NI Holdings, Inc. Announces $10M Repurchase Plan
09 Maio 2022 - 5:31PM
NI Holdings, Inc. (NASDAQ: NODK) today announced that its Board of
Directors has approved an authorization for the repurchase of up to
approximately $10 million of the company’s outstanding common
stock. This supports our planned approach to capital deployment to
create long-term value for our shareholders – through share
repurchases and future strategic acquisitions. This authorization
is in addition to approximately $2.0 million remaining under the
Board’s previous repurchase authorization announced on August 16,
2021, for a total of approximately $12.0 million available for the
repurchase 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 under the
authorization, and the repurchase plan may be suspended,
discontinued, or modified at any time for any reason.
NI Holdings, Inc. had 21,235,174 shares of common stock
outstanding as of April 30, 2022, per the company’s quarterly
report on Form 10-Q for the quarter ended March 31, 2022.
About the Company
NI Holdings, Inc. is an insurance holding company. The company
is a North Dakota business corporation that is the stock holding
company of Nodak Insurance Company and became such in connection
with the conversion of Nodak Mutual Insurance Company from a mutual
to stock form of organization and the creation of a mutual holding
company. The conversion was consummated on March 13, 2017.
Immediately following the conversion, all of the outstanding shares
of common stock of Nodak Insurance Company were issued to Nodak
Mutual Group, Inc., which then contributed the shares to NI
Holdings in exchange for 55% of the outstanding shares of common
stock of NI Holdings. Nodak Insurance Company then became a
wholly-owned stock subsidiary of NI Holdings.
NI Holdings completed the acquisition of Direct Auto Insurance
Company on August 31, 2018, which is a wholly-owned stock
subsidiary of NI Holdings.
NI Holdings completed the acquisition of Westminster American
Insurance Company on January 1, 2020, which is a wholly-owned stock
subsidiary of NI Holdings.
Nodak Insurance Company owns American West Insurance Company and
Primero Insurance Company. Nodak Insurance Company also controls
Battle Creek Mutual Insurance Company as a result of an affiliation
agreement between the two companies.
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.
Safe Harbor Statement
Some of the statements included in this news release,
particularly those relating to potential future repurchases of the
Company’s common stock are forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. Actual results could vary materially. Factors that could
cause actual results to vary materially include: our ability to
maintain profitable operations, the adequacy of the loss and loss
adjustment expense reserves, business and economic conditions,
interest rates, competition from various insurance and other
financial businesses, terrorism, the availability and cost of
reinsurance, adverse and catastrophic weather events, including the
impacts of climate change, legal and judicial developments, changes
in regulatory requirements, our ability to integrate and manage
successfully the insurance companies we may acquire from time to
time, and other risks we describe in the periodic reports we file
with the Securities and Exchange Commission. You should not place
undue reliance on any such forward-looking statements. We disclaim
any obligation to update such statements or to announce publicly
the results of any revisions that we may make to any
forward-looking statements to reflect the occurrence of anticipated
or unanticipated events or circumstances after the date of such
statements.
For a detailed discussion of the risk factors that could affect
our actual results, please refer to the risk factors identified in
our SEC reports, including, but not limited to our Annual Report on
Form 10-K and our Quarterly Reports on Form 10-Q, as filed with the
SEC.
Investor Relations Contact: Seth
DaggettExecutive Vice President, Treasurer and Chief Financial
Officer701-298-4348sdaggett@nodakins.com
Media Contact: Beth
DuFault701-298-4282bdufault@nodakins.com
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