NI Holdings, Inc. (NODK): M&A transaction — NI Holdings completes $10.5M sale of commercial insurer Westminster; records $14.4M loss on sale

NI Holdings, Inc.

Sale of Westminster American Insurance Company closed June 30, 2024 for $10.5 million in cash to Scott Insurance Holdings.
Estimated net loss on sale of $14.4 million reduces pro forma shareholders' equity from $255.8M to $241.4M.
Transaction represents strategic exit from majority of commercial insurance operations; results classified as discontinued operations.
Pro forma net income for Q1 2024 is $7.0M vs $6.4M as reported; 2023 pro forma net income $16.2M vs $(5.5M) loss.
Post-closing adjustment based on Westminster's statutory surplus vs $20M threshold; amount not yet estimable.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

NI Holdings, Inc. completed a disposition involving Scott Insurance Holdings, LLC for $10.5 million (closed 2024-06-30).

Action: disposition
Counterparty: Scott Insurance Holdings, LLC
Consideration: $10.5 million
Closing: 2024-06-30

Exact text from the filing

On June 30, 2024 (“Closing Date”), the Company completed the previously announced sale of Westminster to Scott Insurance Holdings for a cash purchase price of $10.5 million

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Source: SEC EDGAR

accession 0001104659-24-078089

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