NI Holdings Inc has announced that Michael J. Alexander has resigned from his positions as president, chief executive officer, and board member, effective Aug. 13.
The company's board of directors appointed Cindy L. Launer as interim CEO, also effective Aug. 13. Launer has been an independent nonexecutive director on NI Holdings’ board since November 2019.
She brings 18 years of experience in the insurance industry, having most recently served as chief operating officer of American International Group’s commercial insurance division before retiring in 2018. While taking on the interim CEO role, Launer will continue to serve on the board of directors.
Alexander had been with the company for 19 years as president and CEO. The board revealed that it has initiated the search for his permanent replacement but has not established a timeline for the process.
In a recent transaction, NI Holdings completed the sale of its subsidiary, Westminster American Insurance Co, in a $10.5 million cash deal to Scott Insurance Holdings LLC and John Scott Sr.
First announced in May, the Westminster divestment comes four and a half years after NI Holdings acquired the commercial insurance subsidiary.
When Westminster was snapped up in January 2020, the plan was to further diversify NI Holdings’ portfolio of products geographically and by business line. At the time, it was the group’s second deployment of capital from its 2017 initial public offering.
“The commercial habitational insurance market has undergone significant changes in recent years, which were largely the result of unforeseen circumstances including the COVID-19 pandemic, the persistent high inflationary environment, tort liability rulings in certain states, and the challenging property reinsurance market,” then-CEO Alexander said.
Nodak Mutual Group Inc, an operating entity of NI Holdings, currently holds a Best’s Financial Strength Rating of A (Excellent).
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