NI Holdings is a property and casualty insurer based in Fargo, North Dakota, focused on personal lines and crop insurance in the upper Midwest. Its flagship subsidiary, Nodak Insurance, was founded in 1946 to serve North Dakota Farm Bureau members, and still benefits from an exclusive marketing relationship with that organization — Nodak policyholders must be NDFB members, creating a loyal, rural and agricultural customer base. Nodak sells through captive agents in North Dakota, while subsidiaries American West and Battle Creek sell similar products through independent agents in South Dakota, Minnesota, and Nebraska. NI Holdings earns revenue by collecting premiums in exchange for covering insured losses, with profitability driven by underwriting results and investment income from its float, which is managed in a conservative fixed income portfolio. The Home and Farm segment is the largest, covering buildings, equipment, and liability for homeowners and farmers. Crop insurance — federally subsidized and rate-regulated by the USDA — covers farmers against yield losses and revenue declines, with federal reinsurance limiting NI Holdings' downside in catastrophe years. NI Holdings has recently simplified its business, selling commercial insurer Westminster in mid-2024 and winding down its non-standard auto operations, concentrating the company on standard personal lines and crop insurance in the upper Midwest.