AM Best Confirms Credit Ratings for Nodak Insurance Group and NI Holdings, Inc. Members

AM Best has reconfirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) for the entities within Nodak Insurance Group (Nodak). The FSR outlook remains stable, while the Long-Term ICR outlook is negative. Concurrently, AM Best has upheld the Long-Term ICR of “bbb+” (Good) for NI Holdings, Inc. (Fargo, ND) [NASDAQ: NODK], a publicly traded holding company, with a negative outlook.

These ratings are reflective of Nodak’s robust balance sheet strength, strong operating performance, neutral business profile, and effective enterprise risk management. Despite volatility, Nodak’s 2023 operating results saw improvement, primarily due to more favorable loss ratios in core lines of business such as personal auto, homeowners, and farmowners. However, challenges persisted from elevated losses in commercial habitational lines and inflationary pressures on property lines. Nevertheless, net income and policyholders’ surplus showed growth. Year-to-date 2024 further demonstrated enhanced performance.

The negative outlook on the Long-Term ICR reflects AM Best’s cautious anticipation regarding sustained improvement. To bolster results, Nodak has initiated significant rate increases, refined risk appetite, and tightened underwriting standards. Additionally, NI Holdings, Inc. has announced the impending sale of WAIC to a private entity, pending regulatory approval. Upon completion, WAIC will cease to be affiliated with Nodak, reducing exposure in East Coast states and commercial habitational lines, thereby favorably impacting pooled results.

The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been reconfirmed for the following members of the Nodak Insurance Group with a stable FSR outlook and a negative Long-Term ICR outlook:

  • American West Insurance Company
  • Battle Creek Insurance Company
  • Direct Auto Insurance Company
  • Nodak Insurance Company
  • Primero Insurance Company

This press release pertains to Credit Ratings published on AM Best’s website. For comprehensive rating information and disclosures, including responsible issuing offices for individual ratings, refer to AM Best’s Recent Rating Activity webpage. Detailed guidelines on the use and limitations of Credit Rating opinions can be found in the Guide to Best’s Credit Ratings. For proper usage of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments, and AM Best press releases, consult the Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher, and data analytics provider specializing in the insurance industry, operating in over 100 countries with headquarters in the United States and regional offices worldwide. For further details, visit

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