NI Holdings announces strategic executive team reshuffle

FARGO, N.D. - NI Holdings, Inc. (NASDAQ: NODK), an insurance holding company with a market capitalization of $269.7 million, has announced a series of strategic leadership appointments aimed at bolstering the company’s long-term growth and strengthening its execution of core business strategies. The announcement comes as the company maintains a FAIR overall financial health score, according to InvestingPro analysis. The company expressed confidence in the appointed executives’ ability to advance strategic priorities and contribute to NI Holdings’ continued success.

Kevin Elfstrand has been elevated to the position of Senior Vice President and Chief Accounting Officer. With over two decades of experience in the property and casualty insurance sector, Elfstrand’s role will encompass overseeing the Accounting department and leading external financial reporting. His prior tenure includes 17 years at Travelers Companies, Inc., and he is a CPA with a bachelor’s degree in accounting from Saint John’s University.

Brandon Nicol’s promotion to Senior Vice President of Reinsurance and Chief Underwriting Officer will see him leading the company’s underwriting strategy and reinsurance operations. Nicol, who has 19 years of industry experience, holds several professional designations and serves as a Major in the U.S. Army National Guard and Army Reserves.

Chris Oen has been named Senior Vice President and Chief Claims Officer, a role in which he will continue to lead the Claims department. Oen’s 30 years of experience in the industry is complemented by his service on various industry boards and his military background in the Army National Guard.

Dominic Weber’s promotion to Senior Vice President and Chief Actuary will have him continue to oversee the Actuarial department, focusing on reserving, ratemaking, and predictive analytics. Weber is a Fellow of the Casualty Actuarial Society and a Member of the American Academy of Actuaries, bringing over 42 years of experience to his role.

Doug Duncan joins the team as Senior Vice President and Chief Information Officer, a new position created to guide the company’s technology strategy and modernization efforts to support business growth. Duncan’s extensive technology leadership experience includes previous roles at Columbia Insurance Group and Swiss Re.

NI Holdings, Inc., the parent company of Nodak Insurance Company, became a publicly traded entity on March 13, 2017, following a conversion from a mutual to a stock company. The company’s financial statements reflect the consolidated results of NI Holdings and its subsidiaries, including Nodak Insurance Company and its wholly-owned subsidiaries. Recent financial data shows annual revenue of $322.14 million with 3.15% growth, though InvestingPro analysis indicates the company faces challenges with relatively weak gross profit margins. For deeper insights into NI Holdings’ financial health and growth prospects, including additional ProTips and detailed metrics, investors can access comprehensive analysis through InvestingPro’s premium features.

The information in this article is based on a press release statement from NI Holdings, Inc.

In other recent news, NI Holdings, Inc. has appointed Matt Maki as its permanent Chief Financial Officer, effective March 1, 2025. Maki, who has been with the company since August 2020, previously served as Vice President of Financial Planning and Analysis and interim CFO. His compensation package includes a base salary of $435,000, along with incentives and a one-time cash bonus. Additionally, NI Holdings announced that Stephen V. Marlow, a board member, will not seek reelection at the upcoming annual stockholders meeting. The company clarified that Marlow’s decision is not due to any disagreements with company policies or practices. This change marks a shift in the board’s composition, though NI Holdings has not yet disclosed plans for filling the vacancy. These developments come as part of the company’s ongoing governance and leadership adjustments.

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