**NI Holdings, Inc. Announces Key Leadership Changes** **

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NI Holdings, Inc. recently filed a Form 8-K with the Securities and Exchange Commission, detailing significant leadership transitions within the company. According to the filing dated November 20, 2024, Seth C. Daggett, the current Executive Vice President, Treasurer, and Chief Financial Officer, has been appointed as the new President and Chief Executive Officer of NI Holdings, Inc., effective from December 1, 2024. In this new role, Mr. Daggett will also join the company’s Board of Directors.

Upon Mr. Daggett’s transition to his new position, the current Interim Chief Executive Officer, Ms. Cindy L. Launer, will step down from her role effective November 30, 2024. However, Ms. Launer will remain on the Board of Directors and continue to receive compensation as per the company’s existing framework for non-employee directors, detailed in the Company’s Definitive Proxy Statement filed with the SEC in April 2024.

Mr. Daggett brings over 20 years of experience in the property/casualty insurance industry to his new role. He joined NI Holdings as Executive Vice President of Strategy in 2019 and assumed the role of Treasurer and Chief Financial Officer in May 2021. His prior experience includes executive positions at RAM Mutual Insurance Company and the Travelers Companies, Inc.

As part of the transition, Mr. Daggett’s compensation package has been revised, effective December 1, 2024, based on the decisions and approvals made by the Compensation Committee of NI Holdings’ Board of Directors. The framework includes an annual base salary, short-term incentives, long-term incentives, a one-time cash bonus, and a one-time grant of Restricted Stock Units.

Additionally, the filing highlighted the appointment of Matt Maki, currently Vice President of Financial Planning and Analysis, as the Interim Chief Financial Officer, effective December 1, 2024. Mr. Maki will assume the role of Principal Financial and Accounting Officer for SEC reporting purposes until a permanent CFO is appointed.

The company also announced the departure of Senior Vice President, Operations, Patrick W. Duncan, effective November 20, 2024, due to a termination without cause. As part of this departure, NI Holdings expects to provide Mr. Duncan with approximately $859,706 in termination payments, subject to a mutually agreeable separation agreement.

In this regard, NI Holdings, Inc. issued a press release on November 22, 2024, confirming these leadership changes. The press release identifies the appointment of Mr. Daggett as Chief Executive Officer and Mr. Maki as Interim Chief Financial Officer, reflecting the company’s commitment to a smooth transition process.

The press release also underlines NI Holdings, Inc.’s confidence in Mr. Daggett’s leadership capabilities and the strategic direction that he aims to bring to the company. The Board and key stakeholders are optimistic about the future under his leadership, acknowledging his deep industry knowledge and commitment to building on the company’s legacy in North Dakota.

The form 8-K filing provides a detailed breakdown of the corporate governance changes, including the effective dates of appointments and compensation adjustments, ensuring transparency in the process as NI Holdings, Inc. moves forward under its new leadership structure.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read NI’s 8K filing here.

About NI

NI Holdings, Inc underwrites property and casualty insurance products in the United States. Its products include private passenger auto, non-standard automobile, homeowners, farm owners, crop hail and multi-peril crop, and liability insurance policies. The company was founded in 1946 and is headquartered in Fargo, North Dakota.