AMERISAFE INC

AMERISAFE, Inc. (NASDAQ: AMSF) is a specialty workers' compensation insurance provider focused on small to mid-sized employers engaged in hazardous industries. Founded in 1986 and headquartered in the United States, the company operates through three insurance subsidiaries: American Interstate Insurance Company and Silver Oak Casualty, Inc., both domiciled in Nebraska, and American Interstate Insurance Company of Texas, domiciled in Texas. All three subsidiaries maintain an A.M. Best rating of "A" (Excellent).

The company's core business centers on underwriting and administering workers' compensation insurance for employers in construction, trucking, logging and lumber, agriculture, services, manufacturing, maritime, and other high-hazard industries. In 2025, voluntary business represented 97.2% of gross premiums written, with construction accounting for 47.5% of total premiums, followed by trucking at 12.1% and logging and lumber at 8.3%. The company also assumes reinsurance premiums from mandatory pooling arrangements representing 2.8% of gross premiums written.

AMERISAFE operates on a geographically diverse basis across 47 states, the District of Columbia, and the U.S. Virgin Islands, with no single state representing more than 16.3% of gross premiums written. As of December 31, 2025, the company served more than 10,200 voluntary business policyholders through approximately 1,400 independent agencies and its wholly-owned insurance agency subsidiary, Amerisafe General Agency.

The company's competitive advantages include specialized underwriting expertise developed over four decades, comprehensive on-site safety services provided by field safety professionals, proactive in-house claims management with field case managers averaging 51 open indemnity claims each, and an efficient operating platform with a 30.4% expense ratio in 2025. The company manages its investment portfolio internally with a carrying value of $796.8 million as of December 31, 2025. AMERISAFE maintains disciplined underwriting practices, achieving a 93.1% policy renewal rate on voluntary business in 2025, and does not delegate underwriting authority to third parties.