NI Holdings, Inc. announced its results for the third quarter ended September 30, 2024, reporting impacts from several factors. The quarter was negatively affected by unfavorable prior year development in the Non-Standard Auto segment, which has been a focus for strategic adjustments.
The company also incurred elevated non-recurring costs associated with its CEO transition during the period. Additionally, higher weather-related losses in North Dakota contributed to the challenges faced in the third quarter.
Interim Chief Executive Officer Cindy Launer stated that the second quarter sale of Westminster American Insurance Company has allowed the company to refocus efforts on its core business. Management expressed confidence in the underlying business and its strategic underwriting initiatives, aiming for a return to profitability over time.
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