{"id":21960,"date":"2026-06-16T22:18:00","date_gmt":"2026-06-16T20:18:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=42aec15f2d38fa1a3696a179bfe13f79"},"modified":"2026-06-16T22:18:00","modified_gmt":"2026-06-16T20:18:00","slug":"am-best-affirms-credit-ratings-of-members-of-nodak-insurance-group-and-ni-holdings-inc","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=21960","title":{"rendered":"AM Best Affirms Credit Ratings of Members of Nodak Insurance Group and NI Holdings, Inc."},"content":{"rendered":"

OLDWICK, N.J.--(BUSINESS WIRE)--#insurance<\/a>--AM Best <\/b>has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of \u201ca\u201d (Excellent) of the members of Nodak Insurance Group (Nodak). Concurrently, AM Best has affirmed the Long-Term ICR of \u201cbbb\u201d (Good) of NI Holdings, Inc. (NI Holdings) (Fargo, ND) [NASDAQ: NODK], a publicly traded holding company. The outlook of these Credit Ratings (ratings) is stable. (See below for a full listing of companies and ratings.)<\/p><\/a><\/a>

\nThe ratings reflect Nodak\u2019s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).<\/p>

\nNodak\u2019s balance sheet strength is supported by its strongest level of risk-adjusted capitalization, as measured by Best\u2019s Capital Adequacy Ratio (BCAR), along with its conservative investment portfolio, solid liquidity measures, and financial flexibility provided through its access to capital markets as a part of a publicly traded organization (NI Holdings). NI Holdings maintains no debt on its balance sheet and is viewed as having a neutral impact on the risk-bearing entities.<\/p>

\nWhile results have exhibited volatility in the past few years, operating performance remains adequate as reflected by Nodak\u2019s loss and loss adjustment expense ratio, which outperforms the private passenger standard auto and homeowners composite average. Results in 2025 were impacted by weather-related loss activity, specifically a derecho incurred in June, which now amounts to Nodak\u2019s largest catastrophe event in company history, and prior year loss reserve development in the non-standard automobile lines of business. Still, cumulatively the group\u2019s core lines of business (i.e. private passenger standard automobile, homeowners and farmowners) have remained largely profitable over the past several years.<\/p>

\nIn response to the volatility, management has made several underwriting adjustments and initiated strategic non-renewals and policy cancellations in its non-core lines of business, namely the non-standard automobile lines, to foster prospective improvement. Despite its tightened risk appetite, Nodak continues to maintain a strong market position in its primary state of North Dakota with some diversification provided in neighboring states, which is reflected in its neutral business profile assessment. AM Best expects that with management\u2019s focus on its historically profitable core lines of business, operating return metrics will benefit. Lastly, ERM is considered appropriate, reflective of Nodak\u2019s developed and embedded risk management framework, which includes defined risk appetites and tolerances and correlating mitigation strategies that have been acted upon in recent years.<\/p>

\nThe FSR of A (Excellent) and the Long-Term ICRs of \u201ca\u201d (Excellent) have been affirmed, with stable outlooks for the following members of the Nodak Insurance Group:<\/p>