Fargo, N.D. - Nodak Mutual Insurance Company has completed its conversion from a mutual to stock insurance company and the formation of a mutual holding company Nodak Mutual Group, Inc. and an intermediate stock holding company NI Holdings, Inc. As a result of the conversion, Nodak Mutual Insurance Company has changed its name to Nodak Insurance Company and is now a wholly owned subsidiary of NI Holdings (NASDAQ: NODK).

Along with the completion of the mutual to stock conversion, NI Holdings completed a sale of 10,350,000 shares of its common stock at $10 per share in a stock offering to policyholders, an employee stock ownership plan, directors, officers and employees of the company and the general public. Nodak Mutual Group owns 55% of NI Holdings.

Policyholders of Nodak Mutual had the option of exercising subscription rights to purchase NI Holdings stock or redeem their subscription rights for cash.

“We are very pleased with the support we received from our policyholders and the broader investment community in the offering.  We expect to use the proceeds to support our strategic plan of geographical diversification, expanding our product offerings, and continued merger and acquisition activity within the property and casualty insurance industry,” said Jim Alexander, Nodak’s President and CEO.

NI Holdings common stock is expected to commence trading on March 16, 2017.

 Nodak Insurance Company, rated A (Excellent) by A.M. Best, is the largest domestic property/casualty insurer in the state of North Dakota. It has a statewide force of 70 agents and serves more than 26,000 North Dakota policyholders.