John Scott, Sr. entered into a stock purchase agreement to acquire Westminster American Insurance Company from NI Holdings, Inc. (NasdaqCM:NODK) for $10.5 million on May 7, 2024. The consideration consists of $10.50 million in cash. The transaction was unanimously approved by the Board of Directors and is expected to close in 2024, subject to regulatory approval and other closing conditions, including, among others, approval of the North Dakota Insurance Department and Buyer obtaining reinsurance, buyer shall have received resignations of the directors and officers of Westminster.

Proceeds planned to be used for general corporate purposes. Brian O?Connor and W. Bryan Rakes of Venable LLP acted as legal advisors to John Scott. David F. Marx of Dorsey & Whitney LLP acted as legal advisor to NI Holdings.

Newport LLC acted as financial advisor to NI Holdings, Inc.