ICC Holdings, Inc. - ICCH STOCK NEWS

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.

ICC Holdings, Inc. (NASDAQ: ICCH) reported strong financial results for the fourth quarter and twelve months ended December 31, 2023. Net earnings increased, with net income of $4,454,000 for the year. Direct premiums written and net premiums earned saw significant growth, driven by rate increases. Despite an increase in losses and settlement expenses, total assets and equity also increased. Management remains optimistic for 2024.

ICC Holdings, Inc. (NASDAQ: ICCH) reported unaudited financial results for the third quarter and nine months ended September 30, 2023. The company experienced a net loss of $769,000 for the third quarter, driven by liquor liability losses, compared to net earnings of $630,000 for the same period in 2022. Direct premiums written increased by 17.2% to $24,495,000 for the third quarter, and net investment income increased by 30.5% to $1,342,000. However, losses and settlement expenses increased by 29.4% to $13,436,000. The company's management remains optimistic about the growth in direct premiums written and the impact of rate increases on future performance.

ICC Holdings, Inc. (NASDAQ: ICCH) reported unaudited financial results for the second quarter and six months ended June 30, 2023. The company reported net earnings of $586,000 for Q2 2023, compared to a net loss of $4,129,000 for Q2 2022. Direct premiums written increased by 11.1% to $23,590,000 for Q2 2023. Net investment income increased by 31.0% to $1,247,000 for Q2 2023. Total assets increased by 6.8% to $205,292,000 on June 30, 2023.