US-based insurance coverage holding firm Mutual Capital Group (MCG) has signed a definitive deal, valued at round $73.8m, to amass ICC Holdings (ICCH), the mum or dad firm of Illinois Casualty Firm.
The transaction values ICCH shares at $23.5 every, representing a 1.07-times a number of of ICCH’s ebook worth as of 31 March 2024.
It’s 48% above the corporate’s volume-weighted common inventory worth for the previous 30 days and 42% above ICCH’s 52-week excessive closing worth.
Submit-acquisition, ICCH will proceed to operate as an unbiased subsidiary inside MCG.
Along with Illinois Casualty Firm, the opposite subsidiaries of ICCH are Beverage Insurance coverage Company, Southern Hospitality Training, ICC Re, Two Rivers Investments and Two Rivers Properties.
Arron Sutherland, president and CEO of ICCH, will stay on the helm of the subsidiaries’ operations.
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Along with Mutual Capital Providers, Keystone Nationwide Insurance coverage Firm, Lebanon Valley Insurance coverage Firm, Tuscarora Wayne Insurance coverage Firm, Glacier Auto Insurance coverage Firm and Glacier Insurance coverage Company are amongst MCG’s insurance coverage firms.
ICCH’s govt officers and administrators, who collectively personal a 25% stake within the firm, have expressed their intention to vote in favour of the transaction.
Moreover, Tuscarora Wayne Insurance coverage Firm, holding a 6.4% stake in ICCH, additionally plans to assist the deal.
The deal was unanimously accredited by each firms’ boards and is due for completion within the fourth quarter of 2024, pending shareholder endorsement and regulatory clearances.
Monetary advisory and authorized providers for the deal are being offered by Griffin Monetary Group, Janney Montgomery Scott and Locke Lord for MCG, whereas ICCH has engaged Stonybrook Capital, Feldman Monetary Advisors and Stevens & Lee for his or her experience.
