NI Holdings Inc

NI Holdings reported a second-quarter net income of $146,000, or $0.01 per share, compared with a net loss of $12.1 million, or $0.57 per share, a year earlier. The combined ratio improved to 107.7% from 125.1%, driven by lower catastrophe losses, favorable prior-year reserve development in Non-Standard Auto, and better crop conditions, partially offset by higher non-catastrophe weather losses in Home and Farm. Gross premiums written fell 4.1% to $107.2 million, reflecting the strategic exit from most of the Non-Standard Auto segment and a decline in Private Passenger Auto, partly offset by growth in All Other and Crop. Pre-tax catastrophe losses totaled $15.0 million, below the reinsurance retention, compared with $20.0 million net of reinsurance and $3.3 million in reinstatement premiums in the prior-year quarter. Net investment income declined 10.7% to $2.8 million due to a lower average fixed-income portfolio balance.