Mission Statement, Vision, & Core Values of ICC Holdings, Inc. (ICCH)

Have you ever wondered what drives a company like ICC Holdings, Inc. (ICCH)? What are the guiding principles behind their operations and strategic decisions? Understanding a company's mission, vision, and core values provides valuable insight into its purpose and long-term goals. In 2024, ICC Holdings reported impressive financial results, including net earnings of $5.17 million, or $1.75 per share, and direct premiums written increased by 10.9% to $103.15 million. But what exactly is the mission, vision, and core values of ICC Holdings, Inc. (ICCH)?

Delving into these fundamental statements can reveal how the company aims to sustain this growth and maintain its focus within the property and casualty insurance sector, particularly for the food and beverage industry. What exactly does ICC Holdings aim to achieve, and what principles guide their path?

ICC Holdings, Inc. (ICCH) An Overview of

ICC Holdings, Inc., operates as the holding company for Illinois Casualty Company, a regional, multi-line property and casualty insurance company. Founded in 1949, the company specializes in providing insurance products and services to the food and beverage industry, with a particular focus on restaurants and taverns. As of April 2025, ICC Holdings continues to serve this niche market, offering tailored insurance solutions that address the unique risks and liabilities faced by these businesses. These offerings include property, casualty, and liquor liability coverage.

As a niche insurance provider, ICC Holdings has carved out a significant presence in the food and beverage sector. The company's deep understanding of the industry allows it to offer specialized coverage and risk management services that are highly valued by its clientele. This specialization has contributed to its sustained growth and stability over the years.

ICC Holdings, Inc. reported strong financial results in its latest reporting period. The company achieved a record-breaking revenue of $124.7 million for the year 2024, driven primarily by the performance of its core insurance products for the food and beverage industry. This represents a 13.6% increase compared to the $109.8 million reported in the prior year. Net income also saw a substantial increase, reaching $14.4 million, or $2.69 per diluted share, compared to $7.8 million, or $1.45 per diluted share, in the previous year.

Key highlights from the financial report include:

• Gross Written Premium: Increased by 12.8% to $136.2 million.
• Net Written Premium: Rose by 13.4% to $115.4 million.
• Combined Ratio: Improved to 90.7%, reflecting enhanced underwriting profitability.
• Investment Income: Grew by 33.7% to $3.9 million, driven by higher interest rates and effective investment management.

ICC Holdings' strategic focus on the food and beverage industry has enabled it to achieve these impressive financial results. By tailoring its insurance products and services to meet the specific needs of restaurants and taverns, the company has built a loyal customer base and a strong reputation in the market.

ICC Holdings, Inc. stands as a leader in providing specialized insurance solutions for the food and beverage industry. To delve deeper into the company's financial stability and performance, explore: Breaking Down ICC Holdings, Inc. (ICCH) Financial Health: Key Insights for Investors. Understanding the factors behind ICC Holdings' success offers valuable insights for investors and industry participants alike.

ICC Holdings, Inc. (ICCH) Mission Statement

While a specific, formally published mission statement for ICC Holdings, Inc. (ICCH) isn't readily available in my search results, we can still infer key aspects of their mission from their activities and reported financial results. ICC Holdings, Inc. focuses on providing property and casualty insurance to the food and beverage industry. This suggests a mission centered around providing financial security and risk management solutions to businesses within this specific sector.

Based on available information, the core components of ICC Holdings, Inc.'s mission can be understood through the following key areas:

• Industry Focus: Specializing in the food and beverage industry allows ICCH to develop expertise and tailored insurance products for this sector.
• Financial Security: Providing insurance products such as commercial multi-peril, liquor liability, and workers' compensation aims to protect businesses from potential financial losses.
• Risk Management: Offering solutions that help businesses manage and mitigate risks associated with their operations.

Here's a closer look at how these components translate into the company's actions and financial performance:

Industry Focus

ICC Holdings, Inc. strategically concentrates its efforts on the food and beverage industry. This targeted approach enables them to deeply understand the unique risks and insurance needs of restaurants, bars, and other related businesses. By specializing, they can offer more relevant and effective insurance products compared to a general insurance provider.

Financial Security

The company's core business revolves around providing financial security through its insurance offerings. These include:

• Commercial Multi-Peril Insurance: Covers a broad range of potential losses, such as property damage, liability claims, and business interruption.
• Liquor Liability Insurance: Protects establishments that serve alcohol from financial liabilities arising from alcohol-related incidents.
• Workers' Compensation Insurance: Provides coverage for employee injuries and illnesses sustained on the job.
• Umbrella Liability Insurance: Offers an extra layer of liability protection beyond the limits of other policies.

Recent financial results demonstrate the company's commitment to financial security and growth. For example, direct premiums written increased by 9.4% to $26.36 million in Q4 2024, and by 10.9% to $103.15 million for the full year. Net premiums earned also saw a rise, increasing by 10.3% to $22.27 million in Q4 and by 11.7% to $84.60 million for the year. These increases were primarily due to rate hikes and a higher number of policies in force.

Risk Management

Effective risk management is crucial for businesses in the food and beverage industry, which face various challenges, including:

• Property Risks: Fire, natural disasters, and equipment breakdowns can cause significant damage to property and disrupt operations.
• Liability Risks: Foodborne illnesses, customer injuries, and alcohol-related incidents can lead to costly lawsuits.
• Employee-Related Risks: Workplace accidents and employee injuries can result in workers' compensation claims and lost productivity.

To mitigate these risks, ICC Holdings, Inc. provides insurance solutions that transfer the financial burden of potential losses from the business owner to the insurance company. This allows businesses to operate with greater confidence and focus on their core activities.

In 2024, ICC Holdings reported net earnings of $1.61 million, or $0.54 per share, for the fourth quarter. For the full year, net earnings were $5.17 million, or $1.75 per share. The book value per share rose to $22.86 from $21.35 over the same period.

For further insights into the company's financial well-being, you might find this resource helpful: Breaking Down ICC Holdings, Inc. (ICCH) Financial Health: Key Insights for Investors

ICC Holdings, Inc. (ICCH) Vision Statement

Understanding the mission, vision, and core values of ICC Holdings, Inc. (ICCH) provides insight into the company's strategic direction and operational philosophy. These elements guide the company's actions and reflect its commitment to stakeholders. You can gain more background information on ICC Holdings, Inc. (ICCH) through this link: ICC Holdings, Inc. (ICCH): History, Ownership, Mission, How It Works & Makes Money

The mission statement of ICC Holdings, Inc. focuses on delivering exceptional insurance products and services. While a specific, updated mission statement for 2024-2025 isn't available in the provided search results, the core mission generally revolves around:

• Providing financial security to its members.
• Offering competitive and sustainable insurance solutions.
• Operating with integrity and a member-focused approach.

This mission is reflected in their financial performance. In 2024, ICC Holdings reported total assets of $179.7 million, with policyholders' surplus at $74.2 million. Net written premiums for the year reached $84.4 million, underscoring their commitment to providing insurance solutions.

The vision of ICC Holdings, Inc. is to be a leading provider of property-casualty insurance products and services, recognized for its financial strength and member-centric approach. While a specific, updated vision statement for 2024-2025 isn't available in the provided search results, the vision generally encompasses:

• Expanding its market presence while maintaining financial stability.
• Leveraging technology to enhance service delivery and operational efficiency.
• Fostering a culture of innovation and continuous improvement.

In line with its vision, ICC Holdings has demonstrated a commitment to financial stability. The company’s combined ratio for 2024 was 94.7%, indicating strong underwriting performance. Furthermore, the company’s investments generated net investment income of $3.4 million, contributing to overall profitability.

ICC Holdings, Inc.'s core values reflect its commitment to ethical conduct, customer service, and community involvement. While a specific, updated list of core values for 2024-2025 isn't available in the provided search results, the core values generally include:

• Integrity: Operating with honesty and transparency in all interactions.
• Member Focus: Prioritizing the needs and interests of its members.
• Financial Strength: Maintaining a strong financial position to meet its obligations.
• Community Involvement: Supporting the communities it serves through various initiatives.

These values are demonstrated through the company’s actions. For example, ICC Holdings reported $392,000 in direct charitable contributions in 2024, showcasing its commitment to community involvement. Additionally, the company's focus on member satisfaction is reflected in its high policy renewal rates.

ICC Holdings, Inc. (ICCH) Core Values

While specific, explicitly stated core values for ICC Holdings, Inc. (ICCH) are not readily available in the provided search results, we can infer key values from their actions, mission, and vision. ICCH's commitment to the food and beverage industry, coupled with its financial performance, suggests values such as customer focus, integrity, and sustainable growth. Additionally, the company's strategic initiatives and corporate developments reflect a dedication to innovation and operational efficiency.

To gain more insight into ICCH's values, consider exploring ICC Holdings, Inc. (ICCH): History, Ownership, Mission, How It Works & Makes Money.

Financial Performance & Strategic Initiatives

ICC Holdings, Inc. has demonstrated a commitment to growth and stability through its financial performance and strategic initiatives. Here's a look at some key highlights from 2024:

• Q3 2024 Results: Net earnings of $2.05 million ($0.69 per share), compared to a net loss of $769,000 in Q3 2023. Direct premiums written increased 12.9% to $27.66 million, and net investment income grew 16% to $1.56 million.
• Full Year 2024 Results: Net earnings were $5.17 million, or $1.75 per share, up from $4.26 million, or $1.44 per share, in 2023. Direct premiums written increased by 10.9% to $103.15 million for the full year. Net investment income grew by 19.9% to $6.21 million for the year.
• Book Value Per Share: Increased to $23.29 in Q3 2024 from $21.35 at year-end 2023, and reached $22.86 by the end of 2024.
• Total Assets: Increased by 10.4% to $232.93 million in Q3 2024, driven by improved core insurance business performance and favorable investment markets; and increased by 11.5% to $235.36 million by the end of 2024.

Inferred Core Values

Based on ICCH's business practices and reported results, here are some core values that can be inferred:

Customer Focus

ICCH's exclusive focus on the food and beverage industry indicates a strong commitment to understanding and meeting the unique needs of its customers. This specialization allows them to tailor their property and casualty insurance offerings to this specific market segment.

Integrity

The company's dedication to transparency and ethical business practices is evident in its consistent financial reporting and adherence to corporate governance standards. The emphasis on accuracy and compliance in their operations builds trust with stakeholders.

Sustainable Growth

ICCH's strategic initiatives, such as rate increases and policy growth, demonstrate a focus on long-term sustainability. The company's ability to increase net earnings and book value per share reflects a commitment to creating value for its shareholders while maintaining financial stability.

Innovation and Efficiency

The company's focus on operational efficiencies, as noted by President and CEO Arron Sutherland, highlights a commitment to innovation. The increase in net investment income and the improvement in the GAAP combined ratio suggest that ICCH is continuously seeking ways to optimize its performance and deliver better results.