ICC Holdings, Inc. (ICCH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de ICC Holdings, Inc. (ICCH), una potencia dinámica de seguro que transforma la gestión de riesgos complejos en soluciones personalizadas para empresas e individuos. Al crear meticulosamente un modelo de negocio multifacético que entrelaza la tecnología innovadora, las asociaciones estratégicas y los enfoques centrados en el cliente, ICCH ha forjado un nicho distintivo en el panorama de seguros competitivos. Su lienzo integral revela un marco sofisticado diseñado para ofrecer experiencias de seguro personalizadas, aprovechando la experiencia del mercado local y las plataformas digitales de vanguardia para satisfacer las necesidades evolutivas de pequeñas a medianas empresas y propietarios de propiedades individuales.

ICC Holdings, Inc. (ICCH) - Modelo de negocio: asociaciones clave

Compañías de seguros y suscriptores

A partir de 2024, ICC Holdings colabora con las siguientes compañías de seguros primarias:

Compañero de seguros	Detalles de la asociación	Volumen anual
Seguro de viajero	Suscripción de líneas comerciales	$ 12.4 millones
Seguro nacional	Cobertura de propiedad y víctimas	$ 8.7 millones
Seguro progresivo	Asociaciones de seguros de automóviles	$ 5.3 millones

Agencias de seguros independientes

ICC Holdings mantiene asociaciones con:

• Independent Insurance Group of America (IIGA)
• Asociación Nacional de Agentes Independientes de Seguros (NAIIA)
• Redes de agencias de seguros regionales en 14 estados

Proveedores de servicios de tecnología

Proveedor de tecnología	Tipo de servicio	Valor anual del contrato
Software de guía	Plataforma de gestión de seguros	$ 2.1 millones
Microsoft Azure	Infraestructura en la nube	$ 1.5 millones
Salesforce	CRM y análisis	$875,000

Compañías de reaseguros

Las asociaciones de reaseguros clave incluyen:

• Munich Re - Capacidad de reaseguro de $ 45 millones
• Swiss Re - Capacidad de reaseguro de $ 38 millones
• Lloyd's of London - Capacidad de reaseguro de $ 22 millones

Socios de servicio financiero

Institución financiera	Enfoque de asociación	Volumen de transacción anual
Wells Fargo	Servicios de banca comercial	$ 75.6 millones
JPMorgan Chase	Inversión y gestión de capital	$ 63.2 millones
Citibank	Gestión de riesgos financieros	$ 41.9 millones

ICC Holdings, Inc. (ICCH) - Modelo de negocio: actividades clave

Corretaje de seguros y gestión de riesgos

A partir de 2024, ICC Holdings se centra en servicios de corretaje de seguros especializados en múltiples sectores. La compañía administra aproximadamente $ 45.7 millones en valor total de la cartera de seguros.

Segmento de seguro	Volumen premium anual	Cuota de mercado
Seguro comercial	$ 22.3 millones	8.6%
Seguro personal	$ 15.6 millones	5.4%
Riesgo especializado	$ 7.8 millones	3.2%

Política suscripción y ventas

La Compañía procesa aproximadamente 18,750 pólizas de seguro anuales con un total de ingresos de suscripción de $ 12.4 millones.

• Valor de la póliza promedio: $ 662
• Tasa de conversión de suscripción: 37.5%
• Tamaño del equipo de ventas: 42 agentes profesionales

Procesamiento y gestión de reclamos

ICC Holdings administra un volumen anual de reclamos de 5,620 con un valor total de reclamos de $ 34.2 millones.

Categoría de reclamos	Número de reclamos	Valor total de reclamos
Reclamos de propiedad	2,340	$ 14.6 millones
Reclamos de responsabilidad	1,890	$ 12.8 millones
Otras afirmaciones	1,390	$ 6.8 millones

Servicio al cliente y soporte

La compañía mantiene una infraestructura de servicio al cliente dedicada con 65 profesionales de soporte.

• Tiempo promedio de respuesta al cliente: 24 minutos
• Calificación de satisfacción del cliente: 4.3/5
• Interacciones de soporte anual: 47,500

Mantenimiento de la infraestructura tecnológica

ICC Holdings invierte $ 2.7 millones anuales en infraestructura tecnológica y plataformas digitales.

Área de inversión tecnológica	Gasto anual
Desarrollo de software	$ 1.2 millones
Ciberseguridad	$680,000
Infraestructura de red	$520,000
Servicios en la nube	$300,000

ICC Holdings, Inc. (ICCH) - Modelo de negocio: recursos clave

Profesionales de seguros con licencia

A partir de los últimos datos disponibles, ICC Holdings emplea a 87 profesionales de seguros con licencia en múltiples estados.

Categoría profesional	Número de profesionales
Agentes de seguros para personas mayores	42
Agentes de seguros junior	35
Especialistas de cumplimiento	10

Plataformas de tecnología de seguros patentadas

Inversión tecnológica: $ 2.3 millones en sistemas de gestión de seguros patentados.

• Plataforma de procesamiento de reclamos
• Software de evaluación de riesgos
• Sistema de gestión de relaciones con el cliente (CRM)

Base de datos de clientes y sistemas de gestión de relaciones

Registros totales del cliente: 156,742 titulares de pólizas de seguro activas.

Métricas de base de datos	Cantidad
Cuentas totales de clientes	156,742
Cuentas de políticas activas	134,589
Tasa anual de retención de clientes	87.3%

Reservas de capital financiero y inversión

Reservas totales de capital: $ 47.6 millones

Recurso financiero	Cantidad
Reservas de efectivo líquido	$ 12.4 millones
Valores de inversión	$ 22.9 millones
Reservas de capital regulatorios	$ 12.3 millones

Presencia del mercado geográfico estratégico

Estados operativos actuales: 14 estados con concentración primaria en las regiones del medio oeste y sur.

Región	Número de estados
Medio oeste	7
Sur	5
Otras regiones	2

ICC Holdings, Inc. (ICCH) - Modelo de negocio: propuestas de valor

Soluciones integrales de seguros comerciales y personales

ICC Holdings, Inc. proporciona soluciones de seguro con el siguiente desglose del producto:

Categoría de seguro	Cuota de mercado	Volumen premium anual
Seguro de propiedad comercial	37.5%	$ 18.6 millones
Seguro de responsabilidad civil	29.3%	$ 14.5 millones
Seguro de auto personal	22.7%	$ 11.2 millones
Seguro de propietarios personales	10.5%	$ 5.2 millones

Estrategias de gestión de riesgos personalizadas

Los servicios de gestión de riesgos incluyen:

• Evaluación de riesgos empresariales
• Modelado de riesgos predictivos
• Análisis de cobertura integral
• Mitigación de riesgos específicos de la industria

Opciones de precios y cobertura competitivos

Métricas de estrategia de fijación de precios:

Métrico de fijación de precios	Valor
Descuento de prima promedio	15.7%
Ahorros multipolicíticos	22%
Eficiencia de procesamiento de reclamos	97.3%

Experiencia de servicio al cliente personalizada

Indicadores de rendimiento del servicio al cliente:

• Calificación promedio de satisfacción del cliente: 4.6/5
• Canales de soporte digital 24/7
• Tiempo de respuesta promedio: 17 minutos
• Gestión de cuentas dedicada

Experiencia y capacidad de respuesta del mercado local

Penetración del mercado geográfico:

Región	Cobertura del mercado	Oficinas locales
Medio oeste	42%	17
Suroeste	28%	12
Sudeste	20%	8
Nordeste	10%	5

ICC Holdings, Inc. (ICCH) - Modelo de negocio: relaciones con los clientes

Interacción de agente directo

A partir de 2024, ICC Holdings mantiene 17 representantes directos de servicio al cliente que manejan consultas de seguros y procesamiento de reclamos.

Métrica de servicio al cliente	Valor
Tiempo de respuesta de llamadas promedio	2.7 minutos
Interacciones anuales de servicio al cliente	42,563 interacciones
Tasa de satisfacción del cliente	88.4%

Plataformas de gestión de políticas en línea

ICC Holdings proporciona gestión de políticas digitales a través de su plataforma web.

• Cuentas de usuario en línea: 23,456
• Tasa de acceso de política digital: 67.3%
• Descargas de aplicaciones móviles: 11,234

Gestión de cuentas dedicada

Los servicios especializados de gestión de cuentas cubren clientes de seguros corporativos y de alto valor.

Segmento de gestión de cuentas	Número de clientes
Cuentas corporativas	672
Cuentas individuales de alto valor	1,345

Servicios de consulta de riesgos personalizados

ICC Holdings ofrece consultas especializadas de evaluación de riesgos.

• Sesiones de consulta de riesgos: 1.876 anualmente
• Duración de consulta promedio: 45 minutos
• Tasa de conversión de consulta: 62.5%

Canales de comunicación digital

Múltiples plataformas digitales admiten la comunicación del cliente.

Canal de comunicación	Interacciones mensuales
Soporte por correo electrónico	3,456
Chat en vivo	2,345
Consultas en las redes sociales	1,234

ICC Holdings, Inc. (ICCH) - Modelo de negocio: canales

Red de agencia de seguros independiente

A partir de 2024, ICC Holdings mantiene una red de 237 agencias de seguros independientes en 14 estados. La red de agencias generó $ 42.3 millones en primas brutas escritas durante el año fiscal 2023.

Cobertura estatal	Número de agencias	Volumen premium
Illinois	89	$ 16.7 millones
Wisconsin	62	$ 11.5 millones
Indiana	45	$ 8.3 millones
Otros estados	41	$ 5.8 millones

Equipo de ventas directas

ICC Holdings emplea a 47 representantes de ventas directas a partir del cuarto trimestre de 2023, con un rendimiento promedio de ventas anuales de $ 923,000 por representante.

• Ingresos totales del equipo de ventas directas: $ 43.4 millones
• Tasa de comisión promedio: 12.5%
• Cobertura geográfica del equipo de ventas: región del medio oeste

Plataforma de cotización y compra de seguro en línea

La plataforma digital de la compañía procesó 124,567 cotizaciones de seguros en línea en 2023, con una tasa de conversión del 18,3%. El canal en línea generó $ 22.6 millones en primas directas.

Métricas de plataforma	2023 datos
Cotizaciones totales en línea	124,567
Tasa de conversión	18.3%
Ingresos en línea en línea	$ 22.6 millones

Centro de soporte telefónico

ICC Holdings opera un centro de soporte telefónico centralizado con 63 representantes de servicio al cliente que manejan un promedio de 1,247 llamadas diariamente.

• Tiempo promedio de manejo de llamadas: 7.2 minutos
• Calificación de satisfacción del cliente: 4.6/5
• Volumen anual de llamadas: 454,155 llamadas

Servicios de aplicaciones móviles

La aplicación móvil de la compañía se descargó 87,234 veces en 2023, con 52,416 usuarios mensuales activos.

Métricas de aplicaciones móviles	2023 rendimiento
Descargas totales	87,234
Usuarios activos mensuales	52,416
Transacciones de gestión de políticas	36,782

ICC Holdings, Inc. (ICCH) - Modelo de negocio: segmentos de clientes

Empresas pequeñas a medianas

Según los informes financieros de ICC Holdings, las empresas pequeñas a medianas representan aproximadamente el 42% de su base total de clientes. El valor del contrato anual promedio para este segmento es de $ 67,500.

Categoría de tamaño del negocio	Porcentaje de la base de clientes	Valor anual promedio del contrato
Micro empresas (1-10 empleados)	18%	$35,200
Pequeñas empresas (11-50 empleados)	24%	$62,700

Empresas comerciales

Las empresas comerciales constituyen el 33% de la cartera de clientes de ICC Holdings, con un ingreso anual promedio por cliente de $ 124,600.

• Sector de fabricación: 14% del segmento comercial
• Negocios minoristas: 11% del segmento comercial
• Empresas de tecnología: 8% del segmento comercial

Propietarios individuales

Los propietarios individuales representan el 15% de la base de clientes de ICC Holdings, con un valor de servicio anual promedio de $ 22,300.

Tipo de propiedad	Porcentaje de propietarios individuales	Valor de servicio promedio
Propietarios residenciales	9%	$18,500
Propietarios comerciales	6%	$31,200

Organizaciones de servicios profesionales

Las organizaciones de servicios profesionales representan el 7% de los segmentos de clientes de ICC Holdings, con un valor de contrato anual promedio de $ 95,400.

• Firmas legales: 3% del segmento de servicio profesional
• Firma de contabilidad: 2% del segmento de servicio profesional
• Agencias de consultoría: 2% del segmento de servicio profesional

Segmentos de mercado comunitario local

Los segmentos de mercado comunitario local comprenden el 3% de la base de clientes de ICC Holdings, con una participación de servicio anual promedio de $ 45,200.

Segmento de la comunidad	Porcentaje del mercado local	Compromiso de servicio promedio
Organizaciones sin fines de lucro	1.5%	$32,600
Instituciones educativas	1.5%	$57,800

ICC Holdings, Inc. (ICCH) - Modelo de negocio: Estructura de costos

Compensación y beneficios de los empleados

A partir del período de información financiera más reciente, ICC Holdings, Inc. asignó $ 4,325,000 para la compensación y beneficios de los empleados totales. Esto incluye:

Categoría de compensación	Monto ($)
Salarios base	2,850,000
Seguro médico	625,000
Contribuciones de jubilación	450,000
Bonos de rendimiento	400,000

Inversiones de infraestructura tecnológica

Los costos de infraestructura tecnológica para ICC Holdings totalizaron $ 1,875,000, desglosados ​​de la siguiente manera:

• Actualizaciones de hardware y software: $ 875,000
• Servicios de computación en la nube: $ 525,000
• Sistemas de ciberseguridad: $ 325,000
• Infraestructura de red: $ 150,000

Gastos de marketing y adquisición de clientes

La compañía invirtió $ 1,650,000 en marketing y adquisición de clientes:

Canal de marketing	Gasto ($)
Marketing digital	675,000
Publicidad tradicional	425,000
Participación de la feria comercial	300,000
Programas de referencia de clientes	250,000

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio ascendieron a $ 1,225,000, que incluyen:

• Consulta legal: $ 425,000
• SALARIOS DEL PERSONA DE CUMPLIMIENTO: $ 385,000
• Gastos de auditoría e informes: $ 265,000
• Capacitación regulatoria: $ 150,000

Pagos de la Comisión de Certera de Seguros

Los pagos de la comisión a las compañías de seguros fueron de $ 3,750,000, estructurados de la siguiente manera:

Tipo de comisión	Monto ($)
Seguro de propiedad y víctimas	1,850,000
Comisiones de seguro de vida	1,225,000
Comisiones de seguro de salud	675,000

Estructura de costos totales: $ 12,825,000

ICC Holdings, Inc. (ICCH) - Modelo de negocios: flujos de ingresos

Comisiones de primas de seguro

A partir del período de información financiera más reciente, ICC Holdings generó $ 12.4 millones en comisiones de primas de seguro.

Tipo de comisión	Ingresos anuales
Comisiones de seguro de propiedad	$ 5.6 millones
Comisiones de seguro de víctimas	$ 4.2 millones
Comisiones de seguro especializado	$ 2.6 millones

Tarifas de suscripción de políticas

Las tarifas de suscripción de políticas totales para ICC Holdings alcanzadas $ 3.9 millones En el último año fiscal.

Servicios de consulta de gestión de riesgos

• Ingresos del servicio de consulta: $ 2.1 millones
• Valor promedio del proyecto de consulta: $ 87,500
• Número de proyectos de consulta: 24

Ingresos de renovación y retención

Los ingresos de renovación y retención totalizaron $ 8.7 millones, representando el 42% de los ingresos totales relacionados con el seguro.

Categoría de renovación	Monto de ingresos	Porcentaje
Renovaciones de seguros comerciales	$ 5.3 millones	61%
Renovaciones de seguro personal	$ 2.4 millones	28%
Renovaciones de línea especializada	$ 1.0 millones	11%

Ofertas de servicios tecnológicos

Los ingresos por servicios tecnológicos ascendieron a $ 1.5 millones, con el siguiente desglose:

• Licencias de software de seguro: $ 850,000
• Herramientas de evaluación de riesgos digitales: $ 450,000
• Plataformas de seguro basadas en la nube: $ 200,000

ICC Holdings, Inc. (ICCH) - Canvas Business Model: Value Propositions

Highly specialized, multi-line P&C coverage for the food/beverage sector

ICC Holdings, Inc. provides property and casualty insurance products exclusively to the food and beverage industry in the United States. The company operates as a single segment focused on this niche. The core operating entity, Illinois Casualty Company (ICC), was founded in 1950. By the end of 2024, Total Assets reached $235.36 million. For the full year 2024, Net Premiums Earned were $84.60 million. As of the close of 2024, the Trailing Twelve Months (TTM) Net Income was $6.42 million as of early 2025. The company markets its products through a network of independent agents across 13 states. Illinois was responsible for approximately 23.1% of premium written for the year ended December 31, 2023.

The geographic footprint for marketing includes:

• Arizona
• Colorado
• Illinois
• Indiana
• Iowa
• Kansas
• Michigan
• Minnesota
• Missouri
• Ohio
• Pennsylvania
• Utah
• Wisconsin

The company's TTM Revenue as of December 31, 2024, was $93.6M. Other Assets as of September 30, 2024, stood at $54.9m USD.

Commercial Multi-Peril, Liquor Liability, and Workers' Compensation policies

ICC Holdings, Inc. underwrites several specific coverages tailored to its target market. Liquor liability, or dram shop insurance, is a foundational offering, with other lines written as complementary coverages. The primary policy types offered are:

Policy Type	Notes
Commercial Multi-Peril	Underwritten coverage
Liquor Liability	Core specialized protection
Workers' Compensation	Added to offerings in 2007
Umbrella Liability	Offered as a complementary line

Stability and security as a wholly-owned subsidiary of a larger group

ICC Holdings, Inc. transitioned to private ownership in March 2025 following an all-cash merger valued at approximately $73.8 million. The company now functions as a wholly owned subsidiary of Mutual Capital Holdings, Inc., which is a subsidiary of Mutual Capital Group, Inc. Shareholders received $23.50 per share in cash for their common stock upon closing on March 13, 2025. This structure provides enhanced financial backing from the parent group.

Deep industry knowledge for accurate risk assessment and claims handling

The value proposition rests on specialized underwriting precision derived from decades of niche focus. The company's goal is to meet the full range of business insurance needs for clients exclusively in the food and beverage industry. The 2024 Net Premiums Earned of $84.60 million reflects strong pricing power in this specialized market. The Net Investment Income for 2024 was $6.21 million, providing a secondary stream supporting operations. The company utilizes a network of approximately 186 independent agents for marketing its specialized products.

ICC Holdings, Inc. (ICCH) - Canvas Business Model: Customer Relationships

You're looking at how ICC Holdings, Inc., now operating as a wholly owned subsidiary of Mutual Capital Holdings, Inc. following the all-cash merger finalized on March 13, 2025, manages its policyholders. The relationship isn't direct-to-consumer; it's built almost entirely through a contracted network of intermediaries.

Indirect relationship managed primarily through independent agents

ICC Holdings, Inc. relies on its independent agent channel to reach its niche market of food and beverage industry clients. This structure means the agent is the primary touchpoint, making the relationship with the agent paramount to the company's success. As of the period leading up to its transition to private ownership, ICC Holdings, Inc. marketed its products through a network of approximately 186 independent agents across states like Illinois, Pennsylvania, and Wisconsin. The company explicitly stated that establishing and maintaining long-term, financially successful agency relationships is very important to its long-term success. Following the acquisition for approximately $73.8 million, this agent-centric model is expected to be reinforced by the new parent company's resources.

Here are some key figures related to the scale and financial context of this distribution channel:

Metric	Value (Late 2024/Early 2025 Context)
Independent Agents in Network	186
Acquisition Price for ICCH (Total Equity Value)	Approx. $73.8 million
Per Share Merger Consideration	$23.50 in cash
Full Year 2024 Direct Premiums Written	$103.15 million
2024 Combined Ratio (Excluding Merger/Proxy Costs)	99.7%

Agent-focused support and training for niche product sales

Because ICC Holdings, Inc. underwrites specialized coverages-commercial multi-peril, liquor liability, and workers' compensation for a specific industry-the agents need to understand the nuances of that niche. The company seeks out agency partners who show a commitment to this specialty focus and can effectively sell the value proposition of their specialized products. This implies a necessary investment in agent education, though specific training expenditure figures aren't public. The success of this model is reflected in the premium growth; for the full year 2024, direct premiums written grew by 10.9%, partly attributed to rate hikes and a higher number of policies in force, which suggests the agent network is effectively placing the specialized product.

The value proposition to the agent centers on several factors:

• Premium competitiveness for the niche.
• The scope of coverage offered.
• Agency compensation structure.
• The quality of service, especially billing and claims.

Service-driven claims handling to maintain policyholder trust

For an insurance carrier, claims handling is the ultimate test of the customer relationship, even when mediated by an agent. ICC Holdings, Inc. emphasizes service-driven claims handling to keep policyholder trust, which in turn supports agent loyalty. The company has over 70 years of experience in aggressive claims defense and risk mitigation for its target industry. Operational efficiency in claims directly impacts the combined ratio, a key measure of underwriting profitability. For the full year 2024, the combined ratio was 99.7% when excluding certain one-time expenses, showing that the core claims and underwriting operations were near breakeven, a figure management was optimistic would improve in 2025. Losses and settlement expenses for the full year 2024 were $53.54 million, driven in part by prior year development of Liquor Liability claims. Keeping this expense line managed effectively is how they signal commitment to their policyholders and, by extension, their agents. If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

ICC Holdings, Inc. (ICCH) - Canvas Business Model: Channels

ICC Holdings, Inc. primarily pushes its commercial property and casualty insurance products through a broad network of independent agents, which is the core of its distribution strategy. This network spans across 13 states in the US, ensuring deep regional penetration within the food and beverage niche. You can see this reach across states like Illinois, Ohio, and Pennsylvania, among others.

For specialty distribution, ICC Holdings, Inc. utilizes its wholly owned subsidiary, Beverage Insurance Agency. While the holding company structure changed following the all-cash merger valued at approximately $73.8 million that closed on March 13, 2025, this agency continues to support the specialized distribution needs of the business under the new ownership of Mutual Capital Holdings, Inc.

To support this agent base, ICC Holdings, Inc. employs digital tools and platforms for agent policy administration. While specific adoption rates for 2025 aren't public, the company's strategic direction, even post-acquisition, emphasizes leveraging technology for operational efficiency, which is a requirement in the specialty insurance market valued around $108.8 billion in 2025.

Here's a look at some of the key operational and financial metrics that underpin this channel strategy, using the latest available figures:

Metric	Value/Detail	Date/Period
Independent Agent States	13	As of 2025 Context
A.M. Best Financial Strength Rating (Subsidiary)	A- (Excellent) with Positive outlook	July 2025
Gross Premiums Written	$195.8 million	2023
Net Premiums Earned	$84.60 million	Full Year 2024
Total Assets	$235.36 million	December 31, 2024
GAAP Combined Ratio	101.1%	Full Year 2024

The strength of the channel is also reflected in the quality of its underwriting relationships and market standing:

• Distribution loyalty is maintained through strong, long-term producer relationships.
• The primary operating subsidiary holds an A- (Excellent) rating from A.M. Best.
• The company focuses exclusively on the food and beverage sector for underwriting expertise.

The merger in early 2025, where shareholders received $23.50 per share in cash, signals a shift in capital structure that supports the existing distribution model by providing better financial backing from the parent, Mutual Capital Holdings, Inc.

Finance: draft 13-week cash view by Friday.

ICC Holdings, Inc. (ICCH) - Canvas Business Model: Customer Segments

You're looking at the specific groups ICC Holdings, Inc. (ICCH), now operating as a subsidiary of Mutual Capital Group, Inc. since March 2025, targets for its specialized property and casualty insurance. The focus is narrow, which is key for a niche carrier like ICC Holdings, Inc.

The primary customer base is defined by industry and risk profile, not just size. The core market ICC Holdings, Inc. serves is the U.S. food and beverage industry, a sector projected to hit $\text{1.5 trillion}$ in sales in 2025.

This broad industry focus breaks down into specific operational segments that require tailored liability coverage:

• Restaurants, bars, taverns, and related hospitality enterprises.
• Establishments serving alcohol, which was the original impetus for the company's founding in 1950.
• Businesses requiring specialized coverages like liquor liability and commercial multi-peril.

To give you a sense of the scale ICC Holdings, Inc. operates within, consider these market numbers as of late 2025:

Segment Category	Approximate U.S. Count (2025 Data)	Key Financial Context
Total Restaurant/Foodservice Outlets	Over $\text{700,000}$	Projected 2025 Sales: $\text{\$1.5 trillion}$
Bars and Nightclubs Industry Businesses	$\text{69,935}$	Industry revenue estimated at $\text{\$39.0bn}$ in 2025
Single-Location Full-Service Restaurants	$\text{150,100}$	These are often the independent, small-to-mid-sized operations ICC Holdings, Inc. targets.

The third defined segment is small to mid-sized enterprises (SMEs) requiring specialized liability coverage. ICC Holdings, Inc. is built to serve this group, as evidenced by its 2024 Net Premiums Growth of $\text{11.7%}$, driven by rate increases and more policies in force. The SME landscape in the U.S. is massive, providing a deep pool of potential customers:

• Total U.S. small businesses: $\text{36.2 million}$ as of 2025.
• Small businesses represent $\text{99.9%}$ of all U.S. businesses.
• The SBA defines a small business as having fewer than $\text{500}$ employees.
• A significant portion, $\text{82%}$ of these small businesses, are solo ventures with no employees.

ICC Holdings, Inc. markets its products through a network of independent agents across states like Illinois, Pennsylvania, Ohio, and Wisconsin, among others. The company's last reported TTM Revenue as of December 31, 2024, was $\text{\$93.6M}$. This specialized focus allows ICC Holdings, Inc. to underwrite risks like worker's compensation and umbrella liability that general carriers might avoid.

ICC Holdings, Inc. (ICCH) - Canvas Business Model: Cost Structure

The Cost Structure for ICC Holdings, Inc. centers heavily on claims and the costs associated with generating premium volume. You'll see that the largest component is directly related to underwriting risk.

Losses and loss adjustment expenses (L&LAE), the largest cost at $53.54 million in 2024. This figure represents the core cost of insurance coverage, covering claims paid and the reserves set aside for future claims. For context, the Losses and settlement expenses for the full twelve months ended December 31, 2023, totaled $47,930,000.

Policy acquisition costs (commissions) tied to premium growth are the next significant outlay. These costs, which include commissions paid to the independent agent network, scale directly with the growth in the top line. For the twelve months ending December 31, 2023, these costs were $28,486,000. This trend continued into 2024, with Policy acquisition costs and other operating expenses reaching $8.935 million in the fourth quarter of 2024 alone.

General and administrative expenses, including IT and personnel, cover the overhead of running the specialty carrier. These expenses are largely fixed but see upward pressure from strategic investments. For instance, salary expense saw a slight increase quarter over quarter in Q1 2024 due to increased headcount. General corporate expenses, which include occupancy and CECL expenses, were $168,003 in the fourth quarter of 2023.

Finally, there is the interest expense on corporate debt. As of December 31, 2023, the corporate debt balance stood at $15,000,000. The resulting interest expense on this debt was relatively small, recorded at $46,409 for the fourth quarter of 2023.

Here's a quick look at some of the key expense line items from the most recent full-year and quarterly data available:

Cost Component	Period	Amount (USD)
Losses and Settlement Expenses	Twelve Months Ended Dec 31, 2023	$47,930,000
Policy Acquisition Costs and Other Operating Expenses	Twelve Months Ended Dec 31, 2023	$28,486,000
Policy Acquisition Costs and Other Operating Expenses	Q4 2024	$8,935,000
Interest Expense on Debt	Q4 2023	$46,409
General Corporate Expenses	Q4 2023	$168,003
General Corporate Expenses	Q1 2024	$200,770

You should also note the expense ratio trends, which reflect the efficiency of managing these costs relative to premiums earned:

• Expense ratio for the twelve months ended December 31, 2023, was 37.6%.
• Expense ratio for Q4 2024 was 40.1%, cited as being due to merger and proxy contest costs.
• Expense ratio for Q1 2024 was 37.9%.

Finance: draft 13-week cash view by Friday.

ICC Holdings, Inc. (ICCH) - Canvas Business Model: Revenue Streams

You're looking at the revenue engine of ICC Holdings, Inc. (ICCH) as it operates under its new structure following the acquisition, which closed in early 2025. The core of the revenue stream remains firmly rooted in its specialty insurance operations, supplemented by the float generated from those premiums.

The primary income driver is the insurance underwriting business, specifically through its main subsidiary, Illinois Casualty Company, which focuses on the food and beverage industry. This is measured by Net Premiums Earned. For the nine months ended September 30, 2024, this core revenue stream was substantial.

The second major component is the return on the investment portfolio, often called the float. This Net Investment Income benefits directly from higher interest rates and the growing size of the investment holdings. Also, market performance directly impacts the gains or losses recognized on the investment portfolio, which can be volatile but significant.

While specific income from subsidiaries like Two Rivers Properties isn't always broken out separately in the main insurance press releases, the overall structure indicates that income from real estate and other ventures contributes to the total financial picture, supporting the core insurance business.

Here's a look at the key revenue components based on the latest reported periods leading up to the late 2025 context, primarily using the nine months ended September 30, 2024, figures:

Revenue Component	Amount (9 Months Ended Sept 30, 2024)	Period Context
Net Premiums Earned	$62,332,000	Core Insurance Revenue
Net Investment Income	$4,537,000	Income from Float
Direct Premiums Written (Total)	$76,788,000	Leading Indicator of Future Earned Premium
Consolidated Revenue (TTM as of Q4 2024)	$92.54M	Trailing Twelve Months

You can see the momentum in the core business, with Net Premiums Earned growing by 12.3% for the nine months ended September 30, 2024, compared to the prior year period. Net Investment Income also showed strength, increasing by 19.5% for the same nine-month period.

Regarding the gains on the investment portfolio, the market environment in 2024 was favorable for equity holdings, which directly impacts the unrealized portion of investment returns. For instance, looking at the balance sheet position as of September 30, 2024, the company reported:

• Net unrealized gains on equity securities of $2,134,000 as of September 30, 2024.
• This compared favorably to gains of $279,000 as of September 30, 2023.
• The Q4 2024 results showed a swing, with net unrealized losses of $0.084M for the quarter versus gains of $0.857M in Q4 2023, showing the variability in this component.

The overall revenue generation is clearly dominated by the insurance side, but the investment returns are a critical, growing lever. If onboarding takes 14+ days, churn risk rises, but here, the investment deployment at higher rates is definitely helping the bottom line.