NI Holdings, Inc. (NASDAQ: NODK) announced today that Seth C. Daggett will take on the role of President and Chief Executive Officer (CEO), effective December 1, 2024. Daggett, who has over 20 years of industry experience, most recently served as the Company’s Chief Financial Officer (CFO) and Treasurer. He succeeds Cindy L. Launer, who had been serving as Interim CEO during the Board of Directors’ search for a permanent CEO.
“I am honored and privileged to lead this outstanding organization,” said Mr. Daggett. “I look forward to continuing to work alongside our talented team of employees and agents who are committed every day to serving our customers and local communities. Together, we will build upon our strong foundation in North Dakota to create lasting value for our shareholders and set the stage for a new chapter of sustained growth and success.”
Eric K. Aamundstad, Chairman of the Board, expressed gratitude for Launer’s leadership during the transition. “On behalf of the Board, I’d like to thank Cindy for her service as Interim CEO. Her leadership was invaluable during this transition period. We are confident in Seth’s ability to lead the company forward, given his deep ties to the company and the North Dakota community, as well as his proven leadership and extensive industry experience,” Aamundstad said.
Launer will return to her role as an independent non-executive director on the NI Holdings Board as of December 1, 2024. With Daggett stepping into the CEO position, Matt Maki, Vice President of Financial Planning and Analysis, will assume the role of Interim CFO, effective the same day. The Company will begin searching for a permanent CFO with no definitive timeline for the appointment.
Seth Daggett has served as NI Holdings’ Executive Vice President, Treasurer, and CFO. Prior to joining the company, he was CFO and Treasurer of RAM Mutual Insurance Company. His career began as an auditor at Deloitte, before moving to Travelers Companies, Inc., where he spent over ten years in various senior finance roles, including Senior Director of Finance. A graduate of the University of North Dakota, Daggett currently resides in West Fargo, North Dakota, with his wife and children.
Matt Maki, who will step into the role of Interim CFO, has been with NI Holdings as Vice President of Financial Planning and Analysis. Previously, Maki served as Vice President of Accounting and Treasurer at RAM Mutual Insurance Company. He started his career at Ernst & Young and later joined Travelers Companies, Inc., where he held roles in international finance, financial reporting, and treasury. Maki is a graduate of the University of Wisconsin – Eau Claire and resides in Duluth, Minnesota with his wife and children.
NI Holdings, Inc. is an insurance holding company based in North Dakota. It is the parent company of Nodak Insurance Company and its wholly-owned subsidiaries: American West Insurance Company, Primero Insurance Company, Battle Creek Insurance Company, and Direct Auto Insurance Company. NI Holdings was formed following the conversion of Nodak Mutual Insurance Company from a mutual to stock form of organization in 2017. Today, NI Holdings represents a broad portfolio of insurance companies and subsidiaries, serving customers primarily in North Dakota and surrounding regions.