A.M Best Assigns Rating to ICC Holdings; Affirms Illinois Casualty Ratings
A.M. Besthas assigned a long-term issuer credit rating (Long-Term ICR) of “bb” to ICC Holdings Inc.(ICC Holdings) in Rock Island, Ill., a recently formed publicly traded holding company for the demutualization of Illinois Casualty Co. (Illinois Casualty), also based in Rock Island.
The outlook assigned to the credit rating (rating) is positive. ICC Holdings owns 100 percent 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.
Source: A.M. Best
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