By Mia MacGregor
March 14 - (The Insurer) - Mutual Capital Group has completed its previously announced acquisition of ICC Holdings, the parent company of Illinois Casualty Company, in an all-cash transaction valued at approximately $73.8 million.
As of March 12, ICC Holdings' common stock is no longer publicly traded. Under the terms of the merger, each outstanding share of ICC Holdings common stock was converted into the right to receive $23.50 in cash.
ICC Holdings will continue to operate as an independent subsidiary of Mutual Capital Group, with Arron Sutherland remaining in his role as president and CEO.
The acquisition was unanimously approved by ICC Holdings’ board of directors and secured shareholder approval at a special meeting on November 26, 2024. Regulatory approval was also granted by the Illinois and Pennsylvania Departments of Insurance.
"By combining our expertise, technology, and cultures of excellence, we are unlocking new opportunities for all stakeholders, with unlimited potential,” said Sutherland.
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