As of September 30, 2024, ICC Holdings, Inc. reported total assets of $232.9 million, an increase from $211.0 million at the end of 2023. Total investments and cash rose to $163.0 million, up from $142.3 million. The company’s fixed maturity securities were valued at $120.4 million, while common stocks at fair value increased to $14.5 million. Cash and cash equivalents saw a significant rise to $11.0 million, compared to $1.5 million at the end of 2023.

The company’s financial performance for the three months ended September 30, 2024, showed net premiums earned of $21.7 million, up from $19.2 million in the same period of 2023. Consolidated revenues increased to $24.4 million from $19.8 million year-over-year. Earnings before income taxes improved to $2.6 million, compared to a loss of $967,000 in the prior year. Net earnings for the quarter were $2.1 million, a turnaround from a loss of $769,000 in Q3 2023. Basic and diluted net earnings per share were both $0.69, compared to a loss of $0.26 per share in the previous year.

For the nine months ended September 30, 2024, net premiums earned reached $62.3 million, an increase from $55.5 million in 2023. Consolidated revenues for this period were $69.6 million, up from $60.0 million. Net earnings for the nine months were $3.6 million, compared to $1.4 million in the same period last year. The effective tax rate for the nine months was 21.7%, slightly higher than 20.6% in 2023.

Direct premiums written for the three months ended September 30, 2024, were $27.7 million, an increase of 12.9% from $24.5 million in 2023. For the nine months, direct premiums written rose to $76.8 million, up from $68.9 million. However, losses and settlement expenses increased to $14.1 million for the quarter and $41.0 million for the nine months, driven by higher claims, particularly in Liquor Liability.

Strategically, ICC Holdings entered into a Merger Agreement with Mutual Capital Holdings, Inc. on June 8, 2024, where each share of the company’s common stock will be converted into $23.50 in cash, representing a total equity value of approximately $73.8 million, pending regulatory approvals. The company also reported an increase in general corporate expenses due to legal and consulting costs associated with the merger.

As of September 30, 2024, ICC Holdings maintained $15.0 million in outstanding debt, with a borrowing capacity of $53.1 million from the Federal Home Loan Bank of Chicago. The company’s investment portfolio remains diversified, with a focus on maintaining high credit quality to mitigate risks.