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Ni Holdings Executive Compensation (FY25)

NODK · Executive and director compensation, fiscal 2022 to 2025

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Data as of September 7, 2026Latest filing (8-K): May 26, 2026
7 filings cited on this page
A report that fails to generate is refunded in full
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Ni Holdings brief$1,500Get the executive brief
162 figures on this page: 158 cited to the filing that reported them, 4 calculated from figures it prints. See the citations
Chief executive, fiscal 2025
◇
Cindy Launer
Latest say-on-pay support
=
May 19, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
CEO pay ratio: 30:1 → 32:1 (6.7% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Ni Holdings' chief executive and what were they paid?
Total compensation for Cindy Launer, President and Chief Executive Officer, came to $712,516 in fiscal 2025.
What was Ni Holdings' say-on-pay result?
For fiscal 2025, the say-on-pay proposal drew 93.2% support at the meeting held May 19, 2026.
Which companies are in Ni Holdings' peer group?
The disclosed peer group includes American Coastal Insurance Company, AMERISAFE, Inc., Atlantic American Corporation, Conifer Holdings, Inc. and Donegal Group, Inc., among others.
What is Ni Holdings' chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 32:1, against median employee compensation of $82,856.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael Alexander
President and Chief Executive Officer
◇—◇—◇—◇◇
Seth Daggett
Executive Vice President, Treasurer and Chief Financial Officer
◇—◇—◇—◇◇
Patrick Duncan
Senior Vice President, Operations
◇—◇—◇—◇◇
Timothy Milius
VP, Corporate Administration & Secretary
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael Alexander
Former President and Chief Executive Officer
Departed during or after this year
◇—◇———◇◇
Seth Daggett
President and Chief Executive Officer
◇◇◇—◇—◇◇
Patrick Duncan
Former Senior Vice President, Operations
Departed during or after this year
◇—◇———◇◇
Matthew Maki
Executive Vice President, Treasurer and Chief Financial Officer
◇—◇—◇—◇◇
Cindy Launer
Former Interim President and CEO
Departed during or after this year
Served on an interim basis
◇—————◇— not reconciled
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Seth Daggett
Former President and Chief Executive Officer
Departed during or after this year
◇—◇———◇◇
Matthew Maki
Executive Vice President, Treasurer and Chief Financial Officer
◇◇◇—◇—◇— not reconciled
Cindy Launer
President and Chief Executive Officer
◇—◇—◇—◇◇
Kevin Elfstrand
Senior Vice President, Chief Accounting Officer and Secretary
◇—◇—◇—◇— not reconciled
Douglas Duncan
Senior Vice President and Chief Information Officer
◇◇——◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Cindy L. LaunerRSU◇——◇——◇
Kevin D. ElfstrandRSU◇——◇——◇
Matthew J. MakiRSU◇——◇——◇
Matthew J. MakiRSU◇——◇——◇
Matthew J. MakiRSU◇——◇——◇
Matthew J. MakiRSU◇——◇——◇
Seth C. DaggettRSU◇——◇——◇
Fiscal 2022, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Matthew MakiRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Cindy LaunerRSU◇◇——
RSU◇◇——
RSU◇◇——
Kevin ElfstrandPSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Eric K. Aasmundstad
Board chair
◇◇————◇
William R. Devlin
◇◇————◇
Prakash Mathew
◇◇————◇
Duaine C. Espegard
◇◇————◇
Cindy L. Launer
◇◇————◇
Jeffrey R. Missling
◇◇————◇
Stephen V. Marlow
◇—————◇
Dana Kaldor, Seth C. Daggett, Dave Stende, Michael J. Alexander and Callie Thomas served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • American Coastal Insurance Company ACIC
  • AMERISAFE, Inc. AMSF
  • Atlantic American Corporation AAME
  • Conifer Holdings, Inc. symbol not shown
  • Donegal Group, Inc. DGICA
  • First Acceptance Corporation symbol not shown
  • HCI Group, Inc. HCI
  • Heritage Insurance Holdings, Inc. HRTG
  • Kingstone Companies, Inc. KINS
  • Kinsale Capital Group, Inc. KNSL
  • Palomar Holdings, Inc. PLMR
  • Safety Insurance Group, Inc. SAFT
  • Skyward Specialty Insurance Group, Inc. SKWD
  • United Fire Group, Inc. UFCS
  • Universal Insurance Holdings, Inc. UVE

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 19, 2026=◇◇◇
2024May 20, 2025=◇◇◇
2023May 21, 2024=◇◇◇
2022May 23, 2023=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Ni Holdings disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Ni Holdings sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
162 figures on this page: 158 cited to the filing that reported them, 4 calculated from figures it prints.
158 cited to the filing
4 calculated from the filing

Documents cited

  1. 0002077096-26-000174
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0002077096-26-000051
    CEO Pay Ratio · DIRECTOR COMPENSATION · Grants of Plan-Based Awards in 2025 · Outstanding Equity Awards at December 31, 2025 · and 2 more sections
  3. 0001174947-25-000858
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001174947-25-000546
    Summary Compensation Table
  5. 0001104659-24-064566
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001104659-23-064619
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0001174947-23-000565
    Summary Compensation Table
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Ni Holdings executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/NODK (accessed 2026).
Short form: data: Velarion

The Ni Holdings brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
7 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers Ni Holdings discloses

The companies named in NODK's own disclosed peer group.

American Coastal Insurance CompanyAMERISAFE, Inc.Atlantic American CorporationDonegal Group, Inc.HCI Group, Inc.Heritage Insurance Holdings, Inc.Kingstone Companies, Inc.Kinsale Capital Group, Inc.Palomar Holdings, Inc.Safety Insurance Group, Inc.Skyward Specialty Insurance Group, Inc.United Fire Group, Inc.Universal Insurance Holdings, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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