ICC Holdings, Inc. (ICCH): Business Model Canvas [11-2024 Updated]
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ICC Holdings, Inc. (ICCH) Bundle
In the dynamic landscape of insurance, ICC Holdings, Inc. (ICCH) stands out with its unique business model tailored specifically for the food and beverage sector. By leveraging strategic partnerships and a diverse investment portfolio, ICCH not only provides specialized insurance solutions but also ensures strong financial stability and competitive pricing for its clients. Dive deeper to explore the intricacies of their Business Model Canvas and uncover how they navigate the complexities of risk management and customer engagement.
ICC Holdings, Inc. (ICCH) - Business Model: Key Partnerships
Reinsurers for risk management
ICC Holdings, Inc. collaborates with several reinsurers to manage risk effectively. In the third quarter of 2024, the company ceded $3,479,000 of earned premiums to reinsurers, an increase from $2,878,000 for the same period in 2023. For the nine months ended September 30, 2024, ceded earned premiums amounted to $10,515,000, compared to $8,066,000 for the same period in 2023. This growth is largely attributed to an increase in direct written premiums and a new ceding allowance on property and casualty reinsurance contracts.
| Period | Ceded Earned Premiums | Change from Previous Year |
|---|---|---|
| Q3 2024 | $3,479,000 | +$601,000 |
| Q3 2023 | $2,878,000 | N/A |
| 9 Months 2024 | $10,515,000 | +$2,449,000 |
| 9 Months 2023 | $8,066,000 | N/A |
Strategic alliances with food and beverage industry players
ICC Holdings, Inc. focuses primarily on the food and beverage sector, establishing strategic alliances with associated industry players. This focus is reflected in their core business model, which is designed to cater specifically to this niche market. The company reported direct premiums written of $27,662,000 for the third quarter of 2024, representing a 12.9% increase from $24,495,000 in the same quarter of 2023. For the nine months ended September 30, 2024, direct premiums written totaled $76,788,000, marking an 11.4% increase from $68,900,000 in 2023.
| Metric | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 |
|---|---|---|---|---|
| Direct Premiums Written | $27,662,000 | $24,495,000 | $76,788,000 | $68,900,000 |
| Percentage Change | +12.9% | N/A | +11.4% | N/A |
Legal and consulting firms for compliance and advisory
ICC Holdings engages legal and consulting firms to ensure compliance with regulatory requirements and to provide advisory services. Legal and consulting expenses increased by approximately $1,000,000 due to a proxy contest and an ongoing merger process. This uptick has contributed to the overall increase in policy acquisition costs and other operating expenses, which rose to $23,047,000 for the nine months ended September 30, 2024, from $20,824,000 in 2023.
| Expense Type | 9 Months 2024 | 9 Months 2023 | Increase |
|---|---|---|---|
| Legal and Consulting Expenses | Increased by $1,000,000 | N/A | N/A |
| Total Policy Acquisition Costs and Other Operating Expenses | $23,047,000 | $20,824,000 | +$2,223,000 |
ICC Holdings, Inc. (ICCH) - Business Model: Key Activities
Underwriting insurance policies
ICC Holdings, Inc. focuses on underwriting insurance policies primarily within the food and beverage industry. For the third quarter of 2024, the company reported direct premiums written amounting to $27,662,000, representing a 12.9% increase from $24,495,000 in the same quarter of 2023. For the nine months ended September 30, 2024, direct premiums written increased to $76,788,000, up 11.4% from $68,900,000 the previous year.
Managing investment portfolios
As part of its key activities, ICC Holdings also manages a diverse investment portfolio. For the nine months ended September 30, 2024, net investment income rose to $4,537,000, a 19.5% increase from $3,798,000 in 2023. This growth is attributed to reinvesting net proceeds at favorable rates. The investment portfolio's total value increased by $11,149,000, or 7.9%, reaching $152,002,000 as of September 30, 2024.
Claim processing and risk assessment
Effective claim processing and risk assessment are crucial for ICC Holdings. The company reported that losses and settlement expenses for the third quarter of 2024 amounted to $14,144,000, a 5.3% increase from $13,436,000 in the same quarter of 2023. For the nine months ended September 30, 2024, these expenses totaled $41,034,000, up 11.8% from $36,699,000 in the previous year. This increase was largely driven by higher Businessowner's Liability and Liquor Liability claims.
| Key Activity | Q3 2024 Direct Premiums Written | Q3 2023 Direct Premiums Written | 9M 2024 Direct Premiums Written | 9M 2023 Direct Premiums Written | Net Investment Income Q3 2024 | Net Investment Income 9M 2024 | Losses & Settlement Expenses Q3 2024 | Losses & Settlement Expenses 9M 2024 |
|---|---|---|---|---|---|---|---|---|
| Underwriting Insurance Policies | $27,662,000 | $24,495,000 | $76,788,000 | $68,900,000 | $1,556,776 | $4,537,000 | $14,144,203 | $41,034,199 |
ICC Holdings, Inc. (ICCH) - Business Model: Key Resources
Experienced insurance professionals
ICC Holdings, Inc. (ICCH) employs a team of skilled insurance professionals with extensive industry experience. This human capital is critical in underwriting, claims management, and customer service, ensuring the company meets client needs effectively.
Diverse investment portfolio
As of September 30, 2024, ICC Holdings reported total investments and cash of $163,013,156, which includes:
| Asset Type | Value |
|---|---|
| Fixed maturity securities | $114,743,833 |
| Common stocks | $14,470,556 |
| Preferred stocks | $2,924,056 |
| Other invested assets | $13,958,375 |
| Cash and cash equivalents | $11,011,618 |
This diversified portfolio is designed to mitigate risk and enhance returns, contributing to the financial stability and growth of the company.
Technology platforms for operations and customer engagement
ICC Holdings has invested in technology platforms that support operational efficiency and enhance customer engagement. This includes:
- Implementation of Charlee.ai to streamline claims processing.
- Utilization of advanced data analytics for risk assessment and underwriting.
- Online platforms for customer interaction and policy management.
The adoption of these technologies aims to improve service delivery and operational efficiency, ultimately enhancing customer satisfaction and retention.
ICC Holdings, Inc. (ICCH) - Business Model: Value Propositions
Specialized insurance for the food and beverage sector
ICC Holdings, Inc. focuses exclusively on providing insurance solutions tailored for the food and beverage industry. This specialization allows the company to understand and address the unique risks and challenges faced by businesses in this sector. The comprehensive coverage options include:
- General liability insurance
- Liquor liability insurance
- Property coverage tailored for food and beverage operations
- Business interruption insurance
Competitive pricing and tailored coverage
ICC Holdings has demonstrated a commitment to competitive pricing strategies while offering tailored coverage options to meet the specific needs of its clients. For the nine months ended September 30, 2024, the company reported:
| Metric | 2024 | 2023 |
|---|---|---|
| Direct premiums written | $76,788,000 | $68,900,000 |
| Net premiums earned | $62,332,000 | $55,529,000 |
| Net investment income | $4,537,000 | $3,798,000 |
| Earnings per share (Basic) | $1.20 | $0.47 |
| Book value per share | $23.29 | $21.35 |
This increase in premiums and earnings indicates effective pricing strategies and enhanced customer retention through tailored coverage solutions that resonate with the specific needs of the food and beverage industry.
Strong financial performance and stability
ICC Holdings has showcased robust financial performance, underscored by significant growth in net earnings. For the third quarter of 2024, the company reported:
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net earnings | $2,052,000 | $(768,962) |
| Total revenues | $24,375,415 | $19,764,371 |
| Total assets | $232,927,415 | $211,017,013 |
| Total equity | $73,103,488 | $67,003,549 |
The company’s financial stability is further highlighted by its low combined ratio of 98.7% for the third quarter, reflecting effective management of claims and expenses. This performance positions ICC Holdings as a reliable partner for businesses in the food and beverage industry, enhancing its value propositions through financial security and specialized expertise.
ICC Holdings, Inc. (ICCH) - Business Model: Customer Relationships
Dedicated customer service teams
ICC Holdings, Inc. employs dedicated customer service teams to enhance client interactions and support. These teams are instrumental in providing personalized assistance tailored to the specific needs of clients in the food and beverage industry, which is the primary focus of ICC's insurance offerings. This approach fosters a strong connection with clients and aids in retention rates.
Regular communication and updates
Regular communication is a cornerstone of ICC's customer relationship strategy. The company utilizes various channels, including email newsletters and direct communications, to keep clients informed about policy changes, industry developments, and risk management strategies. This proactive approach helps in building trust and ensuring that customers feel valued and informed.
Educational resources on risk management
ICC Holdings places emphasis on providing educational resources related to risk management. By offering seminars, webinars, and informative articles, the company empowers its clients with knowledge that can help mitigate risks associated with their operations. This not only strengthens the customer relationship but also positions ICC as a trusted advisor in the industry.
| Customer Relationship Strategy | Details | Impact on Business |
|---|---|---|
| Dedicated Customer Service Teams | Specialized teams focused on the food and beverage sector. | Increased customer satisfaction and loyalty. |
| Regular Communication | Email newsletters, updates on policies and industry news. | Builds trust and improves customer engagement. |
| Educational Resources | Webinars and seminars on risk management. | Positions ICC as an industry leader and advisor. |
| Financial Performance (2024) | Net premiums earned: $62,331,966; Net earnings: $3,559,521 | Demonstrates strong growth and customer retention. |
| Customer Acquisition Costs | Policy acquisition costs: $23,046,544 | Reflects investment in customer relationship strategies. |
ICC Holdings, Inc. (ICCH) - Business Model: Channels
Direct sales via insurance agents
ICC Holdings, Inc. primarily utilizes a network of insurance agents to facilitate direct sales of its insurance products. For the third quarter of 2024, direct premiums written increased by $3,167,000, or 12.9%, reaching $27,662,000 compared to $24,495,000 during the same period in 2023. Over the nine months ended September 30, 2024, direct premiums written were $76,788,000, an increase of $7,888,000, or 11.4%, from $68,900,000 in the previous year.
Online platforms for policy management
ICC Holdings has invested in online platforms to enhance customer engagement and streamline policy management. The online platforms allow customers to manage their policies efficiently, contributing to increased customer satisfaction and retention. The company's net premiums earned for the nine months ended September 30, 2024, reached $62,332,000, a growth of $6,803,000, or 12.3%, compared to $55,529,000 for the same period in 2023.
Industry events and trade shows
ICC Holdings actively participates in industry events and trade shows to expand its market presence and network with potential clients. These events provide a platform for showcasing their products and services, which is critical for building brand awareness and establishing relationships in the food and beverage industry. The company's total assets increased by $21,910,000, or 10.4%$211,017,000 on December 31, 2023, to $232,927,000 on September 30, 2024, reflecting growth and investment in various channels, including trade shows.
| Channel | 2023 Direct Premiums Written | 2024 Direct Premiums Written | Increase in Direct Premiums Written | Net Premiums Earned (2024) |
|---|---|---|---|---|
| Direct Sales via Insurance Agents | $24,495,000 | $27,662,000 | $3,167,000 (12.9%) | $62,332,000 |
| Online Platforms | N/A | N/A | N/A | $62,332,000 |
| Industry Events and Trade Shows | N/A | N/A | N/A | $62,332,000 |
ICC Holdings, Inc. (ICCH) - Business Model: Customer Segments
Small to mid-sized food and beverage businesses
ICC Holdings, Inc. primarily targets small to mid-sized food and beverage businesses, which represent a significant portion of its customer base. As of September 30, 2024, the company reported a direct premium written increase of $7,888,000, or 11.4%, totaling $76,788,000 compared to $68,900,000 for the same period in 2023. This growth is attributed to the increasing demand for specialized insurance products tailored to the needs of these businesses.
| Customer Segment | Premiums Written (2024) | Growth Rate (%) | Market Size Estimate (2024) |
|---|---|---|---|
| Small to Mid-Sized Food and Beverage Businesses | $76,788,000 | 11.4% | $50 billion |
Restaurants and bars
Restaurants and bars form a crucial customer segment for ICC Holdings, benefiting from tailored insurance solutions that address specific risks associated with the food and beverage industry. The company's net premiums earned from this segment increased by $2,477,000, or 12.9%, to $21,711,000 for the third quarter of 2024, compared to $19,234,000 in the same quarter of 2023. This reflects the growing confidence and recovery in the dining sector post-pandemic.
| Customer Segment | Net Premiums Earned (Q3 2024) | Growth Rate (%) | Market Size Estimate (2024) |
|---|---|---|---|
| Restaurants and Bars | $21,711,000 | 12.9% | $900 billion |
Manufacturers and distributors in the industry
Manufacturers and distributors in the food and beverage sector are also key customer segments for ICC Holdings. The company has seen an uptick in interest from these entities as they seek comprehensive insurance solutions to mitigate risks associated with production and distribution. The total assets of ICC Holdings increased by $21,910,000, or 10.4%, from $211,017,000 on December 31, 2023, to $232,927,000 on September 30, 2024, indicating robust growth across its client base, including manufacturers and distributors.
| Customer Segment | Total Assets (2024) | Growth Rate (%) | Market Size Estimate (2024) |
|---|---|---|---|
| Manufacturers and Distributors | $232,927,000 | 10.4% | $300 billion |
ICC Holdings, Inc. (ICCH) - Business Model: Cost Structure
Premium payouts for claims
For the nine months ended September 30, 2024, ICC Holdings, Inc. reported losses and settlement expenses totaling $41,034,000, which reflects an increase of $4,335,000, or 11.8%, compared to $36,699,000 for the same period in 2023. The increase was primarily driven by heightened Liquor Liability claims. For the third quarter of 2024, losses and settlement expenses stood at $14,144,000, up $708,000, or 5.3%, from $13,436,000 in the same quarter of 2023 .
Operating expenses including salaries and marketing
Policy acquisition costs and other operating expenses for the nine months ended September 30, 2024, amounted to $23,047,000, which represents an increase of $2,223,000, or 10.7%, from $20,824,000 for the same period in 2023. For the third quarter of 2024, these expenses reached $7,302,000, an increase of $273,000, or 3.9%, compared to $7,029,000 for the same quarter in 2023 .
General corporate expenses for the nine months ended September 30, 2024, were reported at $870,968, compared to $616,304 for the same period in 2023.
Legal and consulting fees related to compliance
Legal and consulting expenses increased by approximately $1,000,000 due to costs associated with a past proxy contest and a pending merger .
| Cost Category | Q3 2024 Amount | Q3 2023 Amount | 9M 2024 Amount | 9M 2023 Amount |
|---|---|---|---|---|
| Losses and Settlement Expenses | $14,144,000 | $13,436,000 | $41,034,000 | $36,699,000 |
| Policy Acquisition Costs & Other Operating Expenses | $7,302,000 | $7,029,000 | $23,047,000 | $20,824,000 |
| General Corporate Expenses | $264,275 | $220,092 | $870,968 | $616,304 |
| Legal and Consulting Fees | $1,000,000 (est.) | N/A | $1,000,000 (est.) | N/A |
ICC Holdings, Inc. (ICCH) - Business Model: Revenue Streams
Net premiums earned from policies
For the nine months ended September 30, 2024, ICC Holdings, Inc. reported net premiums earned of $62,331,966, which represents an increase from $55,528,867 in the same period in 2023, indicating a growth of approximately 12.3% year-over-year. For the third quarter of 2024, net premiums earned were $21,711,407, compared to $19,233,517 in the third quarter of 2023, reflecting a growth of 12.9%.
Direct premiums written also saw notable increases, rising by 12.9% to $27,662,000 for the third quarter of 2024 from $24,495,000 in the previous year. For the nine months ended September 30, 2024, direct premiums written increased by 11.4% to $76,788,000 from $68,900,000 in 2023.
Investment income from portfolio holdings
ICC Holdings, Inc. reported net investment income of $4,536,992 for the nine months ended September 30, 2024, an increase from $3,798,432 in the same period of 2023, reflecting a growth of 19.5%. For the third quarter of 2024, net investment income was $1,556,776, compared to $1,342,258 in the third quarter of 2023, marking an increase of 16.0%.
Additionally, net realized investment gains for the nine months ended September 30, 2024, were $584,925, up from $268,375 in 2023. As of September 30, 2024, net unrealized gains on investments reached $2,134,454, significantly higher than $279,100 reported in the same period of the previous year.
Fees from risk management services and consulting
ICC Holdings, Inc. generated other income amounting to $46,283 for the nine months ended September 30, 2024, a decrease from $160,714 in the same period of 2023. For the third quarter of 2024, other income was $56,380, a slight increase from $51,000 in the third quarter of 2023.
| Revenue Source | Q3 2024 | Q3 2023 | YTD Q3 2024 | YTD Q3 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 on Investments | $613,594 | ($1,062,332) | $2,134,454 | $279,100 |
| Other Income | $56,380 | $51,000 | $46,283 | $160,714 |
Updated on 16 Nov 2024
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.