On October 25, 2024, NI Holdings, Inc. (NASDAQ: NODK) disclosed that its Audit Committee determined, upon management recommendation, that the unaudited financial statements in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, should no longer be relied upon. This decision stemmed from identified accounting errors related to the sale of its subsidiary, Westminster American Insurance Company.
Following the sale of Westminster post-June 30, 2024, the company failed to include approximately $3.4 million in receivables on Westminster’s closing balance sheet, affecting the loss on sale of discontinued operations. Consequently, this led to an understatement of the total net loss by the same amount for the three- and six-month periods ending June 30, 2024.
As a result of these findings, the company is actively working on restating the financial statements, aiming to rectify discrepancies and provide accurate financial information to shareholders and relevant stakeholders. Further updates will be provided in future filings once the restatement process is completed.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read NI’s 8K filing here.
About NI
NI Holdings, Inc underwrites property and casualty insurance products in the United States. Its products include private passenger auto, non-standard automobile, homeowners, farm owners, crop hail and multi-peril crop, and liability insurance policies. The company was founded in 1946 and is headquartered in Fargo, North Dakota.
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