Financial Performance - Gross premiums written for Q3 2021 were $67.185 million, a decrease of 7.4% from $72.648 million in Q3 2020[16] - Net premiums earned for the nine months ended September 30, 2021, were $208.260 million, down 9.4% from $229.725 million for the same period in 2020[16] - Total revenues for Q3 2021 were $73.045 million, a decrease of 12.0% from $83.005 million in Q3 2020[16] - Net income for Q3 2021 was $19.136 million, down 18.5% from $23.353 million in Q3 2020[16] - Earnings per share for Q3 2021 were $0.99, compared to $1.21 for Q3 2020, reflecting a decrease of 18.5%[16] - Net income for the nine months ended September 30, 2021, was $62,215, compared to $58,101 for the same period in 2020, reflecting an increase of about 3.6%[24] - The company reported comprehensive income of $56,182 for the nine months ended September 30, 2021, down from $65,802 in the same period of 2020, indicating a decrease of approximately 14.9%[24] - The net combined ratio for Q3 2021 was 71.5%, improving from 72.8% in Q3 2020[108] - The net loss ratio was 48.8% in the first nine months of 2021, down from 52.7% for the same period in 2020[122] Investment Income - Net investment income for Q3 2021 was $6.049 million, a decline of 14.4% compared to $7.063 million in Q3 2020[16] - The pre-tax investment yield on the investment portfolio for Q3 2021 was 2.1% per annum, down from 2.3% per annum in Q3 2020[111] - The company reported net cash provided by investing activities of $48.904 million for the nine months ended September 30, 2021, a significant increase from $9.406 million in the same period of 2020[26] Shareholder Equity and Dividends - Shareholders' equity increased to $480.156 million as of September 30, 2021, compared to $438.816 million at the end of 2020[13] - Cash dividends declared per common share increased to $0.29 in Q3 2021 from $0.27 in Q3 2020[16] - Dividends to shareholders for the nine months ended September 30, 2021, amounted to $16,837, an increase from $15,650 in the same period of 2020, representing an increase of approximately 7.6%[24] Assets and Reserves - Total assets as of September 30, 2021, were $1.479 billion, a slight increase from $1.471 billion at the end of 2020[11] - Reserves for loss and loss adjustment expenses decreased to $720.789 million from $760.561 million year-over-year[12] - The net balance for unpaid loss and loss adjustment expenses at the end of the period was $720.8 million, a decrease from $759.9 million at the end of September 30, 2020[71] Share Repurchase Program - The company has not repurchased any shares under its share repurchase program in the nine months ended September 30, 2021, maintaining the limit of $25.0 million[97] - No shares were repurchased during the three months ended September 30, 2021 and 2020, indicating a pause in the buyback program[146] - As of September 30, 2021, the company repurchased a total of 1,258,250 shares for $22.4 million, with $25.0 million available for future purchases[146] Cash and Cash Equivalents - Total cash and cash equivalents at the end of the period increased to $123.128 million from $88.168 million year-over-year, marking a growth of 39.7%[26] - As of September 30, 2021, total cash and cash equivalents were reported at $123,128,000, compared to $61,757,000 as of December 31, 2020, an increase of 99%[96] Other Financial Metrics - The company recorded a provision for credit loss benefit of $60,000 for the three months ended September 30, 2021, compared to a benefit of $9,000 for the same period in 2020[74] - The company experienced favorable development of net reserves, reducing loss and loss adjustment expenses incurred by $48.3 million in 2021[71] - The company recorded favorable prior accident year development of $48.3 million in the first nine months of 2021, compared to $45.6 million in the same period of 2020[133]

Financial Data and Key Metrics Changes - AMERISAFE reported net income of $23.8 million or $1.23 per diluted share, compared to $23.9 million or $1.24 per diluted share in the same quarter last year [11] - Operating net income increased to $20.2 million or $1.04 per share, an increase of $0.04 from the second quarter of 2020 [11] - Revenues decreased to $81.2 million from $89.1 million in the second quarter of 2020 [11] - Net premiums earned decreased by 8% to $69.9 million compared to the previous year [11] - Total underwriting and other expenses were $18.5 million, down from $21.1 million in the second quarter of 2020, leading to an expense ratio of 26.4% compared to 27.8% last year [14] Business Line Data and Key Metrics Changes - The combined ratio for the quarter was 74.4%, attributed to favorable case development from accident years 2019 and prior [6] - Policy count remained flat, with premium for policies written down 8.9% and average loss cost down 6.5% [7] - Renewal retention was strong at 93.9%, compared to 93.7% in the same quarter last year [31] Market Data and Key Metrics Changes - The workers' compensation market saw no substantial changes, with approved loss cost decreases averaging in mid-single digits [6] - Audit premium remained positive despite the full impact of the COVID-19 pandemic on the audited policy period [7] - Frequency for the current accident year returned to pre-pandemic levels, while severity remained within expectations [9] Company Strategy and Development Direction - The company is focused on maintaining competitiveness and discipline in underwriting, with a long-term approach to underwriting discipline and claims management [6] - Management remains optimistic about the potential benefits from the infrastructure bill, which includes significant funding for roads, bridges, and broadband [19] - The company aims to manage capital towards a target operating leverage ratio of 1.1x, currently at 0.62x [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the vaccination rollout and its potential positive impact on the economy, despite concerns about the Delta variant [20] - The company noted that while there are delays in the supply chain, capital expenditures are ready to be funded [30] - Management acknowledged the potential for wage inflation, with a payroll increase of about 2.9%, primarily driven by wage inflation [29] Other Important Information - The investment portfolio has a high quality with an average AA minus credit rating and a duration of 3.67 [13] - The company paid a quarterly cash dividend of $0.29 per share, consistent with previous quarters [15] - Book value per share increased to $24.19, up 6.6% from $22.70 at year-end [15] Q&A Session Summary Question: Did you give the ELCM? - Janelle Frost confirmed the ELCM was 1.52 [17] Question: Can you talk about the prospects for new business? - Management remains optimistic about the economy due to vaccination rollouts and potential benefits from the infrastructure bill, although policy count did not grow in the second quarter [19][21] Question: Was this the first quarter that you drew from the 2019 accident year? - Yes, it was the first quarter that drew from 2019, with reported numbers showing deterioration in the workers' compensation industry [23][24] Question: How is renewal premium impacted by wage inflation? - Management noted a payroll increase of about 2.9%, with 80% attributed to wage inflation, and renewal retention remained strong [29][31] Question: How do you see the supply chain affecting future jobs? - Management is monitoring the supply chain closely, noting potential delays but also increased flow from the lumber industry [30]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-12251 AMERISAFE, INC. (Exact Name of Registrant as Specified in Its Charter) Texas 75-2069407 (State of Incorporation) (I.R.S. Employer ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-12251 AMERISAFE, INC. (Exact Name of Registrant as Specified in Its Charter) Texas 75-2069407 (State of Incorporation) (I.R.S. Employer Ident ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-12251 AMERISAFE, INC. (Exact Name of Registrant as Specified in Its Charter) Texas 75-2069407 (State of Incorporation) (I.R.S. Employer Iden ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-12251 AMERISAFE, INC. (Exact Name of Registrant as Specified in Its Charter) Texas 75-2069407 (State of Incorporation) (I.R.S. Employer Identific ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-12251 AMERISAFE, INC. (Exact Name of Registrant as Specified in Its Charter) Texas 75-2069407 (State of Incorporation) (I.R.S. Employer ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common AMSF NASDAQ FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2019 Commission File Number: 001-12251 AMERISAFE, INC. (Exact Name of Registrant as Specified in Its Charter) Texas 75-2069407 (State of Incorporation) (I.R.S. Employer Identification Number) 2301 Highway ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Emerging growth company ☐ Title of each class Trading Symbol(s) Name of each exchange on which registered Common AMSF NASDAQ FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2019 Commission File Number: 001-12251 AMERISAFE, INC. (Exact Name of Registrant as Specified in Its Charter) Texas 75-2069407 (State of Incorporation) (I.R.S. Employer Identific ...