Breaking Down ICC Holdings, Inc. (ICCH) Financial Health: Key Insights for Investors

If you're still looking at ICC Holdings, Inc. (ICCH) through a traditional valuation lens, you're looking at a ghost; the real story for 2025 investors is the exit multiple, not the combined ratio. The key takeaway is that the company's financial health culminated in an all-cash acquisition by Mutual Capital Group for $23.50 per share, a transaction that was expected to close in the fourth quarter of 2024 and effectively capped the equity upside for the year. This final price represented a solid 1.07 times the book value per share as of March 31, 2024, and a 48% premium to the stock's 30-day volume-weighted average price before the deal announcement, validating the underlying value of their specialty insurance business. To be fair, the company's 2024 performance, which saw diluted net earnings per share (EPS) of $1.75 and a book value per share of $22.86, set the stage for that premium, but the investment decision for November 2025 is now centered on the final cash payout and the implications of the merger arbitrage, not future underwriting profitability. You need to understand the specifics of that $73.8 million deal to move on.

Revenue Analysis

You're looking for a clear picture of ICC Holdings, Inc. (ICCH) revenue, but here's the most important context: The company is no longer publicly traded, having been acquired by Mutual Capital Holdings, Inc. in March 2025. This means the last full, publicly-filed fiscal year data we have for a deep dive is from 2024.

Still, analyzing the 2024 performance is crucial to understanding the underlying business strength that led to the acquisition. Honestly, the revenue story for ICC Holdings, Inc. is straightforward: it's an insurance business, so nearly all revenue comes from two main sources-premiums and investments. The company's core focus is a niche, which is a smart strategy.

Primary Revenue Streams and Growth

The primary revenue stream for ICC Holdings, Inc. comes from its subsidiary, Illinois Casualty Company, which specializes in property and casualty (P&C) insurance for the food and beverage industry. This focus on restaurants, bars, and related businesses is their competitive edge, but it also concentrates their risk profile. The two key components of their top line are Net Premiums Earned and Net Investment Income.

For the twelve months ended December 31, 2024, ICC Holdings, Inc. delivered strong growth, largely driven by rate increases and more policies in force. The Trailing Twelve Months (TTM) revenue, the most current aggregate figure available as of November 2025, stood at approximately $92.54 million USD.

Here's the quick math on the core components for the full 2024 fiscal year:

• Net Premiums Earned (NPE) grew by 11.7% year-over-year to $84,599,000.
• Direct Premiums Written (DPW) increased by 10.9% to $103,149,000.
• Net Investment Income (NII) saw a significant jump, increasing by 21.1% in the fourth quarter of 2024 alone, reaching $1,672,000 for the quarter.

Segment Contribution and Near-Term Outlook

The growth in Net Investment Income is a clear opportunity, reflecting the company's ability to redeploy capital at higher interest rates and benefit from market improvements, which is a key tailwind for all P&C insurers in a higher-rate environment. The increase in Direct Premiums Written shows the strength of their underwriting business, even with the challenging liquor liability market they noted in 2024.

What this estimate hides is the fact that the company's public financial reporting effectively ended with the merger. The all-cash transaction, valued at approximately $73.8 million, closed in March 2025, with shareholders receiving $23.50 per share. While the company continues to operate as an independent subsidiary, its financial performance is now consolidated under Mutual Capital Holdings, Inc.

For a deeper dive into the valuation metrics that drove this acquisition, you should check out the full analysis: Breaking Down ICC Holdings, Inc. (ICCH) Financial Health: Key Insights for Investors.

The table below summarizes the key revenue growth trends that defined the company's value proposition leading into 2025:

Profitability Metrics

When you look at ICC Holdings, Inc. (ICCH), the core question is whether its underwriting business-the actual insurance part-makes money before factoring in investment returns. The direct takeaway is that while the company's insurance operations posted a small technical loss in the last fiscal year, strong investment income drove a healthy overall net profit margin of over 5%. That's a key distinction you need to track.

For the 2024 fiscal year, which provides our most recent full-year data for a 2025 analysis, ICC Holdings, Inc. reported consolidated revenues of over $93.5 million. The underwriting side, however, is best measured by the combined ratio, which is the sum of the loss ratio and the expense ratio. Anything over 100% means the company paid out more in claims and expenses than it collected in premiums, resulting in an underwriting loss (our proxy for a negative gross profit).

Here's the quick math on the core insurance business, using the 2024 GAAP figures:

• Net Premiums Earned: $84,599,204
• Losses and Settlement Expenses: $53,538,238
• Policy Acquisition and Operating Expenses: $31,981,102

This calculation gives us an underwriting loss of approximately $920,136, translating to an underwriting loss margin (a negative gross profit margin proxy) of about -1.09%. The GAAP combined ratio was 101.08%. To be fair, management highlighted an adjusted combined ratio of 99.7% for 2024, excluding merger and proxy contest expenses, which is right on the breakeven line.

The real profitability driver for ICC Holdings, Inc. is the investment portfolio. The company's operating profit, or earnings before interest and taxes (EBIT), tells a different story because it includes investment income. In 2024, the operating income was approximately $6.96 million, resulting in an operating profit margin of about 7.44% on consolidated revenues. This shows the power of the investment tailwind, especially with net investment income growing by 19.9% in 2024.

Ultimately, the bottom line is what matters. The company's net earnings for the 2024 fiscal year were strong at $5,167,798, giving ICC Holdings, Inc. a net profit margin of 5.52%. This is a solid result, driven by a combination of premium growth and higher investment yields. Still, you need to understand where the profit is coming from-it's not primarily from the underwriting risk.

Mapping this to the industry average for 2025, the US Property & Casualty (P&C) sector is generally expected to see a combined ratio around 98.5% (Swiss Re forecast) to 99.2% (S&P Global forecast). ICC Holdings, Inc.'s adjusted 99.7% combined ratio is slightly weaker than the industry's expected underwriting performance, which means the company relies more heavily on its investment returns to generate a profit. The industry's forecast Return on Equity (ROE) is stabilizing at around 10% in 2025, so you should monitor if ICC Holdings, Inc.'s net income growth can keep pace with that sector benchmark. You can dig deeper into the shareholder base by Exploring ICC Holdings, Inc. (ICCH) Investor Profile: Who's Buying and Why?

Here's a quick summary of the key profitability ratios:

The trend shows improving operational efficiency, as the CEO noted the combined ratio improved by 1.3% from 2023 to 2024 (excluding one-time costs), but the cost management still needs to tighten up to consistently beat the 100% breakeven on the underwriting side. If onboarding takes 14+ days, churn risk rises, and similarly, if the combined ratio stays above 100%, the business is defintely vulnerable to a downturn in investment returns.

Debt vs. Equity Structure

You want to know how ICC Holdings, Inc. (ICCH) funds its operations, especially heading into 2025. The short answer is: very conservatively, historically, but the entire equation was fundamentally changed by the acquisition. Before the company was delisted in March 2025 following the Mutual Capital Group merger, its reliance on debt was remarkably low compared to its equity base. It was a classic example of a heavily equity-financed insurer.

Looking at the balance sheet data closest to the 2025 fiscal year, specifically the late 2024 figures, ICC Holdings, Inc. carried a total Long-Term Debt of just $15 million. This debt was stable, showing no change from the prior year's end. Critically, the company reported virtually no material short-term debt, meaning its primary financial obligation was this long-term note. That's a very clean balance sheet.

Here's the quick math on its leverage, using the latest available public figures. Based on the Q3 2024 financial statements, which serve as the baseline for 2025 before the merger, the company's total Long-Term Debt of $15 million against an estimated Shareholders' Equity of roughly $82.93 million yields a Debt-to-Equity (D/E) ratio of approximately 0.18:1.

• Debt-to-Equity Ratio: 0.18:1 (or 18%).
• P&C Industry Standard (2025 estimate): 0.275:1 (or 27.5%).

This 0.18:1 ratio is significantly lower than the estimated Property & Casualty Insurance industry average of 0.275:1 for 2025, suggesting ICC Holdings, Inc. had a very low-risk capital structure. This low leverage is a sign of financial strength, but it also means the company wasn't aggressively using debt (financial leverage) to boost its return on equity (ROE). You defintely see this low-leverage profile often in smaller, regional insurers.

The biggest capital structure event in 2025 wasn't a debt issuance; it was the all-cash merger. Mutual Capital Group acquired ICC Holdings, Inc. for a total equity value of about $73.8 million, with the deal closing in Q4 2024. This transaction effectively replaced all public equity with private capital, and the company was delisted from NASDAQ in March 2025. This move shifts the focus from public investor returns (ROE) to private owner strategy, where the new parent company will dictate the long-term debt strategy.

What this estimate hides is the post-merger reality: as a subsidiary of a private entity, ICC Holdings, Inc.'s debt-to-equity ratio is now managed within the larger framework of Mutual Capital Group's balance sheet. For former public shareholders, the equity was simply converted to cash at $23.50 per share.

For a deeper dive into what this capital structure means for the company's long-term stability under new ownership, you should check out the full analysis: Breaking Down ICC Holdings, Inc. (ICCH) Financial Health: Key Insights for Investors.

Liquidity and Solvency

You need to know how ICC Holdings, Inc. (ICCH) was positioned to meet its near-term obligations, especially since the company's story culminated in a major liquidity event in 2025. The short answer is that while the traditional liquidity ratios looked strained, the company's core insurance operations generated solid cash, and the ultimate solvency test was passed with the all-cash acquisition.

The company was acquired by Mutual Capital Group in an all-cash merger that closed in March 2025, valuing each share at $23.50. This transaction provided the ultimate liquidity for shareholders, but let's look at the underlying operational health leading up to that point using the latest available full-period data from the trailing twelve months (TTM) ended September 30, 2024.

Current and Quick Ratios: A Skewed View

For an insurance holding company like ICC Holdings, Inc., the standard Current Ratio (current assets divided by current liabilities) and Quick Ratio offer a misleading picture. Insurance companies hold a significant portion of their liquid assets-like investment securities-as non-current assets to match the duration of their long-term liabilities (unpaid claims and unearned premiums), which are classified as current.

Here is the quick math based on TTM September 30, 2024, financials (in millions USD):

• Current Assets: $85.61 million
• Current Liabilities: $143.6 million
• Current Ratio: 0.60
• Quick Ratio (excluding deferred acquisition costs): 0.53

A ratio below 1.0 is defintely a red flag in most industries, but in specialty insurance, it simply reflects the balance sheet structure. The true measure of liquidity here is the quality and marketability of their investment portfolio, which stood at $141.52 million as of September 2024, and the consistency of their operating cash flow.

Working Capital and Cash Flow Trends

The working capital (current assets minus current liabilities) was negative at -$57.99 million as of TTM September 30, 2024, which is a direct consequence of the low liquidity ratios. However, the cash flow statement tells a much stronger story about their ability to generate cash from operations, which is the lifeblood of any going concern.

The company consistently generated positive operating cash flow, indicating the core business of underwriting and premium collection was healthy. For the TTM ended September 30, 2024, ICC Holdings, Inc. reported a strong cash inflow from operations:

The $13.92 million in operating cash flow for TTM September 2024 was robust, easily covering the $5.38 million used in investing activities, primarily for purchasing new securities. This positive free cash flow (operating minus capital expenditures) meant the company was funding its growth and investment portfolio internally. That's a sign of operational strength, not a liquidity concern.

The 2025 Liquidity Strength

The real-world liquidity strength for ICC Holdings, Inc. was confirmed by the merger. The acquiring company, Mutual Capital Group, paid $23.50 per share in cash. This all-cash deal, which closed in 2025, provided a clean and complete exit for all shareholders, effectively eliminating all public-facing liquidity risk and confirming the underlying value of the company's assets and business model. The operational cash flow strength leading up to the deal was a key factor in securing that favorable all-cash offer. You can review the full context of this financial health assessment in Breaking Down ICC Holdings, Inc. (ICCH) Financial Health: Key Insights for Investors.

The key takeaway is that for ICCH, the cash flow statement and the 2025 merger price were better indicators of financial health than a simple balance sheet ratio. Strong operating cash flow always trumps a technically negative working capital position in a well-run insurance business.

Valuation Analysis

You're looking at ICC Holdings, Inc. (ICCH) and trying to figure out if it was a value play or a growth stock. Honestly, the biggest takeaway for you right now is that the company is no longer publicly traded; it was acquired by Mutual Capital Holdings, Inc. and delisted from the NASDAQ in March 2025.

So, the question isn't whether it's overvalued today, but whether the acquisition price of $23.50 per share was a fair deal. Here's the quick math on the valuation metrics that drove that final price, based on the company's financials leading up to the merger in the 2025 fiscal year.

Before the merger, the stock was trading near its 52-week high, which is a key signal. The 12-month trend saw the stock climb from a low of $15.25 to a high of $23.96, which definitely shows a strong upward momentum leading into the deal. The final cash offer of $23.50 essentially locked in that near-peak valuation for shareholders.

Key Valuation Multiples at Acquisition

When an insurance company gets bought, we look hard at the Price-to-Book (P/B) ratio, which compares the market price to the company's stated net asset value (book value) on its balance sheet. ICC Holdings, Inc. (ICCH) was a clear value proposition based on its book value.

The acquisition price of $23.50 per share valued the company at approximately 1.07 times its book value. For an insurance specialty firm, a multiple just above 1.0x book value is often considered fair, especially when combined with a low Price-to-Earnings (P/E) ratio.

Here's a breakdown of the final valuation metrics:

• Price-to-Earnings (P/E) Ratio: Around 13.53
• Price-to-Book (P/B) Ratio (Acquisition Multiple): 1.07x
• Enterprise Value (EV) at Delisting: Approximately $73.86 million

What this estimate hides is the premium paid. The $23.50 offer represented a significant premium-about a 48% jump over the stock's average price in the 30 days before the merger announcement. That's a huge win for existing shareholders.

Dividend and Analyst Sentiment

If you were looking for income, ICC Holdings, Inc. (ICCH) was not the right play. The company maintained a 0.00% dividend yield, meaning it was reinvesting all earnings back into the business, which is typical for smaller, growth-focused insurers. There was no payout ratio to track.

Analyst consensus was mostly a 'Hold' recommendation in the period leading up to the acquisition, which is common when a stock is trading within a narrow range and a major corporate action is rumored or pending. The market was defintely waiting for the final word on the deal. The Enterprise Value (EV) of $73.86 million, which is the total value of the company including debt, shows this was a micro-cap acquisition. To understand the investor landscape that led to this acquisition, you should read Exploring ICC Holdings, Inc. (ICCH) Investor Profile: Who's Buying and Why?

Here is a summary of the key financial data from the 2025 fiscal year before the delisting:

The final action here is simple: If you held shares, you received $23.50 per share in cash. If you didn't, you missed a premium exit, but the opportunity is now closed.

Risk Factors

You are looking at ICC Holdings, Inc. (ICCH) in a very specific context, as the primary risk for public shareholders-the completion of a major transaction-is now largely resolved. The biggest near-term action, the acquisition by Mutual Capital Group (MCG), closed in early 2025, with the stock delisted around March 13, 2025. This means the typical market risks are off the table, but the underlying operational risks are still crucial for understanding the value proposition for the new parent company, and for any investor tracking the sector.

Honestly, the immediate risk for an investor reading this in late 2025 is nil, as you would have already received the $23.50 per share cash payout. Still, a seasoned analyst needs to look at the operational risks that existed and what the new parent, MCG, now owns.

Operational and Financial Risks Under the Hood

The core business of ICC Holdings, Inc. is property and casualty insurance focused on the food and beverage industry, which has its own set of unique exposures. The most significant internal risk highlighted in the 2024 filings, which informed the 2025 outlook, was the persistent challenge in the claims mix, specifically around liquor liability development. This is a watch item.

Here's the quick math on the claims pressure:

• Losses and settlement expenses jumped 11.7% for the full year 2024, reaching $53.54 million.
• This was driven by the development of prior year Liquor Liability claims, directly impacting profitability.
• In Q4 2024 alone, losses and settlement expenses rose 11.3% to $12.50 million.

Plus, the company faced expense pressure from one-off events. The expense ratio rose to 40.1% in the fourth quarter of 2024, up from 38.1% year-over-year, largely due to costs associated with the merger and a proxy contest. That's a temporary hit, but it shows how external corporate actions can quickly inflate operating costs.

External and Market Condition Risks

The external risks for the insurance business are always present, even under a new parent. For ICC Holdings, Inc., these include regulatory changes in the states where it operates, which could cap rate increases or mandate coverage changes. Also, intense competition in the specialty insurance market, especially in the food and beverage niche, means they must defintely maintain pricing power to keep growing direct premiums written, which rose 9.4% in Q4 2024 to $26.361 million.

Another key risk is the volatility of the investment portfolio. While net investment income was a tailwind, increasing 21.1% to $1.672 million in Q4 2024 due to higher reinvestment yields, the company also saw net unrealized losses of $84,000 on equity securities in that quarter, compared to a gain a year prior. That's a reminder that investment gains, while helpful, can add noise to quarterly earnings.

Mitigation Strategies and the Merger Impact

The most powerful mitigation strategy was the merger itself, which provided a clean, all-cash exit for public shareholders at a $23.50 price. For the operational risks, ICC Holdings, Inc. management had already been taking clear action, which MCG is likely to continue:

• Pricing and Risk Selection: Sustained rate action and better risk selection were cited as key mitigants to the liquor liability claims issue.
• Operational Efficiency: Management highlighted a full-year 2024 combined ratio, excluding merger/proxy expenses, of 99.7%, which was 1.3 points better than 2023, with the anticipation that this trend would continue into 2025. A combined ratio under 100% means the underwriting business is profitable.
• Financial Backing: As a wholly owned subsidiary of Mutual Capital Group, ICC Holdings, Inc. now has access to stronger financial backing, which can help absorb unexpected losses and fund expansion. You can learn more about their long-term focus here: Mission Statement, Vision, & Core Values of ICC Holdings, Inc. (ICCH).

The ultimate risk has been exchanged for a fixed cash return, but the underlying business still requires disciplined underwriting and expense control to thrive under its new ownership.

Growth Opportunities

You're looking for the future growth trajectory of ICC Holdings, Inc. (ICCH), but the biggest growth story for investors in 2025 is already a closed chapter: the acquisition by Mutual Capital Holdings, Inc. (MCH). For shareholders, the future growth was translated into a definitive, all-cash payout of $23.50 per share, which realized the company's value on March 13, 2025. This transaction, valued at approximately $73.8 million, fundamentally reshaped ICCH's path from a publicly traded stock to a wholly-owned subsidiary.

Here's the quick math on the pre-merger financial health that drove that valuation. In the 2024 fiscal year, ICC Holdings, Inc. reported consolidated revenues of $93,569,216 and net earnings of $5,167,798. The diluted earnings per share (EPS) stood at $1.73, and the book value per share was $22.86 as of December 31, 2024. The acquisition price of $23.50 per share was a clear premium over the last reported book value, offering a solid return to shareholders who held through the deal's close.

What this estimate hides is the new growth engine. While there are no longer public-facing revenue growth projections for the standalone ICCH, the company's future growth prospects are now tied to its integration and strategic role within its new parent, Mutual Capital Group, Inc. (MCG). The core growth drivers remain, but they are amplified by the new ownership's financial backing and scale.

• Product Innovations: ICCH maintains its niche specialization in property and casualty insurance for the food and beverage industry, including commercial multi-peril and liquor liability. The focus will be on refining these specialty products, which have a built-in pricing power.
• Market Expansions: As a subsidiary, ICCH gains access to better financial backing, allowing for more aggressive, capital-intensive expansion and a stronger insurance portfolio beyond its current 10-state independent agent network.
• Strategic Initiatives: The merger itself is the key strategic move for 2025. It is expected to create a more efficient and agile organization by leveraging the complementary strengths of both entities, aiming for long-term value creation internally.

The competitive advantage for ICC Holdings, Inc. defintely rests on its deep expertise in underwriting complex commercial exposures for the hospitality sector. This specialization is a high-barrier-to-entry niche that positions the company for continued profitable growth within the larger Mutual Capital Group, Inc. structure. They are simply better at assessing risk for bars and restaurants than a generalist insurer. The focus now shifts from maximizing shareholder return via stock performance to maximizing operational efficiency and market share under new ownership.

To understand the full context of this transition, you should review the analysis on the company's performance leading up to the acquisition: Breaking Down ICC Holdings, Inc. (ICCH) Financial Health: Key Insights for Investors.

The table below summarizes the key financial data that framed the 2025 acquisition value: