A.M Best Assigns Issuer Credit Rating to ICC Holdings, Inc. and Affirms Credit Ratings of Illinois Casualty
Company
A.M. Best has assigned a Long-Term Issuer Credit Rating (Long-Term ICR) of “bb” to ICC Holdings, Inc. (ICC
Holdings) [NASDAQ: ICCH] (Rock Island, IL), a recently formed publicly traded holding company for the demutualization of
Illinois Casualty Company (Illinois Casualty) (Rock Island, IL). The outlook assigned to the Credit Rating (rating) is
positive. ICC Holdings owns 100% of Illinois Casualty. In its initial public offering, the company closed at $35 million. The
transaction closed on March 24, 2017, and the stock begins trading on March 28, 2017.
Concurrently, A.M. Best has affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb” of
Illinois Casualty. The outlook of the FSR is stable, while the outlook of the Long-Term ICR remains positive.
Illinois Casualty’s ratings and positive Long-Term ICR outlook reflect its improving risk-adjusted capitalization and recent
trend in favorable operating performance under the current management team. These positive rating factors are offset partially by
the company’s elevated expense ratio and below-average return measures. A.M. Best expects additional capital resulting from the
demutualization to further improve the company’s capital position and leverage ratios.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information
relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual
ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit
Rating opinions, please view Understanding Best’s Credit Ratings .
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information,
visit www.ambest.com.
Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.
A.M. Best
Colette Fearon, +1-908-439-2200, ext. 5548
Financial Analyst
colette.fearon@ambest.com
or
Janet Hernandez, +1-908-439-2200, ext. 5767
Senior Financial Analyst
janet.hernandez@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com
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