AMERISAFE, Inc.

Company identity

• Specialty workers’ compensation insurer focused on small to mid-sized employers in hazardous industries.
• Target industries: construction, trucking, logging and lumber, agriculture, services, manufacturing, maritime, and other high-hazard operations.
• Structure: Insurance holding company with three insurance subsidiaries—AIIC and SOCI (Nebraska), AIICTX (Texas). All subsidiaries carry an A.M. Best rating of “A” (Excellent).

Business model and services

• Underwrites workers’ compensation insurance for hazardous industries under applicable state and federal laws.
• Proactive services to reduce injuries and costs:
  • On-site safety services (pre-quotation safety inspections, periodic safety surveys, field safety professionals).
  • In-house claims management focused on rapid return-to-work and use of medical providers and specialists.
  • Premium audits to verify payroll and classifications; deposit requirements at policy inception.

Pricing and underwriting

• Rates are primarily based on state loss costs (NCCI-based) with approved loss cost multipliers; adjustable within regulatory limits.
• Underwriting discipline: business limited to targeted hazardous industries; no underwriting authority delegated to agencies or marketers.

Capital and risk management

• Reinsurance program to limit net liability, including a four-layer 2026 excess-of-loss treaty (up to $100 million; retention $2 million per loss occurrence), with a terrorism coverage layer and aggregate limits.
• Investment portfolio maintained to support liquidity and surplus; mix of fixed maturities, equities, short-term investments, and cash equivalents.

Regulatory environment

• Regulated by state insurance departments (Nebraska for AIIC/SOCI; Texas for AIICTX) with standards for solvency, investments, rates, reserves, and dividends.
• Participates in residual/mandatory pooling programs in multiple states; manages second-injury funds and related assessments.

Information technology and operations

• Uses IT systems (GEAUX, ICAMS, data warehouse) for underwriting, billing, claims, and audits.
• Ongoing investments in systems and cyber risk management.

Market presence and distribution

• Licensed to write workers’ compensation in 47 states, the District of Columbia, and the U.S. Virgin Islands.
• Distribution: independent agencies and Amerisafe General Agency (licensed in 32 states).
• Scale (as of 12/31/2025):
  • Voluntary business policyholders: more than 10,200.
  • Independent agencies: ~1,400; 99.0% of voluntary in-force premiums placed through independent agencies; no single agency >2.0% of voluntary in-force premiums.
  • Ten largest voluntary policyholders accounted for 2.1% of in-force premiums (2025).
• Renewal performance on voluntary business quoted for renewal: 93.1% (2025); 94.2% (2024); 94.1% (2023).

2025 financial and operating highlights (selected)

• Gross premiums written (year ended 12/31/2025): $313.864 million
  • Voluntary business: $305.042 million
  • Assumed premiums: $8.850 million
  • Assigned risk: $(0.028) million
• Net investment income (2025): $27.0 million
• Investment portfolio (carrying value as of 12/31/2025): $796.8 million; fair value: $791.3 million
• Investment portfolio composition (carrying value as of 12/31/2025):
  • Fixed maturity securities (held-to-maturity): $350.1 million (43.8%); average effective yield 3.4%
  • Fixed maturity securities (available-for-sale): $313.0 million (39.4%); average yield 4.2%
  • Equity securities: $57.5 million (7.2%); fair value changes recognized in net income
  • Short-term investments: $14.2 million
  • Cash and cash equivalents: $61.9 million
• Best estimate of ultimate net liability for loss and LAE (as of 12/31/2025): $507.5 million (includes $13.7 million in reserves for mandatory pooling)
• Gross reserves for loss and LAE as of 12/31/2025: $613.6 million
  • Net unpaid loss, DCC, and AO reserves: $507.5 million
  • Reinsurance recoverables on unpaid loss and LAE: $(106.1) million
• Open claims (as of 12/31/2025): 4,096
  • Average unpaid loss and LAE per open claim: $149,800
  • Claims reported during 2025: 4,145; claims closed: 3,847
  • 2025 favorable development in prior accident years: $33.9 million
• Reinsurance recoverables from reinsurers (as of 12/31/2025): $108.1 million (net of a $0.264 million credit-loss allowance; $44.2 million unsecured). Top recoverables include Hannover Re, Arch Re, and Munich Re.
• Catastrophe and terrorism exposure and coverage:
  • 2026 treaty includes terrorism coverage with a $90 million annual aggregate limit; aggregate limit for all layers $180 million. Coverage is subject to treaty terms and regulatory requirements.

Principal operating offices

• DeRidder, Louisiana: ~60,000 sq. ft. office space; 3,200 sq. ft. warehouse
• AIIC and SOCI headquarters: Omaha, Nebraska (~3,500 sq. ft.)
• AIICTX headquarters: leased space in Texas

Top-line drivers and risks

• Revenue driven by gross premiums written in targeted industries.
• Investment income supports profitability and capital.
• Loss reserves are based on actuarial modeling and include inherent uncertainties.
• Reinsurance and collateral arrangements mitigate exposure but introduce counterparty credit risk.
• Regulation and residual market programs affect market participation and profitability.

Employees and leadership

• Executive officers (as of Feb 27, 2026):
  • G. Janelle Frost — President, CEO, interim Principal Financial Officer
  • Vincent J. Gagliano — Executive Vice President, Chief Risk Officer
  • Kathryn H. Shirley — Executive Vice President, Chief Administrative Officer, Secretary
  • Raymond F. (Ray) Wise, Jr. — Executive Vice President, Chief Sales Officer
• Additional named key employees: Chad Cobb; Ryan Fletcher; Nancy Hunt; Chris Lestage; Angela Pearson

Notes

• Figures are drawn from the company’s 2025 annual report (Form 10-K) and reflect data as of December 31, 2025, unless otherwise stated.