The transaction has received unanimous approval from both companies’ boards. Credit: Summit Art Creations/Shutterstock.

US-based insurance holding company Mutual Capital Group (MCG) has signed a definitive deal, valued at around $73.8m, to acquire ICC Holdings (ICCH), the parent company of Illinois Casualty Company.  

The transaction values ICCH shares at $23.5 each, representing a 1.07-times multiple of ICCH’s book value as of 31 March 2024. 

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

It is 48% above the company’s volume-weighted average stock price for the past 30 days and 42% above ICCH’s 52-week high closing price. 

Post-acquisition, ICCH will continue to function as an independent subsidiary within MCG.  

In addition to Illinois Casualty Company, the other subsidiaries of ICCH are Beverage Insurance Agency, Southern Hospitality Education, ICC Re, Two Rivers Investments and Two Rivers Properties. 

Arron Sutherland, president and CEO of ICCH, will remain at the helm of the subsidiaries’ operations. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In addition to Mutual Capital Services, Keystone National Insurance Company, Lebanon Valley Insurance Company, Tuscarora Wayne Insurance Company, Glacier Auto Insurance Company and Glacier Insurance Agency are among MCG’s insurance companies. 

ICCH’s executive officers and directors, who collectively own a 25% stake in the company, have expressed their intention to vote in favour of the transaction. 

Furthermore, Tuscarora Wayne Insurance Company, holding a 6.4% stake in ICCH, also plans to support the deal.  

The deal was unanimously approved by both companies’ boards and is due for completion in the fourth quarter of 2024, pending shareholder endorsement and regulatory clearances. 

Financial advisory and legal services for the deal are being provided by Griffin Financial Group, Janney Montgomery Scott and Locke Lord for MCG, while ICCH has engaged Stonybrook Capital, Feldman Financial Advisors and Stevens & Lee for their expertise.