Mutual Capital Group, Inc. (MCG), the parent company of Mutual Capital Holdings, Inc. (MCH), has completed its previously announced acquisition of ICC Holdings, Inc. (ICCH), the parent company of Illinois Casualty Company.
The transaction, valued at approximately $73.8 million, was finalized as ICCH common stock ceased public trading.
Under the terms of the agreement, MCH acquired ICCH in an all-cash merger. Each share of ICCH common stock outstanding before the merger was converted into the right to receive $23.50 in cash.
As part of the deal, ICCH will continue to operate as an independent subsidiary of MCG, with Arron K. Sutherland (pictured above) remaining as president and chief executive officer.
Announced in June 2024, the transaction received approval from ICCH’s board of directors and was authorized by shareholders at a special meeting on Nov. 26. It also secured regulatory approval from the Illinois and Pennsylvania Departments of Insurance.
MCG stated that the acquisition aligns with its long-term strategy, with MCH President and CEO Reiner R. Mauer emphasizing that the two organizations will work together to enhance operational efficiency and 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 with the acquisition of Hospitality Mutual Insurance Co (HMIC), formally approved by the Massachusetts Division of Insurance.
Under the terms of the deal, Mutual Capital Group 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.
Mutual Capital Investment Fund and its affiliates also invested $5.5 million in HMIC.
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