<SEC-DOCUMENT>0001174947-25-000911.txt : 20250604
<SEC-HEADER>0001174947-25-000911.hdr.sgml : 20250604
<ACCEPTANCE-DATETIME>20250604160548
ACCESSION NUMBER:		0001174947-25-000911
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250527
FILED AS OF DATE:		20250604
DATE AS OF CHANGE:		20250604

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Duncan Douglas Alan
		CENTRAL INDEX KEY:			0002071394
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37973
		FILM NUMBER:		251023153

	MAIL ADDRESS:	
		STREET 1:		C/O NI HOLDINGS, INC.
		STREET 2:		1101 FIRST AVENUE NORTH
		CITY:			FARGO
		STATE:			ND
		ZIP:			58102

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NI Holdings, Inc.
		CENTRAL INDEX KEY:			0001681206
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		ORGANIZATION NAME:           	02 Finance
		EIN:				812683619
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1101 FIRST AVENUE NORTH
		CITY:			FARGO
		STATE:			ND
		ZIP:			58102
		BUSINESS PHONE:		701-298-4200

	MAIL ADDRESS:	
		STREET 1:		1101 FIRST AVENUE NORTH
		CITY:			FARGO
		STATE:			ND
		ZIP:			58102
</SEC-HEADER>
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    <documentType>3</documentType>

    <periodOfReport>2025-05-27</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001681206</issuerCik>
        <issuerName>NI Holdings, Inc.</issuerName>
        <issuerTradingSymbol>NODK</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002071394</rptOwnerCik>
            <rptOwnerName>Duncan Douglas Alan</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1101 FIRST AVENUE NORTH</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>FARGO</rptOwnerCity>
            <rptOwnerState>ND</rptOwnerState>
            <rptOwnerZipCode>58102</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>SVP, Chief Information Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <remarks>Exhibit List: 24.1 Power of Attorney</remarks>

    <ownerSignature>
        <signatureName>/s/ Matthew J. Maki, Attorney-in-Fact</signatureName>
        <signatureDate>2025-06-04</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<DOCUMENT>
<TYPE>EX-24.1
<SEQUENCE>2
<FILENAME>ex24.htm
<DESCRIPTION>EX-24.1
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: right">Exhibit 24.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">SECTION 16</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-indent: 0.5in">Know all by these presents that the undersigned
hereby constitutes and appoints each of Seth C. Daggett and Matthew Maki, signing singly, the undersigned&rsquo;s true and lawful attorney-in-fact
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">prepare, execute in the undersigned&rsquo;s name and on the undersigned&rsquo;s behalf, and submit to the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) a Form ID, including amendments thereto, and any other documents necessary or appropriate to obtain codes and passwords enabling the undersigned to make electronic filings with the SEC of reports required by Section 16(a) of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) or any rule or regulation of the SEC;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">execute for and on behalf of the undersigned, in the undersigned&rsquo;s capacity as an officer and/or director of NI Holdings, Inc. (the &ldquo;Company&rdquo;), Forms 3, 4, and 5 in accordance with Section 16(a) of the Exchange Act and the rules thereunder, and any other forms or reports the undersigned may be required to file in connection with the undersigned&rsquo;s ownership, acquisition, or disposition of securities of the Company;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">execute for and on behalf of the undersigned, in the undersigned&rsquo;s capacity as an officer of the Company, any Form 144 required to be filed by the undersigned under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and Rule 144 promulgated thereunder;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">4)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Form 3, 4, or 5, or other form or report, and timely file such form or report with the SEC and any stock exchange or similar authority; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">5)</FONT></TD>
    <TD>
    take any other action of any type whatsoever in connection with the
foregoing which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of, or legally required by, the
undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power
of Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact&rsquo;s
discretion.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-indent: 0.5in">The undersigned hereby grants to each such attorney-in-fact
full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise
of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally
present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact&rsquo;s
substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein
granted. The undersigned acknowledges that the foregoing attorney-in-fact, in serving in such capacity at the request of the undersigned,
are not assuming, nor is the Company assuming, any of the undersigned&rsquo;s responsibilities to comply with Section 16 of the Exchange
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-indent: 0.5in">This Power of Attorney shall remain in full force
and effect until the undersigned is no longer required to file Forms 3, 4, and 5 with respect to the undersigned&rsquo;s holdings of and
transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing
attorney-in-fact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of this 27th day of May, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt"><U>/s/ Douglas A. Duncan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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