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Date Title
4/15/2021 AM Best reaffirms credit ratings for Nodak Insurance Group members, NI Holdings, Inc.
OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of members of Nodak Insurance Group (Nodak). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb+” of NI Holdings, Inc. (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.)

The ratings reflect Nodak’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

Nodak’s balance sheet is supported by its strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), net and gross underwriting leverages that compare favorably with the composite averages, a conservative investment portfolio, and access to the capital markets as part of a publicly traded organization (NI Holdings, Inc.). Individual members within Nodak play a specific role in the organization’s overall business plan, with each contributing favorably to the pool’s risk-adjusted capitalization. In addition, each member continues to support the pool’s corporate business strategy. Nodak’s operating performance remains strong, as the group’s strict underwriting standards have continued to result in favorable combined and operating ratios. Consistent positive pre-tax operating gains and net income, primarily driven by underwriting gains, have resulted in surplus growth in each of the past five years.

The ratings also consider Nodak’s market position as one of the leading insurers in personal lines, farm and crop insurance in North Dakota coupled with their expanding book of business and geographic diversification. Most recently, NI Holdings, Inc. acquired Westminster American Insurance Company writing east coast, Commercial Multi-Peril business. These ratings also acknowledge the depth and breadth of the group’s ERM policies and procedures. The group’s management has a strong understanding of the level of risk the organization is willing to accept.

The FSR of A (Excellent) and the Long-Term ICRs of “a+” have been affirmed, with stable outlooks for the following members of the Nodak Insurance Group:

American West Insurance Company
Battle Creek Mutual Insurance Company
Direct Auto Insurance Company
Nodak Insurance Company
Primero Insurance Company
Westminster American Insurance Company
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit
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