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Here are 1-3 brief analogies to describe NI (NODK):

• Like an Autodesk for engineers, providing essential software and hardware tools for testing, measuring, and controlling complex systems instead of design.

• Think of it as the Amazon Web Services (AWS) for engineers in labs and factories, providing the foundational software and modular hardware 'infrastructure' to build and run custom test, measurement, and control systems.

• Like a specialized Microsoft, providing a foundational software platform (LabVIEW) and associated modular hardware for engineers to develop and deploy automated test, measurement, and control systems.

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Identifying major products for NI (National Instruments). Please note that the symbol NODK belongs to Nordic American Tankers Ltd., not National Instruments.

• LabVIEW Software: A graphical programming environment for designing, testing, and deploying measurement, control, and automation systems.
• PXI Hardware: A modular instrumentation platform, comprising chassis, controllers, and I/O modules, used for high-performance automated test and measurement.
• Data Acquisition (DAQ) Devices: Hardware devices and modules for precisely measuring real-world signals and generating electrical outputs.
• CompactRIO (cRIO) Systems: Embedded controllers and reconfigurable I/O devices that combine real-time processors, FPGAs, and modular I/O for industrial control and monitoring applications.
• TestStand Software: A test executive software that helps engineers develop, deploy, and manage automated test sequences.

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NI (National Instruments, symbol: NODK) primarily sells its test, measurement, and control solutions to other companies (B2B) rather than directly to individuals. Its customer base consists of engineers, scientists, and researchers within a wide array of industries.

While NI does not publicly disclose specific names of its major customer companies due to the diverse nature of its global customer base, its solutions are widely adopted by leading organizations across various high-tech sectors. These customers typically include:

• Semiconductor Manufacturers: Companies involved in the design, fabrication, and test of semiconductor devices for various applications.
• Automotive Companies: Manufacturers and suppliers engaged in vehicle design, validation, and production, particularly for areas like advanced driver-assistance systems (ADAS), autonomous driving (AD), electric vehicles, and embedded systems.
• Aerospace and Defense Companies: Organizations developing and testing aerospace systems, aircraft components, and defense technologies for military and commercial applications.
• Consumer Electronics Manufacturers: Companies focusing on research and development (R&D) and production test for a wide range of consumer electronic devices.
• Academic and Research Institutions: Universities and government research laboratories utilizing NI's platforms for scientific discovery, engineering education, and applied research.
• Energy Companies: Firms involved in renewable energy, smart grid technology, and power electronics development and testing.

Given the broad and diverse customer landscape, no single customer or a small group of customers typically constitutes a material portion of NI's revenue that would require specific public disclosure of their names or symbols.

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Cindy Launer, President and Chief Executive Officer

Cindy Launer was appointed President and Chief Executive Officer of NI Holdings, Inc. on October 10, 2025. She previously served as Interim CEO in the fall of 2024 and has been an independent non-executive director on NI Holdings' board since November 2019. Ms. Launer brings 18 years of experience in the insurance industry, having formerly served as Chief Operating Officer of AIG's Commercial Insurance Business until her retirement in 2018. Her prior experience also includes roles in financial planning and analysis, capital projects, financial communications, and Chief of Staff to the CEO at AIG, as well as audit, finance, investor relations, and Chief of Staff roles at MetLife and Deloitte & Touche LLP.

Matt Maki, Executive Vice President, Chief Financial Officer and Treasurer

Matt Maki was appointed Executive Vice President, Chief Financial Officer and Treasurer of NI Holdings, Inc. on March 1, 2025, after serving as Interim CFO since December 1, 2024. He joined the company in August 2020 as Vice President, Financial Planning and Analysis. Before joining NI Holdings, Mr. Maki served as Vice President of Accounting and Treasurer of RAM Mutual Insurance Company. He also held various finance-related roles at Travelers Companies, Inc. and began his career as an auditor at Ernst & Young. Mr. Maki is a Certified Public Accountant.

Kevin Elfstrand, Senior Vice President and Chief Accounting Officer

Kevin Elfstrand was promoted to Senior Vice President and Chief Accounting Officer on May 27, 2025. He has over 20 years of experience in the property and casualty insurance industry, including 17 years at Travelers Companies, Inc., where he most recently served as Assistant Vice President of Corporate Audit. Mr. Elfstrand began his career at Deloitte and is a Certified Public Accountant.

Brandon Nicol, Senior Vice President of Reinsurance and Chief Underwriting Officer

Brandon Nicol was promoted to Senior Vice President of Reinsurance and Chief Underwriting Officer on May 27, 2025. In this role, he leads the company's underwriting strategy and reinsurance. Mr. Nicol has 19 years of experience across the insurance and reinsurance industries, with previous roles at AmericanAg, XL Catlin, COUNTRY Financial, and State Farm.

Chris Oen, Senior Vice President and Chief Claims Officer

Chris Oen was promoted to Senior Vice President and Chief Claims Officer on May 27, 2025. He leads the Claims department and brings 30 years of experience in the property and casualty insurance industry. Mr. Oen joined NI Holdings in 2007 and has held progressively senior roles within the company.

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The key risks to NI Holdings, Inc.'s (NODK) business are primarily associated with the inherent challenges of the insurance industry, particularly related to underwriting, investment management, and external market factors.

1. Underwriting and Claims Risk, including Catastrophic Events: As an insurance company, NI Holdings, Inc. faces significant risk related to its ability to accurately price policies, manage claims, and maintain adequate loss and loss adjustment expense reserves. Issues such as "unfavorable prior year loss reserve development in Non-Standard Auto" have notably contributed to elevated combined ratios, leading to strategic decisions to discontinue certain business lines in specific states. Furthermore, the company is exposed to "adverse and catastrophic weather events, including the impacts of climate change," which can significantly impact claims and overall profitability.
2. Investment Portfolio and Market Risks: NI Holdings, Inc.'s financial performance is substantially affected by its investment activities. The company has exposure to market risks, primarily "interest rate risk, credit risk and equity risk". Fluctuations in interest rates, for instance, have a direct impact on the fair value of its significant holdings in fixed-rate investments. Net investment income and gains are subject to changes in reinvestment rates and the performance of equity securities.
3. Competitive and Regulatory Environment: The insurance industry is highly competitive, and NI Holdings, Inc. faces "competition from various insurance and other financial businesses". Additionally, the company is subject to "changes in regulatory requirements" and "legal and judicial developments" which can affect its operations, pricing, and compliance costs.

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NI Holdings, Inc. (NODK) primarily underwrites property and casualty insurance products within the United States. Its main products and their addressable market sizes are as follows:

• Private Passenger Auto Insurance: The U.S. private passenger automobile direct premiums written increased to $318.25 billion in 2023. Another report indicated the private passenger auto insurance market in the U.S. totaled $344.11 billion in direct premiums written in 2024.
• Homeowners Insurance: The U.S. home insurance market size was valued at $62.76 billion in 2024 and is projected to reach approximately $149.48 billion by 2034. Another estimate placed the U.S. homeowners' insurance market at $175.1 billion in 2025.
• Farmowners Insurance: The North American Farm and Ranch Insurance Market was valued at approximately $5.88 billion in 2023. Given the significant agricultural operations in the United States, this provides a close estimate for the U.S. market.
• Crop Insurance (including Crop Hail and Federal Multi-Peril Crop Insurance): The U.S. crop insurance market was valued at $13.16 billion in 2024. Other sources cite the U.S. market at $14.5 billion in 2024, anticipated to reach about $26.4 billion by 2034. Federal Multi-Peril Crop Insurance (MPCI) is a significant component of this market and is widely adopted in the U.S.
• Commercial Multi-Peril Insurance: Commercial multi-peril (non-liability), fire, and allied lines in the U.S. collectively reached $103.97 billion in direct premiums in 2024. The overall U.S. commercial insurance market was valued at $294.6 billion in 2024 and $271.93 billion in 2024.
• Non-Standard Automobile Insurance: A specific market size for "non-standard auto insurance" was not identified. However, it is a segment within the broader private passenger auto insurance market, whose U.S. market size is detailed above.

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NI Holdings (NODK) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Growth in Home and Farm Insurance Premiums: The company has demonstrated a notable increase in Home and Farm premiums, with a 10.1% rise in Q3 2025. This growth is attributed to new business expansion in North Dakota, favorable rate adjustments, and increased insured property values. Similar positive trends were observed in Q1 2025, with 7.1% growth in this segment driven by new business and rate increases.
2. Increased Net Investment Income: NI Holdings experienced an 8.1% increase in net investment income in Q3 2025, primarily due to higher reinvestment rates within its fixed income portfolio. This trend is expected to continue contributing to overall revenue, supported by a higher average invested asset base.
3. Targeted Organic Growth in Core Personal Line Segments: The company is pursuing a strategy of further targeted organic growth in core personal line segments, particularly within North Dakota and South Dakota. This involves efforts to increase new business and maintain strong customer retention in these specific markets.
4. Improved Underwriting Performance and Stability from Strategic Business Shifts: NI Holdings has made a strategic decision to discontinue or significantly reduce its non-standard auto insurance business in certain states (Illinois, Arizona, South Dakota, and Nevada, along with the Chicago market). While this will lead to a reduction in premiums from the non-standard auto segment, the company believes this shift will result in stronger underwriting performance and greater overall stability. This improved stability and profitability in the company's overall insurance portfolio are expected to support more sustainable revenue growth from its focused and profitable segments.

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