1 Reason Insurance

Leadership Through Service

  • About
    • Meet Our Agents
    • Partner Insurance Companies
  • Personal Insurance
    • Car Insurance Quote for Personal Auto
    • Boat Insurance
    • Home Owners Insurance Application
    • Life Insurance Quotes
    • Motorcycle Insurance
    • Personal Umbrella Insurance
    • Renters Insurance
    • RV Camper Insurance
    • Snowmobile Insurance
  • Business Insurance
    • Commercial Auto Insurance
    • What is General Liability Insurance
    • Rental or Vacant Properties
    • Workers Compensation in Wisconsin
  • Blog
  • Contact 1 Reason Insurance
    • Contribute As Guest Author
Home > Retirement & Estate Planning > NI Holdings, Inc. Files Third Quarter 2017 Results

NI Holdings, Inc. Files Third Quarter 2017 Results

Posted on: November 12, 2017 By: Insurance Updates

FARGO, North Dakota, Nov. 13, 2017 (GLOBE NEWSWIRE) — NI Holdings, Inc. (NASDAQ:NODK) today reported its financial results for the quarter ended September 30, 2017. Significant items included:

  • Net loss attributable to NI Holdings of $2.7 million for third quarter 2017 compared to a loss of $1.0 million for third quarter 2016.
  • Net premiums earned of $52.5 million, a slight decrease from third quarter 2016.
  • Net realized capital gain on investments of $1.9 million, compared to $5.0 million for third quarter 2016.
  • Assumed reinsurance losses of $2.5 million relating to hurricanes Harvey, Irma, and Maria in third quarter 2017, producing a modest underwriting loss compared to a modest underwriting gain in third quarter 2016.
  • Earnings per share of ($0.12) in third quarter 2017, and $0.09 year-to-date.
  • Total equity of $239.9 million as of September 30, 2017.

“Although our bottom line results for the quarter are down when compared to 2016, we are encouraged by improvement in our property and casualty lines of business,” said Michael J. Alexander, President and CEO. “While second and third quarter results in this industry can be impacted by higher frequency and severity of weather related losses, our experience this year has improved significantly over last year and are within expectations for our property and casualty lines. Our crop insurance lines of business were impacted by the effects of the early season drought conditions across the western portions of North Dakota; therefore, the results for our crop lines vary significantly when compared to the results in 2016. We remain optimistic that the crop insurance lines will produce an underwriting profit during the fourth quarter as additional premiums are earned. Finally, our assumed block of reinsurance business was adversely impacted by hurricanes Harvey, Irma, and Maria during August and September.”

Earnings Conference Call

The Company will not hold an earnings conference call for third quarter 2017. Our Quarterly Report on Form 10-Q as filed with the SEC is available on the Company’s website at http://www.niholdingsinc.com.

About the Company

NI Holdings, Inc. is an insurance holding company. The company is a North Dakota business corporation that is the stock holding company of Nodak Insurance Company and became such in connection with the conversion of Nodak Mutual Insurance Company from a mutual to stock form of organization and the creation of a mutual holding company. The conversion was consummated on March 13, 2017. Immediately following the conversion, all of the outstanding shares of common stock of Nodak Insurance Company were issued to Nodak Mutual Group, Inc., which then contributed the shares to NI Holdings in exchange for 55% of the outstanding shares of common stock of NI Holdings. Nodak Insurance Company then became a wholly-owned stock subsidiary of NI Holdings.

Nodak Insurance Company owns American West Insurance Company and Primero Insurance Company. Nodak Insurance Company also manages Battle Creek Mutual Insurance Company and reinsures 100% of the risk on all insurance policies issued by Battle Creek. NI Holdings’ financial statements are the consolidated financial results of Nodak Insurance, American West, Primero, and Battle Creek.

Safe Harbor Statement

Some of the statements included in this news release, particularly those anticipating future financial performance, business prospects, growth and operating strategies, and similar matters, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Actual results could vary materially. Factors that could cause actual results to vary materially include: our ability to maintain profitable operations, the adequacy of the loss and loss adjustment expense reserves, business and economic conditions, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, adverse and catastrophic weather events, legal and judicial developments, changes in regulatory requirements, our ability to integrate and manage successfully the insurance companies we may acquire from time to time, and other risks we describe in the periodic reports we file with the Securities and Exchange Commission. You should not place undue reliance on any such forward-looking statements. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to our Annual Report on Form 10-K, as filed with the SEC.

Investor Relations Contacts:

Brian Doom, Chief Financial Officer

701-298-4200

bdoom@nodakins.com

Timothy J. Milius, CPA, Vice President, Finance

701-298-4275

tmilius@nodakins.com

Media Contact:

Beth DuFault

701-298-4282

bdufault@nodakins.com

Categories: Retirement & Estate Planning

1Reason Agencies

What clients have to say:

Mike T. "I started a business last year and Robert responded to my inquiries immediately, and was extremely helpful and knowledgeable as to the type of insurance coverages I would need to get started. Now its been a year and he now carries All of my coverages! Absolutely the most hands on agent I've ever worked with but hands down the friendliest! I can call him anytime and never feel rushed and not only that but he responded while on a family vacation. I believe in relationships in business and so does Robert by the way he treats his customers. I have a true friend in the business, thank you Robert!"


Lynn R. "Bob is very knowledgeable and has always done a great job explaining different aspects of coverage. He is very accessible and looks out for what is best for the consumer. We highly recommend him!


Justin T. "Excellent agent, always available for answers to insurance related questions. Bob, is the person most people strive to become. Without a doubt, a great person!"


Sebastian T. "I can not begin to tell you how pleased I am with 1 Reason Insurance ! Their responding services is friendly and complete. For the services my company offers to the public it is sure nice to know that we are covered for a reasonable fee. Just having (1 R I ) 1 Reason Insurance there is such piece of mind ! Their insurance plans are strait to the point and easy to understand.
Thanks for the great service 1 Reason Insurance !"


Jeff H. "Very nice and cares about the customer! He was literally the reason why i chose him over other companies for my insurance"

Categories

  • Bonds
    • Performance Bond
  • Bookkeeping
    • Business Taxes
  • Business Marketing
    • Webhosting
  • Car Insurance
  • Commercial Auto
  • Commercial Insurance
  • Court Cases
  • Cyber Liability Insurance
  • Employment Opportunities
  • Employment Practices
  • Flood Insurance
  • Home Ownership
  • Homeowner's Insurance
  • Insurance Companies
    • Insurance News
  • Insurance Terms
  • Investing
    • Finance & Insurance News
  • Life Insurance
  • Non Emergency Medical Transportation
  • Payroll
  • Pinewood Derby
  • Real Estate News
  • Rental Property Insurance
  • Retirement & Estate Planning
  • RV Insurance
  • Starting A Business
  • Stock Dividends
  • SuiteCRM Insurance CRM
  • Tips & Advice
  • Travel
  • Uncategorized
  • Worker's Compensation

Recent Posts

  • Using ChatGPT Can Help Your Business Grow By Helping You Write SEO Friendly Content For Your Website
  • Buying Homeowners Insurance In Wisconsin
  • Starting a Michigan Taxi or Non Emergency Medical Transportation Business Is Expensive Because of Regulations
  • Armada Hoffler Announces Quarterly Dividend
  • LGI Homes Reports October 2022 Home Closings
  • Regency Centers Reports Third Quarter 2022 Results
  • Global System Dynamics, Inc. Announces Sponsor Funding of Initial Three-Month Extension to Complete its Initial Business Combination
  • Opendoor Announces Third Quarter of 2022 Financial Results