Mutual Capital Group announces closing of all-cash merger with ICC Holdings

Mutual Capital Group filed a Form D with the SEC in connection with a $36.6 million equity offering tied to its acquisition of ICC Holdings. The full amount was raised from a single investor as of March 13, 2025.

The transaction, valued at approximately $73.8 million, was structured as an all-cash merger, with shareholders of ICC Holdings receiving $23.50 per share. ICC Holdings, the parent company of Illinois Casualty Company, has ceased public trading and will operate as an independent subsidiary of Mutual Capital Group. ICCH’s President and CEO, Arron K. Sutherland, will remain in his role.

“This acquisition marks the convergence of two visionary organizations, united in their commitment to seeking excellence. Together, we are poised to leverage our complementary strengths, fostering a culture of innovation, operational efficiency, and long-term value creation.” – Reiner R. Mauer, President and CEO of MCH.