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FARGO, N.D. - NI Holdings, Inc. (NASDAQ:NODK) announced Friday that Seth Daggett has stepped down as President and Chief Executive Officer, effective immediately. The company has appointed Cindy Launer to take over the leadership role. The leadership change comes as the company’s stock has declined 17% year-to-date, according to InvestingPro data.
Launer, who previously served as Interim CEO in fall 2024 and has been an independent non-executive director since November 2019, brings 18 years of insurance industry experience to the position. Before joining NI Holdings’ board, she served as Chief Operating Officer of AIG’s Commercial Insurance Business until her retirement in 2018.
"While the company remains financially strong, the Board unanimously agreed that Cindy Launer is the right leader to guide NI Holdings into its next phase," said Eric K. Aasmundstad, Chairman of the Board, in a press release statement. The $270 million market cap company faces some financial challenges, with InvestingPro data showing a weak gross profit margin of 1.75% and current liquidity ratios below optimal levels.
Launer will maintain her position on the company’s Board of Directors while serving as CEO. Daggett, who also vacated his board seat, is leaving to pursue other opportunities, according to the company.
NI Holdings is an insurance holding company based in North Dakota. It operates as the stock holding company of Nodak Insurance Company and its subsidiaries, including American West Insurance Company, Primero Insurance Company, Battle Creek Insurance Company, and Direct Auto Insurance Company. For deeper insights into NI Holdings’ financial health and additional analysis, investors can access more than 30 key financial metrics and exclusive ProTips through InvestingPro.
The leadership change comes as the company looks to develop its long-term strategic direction. The appointment took effect October 10, 2025.
In other recent news, NI Holdings, Inc. has announced the approval of a $5 million stock repurchase program. This new authorization adds to the approximately $1.3 million remaining from a previous plan, raising the total available for stock repurchases to about $6.3 million. In another development, NI Holdings has appointed Kelly Dawson as Senior Vice President and Chief Human Resources Officer. Dawson, who will manage all human resources functions, brings over 20 years of experience in leadership roles from various companies. These recent developments reflect NI Holdings’ ongoing strategic initiatives and leadership enhancements.
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