Mutual Capital Group, Inc. (MCG) has successfully completed its previously announced acquisition of ICC Holdings, Inc. (ICCH), the parent company of Illinois Casualty Company. The transaction, valued at roughly $73.8 million, was finalized recently, coinciding with ICCH common stock ceasing to be publicly traded.
Under the terms of the agreement, Mutual Capital Holdings, Inc. (MCH), a subsidiary of MCG, acquired ICCH through an all-cash merger. Each outstanding share of ICCH common stock was converted into the right to receive $23.50 in cash. Importantly, ICCH will continue operating as an independent subsidiary of MCG, with Arron K. Sutherland remaining in his role as president and chief executive officer.
Announced in June 2024, the acquisition received approval from ICCH’s board of directors and was authorized by shareholders at a special meeting on November 26. It also secured regulatory approvals from the Illinois and Pennsylvania Departments of Insurance.
According to MCG, this acquisition aligns with its long-term strategic goals. MCH President and CEO Reiner R. Mauer emphasized that the two organizations would collaborate to improve operational efficiency and boost long-term value.
Established in 2009, MCG’s subsidiaries include Mutual Capital Analytics, Inc., Mutual Capital Investment Fund, LP, Mutual Capital Services, Inc., Tuscarora Wayne Insurance Company, Keystone National Insurance Company, Lebanon Valley Insurance Company, Glacier Auto Insurance Company, and Glacier Insurance Agency.
Earlier this year, MCG also expanded its Mutual Capital Investment Fund LP division by acquiring Hospitality Mutual Insurance Co (HMIC). This expansion was formally approved by the Massachusetts Division of Insurance. As per the deal, MCG will acquire 45% of HMIC’s preferred stock for approximately $5 million from the newly formed Hospitality Group Mutual Insurance Holding Co., according to a decision from the Division of Insurance. In addition, Mutual Capital Investment Fund and its affiliates invested $5.5 million in HMIC.
