Amerisafe Inc (NASDAQ: AMSF)

AMERISAFE, Inc. is a specialty provider of workers compensation insurance for small to mid sized employers operating in hazardous industries such as construction trucking logging and lumber agriculture services manufacturing and maritime. The company offers coverage under state and federal workers compensation laws that require employers to provide wage replacement and medical care benefits to employees injured on the job. AMERISAFE, Inc. underwrites policies that pay benefits for temporary or permanent disability death and medical and hospital expenses as prescribed by law. The firm began operations in 1986 and has built expertise in underwriting the complex and often severe claims typical of hazardous work environments.

AMERISAFE, Inc. generates revenue primarily by collecting premiums from the workers compensation policies it writes for voluntary business policyholders. The company also assumes premiums from mandatory pooling arrangements in states where it participates in residual market programs and historically collected premiums from assigned risk business before 2023. In addition to premium income the firm earns investment income on its invested assets which supports overall profitability. Premiums are determined based on payroll reports job classifications and applicable loss cost multipliers approved by state regulators.

AMERISAFE, Inc. occupies a niche position in the workers compensation insurance industry by concentrating on hazardous industries that many larger insurers avoid due to perceived risk and lower premium sizes. The company’s competitive advantages include its deep expertise in underwriting hazardous risks its focus on small to mid sized employers its knowledgeable and dedicated workforce its specialized underwriting tools its comprehensive safety services its proactive claims management and its efficient operating platform reflected in an expense ratio of 30.4 percent in 2025. AMERISAFE, Inc. holds an A. M. Best rating of A (Excellent) which supports its financial strength and underwriting credibility. While the overall workers compensation market is highly competitive the firm faces fragmented competition from other insurers state pools and self insurance funds but believes its specialized approach allows it to maintain attractive returns on equity.

AMERISAFE, Inc. serves a diverse base of small to mid sized employers engaged in hazardous industries across the states where it is licensed. As of December 31 2025 the company had more than 10 200 voluntary business policyholders and its ten largest voluntary accounts represented just 2.1 percent of in force premiums. The voluntary business policy renewal rate was 93.1 percent in 2025 indicating strong retention among its core customers. In addition to voluntary policies the company assumes premiums from mandatory pooling arrangements in several states to fulfill residual market obligations. The filing does not disclose individual customer names so the customer base is described by employer type and industry rather than specific firm names.