NI Holdings reports Q3 net loss of $2.7M; combined ratio worsens to 111%

NI Holdings, Inc.

2024-Q3 EPS reported -$0.76 revenue$251,290,000

Net loss from continuing ops of $2.7M vs income of $0.7M; basic loss per share $(0.13).
Combined ratio of 111.0% (up 10.2 pts) due to higher weather losses and CEO transition costs.
Direct written premiums $67.7M, flat YoY; Non-Standard Auto down 35.8%, Home and Farm up 11.6%.
Net investment income rose 32.5% to $2.8M on higher fixed income reinvestment rates.
Company sold Westminster American in Q2, refocusing on core business to return to profitability.

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