Core Viewpoint - Gold Reserve Ltd. has received a favorable Final Award in its arbitration against BANDES, the Venezuelan state development bank, amounting to approximately $28.98 million, including pre-award interest and additional costs [1]. Summary by Sections Arbitration Outcome - Gold Reserve Corporation, an affiliate of Gold Reserve Ltd., was awarded a total of $28,982,568.70 in the arbitration against BANDES, which includes pre-award interest [1]. - The tribunal also awarded costs amounting to €434,000 and post-award interest calculated at the 12-month SOFR + 2% from the date of the Final Award until full payment is made [1]. Recovery Efforts - Gold Reserve plans to pursue the recovery of the awarded amounts through ongoing recognition and enforcement proceedings in the courts of Portugal [2]. Financial Implications - The awarded amount reflects significant financial implications for Gold Reserve, potentially impacting its liquidity and operational capabilities as it seeks to enforce the award [1][2].

Earnings Performance - Net earnings for Q4 2024 were $1,608,000, or $0.54 per share, down from $2,861,000, or $0.97 per share in Q4 2023[2] - For the twelve months ended December 31, 2024, net earnings increased to $5,168,000, or $1.75 per share, compared to $4,257,000, or $1.44 per share in 2023[2] - Net earnings for the twelve months ended December 31, 2024, were $5,167,798, a 21.4% increase compared to $4,256,895 in 2023[23] - Basic net earnings per share for the three months ended December 31, 2024, decreased to $0.54 from $0.97 in 2023, reflecting a decline of 44.3%[22] Revenue and Premiums - Direct premiums written rose by $2,270,000, or 9.4%, to $26,361,000 in Q4 2024, and by $10,158,000, or 10.9%, to $103,149,000 for the full year[3] - Net premiums earned for the three months ended December 31, 2024, increased to $22,267,238, up 10.3% from $20,188,241 in 2023[22] - Consolidated revenues for the twelve months ended December 31, 2024, reached $93,569,216, representing a 12.8% increase from $82,942,127 in 2023[23] Investment Income - Net investment income increased by $291,000, or 21.1%, to $1,672,000 for Q4 2024, and by $1,030,000, or 19.9%, to $6,209,000 for the full year[5] - Net investment income for the twelve months ended December 31, 2024, increased to $6,209,214, a rise of 19.9% from $5,179,343 in 2023[23] Expenses and Liabilities - Losses and settlement expenses increased by $1,273,000, or 11.3%, to $12,504,000 in Q4 2024, and by $5,608,000, or 11.7%, to $53,538,000 for the full year[7] - Total liabilities increased to $163,614,005 as of December 31, 2024, compared to $144,013,464 in 2023, reflecting a growth of 13.7%[21] - Losses and settlement expenses for the three months ended December 31, 2024, were $12,504,039, an increase of 11.3% from $11,230,999 in 2023[22] Assets and Equity - Total assets increased by $24,343,000, or 11.5%, from $211,017,000 on December 31, 2023, to $235,360,000 on December 31, 2024[9] - Total assets as of December 31, 2024, amounted to $235,359,835, up 11.5% from $211,017,013 in 2023[21] - Total equity rose by $4,742,000, or 7.1%, from $67,004,000 as of December 31, 2023, to $71,746,000 as of December 31, 2024[10] - Total equity as of December 31, 2024, was $71,745,830, up 7.5% from $67,003,549 in 2023[21] - Cash and cash equivalents surged to $12,689,945 as of December 31, 2024, significantly higher than $1,478,135 in 2023[21] Operational Insights - The Company's GAAP combined ratio was 96.3% for Q4 2024, compared to 93.7% for Q4 2023[13] - Management anticipates continued operational efficiencies and a stable loss and settlement expense ratio in 2025[14] - The increase in policy acquisition costs was driven by merger-related expenses and positive earned premium growth[8]

Financial Performance - Net premiums earned for the three months ended September 30, 2024, increased to $21,711,407, up from $19,233,517 in the same period of 2023, representing a growth of 12.9%[6] - Consolidated revenues for the three months ended September 30, 2024, reached $24,375,415, compared to $19,764,371 in the prior year, reflecting a year-over-year increase of 23.1%[6] - Net earnings for the three months ended September 30, 2024, were $2,052,192, a significant recovery from a loss of $768,963 in the same period of 2023[6] - Net premiums earned for the nine months ended September 30, 2024, increased to $62,331,966, up from $55,528,867 in the same period of 2023, representing a growth of approximately 12.9%[8] - Consolidated revenues rose to $69,634,620 for the nine months ended September 30, 2024, compared to $60,035,488 in 2023, reflecting an increase of about 16.0%[8] - Net earnings for the nine months ended September 30, 2024, were $3,559,521, significantly higher than $1,396,071 in the prior year, marking an increase of approximately 155.0%[8] - Earnings per share (EPS) for the nine months ended September 30, 2024, were $1.20, compared to $0.47 in the same period of 2023, indicating a growth of about 170.2%[8] Assets and Liabilities - Total assets as of September 30, 2024, amounted to $232,927,415, an increase from $211,017,013 as of December 31, 2023, indicating a growth of 10.4%[5] - Total liabilities as of September 30, 2024, were $159,823,927, compared to $144,013,464 at the end of 2023, marking an increase of 11.0%[5] - The company’s total equity as of September 30, 2024, was $73,103,488, up from $67,003,549 at the end of 2023, representing an increase of 9.4%[5] Investment Income - The company reported net investment income of $1,556,776 for the three months ended September 30, 2024, up from $1,342,258 in the same period of 2023, which is an increase of 16.0%[6] - Net investment income increased to $4,536,992 for the nine months ended September 30, 2024, from $3,798,432 in the same period of 2023, representing a growth of about 19.4%[8] - The company reported net realized investment gains of $584,925 for the nine months ended September 30, 2024, compared to $268,375 in 2023, reflecting an increase of approximately 117.0%[8] Cash Flow - Net cash provided by operating activities increased to $16,026,822 in Q3 2024, compared to $10,622,225 in Q3 2023, marking a rise of about 51.5%[10] - The company reported net cash used in investing activities of $(6,302,017) in Q3 2024, a decrease from $(10,700,926) in Q3 2023, indicating improved cash flow management[10] - Total cash and cash equivalents at the end of Q3 2024 were $11,011,618, up from $2,665,558 at the end of Q3 2023, reflecting a substantial increase of approximately 313.5%[10] Expenses - Total expenses for the nine months ended September 30, 2024, were $65,089,929, up from $58,276,253 in 2023, which is an increase of approximately 11.7%[8] - Losses and settlement expenses for the three months ended September 30, 2024, were $14,144,203, compared to $13,436,464 in the prior year, reflecting an increase of 5.3%[6] - Losses and settlement expenses for the nine months ended September 30, 2024, were $41,034,199, compared to $36,698,631 in 2023, indicating an increase of approximately 11.0%[8] Mergers and Acquisitions - The company completed the acquisition of Guild Insurance Inc. in October 2023, expanding its operational capabilities in the insurance sector[13] - The company entered into a merger agreement with Mutual Capital Holdings, Inc., with a total equity value of approximately $73.8 million, subject to regulatory approvals[15] Market Presence - Approximately 23.0% of the premium was written in Illinois for Q3 2024, slightly down from 23.1% in Q3 2023, indicating stable market presence[14] Regulatory and Compliance - The company adopted ASU 2016-13 on January 1, 2023, impacting the measurement of credit losses on financial instruments, resulting in a $113,760 decrease in retained earnings[19] - The effective tax rate for the nine months ended September 30, 2024, was 21.7%, compared to 20.6% for the same period in 2023[70] Shareholder Information - The company has reserved a total of 490,000 shares of common stock under the 2016 Equity Incentive Plan, with 350,000 shares available for restricted stock and stock-settled restricted stock unit awards[158] - ICC paid $900,000 and $1,250,000 in dividends to ICC Holdings, Inc. in the first nine months of 2024 and 2023, respectively[169] Debt and Financing - The company had $15,000,000 in outstanding debt as of September 30, 2024, consistent with the previous year-end[59] - The company has a borrowing capacity of $53.1 million with the Federal Home Loan Bank of Chicago, of which $15.0 million has been utilized through three separate loans with a weighted average interest rate of 1.21%[60]

Core Viewpoint - ICC Holdings, Inc. reported significant financial improvements for the third quarter and nine months ended September 30, 2024, with net earnings rising and key metrics showing positive trends compared to the previous year [2][14]. Financial Results - Net earnings for Q3 2024 were $2,052,000, or $0.69 per share, a turnaround from a net loss of $769,000, or $0.26 per share, in Q3 2023 [2]. - For the nine months ended September 30, 2024, net earnings were $3,560,000, or $1.20 per share, compared to $1,396,000, or $0.47 per share, for the same period in 2023 [2]. - Book value per share increased to $23.29 as of September 30, 2024, from $21.35 at the end of 2023 [2]. Premiums and Revenue - Direct premiums written increased by $3,167,000, or 12.9%, to $27,662,000 in Q3 2024, compared to $24,495,000 in Q3 2023 [3]. - For the nine months ended September 30, 2024, direct premiums written rose by $7,888,000, or 11.4%, to $76,788,000 from $68,900,000 in the same period in 2023 [3]. - Net premiums earned increased by $2,477,000, or 12.9%, to $21,711,000 for Q3 2024, and by $6,803,000, or 12.3%, to $62,332,000 for the nine months ended September 30, 2024 [3]. Investment Income - Net investment income rose by $215,000, or 16.0%, to $1,557,000 for Q3 2024, and by $739,000, or 19.5%, to $4,537,000 for the nine months ended September 30, 2024 [5]. - Net unrealized gains on equity securities increased to $614,000 in Q3 2024, compared to losses of $1,062,000 in Q3 2023 [6]. Expenses and Losses - Losses and settlement expenses increased by $708,000, or 5.3%, to $14,144,000 for Q3 2024, driven by increased Businessowner's Liability claims [7]. - For the nine months ended September 30, 2024, losses and settlement expenses rose by $4,335,000, or 11.8%, to $41,034,000, influenced by increased Liquor Liability claims [7]. - Policy acquisition costs and other operating expenses increased by $273,000, or 3.9%, to $7,302,000 for Q3 2024, and by $2,223,000, or 10.7%, to $23,047,000 for the nine months ended September 30, 2024 [8]. Balance Sheet Highlights - Total assets increased by $21,910,000, or 10.4%, from $211,017,000 at the end of 2023 to $232,927,000 as of September 30, 2024 [9]. - Total equity rose by $6,099,000, or 9.1%, from $67,004,000 at the end of 2023 to $73,103,000 as of September 30, 2024 [10]. Financial Ratios - The losses and settlement expense ratio was 65.1% for Q3 2024, down from 69.9% in Q3 2023 [11]. - The expense ratio was 33.6% for Q3 2024, compared to 36.5% for the same period in 2023 [11]. - The GAAP combined ratio improved to 98.7% for Q3 2024, down from 106.4% in Q3 2023 [12]. Management Commentary - Management noted improvements in both losses and settlement expense ratios due to rate strengthening and operational efficiencies [13]. - The merger process is progressing as planned, with a vote scheduled for late November and an expected closing in Q4 2024 [14].

Financial Performance - Net earnings for Q3 2024 were $2,052,000, or $0.69 per share, compared to a net loss of $769,000, or $0.26 per share in Q3 2023[2]. - Net earnings for the three months ended September 30, 2024, were $2,052,191, a significant recovery from a loss of $768,962 in the same period of 2023[21]. - Basic net earnings per share for the three months ended September 30, 2024, were $0.69, a recovery from a loss of $0.26 per share in the same period of 2023[21]. - Comprehensive earnings for the three months ended September 30, 2024, totaled $5,287,153, compared to a loss of $3,794,216 in the same period of 2023[21]. Revenue and Premiums - Direct premiums written increased by $3,167,000, or 12.9%, to $27,662,000 in Q3 2024, and by $7,888,000, or 11.4%, to $76,788,000 for the nine months ended September 30, 2024[3]. - Net premiums earned rose by $2,477,000, or 12.9%, to $21,711,000 for Q3 2024, and by $6,803,000, or 12.3%, to $62,332,000 for the nine months ended September 30, 2024[3]. - Net premiums earned for the three months ended September 30, 2024, increased to $21,711,407, up from $19,233,517 in the same period of 2023, representing a growth of 12.9%[21]. - Consolidated revenues for the three months ended September 30, 2024, reached $24,375,415, compared to $19,764,371 in 2023, marking an increase of 23.1%[21]. Investment Income - Net investment income increased by $215,000, or 16.0%, to $1,557,000 for Q3 2024, and by $739,000, or 19.5%, to $4,537,000 for the nine months ended September 30, 2024[5]. - Net investment income for the three months ended September 30, 2024, was $1,556,776, up from $1,342,258 in 2023, indicating an increase of 16.0%[21]. - The company reported net unrealized gains on investments of $613,594 for the three months ended September 30, 2024, compared to losses of $1,062,332 in 2023[21]. Expenses and Liabilities - Losses and settlement expenses increased by $708,000, or 5.3%, to $14,144,000 for Q3 2024, and by $4,335,000, or 11.8%, to $41,034,000 for the nine months ended September 30, 2024[7]. - Losses and settlement expenses for the three months ended September 30, 2024, were $14,144,203, compared to $13,436,464 in 2023, reflecting an increase of 5.3%[21]. - Total liabilities increased to $159,823,927 as of September 30, 2024, compared to $144,013,464 at the end of 2023, representing a rise of 11.0%[20]. Assets and Equity - Total assets increased by $21,910,000, or 10.4%, to $232,927,000 as of September 30, 2024[9]. - Total assets as of September 30, 2024, amounted to $232,927,415, an increase from $211,017,013 as of December 31, 2023, reflecting a growth of 10.4%[20]. - Total equity increased by $6,099,000, or 9.1%, to $73,103,000 as of September 30, 2024[10]. Operational Improvements - The Company's GAAP combined ratio improved to 98.7% for Q3 2024, down from 106.4% in Q3 2023[13]. - Management noted improvements in loss ratios due to rate strengthening and the introduction of Charlee.ai for claim resolution[14]. Merger Progress - The merger is progressing as planned, with a vote scheduled for late November 2024 and an expected closing in Q4 2024[15].

Group 1 - Halper Sadeh LLC is investigating ICC Holdings, Inc. for potential violations related to its sale to Mutual Capital Group, Inc. for $23.50 in cash [1] - Insight Select Income Fund is being sold to KKR Income Opportunities Fund, with shareholders receiving shares of KKR Income and an option for up to 5% in cash [2] - The firm may seek increased consideration for shareholders and additional disclosures regarding the proposed transactions [3] Group 2 - Shareholders are encouraged to contact Halper Sadeh LLC to discuss their legal rights and options at no charge [4] - Halper Sadeh LLC represents investors globally who have experienced securities fraud and corporate misconduct, recovering millions for defrauded investors [4]

Financial Performance - Net premiums earned for the three months ended June 30, 2024, increased to $20,398,193, up from $18,494,053 in the same period of 2023, representing an increase of approximately 10.3%[5] - Consolidated revenues for the three months ended June 30, 2024, were $22,177,097, compared to $20,650,716 for the same period in 2023, reflecting a growth of about 7.4%[5] - The net loss for the three months ended June 30, 2024, was $731,876, compared to net earnings of $586,489 in the same period of 2023, marking a significant decline[5] - Net earnings decreased to $1,507,329 for the six months ended June 30, 2024, down from $2,165,034 in the same period of 2023, a decline of 30.4%[6] - The company reported net cash provided by operating activities of $7,889,760, up 1.2% from $7,797,459 in the prior year[10] Expenses and Losses - Total expenses for the three months ended June 30, 2024, rose to $23,086,617, compared to $19,907,733 in the prior year, indicating an increase of approximately 16.4%[5] - Losses and settlement expenses increased to $26,889,996 for the six months ended June 30, 2024, compared to $23,262,167 in the prior year, an increase of 28.4%[6] - The company incurred direct losses of $14,420,431 for the three-month period ended June 30, 2024, up from $12,633,975 in the same period of 2023, representing an increase of about 14.1%[54] - The company experienced unfavorable development of $2,735,000 in incurred losses for the six months ended June 30, 2024, compared to $1,261,000 in 2023, primarily due to additional information on prior year accident claims[58] Assets and Liabilities - Total assets as of June 30, 2024, amounted to $219,840,011, an increase from $211,017,013 as of December 31, 2023, representing a growth of about 4.2%[4] - Total liabilities as of June 30, 2024, were $152,226,334, compared to $144,013,464 at the end of 2023, reflecting an increase of approximately 5.5%[4] - The net unpaid losses and settlement expenses at the end of June 2024 were $66,811,000, compared to $61,981,000 at the end of June 2023, indicating a rise of approximately 7.4%[57] Equity and Shareholder Information - The company’s total equity as of June 30, 2024, was $67,613,677, slightly up from $67,003,549 as of December 31, 2023, indicating a modest increase of about 0.9%[4] - The weighted average number of common shares outstanding for the three months ended June 30, 2024, was 2,962,944, compared to 2,941,856 in the same period of 2023[5] - Basic net earnings per share decreased to $0.51 for the six months ended June 30, 2024, down from $0.74 in the same period of 2023, a decline of 30.4%[6] Investment Performance - The company reported net unrealized gains on investments of $246,970 for the three months ended June 30, 2024, down from $702,014 in the same period of 2023[5] - The company reported net investment income of $2,980,216 for the six months ended June 30, 2024, up from $2,456,174 in the same period of 2023, an increase of 21.2%[6] - The total fair value of fixed maturity securities as of June 30, 2024, was $109,696,001, down from an amortized cost of $119,495,174, resulting in unrealized losses of $10,186,908[30] Cash Flow and Financing - The company reported net cash used in investing activities of $5,755,289, a decrease of 19.3% from $7,135,740 in 2023[10] - The company had $15,000,000 in outstanding debt as of June 30, 2024, with a borrowing capacity of $48.2 million from the Federal Home Loan Bank of Chicago[51] - The company has a line of credit balance of $0 as of June 30, 2024, with $4.0 million of available credit[52] Risk Factors - The company faces various risks including adverse economic changes, which could lower demand for insurance products and negatively impact investment results, potentially affecting revenue and profitability[25] - The unrealized losses in the fixed income portfolio are attributed to rising interest rates, but management believes the portfolio will recover its amortized cost basis[33]

Financial Performance - Net loss for Q2 2024 was $732,000, or $0.25 per share, compared to net earnings of $586,000, or $0.20 per share in Q2 2023[2]. - The company reported a net loss of $731,876 for the three months ended June 30, 2024, compared to net earnings of $586,489 in the same period of 2023[14]. - Basic net loss earnings per share for the three months ended June 30, 2024, was $(0.25), compared to $0.20 in the same period of 2023[14]. Revenue and Premiums - Direct premiums written increased by $1,801,000, or 7.6%, to $25,391,000 in Q2 2024, and by $4,722,000, or 10.6%, to $49,126,000 for the six months ended June 30, 2024[3]. - Net premiums earned rose by $1,904,000, or 10.3%, to $20,398,000 for Q2 2024, and by $4,326,000, or 11.9%, to $40,621,000 for the six months ended June 30, 2024[3]. - Net premiums earned for the three months ended June 30, 2024, increased to $20,398,193, up from $18,494,053 for the same period in 2023, representing a growth of 10.3%[14]. - Consolidated revenues for the three months ended June 30, 2024, reached $22,177,097, compared to $20,650,716 in 2023, reflecting an increase of 7.4%[14]. Investment Income - Net investment income increased by $293,000, or 23.5%, to $1,540,000 for Q2 2024, and by $524,000, or 21.3%, to $2,980,000 for the six months ended June 30, 2024[4]. - Net investment income for the three months ended June 30, 2024, was $1,540,014, compared to $1,246,759 in 2023, showing a rise of 23.5%[14]. Expenses - Losses and settlement expenses increased by $2,339,000, or 19.2%, to $14,553,000 for Q2 2024, and by $3,628,000, or 15.6%, to $26,890,000 for the six months ended June 30, 2024[5]. - Policy acquisition costs and other operating expenses rose by $637,000, or 8.6%, to $8,082,000 for Q2 2024, and by $1,951,000, or 14.1%, to $15,745,000 for the six months ended June 30, 2024[6]. - Total expenses for the three months ended June 30, 2024, were $23,086,617, an increase from $19,907,733 in 2023, representing a rise of 16.4%[14]. Assets and Liabilities - Total assets increased by $8,823,000, or 4.2%, to $219,840,000 as of June 30, 2024[7]. - Total assets as of June 30, 2024, amounted to $219,840,011, up from $211,017,013 as of December 31, 2023, indicating a growth of 4.0%[13]. - Total liabilities increased to $152,226,334 as of June 30, 2024, compared to $144,013,464 at the end of 2023, marking an increase of 5.5%[13]. - The company’s cash and cash equivalents increased to $3,421,284 as of June 30, 2024, from $1,478,135 at the end of 2023, a significant increase of 131.7%[13]. - The company’s retained earnings increased to $49,351,697 as of June 30, 2024, up from $47,844,368 at the end of 2023, reflecting a growth of 3.2%[13]. Operational Insights - The Company's GAAP combined ratio was 110.9% for Q2 2024, compared to 106.3% for Q2 2023[8]. - Management indicated strong premium growth from targeted rate increases and in-force policy count expansion[9]. - The merger is proceeding as planned, positively affecting the stock price, with a Q4 2024 deadline for closing[9].

Group 1 - Kuehn Law, PLLC is investigating potential claims related to proposed mergers involving several companies, focusing on whether the Boards acted to maximize shareholder value and disclosed material information [1] - Sharecare, Inc. has agreed to merge with an affiliate of Alaris, LLC for $1.43 per share in cash [1] - MGO Global, Inc. has entered into a definitive merger with Heidmar, Inc., where MGO shareholders will receive one registered common share of a newly incorporated Marshall Islands company for each share of MGO's common stock [2] - ICC Holdings, Inc. is being acquired by Mutual Capital Group Inc. for $23.50 in cash [3] - Overseas Shipholding Group, Inc. will merge with Saltchuk Resources, Inc., with current Overseas shareholders receiving $8.50 per share in cash [3] Group 2 - Kuehn Law emphasizes the importance of shareholder participation in ensuring the integrity and fairness of financial markets [4] - Concerned shareholders are encouraged to contact Kuehn Law for assistance, as the firm covers all case costs and does not charge its clients [4]

Core Viewpoint - Ademi LLP is investigating ICCH for potential breaches of fiduciary duty and other legal violations related to its transaction with Mutual Capital Holdings [1][2]. Transaction Details - ICCH shareholders will receive $23.50 in cash, equating to a total equity value of approximately $73.8 million [2]. - The transaction agreement imposes significant penalties on ICCH for accepting competing bids, which limits the potential for alternative offers [2]. - Insiders of ICCH are set to receive substantial benefits as part of the change of control arrangements [2]. Board Conduct Investigation - The investigation focuses on the conduct of ICCH's board of directors and whether they are fulfilling their fiduciary duties to all shareholders [3].