OLDWICK, N.J.--(BUSINESS WIRE)--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.
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