Mutual Capital Group, Inc. (MCG), the parent company of Mutual Capital Holdings, Inc. (MCH), has successfully 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 with ICCH common stock ceasing public trading.
Under the terms of the agreement, MCH acquired ICCH through an all-cash merger. Each outstanding share of ICCH common stock prior to the merger has been converted into the right to receive $23.50 in cash.
Following the acquisition, ICCH will continue to operate as an independent subsidiary of MCG, with Arron K. Sutherland remaining as president and chief executive officer.
Originally announced in June 2024, the transaction received approval from ICCH’s board of directors and was ratified by shareholders at a special meeting on November 26. Additionally, the acquisition secured regulatory approvals from the Illinois and Pennsylvania Departments of Insurance.
MCG stated that the acquisition is aligned with its long-term strategic vision. MCH President and CEO Reiner R. Mauer emphasized that both organizations will collaborate to enhance operational efficiencies and create long-term value.
Founded in 2009, MCG oversees a diverse portfolio of subsidiaries, including 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 further expanded its Mutual Capital Investment Fund LP division through the acquisition of Hospitality Mutual Insurance Co. (HMIC), a deal that was formally approved by the Massachusetts Division of Insurance.
As part of this agreement, Mutual Capital Group acquired 45% of HMIC’s preferred stock for approximately $5 million from the newly formed Hospitality Group Mutual Insurance Holding Co., according to a ruling by the Division of Insurance. Additionally, Mutual Capital Investment Fund and its affiliates invested $5.5 million in HMIC, reinforcing MCG’s commitment to strategic growth and financial expansion.
