NI Holdings, Inc. Agrees to Sell Westminster American Insurance Company
NI Holdings, Inc. (NODK)
US:NASDAQ Investor Relations:
niholdingsinc.com
Company Research
Source: GlobeNewswire
FARGO, N.D., May 08, 2024 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) (“NI Holdings”) announced today an agreement to sell its wholly-owned commercial insurance subsidiary, Westminster American Insurance Company, to a private party. The total consideration for the sale is $10.5 million in cash, with proceeds planned to be used for general corporate purposes. The transaction was unanimously approved by the Board of Directors and is expected to close in 2024, subject to regulatory approval and other closing conditions. “The decision to sell Westminster American Insurance Company was made in the best interest of NI Holdings and its shareholders,” said Michael J. Alexander, President, and Chief Executive Officer. “The commercial habitational insurance market has undergone significant changes in recent years, which were largely the result of unforeseen circumstances including the COVID-19 pandemic, the persistent high inflationary environment, tort liability rulings in certain
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News
- AM Best Places Credit Ratings of Westminster American Insurance Company Under Review With Negative Implications [Yahoo! Finance]Yahoo! Finance
- AM Best Affirms Credit Ratings of Members of Nodak Insurance Group and NI Holdings, Inc. [Yahoo! Finance]Yahoo! Finance
- NI Holdings, Inc. Reports Results for First Quarter Ended March 31, 2024 [Yahoo! Finance]Yahoo! Finance
- NI Holdings, Inc. Reports Results for First Quarter Ended March 31, 2024GlobeNewswire
- NI Holdings, Inc. Agrees to Sell Westminster American Insurance Company [Yahoo! Finance]Yahoo! Finance
NODK
Sec Filings
- 5/9/24 - Form 8-K
- 5/9/24 - Form 10-Q
- 5/8/24 - Form 8-K
- NODK's page on the SEC website