Mutual Capital Group, Inc. (MCG), the parent company of Mutual Capital Holdings, Inc. (MCH) and ICC Holdings, Inc. (ICCH), the parent company of Illinois Casualty Company, jointly announce that they have entered into a definitive merger agreement under which MCG will acquire all outstanding ICCH shares for US$23.50 in cash.

The transaction represents a total equity value of about US$73.8 million. After the deal closes, ICCH will continue to operate as an independent subsidiary of MCG. Tuscarora Wayne Insurance Company, a subsidiary of MCH, which holds 6.4% of ICCH's common stock, plans to vote its shares in favor of the transaction. The deal is expected to be finalized in Q4 of 2024. Griffin Financial Group, LLC is acting as the financial advisor for MCH and MCG, with financing provided by Mutual Capital Investment Fund, LP, CIBC Bank, USA, and PS Bank. Janney Montgomery Scott, LLC provided a fair opinion for MCH and MCG, and Locke Lord LLP served as legal counsel. For ICCH, Stonybrook Capital, LLC is acting as the financial advisor, Feldman Financial Advisors, Inc. provided a fairness opinion, and Stevens & Lee, P.C. is serving as legal counsel.