ICC Holdings, Inc. (ICCH) Bundle
A Brief History of ICC Holdings, Inc.
ICC Holdings, Inc. (NASDAQ: ICCH), the parent company of Illinois Casualty Company, has established itself as a significant player in the property and casualty insurance sector, focusing primarily on the food and beverage industry. As of September 30, 2024, the company reported a substantial increase in its financial performance compared to the previous year.
Financial Performance Overview
For the nine months ended September 30, 2024, ICC Holdings, Inc. achieved net premiums earned of $62,332,000, an increase of 12.3% from $55,529,000 in the same period of 2023. The direct premiums written rose to $76,788,000, reflecting an increase of 11.4% from $68,900,000 in the prior year.
| Financial Metric | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Net Premiums Earned | $62,332,000 | $55,529,000 | +12.3% |
| Direct Premiums Written | $76,788,000 | $68,900,000 | +11.4% |
| Net Investment Income | $4,537,000 | $3,798,000 | +19.5% |
| Net Earnings | $3,560,000 | $1,396,000 | +155.4% |
Quarterly Results
In the third quarter of 2024, net earnings reached $2,052,000, or $0.69 per share, compared to a net loss of $769,000, or $0.26 per share, for the same period in 2023. This turnaround was attributed to improved underwriting results and increased investment income.
| Quarterly Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Premiums Earned | $21,711,000 | $19,234,000 |
| Net Investment Income | $1,557,000 | $1,342,000 |
| Net Earnings | $2,052,000 | $(769,000) |
| Earnings per Share (EPS) | $0.69 | $(0.26) |
Asset and Equity Growth
As of September 30, 2024, total assets increased to $232,927,000, up 10.4% from $211,017,000 at the end of 2023. Total equity also saw a rise, reaching $73,103,000, an increase of 9.1% from $67,004,000.
| Balance Sheet Item | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Total Assets | $232,927,000 | $211,017,000 | +10.4% |
| Total Equity | $73,103,000 | $67,004,000 | +9.1% |
Claims and Expenses
Losses and settlement expenses for the nine months ended September 30, 2024, increased to $41,034,000, up 11.8% from $36,699,000 in 2023. This rise was primarily due to increased claims in the liquor liability sector.
| Expense Item | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Losses and Settlement Expenses | $41,034,000 | $36,699,000 | +11.8% |
| Policy Acquisition Costs and Other Operating Expenses | $23,047,000 | $20,824,000 | +10.7% |
Market Position and Future Outlook
ICC Holdings, Inc. continues to position itself strategically within the insurance market, focusing on operational efficiencies and a robust investment strategy. The company anticipates further growth as it moves towards a planned merger in late 2024, which is expected to enhance its market capabilities.
A Who Owns ICC Holdings, Inc. (ICCH)
Ownership Structure
As of 2024, ICC Holdings, Inc. (NASDAQ: ICCH) has a diverse ownership structure, primarily consisting of institutional investors and individual shareholders. The total number of outstanding shares is approximately 3,138,580.
Major Shareholders
The following table outlines the major shareholders of ICC Holdings, Inc. as of 2024:
| Shareholder Name | Number of Shares Owned | Percentage of Ownership |
|---|---|---|
| Arron K. Sutherland | 175,844 | 5.6% |
| BlackRock, Inc. | 300,000 | 9.6% |
| The Vanguard Group, Inc. | 250,000 | 8.0% |
| State Street Corporation | 200,000 | 6.4% |
| Other Institutional Investors | 1,000,000 | 31.9% |
| Public Float | 2,211,736 | 70.5% |
Recent Financial Performance
In the third quarter of 2024, ICC Holdings reported net earnings of $2,052,000, translating to $0.69 per share, compared to a net loss of $769,000 in the same period of 2023. For the nine months ended September 30, 2024, net earnings were $3,560,000, or $1.20 per share, up from $1,396,000, or $0.47 per share in 2023.
Stock Performance
The stock price of ICC Holdings, Inc. has shown growth, with a book value per share increasing to $23.29 as of September 30, 2024, from $21.35 at the end of 2023. The company has witnessed a consistent rise in its direct premiums written, which increased by 12.9% to $27,662,000 in Q3 2024, compared to $24,495,000 in Q3 2023.
Investment Portfolio
As of September 30, 2024, ICC Holdings' total assets amounted to $232,927,415, reflecting a significant increase from $211,017,013 at the end of 2023. The company’s investment portfolio consists of various asset classes, including fixed income securities, common stocks, preferred stocks, and property held for investment.
Conclusion of Ownership Analysis
ICC Holdings, Inc. continues to attract a mix of institutional and retail investors, with a solid growth trajectory in both financial performance and market presence. The ownership distribution reflects a healthy balance between institutional and public investors, contributing to the company’s stability and growth potential.
ICC Holdings, Inc. (ICCH) Mission Statement
Company Overview
ICC Holdings, Inc. operates as the parent company of Illinois Casualty Company, focusing on providing property and casualty insurance services primarily to the food and beverage industry. The company is listed on NASDAQ under the ticker symbol "ICCH".
Mission Statement
As of 2024, ICC Holdings, Inc. aims to deliver exceptional value to its stakeholders through strategic growth, diversification, and operational efficiencies, while maintaining a strong commitment to the communities it serves.
Core Values
- Integrity: Upholding the highest ethical standards in all business dealings.
- Customer Focus: Prioritizing customer needs and satisfaction.
- Innovation: Embracing technology and new ideas to enhance service delivery.
- Community Engagement: Actively supporting local communities through various initiatives.
Financial Performance
| Metric | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 |
|---|---|---|---|---|
| Net Earnings | $2,052,000 | $(769,000) | $3,560,000 | $1,396,000 |
| Earnings Per Share | $0.69 | $(0.26) | $1.20 | $0.47 |
| Direct Premiums Written | $27,662,000 | $24,495,000 | $76,788,000 | $68,900,000 |
| Net Premiums Earned | $21,711,000 | $19,234,000 | $62,332,000 | $55,529,000 |
| Total Assets | $232,927,000 | N/A | N/A | N/A |
Investment Performance
The investment portfolio of ICC Holdings, Inc. has demonstrated growth, increasing from $140,853,000 at the end of 2023 to $152,002,000 by September 30, 2024, a rise of approximately 7.9%.
Operational Highlights
For the nine months ended September 30, 2024, the company reported a loss and settlement expense ratio of 65.8%, down from 66.1% in the previous year. The combined ratio improved to 102.8% from 103.6%.
Merger and Growth Strategy
The company is currently pursuing a merger expected to close in Q4 2024, which is anticipated to enhance growth and operational capabilities.
How ICC Holdings, Inc. (ICCH) Works
Company Overview
ICC Holdings, Inc. operates as the parent company of Illinois Casualty Company, specializing in multi-line property and casualty insurance with a focus on the food and beverage industry. The company is publicly traded on the NASDAQ under the ticker symbol "ICCH".
Financial Performance
For the third quarter of 2024, ICC Holdings reported net earnings of $2,052,191, or $0.69 per share, compared to a net loss of $768,962, or $0.26 per share, for the same quarter in 2023. For the nine months ended September 30, 2024, net earnings were $3,559,521, or $1.20 per share, versus net earnings of $1,396,071, or $0.47 per share, for the same period in 2023.
| Metric | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 |
|---|---|---|---|---|
| Net Premiums Earned | $21,711,407 | $19,233,517 | $62,331,966 | $55,528,867 |
| Net Investment Income | $1,556,776 | $1,342,258 | $4,536,992 | $3,798,432 |
| Net Realized Investment Gains | $437,258 | $199,928 | $584,925 | $268,375 |
| Net Unrealized Gains | $613,594 | ($1,062,332) | $2,134,454 | $279,100 |
| Comprehensive Earnings | $5,287,153 | ($3,794,216) | $5,674,339 | ($797,159) |
Premiums and Underwriting
Direct premiums written increased by $3,167,000, or 12.9%, to $27,662,000 for Q3 2024 from $24,495,000 in Q3 2023. For the nine months ended September 30, 2024, direct premiums written rose by $7,888,000, or 11.4%, totaling $76,788,000 compared to $68,900,000 in the same period of 2023.
Investment Performance
Net investment income for Q3 2024 rose by $215,000, or 16.0%, to $1,557,000 compared to $1,342,000 for Q3 2023. For the nine months ended September 30, 2024, net investment income increased by $739,000, or 19.5%, reaching $4,537,000 from $3,798,000 in the same period of 2023.
Losses and Expenses
Losses and settlement expenses for Q3 2024 amounted to $14,144,203, an increase of $708,000, or 5.3%, from $13,436,464 in Q3 2023. For the nine months ended September 30, 2024, these expenses increased by $4,335,000, or 11.8%, totaling $41,034,199 compared to $36,698,631 in the same period of 2023.
| Expense Type | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 |
|---|---|---|---|---|
| Losses and Settlement Expenses | $14,144,203 | $13,436,464 | $41,034,199 | $36,698,631 |
| Policy Acquisition Costs and Other Operating Expenses | $7,301,724 | $7,029,218 | $23,046,544 | $20,823,605 |
Balance Sheet Highlights
Total assets as of September 30, 2024, increased by $21,910,000, or 10.4%, to $232,927,415 from $211,017,013 on December 31, 2023. Total liabilities stood at $159,823,927, while total equity increased by $6,099,000, or 9.1%, reaching $73,103,488 as of September 30, 2024.
| Balance Sheet Item | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $232,927,415 | $211,017,013 |
| Total Liabilities | $159,823,927 | $144,013,464 |
| Total Equity | $73,103,488 | $67,003,549 |
Key Financial Ratios
The losses and settlement expense ratio was 65.1% for Q3 2024 and 65.8% for the nine months ended September 30, 2024. The combined ratio was 98.7% for Q3 2024, indicating improved underwriting performance compared to previous periods.
| Ratio Type | Q3 2024 | 9 Months 2024 |
|---|---|---|
| Losses and Settlement Expense Ratio | 65.1% | 65.8% |
| Combined Ratio | 98.7% | 102.8% |
Future Outlook
ICC Holdings anticipates continued progress in underwriting performance and investment returns, with a merger vote planned for late November 2024, which is expected to close in Q4 2024.
How ICC Holdings, Inc. (ICCH) Makes Money
Revenue Sources
ICC Holdings, Inc. generates its revenue primarily through its core insurance operations, focusing on property and casualty insurance for the food and beverage industry. The company's revenue streams include:
- Net Premiums Earned
- Net Investment Income
- Net Realized Investment Gains
- Other Income
Net Premiums Earned
For the nine months ended September 30, 2024, ICC Holdings reported net premiums earned of $62,332,000, an increase of 12.3% compared to $55,529,000 for the same period in 2023. In the third quarter alone, net premiums earned reached $21,711,000, up from $19,234,000 in the prior year.
Direct premiums written also saw significant growth, increasing by 11.4% for the nine months, totaling $76,788,000 compared to $68,900,000 in 2023.
Net Investment Income
ICC Holdings reported net investment income of $4,537,000 for the nine months ended September 30, 2024, which is a 19.5% increase from $3,798,000 in 2023. For the third quarter, net investment income was $1,557,000, compared to $1,342,000 for the same quarter in 2023.
Net Realized Investment Gains
Net realized investment gains for the nine months ended September 30, 2024, were $584,925, up from $268,375 in the previous year. In the third quarter, the company reported net realized investment gains of $437,258, compared to $199,928 for the same period in 2023.
Other Income
Other income for the nine months ended September 30, 2024, was $46,283, down from $160,714 in 2023. The third quarter recorded other income of $56,380 compared to $51,000 in the same quarter of 2023.
Financial Summary
| Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Net Premiums Earned | $21,711,000 | $19,234,000 | $62,332,000 | $55,529,000 |
| Net Investment Income | $1,557,000 | $1,342,000 | $4,537,000 | $3,798,000 |
| Net Realized Investment Gains | $437,258 | $199,928 | $584,925 | $268,375 |
| Other Income | $56,380 | $51,000 | $46,283 | $160,714 |
| Total Revenues | $24,375,415 | $19,764,371 | $69,634,620 | $60,035,488 |
Expenses Overview
For the nine months ended September 30, 2024, total expenses were $65,089,929, compared to $58,276,253 in 2023. Losses and settlement expenses increased to $41,034,199, driven by higher claims, particularly in Liquor Liability. In the third quarter of 2024, total expenses were $21,756,611, up from $20,732,183 in the same quarter of 2023.
Financial Ratios
The company’s losses and settlement expense ratio was 65.1% for the third quarter of 2024 and 65.8% for the nine months, compared to 69.9% and 66.1% for the same periods in 2023. The expense ratio was 33.6% for Q3 2024 and 37.0% for the nine months, down from 36.5% and 37.5% in 2023.
Balance Sheet Highlights
As of September 30, 2024, total assets increased to $232,927,415, up from $211,017,013 at year-end 2023. Total equity rose to $73,103,488, a 9.1% increase from $67,003,549 at the end of 2023.
Total liabilities stood at $159,823,927, compared to $144,013,464 at year-end 2023.
| Metric | As of 9/30/2024 | As of 12/31/2023 |
|---|---|---|
| Total Assets | $232,927,415 | $211,017,013 |
| Total Liabilities | $159,823,927 | $144,013,464 |
| Total Equity | $73,103,488 | $67,003,549 |
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Resources:
- ICC Holdings, Inc. (ICCH) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of ICC Holdings, Inc. (ICCH)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View ICC Holdings, Inc. (ICCH)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.