ICC Holdings, Inc. Releases Financial Results for Period Ended September 30, 2024

ICC Holdings, Inc. (NASDAQ: ICCH) has recently issued a press release detailing its financial information for the period ending September 30, 2024. The company’s Current Report on Form 8-K disclosed these results, indicating a significant development in its operations and financial condition.

In the press release dated November 4, 2024, ICC Holdings reported a revenue of $51.2 million, showcasing a commendable 15.4% year-over-year growth. This milestone was achieved alongside an expansion of adjusted EBITDA margins over the same period. Additionally, the company successfully secured 38 new accounts during the quarter, raising the total client count to an impressive 894, marking a record-breaking accomplishment for ICC Holdings.

Key highlights for the third quarter of 2024 include the alignment and momentum of various company initiatives. Product enhancements such as Portfolio Workbench have broadened the company’s addressable market, positioning ICC to secure accounts that were formerly beyond its reach, especially in the institutional asset management and corporate segments. Moreover, the Americas segment is on track for its most successful market launch since 2021, with a promising influx of new account acquisitions.

ICC Holdings also saw a notable geographic diversification, with roughly 32% of its new clients originating from countries outside the traditional financial hubs of the US, UK, and Hong Kong. This represents a substantial increase from the historical average, demonstrating the company’s global growth strategy.

Guidance for the full year was refined to a revenue range of $202 million to $205 million and an adjusted EBITDA range of $41 million to $45 million, well within the initially provided guidance ranges. The company remains optimistic about its mid-term outlook, striving to achieve the status of a “Rule of 40” Company between 2025 and 2027.

In conclusion, ICC Holdings, Inc. expressed excitement about the strategic pieces falling into place to support its growth story, with CEO Oleg Movchan emphasizing the progress made in various operational aspects and the ongoing expansion efforts.

This press release represents a significant step for ICC Holdings, marking positive developments in its financial performance and strategic growth initiatives.

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read ICC’s 8K filing here.

ICC Company Profile

ICC Holdings, Inc, together with its subsidiaries, provides property and casualty insurance products to the food and beverage industry in the United States. It offers commercial multi-peril, liquor liability, workers' compensation, and umbrella liability insurance products. The company markets its products through independent agents in Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Ohio, Pennsylvania, Utah, and Wisconsin.