769		$	299,589		$	297,144		$	283,661		$	250,946		$	246,438

A reconciliation of direct to net losses and loss adjustment expenses is as follows:

	Year Ended December 31,
	2021			2020			2019
Direct losses and loss adjustment expenses	$	280,998		$	185,370		$	173,943
Assumed losses and loss adjustment expenses		6,899			3,308			4,032
Ceded losses and loss adjustment expenses		(71,518	)		(20,205	)		(8,265	)
Net losses and loss adjustment expenses	$	216,379		$	168,473		$	169,710

If 100% of our ceded reinsurance was cancelled as of December 31, 2021, no ceded commissions would need to be returned to the reinsurers. Reinsurance contracts are typically effective from January 1 through December 31 each year.

Deferred Policy Acquisition Costs

12 Months Ended

Dec. 31, 2021

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs

8.Deferred Policy Acquisition Costs

Expenses directly related to successfully acquire 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:

	Year Ended December 31,
	2021			2020			2019
Balance, beginning of year	$	23,968		$	15,399		$	12,866
Deferral of policy acquisition costs		65,553			60,041			48,721
Amortization of deferred policy acquisition costs		(64,574	)		(51,472	)		(46,188	)
Balance, end of year	$	24,947		$	23,968		$	15,399

Unpaid Losses and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2021

Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]

Unpaid Losses and Loss Adjustment Expenses

9.Unpaid Losses and Loss Adjustment Expenses

Activity in the liability for unpaid losses and LAE is summarized as follows:

	Year Ended December 31,
	2021			2020		2019
Balance at beginning of year:
Liability for unpaid losses and LAE	$	105,750		$	93,250	$	87,121
Reinsurance recoverables on losses		8,710			4,045		2,232
Net balance at beginning of year		97,040			89,205		84,889

Acquired unpaid losses and LAE related to:
Current year		-			-		-
Prior years		-			8,568		-
Total acquired		-			8,568		-

Incurred related to:
Current year		220,517			165,181		176,219
Prior years		(4,138	)		3,292		(6,509	)
Total incurred		216,379			168,473		169,710

Paid related to:
Current year		150,278			116,755		125,940
Prior years		44,679			52,451		39,454
Total paid		194,957			169,206		165,394

Balance at end of year:
Liability for unpaid losses and LAE		139,662			105,750		93,250
Reinsurance recoverables on losses		21,200			8,710		4,045
Net balance at end of year	$	118,462		$	97,040	$	89,205

During the year ended December 31, 2021, the Company’s incurred reported losses and LAE included $4,138 of net favorable development on prior accident years, primarily attributable to the Direct Auto non-standard auto business. During the year ended December 31, 2020, incurred reported losses and LAE included $3,292 of net unfavorable development on prior accident years, primarily attributable to our 2019 multi-peril crop business. During the year ended December 31, 2019, incurred reported losses and LAE included $6,509 of net favorable development on prior accident years, primarily attributable to the Direct Auto non-standard auto business.

Increases and decreases 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.

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The tables on the following pages present information, organized by our primary operating segments, about incurred and paid claims development as of December 31, 2021, net of reinsurance, as well as cumulative claim frequency and the total of IBNR reserves plus expected development on reported claims. The cumulative number of reported claims represents open claims, claims closed with payment, and claims closed without payment. It does not include an estimated amount for unreported claims. The number of claims is measured by claim event (such as a car accident or storm damage) and an individual claim event may result in more than one reported claim (such as a car accident with both property and liability damages). The Company considers a claim that does not result in a liability as a claim closed without payment. The segment information presented in the tables is prior to the effects of the intercompany reinsurance pooling arrangement.

The tables include unaudited information about incurred and paid claims development (a) for the years ended December 31, 2012 through 2015 for the Private Passenger Auto, Primero Non-Standard Auto, Home and Farm, and Crop segments, (b) through 2017 for the Direct Auto Non-Standard Auto information, and (c) through 2019 for the Westminster Commercial information, which we present as supplementary information.

Private Passenger Auto	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,																						At December 31, 2021
Accident Year		2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021			Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
(in thousands, except claim counts)
2012		$	26,962	$	24,787	$	24,323	$	24,098	$	24,133	$	23,298	$	23,621	$	23,651	$	22,523		$	22,570	$	5		9,727
2013			—		29,079		27,840		27,363		27,334		26,014		26,138		26,105		26,077			26,096		11		10,826
2014			—		—		32,548		31,349		30,427		29,099		29,144		29,298		29,479			29,423		16		11,745
2015			—		—		—		32,438		31,532		30,461		30,503		30,679		30,455			30,379		24		11,688
2016			—		—		—		—		40,227		39,260		39,057		39,314		38,535			38,416		93		14,325
2017			—		—		—		—		—		40,779		40,199		40,120		40,427			40,488		159		13,753
2018			—		—		—		—		—		—		44,925		43,428		43,641			43,575		353		14,675
2019			—		—		—		—		—		—		—		53,769		53,328			53,364		881		16,540
2020			—		—		—		—		—		—		—		—		46,247			48,519		1,546		13,541
2021			—		—		—		—		—		—		—		—		—			57,316		3,819		14,064
																			Total		$	390,146

⁽¹⁾ Prior years unaudited

Private Passenger Auto	Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021
2012	$	18,681	$	21,434	$	21,888	$	22,640	$	22,726	$	23,073	$	23,271	$	23,324	$	22,490	$	22,555
2013		—		20,077		23,576		24,765		24,918		25,718		25,843		26,035		26,019		26,073
2014		—		—		22,744		25,727		27,076		27,443		28,281		28,765		29,239		29,407
2015		—		—		—		23,401		27,171		28,933		29,598		29,795		30,120		30,355
2016		—		—		—		—		29,009		35,845		37,307		38,108		37,833		38,173
2017		—		—		—		—		—		31,033		37,050		38,331		39,738		40,111
2018		—		—		—		—		—		—		34,358		40,213		41,479		42,820
2019		—		—		—		—		—		—		—		42,414		48,414		50,370
2020		—		—		—		—		—		—		—		—		35,495		42,585
2021		—		—		—		—		—		—		—		—		—		42,326
																		Total	$	364,775
				All outstanding liabilities prior to 2012, net of reinsurance																18
	Liabilities for Unpaid Losses and Loss Adjustment Expenses, net of reinsurance																		$	25,389

⁽¹⁾ Prior years unaudited

Table of Contents

Non-Standard Auto (Primero)	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,																				At December 31, 2021
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
(in thousands, except claim counts)
2012	$	8,749	$	8,491	$	8,369	$	8,361	$	8,302	$	8,312	$	8,324	$	8,324	$	8,323	$	8,324	$	—		2,048
2013		—		11,063		10,823		10,800		10,804		10,843		10,833		10,828		10,844		10,844		—		2,617
2014		—		—		7,297		7,619		7,591		7,577		7,612		7,625		7,606		7,606		—		1,838
2015		—		—		—		9,727		9,806		9,655		9,691		9,641		9,622		9,623		—		1,793
2016		—		—		—		—		9,967		10,048		10,054		10,033		10,008		9,976		—		1,740
2017		—		—		—		—		—		8,722		8,654		8,556		8,541		8,543		9		1,460
2018		—		—		—		—		—		—		10,445		11,804		11,763		11,766		12		1,794
2019		—		—		—		—		—		—		—		12,264		11,391		11,236		58		1,502
2020		—		—		—		—		—		—		—		—		9,018		8,824		129		950
2021		—		—		—		—		—		—		—		—		—		10,073		1,006		933
																		Total	$	96,815

⁽¹⁾ Prior years unaudited

Non-Standard Auto (Primero)	Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021
2012	$	4,377	$	7,522	$	7,983	$	8,276	$	8,302	$	8,312	$	8,324	$	8,324	$	8,323	$	8,324
2013		—		6,320		9,675		10,508		10,717		10,805		10,815		10,818		10,844		10,844
2014		—		—		3,733		6,707		7,423		7,521		7,579		7,605		7,606		7,606
2015		—		—		—		5,335		8,685		9,479		9,557		9,620		9,622		9,623
2016		—		—		—		—		5,409		8,882		9,790		9,912		9,974		9,976
2017		—		—		—		—		—		4,348		7,660		8,204		8,460		8,506
2018		—		—		—		—		—		—		5,492		10,536		11,616		11,730
2019		—		—		—		—		—		—		—		6,309		10,007		10,971
2020		—		—		—		—		—		—		—		—		4,111		7,645
2021		—		—		—		—		—		—		—		—		—		4,869
																		Total	$	90,094
				All outstanding liabilities prior to 2012, net of reinsurance																—
	Liabilities for Unpaid Losses and Loss Adjustment Expenses, net of reinsurance																		$	6,721

⁽¹⁾ Prior years unaudited

Table of Contents

Non-Standard Auto (Direct Auto)	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,																				At December 31, 2021
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016 ⁽¹⁾		2017 ⁽¹⁾		2018		2019		2020		2021		Total IBNR Plus Expected Development on Reported Claims			Cumulative Number of Reported Claims
(in thousands, except claim counts)
2012	$	7,164	$	4,159	$	3,927	$	3,916	$	4,215	$	4,643	$	4,909	$	4,930	$	5,009	$	4,998	$	12			3,357
2013		—		10,596		6,020		5,869		5,261		5,278		5,160		5,049		5,131		5,106		22			3,373
2014		—		—		14,010		9,068		6,224		8,381		6,745		6,476		6,672		6,524		34			4,776
2015		—		—		—		17,917		14,498		13,043		10,538		10,704		10,945		10,576		92			9,057
2016		—		—		—		—		20,547		14,660		13,552		13,956		12,876		12,291		(638	)		11,137
2017		—		—		—		—		—		23,376		18,621		15,858		14,648		13,678		28			11,720
2018		—		—		—		—		—		—		25,791		22,662		21,980		20,541		(282	)		14,917
2019		—		—		—		—		—		—		—		24,932		25,473		24,574		395			10,918
2020		—		—		—		—		—		—		—		—		24,036		22,919		(2,387	)		13,623
2021		—		—		—		—		—		—		—		—		—		30,579		(4,381	)		14,784
																		Total	$	151,786

⁽¹⁾ Prior years unaudited

Non-Standard Auto (Direct Auto)	Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016 ⁽¹⁾		2017 ⁽¹⁾		2018		2019		2020		2021
2012	$	1,696	$	2,421	$	3,041	$	3,587	$	4,081	$	4,503	$	4,671	$	4,730	$	4,915	$	4,946
2013		—		1,944		3,123		3,796		4,291		4,602		4,808		4,890		4,960		5,000
2014		—		—		2,201		3,573		4,452		5,369		5,781		6,151		6,327		6,364
2015		—		—		—		2,967		5,202		7,057		8,327		9,560		10,057		10,176
2016		—		—		—		—		3,526		6,272		8,559		10,603		11,058		11,519
2017		—		—		—		—		—		4,385		6,981		10,034		11,366		12,098
2018		—		—		—		—		—		—		6,034		12,285		15,204		16,759
2019		—		—		—		—		—		—		—		10,203		16,214		18,982
2020		—		—		—		—		—		—		—		—		9,964		15,401
2021		—		—		—		—		—		—		—		—		—		13,767
																		Total	$	115,012
				All outstanding liabilities prior to 2012, net of reinsurance																20
	Liabilities for Unpaid Losses and Loss Adjustment Expenses, net of reinsurance																		$	36,794

⁽¹⁾ Prior years unaudited

Table of Contents

Home and Farm	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,																				At December 31, 2021
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
(in thousands, except claim counts)
2012	$	25,179	$	24,439	$	24,320	$	24,091	$	24,081	$	24,079	$	24,088	$	24,086	$	24,324	$	24,325	$	—		3,631
2013		—		29,976		29,217		28,531		28,315		28,286		28,315		27,593		27,588		27,595		—		4,189
2014		—		—		36,663		36,001		35,770		35,589		35,684		35,534		35,497		35,503		—		5,243
2015		—		—		—		32,789		31,818		31,297		31,577		31,446		31,612		31,600		3		3,923
2016		—		—		—		—		45,825		44,510		44,945		44,602		44,728		44,745		45		6,348
2017		—		—		—		—		—		42,110		41,593		41,886		41,779		41,804		109		4,943
2018		—		—		—		—		—		—		42,515		43,846		43,747		43,682		107		4,580
2019		—		—		—		—		—		—		—		45,438		45,828		45,471		375		5,483
2020		—		—		—		—		—		—		—		—		36,264		35,668		674		4,070
2021		—		—		—		—		—		—		—		—		—		53,079		4,413		4,837
																		Total	$	383,472

⁽¹⁾ Prior years unaudited

Home and Farm	Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021
2012	$	21,761	$	23,863	$	24,029	$	24,168	$	24,075	$	24,076	$	24,087	$	24,086	$	24,324	$	24,325
2013		—		23,354		26,934		27,183		27,221		27,456		27,495		27,560		27,583		27,590
2014		—		—		32,207		35,199		35,219		35,371		35,481		35,482		35,485		35,503
2015		—		—		—		27,204		30,164		30,350		30,573		31,383		31,597		31,597
2016		—		—		—		—		37,656		44,942		44,270		44,530		44,583		44,650
2017		—		—		—		—		—		34,657		38,928		40,442		40,941		41,414
2018		—		—		—		—		—		—		37,881		42,814		43,178		43,549
2019		—		—		—		—		—		—		—		38,709		43,253		44,119
2020		—		—		—		—		—		—		—		—		29,274		33,988
2021		—		—		—		—		—		—		—		—		—		41,043
																		Total	$	367,778
				All outstanding liabilities prior to 2012, net of reinsurance																—
	Liabilities for Unpaid Losses and Loss Adjustment Expenses, net of reinsurance																		$	15,694

⁽¹⁾ Prior years unaudited

Table of Contents

Crop	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,																				At December 31, 2021
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
(in thousands, except claim counts)
2012	$	13,546	$	13,676	$	13,673	$	13,673	$	13,673	$	13,673	$	13,673	$	13,673	$	13,673	$	13,673	$	—		2,137
2013		—		40,976		39,665		39,665		39,665		39,665		39,665		39,665		39,665		39,665		—		2,097
2014		—		—		22,686		20,333		20,333		20,333		20,333		20,333		20,333		20,333		—		2,268
2015		—		—		—		13,813		13,849		13,849		13,849		13,849		13,849		13,849		—		2,427
2016		—		—		—		—		20,209		19,582		19,487		19,487		19,487		19,487		—		2,806
2017		—		—		—		—		—		33,733		34,181		34,181		34,181		34,181		—		2,968
2018		—		—		—		—		—		—		12,506		11,730		11,730		11,730		—		2,147
2019		—		—		—		—		—		—		—		33,913		37,629		37,629		—		3,101
2020		—		—		—		—		—		—		—		—		28,688		28,759		—		2,442
2021		—		—		—		—		—		—		—		—		—		28,574		314		2,620
																		Total	$	247,880

⁽¹⁾ Prior years unaudited

Crop	Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021
2012	$	13,078	$	13,673	$	13,673	$	13,673	$	13,673	$	13,673	$	13,673	$	13,673	$	13,673	$	13,673
2013		—		35,511		39,665		39,665		39,665		39,665		39,665		39,665		39,665		39,665
2014		—		—		17,788		20,333		20,333		20,333		20,333		20,333		20,333		20,333
2015		—		—		—		12,866		13,849		13,849		13,849		13,849		13,849		13,849
2016		—		—		—		—		16,444		19,487		19,487		19,487		19,487		19,487
2017		—		—		—		—		—		32,767		34,181		34,181		34,181		34,181
2018		—		—		—		—		—		—		10,764		11,730		11,730		11,730
2019		—		—		—		—		—		—		—		26,332		37,629		37,629
2020		—		—		—		—		—		—		—		—		28,038		28,759
2021		—		—		—		—		—		—		—		—		—		29,525
																		Total	$	248,831
				All outstanding liabilities prior to 2012, net of reinsurance																—
	Liabilities for Unpaid Losses and Loss Adjustment Expenses, net of reinsurance																		$	(951)

⁽¹⁾ Prior years unaudited

Table of Contents

Commercial (Westminster)	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,																				At December 31, 2021
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016 ⁽¹⁾		2017 ⁽¹⁾		2018 ⁽¹⁾		2019 ⁽¹⁾		2020		2021		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
(in thousands, except claim counts)
2012	$	2,795	$	2,492	$	2,539	$	2,583	$	2,666	$	2,680	$	2,680	$	2,680	$	2,680	$	2,680	$	—		133
2013		—		2,214		1,982		2,000		1,935		2,058		2,053		2,037		2,036		2,036		—		138
2014		—		—		4,385		4,274		4,286		4,428		4,450		4,443		4,445		4,443		—		272
2015		—		—		—		3,082		3,258		4,019		4,218		4,293		4,238		4,294		7		278
2016		—		—		—		—		4,661		5,719		6,200		6,091		6,248		6,354		16		264
2017		—		—		—		—		—		5,552		6,249		6,838		7,347		7,905		249		320
2018		—		—		—		—		—		—		10,358		11,177		12,414		12,769		378		479
2019		—		—		—		—		—		—		—		11,658		13,051		14,564		1,659		415
2020		—		—		—		—		—		—		—		—		14,774		14,063		1,944		465
2021		—		—		—		—		—		—		—		—		—		30,911		5,437		520
																		Total	$	100,019

⁽¹⁾ Prior years unaudited

Commercial (Westminster)	Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016 ⁽¹⁾		2017 ⁽¹⁾		2018 ⁽¹⁾		2019 ⁽¹⁾		2020		2021
2012	$	1,634	$	2,364	$	2,442	$	2,537	$	2,591	$	2,680	$	2,680	$	2,680	$	2,680	$	2,680
2013		—		1,494		1,727		1,829		1,889		1,949		2,035		2,036		2,036		2,036
2014		—		—		3,330		3,921		4,151		4,269		4,395		4,403		4,410		4,443
2015		—		—		—		2,126		2,794		3,332		3,950		4,206		4,231		4,287
2016		—		—		—		—		3,172		5,289		5,630		5,693		6,112		6,338
2017		—		—		—		—		—		3,573		4,927		5,865		6,576		7,206
2018		—		—		—		—		—		—		6,494		9,472		10,591		11,911
2019		—		—		—		—		—		—		—		6,294		9,925		11,056
2020		—		—		—		—		—		—		—		—		8,146		10,853
2021		—		—		—		—		—		—		—		—		—		16,269
																		Total	$	77,079
				All outstanding liabilities prior to 2012, net of reinsurance																—
	Liabilities for Unpaid Losses and Loss Adjustment Expenses, net of reinsurance																		$	22,940

⁽¹⁾ Prior years unaudited

Table of Contents

Commercial (non-Westminster)	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,																				At December 31, 2021
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
(in thousands, except claim counts)
2012	$	1,600	$	1,125	$	1,001	$	988	$	985	$	970	$	969	$	969	$	970	$	969	$	—		142
2013		—		2,690		2,637		2,566		2,548		2,508		2,511		2,511		2,511		2,511		—		227
2014		—		—		2,180		1,732		1,694		1,675		1,650		1,650		1,650		1,650		—		163
2015		—		—		—		1,695		1,643		1,637		1,582		1,580		1,580		1,580		—		135
2016		—		—		—		—		2,683		2,526		2,515		2,516		2,512		2,512		—		288
2017		—		—		—		—		—		2,530		2,513		2,510		2,497		2,494		—		167
2018		—		—		—		—		—		—		1,652		1,576		1,609		1,555		1		147
2019		—		—		—		—		—		—		—		2,607		2,782		2,777		15		189
2020		—		—		—		—		—		—		—		—		2,293		2,054		29		129
2021		—		—		—		—		—		—		—		—		—		2,726		220		177
																		Total	$	20,828

⁽¹⁾ Prior years unaudited

Commercial (non-Westminster)	Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021
2012	$	776	$	932	$	985	$	969	$	969	$	970	$	969	$	969	$	970	$	969
2013		—		2,520		2,751		2,530		2,504		2,508		2,511		2,511		2,511		2,511
2014		—		—		1,782		1,925		1,563		1,640		1,650		1,650		1,650		1,650
2015		—		—		—		1,274		1,796		1,818		1,580		1,580		1,580		1,580
2016		—		—		—		—		1,822		2,806		2,498		2,512		2,512		2,512
2017		—		—		—		—		—		1,530		2,465		2,497		2,497		2,494
2018		—		—		—		—		—		—		1,049		1,213		1,240		1,554
2019		—		—		—		—		—		—		—		1,917		2,712		2,717
2020		—		—		—		—		—		—		—		—		1,543		1,892
2021		—		—		—		—		—		—		—		—		—		1,687
																		Total	$	19,566
				All outstanding liabilities prior to 2012, net of reinsurance																—
	Liabilities for Unpaid Losses and Loss Adjustment Expenses, net of reinsurance																		$	1,262

⁽¹⁾ Prior years unaudited

Table of Contents

The following table presents a reconciliation of the net incurred and paid claims development tables to the liability for unpaid losses and loss adjustment expenses in our Consolidated Balance Sheet:

	December 31, 2021
Liabilities for unpaid losses and loss adjustment expenses:
Private passenger auto	$	26,390
Non-standard auto (Primero)		6,721
Non-standard auto (Direct Auto)		36,794
Home and farm		19,161
Crop		6,002
Commercial (Westminster)		31,662
Commercial (non-Westminster)		1,262
All other		11,670
Total liabilities for unpaid losses and loss adjustment expenses		139,662

Reinsurance recoverables on losses:
Private passenger auto		1,001
Non-standard auto (Primero)		-
Non-standard auto (Direct Auto)		-
Home and farm		3,467
Crop		6,953
Commercial (Westminster)		8,722
Commercial (non-Westminster)		-
All other		1,057
Total reinsurance recoverables on losses		21,200

Net liability for unpaid losses and loss adjustment expenses	$	118,462

The following table presents required supplementary information about average historical claims duration as of December 31, 2021:

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1		2		3		4		5		6		7		8		9		10
Private Passenger Auto		54.4%		20.4%		10.6%		5.9%		4.7%		3.2%		0.8%		—		—		—
Non-Standard Auto (Primero)		78.2%		16.6%		3.8%		0.9%		0.2%		0.2%		0.1%		—		—		—
Non-Standard Auto (Direct Auto)		35.4%		25.1%		16.2%		9.9%		6.1%		2.9%		2.1%		1.5%		0.6%		0.2%
Home and Farm		68.1%		14.5%		9.4%		4.9%		2.4%		0.5%		0.2%		—		—		—
Crop		100.0%		—		—		—		—		—		—		—		—		—
Commercial (Westminster)		70.4%		23.6%		6.0%		—		—		—		—		—		—		—
Commercial (non-Westminster)		87.3%		3.7%		2.6%		3.0%		2.9%		0.5%		—		—		—		—

Property and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

10.Property and Equipment

Property and equipment consisted of the following:

	December 31,
	2021			2020			Estimated Useful Life
Cost:
Land	$	1,403		$	1,401		indefinite
Building and improvements		14,193			13,912		10 – 43 years
Electronic data processing equipment		1,518			1,271		5 – 7 years
Furniture and fixtures		2,885			2,867		5 – 7 years
Automobiles		1,228			1,275		2 – 3 years
Gross cost		21,227			20,726

Accumulated depreciation		(11,358	)		(10,827	)
Total property and equipment, net	$	9,869		$	9,899

Depreciation expense was $694, $709, and $538 during the years ended December 31, 2021, 2020 and 2019, respectively.

Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

11.Goodwill and Other Intangibles

Goodwill

The following table presents the carrying amount of the Company’s goodwill by segment:

	December 31,
	2021		2020
Non-standard auto from acquisition of Primero	$	2,628	$	2,628
Commercial from acquisition of Westminster		6,756		6,756
Total	$	9,384	$	9,384

Other Intangible Assets

The following table presents the carrying amount of the Company’s other intangible assets:

December 31, 2021	Gross Carrying Amount		Accumulated Amortization		Net
Subject to amortization:
Trade names	$	748	$	265	$	483
Distribution network		6,700		745		5,955
Total subject to amortization		7,448		1,010		6,438

Not subject to amortization – state insurance licenses		1,900		-		1,900
Total	$	9,348	$	1,010	$	8,338

December 31, 2020	Gross Carrying Amount		Accumulated Amortization		Net
Subject to amortization:
Trade names	$	748	$	166	$	582
Distribution network		6,700		372		6,328
Total subject to amortization		7,448		538		6,910

Not subject to amortization – state insurance licenses		1,900		-		1,900
Total	$	9,348	$	538	$	8,810

Amortization expense was $472, $5,224, and $1,711 during the years ended December 31, 2021, 2020 and 2019, respectively. The VOBA intangible asset of $4,750 acquired in the Westminster transaction was fully amortized during 2020.

Table of Contents

Other intangible assets that have finite lives, including trade names and distribution networks, are amortized over their useful lives. As of December 31, 2021, the estimated amortization of other intangible assets with finite lives for the next five years in the period ended December 31, 2026, and thereafter is as follows:

Year ending December 31,	Amount
2022	$	472
2023		455
2024		422
2025		422
2026		422
Thereafter		4,245
Total other intangible assets with finite lives	$	6,438

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

12.Related Party Transactions

Intercompany Reinsurance Pooling Arrangement

Effective January 1, 2020, all of our insurance subsidiary and affiliate companies entered into an intercompany reinsurance pooling agreement. This agreement was finalized, approved, and implemented during the fourth quarter of 2020, retroactive to the January 1 effective date. 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.

In connection with the pooling agreement, the quota share agreement between Battle Creek and Nodak Insurance was cancelled. As a result, the Company’s consolidated financial position and results of operations are impacted by the portion of Battle Creek’s underwriting results that are allocated to the policyholders of Battle Creek rather than the shareholders of NI Holdings.

For the years ended December 31, 2021 and 2020, the pooling share percentages by insurance company were:

	Pool Percentage
Nodak Insurance Company		66.0	%
American West Insurance Company		7.0	%
Primero Insurance Company		3.0	%
Battle Creek Mutual Insurance Company		2.0	%
Direct Auto Insurance Company		13.0	%
Westminster American Insurance Company		9.0	%
Total		100.0	%

North Dakota Farm Bureau

We were organized by the 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 insurance policies. Royalties paid to the NDFB were $1,369, $1,370, and $1,352 during the years ended December 31, 2021, 2020, and 2019 respectively. Royalty amounts payable of $113 and $113 were accrued as a liability to the NDFB at December 31, 2021 and 2020, respectively.

During 2020, Nodak Insurance paid $1,129 of membership dues on behalf of its NDFB members in North Dakota in response to the COVID-19 pandemic.

Table of Contents

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 (“RBC”) requirements that may further affect their ability to pay dividends. Our insurance subsidiaries statutory capital and surplus at December 31, 2021 exceeded the amount of statutory capital and surplus necessary to satisfy regulatory requirements, including the RBC requirements, by a significant margin.

The amount available for payment of dividends from Nodak Insurance to NI Holdings during 2022 without the prior approval of the North Dakota Insurance Department is $21,493 based upon the surplus of Nodak Insurance at December 31, 2021. Prior to its payment of any dividend, Nodak Insurance will be required to provide notice of the dividend to the North Dakota Insurance Department. This notice must be provided to the North Dakota Insurance Department 30 days prior to the payment of an extraordinary dividend and 10 days prior to the payment of an ordinary dividend. The North Dakota Insurance Department has the power to limit or prohibit dividend payments if Nodak Insurance is in violation of any law or regulation. These restrictions or any subsequently imposed restrictions may affect our future liquidity. The Board of Directors of Nodak Insurance declared and paid a $6,000 dividend to NI Holdings during the year ended December 31, 2020. No dividends were declared or paid by Nodak Insurance during the years ended December 31, 2021 or 2019.

Direct Auto was re-domesticated from Illinois to North Dakota during 2021, and is now subject to the same dividend restrictions as Nodak Insurance. The amount available for payment of dividends from Direct Auto to NI Holdings during 2022 without the prior approval of the North Dakota Insurance Department is $3,796 based upon the surplus of Direct Auto at December 31, 2021. No dividends were declared or paid by Direct Auto during the years ended December 31, 2021, 2020, or 2019.

Westminster was re-domesticated from Maryland to North Dakota during 2021, and is now subject to the same dividend restrictions as Nodak Insurance. The amount available for payment of dividends from Westminster to NI Holdings during 2022 without the prior approval of the North Dakota Insurance Department is $2,471 based upon the surplus of Westminster at December 31, 2021. No dividends were declared or paid by Westminster during the years ended December 31, 2021 or 2020.

Table of Contents

Battle Creek Mutual Insurance Company

The following tables disclose the standalone balance sheets and statements of operations of Battle Creek, prior to intercompany eliminations, to illustrate the impact of including Battle Creek in our Consolidated Balance Sheets and Statements of Operations:

	December 31,
	2021		2020
Assets:
Cash and cash equivalents	$	4,398	$	6,055
Investments		10,610		5,543
Premiums and agents’ balances receivable		5,038		4,738
Deferred policy acquisition costs		499		479
Pooling receivable ⁽¹⁾		-		920
Reinsurance recoverables on losses ⁽²⁾		10,173		5,646
Accrued investment income		51		27
Deferred income taxes		142		101
Property and equipment		325		337
Other assets		52		49
Total assets	$	31,288	$	23,895

Liabilities:
Unpaid losses and LAE	$	2,937	$	2,445
Unearned premiums		2,544		2,381
Notes payable ⁽¹⁾		3,000		3,000
Pooling payable ⁽¹⁾		5,580		-
Reinsurance losses payable ⁽²⁾		12,754		11,221
Accrued expenses and other liabilities		264		303
Total liabilities		27,079		19,350

Equity:
Non-controlling interest		4,209		4,545
Total equity		4,209		4,545

Total liabilities and equity	$	31,288	$	23,895

⁽¹⁾	Amount fully eliminated in consolidation.
⁽²⁾	Amount partly eliminated in consolidation.

	Year Ended December 31,
	2021			2020			2019
Revenues:
Net premiums earned	$	5,992		$	5,673		$	-
Fee and other income		(11	)		(23	)		(9	)
Net investment income		49			(3	)		139
Net capital gain on investments		2			1			3
Total revenues		6,032			5,648			133

Expenses:
Losses and loss adjustment expenses		4,328			3,369			-
Amortization of deferred policy acquisition costs		1,291			1,029			-
Other underwriting and general expenses		470			77			-
Total expenses		6,089			4,475			-

Income (loss) before income taxes		(57	)		1,173			133
Income taxes		27			218			34
Net income (loss)	$	(84	)	$	955		$	99

Benefit Plans

12 Months Ended

Dec. 31, 2021

Benefit Plans

13.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. Westminster also sponsors a separate 401(k) plan. The Company reported expenses related to the 401(k) plans totaling $722, $651, and $516 during the years ended December 31, 2021, 2020, and 2019, respectively.

Nodak Insurance also contributes an additional elective amount of employee compensation as a profit-sharing contribution for eligible employees that is invested in a portfolio of investments directed by the Company. The reported expenses related to this profit-sharing contribution were $697, $900, and $618 during years ended December 31, 2021, 2020, and 2019 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 (“ERISA”) over the key executives’ allowable 401(k) contribution. The plan also allows employee-directed deferral of key executive’s compensation or incentive payments. The Company reported expenses related to this plan totaling $914, $308, and $458 during the years ended December 31, 2021, 2020, and 2019, respectively.

In connection with our initial public offering in March 2017, the Company established its ESOP. The ESOP is intended to be an employee stock ownership plan within the meaning of Internal Revenue Code Section 4975(e)(7) and invests solely in common stock of the Company.

Upon establishment of the plan, 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 initial public offering, 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. American West and Battle Creek have no employees.

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 initial public offering. As shares are released from the ESOP suspense account, the contra-equity account is credited, which reduces the impact of the contra-equity account on the Company’s Consolidated Balance Sheet over time. The Company records compensation expense related to the shares released, equal to the number of shares released from the suspense account multiplied by the average market value of the Company’s stock during the period.

The Company recognized compensation expense of $460, $373, and $405 during the years ended December 31, 2021, 2020, and 2019, respectively, related to the ESOP.

Through December 31, 2021, the Company had released and allocated 121,575 ESOP shares to participants, with a remainder of 118,425 ESOP shares in suspense at December 31, 2021. Using the Company’s year-end market price of $18.91 per share, the fair value of the unearned ESOP shares was $2,239 at December 31, 2021.

Line of Credit

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Line of Credit

14.Line of Credit

Nodak Insurance has a $5,000 line of credit with Wells Fargo Bank, N.A. The terms of the line of credit include a floating interest rate with a floor rate of 3.25%. There were no outstanding amounts during the years ended December 31, 2021, 2020, or 2019. This line of credit is scheduled to expire on January 30, 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

15.Income Taxes

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted, implementing numerous changes to tax law including temporary changes regarding the prior and future utilization of net operating losses, temporary changes to the prior and future limitations on interest deductions, and the creation of certain refundable employee retention credits. There has been no impact to the Company’s income taxes due to this legislation.

The components of our provision for income tax expense (benefit) were as follows:

	Year Ended December 31,
	2021			2020		2019
Current tax provision
Federal	$	3,930		$	10,109	$	5,116
State		354			725		324
Total current		4,284			10,834		5,440
Deferred tax (benefit) provision		(1,310	)		638		1,871
Total provision for income taxes	$	2,974		$	11,472	$	7,311

The provision for income taxes differs from the amount that would be computed by applying the statutory federal rate to income before provision for income taxes as a result of the following:

	Year Ended December 31,
	2021			2020			2019
Income before income taxes	$	11,306		$	52,816		$	33,811

Expected provision for federal income taxes at 21%	$	2,374		$	11,091		$	7,100

State income taxes, net of federal impact		474			570			224
Tax-exempt interest		(197	)		(209	)		(235	)
Dividends received deduction		(122	)		(104	)		(89	)
Compensation-related expenses		326			130			151
Change in valuation allowance		77			(17	)		7
Other		42			11			153
Total provision for income taxes	$	2,974		$	11,472		$	7,311

We re-measure existing deferred income tax assets (including loss carryforwards) and liabilities when a change in tax rate occurs and record an offset for the net amount of the change as a component of income tax expense from continuing operations in the period of enactment. We record any change to a previously recorded valuation allowance as a result of re-measuring existing temporary differences and loss carryforwards as a component of income tax expense from continuing operations. The valuation allowance against certain deferred income tax assets was $1,008, $931, and $594 at December 31, 2021, 2020, and 2019, respectively.

Table of Contents

The income tax effects of temporary differences that give rise to significant portions of our deferred income tax assets and deferred income tax liabilities at December 31, 2021 and 2020 were as follows:

	December 31,
	2021			2020
Deferred income tax assets:
Unearned premium	$	5,783		$	5,013
Unpaid losses and LAE		1,096			792
Net operating loss carryovers		1,224			1,260
Other		1,967			1,538
Total deferred income tax assets		10,070			8,603

Deferred income tax liabilities:
Deferred policy acquisition costs		5,670			5,033
Net unrealized gains on investments		7,382			9,897
Intangibles		1,464			1,451
Other		52			48
Total deferred income tax liabilities		14,568			16,429

Net deferred income tax liability		(4,498	)		(7,826	)

Valuation allowance		(1,008	)		(931	)
Deferred income tax liability, net	$	(5,506	)	$	(8,757	)

At December 31, 2021 and 2020, we had no unrecognized tax benefits, no accrued interest and penalties, and no significant uncertain tax positions. No interest and penalties were recognized during the years ended December 31, 2021, 2020, or 2019.

At December 31, 2021 and 2020, the Company, other than Battle Creek and Westminster, had no income tax related carryovers for net operating losses, alternative minimum tax credits, or capital losses.

Battle Creek, which files its federal income tax returns on a stand-alone basis, had net operating loss carryovers of $3,215 and $3,390 at December 31, 2021 and 2020, respectively. The net operating loss carryforward began expiring in 2021 and will continue through 2032 due to limitations on the use of this net operating loss carryforward.

Westminster, which became part of the Company’s consolidated federal income tax return beginning in 2020, had $2,122 and $2,340 of net operating loss carryover at December 31, 2021 and 2020, respectively. This net operating loss carryforward expires in 2023 due to limitations on the use of this net operating loss carryforward.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Operating Leases

12 Months Ended

Dec. 31, 2021

Leases, Operating [Abstract]

Operating Leases

16.Operating Leases

Primero leases a facility in Spearfish, South Dakota under a non-cancellable operating lease expiring in 2023, 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. There were expenses of $250, $370, and $316 related to these leases during the years ended December 31, 2021, 2020, and 2019, respectively.

As of December 31, 2021, we have minimum future commitments under non-cancellable leases for the next five years in the period ended December 31, 2026, and thereafter as follows:

Year ending December 31,	Estimated Future Minimum Commitments
2022	$	319
2023		358
2024		320
2025		286
2026		291
Thereafter		775

Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Contingencies

17.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 Stock

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Common Stock

18.Common Stock

Changes in the number of common stock shares outstanding were as follows:

	Year Ended December 31,
	2021			2020			2019
Shares outstanding, beginning		21,318,638			22,119,380			22,192,894
Treasury shares repurchased through stock repurchase authorization		(225,205	)		(856,499	)		(116,034	)
Issuance of treasury shares for vesting of stock awards		102,060			31,442			18,205
Issuance of shares related to employee stock ownership plan		24,315			24,315			24,315
Shares outstanding, ending		21,219,808			21,318,638			22,119,380

On February 28, 2018, our Board of Directors approved an authorization for the repurchase of up to approximately $10,000 of the Company’s outstanding common stock. We completed the repurchase of 191,265 shares of our common stock for $2,966 during 2018, and an additional 116,034 shares for $2,006 during 2019. During the six months ended June 30, 2020, we completed the repurchase of 402,056 shares of our common stock for $4,996 to close out this authorization.

On May 4, 2020, our Board of Directors approved an additional authorization for the repurchase of up to approximately $10,000 of the Company’s outstanding common stock. During the year ended December 31, 2020, we completed the repurchase of 454,443 shares of our common stock for $7,238 under this authorization. During the nine months ended September 30, 2021, we completed the repurchase of 144,110 shares of our common stock for $2,762 to close out this authorization.

On August 11, 2021, our Board of Directors approved an additional authorization for the repurchase of up to approximately $5,000 of the Company’s outstanding common stock. During the six months ended December 31, 2021, we completed the repurchase of 81,095 shares of our common stock for $1,554 under this new authorization.

The cost of this treasury stock is a reduction of shareholders’ equity within our Consolidated Balance Sheets.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

19.Stock-Based Compensation

At its 2020 Annual Shareholders’ Meeting, the NI Holdings, Inc. 2020 Stock and Incentive Plan (the “Plan”) was approved by shareholders. The purpose of the Plan is 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, RSUs, stock appreciation rights, dividend equivalents, and 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 awards may be issued under all awards made under the Plan shall not exceed 1,000,000 shares of common stock, subject to adjustments as provided in the Plan. No eligible participant may be granted any awards for more than 100,000 shares in the aggregate in any calendar year, subject to adjustment in accordance with the Plan. The aggregate amount payable pursuant to all performance awards denominated in cash to any eligible person in any calendar year is limited to $1,000 in value. Directors who are not also employees of the Company may not be granted awards denominated in shares that exceed $150 in any calendar year.

Restricted Stock Units

The Compensation Committee has awarded RSUs to non-employee directors and select executives. RSUs are promises to issue actual shares of common stock at the end of a vesting period. The RSUs granted to executives under the Plan were based on salary and vest 20% per year over a five-year period, while RSUs granted to non-employee directors vest 100% on the date of the next annual meeting of shareholders following the grant date. Dividend equivalents on RSUs are accrued during the vesting period and paid in cash at the end of the vesting period, but are subject to forfeiture until the underlying shares become vested. Participants do not have voting rights with respect to RSUs.

The Company recognizes stock-based compensation costs 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 RSUs is presented below:

	Shares			Weighted-Average Grant-Date Fair Value Per Share
Units outstanding and unearned at January 1, 2019		73,880		$	16.87
RSUs granted during 2019		57,100			15.81
RSUs earned during 2019		(34,440	)		16.24
Units outstanding and unearned at December 31, 2019		96,540			16.47

RSUs granted during 2020		66,000			14.27
RSUs earned during 2020		(46,760	)		16.33
Units outstanding and unearned at December 31, 2020		115,780			15.27

RSUs granted during 2021		58,700			18.76
RSUs earned during 2021		(66,100	)		15.77
Units outstanding and unearned at December 31, 2021		108,380		$	16.86

The following table shows the impact of RSU activity to the Company’s financial results:

	Year Ended December 31,
	2021			2020			2019
RSU compensation expense	$	1,065		$	1,035		$	792
Income tax benefit		(242	)		(217	)		(166	)
RSU compensation expense, net of income taxes	$	823		$	818		$	626

Total grant-date fair value of vested RSUs at end of period	$	1,042		$	764		$	568

At December 31, 2021, there was $718 of unrecognized compensation cost related to outstanding RSUs. That cost is expected to be recognized over a weighted-average period of 2.04 years.

Table of Contents

Performance Stock Units

The Compensation Committee has awarded PSUs to select executives. PSUs are promises to issue actual shares of common stock at the end of a vesting period, if certain performance conditions are met. The PSUs granted to employees under the Plan were based on salary and include a three-year book value cumulative growth target with threshold and stretch goals. They will vest on the third anniversary of the grant date, subject to the participant’s continuous employment through the vesting date and the level of performance achieved. Dividend equivalents on PSUs are accrued and paid in cash at the end of the performance period in accordance with the level of performance achieved, but are subject to forfeiture until the underlying shares become vested. Participants do not have voting rights with respect to PSUs.

The Company recognizes stock-based compensation costs based on the grant date fair value over the performance period of the awards. Estimated forfeitures are included in the determination of compensation costs. No forfeitures are currently estimated. The current cost estimate assumes that the cumulative growth targets will be achieved or exceeded.

A summary of the Company’s outstanding PSUs is presented below:

	Performance Share Units			Weighted-Average Grant-Date Fair Value Per Share
Units outstanding and unearned at January 1, 2019		48,600		$	16.25
PSUs granted during 2019 (at target)		62,400			15.21
Units outstanding and unearned at December 31, 2019		111,000			15.27

PSUs granted during 2020 (at target)		63,600			14.26
Units outstanding and unearned at December 31, 2020		174,600			15.15

PSUs granted during 2021 (at target)		64,600			18.64
PSUs earned during 2021		(70,363	)		16.25
Performance adjustment⁽¹⁾		24,300			16.25
Forfeitures		(2,537	)		16.25
Units outstanding and unearned at December 31, 2021		190,600		$	16.06

⁽¹⁾ Represents the change in PSUs issued based upon the attainment of performance goals established by the Company.

The following table shows the impact of PSU activity to the Company’s financial results:

	Year Ended December 31,
	2021			2020			2019
PSU compensation expense	$	1,344		$	1,262		$	822
Income tax benefit		(305	)		(265	)		(173	)
PSU compensation expense, net of income taxes	$	1,039		$	997		$	649

Total grant-date fair value of vested PSUs at end of period	$	1,143		$	-		$	-

The PSU grants above represent initial target awards and do not reflect potential increases or decreases resulting from financial performance objectives to be determined at the end of the performance period. The actual number of shares to be issued at the end of the performance period will range from 0% to 150% of the initial target awards.

At December 31, 2021, there was $1,125 of unrecognized compensation cost related to outstanding PSUs. That cost is expected to be recognized over a weighted-average period of 1.74 years.

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

20.Segment Information

We have five primary reportable operating segments, which consist of private passenger auto insurance, non-standard auto insurance, home and farm insurance, crop insurance, and commercial insurance. A sixth segment captures all other insurance coverages we sell, including our assumed reinsurance lines of business. We operate only in the United States, 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 years ended December 31, 2021, 2020, and 2019.

For purposes of evaluating profitability of the non-standard auto segment, management combines 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 Consolidated Statement of Operations or Consolidated Balance Sheet line items to our operating segments. Those line items include investment income, net capital gain on investments, other income excluding non-standard auto insurance fees, and income taxes within the Consolidated Statement of Operations. For the Consolidated Balance Sheet, those items include cash and investments, property and equipment, other assets, accrued expenses, income taxes recoverable or payable, and shareholders’ equity.

Table of Contents

	Year Ended December 31, 2021
	Private Passenger Auto			Non-Standard Auto			Home and Farm			Crop			Commercial			All Other			Total
Direct premiums earned	$	76,749		$	58,842		$	84,102		$	43,541		$	65,104		$	4,916		$	333,254
Assumed premiums earned		-			-			-			2,106			-			5,929			8,035
Ceded premiums earned		(4,216	)		(257	)		(10,310	)		(18,799	)		(7,819	)		(299	)		(41,700	)
Net premiums earned		72,533			58,585			73,792			26,848			57,285			10,546			299,589

Direct losses and LAE		61,358			34,453			59,380			79,177			45,621			1,009			280,998
Assumed losses and LAE		-			-			-			617			-			6,282			6,899
Ceded losses and LAE		(1,637	)		-			(7,235	)		(51,963	)		(10,842	)		159			(71,518	)
Net losses and LAE		59,721			34,453			52,145			27,831			34,779			7,450			216,379

Gross margin		12,812			24,132			21,647			(983	)		22,506			3,096			83,210

Underwriting and general expenses		20,516			22,770			22,122			8,212			20,000			2,669			96,289
Underwriting gain (loss)		(7,704	)		1,362			(475	)		(9,195	)		2,506			427			(13,079	)

Fee and other income					1,280															1,775
					2,642
Net investment income																				7,131
Net capital gain on investments																				15,479
Income before income taxes																				11,306
Income taxes																				2,974
Net income																				8,332
Net loss attributable to non-controlling interest																				(84	)
Net income attributable to NI Holdings, Inc.																			$	8,416

Operating Ratios:
Loss and LAE ratio		82.3	%		58.8	%		70.7	%		103.7	%		60.7	%		70.6	%		72.2	%
Expense ratio		28.3	%		38.9	%		30.0	%		30.6	%		34.9	%		25.3	%		32.1	%
Combined ratio		110.6	%		97.7	%		100.6	%		134.2	%		95.6	%		96.0	%		104.4	%


Balances at December 31, 2021:
Premiums and agents’ balances receivable	$	19,039		$	8,143		$	8,914		$	-		$	14,687		$	669		$	51,452
Deferred policy acquisition costs		4,949			5,978			7,271			-			6,328			421			24,947
Reinsurance recoverables		1,001			-			3,467			6,953			8,722			1,057			21,200
Goodwill and other intangibles		-			2,810			-			-			14,912			-			17,722

Unpaid losses and LAE		26,390			43,515			19,161			6,002			32,924			11,670			139,662
Unearned premiums		28,820			18,679			42,399			-			34,672			3,219			127,789
Payable to Federal Crop Insurance Corporation		-			-			-			4,962			-			-			4,962

Table of Contents

	Year Ended December 31, 2020
	Private Passenger Auto			Non-Standard Auto			Home and Farm			Crop			Commercial			All Other			Total
Direct premiums earned	$	74,998		$	53,909		$	82,036		$	39,893		$	45,557		$	4,668		$	301,061
Assumed premiums earned		-			-			-			1,896			-			4,563			6,459
Ceded premiums earned		(2,989	)		(172	)		(7,157	)		(6,071	)		(7,269	)		(201	)		(23,859	)
Net premiums earned		72,009			53,737			74,879			35,718			38,288			9,030			283,661

Direct losses and LAE		45,423			30,347			38,700			36,022			32,620			2,258			185,370
Assumed losses and LAE		-			-			(116	)		1,070			-			2,354			3,308
Ceded losses and LAE		88			-			(1,839	)		(5,713	)		(12,190	)		(551	)		(20,205	)
Net losses and LAE		45,511			30,347			36,745			31,379			20,430			4,061			168,473

Gross margin		26,498			23,390			38,134			4,339			17,858			4,969			115,188

Underwriting and general expenses		19,986			20,739			20,874			4,807			16,358			2,304			85,068
Underwriting gain (loss)		6,512			2,651			17,260			(468	)		1,500			2,665			30,120

Fee and other income					1,337															1,801
					3,988
Net investment income																				7,271
Net capital gain on investments																				13,624
Income before income taxes																				52,816
Income taxes																				11,472
Net income																				41,344
Net income attributable to non-controlling interest																				955
Net income attributable to NI Holdings, Inc.																			$	40,389

Operating Ratios:
Loss and LAE ratio		63.2	%		56.5	%		49.1	%		87.9	%		53.4	%		45.0	%		59.4	%
Expense ratio		27.8	%		38.6	%		27.9	%		13.5	%		42.7	%		25.5	%		30.0	%
Combined ratio		91.0	%		95.1	%		76.9	%		101.3	%		96.1	%		70.5	%		89.4	%


Balances at December 31, 2020:
Premiums and agents’ balances receivable	$	18,540		$	6,543		$	9,072		$	-		$	13,732		$	636		$	48,523
Deferred policy acquisition costs		5,461			4,649			7,828			-			5,588			442			23,968
Reinsurance recoverables		412			-			588			121			5,374			2,215			8,710
Receivable from Federal Crop Insurance Corporation		-			-			-			6,646			-			-			6,646
Goodwill and other intangibles		-			2,860			-			-			15,334			-			18,194

Unpaid losses and LAE		20,311			43,336			11,737			771			19,089			10,506			105,750
Unearned premiums		28,293			16,147			41,301			-			30,705			2,917			119,363

Table of Contents

	Year Ended December 31, 2019
	Private Passenger Auto			Non-Standard Auto			Home and Farm			Crop			Commercial			All Other			Total
Direct premiums earned	$	71,297		$	57,278		$	77,832		$	42,277		$	4,546		$	4,431		$	257,661
Assumed premiums earned		-			-			-			2,072			1			3,824			5,897
Ceded premiums earned		(3,314	)		(164	)		(6,661	)		(6,330	)		(450	)		(201	)		(17,120	)
Net premiums earned		67,983			57,114			71,171			38,019			4,097			8,054			246,438

Direct losses and LAE		53,022			32,654			47,282			35,148			2,541			3,296			173,943
Assumed losses and LAE		63			-			-			1,582			-			2,387			4,032
Ceded losses and LAE		(389	)		-			(1,681	)		(4,639	)		(52	)		(1,504	)		(8,265	)
Net losses and LAE		52,696			32,654			45,601			32,091			2,489			4,179			169,710

Gross margin		15,287			24,460			25,570			5,928			1,608			3,875			76,728

Underwriting and general expenses		18,886			21,077			20,106			4,396			863			1,930			67,258
Underwriting gain (loss)		(3,599	)		3,383			5,464			1,532			745			1,945			9,470

Fee and other income					1,638															2,125
					5,021
Net investment income																				7,433
Net capital gain on investments																				14,783
Income before income taxes																				33,811
Income taxes																				7,311
Net income																				26,500
Net income attributable to non-controlling interest																				99
Net income attributable to NI Holdings, Inc.																			$	26,401

Operating Ratios:
Loss and LAE ratio		77.5	%		57.2	%		64.1	%		84.4	%		60.8	%		51.9	%		68.9	%
Expense ratio		27.8	%		36.9	%		28.3	%		11.6	%		21.1	%		24.0	%		27.3	%
Combined ratio		105.3	%		94.1	%		92.3	%		96.0	%		81.8	%		75.9	%		96.2	%


Balances at December 31, 2019:
Premiums and agents’ balances receivable	$	18,194		$	7,876		$	9,088		$	-		$	940		$	593		$	36,691
Deferred policy acquisition costs		4,108			4,711			5,945			-			315			320			15,399
Reinsurance recoverables		500			-			1,068			998			6			1,473			4,045
Receivable from Federal Crop Insurance Corporation		-			-			-			14,230			-			-			14,230
Goodwill and other intangibles		-			2,912			-			-			-			-			2,912

Unpaid losses and LAE		19,892			43,978			10,503			8,579			1,076			9,222			93,250
Unearned premiums		27,949			16,364			39,945			-			2,334			2,684			89,276

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 34
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-Subparagraph (a)
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+ Details

Statutory Net Income, Capital and Surplus, and Dividend Restrictions

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

Statutory Net Income, Capital and Surplus, and Dividend Restrictions

21.Statutory Net Income, Capital and Surplus, and Dividend Restrictions

The following table presents selected information, as filed with insurance regulatory authorities, for our insurance subsidiaries as determined in accordance with accounting practices prescribed or permitted by such insurance regulatory authorities as of and for the years ended December 31, 2021, 2020, and 2019:

	2021			2020		2019
Nodak Insurance:
Statutory capital and surplus	$	221,761		$	216,278	$	189,836
Statutory unassigned surplus		216,761			211,278		184,836
Statutory net income		5,311			24,529		9,398

American West:
Statutory capital and surplus		18,400			18,368		16,168
Statutory unassigned surplus		12,399			12,367		10,167
Statutory net income (loss)		(54	)		2,158		2,232

Primero:
Statutory capital and surplus		10,138			9,818		8,727
Statutory unassigned surplus (deficit)		879			559		(532	)
Statutory net income (loss)		127			1,023		(1,256	)

Battle Creek:
Statutory capital and surplus		6,821			6,875		6,189
Statutory unassigned surplus		3,821			3,875		3,189
Statutory net income (loss)		(77	)		693		133

Direct Auto:
Statutory capital and surplus		37,960			35,819		28,683
Statutory unassigned surplus		34,960			32,819		25,683
Statutory net income		6,451			7,898		7,377

Westminster:
Statutory capital and surplus		24,706			23,592		20,897
Statutory unassigned surplus		19,706			18,592		15,897
Statutory net income		1,723			2,719		225

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 RBC requirements that may further affect their ability to pay dividends. Our insurance subsidiaries statutory capital and surplus at December 31, 2021 and 2020 exceeded the amount of statutory capital and surplus necessary to satisfy regulatory requirements, including the RBC requirements, by a significant margin.

Amounts available for distribution in 2022 to Nodak Insurance as dividends from its insurance subsidiaries without prior approval of insurance regulatory authorities are $1,840 from American West and $0 from Primero. No dividends were paid to Nodak Insurance from either entity during the years ended December 31, 2021, 2020, or 2019.

The amount available for payment of dividends from Nodak Insurance to NI Holdings during 2022 without the prior approval of the North Dakota Insurance Department is $21,493 based upon the surplus of Nodak Insurance at December 31, 2021. Prior to its payment of any dividend, Nodak Insurance will be required to provide notice of the dividend to the North Dakota Insurance Department. This notice must be provided to the North Dakota Insurance Department 30 days prior to the payment of an extraordinary dividend and 10 days prior to the payment of an ordinary dividend. The North Dakota Insurance Department has the power to limit or prohibit dividend payments if Nodak Insurance is in violation of any law or regulation. These restrictions or any subsequently imposed restrictions may affect our future liquidity. The Board of Directors of Nodak Insurance declared and paid a $6,000 dividend during the year ended December 31, 2020. No dividends were declared or paid in the years ended December 31, 2021 or 2019.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation: Our Consolidated Financial Statements, which we have prepared in accordance with GAAP, include our accounts and those of our wholly-owned subsidiaries, as well as Battle Creek, an entity we control via a surplus note agreement. We have eliminated all significant inter-company accounts and transactions in consolidation.
Use of Estimates	Use of Estimates: In preparing our Consolidated Financial Statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the balance sheet, and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates. We make estimates and assumptions that can have a significant effect on amounts and disclosures we report in our Consolidated Financial Statements. The most significant estimates relate to our reserves for unpaid losses and loss adjustment expenses, earned premiums for crop insurance, valuation of investments, determination of other-than-temporary impairments, valuation allowances for deferred income tax assets, deferred policy acquisition costs, and the valuations used to establish intangible assets acquired related to business combinations. While we believe our estimates are appropriate, the ultimate amounts may differ from the estimates provided. We regularly review our methods for making these estimates as well as the continued appropriateness of the estimated amounts, and we reflect any adjustment we consider necessary in our current results of operations.
Variable-Interest Entities	Variable-Interest Entities: Any company deemed to be a variable interest entity (“VIE”) is required to be consolidated by the primary beneficiary of the VIE. We assess our investments in other entities at inception to determine if any meet the qualifications of a VIE. We consider an investment in another company to be a VIE if: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to absorb expected losses of the entity or the right to receive the expected residual returns of the entity), or (c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or the rights to receive the expected residual returns of the entity, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Upon the occurrence of certain events, we would reassess our initial determination of whether the investment is a VIE. We evaluate whether we are the primary beneficiary of each VIE and we consolidate the VIE if we have both (1) the power to direct the economically significant activities of the entity and (2) the obligation to absorb losses of, or the right to receive benefits from, the entity. We consider the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights, and board representation of the respective parties in determining whether we qualify as the primary beneficiary. Our assessment of whether we are the primary beneficiary of a VIE is performed at least annually. We control Battle Creek via a surplus note which provides us with the ability to appoint two-thirds of the Board of Directors of Battle Creek. Under the quota share reinsurance agreement that existed through December 31, 2019, Battle Creek’s operating results included only net investment income, bad debt expense, and income taxes. Effective January 1, 2020, the Company implemented an intercompany pooling reinsurance agreement, and Battle Creek’s operating results now include its participation in the underwriting results of the pool (2% during 2021 and 2020). For more information, see Part II, Item 8, Note 12 “Related Party Transactions”. Because we have concluded that we control Battle Creek, we consolidate the financial statements of Battle Creek, and Battle Creek’s policyholders’ interest in Battle Creek is reflected as a non-controlling interest in shareholders’ equity in our Consolidated Balance Sheet and its net income or loss is excluded from net income or loss attributed to NI Holdings in our Consolidated Statement of Operations. 59 Table of Contents Cash and Cash Equivalents: Cash and cash equivalents include certain investments in highly liquid debt instruments with original maturities of three months or less. Cost approximates fair value for these short-term investments.
Cash and Cash Equivalents	Cash and Cash Equivalents:
Investments	Investments: The Company’s fixed income securities and equity securities are classified as available-for-sale and carried at estimated fair value as determined by management based upon quoted market prices or a recognized independent pricing service at the reporting date for those or similar investments. Changes in unrealized investment gains or losses on the fixed income securities, net of applicable income taxes, are reflected directly in shareholders’ equity as a component of other comprehensive income (loss) and, accordingly, have no effect on net income (loss). Changes in unrealized investments gains or losses on equity securities are reported in net income (loss). Investment income is recognized when earned, and realized capital gains and losses on investments are recognized when investments are sold, or an other-than-temporary impairment is recognized. Fair values are based on quoted market prices or independent pricing services, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. Amortization of premium and accretion of discount are computed using an effective interest method. Net investment income includes interest and dividend income together with amortization of purchase premiums and discounts, and is net of investment management and custody fees. Realized gains and losses on investments are determined using the specific identification method and are included in net capital gain on investments, along with the change in unrealized gains and losses on equity securities. We frequently review our investment portfolio for declines in fair value. Our process for identifying declines in the fair value of investments that are other-than-temporary involves consideration of several factors. These factors include (i) the time period in which there has been a significant decline in value, (ii) an analysis of the liquidity, business prospects, and overall financial condition of the issuer, (iii) the significance of the decline, and (iv) our intent and ability to hold the investment for a sufficient period of time for the value to recover. When our analysis of the above factors results in the conclusion that declines in fair values are other-than-temporary, the credit loss component of the impairment is reflected in net income (loss) as a realized capital loss on investment if the Company does not intend to sell the security, and the remaining portion of the other-than-temporary loss is recognized in other comprehensive income (loss), net of income taxes. If the Company intends to sell the security, or determines that it is more likely than not that it will be required to sell the security prior to recovering its cost or amortized cost basis less any current-period credit losses, the full amount of the other-than-temporary loss is recognized in net income (loss). Fair values of interest rate sensitive instruments may be affected by increases and decreases in prevailing interest rates that generally translate, respectively, into decreases and increases in fair values of fixed income securities. The fair values of interest rate sensitive instruments also may be affected by the credit worthiness of the issuer, prepayment options, relative values of other investments, the liquidity of the instrument, and other general market conditions. For more information on investment valuation measurements, see Part II, Item 8, Note 6 “Fair Value Measurements”.
Fair Value of Other Financial Instruments	Fair Value of Other Financial Instruments: Our other financial instruments, aside from investments, are cash and cash equivalents, premiums and agents’ balances receivable, and accrued expenses and accounts payable. The carrying amounts for cash and cash equivalents, premiums and agents’ balances receivable, and accrued expenses and accounts payable approximate their fair value based on their short-term nature. Other invested assets that do not have observable inputs and little or no market activity are carried on a cost basis, which approximates fair value. All other invested assets have been assessed for impairment. The carrying value of these other invested assets was $2,005 at December 31, 2021 and $2,924 at December 31, 2020.
Revenue Recognition	Revenue Recognition: We record premiums written at policy inception and recognize them as revenue on a pro rata basis over the policy term or, in the case of crop insurance, over the period of risk. The portion of premiums that could be earned in the future is deferred and reported as unearned premiums. When policies lapse, the Company reverses the unearned portion of the written premium and removes the applicable unearned premium. Policy-related fee income is recognized when collected. The period of risk for our crop insurance program, which comprise primarily spring-planted crops, typically runs from April 1 (the approximate time when farmers can begin to work their fields) through December 15 (last date claims can be made for the most recent planting season). The crop insurance program provides indemnification for acreage that cannot be planted because of excess moisture (known as “prevented planting”). In these situations, recognition of the remaining unearned premium may be accelerated if it is determined that the risk period has ended when these types of claims are filed. 60 Table of Contents The Company uses the direct write-off method for recognizing bad debts. Accounts billed directly to the policyholder are provided grace payment and cancellation notice periods per state insurance regulations. Any earned but uncollected premiums are written off within 90 days after the effective date of policy cancellation. Direct Auto also provides for agency billing for a portion of their agents. Accounts billed to agents are due within 60 days of the statement date. The balances are carried as agents’ balances receivable until it is determined the amount is not collectible from the agent. At that time, the balance is written off as uncollectible. The agent is responsible for all past due balances. As part of its agent appointment, Direct Auto requires a personal guarantee for all balances due to Direct Auto from the principal of the contracted agency.
Policy Acquisition Costs	Policy Acquisition Costs: We defer our policy acquisition costs, consisting primarily of commissions, premium taxes, and certain other underwriting costs, reduced by ceding commissions, which vary with and relate directly to the production of business. We amortize these deferred policy acquisition costs over the period in which we earn the premiums. The method we follow in computing deferred policy acquisition costs limits the amount of such deferred costs to their estimated realizable value, which gives effect to the premium to be earned, related investment income, losses and loss adjustment expenses, and certain other costs we expect to incur as we earn the premium.
Property and Equipment	Property and Equipment: We report property and equipment at cost less accumulated depreciation. Depreciation is computed using the straight-line method based upon estimated useful lives of the assets.
Losses and Loss Adjustment Expenses	Losses and Loss Adjustment Expenses: Liabilities for unpaid losses and loss adjustment expenses are estimates at a given point in time of the amounts we expect to pay with respect to policyholder claims based on facts and circumstances then known. At the time of establishing our estimates, we recognize that our ultimate liability for losses and loss adjustment expenses may differ from these estimates. We base our estimates of liabilities for unpaid losses and loss adjustment expenses on assumptions as to future loss trends, expected claims severity, judicial theories of liability, and other factors. During the loss adjustment period, we may learn additional facts regarding certain claims, and, consequently, it often becomes necessary for us to refine and adjust our estimates of the liability. We reflect any adjustments to our liabilities for unpaid losses and loss adjustment expenses in our operating results in the period in which we determine the need for a change in the estimates. We maintain liabilities for unpaid losses and loss adjustment expenses with respect to both reported and unreported claims. We establish these liabilities for the purpose of covering the ultimate costs of settling all losses, including investigation and litigation costs. We base the amount of our liability for reported losses primarily upon a case-by-case evaluation of the type of risk involved, knowledge of the circumstances surrounding each claim, and the insurance policy provisions relating to the type of loss our policyholder incurred. We determine the amount of our liability for unreported losses and loss adjustment expenses on the basis of historical information by line of insurance. Inflation is not explicitly selected in the loss reserve analysis. However, historical inflation is embedded in the estimated loss development factors. We closely monitor our liabilities and update them periodically using new information on reported claims and a variety of statistical techniques. We do not discount our liabilities for unpaid losses and loss adjustment expenses. Reserve estimates can change over time because of unexpected changes in assumptions related to our external environment and, to a lesser extent, assumptions as to our internal operations. Assumptions related to our external environment include the potential impact of significant changes in tort law and the legal environment which may impact liability exposure, the trends in judicial interpretations of insurance coverage and policy provisions, and the rate of loss cost inflation. Internal assumptions include consistency in the recording of premium and loss statistics, consistency in the recording of claims, payment and case reserving methodologies, accurate measurement of the impact of rate changes and changes in policy provisions, consistency in the quality and characteristics of business written within a given line of business, and consistency in reinsurance coverage and collectability of reinsured losses, among other items. To the extent we determine that underlying factors impacting our assumptions have changed, we attempt to make appropriate adjustments for such changes in our reserves. Accordingly, our ultimate liability for unpaid losses and loss adjustment expenses will likely differ from the amount recorded.
Income Taxes	Income Taxes: With the exception of Battle Creek, which files a stand-alone federal income tax return, we currently file a consolidated federal income tax return which includes NI Holdings and its wholly-owned subsidiaries. Insurance companies typically pay state premium taxes rather than state income taxes. However, Direct Auto is subject to state income taxes in the state of Illinois, in addition to state premium taxes. Additionally, NI Holdings, on a stand-alone basis, pays state income taxes to the state of North Dakota for income or losses generated as a separate financial entity. State premium taxes are included as a part of amortization of deferred policy acquisition costs. State income taxes are reported along with federal income taxes as income tax expense (benefit). The Company did not have any material uncertain tax positions. The Company’s policy is to recognize tax-related interest and penalties accrued related to unrecognized benefits as a component of income tax expense. The Company did not recognize any tax-related interest and penalties, nor did it have any tax-related interest or penalties accrued as of December 31, 2021 and 2020. We account for deferred income taxes using the asset and liability method. The objective of the asset and liability method is to establish deferred income tax assets and liabilities for the temporary differences between the financial reporting basis and the income tax basis of our assets and liabilities at enacted tax rates expected to be in effect when we realize or settle such amounts. We re-measure existing deferred income tax assets (including loss carryforwards) and liabilities when a change in tax rate occurs, and record an offset for the net amount of the change as a component of income tax expense from continuing operations in the period of enactment. We also record any change to a previously recorded valuation allowance as a result of re-measuring existing temporary differences and loss carryforwards as a component of income tax expense from continuing operations. The Company has elected to reclassify any tax effects stranded in accumulated other comprehensive income as a result of a change in income tax rates to retained earnings.
Earnings Per Share	Earnings Per Share: Earnings per share are computed by dividing net income available to common shareholders for the period by the weighted average number of common shares outstanding for the same period. Unearned shares related to the Company’s ESOP are not considered outstanding until they are released and allocated to plan participants. Unearned shares related to the Company’s Restricted Stock Units (“RSUs”) and Performance Share Units (“PSUs”) are not considered outstanding until they are earned by award participants. See Part II, Item 8, Note 13 “Benefit Plans” and Note 19 “Share Based Compensation”.
Credit Risk	Credit Risk: Our primary investment objective is to earn competitive returns by investing in a diversified portfolio of securities. Our portfolio of fixed income securities and, to a lesser extent, short-term investments, is subject to credit risk. We define this risk as the potential loss in fair value resulting from adverse changes in the borrower’s ability to repay the debt. We manage this risk by performing an analysis of prospective investments and through regular reviews of our portfolio by our management team and investment advisors. We also limit the amount of our total investment portfolio that we invest in any one security. Property and liability insurance coverages are marketed through captive agents in North Dakota and through independent insurance agencies located throughout all other operating areas. All business, except for the majority of Direct Auto’s business, is billed directly to the policyholders. We maintain cash balances primarily at one bank, which are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250. During the normal course of business, balances are maintained above the FDIC insurance limit. The Company maintains short-term investment balances in investment grade money market accounts that are insured by the Securities Investor Protection Corporation (“SIPC”) up to $500. On occasion, balances for these accounts are maintained in excess of the SIPC insurance limit.
Reinsurance	Reinsurance: The Company limits the maximum net loss that can arise from large risks or risks in concentrated areas of exposure by reinsuring (ceding) certain levels of risks to other insurers or reinsurers, either on an automatic basis under general reinsurance contracts known as “treaties” or by negotiation on substantial individual risks. Ceded reinsurance is treated as the risk and liability of the assuming companies. 62 Table of Contents Reinsurance contracts do not relieve the Company from its obligations to policyholders. In the event that all or any of the reinsuring companies might be unable to meet their obligations under existing reinsurance agreements, the Company would be liable for such defaulted amounts.
Goodwill and Other Intangibles	Goodwill and Other Intangibles: Goodwill represents the excess of the purchase price over the underlying fair value of acquired entities. When completing acquisitions, we seek to identify separately identifiable intangible assets that we have acquired. We assess goodwill and other intangibles with an indefinite useful life for impairment annually. We also assess goodwill and other intangibles for impairment upon the occurrence of certain events. In making our assessment, we consider a number of factors including operating results, business plans, economic projections, anticipated future cash flows, and current market data. Inherent uncertainties exist with respect to these factors and to our judgment in applying them when we make our assessment. Impairment of goodwill and other intangibles could result from changes in economic and operating conditions in future periods. We did not record any impairments of goodwill or other intangibles during the years ended December 31, 2021, 2020, or 2019. Goodwill arising from the acquisition of Primero in 2014 represents the excess of the purchase price over the fair value of the net assets acquired. The purchase price in excess of the fair value of net assets acquired was negotiated at arms-length with an unrelated party and was based upon the strategic decision by Company management to expand both the geographic footprint and product lines of the Company. The nature of the business acquired was such that there were limited intangibles not reflected in the net assets acquired. The purchase price was paid with a combination of cash and cancellation of obligations owed to the acquired company by the sellers. The goodwill that arose from this transaction is included in the basis of the net assets acquired and is not deductible for income tax purposes. Intangible assets arising from the acquisition of Direct Auto in 2018 represent the estimated fair values of certain intangible assets, including a favorable lease contract, a state insurance license, the value of the Direct Auto trade name, and the VOBA. The state insurance license asset has an indefinite life, while the Direct Auto trade name is being amortized over five years from the August 31, 2018 acquisition/valuation date. The favorable lease contract and VOBA assets have been fully amortized. Goodwill arising from the acquisition of Westminster in January 2020 represents the excess of the purchase price over the fair value of the net assets acquired. The purchase price in excess of the fair value of net assets acquired was negotiated at arms-length with an unrelated party and was based upon the strategic decision by Company management to expand both the geographic footprint and commercial business product line of the Company. Other intangible assets arising from the acquisition of Westminster represent the estimated fair values of certain intangible assets, including state insurance licenses, the value of Westminster’s distribution network, the value of the Westminster trade name, and the VOBA. The state insurance license asset has an indefinite life, while the distribution networks asset and Westminster trade name are being amortized over twenty years and ten years, respectively, from the January 1, 2020 acquisition/valuation date. The VOBA asset has been fully amortized.

Acquisition of Westminster American Insurance Company (Tables) - Westminster American Insurance Company [Member]

12 Months Ended

Dec. 31, 2021

Schedule of Proforma Information of Business Combination

The following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2019:

	Pro Forma Year Ended December 31,
	2019
Revenues	$	292,858

Net income attributable to NI Holdings, Inc.		24,394

Basic earnings per common share attributable to NI Holdings, Inc.		1.10

Schedule of Identified Assets Acquired and Liabilities Assumed

The following table summarizes the consideration transferred to acquire Westminster and the amounts of identified assets acquired and liabilities assumed at the acquisition date:

Fair Value of Consideration:
Cash consideration transferred	$	20,000
Present value of future cash consideration		18,787
Total cash consideration	$	38,787

Fair Value of Identifiable Assets Acquired and Liabilities Assumed:
Identifiable net assets:
Cash and cash equivalents	$	19,297
Fixed income securities		12,073
Equity securities		2,705
Other investments		735
Premiums and agents' balances receivable		8,507
Reinsurance recoverables on losses		763
Accrued investment income		70
Property and equipment		2,376
Federal income tax recoverable		138
State insurance licenses (included in goodwill and other intangibles)		1,800
Distribution network (included in goodwill and other intangibles)		6,700
Trade name (included in goodwill and other intangibles)		500
Value of business acquired (included in goodwill and other intangibles)		4,750
Other assets		76
Unpaid losses and loss adjustment expenses		(8,568	)
Unearned premiums		(16,611	)
Deferred income taxes, net		(1,583	)
Reinsurance premiums payable		(565	)
Accrued expenses and other liabilities		(1,132	)
Total identifiable net assets	$	32,031

Goodwill	$	6,756

Investments (Tables)

12 Months Ended

Dec. 31, 2021

Marketable Securities [Abstract]

Schedule of amortized cost and estimated fair value of securities

The amortized cost and estimated fair value of fixed income securities as of December 31, 2021 and 2020 were as follows:

	December 31, 2021
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Fixed income securities:
U.S. Government and agencies	$	13,118	$	467	$	(87	)	$	13,498
Obligations of states and political subdivisions		84,668		2,979		(353	)		87,294
Corporate securities		144,476		4,214		(1,069	)		147,621
Residential mortgage-backed securities		26,190		266		(300	)		26,156
Commercial mortgage-backed securities		32,878		815		(161	)		33,532
Asset-backed securities		52,604		131		(313	)		52,422
Redeemable preferred stocks		4,008		136		(16	)		4,128
Total fixed income securities	$	357,942	$	9,008	$	(2,299	)	$	364,651

	December 31, 2020
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Fixed income securities:
U.S. Government and agencies	$	13,334	$	1,055	$	(6	)	$	14,383
Obligations of states and political subdivisions		61,001		3,278		(35	)		64,244
Corporate securities		117,628		8,549		(147	)		126,030
Residential mortgage-backed securities		35,017		1,478		(1	)		36,494
Commercial mortgage-backed securities		23,976		1,700		(21	)		25,655
Asset-backed securities		50,751		535		(86	)		51,200
Redeemable preferred stocks		2,198		206		-			2,404
Total fixed income securities	$	303,905	$	16,801	$	(296	)	$	320,410

Schedule of amortized cost and fair value of fixed income securities by contractual maturity

	December 31, 2021
	Amortized Cost		Fair Value
Due to mature:
One year or less	$	14,457	$	14,586
After one year through five years		82,429		84,760
After five years through ten years		82,270		84,173
After ten years		63,106		64,894
Mortgage / asset-backed securities		111,672		112,110
Redeemable preferred stocks		4,008		4,128
Total fixed income securities	$	357,942	$	364,651

	December 31, 2020
	Amortized Cost		Fair Value
Due to mature:
One year or less	$	17,722	$	17,933
After one year through five years		86,709		91,457
After five years through ten years		59,408		64,987
After ten years		28,124		30,280
Mortgage / asset-backed securities		109,744		113,349
Redeemable preferred stocks		2,198		2,404
Total fixed income securities	$	303,905	$	320,410

Schedule of unrealized loss of securities

The investment category and duration of the Company’s gross unrealized losses on fixed income securities were as follows:

	December 31, 2021
	Less than 12 Months					Greater than 12 months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Fixed income securities:
U.S. Government and agencies	$	3,125	$	(87	)	$	-	$	-		$	3,125	$	(87	)
Obligations of states and political subdivisions		19,769		(350	)		222		(3	)		19,991		(353	)
Corporate securities		46,816		(1,015	)		1,895		(54	)		48,711		(1,069	)
Residential mortgage-backed securities		17,407		(261	)		1,434		(39	)		18,841		(300	)
Commercial mortgage-backed securities		11,287		(160	)		216		(1	)		11,503		(161	)
Asset-backed securities		28,797		(308	)		995		(5	)		29,792		(313	)
Redeemable preferred stocks		1,493		(16	)		-		-			1,493		(16	)
Total fixed income securities	$	128,694	$	(2,197	)	$	4,762	$	(102	)	$	133,456	$	(2,299	)

	December 31, 2020
	Less than 12 Months					Greater than 12 months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Fixed income securities:
U.S. Government and agencies	$	931	$	(6	)	$	—	$	—		$	931	$	(6	)
Obligations of states and political subdivisions		1,806		(35	)		—		—			1,806		(35	)
Corporate securities		3,215		(97	)		734		(50	)		3,949		(147	)
Residential mortgage-backed securities		68		(1	)		—		—			68		(1	)
Commercial mortgage-backed securities		1,103		(21	)		—		—			1,103		(21	)
Asset-backed securities		5,785		(31	)		4,188		(55	)		9,973		(86	)
Total fixed income securities	$	12,908	$	(191	)	$	4,922	$	(105	)	$	17,830	$	(296	)

Schedule of net investment income

Net investment income consisted of the following:

	Year Ended December 31,
	2021		2020		2019
Fixed income securities	$	8,489	$	8,682	$	8,394
Equity securities		1,221		1,220		996
Real estate		625		587		365
Cash and cash equivalents		4		30		71
Total gross investment income		10,339		10,519		9,826
Investment expenses		3,208		3,248		2,393
Net investment income	$	7,131	$	7,271	$	7,433

Schedule of net realized gain (loss) on investments

Net realized capital gain on investments consisted of the following:

	Year Ended December 31,
	2021			2020			2019
Gross realized gains:
Fixed income securities	$	677		$	1,035		$	341
Equity securities		17,453			8,705			4,311
Total gross realized gains		18,130			9,740			4,652

Gross realized losses, excluding other-than-temporary impairment losses:
Fixed income securities		(27	)		(132	)		(147	)
Equity securities		(335	)		(1,837	)		(1,259	)
Total gross realized losses, excluding other-than-temporary impairment losses		(362	)		(1,969	)		(1,406	)

Net realized gain on investments		17,768			7,771			3,246

Change in net unrealized gain on equity securities		(2,289	)		5,853			11,537
Net capital gain on investments	$	15,479		$	13,624		$	14,783

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Investments, All Other Investments [Abstract]

Schedule of Financial Instruments at Fair Value Measured on a Recurring Basis

	December 31, 2021
	Total		Level I		Level II		Level III
Fixed income securities:
U.S. Government and agencies	$	13,498	$	-	$	13,498	$	-
Obligations of states and political subdivisions		87,294		-		87,294		-
Corporate securities		147,621		-		147,621		-
Residential mortgage-backed securities		26,156		-		26,156		-
Commercial mortgage-backed securities		33,532		-		33,532		-
Asset-backed securities		52,422		-		52,422		-
Redeemable preferred stocks		4,128		-		4,128		-
Total fixed income securities		364,651		-		364,651		-

Equity securities:
Basic materials		653		653		-		-
Communications		4,379		4,379		-		-
Consumer, cyclical		12,685		12,685		-		-
Consumer, non-cyclical		16,075		16,075		-		-
Energy		2,477		2,477		-		-
Financial		4,694		4,694		-		-
Industrial		16,658		16,658		-		-
Technology		17,522		17,522		-		-
Perpetual preferred stocks		2,547		2,547		-		-
Total equity securities		77,690		77,690		-		-

Cash and cash equivalents		45,741		45,741		-		-
Total assets at fair value	$	488,082	$	123,431	$	364,651	$	-

Table of Contents

	December 31, 2020
	Total		Level I		Level II		Level III
Fixed income securities:
U.S. Government and agencies	$	14,383	$	-	$	14,383	$	-
Obligations of states and political subdivisions		64,244		-		64,244		-
Corporate securities		126,030		-		126,030		-
Residential mortgage-backed securities		36,494		-		36,494		-
Commercial mortgage-backed securities		25,655		-		25,655		-
Asset-backed securities		51,200		-		51,200		-
Redeemable preferred stocks		2,404		-		2,404		-
Total fixed income securities		320,410		-		320,410		-

Equity securities:
Basic materials		1,285		1,285		-		-
Communications		7,455		7,455		-		-
Consumer, cyclical		9,929		9,929		-		-
Consumer, non-cyclical		14,633		14,633		-		-
Energy		1,499		1,499		-		-
Financial		6,235		6,235		-		-
Industrial		12,733		12,733		-		-
Technology		16,145		16,145		-		-
Utility		38		38		-		-
Total equity securities		69,952		69,952		-		-

Cash equivalents		65,354		65,354		-		-
Total assets at fair value	$	455,716	$	135,306	$	320,410	$	-

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2021

Reinsurance Disclosures [Abstract]

Schedule of reconciliation of direct to net premiums on both a written and an earned basis

	Year Ended December 31,
	2021						2020						2019
	Premiums Written			Premiums Earned			Premiums Written			Premiums Earned			Premiums Written			Premiums Earned
Direct premium	$	342,215		$	333,254		$	314,187		$	301,061		$	262,145		$	257,661
Assumed premium		8,183			8,035			6,590			6,459			5,921			5,897
Ceded premium		(42,629	)		(41,700	)		(23,633	)		(23,859	)		(17,120	)		(17,120	)
Net premiums	$	307,769		$	299,589		$	297,144		$	283,661		$	250,946		$	246,438

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:

	Year Ended December 31,
	2021			2020			2019
Direct losses and loss adjustment expenses	$	280,998		$	185,370		$	173,943
Assumed losses and loss adjustment expenses		6,899			3,308			4,032
Ceded losses and loss adjustment expenses		(71,518	)		(20,205	)		(8,265	)
Net losses and loss adjustment expenses	$	216,379		$	168,473		$	169,710

Deferred Policy Acquisition Costs (Tables)

12 Months Ended

Dec. 31, 2021

Deferred Policy Acquisition Costs Disclosures [Abstract]

Schedule of deferred policy acquisition costs

	Year Ended December 31,
	2021			2020			2019
Balance, beginning of year	$	23,968		$	15,399		$	12,866
Deferral of policy acquisition costs		65,553			60,041			48,721
Amortization of deferred policy acquisition costs		(64,574	)		(51,472	)		(46,188	)
Balance, end of year	$	24,947		$	23,968		$	15,399

Unpaid Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]

Schedule of Activity in the liability for unpaid losses and loss adjustment expenses

Activity in the liability for unpaid losses and LAE is summarized as follows:

	Year Ended December 31,
	2021			2020		2019
Balance at beginning of year:
Liability for unpaid losses and LAE	$	105,750		$	93,250	$	87,121
Reinsurance recoverables on losses		8,710			4,045		2,232
Net balance at beginning of year		97,040			89,205		84,889

Acquired unpaid losses and LAE related to:
Current year		-			-		-
Prior years		-			8,568		-
Total acquired		-			8,568		-

Incurred related to:
Current year		220,517			165,181		176,219
Prior years		(4,138	)		3,292		(6,509	)
Total incurred		216,379			168,473		169,710

Paid related to:
Current year		150,278			116,755		125,940
Prior years		44,679			52,451		39,454
Total paid		194,957			169,206		165,394

Balance at end of year:
Liability for unpaid losses and LAE		139,662			105,750		93,250
Reinsurance recoverables on losses		21,200			8,710		4,045
Net balance at end of year	$	118,462		$	97,040	$	89,205

Schedule of Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance

Private Passenger Auto	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,																						At December 31, 2021
Accident Year		2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021			Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
(in thousands, except claim counts)
2012		$	26,962	$	24,787	$	24,323	$	24,098	$	24,133	$	23,298	$	23,621	$	23,651	$	22,523		$	22,570	$	5		9,727
2013			—		29,079		27,840		27,363		27,334		26,014		26,138		26,105		26,077			26,096		11		10,826
2014			—		—		32,548		31,349		30,427		29,099		29,144		29,298		29,479			29,423		16		11,745
2015			—		—		—		32,438		31,532		30,461		30,503		30,679		30,455			30,379		24		11,688
2016			—		—		—		—		40,227		39,260		39,057		39,314		38,535			38,416		93		14,325
2017			—		—		—		—		—		40,779		40,199		40,120		40,427			40,488		159		13,753
2018			—		—		—		—		—		—		44,925		43,428		43,641			43,575		353		14,675
2019			—		—		—		—		—		—		—		53,769		53,328			53,364		881		16,540
2020			—		—		—		—		—		—		—		—		46,247			48,519		1,546		13,541
2021			—		—		—		—		—		—		—		—		—			57,316		3,819		14,064
																			Total		$	390,146

⁽¹⁾ Prior years unaudited

Private Passenger Auto	Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021
2012	$	18,681	$	21,434	$	21,888	$	22,640	$	22,726	$	23,073	$	23,271	$	23,324	$	22,490	$	22,555
2013		—		20,077		23,576		24,765		24,918		25,718		25,843		26,035		26,019		26,073
2014		—		—		22,744		25,727		27,076		27,443		28,281		28,765		29,239		29,407
2015		—		—		—		23,401		27,171		28,933		29,598		29,795		30,120		30,355
2016		—		—		—		—		29,009		35,845		37,307		38,108		37,833		38,173
2017		—		—		—		—		—		31,033		37,050		38,331		39,738		40,111
2018		—		—		—		—		—		—		34,358		40,213		41,479		42,820
2019		—		—		—		—		—		—		—		42,414		48,414		50,370
2020		—		—		—		—		—		—		—		—		35,495		42,585
2021		—		—		—		—		—		—		—		—		—		42,326
																		Total	$	364,775
				All outstanding liabilities prior to 2012, net of reinsurance																18
	Liabilities for Unpaid Losses and Loss Adjustment Expenses, net of reinsurance																		$	25,389

⁽¹⁾ Prior years unaudited

Table of Contents

Non-Standard Auto (Primero)	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,																				At December 31, 2021
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
(in thousands, except claim counts)
2012	$	8,749	$	8,491	$	8,369	$	8,361	$	8,302	$	8,312	$	8,324	$	8,324	$	8,323	$	8,324	$	—		2,048
2013		—		11,063		10,823		10,800		10,804		10,843		10,833		10,828		10,844		10,844		—		2,617
2014		—		—		7,297		7,619		7,591		7,577		7,612		7,625		7,606		7,606		—		1,838
2015		—		—		—		9,727		9,806		9,655		9,691		9,641		9,622		9,623		—		1,793
2016		—		—		—		—		9,967		10,048		10,054		10,033		10,008		9,976		—		1,740
2017		—		—		—		—		—		8,722		8,654		8,556		8,541		8,543		9		1,460
2018		—		—		—		—		—		—		10,445		11,804		11,763		11,766		12		1,794
2019		—		—		—		—		—		—		—		12,264		11,391		11,236		58		1,502
2020		—		—		—		—		—		—		—		—		9,018		8,824		129		950
2021		—		—		—		—		—		—		—		—		—		10,073		1,006		933
																		Total	$	96,815

⁽¹⁾ Prior years unaudited

Non-Standard Auto (Primero)	Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021
2012	$	4,377	$	7,522	$	7,983	$	8,276	$	8,302	$	8,312	$	8,324	$	8,324	$	8,323	$	8,324
2013		—		6,320		9,675		10,508		10,717		10,805		10,815		10,818		10,844		10,844
2014		—		—		3,733		6,707		7,423		7,521		7,579		7,605		7,606		7,606
2015		—		—		—		5,335		8,685		9,479		9,557		9,620		9,622		9,623
2016		—		—		—		—		5,409		8,882		9,790		9,912		9,974		9,976
2017		—		—		—		—		—		4,348		7,660		8,204		8,460		8,506
2018		—		—		—		—		—		—		5,492		10,536		11,616		11,730
2019		—		—		—		—		—		—		—		6,309		10,007		10,971
2020		—		—		—		—		—		—		—		—		4,111		7,645
2021		—		—		—		—		—		—		—		—		—		4,869
																		Total	$	90,094
				All outstanding liabilities prior to 2012, net of reinsurance																—
	Liabilities for Unpaid Losses and Loss Adjustment Expenses, net of reinsurance																		$	6,721

⁽¹⁾ Prior years unaudited

Table of Contents

Non-Standard Auto (Direct Auto)	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,																				At December 31, 2021
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016 ⁽¹⁾		2017 ⁽¹⁾		2018		2019		2020		2021		Total IBNR Plus Expected Development on Reported Claims			Cumulative Number of Reported Claims
(in thousands, except claim counts)
2012	$	7,164	$	4,159	$	3,927	$	3,916	$	4,215	$	4,643	$	4,909	$	4,930	$	5,009	$	4,998	$	12			3,357
2013		—		10,596		6,020		5,869		5,261		5,278		5,160		5,049		5,131		5,106		22			3,373
2014		—		—		14,010		9,068		6,224		8,381		6,745		6,476		6,672		6,524		34			4,776
2015		—		—		—		17,917		14,498		13,043		10,538		10,704		10,945		10,576		92			9,057
2016		—		—		—		—		20,547		14,660		13,552		13,956		12,876		12,291		(638	)		11,137
2017		—		—		—		—		—		23,376		18,621		15,858		14,648		13,678		28			11,720
2018		—		—		—		—		—		—		25,791		22,662		21,980		20,541		(282	)		14,917
2019		—		—		—		—		—		—		—		24,932		25,473		24,574		395			10,918
2020		—		—		—		—		—		—		—		—		24,036		22,919		(2,387	)		13,623
2021		—		—		—		—		—		—		—		—		—		30,579		(4,381	)		14,784
																		Total	$	151,786

⁽¹⁾ Prior years unaudited

Non-Standard Auto (Direct Auto)	Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016 ⁽¹⁾		2017 ⁽¹⁾		2018		2019		2020		2021
2012	$	1,696	$	2,421	$	3,041	$	3,587	$	4,081	$	4,503	$	4,671	$	4,730	$	4,915	$	4,946
2013		—		1,944		3,123		3,796		4,291		4,602		4,808		4,890		4,960		5,000
2014		—		—		2,201		3,573		4,452		5,369		5,781		6,151		6,327		6,364
2015		—		—		—		2,967		5,202		7,057		8,327		9,560		10,057		10,176
2016		—		—		—		—		3,526		6,272		8,559		10,603		11,058		11,519
2017		—		—		—		—		—		4,385		6,981		10,034		11,366		12,098
2018		—		—		—		—		—		—		6,034		12,285		15,204		16,759
2019		—		—		—		—		—		—		—		10,203		16,214		18,982
2020		—		—		—		—		—		—		—		—		9,964		15,401
2021		—		—		—		—		—		—		—		—		—		13,767
																		Total	$	115,012
				All outstanding liabilities prior to 2012, net of reinsurance																20
	Liabilities for Unpaid Losses and Loss Adjustment Expenses, net of reinsurance																		$	36,794

⁽¹⁾ Prior years unaudited

Table of Contents

Home and Farm	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,																				At December 31, 2021
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
(in thousands, except claim counts)
2012	$	25,179	$	24,439	$	24,320	$	24,091	$	24,081	$	24,079	$	24,088	$	24,086	$	24,324	$	24,325	$	—		3,631
2013		—		29,976		29,217		28,531		28,315		28,286		28,315		27,593		27,588		27,595		—		4,189
2014		—		—		36,663		36,001		35,770		35,589		35,684		35,534		35,497		35,503		—		5,243
2015		—		—		—		32,789		31,818		31,297		31,577		31,446		31,612		31,600		3		3,923
2016		—		—		—		—		45,825		44,510		44,945		44,602		44,728		44,745		45		6,348
2017		—		—		—		—		—		42,110		41,593		41,886		41,779		41,804		109		4,943
2018		—		—		—		—		—		—		42,515		43,846		43,747		43,682		107		4,580
2019		—		—		—		—		—		—		—		45,438		45,828		45,471		375		5,483
2020		—		—		—		—		—		—		—		—		36,264		35,668		674		4,070
2021		—		—		—		—		—		—		—		—		—		53,079		4,413		4,837
																		Total	$	383,472

⁽¹⁾ Prior years unaudited

Home and Farm	Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021
2012	$	21,761	$	23,863	$	24,029	$	24,168	$	24,075	$	24,076	$	24,087	$	24,086	$	24,324	$	24,325
2013		—		23,354		26,934		27,183		27,221		27,456		27,495		27,560		27,583		27,590
2014		—		—		32,207		35,199		35,219		35,371		35,481		35,482		35,485		35,503
2015		—		—		—		27,204		30,164		30,350		30,573		31,383		31,597		31,597
2016		—		—		—		—		37,656		44,942		44,270		44,530		44,583		44,650
2017		—		—		—		—		—		34,657		38,928		40,442		40,941		41,414
2018		—		—		—		—		—		—		37,881		42,814		43,178		43,549
2019		—		—		—		—		—		—		—		38,709		43,253		44,119
2020		—		—		—		—		—		—		—		—		29,274		33,988
2021		—		—		—		—		—		—		—		—		—		41,043
																		Total	$	367,778
				All outstanding liabilities prior to 2012, net of reinsurance																—
	Liabilities for Unpaid Losses and Loss Adjustment Expenses, net of reinsurance																		$	15,694

⁽¹⁾ Prior years unaudited

Table of Contents

Crop	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,																				At December 31, 2021
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
(in thousands, except claim counts)
2012	$	13,546	$	13,676	$	13,673	$	13,673	$	13,673	$	13,673	$	13,673	$	13,673	$	13,673	$	13,673	$	—		2,137
2013		—		40,976		39,665		39,665		39,665		39,665		39,665		39,665		39,665		39,665		—		2,097
2014		—		—		22,686		20,333		20,333		20,333		20,333		20,333		20,333		20,333		—		2,268
2015		—		—		—		13,813		13,849		13,849		13,849		13,849		13,849		13,849		—		2,427
2016		—		—		—		—		20,209		19,582		19,487		19,487		19,487		19,487		—		2,806
2017		—		—		—		—		—		33,733		34,181		34,181		34,181		34,181		—		2,968
2018		—		—		—		—		—		—		12,506		11,730		11,730		11,730		—		2,147
2019		—		—		—		—		—		—		—		33,913		37,629		37,629		—		3,101
2020		—		—		—		—		—		—		—		—		28,688		28,759		—		2,442
2021		—		—		—		—		—		—		—		—		—		28,574		314		2,620
																		Total	$	247,880

⁽¹⁾ Prior years unaudited

Crop	Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021
2012	$	13,078	$	13,673	$	13,673	$	13,673	$	13,673	$	13,673	$	13,673	$	13,673	$	13,673	$	13,673
2013		—		35,511		39,665		39,665		39,665		39,665		39,665		39,665		39,665		39,665
2014		—		—		17,788		20,333		20,333		20,333		20,333		20,333		20,333		20,333
2015		—		—		—		12,866		13,849		13,849		13,849		13,849		13,849		13,849
2016		—		—		—		—		16,444		19,487		19,487		19,487		19,487		19,487
2017		—		—		—		—		—		32,767		34,181		34,181		34,181		34,181
2018		—		—		—		—		—		—		10,764		11,730		11,730		11,730
2019		—		—		—		—		—		—		—		26,332		37,629		37,629
2020		—		—		—		—		—		—		—		—		28,038		28,759
2021		—		—		—		—		—		—		—		—		—		29,525
																		Total	$	248,831
				All outstanding liabilities prior to 2012, net of reinsurance																—
	Liabilities for Unpaid Losses and Loss Adjustment Expenses, net of reinsurance																		$	(951)

⁽¹⁾ Prior years unaudited

Table of Contents

Commercial (Westminster)	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,																				At December 31, 2021
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016 ⁽¹⁾		2017 ⁽¹⁾		2018 ⁽¹⁾		2019 ⁽¹⁾		2020		2021		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
(in thousands, except claim counts)
2012	$	2,795	$	2,492	$	2,539	$	2,583	$	2,666	$	2,680	$	2,680	$	2,680	$	2,680	$	2,680	$	—		133
2013		—		2,214		1,982		2,000		1,935		2,058		2,053		2,037		2,036		2,036		—		138
2014		—		—		4,385		4,274		4,286		4,428		4,450		4,443		4,445		4,443		—		272
2015		—		—		—		3,082		3,258		4,019		4,218		4,293		4,238		4,294		7		278
2016		—		—		—		—		4,661		5,719		6,200		6,091		6,248		6,354		16		264
2017		—		—		—		—		—		5,552		6,249		6,838		7,347		7,905		249		320
2018		—		—		—		—		—		—		10,358		11,177		12,414		12,769		378		479
2019		—		—		—		—		—		—		—		11,658		13,051		14,564		1,659		415
2020		—		—		—		—		—		—		—		—		14,774		14,063		1,944		465
2021		—		—		—		—		—		—		—		—		—		30,911		5,437		520
																		Total	$	100,019

⁽¹⁾ Prior years unaudited

Commercial (Westminster)	Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016 ⁽¹⁾		2017 ⁽¹⁾		2018 ⁽¹⁾		2019 ⁽¹⁾		2020		2021
2012	$	1,634	$	2,364	$	2,442	$	2,537	$	2,591	$	2,680	$	2,680	$	2,680	$	2,680	$	2,680
2013		—		1,494		1,727		1,829		1,889		1,949		2,035		2,036		2,036		2,036
2014		—		—		3,330		3,921		4,151		4,269		4,395		4,403		4,410		4,443
2015		—		—		—		2,126		2,794		3,332		3,950		4,206		4,231		4,287
2016		—		—		—		—		3,172		5,289		5,630		5,693		6,112		6,338
2017		—		—		—		—		—		3,573		4,927		5,865		6,576		7,206
2018		—		—		—		—		—		—		6,494		9,472		10,591		11,911
2019		—		—		—		—		—		—		—		6,294		9,925		11,056
2020		—		—		—		—		—		—		—		—		8,146		10,853
2021		—		—		—		—		—		—		—		—		—		16,269
																		Total	$	77,079
				All outstanding liabilities prior to 2012, net of reinsurance																—
	Liabilities for Unpaid Losses and Loss Adjustment Expenses, net of reinsurance																		$	22,940

⁽¹⁾ Prior years unaudited

Table of Contents

Commercial (non-Westminster)	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,																				At December 31, 2021
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
(in thousands, except claim counts)
2012	$	1,600	$	1,125	$	1,001	$	988	$	985	$	970	$	969	$	969	$	970	$	969	$	—		142
2013		—		2,690		2,637		2,566		2,548		2,508		2,511		2,511		2,511		2,511		—		227
2014		—		—		2,180		1,732		1,694		1,675		1,650		1,650		1,650		1,650		—		163
2015		—		—		—		1,695		1,643		1,637		1,582		1,580		1,580		1,580		—		135
2016		—		—		—		—		2,683		2,526		2,515		2,516		2,512		2,512		—		288
2017		—		—		—		—		—		2,530		2,513		2,510		2,497		2,494		—		167
2018		—		—		—		—		—		—		1,652		1,576		1,609		1,555		1		147
2019		—		—		—		—		—		—		—		2,607		2,782		2,777		15		189
2020		—		—		—		—		—		—		—		—		2,293		2,054		29		129
2021		—		—		—		—		—		—		—		—		—		2,726		220		177
																		Total	$	20,828

⁽¹⁾ Prior years unaudited

Commercial (non-Westminster)	Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2012 ⁽¹⁾		2013 ⁽¹⁾		2014 ⁽¹⁾		2015 ⁽¹⁾		2016		2017		2018		2019		2020		2021
2012	$	776	$	932	$	985	$	969	$	969	$	970	$	969	$	969	$	970	$	969
2013		—		2,520		2,751		2,530		2,504		2,508		2,511		2,511		2,511		2,511
2014		—		—		1,782		1,925		1,563		1,640		1,650		1,650		1,650		1,650
2015		—		—		—		1,274		1,796		1,818		1,580		1,580		1,580		1,580
2016		—		—		—		—		1,822		2,806		2,498		2,512		2,512		2,512
2017		—		—		—		—		—		1,530		2,465		2,497		2,497		2,494
2018		—		—		—		—		—		—		1,049		1,213		1,240		1,554
2019		—		—		—		—		—		—		—		1,917		2,712		2,717
2020		—		—		—		—		—		—		—		—		1,543		1,892
2021		—		—		—		—		—		—		—		—		—		1,687
																		Total	$	19,566
				All outstanding liabilities prior to 2012, net of reinsurance																—
	Liabilities for Unpaid Losses and Loss Adjustment Expenses, net of reinsurance																		$	1,262

⁽¹⁾ Prior years unaudited

Schedule of reconciliation of the net incurred and paid claims development

The following table presents a reconciliation of the net incurred and paid claims development tables to the liability for unpaid losses and loss adjustment expenses in our Consolidated Balance Sheet:

	December 31, 2021
Liabilities for unpaid losses and loss adjustment expenses:
Private passenger auto	$	26,390
Non-standard auto (Primero)		6,721
Non-standard auto (Direct Auto)		36,794
Home and farm		19,161
Crop		6,002
Commercial (Westminster)		31,662
Commercial (non-Westminster)		1,262
All other		11,670
Total liabilities for unpaid losses and loss adjustment expenses		139,662

Reinsurance recoverables on losses:
Private passenger auto		1,001
Non-standard auto (Primero)		-
Non-standard auto (Direct Auto)		-
Home and farm		3,467
Crop		6,953
Commercial (Westminster)		8,722
Commercial (non-Westminster)		-
All other		1,057
Total reinsurance recoverables on losses		21,200

Net liability for unpaid losses and loss adjustment expenses	$	118,462

Schedule of required supplementary information about average historical claims duration

The following table presents required supplementary information about average historical claims duration as of December 31, 2021:

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1		2		3		4		5		6		7		8		9		10
Private Passenger Auto		54.4%		20.4%		10.6%		5.9%		4.7%		3.2%		0.8%		—		—		—
Non-Standard Auto (Primero)		78.2%		16.6%		3.8%		0.9%		0.2%		0.2%		0.1%		—		—		—
Non-Standard Auto (Direct Auto)		35.4%		25.1%		16.2%		9.9%		6.1%		2.9%		2.1%		1.5%		0.6%		0.2%
Home and Farm		68.1%		14.5%		9.4%		4.9%		2.4%		0.5%		0.2%		—		—		—
Crop		100.0%		—		—		—		—		—		—		—		—		—
Commercial (Westminster)		70.4%		23.6%		6.0%		—		—		—		—		—		—		—
Commercial (non-Westminster)		87.3%		3.7%		2.6%		3.0%		2.9%		0.5%		—		—		—		—

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and equipment

Property and equipment consisted of the following:

	December 31,
	2021			2020			Estimated Useful Life
Cost:
Land	$	1,403		$	1,401		indefinite
Building and improvements		14,193			13,912		10 – 43 years
Electronic data processing equipment		1,518			1,271		5 – 7 years
Furniture and fixtures		2,885			2,867		5 – 7 years
Automobiles		1,228			1,275		2 – 3 years
Gross cost		21,227			20,726

Accumulated depreciation		(11,358	)		(10,827	)
Total property and equipment, net	$	9,869		$	9,899

Goodwill and Other Intangibles (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill by Segment

The following table presents the carrying amount of the Company’s goodwill by segment:

	December 31,
	2021		2020
Non-standard auto from acquisition of Primero	$	2,628	$	2,628
Commercial from acquisition of Westminster		6,756		6,756
Total	$	9,384	$	9,384

Schedule of Carrying Amount of Other Intangible Assets

The following table presents the carrying amount of the Company’s other intangible assets:

December 31, 2021	Gross Carrying Amount		Accumulated Amortization		Net
Subject to amortization:
Trade names	$	748	$	265	$	483
Distribution network		6,700		745		5,955
Total subject to amortization		7,448		1,010		6,438

Not subject to amortization – state insurance licenses		1,900		-		1,900
Total	$	9,348	$	1,010	$	8,338

December 31, 2020	Gross Carrying Amount		Accumulated Amortization		Net
Subject to amortization:
Trade names	$	748	$	166	$	582
Distribution network		6,700		372		6,328
Total subject to amortization		7,448		538		6,910

Not subject to amortization – state insurance licenses		1,900		-		1,900
Total	$	9,348	$	538	$	8,810

Schedule of Estimated Amortization of Other Intangible Assets

Year ending December 31,	Amount
2022	$	472
2023		455
2024		422
2025		422
2026		422
Thereafter		4,245
Total other intangible assets with finite lives	$	6,438

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Pooling Share Percentages

For the years ended December 31, 2021 and 2020, the pooling share percentages by insurance company were:

	Pool Percentage
Nodak Insurance Company		66.0	%
American West Insurance Company		7.0	%
Primero Insurance Company		3.0	%
Battle Creek Mutual Insurance Company		2.0	%
Direct Auto Insurance Company		13.0	%
Westminster American Insurance Company		9.0	%
Total		100.0	%

Schedule of illustrates the impact of consolidating Battle Creek into our consolidated balance sheets and statements of operations prior to intercompany eliminations

	December 31,
	2021		2020
Assets:
Cash and cash equivalents	$	4,398	$	6,055
Investments		10,610		5,543
Premiums and agents’ balances receivable		5,038		4,738
Deferred policy acquisition costs		499		479
Pooling receivable ⁽¹⁾		-		920
Reinsurance recoverables on losses ⁽²⁾		10,173		5,646
Accrued investment income		51		27
Deferred income taxes		142		101
Property and equipment		325		337
Other assets		52		49
Total assets	$	31,288	$	23,895

Liabilities:
Unpaid losses and LAE	$	2,937	$	2,445
Unearned premiums		2,544		2,381
Notes payable ⁽¹⁾		3,000		3,000
Pooling payable ⁽¹⁾		5,580		-
Reinsurance losses payable ⁽²⁾		12,754		11,221
Accrued expenses and other liabilities		264		303
Total liabilities		27,079		19,350

Equity:
Non-controlling interest		4,209		4,545
Total equity		4,209		4,545

Total liabilities and equity	$	31,288	$	23,895

⁽¹⁾	Amount fully eliminated in consolidation.
⁽²⁾	Amount partly eliminated in consolidation.

	Year Ended December 31,
	2021			2020			2019
Revenues:
Net premiums earned	$	5,992		$	5,673		$	-
Fee and other income		(11	)		(23	)		(9	)
Net investment income		49			(3	)		139
Net capital gain on investments		2			1			3
Total revenues		6,032			5,648			133

Expenses:
Losses and loss adjustment expenses		4,328			3,369			-
Amortization of deferred policy acquisition costs		1,291			1,029			-
Other underwriting and general expenses		470			77			-
Total expenses		6,089			4,475			-

Income (loss) before income taxes		(57	)		1,173			133
Income taxes		27			218			34
Net income (loss)	$	(84	)	$	955		$	99

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of components of our provision for income taxes

The components of our provision for income tax expense (benefit) were as follows:

	Year Ended December 31,
	2021			2020		2019
Current tax provision
Federal	$	3,930		$	10,109	$	5,116
State		354			725		324
Total current		4,284			10,834		5,440
Deferred tax (benefit) provision		(1,310	)		638		1,871
Total provision for income taxes	$	2,974		$	11,472	$	7,311

Schedule of provision for income taxes differs from the amount that would be computed by applying the statutory federal rate to income before provision for income taxes

The provision for income taxes differs from the amount that would be computed by applying the statutory federal rate to income before provision for income taxes as a result of the following:

	Year Ended December 31,
	2021			2020			2019
Income before income taxes	$	11,306		$	52,816		$	33,811

Expected provision for federal income taxes at 21%	$	2,374		$	11,091		$	7,100

State income taxes, net of federal impact		474			570			224
Tax-exempt interest		(197	)		(209	)		(235	)
Dividends received deduction		(122	)		(104	)		(89	)
Compensation-related expenses		326			130			151
Change in valuation allowance		77			(17	)		7
Other		42			11			153
Total provision for income taxes	$	2,974		$	11,472		$	7,311

Schedule of deferred income tax assets and deferred income tax liabilities

	December 31,
	2021			2020
Deferred income tax assets:
Unearned premium	$	5,783		$	5,013
Unpaid losses and LAE		1,096			792
Net operating loss carryovers		1,224			1,260
Other		1,967			1,538
Total deferred income tax assets		10,070			8,603

Deferred income tax liabilities:
Deferred policy acquisition costs		5,670			5,033
Net unrealized gains on investments		7,382			9,897
Intangibles		1,464			1,451
Other		52			48
Total deferred income tax liabilities		14,568			16,429

Net deferred income tax liability		(4,498	)		(7,826	)

Valuation allowance		(1,008	)		(931	)
Deferred income tax liability, net	$	(5,506	)	$	(8,757	)

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases, Operating [Abstract]

Schedule of Minimum Future Commitments Under Non-Cancellable Leases

As of December 31, 2021, we have minimum future commitments under non-cancellable leases for the next five years in the period ended December 31, 2026, and thereafter as follows:

Year ending December 31,	Estimated Future Minimum Commitments
2022	$	319
2023		358
2024		320
2025		286
2026		291
Thereafter		775

Common Stock (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of number of common stock shares

Changes in the number of common stock shares outstanding were as follows:

	Year Ended December 31,
	2021			2020			2019
Shares outstanding, beginning		21,318,638			22,119,380			22,192,894
Treasury shares repurchased through stock repurchase authorization		(225,205	)		(856,499	)		(116,034	)
Issuance of treasury shares for vesting of stock awards		102,060			31,442			18,205
Issuance of shares related to employee stock ownership plan		24,315			24,315			24,315
Shares outstanding, ending		21,219,808			21,318,638			22,119,380

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Restricted Stock Outstanding

A summary of the Company’s outstanding RSUs is presented below:

	Shares			Weighted-Average Grant-Date Fair Value Per Share
Units outstanding and unearned at January 1, 2019		73,880		$	16.87
RSUs granted during 2019		57,100			15.81
RSUs earned during 2019		(34,440	)		16.24
Units outstanding and unearned at December 31, 2019		96,540			16.47

RSUs granted during 2020		66,000			14.27
RSUs earned during 2020		(46,760	)		16.33
Units outstanding and unearned at December 31, 2020		115,780			15.27

RSUs granted during 2021		58,700			18.76
RSUs earned during 2021		(66,100	)		15.77
Units outstanding and unearned at December 31, 2021		108,380		$	16.86

Schedule of RSU activity

The following table shows the impact of RSU activity to the Company’s financial results:

	Year Ended December 31,
	2021			2020			2019
RSU compensation expense	$	1,065		$	1,035		$	792
Income tax benefit		(242	)		(217	)		(166	)
RSU compensation expense, net of income taxes	$	823		$	818		$	626

Total grant-date fair value of vested RSUs at end of period	$	1,042		$	764		$	568

Schedule of Performance Stock Outstanding

A summary of the Company’s outstanding PSUs is presented below:

	Performance Share Units			Weighted-Average Grant-Date Fair Value Per Share
Units outstanding and unearned at January 1, 2019		48,600		$	16.25
PSUs granted during 2019 (at target)		62,400			15.21
Units outstanding and unearned at December 31, 2019		111,000			15.27

PSUs granted during 2020 (at target)		63,600			14.26
Units outstanding and unearned at December 31, 2020		174,600			15.15

PSUs granted during 2021 (at target)		64,600			18.64
PSUs earned during 2021		(70,363	)		16.25
Performance adjustment⁽¹⁾		24,300			16.25
Forfeitures		(2,537	)		16.25
Units outstanding and unearned at December 31, 2021		190,600		$	16.06

⁽¹⁾ Represents the change in PSUs issued based upon the attainment of performance goals established by the Company.

Schedule of PSU activity

The following table shows the impact of PSU activity to the Company’s financial results:

	Year Ended December 31,
	2021			2020			2019
PSU compensation expense	$	1,344		$	1,262		$	822
Income tax benefit		(305	)		(265	)		(173	)
PSU compensation expense, net of income taxes	$	1,039		$	997		$	649

Total grant-date fair value of vested PSUs at end of period	$	1,143		$	-		$	-

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of revenue by insurance product line

Table of Contents

	Year Ended December 31, 2021
	Private Passenger Auto			Non-Standard Auto			Home and Farm			Crop			Commercial			All Other			Total
Direct premiums earned	$	76,749		$	58,842		$	84,102		$	43,541		$	65,104		$	4,916		$	333,254
Assumed premiums earned		-			-			-			2,106			-			5,929			8,035
Ceded premiums earned		(4,216	)		(257	)		(10,310	)		(18,799	)		(7,819	)		(299	)		(41,700	)
Net premiums earned		72,533			58,585			73,792			26,848			57,285			10,546			299,589

Direct losses and LAE		61,358			34,453			59,380			79,177			45,621			1,009			280,998
Assumed losses and LAE		-			-			-			617			-			6,282			6,899
Ceded losses and LAE		(1,637	)		-			(7,235	)		(51,963	)		(10,842	)		159			(71,518	)
Net losses and LAE		59,721			34,453			52,145			27,831			34,779			7,450			216,379

Gross margin		12,812			24,132			21,647			(983	)		22,506			3,096			83,210

Underwriting and general expenses		20,516			22,770			22,122			8,212			20,000			2,669			96,289
Underwriting gain (loss)		(7,704	)		1,362			(475	)		(9,195	)		2,506			427			(13,079	)

Fee and other income					1,280															1,775
					2,642
Net investment income																				7,131
Net capital gain on investments																				15,479
Income before income taxes																				11,306
Income taxes																				2,974
Net income																				8,332
Net loss attributable to non-controlling interest																				(84	)
Net income attributable to NI Holdings, Inc.																			$	8,416

Operating Ratios:
Loss and LAE ratio		82.3	%		58.8	%		70.7	%		103.7	%		60.7	%		70.6	%		72.2	%
Expense ratio		28.3	%		38.9	%		30.0	%		30.6	%		34.9	%		25.3	%		32.1	%
Combined ratio		110.6	%		97.7	%		100.6	%		134.2	%		95.6	%		96.0	%		104.4	%


Balances at December 31, 2021:
Premiums and agents’ balances receivable	$	19,039		$	8,143		$	8,914		$	-		$	14,687		$	669		$	51,452
Deferred policy acquisition costs		4,949			5,978			7,271			-			6,328			421			24,947
Reinsurance recoverables		1,001			-			3,467			6,953			8,722			1,057			21,200
Goodwill and other intangibles		-			2,810			-			-			14,912			-			17,722

Unpaid losses and LAE		26,390			43,515			19,161			6,002			32,924			11,670			139,662
Unearned premiums		28,820			18,679			42,399			-			34,672			3,219			127,789
Payable to Federal Crop Insurance Corporation		-			-			-			4,962			-			-			4,962

Table of Contents

	Year Ended December 31, 2020
	Private Passenger Auto			Non-Standard Auto			Home and Farm			Crop			Commercial			All Other			Total
Direct premiums earned	$	74,998		$	53,909		$	82,036		$	39,893		$	45,557		$	4,668		$	301,061
Assumed premiums earned		-			-			-			1,896			-			4,563			6,459
Ceded premiums earned		(2,989	)		(172	)		(7,157	)		(6,071	)		(7,269	)		(201	)		(23,859	)
Net premiums earned		72,009			53,737			74,879			35,718			38,288			9,030			283,661

Direct losses and LAE		45,423			30,347			38,700			36,022			32,620			2,258			185,370
Assumed losses and LAE		-			-			(116	)		1,070			-			2,354			3,308
Ceded losses and LAE		88			-			(1,839	)		(5,713	)		(12,190	)		(551	)		(20,205	)
Net losses and LAE		45,511			30,347			36,745			31,379			20,430			4,061			168,473

Gross margin		26,498			23,390			38,134			4,339			17,858			4,969			115,188

Underwriting and general expenses		19,986			20,739			20,874			4,807			16,358			2,304			85,068
Underwriting gain (loss)		6,512			2,651			17,260			(468	)		1,500			2,665			30,120

Fee and other income					1,337															1,801
					3,988
Net investment income																				7,271
Net capital gain on investments																				13,624
Income before income taxes																				52,816
Income taxes																				11,472
Net income																				41,344
Net income attributable to non-controlling interest																				955
Net income attributable to NI Holdings, Inc.																			$	40,389

Operating Ratios:
Loss and LAE ratio		63.2	%		56.5	%		49.1	%		87.9	%		53.4	%		45.0	%		59.4	%
Expense ratio		27.8	%		38.6	%		27.9	%		13.5	%		42.7	%		25.5	%		30.0	%
Combined ratio		91.0	%		95.1	%		76.9	%		101.3	%		96.1	%		70.5	%		89.4	%


Balances at December 31, 2020:
Premiums and agents’ balances receivable	$	18,540		$	6,543		$	9,072		$	-		$	13,732		$	636		$	48,523
Deferred policy acquisition costs		5,461			4,649			7,828			-			5,588			442			23,968
Reinsurance recoverables		412			-			588			121			5,374			2,215			8,710
Receivable from Federal Crop Insurance Corporation		-			-			-			6,646			-			-			6,646
Goodwill and other intangibles		-			2,860			-			-			15,334			-			18,194

Unpaid losses and LAE		20,311			43,336			11,737			771			19,089			10,506			105,750
Unearned premiums		28,293			16,147			41,301			-			30,705			2,917			119,363

Table of Contents

	Year Ended December 31, 2019
	Private Passenger Auto			Non-Standard Auto			Home and Farm			Crop			Commercial			All Other			Total
Direct premiums earned	$	71,297		$	57,278		$	77,832		$	42,277		$	4,546		$	4,431		$	257,661
Assumed premiums earned		-			-			-			2,072			1			3,824			5,897
Ceded premiums earned		(3,314	)		(164	)		(6,661	)		(6,330	)		(450	)		(201	)		(17,120	)
Net premiums earned		67,983			57,114			71,171			38,019			4,097			8,054			246,438

Direct losses and LAE		53,022			32,654			47,282			35,148			2,541			3,296			173,943
Assumed losses and LAE		63			-			-			1,582			-			2,387			4,032
Ceded losses and LAE		(389	)		-			(1,681	)		(4,639	)		(52	)		(1,504	)		(8,265	)
Net losses and LAE		52,696			32,654			45,601			32,091			2,489			4,179			169,710

Gross margin		15,287			24,460			25,570			5,928			1,608			3,875			76,728

Underwriting and general expenses		18,886			21,077			20,106			4,396			863			1,930			67,258
Underwriting gain (loss)		(3,599	)		3,383			5,464			1,532			745			1,945			9,470

Fee and other income					1,638															2,125
					5,021
Net investment income																				7,433
Net capital gain on investments																				14,783
Income before income taxes																				33,811
Income taxes																				7,311
Net income																				26,500
Net income attributable to non-controlling interest																				99
Net income attributable to NI Holdings, Inc.																			$	26,401

Operating Ratios:
Loss and LAE ratio		77.5	%		57.2	%		64.1	%		84.4	%		60.8	%		51.9	%		68.9	%
Expense ratio		27.8	%		36.9	%		28.3	%		11.6	%		21.1	%		24.0	%		27.3	%
Combined ratio		105.3	%		94.1	%		92.3	%		96.0	%		81.8	%		75.9	%		96.2	%


Balances at December 31, 2019:
Premiums and agents’ balances receivable	$	18,194		$	7,876		$	9,088		$	-		$	940		$	593		$	36,691
Deferred policy acquisition costs		4,108			4,711			5,945			-			315			320			15,399
Reinsurance recoverables		500			-			1,068			998			6			1,473			4,045
Receivable from Federal Crop Insurance Corporation		-			-			-			14,230			-			-			14,230
Goodwill and other intangibles		-			2,912			-			-			-			-			2,912

Unpaid losses and LAE		19,892			43,978			10,503			8,579			1,076			9,222			93,250
Unearned premiums		27,949			16,364			39,945			-			2,334			2,684			89,276

Statutory Net Income, Capital and Surplus, and Dividend Restrictions (Tables)

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

Schedule of presents selected information, as filed with insurance regulatory authorities, for our insurance subsidiaries

	2021			2020		2019
Nodak Insurance:
Statutory capital and surplus	$	221,761		$	216,278	$	189,836
Statutory unassigned surplus		216,761			211,278		184,836
Statutory net income		5,311			24,529		9,398

American West:
Statutory capital and surplus		18,400			18,368		16,168
Statutory unassigned surplus		12,399			12,367		10,167
Statutory net income (loss)		(54	)		2,158		2,232

Primero:
Statutory capital and surplus		10,138			9,818		8,727
Statutory unassigned surplus (deficit)		879			559		(532	)
Statutory net income (loss)		127			1,023		(1,256	)

Battle Creek:
Statutory capital and surplus		6,821			6,875		6,189
Statutory unassigned surplus		3,821			3,875		3,189
Statutory net income (loss)		(77	)		693		133

Direct Auto:
Statutory capital and surplus		37,960			35,819		28,683
Statutory unassigned surplus		34,960			32,819		25,683
Statutory net income		6,451			7,898		7,377

Westminster:
Statutory capital and surplus		24,706			23,592		20,897
Statutory unassigned surplus		19,706			18,592		15,897
Statutory net income		1,723			2,719		225

Organization (Details)	12 Months Ended
Organization (Details)	Dec. 31, 2021
Percentage of shares exchanged	55.00%
Percentage of quota share agreement	100.00%

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Other invested assets	$ 2,005	$ 2,924
Federal Deposit Insurance Corporation amount	250
Short-term investment balances in investment that are insured by SIPC	$ 500

Acquisition of Westminster American Insurance Company (Narrative) (Details) - Westminster [Member] $ in Thousands	1 Months Ended	9 Months Ended
	Jan. 02, 2020	Sep. 30, 2021 USD ($) Number	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Business Acquisition [Line Items]
Ownership percentage in acquisition	100.00%
Acquisition related costs incurred			$ 828	$ 83
Additional acquisition of entity		$ 20
Number of installments \| Number		3
Useful life of other intangible assets		20 years

Acquisition of Westminster American Insurance Company (Schedule of Proforma Information of Business Combination) (Details) - Westminster American Insurance Company [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) $ / shares
Business Acquisition [Line Items]
Revenues	$ 292,858
Net income attributable to NI Holdings, Inc.	$ 24,394
Basic earnings per common share attributable to NI Holdings, Inc. \| $ / shares	$ 1.10

Acquisition of Westminster American Insurance Company (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Identifiable net assets:
Goodwill	$ 9,384	$ 9,384
Westminster American Insurance Company [Member]
Fair Value of Consideration:
Cash consideration transferred	20,000
Present value of future cash consideration	18,787
Total cash consideration	38,787
Identifiable net assets:
Cash and cash equivalents	19,297
Fixed income securities	12,073
Equity securities	2,705
Other investments	735
Premiums and agents' balances receivable	8,507
Reinsurance recoverables on losses	763
Accrued investment income	70
Property and equipment	2,376
Federal income tax recoverable	138
State insurance licenses (included in goodwill and other intangibles)	1,800
Distribution network (included in goodwill and other intangibles)	6,700
Trade name (included in goodwill and other intangibles)	500
Value of business acquired (included in goodwill and other intangibles)	4,750
Other assets	76
Unpaid losses and loss adjustment expenses	(8,568)
Unearned premiums	(16,611)
Deferred income taxes, net	(1,583)
Reinsurance premiums payable	(565)
Accrued expenses and other liabilities	(1,132)
Total identifiable net assets	32,031
Goodwill	$ 6,756	$ 6,756

Recent Accounting Pronouncements (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Recent Accounting Pronouncements Narrative
Income tax effects from accumulated other comprehensive income to retained earnings
Pre-tax unrealized net capital gains	$ 8,184

Investments (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Investments (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments [Abstract]
Fixed income securities with a fair value	$ 7,977	$ 6,093
Percentage of fixed maturities amortized cost values	80.00%

Investments (Schedule of amortized cost and estimated fair value of investment securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	$ 357,942	$ 303,905
Fair Value	364,651	320,410
U.S. Government and agencies [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	13,498	14,383
States, territories and possessions and political subdivisions [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	87,294	64,244
Corporate securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	147,621	126,030
Residential mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	26,156	36,494
Commercial mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	33,532	25,655
Asset-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	52,422	51,200
Redeemable Preferred Stock [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	4,128	2,404
Fixed income securities [Member]
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	357,942	303,905
Gross Unrealized Gains	9,008	16,801
Gross Unrealized Losses	(2,299)	(296)
Fair Value	364,651	320,410
Fixed income securities [Member] \| U.S. Government and agencies [Member]
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	13,118	13,334
Gross Unrealized Gains	467	1,055
Gross Unrealized Losses	(87)	(6)
Fair Value	13,498	14,383
Fixed income securities [Member] \| States, territories and possessions and political subdivisions [Member]
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	84,668	61,001
Gross Unrealized Gains	2,979	3,278
Gross Unrealized Losses	(353)	(35)
Fair Value	87,294	64,244
Fixed income securities [Member] \| Corporate securities [Member]
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	144,476	117,628
Gross Unrealized Gains	4,214	8,549
Gross Unrealized Losses	(1,069)	(147)
Fair Value	147,621	126,030
Fixed income securities [Member] \| Residential mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	26,190	35,017
Gross Unrealized Gains	266	1,478
Gross Unrealized Losses	(300)	(1)
Fair Value	26,156	36,494
Fixed income securities [Member] \| Commercial mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	32,878	23,976
Gross Unrealized Gains	815	1,700
Gross Unrealized Losses	(161)	(21)
Fair Value	33,532	25,655
Fixed income securities [Member] \| Asset-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	52,604	50,751
Gross Unrealized Gains	131	535
Gross Unrealized Losses	(313)	(86)
Fair Value	52,422	51,200
Fixed income securities [Member] \| Redeemable Preferred Stock [Member]
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	4,008	2,198
Gross Unrealized Gains	136	206
Gross Unrealized Losses	(16)
Fair Value	$ 4,128	$ 2,404

Investments (Schedule of Fixed Maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Marketable Securities [Abstract]
Amortized Cost, Due to mature One year or less	$ 14,457	$ 17,722
Amortized Cost, Due to mature After one year through five years	82,429	86,709
Amortized Cost, Due to mature After five years through ten years	82,270	59,408
Amortized Cost, Due to mature After ten years	63,106	28,124
Amortized Cost, Due to mature Mortgage/asset-backed securities	111,672	109,744
Amortized Cost, Due to mature Redeemable preferred stocks	4,008	2,198
Available-for-sale Securities, Debt Maturities, Amortized Cost	357,942	303,905
Fair Value, Due to mature One year or less	14,586	17,933
Fair Value, Due to mature After one year through five years	84,760	91,457
Fair Value, Due to mature After five years through ten years	84,173	64,987
Fair Value, Due to mature After ten years	64,894	30,280
Fair Value, Due to mature Mortgage/asset-backed securities	112,110	113,349
Fair Value, Due to mature Redeemable preferred stocks	4,128	2,404
Available-for-sale Securities, Debt Securities, Estimated Fair Value	$ 364,651	$ 320,410

Investments (Schedule of aggregate fair value and gross unrealized loss) (Details) - Fixed income securities [Member] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Fair Value	$ 128,694	$ 12,908
Less than 12 months Gross Unrealized Losses	(2,197)	(191)
Greater than 12 months Fair Value	4,762	4,922
Greater than 12 months Gross Unrealized Losses	(102)	(105)
Fair Value, Total	133,456	17,830
Gross Unrealized Losses, Total	(2,299)	(296)
U.S. Government and agencies [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Fair Value	3,125	931
Less than 12 months Gross Unrealized Losses	(87)	(6)
Greater than 12 months Fair Value
Greater than 12 months Gross Unrealized Losses
Fair Value, Total	3,125	931
Gross Unrealized Losses, Total	(87)	(6)
States, territories and possessions and political subdivisions [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Fair Value	19,769	1,806
Less than 12 months Gross Unrealized Losses	(350)	(35)
Greater than 12 months Fair Value	222
Greater than 12 months Gross Unrealized Losses	(3)
Fair Value, Total	19,991	1,806
Gross Unrealized Losses, Total	(353)	(35)
Corporate securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Fair Value	46,816	3,215
Less than 12 months Gross Unrealized Losses	(1,015)	(97)
Greater than 12 months Fair Value	1,895	734
Greater than 12 months Gross Unrealized Losses	(54)	(50)
Fair Value, Total	48,711	3,949
Gross Unrealized Losses, Total	(1,069)	(147)
Residential mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Fair Value	17,407	68
Less than 12 months Gross Unrealized Losses	(261)	(1)
Greater than 12 months Fair Value	1,434
Greater than 12 months Gross Unrealized Losses	(39)
Fair Value, Total	18,841	68
Gross Unrealized Losses, Total	(300)	(1)
Commercial mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Fair Value	11,287	1,103
Less than 12 months Gross Unrealized Losses	(160)	(21)
Greater than 12 months Fair Value	216
Greater than 12 months Gross Unrealized Losses	(1)
Fair Value, Total	11,503	1,103
Gross Unrealized Losses, Total	(161)	(21)
Asset-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Fair Value	28,797	5,785
Less than 12 months Gross Unrealized Losses	(308)	(31)
Greater than 12 months Fair Value	995	4,188
Greater than 12 months Gross Unrealized Losses	(5)	(55)
Fair Value, Total	29,792	9,973
Gross Unrealized Losses, Total	(313)	$ (86)
Redeemable Preferred Stock [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months Fair Value	1,493
Less than 12 months Gross Unrealized Losses	(16)
Greater than 12 months Fair Value
Greater than 12 months Gross Unrealized Losses
Fair Value, Total	1,493
Gross Unrealized Losses, Total	$ (16)

Investments (Schedule of Net Investment Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Total gross investment income	$ 10,339	$ 10,519	$ 9,826
Investment expenses	3,208	3,248	2,393
Net investment income	7,131	7,271	7,433
Fixed income securities [Member]
Debt Securities, Available-for-sale [Line Items]
Total gross investment income	8,489	8,682	8,394
Equity securities [Member]
Debt Securities, Available-for-sale [Line Items]
Total gross investment income	1,221	1,220	996
Real estate [Member]
Debt Securities, Available-for-sale [Line Items]
Total gross investment income	625	587	365
Cash and Cash Equivalents [Member]
Debt Securities, Available-for-sale [Line Items]
Total gross investment income	$ 4	$ 30	$ 71

Investments (Schedule of components of net realized capital gain (loss) on investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Gross realized gains	$ 18,130	$ 9,740	$ 4,652
Gross realized losses, excluding other-than-temporary impairment losses	(362)	(1,969)	(1,406)
Net realized gain on investments	17,768	7,771	3,246
Change in net unrealized gain on equity securities	(2,289)	5,853	11,537
Net capital gain on investments	15,479	13,624	14,783
Fixed income securities [Member]
Debt Securities, Available-for-sale [Line Items]
Gross realized gains	677	1,035	341
Gross realized losses, excluding other-than-temporary impairment losses	(27)	(132)	(147)
Equity securities [Member]
Debt Securities, Available-for-sale [Line Items]
Gross realized gains	17,453	8,705	4,311
Gross realized losses, excluding other-than-temporary impairment losses	$ (335)	$ (1,837)	$ (1,259)

Fair Value Measurements (Schedule of assets, which are measured on a recurring basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Total fixed income securities	$ 364,651	$ 320,410
Total equity securities	77,690	69,952
Cash equivalents	45,741	65,354
Total assets at fair value	488,082	455,716
Fair Value, Inputs, Level 1 [Member]
Total fixed income securities
Total equity securities	77,690	69,952
Cash equivalents	45,741	65,354
Total assets at fair value	123,431	135,306
Fair Value, Inputs, Level 2 [Member]
Total fixed income securities	364,651	320,410
Total equity securities
Cash equivalents
Total assets at fair value	364,651	320,410
Fair Value, Inputs, Level 3 [Member]
Total fixed income securities
Total equity securities
Cash equivalents
Total assets at fair value
U.S. Government and agencies [Member]
Total fixed income securities	13,498	14,383
U.S. Government and agencies [Member] \| Fair Value, Inputs, Level 1 [Member]
Total fixed income securities
U.S. Government and agencies [Member] \| Fair Value, Inputs, Level 2 [Member]
Total fixed income securities	13,498	14,383
U.S. Government and agencies [Member] \| Fair Value, Inputs, Level 3 [Member]
Total fixed income securities
States, territories and possessions and political subdivisions [Member]
Total fixed income securities	87,294	64,244
States, territories and possessions and political subdivisions [Member] \| Fair Value, Inputs, Level 1 [Member]
Total fixed income securities
States, territories and possessions and political subdivisions [Member] \| Fair Value, Inputs, Level 2 [Member]
Total fixed income securities	87,294	64,244
States, territories and possessions and political subdivisions [Member] \| Fair Value, Inputs, Level 3 [Member]
Total fixed income securities
Corporate securities [Member]
Total fixed income securities	147,621	126,030
Corporate securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Total fixed income securities
Corporate securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Total fixed income securities	147,621	126,030
Corporate securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Total fixed income securities
Residential mortgage-backed securities [Member]
Total fixed income securities	26,156	36,494
Residential mortgage-backed securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Total fixed income securities
Residential mortgage-backed securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Total fixed income securities	26,156	36,494
Residential mortgage-backed securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Total fixed income securities
Commercial mortgage-backed securities [Member]
Total fixed income securities	33,532	25,655
Commercial mortgage-backed securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Total fixed income securities
Commercial mortgage-backed securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Total fixed income securities	33,532	25,655
Commercial mortgage-backed securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Total fixed income securities
Asset-backed securities [Member]
Total fixed income securities	52,422	51,200
Asset-backed securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Total fixed income securities
Asset-backed securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Total fixed income securities	52,422	51,200
Asset-backed securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Total fixed income securities
Redeemable Preferred Stock [Member]
Total fixed income securities	4,128	2,404
Redeemable Preferred Stock [Member] \| Fair Value, Inputs, Level 1 [Member]
Total fixed income securities
Redeemable Preferred Stock [Member] \| Fair Value, Inputs, Level 2 [Member]
Total fixed income securities	4,128	2,404
Redeemable Preferred Stock [Member] \| Fair Value, Inputs, Level 3 [Member]
Total fixed income securities
Basic materials [Member]
Total equity securities	653	1,285
Basic materials [Member] \| Fair Value, Inputs, Level 1 [Member]
Total equity securities	653	1,285
Basic materials [Member] \| Fair Value, Inputs, Level 2 [Member]
Total equity securities
Basic materials [Member] \| Fair Value, Inputs, Level 3 [Member]
Total equity securities
Communications [Member]
Total equity securities	4,379	7,455
Communications [Member] \| Fair Value, Inputs, Level 1 [Member]
Total equity securities	4,379	7,455
Communications [Member] \| Fair Value, Inputs, Level 2 [Member]
Total equity securities
Communications [Member] \| Fair Value, Inputs, Level 3 [Member]
Total equity securities
Consumer, cyclical [Member]
Total equity securities	12,685	9,929
Consumer, cyclical [Member] \| Fair Value, Inputs, Level 1 [Member]
Total equity securities	12,685	9,929
Consumer, cyclical [Member] \| Fair Value, Inputs, Level 2 [Member]
Total equity securities
Consumer, cyclical [Member] \| Fair Value, Inputs, Level 3 [Member]
Total equity securities
Consumer, non-cyclical [Member]
Total equity securities	16,075	14,633
Consumer, non-cyclical [Member] \| Fair Value, Inputs, Level 1 [Member]
Total equity securities	16,075	14,633
Consumer, non-cyclical [Member] \| Fair Value, Inputs, Level 2 [Member]
Total equity securities
Consumer, non-cyclical [Member] \| Fair Value, Inputs, Level 3 [Member]
Total equity securities
Energy [Member]
Total equity securities	2,477	1,499
Energy [Member] \| Fair Value, Inputs, Level 1 [Member]
Total equity securities	2,477	1,499
Energy [Member] \| Fair Value, Inputs, Level 2 [Member]
Total equity securities
Energy [Member] \| Fair Value, Inputs, Level 3 [Member]
Total equity securities
Financial [Member]
Total equity securities	4,694	6,235
Financial [Member] \| Fair Value, Inputs, Level 1 [Member]
Total equity securities	4,694	6,235
Financial [Member] \| Fair Value, Inputs, Level 2 [Member]
Total equity securities
Financial [Member] \| Fair Value, Inputs, Level 3 [Member]
Total equity securities
Industrial [Member]
Total equity securities	16,658	12,733
Industrial [Member] \| Fair Value, Inputs, Level 1 [Member]
Total equity securities	16,658	12,733
Industrial [Member] \| Fair Value, Inputs, Level 2 [Member]
Total equity securities
Industrial [Member] \| Fair Value, Inputs, Level 3 [Member]
Total equity securities
Technology [Member]
Total equity securities	17,522	16,145
Technology [Member] \| Fair Value, Inputs, Level 1 [Member]
Total equity securities	17,522	16,145
Technology [Member] \| Fair Value, Inputs, Level 2 [Member]
Total equity securities
Technology [Member] \| Fair Value, Inputs, Level 3 [Member]
Total equity securities
Perpetual preferred stocks [Member]
Total equity securities	2,547
Perpetual preferred stocks [Member] \| Fair Value, Inputs, Level 1 [Member]
Total equity securities	2,547
Perpetual preferred stocks [Member] \| Fair Value, Inputs, Level 2 [Member]
Total equity securities
Perpetual preferred stocks [Member] \| Fair Value, Inputs, Level 3 [Member]
Total equity securities
Utility [Member]
Total equity securities		38
Utility [Member] \| Fair Value, Inputs, Level 1 [Member]
Total equity securities		38
Utility [Member] \| Fair Value, Inputs, Level 2 [Member]
Total equity securities
Utility [Member] \| Fair Value, Inputs, Level 3 [Member]
Total equity securities

Reinsurance (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Reinsurance (Narrative) (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reinsurance Retention Policy [Line Items]
Reinsurance Retention Policy, Amount Retained		$ 10,000	$ 10,000	$ 10,000
Reinsurance Retention Policy, Excess Retention, Amount Reinsured		117,000	97,000	78,600
Retained risk amount		$ 10,000	$ 10,000	$ 10,000
Ceded reinsurance commission percentage		100.00%
Reinsurance recovery		$ 5,612
Subsequent Event [Member]
Reinsurance Retention Policy [Line Items]
Reinsurance Retention Policy, Amount Retained	$ 15,000
Reinsurance Retention Policy, Excess Retention, Amount Reinsured	125,000
Retained risk amount	$ 15,000

Reinsurance (Schedule of reconciliation of direct to net premiums on both a written and an earned basis) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Premiums Written
Direct premium	$ 342,215	$ 314,187	$ 262,145
Assumed premium	8,183	6,590	5,921
Ceded premium	(42,629)	(23,633)	(17,120)
Net premiums	307,769	297,144	250,946
Premiums Earned
Direct premium	333,254	301,061	257,661
Assumed premium	8,035	6,459	5,897
Ceded premium	(41,700)	(23,859)	(17,120)
Net premiums	$ 299,589	$ 283,661	$ 246,438

Reinsurance (Schedule of reconciliation of direct to net losses and loss adjustment expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reinsurance Disclosures [Abstract]
Direct losses and loss adjustment expenses	$ 280,998	$ 185,370	$ 173,943
Assumed losses and loss adjustment expenses	6,899	3,308	4,032
Ceded losses and loss adjustment expenses	(71,518)	(20,205)	(8,265)
Net losses and loss adjustment expenses	$ 216,379	$ 168,473	$ 169,710

Deferred Policy Acquisition Costs (Schedule of deferred policy acquisition costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Policy Acquisition Costs Disclosures [Abstract]
Balance, beginning of year	$ 23,968	$ 15,399	$ 12,866
Deferral of policy acquisition costs	65,553	60,041	48,721
Amortization of deferred policy acquisition costs	(64,574)	(51,472)	(46,188)
Balance, end of year	$ 24,947	$ 23,968	$ 15,399

- Definition

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

+ References + Details

Unpaid Losses and Loss Adjustment Expenses (Schedule of liability for unpaid losses and loss adjustment expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Liability for unpaid losses and loss adjustment expenses	$ 105,750	$ 93,250	$ 87,121
Reinsurance recoverables on losses	8,710	4,045	2,232
Net balance at beginning of year	97,040	89,205	84,889
Acquired unpaid losses and loss adjustment expenses related to:
Current year
Prior years		8,568
Total acquired		8,568
Incurred related to:
Current year	220,517	165,181	176,219
Prior years	(4,138)	3,292	(6,509)
Total Incurred	216,379	168,473	169,710
Paid related to:
Current year	150,278	116,755	125,940
Prior years	44,679	52,451	39,454
Total paid	194,957	169,206	165,394
Liability for unpaid losses and LAE	139,662	105,750	93,250
Reinsurance recoverables on losses	21,200	8,710	4,045
Net balance at end of year	$ 118,462	$ 97,040	$ 89,205

Unpaid Losses and Loss Adjustment Expenses (Schedule of reconciliation of the net incurred and paid claims) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and loss adjustment expenses:	$ 139,662
Reinsurance recoverables on losses:	21,200
Net liability for unpaid losses and loss adjustment expenses	139,662	$ 105,750	$ 93,250
Private Passenger Auto [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and loss adjustment expenses:	26,390
Reinsurance recoverables on losses:	1,001
Non-standard auto (Primero) [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and loss adjustment expenses:	6,721
Reinsurance recoverables on losses:
Non-Standard Auto (Direct Auto) [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and loss adjustment expenses:	36,794
Reinsurance recoverables on losses:
Home and Farm [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and loss adjustment expenses:	19,161
Reinsurance recoverables on losses:	3,467
Crop [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and loss adjustment expenses:	6,002
Reinsurance recoverables on losses:	6,953
Commercial (Westminster) [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and loss adjustment expenses:	31,662
Reinsurance recoverables on losses:	8,722
Commercial (non-Westminster) [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and loss adjustment expenses:	1,262
Reinsurance recoverables on losses:
All Other [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and loss adjustment expenses:	11,670
Reinsurance recoverables on losses:	$ 1,057

Unpaid Losses and Loss Adjustment Expenses (Schedule of required information about average historical claims) (Details)	Dec. 31, 2021
Private Passenger Auto [Member]
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Years 1	54.40%
Years 2	20.40%
Years 3	10.60%
Years 4	5.90%
Years 5	4.70%
Years 6	3.20%
Years 7	0.80%
Years 8
Years 9
Years 10
Non-Standard Auto (Primero) [Member]
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Years 1	78.20%
Years 2	16.60%
Years 3	3.80%
Years 4	0.90%
Years 5	0.20%
Years 6	0.20%
Years 7	0.10%
Years 8
Years 9
Years 10
Non-Standard Auto (Direct Auto) [Member]
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Years 1	35.40%
Years 2	25.10%
Years 3	16.20%
Years 4	9.90%
Years 5	6.10%
Years 6	2.90%
Years 7	2.10%
Years 8	1.50%
Years 9	0.60%
Years 10	0.20%
Home and Farm [Member]
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Years 1	68.10%
Years 2	14.50%
Years 3	9.40%
Years 4	4.90%
Years 5	2.40%
Years 6	0.50%
Years 7	0.20%
Years 8
Years 9
Years 10
Crop [Member]
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Years 1	100.00%
Years 2
Years 3
Years 4
Years 5
Years 6
Years 7
Years 8
Years 9
Years 10
Commercial (Westminster) [Member]
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Years 1	70.40%
Years 2	23.60%
Years 3	6.00%
Years 4
Years 5
Years 6
Years 7
Years 8
Years 9
Years 10
Commercial (non-Westminster) [Member]
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Years 1	87.30%
Years 2	3.70%
Years 3	2.60%
Years 4	3.00%
Years 5	2.90%
Years 6	0.50%
Years 7
Years 8
Years 9
Years 10

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cost:	$ 21,227	$ 20,726
Accumulated depreciation	(11,358)	(10,827)
Total property and equipment, net	9,869	9,899
Depreciation expense	694	709	$ 538
Land [Member]
Cost:	1,403	1,401
Building Improvements [Member]
Cost:	$ 14,193	13,912
Building Improvements [Member] \| Minimum [Member]
Estimated Useful Life	10 years
Building Improvements [Member] \| Maximum [Member]
Estimated Useful Life	43 years
Electronic data processing equipment [Member]
Cost:	$ 1,518	1,271
Electronic data processing equipment [Member] \| Minimum [Member]
Estimated Useful Life	5 years
Electronic data processing equipment [Member] \| Maximum [Member]
Estimated Useful Life	7 years
Furniture and Fixtures [Member]
Cost:	$ 2,885	2,867
Furniture and Fixtures [Member] \| Minimum [Member]
Estimated Useful Life	5 years
Furniture and Fixtures [Member] \| Maximum [Member]
Estimated Useful Life	7 years
Automobiles [Member]
Cost:	$ 1,228	$ 1,275
Automobiles [Member] \| Minimum [Member]
Estimated Useful Life	2 years
Automobiles [Member] \| Maximum [Member]
Estimated Useful Life	3 years

Goodwill and Other Intangibles (Schedule of Carrying Amount of Goodwill by Segment) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 9,384	$ 9,384
Primero Insurance Company [Member]
Goodwill [Line Items]
Goodwill	2,628	2,628
Westminster American Insurance Company [Member]
Goodwill [Line Items]
Goodwill	$ 6,756	$ 6,756

Goodwill and Other Intangibles (Schedule of Carrying Amount of Other Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 9,348	$ 9,348
Accumulated Amortization	1,010	538
Net	8,338	8,810
Amortization expense	472	5,224	$ 1,711
Direct Auto Trade Name [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	748	748
Accumulated Amortization	265	166
Net	483	582
Distribution Network [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,700	6,700
Accumulated Amortization	745	372
Net	5,955	6,328
Subject to Amortization [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,448	7,448
Accumulated Amortization	1,010	538
Net	6,438	6,910
Not Subject to Amortization - State Insurance Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,900	1,900
Accumulated Amortization
Net	$ 1,900	$ 1,900

Goodwill and Other Intangibles (Schedule of Estimated Amortization of Other Intangible Assets) (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 472
2023	455
2024	422
2025	422
2026	422
Thereafter	4,245
Total other intangible assets with finite lives	$ 6,438

Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
NI Holdings [Member]
Related Party Transaction [Line Items]
Payment of dividends	$ 6,000
Nodak Insurance [Member]
Related Party Transaction [Line Items]
Payment of dividends	21,493
Direct Auto [Member]
Related Party Transaction [Line Items]
Payment of dividends	3,796
Westminster Insurance Company [Member]
Related Party Transaction [Line Items]
Payment of dividends	2,471
NDFB [Member]
Related Party Transaction [Line Items]
Royalties	1,369	$ 1,370	$ 1,352
Accrued royalties	113	$ 113
Insurance paid for due membership	$ 1,129

Related Party Transactions (Schedule of Pooling Share Percentages) (Details)	12 Months Ended
	Dec. 31, 2021
Nodak Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	66.00%
American West Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	7.00%
Primero Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	3.00%
Battle Creek Mutual Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	2.00%
Direct Auto Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	13.00%
Westminster American Insurance Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	9.00%
Total [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Total pooling share percentages	100.00%

Related Party Transactions (Schedule of impact of consolidating Battle Creek into our consolidated balance sheets) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Assets:

Cash and cash equivalents

$ 45,741

$ 65,354

Premiums and agents' balances receivable

51,452

48,523

$ 36,691

Deferred policy acquisition costs

24,947

23,968

15,399

$ 12,866

Reinsurance recoverable on losses

21,200

Accrued investment income

2,524

2,141

Property and equipment

9,869

9,899

Other assets

8,735

5,066

Total assets

651,782

617,603

Liabilities:

Unpaid losses and LAE

139,662

105,750

93,250

Unearned premiums

127,789

119,363

89,276

Total liabilities

304,369

268,731

Equity:

Non-controlling interest

4,209

4,545

Total shareholders' equity

347,413

348,872

309,803

$ 275,753

Total liabilities and shareholders' equity

651,782

617,603

Revenues:

Net premiums earned

299,589

283,661

246,438

Fee and other income

1,775

1,801

2,125

Net investment income

7,131

7,271

7,433

Net capital gain on investments

15,479

13,624

14,783

Total revenues

323,974

306,357

270,779

Expenses:

Losses and loss adjustment expenses

216,379

168,473

169,710

Amortization of deferred policy acquisition costs

64,574

51,472

46,188

Other underwriting and general expenses

31,715

33,596

21,070

Total expenses

312,668

253,541

236,968

Income before income taxes

11,306

52,816

33,811

Income taxes

2,974

11,472

7,311

Net income

8,332

41,344

26,500

Battle Creek [Member]

Assets:

Cash and cash equivalents

4,398

6,055

Investments

10,610

5,543

Premiums and agents' balances receivable

5,038

4,738

Deferred policy acquisition costs

499

479

Pooling receivable

^[1]

920

Reinsurance recoverable on losses

^[2]

10,173

5,646

Accrued investment income

Deferred income tax

142

101

Property and equipment

325

337

Other assets

Total assets

31,288

23,895

Liabilities:

Unpaid losses and LAE

2,937

2,445

Unearned premiums

2,544

2,381

Notes payable

^[1]

3,000

Pooling payable

5,580

Reinsurance premiums payable

^[2]

12,754

11,221

Accrued expenses and other liabilities

264

303

Total liabilities

27,079

19,350

Equity:

Non-controlling interest

4,209

4,545

Total shareholders' equity

4,209

4,545

Total liabilities and shareholders' equity

31,288

23,895

Revenues:

Net premiums earned

5,992

5,673

Fee and other income

(11)

(23)

(9)

Net investment income

(3)

139

Net capital gain on investments

Total revenues

6,032

5,648

133

Expenses:

Losses and loss adjustment expenses

4,328

3,369

Amortization of deferred policy acquisition costs

1,291

1,029

Other underwriting and general expenses

470

Total expenses

6,089

4,475

Income before income taxes

(57)

1,173

133

Income taxes

218

Net income

$ (84)

$ 955

$ 99

[1]	Amount fully eliminated in consolidation
[2]	Amount partly eliminated in consolidation

Benefit Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Company's Total contribution to the money purchase plan		$ 697	$ 900	$ 618
Company's total contributions to the 401(k) plan		$ 722	651	516
ESOP shares were released and allocated		121,575
ESOP shares in suspense		118,425
Market price		$ 18.91
Fair value of unearned ESOP shares		$ 2,239
Debt from ESOP	$ 2,400
Percentage of ESOP in authorized shares	1.00%
Per share price	$ 10.00
Deferred Compensation Plan Expenses		914	308	458
Compensation expense		$ 460	$ 373	$ 405
ESOP Loan [Member]
Debt term	10 years
Interest rate	2.79%

Line of Credit (Details) - USD ($) $ in Thousands	12 Months Ended
Line of Credit (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Line of credit with Wells Fargo	$ 5,000	$ 5,000	$ 5,000
Interest rate	3.25%
Line of credit expiration date	Jan. 30, 2023

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net operating loss carryover	$ 2,122	$ 2,340
Expiration date	Dec. 31, 2023
Unrecognized tax benefits
Interest and penalties
Valuation allowance	$ 1,008	$ 931	$ 594

Income Taxes (Schedule of components of our provision for income taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Federal
Current	$ 3,930	$ 10,109	$ 5,116
Deferred	354	725	324
Total federal	4,284	10,834	5,440
Deferred tax (benefit) provision	(1,310)	638	1,871
Total provision for income taxes	$ 2,974	$ 11,472	$ 7,311

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes (Schedule of components of income before provision for income taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income before income taxes	$ 11,306	$ 52,816	$ 33,811
Expected provision for federal income taxes at 21%	2,374	11,091	7,100
State income taxes, net of federal impact	474	570	224
Tax-exempt interest	(197)	(209)	(235)
Dividends received deduction	(122)	(104)	(89)
Executive compensation	326	130	151
Change in valuation allowance	77	(17)	7
Other	42	11	153
Total provision for income taxes	$ 2,974	$ 11,472	$ 7,311

Income Taxes (Schedule of components of our deferred income tax assets and deferred income tax liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred income tax assets:
Unearned premium	$ 5,783	$ 5,013
Unpaid losses and loss adjustment expenses	1,096	792
Net operating loss carryovers	1,224	1,260
Other	1,967	1,538
Total gross deferred income tax assets	10,070	8,603
Deferred income tax liabilities:
Deferred policy acquisition costs	5,670	5,033
Net unrealized gains on investments	7,382	9,897
Intangibles	1,464	1,451
Other	52	48
Total deferred income tax liabilities	14,568	16,429
Net deferred income tax liability	(4,498)	(7,826)
Valuation allowance	(1,008)	(931)	$ (594)
Deferred income tax liability, net	$ (5,506)	$ (8,757)

Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Leased Assets [Line Items]
Operating lease expenses	$ 250	$ 370	$ 316
Primero Lease [Member]
Operating Leased Assets [Line Items]
Lease expiration date	Dec. 31, 2023
Direct Auto Lease [Member]
Operating Leased Assets [Line Items]
Lease expiration date	Dec. 31, 2029
Nodak Insurance Lease [Member]
Operating Leased Assets [Line Items]
Lease expiration date	Dec. 31, 2024

Operating Leases (Schedule of Minimum Future Commitments Under Non-Cancellable Leases) (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Leases, Operating [Abstract]
2022	$ 319
2023	358
2024	320
2025	286
2026	291
Thereafter	$ 775

Common Stock (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended		9 Months Ended	12 Months Ended
Common Stock (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2020	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Aug. 11, 2021	May 04, 2020	Feb. 28, 2018
Authorization for repurchase of shares value								$ 5,000	$ 10,000	$ 10,000
Shares repurchased		402,056		225,205	856,499	116,034	191,265
Shares repurchased, value		$ 4,996				$ 2,006	$ 2,966
Additional Authorization [Member]
Shares repurchased	81,095		144,110		454,443
Shares repurchased, value	$ 1,554		$ 2,762		$ 7,238

Common Stock (Schedule of changes in number of common stock) (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Shares outstanding, beginning	22,119,380	21,318,638	22,119,380	22,192,894
Treasury shares repurchased through stock repurchase authorization	(402,056)	(225,205)	(856,499)	(116,034)	(191,265)
Issuance of treasury shares for vesting of stock awards		102,060	31,442	18,205
Issuance of shares related to employee stock ownership plan		24,315	24,315	24,315
Shares outstanding, ending		21,219,808	21,318,638	22,119,380	22,192,894

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
All award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share issued	1,000,000
Shares granted	100,000
Outstanding, Aggregate Intrinsic Value	$ 1,000
All award [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share granted not exceed	$ 150
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	58,700	66,000	57,100
Vesting period	5 years
Total unrecognized compensation cost	$ 718
Total unrecognized compensation cost, weighted average period	2 years 14 days
Percentage of RSU granted to employees per year	20.00%
Percentage of RSU granted to non-employee directors per year	100.00%
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	64,600	63,600	62,400
Total unrecognized compensation cost	$ 1,125
Total unrecognized compensation cost, weighted average period	1 year 8 months 26 days
Percentage of RSU granted to employees per year	0.00%
Percentage of RSU granted to non-employee directors per year	150.00%

Stock-Based Compensation (Schedule of Restricted Stock Outstanding) (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Units outstanding and unearned at January 1	115,780	96,540	73,880
RSUs granted	58,700	66,000	57,100
RSUs vested	(66,100)	(46,760)	(34,440)
Units outstanding and unearned at December 31	108,380	115,780	96,540
Weighted Average Grant Date Fair Value
Units outstanding and unearned at January 1	$ 15.27	$ 16.47	$ 16.87
RSUs granted	18.76	14.27	15.81
RSUs vested	15.77	16.33	16.24
Units outstanding and unearned at December 31	$ 16.86	$ 15.27	$ 16.47

Stock-Based Compensation (Schedule of RSU activity) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU compensation expense	$ 1,065	$ 1,035	$ 792
Income tax benefit	(242)	(217)	(166)
RSU compensation expense, net of income taxes	823	818	626
Total grant-date fair value of vested RSUs at end of period	$ 1,042	$ 764	$ 568

Stock-Based Compensation (Schedule of Outstanding Performance Stock Units) (Details) - Performance Shares [Member] - $ / shares

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Shares

Units outstanding and unearned at January 1

174,600

111,000

48,600

PSUs granted during (at target)

64,600

63,600

62,400

PSUs earned during (at target)

(70,363)

Performance adjustment

^[1]

24,300

Forfeitures

(2,537)

Units outstanding and unearned at December 31

190,600

174,600

111,000

Weighted Average Grant Date Fair Value

Units outstanding and unearned at January 1

$ 15.15

$ 15.27

$ 16.25

PSUs granted during (at target)

18.64

14.26

15.21

PSUs earned during (at target)

16.25

Performance adjustment

^[1]

16.25

Forfeitures

16.25

Units outstanding and unearned at December 31

$ 16.06

$ 15.15

$ 15.27

[1]	Represents the change in PSUs issued based upon the attainment of performance goals established by the Company.

Stock-Based Compensation (Schedule of PSU Activity) (Details) - Performance Shares [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU compensation expense	$ 1,344	$ 1,262	$ 822
Income tax benefit	(305)	(265)	(173)
PSU compensation expense, net of income taxes	1,039	997	649
Total grant-date fair value of vested PSUs at end of period	$ 1,143

Segment Information (Schedule of revenue by insurance product line) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Direct premiums earned	$ 333,254	$ 301,061	$ 257,661
Assumed premiums earned	8,035	6,459	5,897
Ceded premiums earned	(41,700)	(23,859)	(17,120)
Net premiums earned	299,589	283,661	246,438
Direct losses and LAE	280,998	185,370	173,943
Assumed losses and LAE	6,899	3,308	4,032
Ceded losses and LAE	(71,518)	(20,205)	(8,265)
Net losses and LAE	216,379	168,473	169,710
Gross margin	83,210	115,188	76,728
Underwriting and general expenses	96,289	85,068	67,258
Underwriting gain (loss)	(13,079)	30,120	9,470
Fee and other Income	1,775	1,801	2,125
Net investment income	7,131	7,271	7,433
Net capital gain on investments	15,479	13,624	14,783
Income before income taxes	11,306	52,816	33,811
Income taxes	2,974	11,472	7,311
Net income	8,332	41,344	26,500
Net income attributable to non-controlling interest	(84)	955	99
Net income attributable to NI Holdings, Inc.	$ 8,416	$ 40,389	$ 26,401
Non-GAAP Ratios:
Loss and LAE ratio	72.20%	59.40%	68.90%
Expense ratio	32.10%	30.00%	27.30%
Combined ratio	104.40%	89.40%	96.20%
Premiums and agents' balances receivable	$ 51,452	$ 48,523	$ 36,691
Deferred policy acquisition costs	24,947	23,968	15,399	$ 12,866
Reinsurance recoverables	21,200	8,710	4,045
Receivable from Federal Crop Insurance Corporation		6,646	14,230
Goodwill and other intangibles	17,722	18,194	2,912
Unpaid losses and LAE	139,662	105,750	93,250
Unearned premiums	127,789	119,363	89,276
Payable to Federal Crop Insurance Corporation	4,962
Private Passenger Auto [Member]
Direct premiums earned	76,749	74,998	71,297
Assumed premiums earned
Ceded premiums earned	(4,216)	(2,989)	(3,314)
Net premiums earned	72,533	72,009	67,983
Direct losses and LAE	61,358	45,423	53,022
Assumed losses and LAE			63
Ceded losses and LAE	(1,637)	88	(389)
Net losses and LAE	59,721	45,511	52,696
Gross margin	12,812	26,498	15,287
Underwriting and general expenses	20,516	19,986	18,886
Underwriting gain (loss)	$ (7,704)	$ 6,512	$ (3,599)
Non-GAAP Ratios:
Loss and LAE ratio	82.30%	63.20%	77.50%
Expense ratio	28.30%	27.80%	27.80%
Combined ratio	110.60%	91.00%	105.30%
Premiums and agents' balances receivable	$ 19,039	$ 18,540	$ 18,194
Deferred policy acquisition costs	4,949	5,461	4,108
Reinsurance recoverables	1,001	412	500
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and LAE	26,390	20,311	19,892
Unearned premiums	28,820	28,293	27,949
Payable to Federal Crop Insurance Corporation
Non-standard auto (Primero) [Member]
Direct premiums earned	58,842	53,909	57,278
Assumed premiums earned
Ceded premiums earned	(257)	(172)	(164)
Net premiums earned	58,585	53,737	57,114
Direct losses and LAE	34,453	30,347	32,654
Assumed losses and LAE
Ceded losses and LAE
Net losses and LAE	34,453	30,347	32,654
Gross margin	24,132	23,390	24,460
Underwriting and general expenses	22,770	20,739	21,077
Underwriting gain (loss)	1,362	2,651	3,383
Fee and other Income	1,280	1,337	1,638
Other income net	$ 2,642	$ 3,988	$ 5,021
Non-GAAP Ratios:
Loss and LAE ratio	58.80%	56.50%	57.20%
Expense ratio	38.90%	38.60%	36.90%
Combined ratio	97.70%	95.10%	94.10%
Premiums and agents' balances receivable	$ 8,143	$ 6,543	$ 7,876
Deferred policy acquisition costs	5,978	4,649	4,711
Reinsurance recoverables
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles	2,810	2,860	2,912
Unpaid losses and LAE	43,515	43,336	43,978
Unearned premiums	18,679	16,147	16,364
Payable to Federal Crop Insurance Corporation
Home and Farm [Member]
Direct premiums earned	84,102	82,036	77,832
Assumed premiums earned
Ceded premiums earned	(10,310)	(7,157)	(6,661)
Net premiums earned	73,792	74,879	71,171
Direct losses and LAE	59,380	38,700	47,282
Assumed losses and LAE		(116)
Ceded losses and LAE	(7,235)	(1,839)	(1,681)
Net losses and LAE	52,145	36,745	45,601
Gross margin	21,647	38,134	25,570
Underwriting and general expenses	22,122	20,874	20,106
Underwriting gain (loss)	$ (475)	$ 17,260	$ 5,464
Non-GAAP Ratios:
Loss and LAE ratio	70.70%	49.10%	64.10%
Expense ratio	30.00%	27.90%	28.30%
Combined ratio	100.60%	76.90%	92.30%
Premiums and agents' balances receivable	$ 8,914	$ 9,072	$ 9,088
Deferred policy acquisition costs	7,271	7,828	5,945
Reinsurance recoverables	3,467	588	1,068
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and LAE	19,161	11,737	10,503
Unearned premiums	42,399	41,301	39,945
Payable to Federal Crop Insurance Corporation
Crop [Member]
Direct premiums earned	43,541	39,893	42,277
Assumed premiums earned	2,106	1,896	2,072
Ceded premiums earned	(18,799)	(6,071)	(6,330)
Net premiums earned	26,848	35,718	38,019
Direct losses and LAE	79,177	36,022	35,148
Assumed losses and LAE	617	1,070	1,582
Ceded losses and LAE	(51,963)	(5,713)	(4,639)
Net losses and LAE	27,831	31,379	32,091
Gross margin	(983)	4,339	5,928
Underwriting and general expenses	8,212	4,807	4,396
Underwriting gain (loss)	$ (9,195)	$ (468)	$ 1,532
Non-GAAP Ratios:
Loss and LAE ratio	103.70%	87.90%	84.40%
Expense ratio	30.60%	13.50%	11.60%
Combined ratio	134.20%	101.30%	96.00%
Premiums and agents' balances receivable
Deferred policy acquisition costs
Reinsurance recoverables	6,953	121	998
Receivable from Federal Crop Insurance Corporation		6,646	14,230
Goodwill and other intangibles
Unpaid losses and LAE	6,002	771	8,579
Unearned premiums
Payable to Federal Crop Insurance Corporation	4,962
Commercial [Member]
Direct premiums earned	65,104	45,557	4,546
Assumed premiums earned			1
Ceded premiums earned	(7,819)	(7,269)	(450)
Net premiums earned	57,285	38,288	4,097
Direct losses and LAE	45,621	32,620	2,541
Assumed losses and LAE
Ceded losses and LAE	(10,842)	(12,190)	(52)
Net losses and LAE	34,779	20,430	2,489
Gross margin	22,506	17,858	1,608
Underwriting and general expenses	20,000	16,358	863
Underwriting gain (loss)	$ 2,506	$ 1,500	$ 745
Non-GAAP Ratios:
Loss and LAE ratio	60.70%	53.40%	60.80%
Expense ratio	34.90%	42.70%	21.10%
Combined ratio	95.60%	96.10%	81.80%
Premiums and agents' balances receivable	$ 14,687	$ 13,732	$ 940
Deferred policy acquisition costs	6,328	5,588	315
Reinsurance recoverables	8,722	5,374	6
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles	14,912	15,334
Unpaid losses and LAE	32,924	19,089	1,076
Unearned premiums	34,672	30,705	2,334
Payable to Federal Crop Insurance Corporation
All Other [Member]
Direct premiums earned	4,916	4,668	4,431
Assumed premiums earned	5,929	4,563	3,824
Ceded premiums earned	(299)	(201)	(201)
Net premiums earned	10,546	9,030	8,054
Direct losses and LAE	1,009	2,258	3,296
Assumed losses and LAE	6,282	2,354	2,387
Ceded losses and LAE	159	(551)	(1,504)
Net losses and LAE	7,450	4,061	4,179
Gross margin	3,096	4,969	3,875
Underwriting and general expenses	2,669	2,304	1,930
Underwriting gain (loss)	$ 427	$ 2,665	$ 1,945
Non-GAAP Ratios:
Loss and LAE ratio	70.60%	45.00%	51.90%
Expense ratio	25.30%	25.50%	24.00%
Combined ratio	96.00%	70.50%	75.90%
Premiums and agents' balances receivable	$ 669	$ 636	$ 593
Deferred policy acquisition costs	421	442	320
Reinsurance recoverables	1,057	2,215	1,473
Receivable from Federal Crop Insurance Corporation
Goodwill and other intangibles
Unpaid losses and LAE	11,670	10,506	9,222
Unearned premiums	3,219	$ 2,917	$ 2,684
Payable to Federal Crop Insurance Corporation

Statutory Net Income, Capital and Surplus, and Dividend Restrictions (Schedule of filed with insurance regulatory) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Nodak Insurance [Member]
Statutory capital and surplus		$ 221,761	$ 216,278	$ 189,836
Statutory unassigned surplus		216,761	211,278	184,836
Statutory net income		5,311	24,529	9,398
Dividend distribution amount from subsidiaries
Payment of dividends		21,493
American West [Member]
Statutory capital and surplus		18,400	18,368	16,168
Statutory unassigned surplus		12,399	12,367	10,167
Statutory net income		(54)	2,158	2,232
American West [Member] \| Forecast [Member]
Dividend distribution amount from subsidiaries	$ 1,840
Primero [Member]
Statutory capital and surplus		10,138	9,818	8,727
Statutory unassigned surplus		879	559	(532)
Statutory net income		127	1,023	(1,256)
Primero [Member] \| Forecast [Member]
Dividend distribution amount from subsidiaries	$ 0
Battle Creek [Member]
Statutory capital and surplus		6,821	6,875	6,189
Statutory unassigned surplus		3,821	3,875	3,189
Statutory net income		(77)	693	133
Direct Auto [Member]
Statutory capital and surplus		37,960	35,819	28,683
Statutory unassigned surplus		34,960	32,819	25,683
Statutory net income		6,451	7,898	7,377
Payment of dividends		3,796
Westminster [Member]
Statutory capital and surplus		24,706	23,592	20,897
Statutory unassigned surplus		19,706	18,592	15,897
Statutory net income		1,723	$ 2,719	$ 225
NI Holdings [Member]
Payment of dividends		6,000
Westminster Insurance Company [Member]
Payment of dividends		$ 2,471