NI Holdings sells Westminster American Insurance for $10.5M cash to Scott Insurance Holdings

NI Holdings, Inc.

Sale of wholly-owned subsidiary Westminster American Insurance for $10.5M cash to Scott Insurance Holdings.
Buyer affiliated with John Scott Sr., father of subsidiary president John Scott Jr.
Approved by board; closing expected in 2024 subject to regulatory approval and reinsurance.
Proceeds for general corporate purposes; sale refocuses on core businesses away from commercial habitational market.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NI Holdings, Inc. entered into Stock Purchase Agreement with Scott Insurance Holdings, LLC valued at $10.5 million (effective 2024-05-07).

Action: entry
Agreement: asset purchase
Counterparty: Scott Insurance Holdings, LLC
Value: $10.5 million
Effective: 2024-05-07

Exact text from the filing

On May 7, 2024, NI Holdings, Inc., a North Dakota Corporation (“Seller”), entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”), dated May 7, 2024, between the Seller and Scott Insurance Holdings, LLC, (“Scott Insurance Holdings”) to sell its subsidiary, Westminster American Insurance Company (the “Company”), to Scott Insurance Holdings, a privately owned Maryland limited liability company (“Buyer”), for a cash purchase price of $10.5 million (the “Sale”).

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Source: SEC EDGAR

accession 0001174947-24-000694

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