Reported Earnings • Nov 04
Third quarter 2024 earnings released: EPS: US$0.69 (vs US$0.26 loss in 3Q 2023) Third quarter 2024 results: EPS: US$0.69 (up from US$0.26 loss in 3Q 2023). Revenue: US$24.4m (up 23% from 3Q 2023). Net income: US$2.05m (up US$2.82m from 3Q 2023). Profit margin: 8.4% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 09
Second quarter 2024 earnings released: US$0.25 loss per share (vs US$0.20 profit in 2Q 2023) Second quarter 2024 results: US$0.25 loss per share (down from US$0.20 profit in 2Q 2023). Revenue: US$22.2m (up 7.4% from 2Q 2023). Net loss: US$731.9k (down 225% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jun 14
President recently bought US$111k worth of stock On the 13th of June, Arron Sutherland bought around 5k shares on-market at roughly US$22.30 per share. This transaction amounted to 6.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Arron has been a buyer over the last 12 months, purchasing a net total of US$121k worth in shares. Annuncio • Jun 13
Stilwell Value Withdraws its Nomination for the Board of ICC Holdings On June 10, 2024, Stilwell Value LLC announced that on June 8, 2024, ICC Holdings, Inc. announced that it had entered into an Agreement and Plan of Merger with Mutual Capital Holdings, Inc. and Mutual Capital Merger Sub, Inc., pursuant to which Mutual Capital Merger Sub will be merged with and into the Company, with the Company continuing as the surviving corporation and a wholly owned subsidiary of Mutual Capital Holdings, Inc. Stilwell Value added that following the announced Merger, on June 10, 2024, Stilwell Activist Investments notified the Company of its withdrawal of the Stilwell Value Nominee for election to the Company’s Board of Directors at the annual meeting. Stilwell Value also stated that accordingly, it is filing this second supplement to its Definitive Proxy Statement with the SEC to disclose that it has terminated its proxy solicitation for the election of the Stilwell Value Nominee and will not vote any proxies received from shareholders of the Company on the green proxy card at the annual meeting. Stilwell Value stated that the Company has chosen to sell itself and is supportive of the Merger. Stilwell Value expressed its view that this outcome is in the best interest of all the Company shareholders and would like to thank its fellow shareholders who supported Stilwell Value throughout this process. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 39% After last week's 39% share price gain to US$22.14, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 13x in the Insurance industry in the US. Total returns to shareholders of 43% over the past three years. Annuncio • Jun 10
Mutual Capital Group, Inc. entered into a definitive merger agreement to acquire ICC Holdings, Inc. (NasdaqCM:ICCH) from Tuscarora Wayne Insurance Company and others for $97.4 million. Mutual Capital Group, Inc. entered into a definitive merger agreement to acquire ICC Holdings, Inc. (NasdaqCM:ICCH) from Tuscarora Wayne Insurance Company and others for $97.4 million on June 8, 2024. MCG will acquire all outstanding ICCH shares for $23.50 in cash. The transaction, which was unanimously approved by both boards of directors, represents a total equity value of approximately $73.8 million. The acquisition price represents a multiple of 1.07 times ICCH’s book value at March 31, 2024, a 48% premium to ICCH’s volume weighted average stock price over the last 30 days and a 42% premium to ICCH’s 52-week high closing price. ICCH will continue to operate as an independent subsidiary of MCG after closing. Mutual Capital Investment Fund, LP, CIBC Bank, USA, and PS Bank offered financing. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions, including approval by ICCH shareholders and receipt of regulatory approvals. Directors and executive officers of ICCH, who control, in the aggregate, 25% of ICCH common stock, intend to vote their shares for the transaction. Tuscarora Wayne Insurance Company, a subsidiary of MCH and which controls 6.4% of ICCH common stock, intends to vote its shares for the transaction.
Griffin Financial Group, LLC is serving as a financial advisor to MCH and MCG. Janney Montgomery Scott, LLC rendered a fairness opinion to MCH and MCG, and Locke Lord LLP served as legal counsel. Stonybrook Capital, LLC is serving as financial advisor, Feldman Financial Advisors, Inc. offered a fairness opinion, and Stevens & Lee, P.C. is serving as legal advisor to ICCH. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: US$0.76 (vs US$0.54 in 1Q 2023) First quarter 2024 results: EPS: US$0.76 (up from US$0.54 in 1Q 2023). Revenue: US$23.1m (up 18% from 1Q 2023). Net income: US$2.24m (up 42% from 1Q 2023). Profit margin: 9.7% (up from 8.0% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Annuncio • May 05
ICC Holdings, Inc., Annual General Meeting, Jun 14, 2024 ICC Holdings, Inc., Annual General Meeting, Jun 14, 2024. Recent Insider Transactions Derivative • Apr 05
President exercised options to buy US$54k worth of stock. On the 1st of April, Arron Sutherland exercised 4.97k options to receive shares at no cost, then sold around 1.55k of them at US$16.00 each and kept the remainder. Since December 2023, Arron's direct individual holding has increased from 74.25k shares to 75.25k. Company insiders have collectively bought US$219k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: US$1.51 (vs US$0.19 loss in FY 2022) Full year 2023 results: EPS: US$1.51 (up from US$0.19 loss in FY 2022). Revenue: US$83.2m (up 19% from FY 2022). Net income: US$4.45m (up US$5.04m from FY 2022). Profit margin: 5.4% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Board Change • Mar 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. Independent Director Richard Clinton was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Third quarter 2023 earnings released: US$0.26 loss per share (vs US$0.21 profit in 3Q 2022) Third quarter 2023 results: US$0.26 loss per share (down from US$0.21 profit in 3Q 2022). Revenue: US$19.8m (up 11% from 3Q 2022). Net loss: US$769.0k (down 222% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: US$0.20 (vs US$1.35 loss in 2Q 2022) Second quarter 2023 results: EPS: US$0.20 (up from US$1.35 loss in 2Q 2022). Revenue: US$20.7m (up 40% from 2Q 2022). Net income: US$586.5k (up US$4.72m from 2Q 2022). Profit margin: 2.8% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: US$0.54 (vs US$0.052 loss in 1Q 2022) First quarter 2023 results: EPS: US$0.54 (up from US$0.052 loss in 1Q 2022). Revenue: US$19.6m (up 23% from 1Q 2022). Net income: US$1.58m (up US$1.74m from 1Q 2022). Profit margin: 8.0% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Recent Insider Transactions Derivative • Apr 07
President exercised options to buy US$54k worth of stock. On the 1st of April, Arron Sutherland exercised 4.90k options to receive shares at no cost, then sold around 1.47k of them at US$15.75 each and kept the remainder. Since December 2022, Arron's direct individual holding has increased from 56.41k shares to 57.56k. Company insiders have collectively bought US$192k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Mar 03
Full year 2022 earnings released: US$0.15 loss per share (vs US$1.36 profit in FY 2021) Full year 2022 results: US$0.15 loss per share (down from US$1.36 profit in FY 2021). Revenue: US$69.7m (up 13% from FY 2021). Net loss: US$471.3k (down 111% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: US$0.21 (vs US$0.14 in 3Q 2021) Third quarter 2022 results: EPS: US$0.21 (up from US$0.14 in 3Q 2021). Revenue: US$17.8m (up 18% from 3Q 2021). Net income: US$629.7k (up 48% from 3Q 2021). Profit margin: 3.5% (up from 2.8% in 3Q 2021). The increase in margin was driven by higher revenue. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 7 highly experienced directors. Independent Director Richard Clinton was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 10
Second quarter 2022 earnings released: US$1.35 loss per share (vs US$0.18 profit in 2Q 2021) Second quarter 2022 results: US$1.35 loss per share (down from US$0.18 profit in 2Q 2021). Revenue: US$14.8m (flat on 2Q 2021). Net loss: US$4.13m (down US$4.69m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 6% per year. Reported Earnings • May 10
First quarter 2022 earnings released: US$0.052 loss per share (vs US$0.38 profit in 1Q 2021) First quarter 2022 results: US$0.052 loss per share (down from US$0.38 profit in 1Q 2021). Revenue: US$16.0m (up 15% from 1Q 2021). Net loss: US$160.1k (down 114% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 7 highly experienced directors. Independent Director Richard Clinton was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$1.41 (up from US$1.17 in FY 2020). Revenue: US$61.4m (up 12% from FY 2020). Net income: US$4.29m (up 22% from FY 2020). Profit margin: 7.0% (up from 6.4% in FY 2020). The increase in margin was driven by higher revenue. Combined ratio: 89.6% (down from 102.8% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Feb 03
Insider recently sold US$75k worth of stock On the 1st of February, Patrick Leardo sold around 5k shares on-market at roughly US$16.75 per share. In the last 3 months, they made an even bigger sale worth US$84k. Insiders have been net sellers, collectively disposing of US$1.4m more than they bought in the last 12 months. Recent Insider Transactions • Dec 21
Insider recently sold US$84k worth of stock On the 17th of December, Patrick Leardo sold around 5k shares on-market at roughly US$16.80 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.3m more than they bought in the last 12 months. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS US$0.14 (vs US$0.13 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: US$15.0m (up 5.0% from 3Q 2020). Net income: US$424.3k (up 5.0% from 3Q 2020). Profit margin: 2.8% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS US$0.18 (vs US$0.26 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: US$14.7m (flat on 2Q 2020). Net income: US$562.7k (down 28% from 2Q 2020). Profit margin: 3.8% (down from 5.3% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jun 01
VP & Chief Financial Officer recently bought US$63k worth of stock On the 27th of May, Michael Smith bought around 4k shares on-market at roughly US$15.84 per share. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Reported Earnings • May 13
First quarter 2021 earnings released: EPS US$0.38 (vs US$0.65 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$14.0m (up 36% from 1Q 2020). Net income: US$1.16m (up US$3.14m from 1Q 2020). Profit margin: 8.3% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improved over the past week After last week's 17% share price gain to US$17.21, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 15x in the Insurance industry in the US. Total returns to shareholders of 14% over the past three years. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS US$1.17 (vs US$1.43 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$54.9m (down 7.8% from FY 2019). Net income: US$3.53m (down 18% from FY 2019). Profit margin: 6.4% (down from 7.2% in FY 2019). Combined ratio: 102.8% (up from 101.7% in FY 2019). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 10
New 90-day high: US$14.50 The company is up 4.0% from its price of US$13.93 on 09 December 2020. The American market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 10.0% over the same period. Reported Earnings • Mar 04
Full year 2020 earnings released: EPS US$1.17 (vs US$1.43 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$54.9m (down 7.8% from FY 2019). Net income: US$3.53m (down 18% from FY 2019). Profit margin: 6.4% (down from 7.2% in FY 2019). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS US$0.13 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: US$14.3m (down 1.3% from 3Q 2019). Net income: US$404.0k (up US$417.9k from 3Q 2019). Profit margin: 2.8% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 23
New 90-day high: US$12.57 The company is up 12% from its price of US$11.25 on 24 July 2020. The American market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is flat over the same period. Annuncio • Jul 03
ICC Holdings, Inc.(NasdaqCM:ICCH) dropped from Russell Microcap Value Index ICC Holdings, Inc.(NasdaqCM:ICCH) dropped from Russell Microcap Value Index Annuncio • Jul 02
ICC Holdings, Inc.(NasdaqCM:ICCH) dropped from Russell Microcap Index ICC Holdings, Inc.(NasdaqCM:ICCH) dropped from Russell Microcap Index 
