Welcome to our dedicated page for Icc Hldgs news (Ticker: ICCH), a resource for investors and traders seeking the latest updates and insights on Icc Hldgs stock.
ICC Holdings Inc (ICCH: NASDAQ) provides specialty insurance solutions tailored to the food and beverage industry, offering unique coverage for restaurants, bars, and related businesses. This page serves as the definitive source for all official company updates and market-relevant developments.
Access real-time press releases and news articles covering ICCH's strategic initiatives, including commercial multi-peril policies, liquor liability coverage updates, and regional expansion through its independent agent network across 10 states. Investors and industry professionals will find earnings announcements, leadership changes, and regulatory compliance information critical to understanding the company's niche positioning.
All content is curated to help stakeholders monitor ICCH's performance in underwriting foodservice risks, worker's compensation trends, and umbrella liability innovations. Bookmark this page for streamlined access to operational updates from the insurance provider specializing in complex commercial exposures for the hospitality sector.
ICC Holdings (NASDAQ: ICCH) reported strong financial results for Q3 2024, with net earnings of $2.05 million ($0.69 per share), compared to a net loss of $769,000 in Q3 2023. Direct premiums written increased 12.9% to $27.66 million, while net investment income grew 16% to $1.56 million. The company's book value per share improved to $23.29 from $21.35 at year-end 2023. Total assets increased 10.4% to $232.93 million, driven by improved core insurance business performance and favorable investment markets. The GAAP combined ratio improved to 98.7% in Q3 2024 from 106.4% in Q3 2023.
ICC Holdings (NASDAQ: ICCH), parent company of Illinois Casualty Company, confirmed the Stilwell Group's withdrawal of its director nomination for Joseph Stilwell on June 10, 2024. This leaves current directors James R. Dingman, John R. Klockau, and Gerald J. Pepping as the only candidates for election at the Annual Meeting on June 14, 2024. Shareholders are urged to vote using the WHITE proxy card and to endorse the current directors, the selection of the independent registered public accounting firm, and the executive compensation proposal.
Mutual Capital Group (MCG) has announced its acquisition of ICC Holdings (ICCH) for $23.50 per share, totaling approximately $73.8 million. This all-cash deal, which represents a 48% premium to ICCH's average stock price over the last 30 days and a 42% premium to its 52-week high, was unanimously approved by both boards. The transaction values ICCH at 1.07 times its book value as of March 31, 2024, and is expected to close in Q4 2024, pending customary approvals. Post-acquisition, ICCH will continue operating independently under MCG. Key ICCH shareholders, including directors and officers holding 25% of shares and Tuscarora Wayne Insurance Company with 6.4%, support the deal. Griffin Financial Group and Janney Montgomery Scott provided financial advisories, with Locke Lord LLP and Stevens & Lee, P.C. as legal counsels.
ICC Holdings, parent company of Illinois Casualty Company, offered Stilwell Group's Joseph Stilwell a seat on the Board and Investment Committee to avoid a proxy contest, but the offer was rejected. The Board remains committed to shareholder interests.
ICC Holdings, Inc. reported its 2024 first quarter results, showing net earnings of $2,239,000, or $0.76 per share, a 14.0% increase in direct premiums written, and a 13.6% increase in net premiums earned. The Company ceded $3,370,000 to reinsurers, with net investment income up by 19.1%. Additionally, net unrealized gains on investments increased by $635,000, while losses and settlement expenses rose by 11.7%. Policy acquisition costs and other operating expenses increased by 20.7%, with total assets and equity also seeing positive growth.
