ICC Holdings Comments on Stilwell Group’s Rejection of Settlement Offer

ICC Holdings, Inc. (NASDAQ: ICCH) (the “Company”), parent company of Illinois Casualty Company, a regional, multi-line property and casualty insurance company focusing exclusively on the food and beverage industry, today announced that the Stilwell Group (“Stilwell”) rejected an offer by the Company to add its principal and director nominee, Joseph Stilwell, to the ICC Holdings Board of Directors (the “Board”) and expand the Board to 10 members. ICC Holdings made this offer in an attempt to avoid the costs and distractions associated with a proxy contest. The Company remains confident the current Board has the right mix of skills and experience to deliver shareholder value.

In addition to appointing him to the Board, the Company’s offer included adding Mr. Stilwell to the Board’s Investment Committee and having that committee conduct a review of the Company’s investment portfolio fees and costs, per Mr. Stilwell’s request. The Board will still carry out this review, which is part of its regular oversight responsibilities.

The Board commented:

“We are disappointed that Mr. Stilwell has rejected our proposal – especially because it provides the very outcome he is campaigning for: a seat on the ICC Holdings Board. We believe it is in the best interests of all shareholders to avoid a costly and distracting proxy fight, yet Mr. Stilwell has refused to engage around a resolution that does not fully commit to his demands. This lack of willingness to engage in good-faith negotiations raises serious questions about Mr. Stilwell’s objectives and the seemingly self-interested nature of his actions. 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.”

ICC Holdings encourages shareholders to protect their investment by voting online, by phone or by mail, FOR current directors James R. Dingman, John R. Klockau, and Gerald J. Pepping using the WHITE proxy card.

If you have any questions or need further assistance, please contact our proxy solicitor, Alliance Advisors, toll-free at 888-991-1293 or by email at [e-mail].

ABOUT ICC HOLDINGS, INC.

ICC Holdings, Inc. is a vertically integrated company created to facilitate the growth, expansion, and diversification of its subsidiaries to maximize value to its stakeholders. The group of companies consolidated under ICC Holdings, Inc. engages in diverse, yet complementary business activities, including property and casualty insurance, real estate, and information technology.