Fargo, North Dakota-based insurance holding company, NI Holdings Inc., the parent company of Nodak Insurance, is planning to repurchase up to approximately $10 million of the company’s outstanding common stock.
The actual timing, number, and value of common shares repurchased under the plan will be determined by management in its discretion and will depend on a number of factors, including, among others, general market and business conditions, the trading price of common shares, and applicable legal requirements.
The company has no obligation to repurchase any common shares, and the repurchase plan may be suspended, discontinued, or modified at any time for any reason.
NI Holdings Inc. had 21,779,260 shares of common stock outstanding as of April 30, 2020, per the company’s quarterly report on Form 10-Q for the quarter ended March 31, 2020.
NI Holdings is the stock holding company of Nodak Insurance Co., created upon the conversion of Nodak Mutual Insurance Co. from a mutual to stock company on March 13, 2017
NI Holdings’ financial statements are the consolidated financial results of NI Holdings; Nodak Insurance, including Nodak Insurance’s wholly owned subsidiaries American West and Primero, and its affiliate Battle Creek; Direct Auto; and Westminster.
Source: NI Holdings
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