Executive Summary

Q1 2024 delivered solid topline and earnings: consolidated revenue was $23.08M, net earnings were $2.24M, and diluted EPS was $0.75 (basic $0.76), reflecting year-over-year improvement versus Q1 2023 EPS of $0.53 .
Underwriting metrics were mixed: loss ratio improved to 61.0% (62.1% YoY), but the expense ratio rose to 37.9% (35.7% YoY), yielding a combined ratio of 98.9% (97.8% YoY); sequentially, combined ratio worsened vs Q4 2023’s 93.6% .
Premium momentum and investment tailwinds continued: direct premiums written rose 14.0% to $23.74M; net investment income increased 19.1% to $1.44M due to higher portfolio yields .
Management tone was confident: “another unusually strong first quarter” and expectation of “very healthy results this year” as the company enters new markets and states with disciplined underwriting .
No formal numerical guidance or Street consensus was provided/found for Q1; thus no beat/miss vs estimates can be assessed. S&P Global consensus data was unavailable for ICCH (no CIQ mapping) during retrieval.

What Went Well and What Went Wrong

What Went Well

Earned premium growth of 13.6% YoY to $20.22M supported revenue expansion and scale benefits; management highlighted maintained pricing discipline and premium distribution strength across states .
Loss ratio improved year-over-year to 61.0%, reflecting underwriting actions and rate improvements; combined with higher investment income (+19.1% YoY to $1.44M), this supported EPS growth .
Management emphasized proactive portfolio repositioning into higher-rate fixed maturities and increased cash to deploy in Q2, aiming to benefit from improved markets while keeping duration conservative .

What Went Wrong

Expense ratio increased to 37.9% (vs 35.7% YoY) on higher commissions and slightly higher salaries due to headcount, pressuring the combined ratio YoY and sequentially vs Q4 .
Reinsurance cessions of earned premiums rose to $3.37M (vs $2.48M YoY) given higher direct written premiums and a ceding allowance on first P&C reinsurance contracts, dampening net earned premiums growth .
Sequentially, underwriting performance moderated: combined ratio moved from 93.6% in Q4 2023 to 98.9% in Q1 2024; Q4 had benefited from lower loss ratio (55.6%) and prior underwriting measures taking hold .

Financial Results

Sequential performance (last two quarters plus current)

Metric	Q3 2023	Q4 2023	Q1 2024
Consolidated Revenues ($USD Millions)	$19.76	$23.12	$23.08
Net Earnings ($USD Millions)	$(0.77)	$3.06	$2.24
Diluted EPS ($USD)	$(0.26)	$1.03	$0.75
Loss Ratio (%)	69.9%	55.6%	61.0%
Expense Ratio (%)	36.5%	38.0%	37.9%
Combined Ratio (%)	106.4%	93.6%	98.9%

Year-over-year (Q1 vs Q1)

Metric	Q1 2023	Q1 2024
Consolidated Revenues ($USD Millions)	$19.62	$23.08
Net Earnings ($USD Millions)	$1.58	$2.24
Diluted EPS ($USD)	$0.53	$0.75
Loss Ratio (%)	62.1%	61.0%
Expense Ratio (%)	35.7%	37.9%
Combined Ratio (%)	97.8%	98.9%

KPIs and balance sheet

KPI	Q3 2023	Q4 2023	Q1 2024
Direct Premiums Written ($USD Millions)	$24.50	$24.09	$23.74
Net Premiums Earned ($USD Millions)	$19.23	$20.19	$20.22
Net Investment Income ($USD Millions)	$1.34	$1.38	$1.44
Net Unrealized Gains/Losses ($USD Millions)	$(1.06)	$1.07	$1.27
Book Value per Share ($USD)	$18.98	$21.35	$21.88
Total Assets ($USD Millions)	$209.03	$211.07	$216.43
Total Equity ($USD Millions)	$59.59	$67.03	$68.69

Notes:

Sequential revenue was stable (Q4 $23.12M vs Q1 $23.08M) while EPS declined sequentially given higher combined ratio; YoY revenue and EPS increased meaningfully .

Guidance Changes

No formal quantitative guidance was issued in Q1 2024. Management reiterated confidence in underwriting approach and market expansion.

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2024	None disclosed	None disclosed	Maintained (no formal guidance)
Combined Ratio	FY 2024	None disclosed	None disclosed	Maintained (no formal guidance)
Expense Ratio	FY 2024	None disclosed	None disclosed	Maintained (no formal guidance)
Tax Rate	FY 2024	None disclosed	None disclosed	Maintained (no formal guidance)
Investment Income	FY 2024	None disclosed	Positioning for higher-rate fixed maturities; increased cash for Q2 deployment	Qualitative positive bias
Market Expansion	FY 2024	Entering new states (foreshadowed Q4)	“Anticipate very healthy results… as we enter new markets and states”	Reinforced (qualitative)

Earnings Call Themes & Trends

No Q1 2024 earnings call transcript was available; themes below draw from management commentary in the Q1, Q4, and Q3 earnings releases.

Topic	Previous Mentions (Q-2: Q3 2023; Q-1: Q4 2023)	Current Period (Q1 2024)	Trend
Underwriting/Rate Actions	Elevated liquor liability and fire claims; multiple underwriting procedures (AZ, MO) to address; rate strengthening improved losses YoY	Pricing discipline; earned premiums +13.6% YoY; loss ratio improved YoY	Improving underwriting results YoY; sequential moderation vs very strong Q4
Expense Inflation	Commission and salary pressures lifted expense ratio (36.5% in Q3; 38.0% in Q4)	Expense ratio 37.9%; commission increases and slight salary uptick on headcount	Persistent pressure; disciplined growth aims to offset
Investment Portfolio Strategy	Conservative approach; increased reinvestment rates, reduction in equities drove realized gains; markets trimmed some unrealized gains in Q3	Realigned to higher-rate fixed maturities; increased cash to deploy in Q2; positive cash flow supports conservative duration	Positioning for yield capture; supportive of NII
Market Expansion	Optimism entering new states to enhance premium growth in 2024	Entering new markets/states with proven underwriting approach; positive outlook	Ongoing expansion strategy
Claims/Reserve Development	Prior year accident development (Liquor Liability, BOP liability) impacted Q4; elevated liquor liability claims in Q3	Losses up with premium growth but loss ratio improved YoY; no specific adverse development flagged	Stabilizing vs 2023 headwinds

Management Commentary

“Our core insurance business remains strong as we start 2024. We have maintained pricing discipline and increased earned premiums by 13.6% year over year… The premium distribution continues to be balanced, with direct writings increasing by double digit percentages in over half the states in which we currently write.” — Arron Sutherland, President & CEO .
“We have worked with our investment partners to realign our investments to maintain higher rate fixed maturity securities… increased cash and cash equivalents in order to purchase additional invested assets in the second quarter… position the portfolio duration conservatively and appropriately.” .
“We are pleased to see another unusually strong first quarter. We anticipate very healthy results this year as we enter new markets and states with our proven underwriting approach.” .
Prior quarter color: “Underwriting measures shared in the Q3 Earnings Release have taken hold… lower overall loss and settlement expense ratio… inflationary pressures on operating expenses continued…” (Q4 2023) .

Q&A Highlights

No analyst Q&A available; ICCH did not furnish a Q1 2024 earnings call transcript in the document catalog, and only the earnings release was provided .

Estimates Context

S&P Global consensus estimates for ICCH Q1 2024 were unavailable at time of retrieval (missing CIQ mapping), so no EPS or revenue comparisons to Street can be provided.
Implication: With no published consensus, estimate revisions and beat/miss dynamics cannot be assessed for Q1.

Key Takeaways for Investors

Premium and earnings momentum: Strong YoY growth in consolidated revenue (+17.6%) and diluted EPS ($0.75 vs $0.53) with improved loss ratio; supports confidence in underwriting trajectory .
Sequential moderation: Combined ratio rose to 98.9% vs 93.6% in Q4, driven by expense ratio and higher losses versus a particularly strong Q4 baseline — watch near-term margin cadence .
Investment tailwind intact: Net investment income +19.1% YoY; portfolio repositioned to higher-rate fixed maturities with cash on hand to deploy in Q2 — a supportive lever to earnings .
Reinsurance and commissions: Higher reinsurance cessions and commission-driven expenses signal cost pressure as growth scales; monitor brokerage mix and ceding strategies for margin impact .
Expansion strategy: Management’s confident tone on entering new states and markets suggests continued premium growth; execution quality will be key to sustaining loss ratio gains .
Balance sheet strengthening: Book value per share increased to $21.88; equity rose to $68.69M; asset base expanded to $216.43M — financial flexibility improving .
Trading lens: With no Street consensus, narrative catalysts are underwriting discipline, margin trajectory, and NII; near-term stock moves likely tied to combined ratio trends and any subsequent disclosures on growth/geography or claims development .

Additional Documents Reviewed

Q4 2023 earnings release (8‑K 2.02) for sequential and prior-year context .
Q3 2023 earnings release (8‑K 2.02) for trend analysis, including loss drivers and early underwriting actions .
Company press release of Q1 2024 results with identical financials and commentary to the 8‑K exhibit .

ICC Holdings, Inc. (ICCH)·Q1 2024 Earnings Summary