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1. Company Snapshot

1.a. Company Description

ICC Holdings, Inc., together with its subsidiaries, provides property and casualty insurance products to the food and beverage industry in the United States.The company offers commercial multi-peril, liquor liability, workers' compensation, and umbrella liability insurance products.It markets its products through a network of 186 independent agents in Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Minnesota, Michigan, Missouri, Ohio, Oregon, Pennsylvania, Tennessee, Utah, and Wisconsin.


ICC Holdings, Inc.was founded in 1950 and is headquartered in Rock Island, Illinois.

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1.b. Last Insights on ICCH

ICC Holdings, Inc.'s recent performance was driven by strong 2024 third quarter and nine months results, with the company reporting a 14.1% increase in net income to $13.4 million. The growth was primarily attributed to a 10.1% increase in net premiums earned, driven by a 5.6% increase in direct premiums written. Additionally, the company's focus on the food and beverage industry, a niche market with relatively stable underwriting conditions, likely contributed to its success. The absence of any significant legal issues or shareholder investigations in the recent past also supports the company's positive performance.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Gold Reserve Prevails in ICC Arbitration Against BANDES

Nov -25

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AM Best Downgrades Issuer Credit Rating of Tuscarora Wayne Insurance Company and Affiliate; Upgrades Credit Ratings of Lebanon Valley Insurance Company; Revises Outlooks to Positive of Illinois Casualty Company; Withdraws ICR of ICC Holdings, Inc.

Jul -24

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Arbitral Tribunal acting under ICC Rules of Arbitration issues final award in an arbitration between Agfa-Gevaert and the insolvency receiver of AgfaPhoto GmbH

Jun -27

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Mutual Capital Group Announces Closing of All-Cash Merger with ICC Holdings, Inc.

Mar -13

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Tullow Oil exempt from $320 mln tax after ICC ruling on Ghana operations

Jan -02

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ICC Holdings, Inc. Reports 2024 Third Quarter and Nine Months Results

Nov -04

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SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates ICCH and INSI on Behalf of Shareholders

Oct -28

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IndusInd Bank Provides One-of-its Kind Experience to Cricket Fans Through the Anthem Buddies Programme at the Ongoing ICC Men's T20 World Cup 2024

Jun -24

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Insurance and Related Activities

Expected Growth: 4.5%

The insurance industry is driven by increasing demand for risk management, growing awareness of insurance benefits, and advancements in digital distribution channels. ICC Holdings, Inc.'s diversified product offerings and strong distribution network are expected to contribute to its growth.

7. Detailed Products

Property and Casualty Insurance

ICC Holdings, Inc. offers a range of property and casualty insurance products, including personal and commercial auto, homeowners, and commercial property insurance, to protect individuals and businesses from unforeseen events.

Life Insurance

ICC Holdings, Inc. provides life insurance products, including term life, whole life, and universal life insurance, to help individuals and families achieve their long-term financial goals.

Group Benefits

ICC Holdings, Inc. offers group benefits, including group life, disability, and accidental death and dismemberment insurance, to employers and employees.

Reinsurance

ICC Holdings, Inc. provides reinsurance products to other insurance companies, helping them to manage their risk and increase their capacity to write new business.

8. ICC Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for ICC Holdings, Inc. is medium due to the availability of alternative financial services and products offered by other companies.

Bargaining Power Of Customers

The bargaining power of customers for ICC Holdings, Inc. is low due to the company's diversified customer base and lack of concentration of customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for ICC Holdings, Inc. is medium due to the company's dependence on a few key suppliers for certain products and services.

Threat Of New Entrants

The threat of new entrants for ICC Holdings, Inc. is high due to the relatively low barriers to entry in the financial services industry and the attractiveness of the market.

Intensity Of Rivalry

The intensity of rivalry for ICC Holdings, Inc. is high due to the highly competitive nature of the financial services industry and the presence of several established players.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 18.29%
Debt Cost 3.95%
Equity Weight 81.71%
Equity Cost 5.15%
WACC 4.93%
Leverage 22.39%

11. Quality Control: ICC Holdings, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Investors Title

A-Score: 6.9/10

Value: 5.0

Growth: 4.7

Quality: 7.9

Yield: 10.0

Momentum: 7.0

Volatility: 6.7

1-Year Total Return ->

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Tiptree

A-Score: 5.9/10

Value: 8.1

Growth: 7.7

Quality: 6.9

Yield: 4.0

Momentum: 4.0

Volatility: 5.0

1-Year Total Return ->

Stock-Card
AMERISAFE

A-Score: 5.6/10

Value: 3.5

Growth: 2.2

Quality: 7.0

Yield: 10.0

Momentum: 2.0

Volatility: 9.0

1-Year Total Return ->

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MBIA

A-Score: 5.3/10

Value: 8.6

Growth: 1.3

Quality: 5.2

Yield: 5.0

Momentum: 9.5

Volatility: 2.0

1-Year Total Return ->

Stock-Card
ICC Holdings

A-Score: 4.8/10

Value: 4.9

Growth: 7.3

Quality: 5.1

Yield: 0.0

Momentum: 5.5

Volatility: 6.0

1-Year Total Return ->

Stock-Card
Ambac Financial Group

A-Score: 3.3/10

Value: 9.0

Growth: 2.9

Quality: 3.7

Yield: 0.0

Momentum: 1.0

Volatility: 3.3

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

23.49$

Current Price

23.49$

Potential

-0.00%

Expected Cash-Flows