North Dakota-based insurance holding company, NI Holdings Inc. announced its board of directors has authorized a repurchase of up to approximately $10 million of the company’s outstanding common stock.
The company said the authorization supports its planned approach to capital deployment to create long-term value for its shareholders – through share repurchases and future strategic acquisitions.
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 under the authorization, and the repurchase plan may be suspended, discontinued, or modified at any time for any reason.
NI Holdings Inc. had 22,313,329 shares of common stock outstanding as of Nov. 10, 2017, per the company’s quarterly report on Form 10-Q for the quarter ended Sept. 30, 2017.
NI Holdings Inc. became the stock holding company of Nodak Insurance Co. following the March 2017 conversion of Nodak Mutual Insurance Co. from a mutual to stock organization and the creation of a mutual holding company.
Immediately following the conversion, all of the outstanding shares of common stock of Nodak Insurance Co. were issued to Nodak Mutual Group Inc., which contributed the shares to NI Holdings in exchange for 55 percent of the outstanding shares of common stock of NI Holdings. Nodak Insurance Co. became a wholly owned stock subsidiary of NI Holdings.
Nodak Insurance owns American West Insurance Co. and Primero Insurance Co. Nodak Insurance also manages Battle Creek Mutual Insurance Co. and reinsures 100 percent of the risk on all insurance policies issued by Battle Creek.
NI Holdings’ financial statements are the consolidated financial results of NI Holdings and Nodak Insurance, including Nodak Insurance’s subsidiaries American West and Primero, and its affiliate Battle Creek.
Source: NI Holdings