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No insider purchase over the last 90 days. The latest, by Duncan Patrick W., was filed 14 Dec 2023.
NI Holdings, Inc.: what insiders have been doing
This page follows insider dealings at NI Holdings, Inc. as filed with SEC (Form 4), a company from the Banks sector. From 22 October 2025 to 22 October 2026, the disclosure feed for NI Holdings, Inc. logged 14 filings by 6 insiders.
No open-market purchase or sale appears among the filings, only grants, plan transactions and other operations. Compensation-driven entries like these are tracked, but they say little about how insiders judge the share price.
For context, the typical company on the same exchange (median of 5,462 companies) published 28 filings over the same period, against 14 filings here. Over the whole record (from 2017), the tally stands at 11 purchases and no sales. For the fiscal year to 31 December 2025, the annual 10-K puts revenue at 285.1 m USD and net income at -10.4 m USD.
Insider buying of NI Holdings, Inc. has been absent for the past year. Typically, a trade is published a median of 2 days after it takes place. The legal deadline for a Form 4 is two business days after the transaction.
Every figure here comes from the filings published by SEC (Form 4) and describes the past, not future prices; it is not investment advice.
Insider Decl.
143
Thresholds
n/a
Buy Volume
€63,076
11 ops. · all time
Sell Volume
n/a
n/a
Since the insiders bought
- +28.8%Entry US$13.00 · Close at T+365 US$16.75
- +25.1%Entry US$15.49 · Close at T+365 US$19.38
Entry is the close on the day after publication, the first price a reader could act on. Prices in the listing currency. Past moves are not a forecast.
This score ranks the purchase within its own market. A position size is suggested only on the venues of the backtested strategy universe; elsewhere, signals stay on watch. Not investment advice.
Fundamental score
Ranked 22,864 of 26,248 companies
24.7
score / 100
Value20
Quality29
FCF yld-5.1%
Earn yld-3.4%
EV/EBITDA25.4x
ROE3.2%
Gross mgn21%
Net mgn-3.7%
Debt/EBITDA·
Pillars2/3
Transparent value + quality ranking, distinct from the insider signal.
Financial data
as of FY 2025FY ended December 2025 · cache
US$14.84
Analyst consensus
Income statement
RevenueUS$285.1M
Gross profitUS$60.2M21% margin
EBITDAUS$11.9M4% margin
Net income-US$10.4M2.9% margin
Valuation
PER (trailing)39.0x
P/Book1.2x
Beta0.31
Balance sheet & cash
Market capUS$302.7M
Free Cash Flow-US$15.5M
Debt / Equity0%
Profitability & ownership
ROE3.2%
ROA1.2%
% insiders63.6%
% institutions25.0%
Last declaration on 21 May 2026
Declarations143 total
5,015 shares0Common StockSEC:0002077096-26-000158:0
5,015 shares0Common StockSEC:0002077096-26-000161:0
479 shares@ US$13.28Common StockSEC:0001174947-26-000265:1
9,300 shares0Common StockSEC:0001174947-26-000265:2
1,588 shares@ US$13.28Common StockSEC:0001174947-26-000269:1
22,700 shares0Common StockSEC:0001174947-26-000269:2
2,471 shares@ US$13.2861.2% of flowCommon StockSEC:0001174947-26-000269:0
873 shares@ US$13.28100.0% of flowCommon StockSEC:0001174947-26-000265:0
56,000 shares0Common StockSEC:0001174947-26-000267:0
11,100 shares0Common StockSEC:0001174947-26-000263:0
119 shares@ US$13.573.0% of flowCommon StockSEC:0001174947-26-000132:0
111 shares@ US$13.322.8% of flowCommon StockSEC:0001174947-26-000047:0
115 shares@ US$13.272.9% of flowCommon StockSEC:0001174947-26-000045:0
14,076 shares0Common StockSEC:0001174947-26-000043:0
3,924 shares0Common StockSEC:0001174947-25-000849:0
3,924 shares0Common StockSEC:0001174947-25-000852:0
3,924 shares0Common StockSEC:0001174947-25-000846:0
3,924 shares0Common StockSEC:0001174947-25-000848:0
3,924 shares0Common StockSEC:0001174947-25-000847:0
3,924 shares0Common StockSEC:0001174947-25-000850:0
3,924 shares0Common StockSEC:0001174947-25-000851:0
25,559 shares0Common StockSEC:0001174947-25-000281:1
47,457 shares0Common StockSEC:0001174947-25-000279:1
999 shares@ US$14.2430.1% of flowCommon StockSEC:0001174947-25-000281:0
2,313 shares@ US$14.2466.7% of flowCommon StockSEC:0001174947-25-000279:0
25 of 143 declarations
About NI Holdings, Inc.
NI Holdings, Inc. (ticker: NODK) is a U.S.-listed insurance holding company traded on the NASDAQ market in the United States. For European investors, it is best understood as a small-cap regional property-and-casualty and crop-insurance platform with deep roots in the Upper Midwest and Northern Plains. The company traces its modern structure to the conversion of Nodak Mutual Insurance Company, completed on March 13, 2017, when NI Holdings became the publicly listed parent of Nodak Insurance Company. Its headquarters are in Fargo, North Dakota, at 1101 First Avenue North, underscoring the company’s regional operating footprint. ([niholdingsinc.com](https://www.niholdingsinc.com/node/8566/pdf))
NI Holdings’ business model is centered on several property and casualty insurance subsidiaries. Nodak Insurance Company is the core franchise and is described as the largest domestic property and casualty insurer based in North Dakota. Through captive agents, it writes private passenger auto, homeowners, farmowners, commercial multi-peril, excess liability, dwelling, crop hail, and Federal multi-peril crop insurance. American West Insurance Company focuses primarily on South Dakota, with additional business in North Dakota, Minnesota, and crop-related coverages. Battle Creek Insurance Company is a Nebraska-based carrier writing private passenger auto, homeowners, and farm coverages. Direct Auto Insurance Company was the group’s non-standard auto platform in Illinois, but management decided in 2025 to discontinue writing new non-standard auto business there and non-renew existing policies. Westminster American Insurance Company was sold on June 30, 2024, simplifying the portfolio. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1681206/000117494726000305/nodk-20251231.htm))
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From a competitive standpoint, NI Holdings is a niche regional insurer rather than a national scale player. Its positioning is based on underwriting discipline, local market knowledge, and long-standing distribution relationships, particularly in agricultural and rural communities. The company highlights its relationship with the North Dakota Farm Bureau as an important strategic asset, and it competes against major brands such as Progressive, State Farm, American Family, National General, Farmers Union, and Auto-Owners in North Dakota personal auto and homeowners lines. This means the franchise’s moat is not size, but specialization, local brand recognition, and the ability to manage underwriting in less densely populated markets. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1681206/000117494726000305/nodk-20251231.htm))
Geographically, NI Holdings is concentrated in North Dakota, South Dakota, and Nebraska, with additional exposure in Illinois, Arizona, and Minnesota depending on the line of business. That footprint makes the company highly sensitive to weather patterns, catastrophe losses, pricing cycles, and state-level insurance regulation. It also gives the group a focused operating model, with a business mix that leans toward auto, homeowners, farm, and crop-related coverages in the states where it has the strongest distribution and underwriting presence. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1681206/000117494726000305/nodk-20251231.htm))
Recent developments point to a company in transition. In its 2025 results release, management said a historic catastrophe event in North Dakota hurt results, although core lines remained solid and profitable and the investment portfolio delivered strong returns. The company also continued to prune non-core exposure, including the run-off of non-standard auto at Direct Auto. In February 2026, the board approved a new short-term incentive plan tied to combined ratio, strategic initiatives, and individual performance, which suggests a sharper focus on underwriting profitability and operational execution. ([niholdingsinc.com](https://www.niholdingsinc.com/node/8566/pdf))
