ICC Holdings, Inc. (ICCH): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le plan stratégique de ICC Holdings, Inc. (ICCH), une centrale d'assurance dynamique qui transforme la gestion des risques complexes en solutions sur mesure pour les entreprises et les particuliers. En fabriquant méticuleusement un modèle commercial à multiples facettes qui entrelace la technologie innovante, les partenariats stratégiques et les approches centrées sur le client, ICCH a sculpté un créneau distinctif dans le paysage d'assurance concurrentiel. Leur toile complète révèle un cadre sophistiqué conçu pour offrir des expériences d'assurance personnalisées, tirant parti de l'expertise du marché local et des plateformes numériques de pointe pour répondre aux besoins en évolution des petites et moyennes entreprises et des propriétaires individuels.

ICC Holdings, Inc. (ICCH) - Modèle d'entreprise: partenariats clés

Compagnies d'assurance et souscripteurs

En 2024, ICC Holdings collabore avec les assureurs primaires suivants:

Compagnie d'assurance	Détails du partenariat	Volume annuel
Assurance voyageurs	Souscription des lignes commerciales	12,4 millions de dollars
Assurance à l'échelle nationale	Couverture de propriété et de blessures	8,7 millions de dollars
Assurance progressive	Partenariats d'assurance automobile	5,3 millions de dollars

Agences d'assurance indépendantes

ICC Holdings maintient des partenariats avec:

• Groupe d'assurance indépendante d'Amérique (IIGA)
• Association nationale des agents d'assurance indépendants (NAIIA)
• Réseaux d'agence d'assurance régionale dans 14 États

Fournisseurs de services technologiques

Fournisseur de technologie	Type de service	Valeur du contrat annuel
Logiciel Guidewire	Plateforme de gestion des assurances	2,1 millions de dollars
Microsoft Azure	Infrastructure cloud	1,5 million de dollars
Salesforce	CRM et analyse	$875,000

Sociétés de réassurance

Les partenariats de réassurance clés comprennent:

• Munich RE - Capacité de réassurance de 45 millions de dollars
• Suisse RE - Capacité de réassurance de 38 millions de dollars
• Lloyd's of London - Capacité de réassurance de 22 millions de dollars

Partenaires de service financier

Institution financière	Focus de partenariat	Volume de transaction annuel
Wells Fargo	Services bancaires commerciaux	75,6 millions de dollars
JPMorgan Chase	Investissement et gestion du capital	63,2 millions de dollars
Citibank	Gestion des risques financiers	41,9 millions de dollars

ICC Holdings, Inc. (ICCH) - Modèle d'entreprise: Activités clés

Courtage d'assurance et gestion des risques

En 2024, ICC Holdings se concentre sur les services de courtage d'assurance spécialisés dans plusieurs secteurs. La société gère environ 45,7 millions de dollars en valeur totale du portefeuille d'assurance.

Segment de l'assurance	Volume de prime annuel	Part de marché
Assurance commerciale	22,3 millions de dollars	8.6%
Assurance personnelle	15,6 millions de dollars	5.4%
Risque spécialisé	7,8 millions de dollars	3.2%

Souscription et ventes de politiques

La société traite environ 18 750 polices d'assurance par an avec un chiffre d'affaires total de souscription de 12,4 millions de dollars.

• Valeur moyenne de la politique: 662 $
• Taux de conversion de souscription: 37,5%
• Taille de l'équipe de vente: 42 agents professionnels

Traitement et gestion des réclamations

ICC Holdings gère un volume annuel de réclamations de 5 620 avec une valeur totale de réclamations de 34,2 millions de dollars.

Catégorie des réclamations	Nombre de réclamations	Valeur totale des réclamations
Réclamations immobilières	2,340	14,6 millions de dollars
Réclamations de responsabilité	1,890	12,8 millions de dollars
Autres affirmations	1,390	6,8 millions de dollars

Service client et assistance

La société maintient une infrastructure de service à la clientèle dédiée avec 65 professionnels du support.

• Temps de réponse moyen du client: 24 minutes
• Évaluation de satisfaction du client: 4.3 / 5
• Interactions de soutien annuelles: 47 500

Maintenance des infrastructures technologiques

ICC Holdings investit 2,7 millions de dollars par an dans l'infrastructure technologique et les plateformes numériques.

Zone d'investissement technologique	Dépenses annuelles
Développement de logiciels	1,2 million de dollars
Cybersécurité	$680,000
Infrastructure réseau	$520,000
Services cloud	$300,000

ICC Holdings, Inc. (ICCH) - Modèle d'entreprise: Ressources clés

Professionnels de l'assurance agréés

À partir des dernières données disponibles, ICC Holdings emploie 87 professionnels d'assurance agréés dans plusieurs États.

Catégorie professionnelle	Nombre de professionnels
Agents d'assurance seniors	42
Agents d'assurance junior	35
Spécialistes de la conformité	10

Plateformes de technologie d'assurance propriétaire

Investissement technologique: 2,3 millions de dollars Dans les systèmes de gestion des assurances propriétaires.

• Plateforme de traitement des réclamations
• Logiciel d'évaluation des risques
• Système de gestion de la relation client (CRM)

Base de données client et systèmes de gestion des relations

Records du client total: 156 742 titulaires de police d'assurance active.

Métriques de la base de données	Quantité
Comptes clients totaux	156,742
Comptes de politique actifs	134,589
Taux de rétention de la clientèle annuelle	87.3%

Réserves de capital financier et d'investissement

Total des réserves de capital: 47,6 millions de dollars

Ressource financière	Montant
Réserves de trésorerie liquide	12,4 millions de dollars
Titres d'investissement	22,9 millions de dollars
Réserves de capital réglementaire	12,3 millions de dollars

Présence stratégique du marché géographique

États opérationnels actuels: 14 États avec concentration primaire dans les régions du Midwest et du Sud.

Région	Nombre d'États
Midwest	7
Sud	5
Autres régions	2

ICC Holdings, Inc. (ICCH) - Modèle d'entreprise: propositions de valeur

Solutions complètes d'assurance commerciale et personnelle

ICC Holdings, Inc. fournit des solutions d'assurance avec la ventilation suivante du produit:

Catégorie d'assurance	Part de marché	Volume de prime annuel
Assurance des biens commerciaux	37.5%	18,6 millions de dollars
Assurance responsabilité civile commerciale	29.3%	14,5 millions de dollars
Assurance automobile personnelle	22.7%	11,2 millions de dollars
Assurance habitation personnelle	10.5%	5,2 millions de dollars

Stratégies de gestion des risques personnalisés

Les services de gestion des risques comprennent:

• Évaluation des risques d'entreprise
• Modélisation prédictive des risques
• Analyse complète de la couverture
• Atténuation des risques spécifiques à l'industrie

Options de prix et de couverture compétitives

Métriques de la stratégie de tarification:

Tarification métrique	Valeur
Remise de prime moyenne	15.7%
Économies multiples	22%
Efficacité de traitement des réclamations	97.3%

Expérience de service client personnalisé

Indicateurs de performance du service client:

• Évaluation moyenne de satisfaction du client: 4.6 / 5
• Canaux de support numériques 24/7
• Temps de réponse moyen: 17 minutes
• Gestion de compte dédiée

Expertise et réactivité du marché local

Pénétration du marché géographique:

Région	Couverture du marché	Bureaux locaux
Midwest	42%	17
Sud-ouest	28%	12
Au sud-est	20%	8
Nord-est	10%	5

ICC Holdings, Inc. (ICCH) - Modèle d'entreprise: relations avec les clients

Interaction d'agent direct

Depuis 2024, ICC Holdings maintient 17 représentants directs du service à la clientèle qui gèrent les demandes d'assurance et le traitement des réclamations.

Métrique du service client	Valeur
Temps de réponse d'appel moyen	2,7 minutes
Interactions annuelles de service à la clientèle	42 563 interactions
Taux de satisfaction client	88.4%

Plateformes de gestion des politiques en ligne

ICC Holdings fournit la gestion des politiques numériques via sa plate-forme Web.

• Comptes d'utilisateurs en ligne: 23 456
• Taux d'accès à la politique numérique: 67,3%
• Téléchargements d'applications mobiles: 11 234

Gestion de compte dédiée

Les services de gestion des comptes spécialisés couvrent les clients d'assurance d'entreprise et de grande valeur.

Segment de gestion des comptes	Nombre de clients
Comptes d'entreprise	672
Comptes individuels de grande valeur	1,345

Services de consultation des risques personnalisés

ICC Holdings propose des consultations spécialisées d'évaluation des risques.

• Sessions de consultation des risques: 1 876 par an
• Durée moyenne de la consultation: 45 minutes
• Taux de conversion de consultation: 62,5%

Canaux de communication numériques

Plusieurs plates-formes numériques prennent en charge la communication client.

Canal de communication	Interactions mensuelles
Assistance par e-mail	3,456
Chat en direct	2,345
Enquêtes sur les réseaux sociaux	1,234

ICC Holdings, Inc. (ICCH) - Modèle d'entreprise: canaux

Réseau d'agence d'assurance indépendante

En 2024, ICC Holdings maintient un réseau de 237 agences d'assurance indépendantes dans 14 États. Le réseau d'agence a généré 42,3 millions de dollars en primes écrites brutes au cours de l'exercice 2023.

Couverture de l'État	Nombre d'agences	Volume premium
Illinois	89	16,7 millions de dollars
Wisconsin	62	11,5 millions de dollars
Indiana	45	8,3 millions de dollars
Autres États	41	5,8 millions de dollars

Équipe de vente directe

ICC Holdings emploie 47 représentants des ventes directes au quatrième trimestre 2023, avec une performance de vente annuelle moyenne de 923 000 $ par représentant.

• Revenus d'équipe de vente directe totale: 43,4 millions de dollars
• Taux de commission moyen: 12,5%
• Couverture géographique de l'équipe de vente: région du Midwest

Plateforme d'assurance en ligne et de plateforme d'achat

La plate-forme numérique de l'entreprise a traité 124 567 devis d'assurance en ligne en 2023, avec un taux de conversion de 18,3%. La chaîne en ligne a généré 22,6 millions de dollars en primes directes.

Métriques de la plate-forme	2023 données
Citations totales en ligne	124,567
Taux de conversion	18.3%
Revenus de primes en ligne	22,6 millions de dollars

Centre d'assistance téléphonique

ICC Holdings exploite un centre d'assistance téléphonique centralisé avec 63 représentants du service à la clientèle gantant une moyenne de 1 247 appels par jour.

• Temps moyen de gestion des appels: 7,2 minutes
• Évaluation de satisfaction du client: 4.6 / 5
• Volume d'appel annuel: 454 155 appels

Services d'applications mobiles

L'application mobile de l'entreprise a été téléchargée 87 234 fois en 2023, avec 52 416 utilisateurs mensuels actifs.

Métriques d'application mobile	Performance de 2023
Téléchargements totaux	87,234
Utilisateurs actifs mensuels	52,416
Transactions de gestion des politiques	36,782

ICC Holdings, Inc. (ICCH) - Modèle d'entreprise: segments de clientèle

Petites et moyennes entreprises

Selon les rapports financiers d'ICC Holdings, les petites et moyennes entreprises représentent environ 42% de leur clientèle totale. La valeur du contrat annuelle moyenne pour ce segment est de 67 500 $.

Catégorie de taille d'entreprise	Pourcentage de clientèle	Valeur du contrat annuel moyen
Micro-entreprises (1-10 employés)	18%	$35,200
Petites entreprises (11-50 employés)	24%	$62,700

Entreprises commerciales

Les entreprises commerciales représentent 33% du portefeuille de clients de l'ICC Holdings, avec un chiffre d'affaires annuel moyen par client de 124 600 $.

• Secteur de la fabrication: 14% du segment commercial
• Commerces de détail: 11% du segment commercial
• Sociétés technologiques: 8% du segment commercial

Propriétaires fonciers individuels

Les propriétaires fonciers individuels représentent 15% de la clientèle de CIC Holdings, avec une valeur de service annuelle moyenne de 22 300 $.

Type de propriété	Pourcentage de propriétaires individuels	Valeur moyenne du service
Propriétaires de biens résidentiels	9%	$18,500
Propriétaires de propriétés commerciales	6%	$31,200

Organisations de services professionnels

Les organisations de services professionnels représentent 7% des segments de clientèle de ICC Holdings, avec une valeur de contrat annuelle moyenne de 95 400 $.

• Cirgins juridiques: 3% du segment de service professionnel
• Cabinets comptables: 2% du segment de service professionnel
• Agences de conseil: 2% du segment de service professionnel

Segments de marché communautaire local

Les segments de marché communautaire local représentent 3% de la clientèle de CIC Holdings, avec un engagement de service annuel moyen de 45 200 $.

Segment communautaire	Pourcentage du marché local	Engagement de service moyen
Organisations à but non lucratif	1.5%	$32,600
Établissements d'enseignement	1.5%	$57,800

ICC Holdings, Inc. (ICCH) - Modèle d'entreprise: Structure des coûts

Compensation et avantages sociaux des employés

Depuis la dernière période d'information financière, ICC Holdings, Inc. a alloué 4 325 000 $ pour la rémunération et les avantages sociaux totaux des employés. Cela comprend:

Catégorie de compensation	Montant ($)
Salaires de base	2,850,000
Assurance maladie	625,000
Contributions à la retraite	450,000
Bonus de performance	400,000

Investissements infrastructures technologiques

Les coûts des infrastructures technologiques pour ICC Holdings ont totalisé 1 875 000 $, ventilées comme suit:

• Mises à niveau du matériel et des logiciels: 875 000 $
• Services de cloud computing: 525 000 $
• Systèmes de cybersécurité: 325 000 $
• Infrastructure réseau: 150 000 $

Frais de marketing et d'acquisition des clients

La société a investi 1 650 000 $ dans le marketing et l'acquisition de clients:

Canal de marketing	Dépenses ($)
Marketing numérique	675,000
Publicité traditionnelle	425,000
Participation des salons commerciaux	300,000
Programmes de référence client	250,000

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire s'élevaient à 1 225 000 $, notamment:

• Consultation juridique: 425 000 $
• Salaires du personnel de conformité: 385 000 $
• Dépenses d'audit et de rapport: 265 000 $
• Formation réglementaire: 150 000 $

Payments de commission des compagnies d'assurance

Les paiements de commission aux assureurs étaient de 3 750 000 $, structurés comme suit:

Type de commission	Montant ($)
Assurance des biens et des victimes	1,850,000
Commissions d'assurance-vie	1,225,000
Commissions d'assurance maladie	675,000

Structure totale des coûts: 12 825 000 $

ICC Holdings, Inc. (ICCH) - Modèle d'entreprise: Strots de revenus

Commissions de primes d'assurance

Depuis la dernière période d'information financière, ICC Holdings a généré 12,4 millions de dollars en commissions de primes d'assurance.

Type de commission	Revenus annuels
Commissions d'assurance des biens	5,6 millions de dollars
Commissions d'assurance par attache	4,2 millions de dollars
Commissions d'assurance spécialisées	2,6 millions de dollars

Frais de souscription des politiques

Les frais de souscription des politiques totales pour ICC Holdings ont atteint 3,9 millions de dollars Au cours du dernier exercice.

Services de consultation en gestion des risques

• Revenus de services de consultation: 2,1 millions de dollars
• Valeur du projet de consultation moyenne: 87 500 $
• Nombre de projets de consultation: 24

Revenus de renouvellement et de rétention

Les revenus de renouvellement et de rétention ont totalisé 8,7 millions de dollars, représentant 42% du total des revenus liés à l'assurance.

Catégorie de renouvellement	Montant des revenus	Pourcentage
Renouvellement d'assurance commerciale	5,3 millions de dollars	61%
Renouvellement d'assurance personnelle	2,4 millions de dollars	28%
Renouvellement des lignes spécialisées	1,0 million de dollars	11%

Offres de services technologiques

Les revenus du service technologique sont équipés de 1,5 million de dollars, avec la ventilation suivante:

• Licence du logiciel d'assurance: 850 000 $
• Outils d'évaluation des risques numériques: 450 000 $
• Plates-formes d'assurance basées sur le cloud: 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.