ICC Holdings: Stilwell Rejects Settlement Offer

(RTTNews) - ICC Holdings, Inc. (ICCH), parent company of Illinois Casualty Company, announced that the Stilwell Group rejected an offer by ICC Holdings to add its principal and director nominee, Joseph Stilwell, to the ICC Holdings Board and expand the Board to 10 members. ICC Holdings said it made the offer in an attempt to avoid the costs and distractions associated with a proxy contest. The company's offer also included adding Stilwell to the Board's Investment Committee and having that committee conduct a review of the company's investment portfolio fees and costs.

The Board stated: "We are disappointed that Stilwell has rejected our proposal - especially because it provides the very outcome he is campaigning for: a seat on the ICC Holdings Board. The Board, which collectively owns approximately 20% of the company's stock and includes our largest shareholder, remains committed to protecting all shareholders and working towards a constructive resolution."