Cindy Launer Appointed as CEO of NI Holdings Following Seth Daggett's Departure

NI Holdings has appointed Cindy Launer as CEO, replacing Seth Daggett who has stepped down to pursue other opportunities. Launer, with 18 years of experience in the insurance industry, including a role as COO at AIG, will also remain on the company's Board. The Board expressed confidence in her ability to lead the company through its next phase of growth.

NI Holdings, Inc. (NASDAQ:NODK) has appointed Cindy Launer as its new President and Chief Executive Officer, effective October 10, 2025. This change comes as the company seeks to develop its long-term strategic direction and address financial challenges. Cindy Launer replaces Seth Daggett, who stepped down to pursue other opportunities. 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 was the Chief Operating Officer of AIG’s Commercial Insurance Business until her retirement in 2018.

The appointment of Launer follows a period of declining stock performance, with the company’s stock declining by 17% year-to-date according to InvestingPro data. The company’s gross profit margin stands at 1.75%, and current liquidity ratios are below optimal levels. Despite these challenges, the Board expressed confidence in Launer’s ability to lead NI Holdings into its next phase of growth.

NI Holdings 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. The company’s recent developments also include the approval of a $5 million stock repurchase program, adding to the approximately $1.3 million remaining from a previous plan, raising the total available for stock repurchases to about $6.3 million. Additionally, Kelly Dawson has been appointed as Senior Vice President and Chief Human Resources Officer, bringing over 20 years of experience in leadership roles.

American International Group Inc (AIG) remains a significant player in the global insurance and financial services sector, with Launer’s experience at AIG being a notable asset to NI Holdings. AIG’s financial performance presents a complex picture, with a 3-year revenue growth of -11.6%, a net margin of 11.53%, and an EBITDA margin of 31.38%. The company’s debt-to-equity ratio is 0.22, indicating a conservative approach to leverage. However, the Altman Z-Score of 0 suggests potential financial distress, and insider activity shows 2 insider buying transactions over the past 3 months.

Launer’s appointment reflects NI Holdings’ ongoing strategic initiatives and leadership enhancements. The company is positioned to leverage Launer’s extensive experience to navigate its current financial challenges and drive future growth. Investors should closely monitor NI Holdings’ financial health and strategic developments in the coming months.