AM Best Downgrades Issuer Credit Ratings of Members of Nodak Insurance Group and NI Holdings, Inc.
Rating Downgrade: AM Best has downgraded the Long-Term Issuer Credit Ratings of Nodak Insurance Group from "a+" to "a" and NI Holdings, Inc. from "bbb+" to "bbb", while affirming their Financial Strength Rating at A (Excellent) with stable outlooks for both ratings.
Operational Challenges: The downgrade reflects volatility in Nodak's operating results due to weather-related losses, inflationary pressures, and issues in non-standard auto lines, prompting management to implement rate increases and strategic changes to improve performance.
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NI Holdings, Inc. Reveals Change in Leadership
Leadership Change at NI Holdings: Seth Daggett has resigned as President and CEO of NI Holdings, with Cindy Launer appointed as his successor, effective October 10, 2025.
Cindy Launer's Background: Launer, who previously served as Interim CEO and has extensive experience in the insurance industry, is expected to lead the company towards sustainable growth while remaining on the Board of Directors.
Cindy Launer Named CEO of NI Holdings
Leadership Change: Seth Daggett has resigned as President and CEO of NI Holdings, effective immediately, to pursue other opportunities.
New Appointment: Cindy Launer, with 18 years of insurance industry experience, has been appointed as the new President and CEO, and will also continue to serve on the Board.
