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. 

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. 

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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.