AMERISAFE (AMSF) Investor presentation summary

Business overview

• Operates as a specialty provider of workers' compensation insurance for small to mid-sized employers in high-hazard industries, with a 39-year operating history.

• Active in 27 states, with premium concentration in Florida (14.7%), Georgia (10.3%), and Louisiana (6.0%).

• Focuses on high-hazard sectors, with 85% of premiums from hazard groups E-G, compared to 49% industry average.

• Major industry exposures include construction (47.1%), trucking (11.9%), and logging & lumber (8.7%).

• Customer base is fragmented, with 79.2% of policies from small competitors but 44.5% of premiums.

Financial performance and capital management

• Achieved an average combined ratio of 86.0% and ROE of 16.0% from 2006–2024.

• Returned $90.6M of capital in 2024, including $57.3M in special dividends, $28.2M in regular dividends, and $5.1M in share buybacks.

• $929M of capital returned to shareholders since 2013 through dividends and buybacks.

• Book value per share plus capital returned grew at a 12.0% CAGR from 2005 to 2024.

• Maintains an A (Excellent) rating from A.M. Best and targets top-quartile ROE in its sector.

Underwriting and claims management

• Underwriting expertise supported by industry-specific risk analysis and disciplined pricing.

• Field Safety Professionals conduct pre-quotation safety inspections on over 92% of new accounts.

• Field Case Managers handle fewer than 45 claims each, focusing on timely resolution.

• Over $486M in favorable reserve development over the last 10 years.

• Consistently outperforms industry combined ratio by 9.8 points over the last decade.