Press Release - JUNE 05, 2018
A.M. Best Comments on Credit Ratings of Nodak Insurance Group Members Following Acquisition Announcement
FOR IMMEDIATE RELEASE
OLDWICK - JUNE 05, 2018
NI Holdings, Inc. recently signed a definitive agreement to purchase 100% of the stock of Direct Auto from private shareholders. A.M. Best expects the pending transaction to provide risk diversification, growth through geographic expansion, and broader product offerings to agents and policyholders. Once the merger is completed, Direct Auto is expected to remain an autonomous operation, retaining its brand name and marketing affiliations. Given the comparative size of Direct Auto relative to Nodak’s surplus and premium, the Credit Ratings (ratings) remain unchanged. Over the long term, A.M. Best will continue to monitor the progress of the proposed merger and evaluate any developments relative to Nodak Insurance Group’s and NI Holdings, Inc.’s ratings.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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