false 0001681903 0001681903 2023-05-08 2023-05-08
Washington, D.C.  20549
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
May 8, 2023
Date of Report (Date of earliest event reported)
ICC Holdings, Inc.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
of incorporation)
File Number)
(IRS Employer
Ident. No.)
225 20th Street, Rock Island, Illinois
(Address of principal executive offices)
(Zip Code)
(309) 793-1700
Registrant’s telephone number, including area code
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

Item 2.02     Results of Operations and Financial Condition.
On May 8, 2023, ICC Holdings, Inc. issued a press release containing financial information regarding its results of operations and financial condition for the period ended March 31, 2023. A copy of the press release is furnished as part of this Current Report on Form 8-K and is attached hereto as Exhibit 99.1.
Item 9.01     Financial Statements and Exhibits.
Cover Page Interactive Data File (embedded within the Inline XBRL document)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated:  May 8, 2023
/s/  Arron K. Sutherland
Arron K. Sutherland
President, Chief Executive Officer and

Exhibit 99.1



Contact Info: Arron K. Sutherland, President and CEO


Illinois Casualty Company


(309) 732-0105




225 20th Street, Rock Island, IL 61201



ICC Holdings, Inc. Reports 2023 First Quarter Results




Rock Island, IL – May 8, 2023 – ICC Holdings, Inc. (NASDAQ: ICCH) (the Company), parent company of Illinois Casualty Company, a regional, multi-line property and casualty insurance company focusing exclusively on the food and beverage industry, today reported unaudited results for the three months ended March 31, 2023.




Net earnings totaled $1,579,000, or $0.54 per share, for the first quarter of 2023, compared to net loss of $160,000, or $0.05 per share, for the first quarter of 2022. The change in first quarter’s net earnings as compared to the same quarter last year was driven by continued improvement in underwriting income and positive changes in net unrealized gains and losses on equity securities. Book value per share increased to $20.19 at March 31, 2023, from $19.16 at December 31, 2022. This increase in book value is due to net income and the positive changes in market value of our fixed income holdings.


Direct premiums written increased by $1,249,000, or 6.4%, to $20,815,000 for the first quarter of 2023 from $19,566,000 for the same period in 2022. The first quarter’s growth is due to rate increases. Net premiums earned increased by $1,784,000, or 11.1%, to $17,801,000 for the three months ended March 31, 2023, from $16,017,000 for the same period in 2022. The growth in net premiums earned is driven by the increased premium writings in the latter half of 2022.


For the first quarter of 2023, the Company ceded to reinsurers $2,484,000 of earned premiums, compared to $2,290,000 of earned premiums for the first quarter of 2022. This increase is a result of increased direct earned premiums.


Net investment income increased by $292,000, or 31.8%, to $1,209,000 for the first quarter of 2023, as compared to $917,000 for the same period in 2022. The increase is the result of both an increase in the interest rates earned on the investments in our portfolio and an increase in the overall size of our investment holdings.


Net unrealized gains and losses on equity securities increased $1,932,000 year over year to $639,000 in gains for the first quarter of 2023, compared to losses of $1,293,000 for the same period in 2022.


Losses and settlement expenses increased by $853,000, or 8.4%, to $11,048,000 for the first quarter of 2023, from $10,195,000 for the same period in 2022. This increase is largely driven by spring storms occurring in late March of 2023.




Policy acquisition costs and other operating expenses increased by $578,000, or 10.0%, to $6,350,000 for the first quarter of 2023, from $5,772,000 for the same period in 2022. The changes are due to increases in salaries and direct commission expense. Salaries are up mainly due to increased costs associated with business growth. Commissions increased as a result of increased premium.


Total assets increased by $5,645,000, or 2.9%, from $192,162,000 on December 31, 2022, to $197,807,000 on March 31, 2023. The investment portfolio, which consists of fixed income securities, common stocks, preferred stock, property held for investment, and other invested assets, increased by $5,363,000, or 4.2%, from $127,325,000 on December 31, 2022, to $132,688,000 on March 31, 2023. This change was due to purchases of fixed maturity securities and a positive shift in the Treasury yield curve.


Total equity increased by $3,158,000, or 5.2%, from $60,441,000 as of December 31, 2022 to $63,599,000 as of March 31, 2023. The main driver of this increase was improved net income and the positive changes in market value of our fixed income holdings.




The Company’s losses and settlement expense ratio (defined as losses and settlement expenses divided by net premiums earned) was 62.1% for the first quarter compared with 63.7% for the same period of 2022.


The expense ratio (defined as the amortization of deferred policy acquisition costs and underwriting and administrative expenses divided by net premiums earned) was 35.7% for the first quarter compared to 36.0% for the same period of 2022.


The Company’s GAAP combined ratio (defined as the sum of the losses and settlement expense ratio and the expense ratio) was 97.8% for the first quarter compared to 99.7% for the same period of 2022.




“As the investment markets have started to stabilize in 2023, they are no longer having a negative impact on the bottom line. Net earnings for Q1 2023 are $1.6 million vs. a loss of $0.16 million for the same time last year. Earnings per share are up $0.59 year over year. As a result, book value per share is again over $20.


"Our core insurance business is strong with net earned premiums up 11.1% over last year, while losses and settlement expenses only increased 8.4%. The combined ratio has improved from 99.7%, as of March 31, 2022, to 97.8% as of March 31, 2023. All of this is a testament to the underwriting adjustments we implemented over the last year and a half.


“We are very pleased to see an unusually strong first quarter, as this is traditionally our weakest quarter. We anticipate a robust year for the Company as we enter new markets with our profitable underwriting approach," stated Arron Sutherland, President and Chief Executive Officer.




ICC Holdings, Inc. is a vertically integrated company created to facilitate the growth, expansion, and diversification of its subsidiaries to maximize value to its stakeholders. The group of companies consolidated under ICC Holdings, Inc. engages in diverse, yet complementary business activities, including property and casualty insurance, real estate, and information technology.


The Company’s common shares trade on the NASDAQ Capital Market under the ticker symbol “ICCH”. For more information about ICC Holdings, visit http://ir.iccholdingsinc.com.






This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act, which may include, but are not limited to, statements regarding the Company’s, plans, objectives, expectations, and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as “believe,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and similar expressions. All statements addressing operating performance, events, or developments that the Company expects or anticipates will occur in the future, including statements relating to revenue and profit growth; future responses to and effects of the COVID-19 pandemic, including their effects on claims activity and the business operations of the Company and of our current and potential customers; new theories of liability; judicial, legislative, regulatory and other governmental developments, including, but not limited to, liability related to business interruption claims related to COVID-19; litigation tactics and developments; product and segment expansion; regulatory approval in connection with expansion; downturns and volatility in global economies and equity and credit markets, including as a result of inflation and supply chain disruptions and continued labor shortages; interest rates and changes in rates could adversely affect the Company's business and profitability; and market share, as well as statements expressing optimism or pessimism about future operating results, are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are based on management's current views and assumptions regarding future events and operating performance, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies and changes in circumstances, many of which are beyond the Company’s control. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release. 


Although the Company does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Company cannot guarantee their accuracy. The foregoing factors, among others, could cause actual results to differ materially from those described in these forward-looking statements. For a list of other factors which could affect the Company’s results, see the Company’s filings with the Securities and Exchange Commission, “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations,” including “Forward-Looking Information,” set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. No undue reliance should be placed on any forward-looking statements.





ICC Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets



As of


March 31,


December 31,










Investments and cash:


Fixed maturity securities (amortized cost of $106,652,848 at 3/31/2023 and $104,580,681 at 12/31/2022)

  $ 97,481,837     $ 93,388,971  

Common stocks at fair value

    20,957,988       20,438,907  

Preferred stocks at fair value

    2,858,411       2,772,605  

Other invested assets

    5,073,580       4,722,137  

Property held for investment, at cost, net of accumulated depreciation of $653,586 at 3/31/2023 and $464,713 at 12/31/2022

    6,316,139       6,002,233  

Cash and cash equivalents

    2,422,295       3,139,986  

Total investments and cash

    135,110,250       130,464,839  

Accrued investment income

    791,303       791,812  

Premiums and reinsurance balances receivable, net of allowances for credit losses of $50,000 at 3/31/2023 and 12/31/2022

    31,777,408       31,270,460  

Ceded unearned premiums

    804,651       947,851  

Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for credit losses of $104,000 at 3/31/2023 and $0 at 12/31/2022

    14,355,652       13,610,295  

Federal income taxes

    2,532,833       3,318,730  

Deferred policy acquisition costs, net

    7,732,551       7,167,036  

Property and equipment, at cost, net of accumulated depreciation of $6,688,410 at 3/31/2023 and $6,590,602 at 12/31/2022

    3,344,690       3,313,719  

Other Assets, net of allowances for credit losses of $51,000 at 3/31/2023 and $0 at 12/31/2022

    1,357,172       1,277,469  

Total assets

  $ 197,806,510     $ 192,162,211  



Unpaid losses and settlement expenses

  $ 72,866,600     $ 67,614,063  

Unearned premiums

    41,095,297       40,527,182  

Reinsurance balances payable

    281,462       1,405,337  

Corporate debt

    15,000,000       15,000,000  

Accrued expenses

    4,122,442       6,072,020  

Other liabilities

    842,180       1,102,678  

Total liabilities

    134,207,981       131,721,280  



Common stock1

    35,000       35,000  

Treasury stock, at cost2

    (5,509,869 )     (5,463,535 )

Additional paid-in capital

    33,204,129       33,119,125  

Accumulated other comprehensive (loss), net of tax

    (7,245,164 )     (8,841,517 )

Retained earnings

    45,166,018       43,701,233  

Less: Unearned Employee Stock Ownership Plan shares at cost3

    (2,051,585 )     (2,109,375 )

Total equity

    63,598,529       60,440,931  

Total liabilities and equity

  $ 197,806,510     $ 192,162,211  


1 Par value $0.01; authorized: 2023  10,000,000 shares and 2022  10,000,000 shares; issued: 2023  3,500,000 shares and 2022  3,500,000 shares; outstanding: 2023 – 3,150,759 and 2022 – 3,153,741 shares

2 2023 – 349,241 shares and 2022 – 346,259 shares

3 2023 – 205,156 shares and 2022 – 210,935 shares





ICC Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited)



For the Three-Months Ended


March 31,






Net premiums earned

  $ 17,801,297     $ 16,016,677  

Net investment income

    1,209,415       917,081  

Net realized investment (losses) gains

    (75,565 )     207,585  

Net unrealized gains (losses) on equity securities

    639,418       (1,292,692 )

Other income

    45,836       159,431  

Consolidated revenues

    19,620,401       16,008,082  

Losses and settlement expenses

    11,047,681       10,195,201  

Policy acquisition costs and other operating expenses

    6,349,581       5,772,400  

Interest expense on debt

    45,400       61,011  

General corporate expenses

    193,675       189,415  

Total expenses

    17,636,337       16,218,027  

Earnings (loss) before income taxes

    1,984,064       (209,945 )

Total income tax expense (benefit)

    405,520       (49,805 )

Net earnings (loss)

  $ 1,578,544     $ (160,140 )

Other comprehensive earnings (loss), net of tax

    1,596,353       (4,969,069 )

Comprehensive earnings (loss)

  $ 3,174,897     $ (5,129,209 )

Earnings per share:




Basic net earnings (loss) per share

  $ 0.54     $ (0.05 )



Diluted net earnings (loss) per share

    0.53     $ (0.05 )

Weighted average number of common shares outstanding:



    2,942,659       3,060,208  


    2,956,273       3,072,176