NI Holdings (NODK)
Writes auto, home, farm, and crop insurance across North Dakota-centered markets.
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Operates a five-segment property-and-casualty insurance group built around home, farm, auto, and crop coverage. The business is concentrated in North Dakota and nearby Upper Midwest states, with agency distribution and Farm Bureau ties shaping access to policyholders.
Writes Private Passenger Auto, Home and Farm, Crop, Non-Standard Auto, and All Other insurance through Nodak Insurance and related subsidiaries. Current operations are centered on North Dakota, with nearby Upper Midwest markets adding personal, farm, crop, and limited commercial exposure.
Agency distribution is core to the model: Nodak Insurance uses exclusive agents in North Dakota, while other subsidiaries use independent agents in their operating areas. Underwriting discipline, reinsurance, crop insurance administration, and catastrophe exposure shape results.
Non-standard auto is being wound down in several legacy states, and the former Westminster commercial business has been sold. The mutual holding company structure and Farm Bureau relationship remain structural parts of governance, branding, and policyholder access.
Company facts
No analyst consensus on record.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $51.6M · Total debt $0 · Total assets $543.1M · Shareholders' equity $249.4M
- Revenue
- $70.2M
- Operating income
- $230.0K
- Net income
- $146.0K
No dividends on record.
| Institutions80 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | ≈ 25.13% | 5.13M shares | |
| Insiders14 holders · as of May 21, 2026 | 7.72% | 1.58M shares | |
| Strategic holders1 holder · as of Apr 23, 2026 | 8.10% | 1.65M shares | |
| Otherremainder | ≈ 59.05% | 12.05M shares |
20.40M company shares as of Sep 3, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
M3 Funds, LLCStrategic | 8.10% | 1.65M | 13Gfiled Apr 23, 2026 ↗ |
M3F, Inc.Institution | 7.61% | 1.55M | 13Fas of Jun 30, 2026 |
Jeffrey ThorpInsider | 5.44% | 1.11M | 13Dfiled Mar 5, 2020 ↗ |
Newtyn Management, LLCInstitution | 3.28% | 670,000 | 13Fas of Jun 30, 2026 |
BlackRock, Inc.Institution | 2.68% | 545,925 | 13Fas of Jun 30, 2026 |
| See all 25 → | |||
13F — a manager's quarterly holdings · 13D/13G — an ownership statement filed at 5% or more
Insider tradesForm 4
No open-market trades in the last 12 months.
- Progressive
Large public rival in personal auto and home insurance
- Allstate
Personal-lines parent with National General overlap
- Chubb
Crop and P&C competitor through Rain and Hail
- American Financial Group
Great American parent with crop and specialty P&C overlap
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| NI Holdings | $15.37 | +2.40% | $314.2M | 40.7 | — | 1.2 | −7.7% |
| Progressive | $221.40 | −0.00% | $128.71B | 11.1 | 13.5 | 1.4 | −4.2% |
| Allstate | $257.61 | −0.63% | $66.76B | 5.2 | 9.2 | 1.0 | −7.2% |
| Chubb | $341.75 | +0.69% | $130.95B | 12.0 | 12.1 | 2.1 | −1.3% |
| American Financial Group | $142.55 | −0.05% | $11.85B | 12.5 | 11.4 | 1.4 | −0.5% |
| Median | 11.5 | 11.8 | 1.4 | −2.7% |