WYALUSING, Pa.–(BUSINESS WIRE)–Mutual Capital Group, Inc. (“MCG”), parent company of Mutual Capital Holdings, Inc. (“MCH”), today announced the successful closing of its previously announced acquisition of ICC Holdings, Inc. (“ICCH”), the parent company of Illinois Casualty Company. The public trading of ICCH common stock ceased as of yesterday.
At the closing, MCH acquired ICCH in an all-cash merger valued at approximately $73.8 million. As part of the transaction, each share of ICCH common stock issued and outstanding immediately prior to the effective time of the merger was converted into the right to receive $23.50 in cash.
ICCH will continue to operate as an independent subsidiary of MCG, with Arron K. Sutherland, ICCH’s current President and Chief Executive Officer, maintaining leadership of the company.
The transaction, which was unanimously approved by ICCH’s Board of Directors, received shareholder approval at a special meeting held on November 26, 2024. Additionally, the transaction received regulatory approval from both the Illinois and Pennsylvania Departments of Insurance.
Reiner R. Mauer, President and Chief Executive Officer of MCH, stated, “This acquisition marks the convergence of two visionary organizations, united in their commitment to seeking excellence. Together, we are poised to leverage our complementary strengths, fostering a culture of innovation, operational efficiency, and long-term value creation.”
Arron K. Sutherland, President and Chief Executive Officer of ICCH, added, “This merger represents a powerful combination of two high-quality companies. We expect to create a strong, innovative, and agile organization poised for a future of profitable growth. By combining our expertise, technology, and cultures of excellence, we are unlocking new opportunities for all stakeholders, with unlimited potential.”
The organizations’ shared capabilities will build upon their existing strengths and enhance MCG’s insurance platform, capitalizing on collective talents and resources across both entities to drive future success.
About Mutual Capital Holdings, Inc. and Mutual Capital Group
Mutual Capital Group, based in Wyalusing, Pennsylvania, is the parent company of Mutual Capital Holdings, Inc., Mutual Capital Analytics, Inc., Mutual Capital Investment Fund, LP, Mutual Capital Services, Inc., Tuscarora Wayne Mutual Foundation, Tuscarora Wayne Insurance Company, Keystone National Insurance Company, Lebanon Valley Insurance Company, Glacier Capital Holdings, Glacier Auto Insurance Company, and Glacier Insurance Agency. More information can be found at mutualcapitalgrp.com.
About ICC Holdings, Inc.
ICC Holdings, Inc., based in Rock Island, Illinois, is the parent company of Illinois Casualty Company, Estrella Innovative Solutions, Southern Hospitality Education dba Katkin, Beverage Insurance Agency dba Beverage Insurance Specialty, Two Rivers Investments, Two Rivers Properties, and ICC Re. Arron K. Sutherland, the President and CEO of ICC Holdings and its subsidiaries, will continue to manage the operations of its subsidiaries, including Illinois Casualty Company. More information can be found at ir.iccholdingsinc.com.
Contacts
For more information, please contact:
Mutual Capital Group, Inc.
Reiner R. Mauer, President & Chief Executive Officer
570-746-9400
[email protected]
ICC Holdings, Inc.
Arron K. Sutherland, President & Chief Executive Officer
309-732-0105
[email protected]
