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ICC HOLDINGS, INC.

(ICCH)
  Report
Delayed Nasdaq  -  04:00 2022-09-30 pm EDT
15.25 USD   -4.63%
09/28Icc Holdings, Inc. : Other Events, Financial Statements and Exhibits (form 8-K)
AQ
08/11ICC HOLDINGS, INC. Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)
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08/11Tranche Update on ICC Holdings, Inc.'s Equity Buyback Plan announced on August 30, 2018.
CI
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AM Best Affirms Credit Ratings of Illinois Casualty Company

07/20/2022 | 04:09am EDT

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of 'a-' (Excellent) of Illinois Casualty Company (ICC).

Concurrently, AM Best affirmed the Long-Term ICR of 'bbb-' (Good) of ICC Holdings, Inc. [NASDAQ: ICCH], the publicly traded holding company that owns 100% of ICC. The outlook of these Credit Ratings (ratings) is stable. Both companies are domiciled in Rock Island, IL.

The ratings reflect ICC's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

ICC's very strong balance sheet reflects the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), underwriting metrics that are either roughly in line with or lower than composite averages and overall surplus growth during the latest five-year period. Partially offsetting these positive factors is elevated common stock leverage and modest adverse loss reserve development on a two-year basis stemming from a handful of liability claims. Common stock leverage is influenced by a fund acquired in 2021 whose underlying assets are in fixed income; however, the asset is reported as equity. Nonetheless, the company is not an active trader, focusing on long-term investment strategies.

ICC's operating performance continues to perform adequately with pretax operating income reported in each of the past five years, primarily a result of consistent net investment income that has offset underwriting losses in most periods. The profile assessment reflects the company's niche focus serving the food and beverage industry. Finally, AM Best considers the ERM program as appropriate for the company's risk profile, with prudent reinsurance coverage purchased to insulate the balance sheet from shock weather losses.

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.

(C) 2022 Electronic News Publishing, source ENP Newswire

All news about ICC HOLDINGS, INC.
09/28Icc Holdings, Inc. : Other Events, Financial Statements and Exhibits (form 8-K)
AQ
08/11ICC HOLDINGS, INC. Management's Discussion and Analysis of Financial Condition and Res..
AQ
08/11Tranche Update on ICC Holdings, Inc.'s Equity Buyback Plan announced on August 30, 2018..
CI
08/09Earnings Flash (ICCH) ICC HOLDINGS Reports Q2 Revenue $14.8M
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08/09Icc : Reports 2022 Second Quarter and Six Months Results - Form 8-K
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08/09ICC Holdings, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended..
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08/09Icc Holdings, Inc. : Results of Operations and Financial Condition (form 8-K)
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07/20AM Best Affirms Credit Ratings of Illinois Casualty Company
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05/18Icc Holdings, Inc. : Submission of Matters to a Vote of Security Holders (form 8-K)
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05/18Icc Holdings, Inc. : Regulation FD Disclosure (form 8-K)
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Financials (USD)
Sales 2021 61,4 M - -
Net income 2021 4,14 M - -
Net Debt 2021 13,8 M - -
P/E ratio 2021 12,4x
Yield 2021 -
Capitalization 44,8 M 44,8 M -
EV / Sales 2020 0,98x
EV / Sales 2021 1,06x
Nbr of Employees 90
Free-Float 56,3%
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Managers and Directors
Arron K. Sutherland Chief Financial Officer
Michael R. Smith Chief Financial Officer & Vice President
Gerald J. Pepping Chairman
Norman D. Schmeichel Associate Director-Information Technology
James R. Dingman Independent Director
Sector and Competitors