NI Holdings (NODK) Files for $103.5M Common Stock IPO

NI Holdings (Nasdaq: NODK) filed a registration with the U.S. SEC for an initial public offering of its common stock. The company plans to sell 10.35 million shares of common stock and sees an offering price of $10 per share.

The offering is being made via Griffin Financial Group.

Nodak Mutual Insurance Company is a mutual insurance company domiciled in North Dakota. Nodak Mutual writes primarily property and casualty insurance, multi-peril crop insurance, and crop hail insurance exclusively for members of the North Dakota Farm Bureau. Nodak Mutual markets its products through a network of over 65 exclusive producers in North Dakota. In 2015, Nodak Mutual had direct written premiums of $132.1 million. Nodak Mutual has been assigned an “A” rating (positive outlook) by A.M. Best Company, Inc. (A.M. Best), which is the third highest out of fifteen possible ratings.

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