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Companies Ni Holdings

Ni (NODK): executive pay, fiscal 2025

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CEO total pay$712,516CEO Cindy Launer · source
Say-on-pay support93.21%Latest vote · source
CEO vs. named peers1st pct.Of 15 peer CEOs
CEO pay ratio32:1To the median employee · source

CEO pay, last three years

  • $460,148FY2024
  • $712,516FY2025

CEO total pay was $712,516 in fiscal 2025, up from $460,148 in fiscal 2024.

FY2025: salary $167,614 · bonus $0 · stock awards $187,493 · option awards $0

Executives and directors

Frequently asked questions

Who was the highest-paid executive at Ni Holdings in fiscal 2025?
As disclosed, Seth Daggett (Former President and Chief Executive Officer) was the highest-paid executive at Ni Holdings in fiscal 2025, with total compensation of $3,926,153.
How does Ni Holdings's chief executive pay compare to its disclosed peer group?
As disclosed, Cindy Launer's total compensation ranked at the 1st percentile of Ni Holdings's disclosed peer group.
What is Ni Holdings's CEO-to-median employee pay ratio?
As disclosed, Ni Holdings's CEO-to-median employee pay ratio was 32:1.
How did shareholders vote on Ni Holdings's executive compensation?
As disclosed, 93.21% of shareholders supported Ni Holdings's executive compensation in the latest say-on-pay vote.
How much does Ni Holdings spend in total on board compensation for fiscal 2025?
As disclosed, Ni Holdings reported total board compensation of $945,101 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Seth Daggett$594,114$0$675,788$0$0$0$2,656,252$3,926,153
Former President and Chief Executive Officer
Matthew Maki416,19445,000393,7250392,2500109,5631,356,790
Executive Vice President, Treasurer and Chief Financial Officer
Cindy Launer167,6140187,4930240,0000117,409712,516
President and Chief Executive Officer
Kevin Elfstrand295,7500103,8670212,940056,685669,299
Senior Vice President, Chief Accounting Officer and Secretary
Douglas Duncan221,45925,00000159,450036,909442,818
Senior Vice President and Chief Information Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Seth Daggett$3,926,153$1,626,028$836,830↑ +2,300,125
Matthew Maki1,356,790737,617—↑ +619,173
Cindy Launer712,516460,148—↑ +252,368
Kevin Elfstrand669,299———
Douglas Duncan442,818———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

The compensation programs established by the Compensation Committee of NI Holdings, Inc. are intended to encourage and reward performance that is consistent with top tier insurance organizations. As such, the compensation program for NEOs includes both short-term (defined as annual) and long-term (generally defined as three to five years) incentive programs that reward our NEOs for achievement of pre-established objectives and/or further align executives and shareholders interests.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantMeridian
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Matthew MakiRSU2025-02-28——20,644—$293,971
Cindy LaunerRSU2025-12-01——14,076—187,492
Matthew MakiRSU2025-01-02——955—14,860
Seth DaggettRSU2025-02-28——47,457—675,788
Kevin ElfstrandRSU2025-02-28——7,294—103,867
Matthew MakiRSU2025-02-03——993—14,905
Matthew MakiRSU2025-03-01——4,915—69,990

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Matthew Maki$393,726$0$00.0%
Cindy Launer187,492000.0%
Seth Daggett675,788000.0%
Kevin Elfstrand103,867000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Matthew MakiRSU320—$4,256
Matthew MakiRSU620—8,246
Matthew MakiRSU880—11,704
Matthew MakiRSU955—12,702
Matthew MakiRSU993—13,207
Kevin ElfstrandRSU1,200—15,960
Matthew MakiRSU1,860—24,738
Kevin ElfstrandRSU1,867—24,831
Kevin ElfstrandPSU2,800—23,796
Matthew MakiRSU2,800—37,240
Cindy LaunerRSU3,400—45,594
Cindy LaunerRSU3,924—52,189
Matthew MakiPSU4,200—35,695
Matthew MakiRSU4,915—65,370
Kevin ElfstrandRSU7,294—97,010
Cindy LaunerRSU14,076—187,211
Matthew MakiRSU20,644—274,565
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Eric K. AasmundstadIndependent · Board Chair · Audit Committee · Compensation Committee (Chair) · Nominating and Corporate Governance Committee$109,500$51,718$0$0$0$161,218
William R. DevlinIndependent · Compensation Committee · Investment Committee · Nominating and Corporate Governance Committee (Chair)92,00051,718000143,718
Prakash MathewIndependent · Audit Committee · Investment Committee82,50051,718000134,218
Duaine C. EspegardIndependent · Audit Committee · Investment Committee (Chair) · Not standing for re-election82,00051,718000133,718
Cindy L. LaunerEmployee director62,57551,7180—0114,293
Dave StendeIndependent · Audit Committee (Chair) · Compensation Committee60,00051,718000111,718
Jeffrey R. MisslingNot independent57,50051,718000109,218
Stephen V. MarlowAudit Committee (Chair) · CEO Search Committee (Chair) · Compensation Committee · Not standing for re-election · Departed during FY37,000—00037,000
Michael J. AlexanderEmployee director · Departed during FY · Partial-year service000—00
Seth C. DaggettEmployee director · Not standing for re-election · Departed during FY000—00
Dana KaldorIndependent · Partial-year service · Newly elected000000
Callie ThomasIndependent · Partial-year service · Newly elected000000

Board fee structure and ownership guideline

Annual cash retainer$65,000
Annual equity retainer$50,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 18,000 / 15,000
Stock ownership guideline$150,000

Total cost of the board

ComponentFY2025
Cash retainers and fees$583,075
Equity awards (grant-date value)$362,026
All other compensation$0
Total cost of the board$945,101

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Ni as a peer

Companies that benchmark against NODK

6 companies name NODK as a compensation peer

Each company listed discloses NODK in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named NODK in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

The companies Ni Holdings names as compensation peers that name it back in their own disclosed peer groups.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Palomar Holdings, Inc.2025Mac Armstrong$1,243,269$3,862,330$0$3,843,298$8,961,148
2HCI Group, Inc.2025Paresh Patel950,0000008,236,000
3Kinsale Capital Group, Inc.2025Michael Kehoe1,250,0002,749,589007,423,891
4Heritage Insurance Holdings, Inc.2025Ernie Garateix875,5002,757,82401,663,4505,341,897
5Universal Insurance Holdings, Inc.2025Stephen Donaghy1,000,0001,750,01402,406,8445,240,829
6Safety Insurance Group, Inc.2025George Murphy850,0001,100,00001,476,8804,187,838
7United Fire Group, Inc.2025Kevin Leidwinger821,0001,656,00801,350,9343,896,774
8American Coastal Insurance Company2025B. Bradford Martz681,042787,500262,500945,0002,811,555
9Amerisafe, Inc.2025G. Janelle Frost803,146896,5000622,0902,369,553
10Kingstone Companies, Inc.2025Meryl Golden550,000607,600001,871,100
11Donegal Group, Inc.2025Kevin Burke795,0007,735001,742,994
12Atlantic American Corporation2025Hilton Howell Jr.600,0000001,615,566
13Ni Holdings2025Cindy Launer167,614187,4930240,000712,516
—Skyward Specialty Insurance Group, Inc.——————not in coverage universe
—First Acceptance Corporation——————not in coverage universe

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Ni Holdingsnot disclosedRSU 100not disclosedMeridian
American Coastal Insurance Companynot disclosednot disclosedNoPay Governance LLC
Amerisafe, Inc.95%PSU 70 · RSU 30NoAON
Atlantic American Corporationnot disclosednot disclosednot disclosednot disclosed
Donegal Group, Inc.not disclosedRSU 100NoWillis Towers Watson
First Acceptance Corporationnot disclosednot disclosednot disclosednot disclosed
HCI Group, Inc.not disclosedRSU 100not disclosednot disclosed
Heritage Insurance Holdings, Inc.158%PSU 62 · RSU 38Nonot disclosed
Kingstone Companies, Inc.not disclosedRSU 100not disclosednot disclosed
Kinsale Capital Group, Inc.not disclosedRSU 100not disclosedSemler Brossy
Palomar Holdings, Inc.176%PSU 50 · RSU 50NoPay Governance
Safety Insurance Group, Inc.139%PRSU 55 · RSU 45NoPay Governance
Skyward Specialty Insurance Group, Inc.150%PSU 67 · RSU 33NoFrederic W. Cook & Co., Inc.
United Fire Group, Inc.not disclosedPSU 50 · RSU 50NoMercer LLC
Universal Insurance Holdings, Inc.160.5%PSU 50 · RSU 50Nonot disclosed

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1917,176,8811,244,8925,65493.21%Passed
20252025-05-2018,127,743402,553183,13696.87%Passed
20242024-05-2117,072,0901,720,485305,55189.39%Passed
20232023-05-2316,531,0382,900,81413585.07%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-05-1993.21%a
20252025-05-2096.87%b
20242024-05-2189.39%c

a. Approved under the standard stated in the filing — “Broker non -votes will not be considered entitled to vote on this proposal and therefore will not affect the outcome of Proposal 3, but abstentions will have the same effect as a vote against the proposal.”.

b. Approved under the standard stated in the filing — “Broker non -votes will not be considered entitled to vote on this proposal and therefore will not affect the outcome of Proposal 3, but abstentions will have the same effect as a vote against the proposal.”.

c. Approved under the standard stated in the filing — “Broker non -votes will not be considered entitled to vote on this proposal, and therefore will not affect the outcome of Proposal 3, but abstentions will have the same effect as a vote against the proposal.”.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)32 : 1
CEO total compensation$2,665,962
Median employee compensation$82,856
Insider trades since the proxy

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Prakash MathewDirector2026-05-20A5,015$0$0CommonForm 4 ↗
Callie ThomasDirector2026-05-20A5,01500CommonForm 4 ↗
Jeffrey R. MisslingDirector2026-05-20A5,01500CommonForm 4 ↗
Dana KaldorDirector2026-05-20A5,01500CommonForm 4 ↗
Eric K. AasmundstadDirector2026-05-20A5,01500CommonForm 4 ↗
Dave StendeDirector2026-05-20A5,01500CommonForm 4 ↗
William R. DevlinDirector2026-05-20A5,01500CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

Sources (54 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Seth Daggett. DEF 14A, filed 2026-04-08. Section “Summary Compensation Table” · page 31. As printed: 3,926,153. View filing ↗
  • Section 01, Matthew Maki. DEF 14A, filed 2026-04-08. Section “Summary Compensation Table” · page 31. As printed: 1,356,790. View filing ↗
  • Section 01, Cindy Launer. DEF 14A, filed 2026-04-08. Section “Summary Compensation Table” · page 31. As printed: 712,516. View filing ↗
  • Section 01, Kevin Elfstrand. DEF 14A, filed 2026-04-08. Section “Summary Compensation Table” · page 31. As printed: 669,299. View filing ↗
  • Section 01, Douglas Duncan. DEF 14A, filed 2026-04-08. Section “Summary Compensation Table” · page 31. As printed: 442,818. View filing ↗
  • Section 03, Matthew Maki RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards in 2025  ” · grants of plan-based awards table. View filing ↗
  • Section 03, Cindy Launer RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards in 2025  ” · grants of plan-based awards table. View filing ↗
  • Section 03, Matthew Maki RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards in 2025  ” · grants of plan-based awards table. View filing ↗
  • Section 03, Seth Daggett RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards in 2025  ” · grants of plan-based awards table. View filing ↗
  • Section 03, Kevin Elfstrand RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards in 2025  ” · grants of plan-based awards table. View filing ↗
  • Section 03, Matthew Maki RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards in 2025  ” · grants of plan-based awards table. View filing ↗
  • Section 03, Matthew Maki RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards in 2025  ” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-04-08. Section “CEO Pay Ratio”. As printed: 32 : 1. View filing ↗
  • Section 08, Eric K. Aasmundstad. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 161,218. View filing ↗
  • Section 08, William R. Devlin. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 143,718. View filing ↗
  • Section 08, Prakash Mathew. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 134,218. View filing ↗
  • Section 08, Duaine C. Espegard. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 133,718. View filing ↗
  • Section 08, Cindy L. Launer. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 114,293. View filing ↗
  • Section 08, Dave Stende. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 111,718. View filing ↗
  • Section 08, Jeffrey R. Missling. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 109,218. View filing ↗
  • Section 08, Stephen V. Marlow. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 37,000. View filing ↗
  • Section 08, Michael J. Alexander. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Seth C. Daggett. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Dana Kaldor. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Callie Thomas. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 02, Prakash Mathew 2026-05-20. Form 4, filed 2026-05-21. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Callie Thomas 2026-05-20. Form 4, filed 2026-05-21. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Jeffrey R. Missling 2026-05-20. Form 4, filed 2026-05-21. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Dana Kaldor 2026-05-20. Form 4, filed 2026-05-21. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Eric K. Aasmundstad 2026-05-20. Form 4, filed 2026-05-21. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Dave Stende 2026-05-20. Form 4, filed 2026-05-21. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, William R. Devlin 2026-05-20. Form 4, filed 2026-05-21. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-05-26. Item 5.07 · say-on-pay result. As reported: 93.21% (votes for as printed: 17,176,881). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-05-27. Item 5.07 · say-on-pay result. As reported: 96.87% (votes for as printed: 18,127,743). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-05-23. Item 5.07 · say-on-pay result. As reported: 89.39% (votes for as printed: 17,072,090). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 583,075 + equity 362,026 + all other 0 = 945,101, summed across the director compensation table rows.
  • Palomar Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in Palomar Holdings, Inc.'s own proxy. As printed: 8,961,148. View filing ↗
  • HCI Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in HCI Group, Inc.'s own proxy. As printed: 8,236,000. View filing ↗
  • Kinsale Capital Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in Kinsale Capital Group, Inc.'s own proxy. As printed: 7,423,891. View filing ↗
  • Heritage Insurance Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Heritage Insurance Holdings, Inc.'s own proxy. As printed: 5,341,897. View filing ↗
  • Universal Insurance Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Universal Insurance Holdings, Inc.'s own proxy. As printed: 5,240,829. View filing ↗
  • Safety Insurance Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Safety Insurance Group, Inc.'s own proxy. As printed: 4,187,838. View filing ↗
  • United Fire Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-07. CEO total compensation as printed in United Fire Group, Inc.'s own proxy. As printed: 3,896,774. View filing ↗
  • American Coastal Insurance Company, Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in American Coastal Insurance Company's own proxy. As printed: 2,811,555. View filing ↗
  • Amerisafe, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Amerisafe, Inc.'s own proxy. As printed: 2,369,553. View filing ↗
  • Kingstone Companies, Inc., Section 10b CEO total. DEF 14A, filed 2026-06-25. CEO total compensation as printed in Kingstone Companies, Inc.'s own proxy. As printed: 1,871,100. View filing ↗
  • Donegal Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-16. CEO total compensation as printed in Donegal Group, Inc.'s own proxy. As printed: 1,742,994. View filing ↗
  • Atlantic American Corporation, Section 10b CEO total. DEF 14A, filed 2026-10-23. CEO total compensation as printed in Atlantic American Corporation's own proxy. As printed: 1,615,566. View filing ↗
  • Ni Holdings (subject), Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in Ni Holdings's own proxy. As printed: 712,516. View filing ↗
  • Section 10a, Safety Insurance Group, Inc. reciprocity. DEF 14A. Safety Insurance Group, Inc. names Ni Holdings in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Heritage Insurance Holdings, Inc. reciprocity. DEF 14A. Heritage Insurance Holdings, Inc. names Ni Holdings in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, AMERISAFE, Inc. reciprocity. DEF 14A. AMERISAFE, Inc. names Ni Holdings in its own disclosed peer group (read from its most recent proxy). View filing ↗
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