AMERISAFE (AMSF) Investor presentation summary

Business overview and market position

• Operates as a specialty provider of workers' compensation insurance for small to mid-sized employers in high-hazard industries, with a 40-year operating history.

• Active in 27 states, with premium concentration in Florida (16.3%), Georgia (9.4%), and Pennsylvania (7.3%).

• Focuses on high-hazard sectors, with 82% of premiums from high-hazard groups versus 50% industry average.

• Construction is the largest industry segment, accounting for 47.5% of 2025 premiums.

• Faces less competition in smaller policy sizes, with 68% of policies from small competitors but only 31.4% of premiums.

Underwriting, claims, and safety expertise

• Maintains a high-hazard niche focus, with rates over three times the national average and less impact from soft market cycles.

• Employs industry-specific risk analysis and ties underwriter bonuses to profitability.

• Field Safety Professionals conduct pre-quote safety inspections on over 93% of new accounts.

• Intensive claims management with low case loads and focus on timely resolution.

• Achieved an average combined ratio of 86.3% from 2006–2025, consistently outperforming industry averages.

Financial performance and capital management

• Gross premiums written in 2025 totaled $313.9M, with a market cap of $631M as of March 2026.

• Returned $991M of excess capital to shareholders since 2013 through dividends and buybacks.

• Regular dividend increased for 14 consecutive years; $60.7M returned in 2025 via $29.7M regular dividends, $18.9M special dividends, and $12.1M buybacks.

• Book value per share plus capital returned grew at an 11.7% CAGR from 2005 to 2025.

• Maintains an average pre-tax operating ROE of 21% from 2006–2025, with a 15% sector target.