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ICC Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in direct premiums written to $27,661,918 from $24,495,429 in the same quarter the previous year. Net premiums earned increased to $21,711,407 from $19,233,517.
Net investment income for the quarter was $1,556,776, up from $1,342,258 in the previous year. This increase is attributed to reinvestment of fixed income securities at higher interest rates.
The company reported a net earnings of $2,052,192 for the quarter, compared to a net loss of $768,963 in the previous year.
Losses and settlement expenses for the quarter were $14,144,203, compared to $13,436,464 in the previous year. The loss and settlement expense ratio decreased to 65.1% from 69.9%.
Policy acquisition costs and other operating expenses increased to $7,301,724 from $7,029,218, with the expense ratio decreasing to 33.6% from 36.5%.
Cash provided by operating activities was $16,026,822 for the nine months ended September 30, 2024, compared to $10,622,225 in the same period in 2023.
ICC Holdings had total assets of $232,927,415 as of September 30, 2024, up from $211,017,013 at the end of 2023. Total equity was $73,103,488, up from $67,003,549.
The filing also details the pending merger with Mutual Capital Holdings, Inc., with each share of ICC common stock to be converted into $23.50 in cash, subject to certain conditions.
The company does not anticipate any material changes to its liquidity and capital resources in the near term.
ICC Holdings continues to focus on its core insurance operations, primarily underwriting commercial multi-peril, liquor liability, workers’ compensation, and umbrella liability coverages for the food and beverage industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ICC Holdings Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.