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Best’s News & Research Service - June 10, 2024 08:24 AM (EDT)

AM Best Comments on Credit Ratings of ICC Holdings, Inc. and Its Subsidiary; Tuscarora Wayne Insurance Company and its Affiliate; and Lebanon Valley Insurance Company Following Acquisition Announcement

  • June 10, 2024 08:24 AM (EDT)
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//BestWire// - AM Best has commented that the Credit Ratings (ratings) of Illinois Casualty Company (ICC), ICC Holdings, Inc (ICCH), Tuscarora Wayne Insurance Company and its affiliate, Keystone National Insurance Company (collectively referred to as Tuscarora Wayne Companies), and Lebanon Valley Insurance Company (Lebanon Valley) remain unchanged following the June 5 2024, announcement that ICCH, the ultimate parent of ICC, entered into a definitive merger agreement with Mutual Capital Group, Inc. (MCG) (the ultimate parent of Tuscarora Wayne Companies and Lebanon Valley) under which MCG will acquire all outstanding shares of ICCH. The transaction remains subject to shareholder and regulatory approvals and is expected to close in the fourth quarter of 2024.

ICC and ICCH are domiciled in Rock Island, IL. Tuscarora Wayne Companies and Lebanon Valley are domiciled in Wyalusing, PA.

Following the acquisition, ICCH’s subsidiary insurance entities will operate independently though benefit from enhanced support afforded by MCG. The companies have a long-standing relationship and historical track record expected to bolster synergistic advantages. Directors and executives collectively and Tuscarora Wayne Insurance Company, which already has equity interest in ICCH, intend to vote their shares for the transaction. The cost of the acquisition will be funded by multiple internal and affiliated sources including equity investments and structured repayment obligations. 

ICC writes niche products within the food and beverage industry, with a strong presence across several Midwest states. Tuscarora Wayne Companies and Lebanon Valley write commercial business exposures, with the former having a moderate degree of geographic diversification and the latter writing within Pennsylvania. Rating units are expected to maintain separate ratings in the near term. AM Best will monitor the transaction and the impact to the insurance operating entities up to and following the sale.

This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. 

Mergers And Acquisitions United States Financial Strength Illinois Pennsylvania Press Release Property And Casualty Insurers Best's Credit Rating Action Issuer Credit Rating

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