ICC Holdings, Inc. ICCH

Competitive advantage analysis · financial-services

Insurance & Reinsurance
Overall moat score
54/100
Moderate

Ranked against 18 peers in Insurance - Specialty

Key strengths

  • Strong Premium Pricing Margins Premium margin signal is strong (score 0.78), with operating margin at 65.0% vs peers — indicating pricing authority.
  • Lean Expense Ratio vs Peers Expense efficiency is strong (score 0.71), with operating margin at 65.0% vs peers.

Key risks

  • Volatile Underwriting Results Underwriting stability is low (score 0.12), indicating significant exposure to loss cycle or catastrophe volatility.
  • Below-Peer Return on Equity ROE signal is weak (score 0.12), with ROE at 6.7% trailing peers — raising capital efficiency concerns.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Underwriting Discipline

Developing
38
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Signals, strengths and risks for Underwriting Discipline

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Signals, strengths and risks for Float Investment Quality

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Signals, strengths and risks for Pricing Power

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Signals, strengths and risks for Capital Strength & Solvency

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Signals, strengths and risks for Operational Efficiency

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Signals, strengths and risks for Scale & Diversification

Where ICCH ranks in Insurance - Specialty

ICC Holdings, Inc. ranks #9 of 19 scored companies in Insurance - Specialty by moat score — the top 47%. The widest moat in the group is NMI Holdings Inc (NMIH) at 78/100.

# Company Moat score Rating
5 Enact Holdings, Inc. ACT 69/100 Moderate
6 Axis Capital Holdings Limited AXS 67/100 Moderate
7 Ryan Specialty Holdings, Inc. RYAN 67/100 Moderate
8 Assured Guaranty Ltd. AGO 66/100 Moderate
9 ICC Holdings, Inc. ICCH 54/100 Moderate
10 First American Corporation (New FAF 49/100 Developing
11 Essent Group Ltd. ESNT 48/100 Developing
12 Investors Title Company ITIC 45/100 Developing
13 FNF Group of Fidelity National FNF 38/100 Developing

See every Insurance & Reinsurance company ranked by moat score →

How ICCH scores on the Insurance & Reinsurance defenses

Underwriting Discipline

Score 38 · 25% of the moat score

Underwriting discipline is the core insurance moat, and it consists mostly of the willingness to lose business.

Float Investment Quality

Score 54 · 20% of the moat score

Float is the money an insurer holds between collecting premiums and paying claims — capital it invests but does not own.

Pricing Power

Score 74 · 18% of the moat score

For an insurer, pricing power is the ability to push rate ahead of claims inflation and keep the policyholders anyway.

Capital Strength & Solvency

Score 40 · 17% of the moat score

Capital is what lets an insurer credibly promise to pay a claim that has not happened yet, and it is scrutinised by regulators and rating agencies alike.

Operational Efficiency

Score 88 · 12% of the moat score

The expense ratio — what it costs to acquire and administer a policy — is the half of the combined ratio management fully controls.

Scale & Diversification

Score 43 · 8% of the moat score

Diversification is a real economic advantage in insurance rather than a portfolio preference: risks spread across perils, geographies and lines are less likely to arrive at once, so the same capital supports more premium.

How each Insurance & Reinsurance defense is measured, in full →

Understanding ICCH's moat

What is ICC Holdings, Inc.'s moat score?

ICC Holdings, Inc. (ICCH) scores 54 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #9 of 19 scored companies in Insurance - Specialty, the top 47%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 18 companies in Insurance - Specialty. Its strongest defense is Operational Efficiency (88/100) and its weakest is Underwriting Discipline (38/100).

How does ICC Holdings, Inc. compare with other Insurance - Specialty companies?

ICC Holdings, Inc. ranks #9 of 19 scored companies in Insurance - Specialty by moat score. The widest moat in Insurance - Specialty is NMI Holdings Inc (NMIH) at 78/100. The companies ranked closest are Assured Guaranty Ltd. (AGO) at 66 just above it and First American Corporation (New (FAF) at 49 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Insurance & Reinsurance in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 18 companies in Insurance - Specialty. The defenses are then weighted to produce the overall score out of 100.

Why is ICC Holdings, Inc. scored with the Insurance & Reinsurance template?

An insurer is paid before it knows what its product cost, and invests the money in the meantime. Profit therefore comes from two sources that must both work: pricing risk better than rivals, and earning a return on the float those premiums create. The Insurance template scores that pair, along with the capital that lets a company survive the year in which the losses arrive together.

Which competitive defenses are measured for ICC Holdings, Inc.?

The Insurance & Reinsurance template measures 6 defenses, and ICCH scores: Underwriting Discipline (38), Float Investment Quality (54), Pricing Power (74), Capital Strength & Solvency (40), Operational Efficiency (88), Scale & Diversification (43). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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