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 MARCH 31, 2023 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 Regi ...

AMERISAFE, Inc. (NASDAQ:AMSF) Q4 2022 Earnings Conference Call February 21, 2023 11:00 AM ET Company Participants Kathryn Shirley - Chief Administrative Officer Janelle Frost - President and CEO Andy Omiridis - Chief Financial Officer Conference Call Participants Mark Hughes - Truist Securities Operator Good day, and welcome to the AMERISAFE 2022 Fourth Quarter Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Kathryn Shirley. Please go ...

Premium Rates and Business Performance - The average premium rate paid by construction employers for workers' compensation coverage was $4.21 per $100 of payroll in 2022[19]. - The company achieved a policy renewal rate of 93.8% for voluntary business in 2022, slightly down from 94.4% in 2020[22][35]. - As of December 31, 2022, the company had over 8,100 voluntary business policyholders with an average annual policy written premium of $29,620[35]. - Gross premiums written in 2022 totaled $276.1 million, a decrease from $303.1 million in 2020, representing a decline of 8.9%[40]. - The voluntary business segment accounted for 96.4% of total gross premiums written in 2022, with construction being the largest contributor at 44.8%[40]. - Florida represented 11.8% of gross premiums written in 2022, making it the highest state contributor, followed by Georgia at 11.0%[43]. - Direct premiums written for the workers' compensation insurance industry were $52 billion in 2021, making it the sixth-largest property and casualty insurance line in the U.S.[34]. Claims Management and Loss Reserves - The company utilizes intensive claims management practices, with an average of 47 open indemnity claims per field case manager as of December 31, 2022[26]. - The average number of open indemnity claims per field claims manager (FCM) was 47 as of December 31, 2022, significantly lower than the industry average[56]. - As of December 31, 2022, the company's net reserve for loss and loss adjustment expenses was estimated at $583.5 million, including $12.6 million for mandatory pooling arrangements[74]. - The gross case loss and DCC reserves decreased to $559.6 million in 2022 from $605.9 million in 2021, reflecting a reduction in overall claims[77]. - The total incurred losses for the current accident year in 2022 amounted to $192.9 million, while prior accident years incurred losses were $(40.6) million[82]. - The gross unpaid loss, DCC, and AO reserves totaled $696.0 million as of December 31, 2022, down from $745.3 million in 2021[83]. - The company reported 4,104 new claims and closed 4,423 claims during the year ended December 31, 2022[82]. Investment Portfolio and Financial Management - The carrying value of the investment portfolio, including cash and cash equivalents, was $950.5 million, while the fair value was $926.9 million as of December 31, 2022[90]. - The company’s investment policy aims to preserve capital and surplus while maximizing after-tax income and total return[90]. - The majority of fixed maturity securities are classified as "held-to-maturity," with changes in non-credit related unrecognized gains and losses not reflected until realized[93]. - The pre-tax investment yield for the twelve months ended December 31, 2022, was 2.7% per annum[95]. - The investment portfolio had gross unrealized gains of $13.9 million and gross unrealized losses of $43.0 million, resulting in a fair value of $851.3 million[98]. - The average composite rating of the investment portfolio, excluding equity holdings, was "AA-" as of December 31, 2022[102]. Reinsurance and Risk Management - The reinsurance treaty program provides coverage for each loss occurrence up to $100.0 million, with a retention of $2.0 million[108]. - The company has 24 reinsurers participating in the 2023 reinsurance program, with most rated "A" or better by A.M. Best[111]. - Total amounts recoverable from reinsurers as of December 31, 2022, is $126,049,000[113]. - The company has reinsurance protection providing coverage of up to $100 million for losses arising from acts of terrorism, effective through December 31, 2023[117]. - A downgrade in the A.M. Best rating of significant reinsurers could adversely affect the company's financial condition[198]. Employee and Organizational Structure - As of December 31, 2022, the company employed 354 full-time and 12 part-time employees, with an average employee tenure of 10.8 years[127]. - Approximately 63% of the workforce is female, and women represent 57% of the company's leadership[127]. - The company offers competitive compensation and benefits programs to attract and retain talented employees[122]. - The company has established a scholarship endowment for dependents of employees and community members, emphasizing its commitment to education[126]. Regulatory Environment and Market Conditions - The company is subject to extensive state and federal regulations, which may limit its ability to increase profitability through premium rate adjustments[190]. - The workers' compensation insurance industry is cyclical, leading to fluctuations in revenues and net income, which may increase stock price volatility[164]. - Changes in accounting standards could materially impact the company's financial results, particularly regarding revenues, expenses, and loss reserves[182]. - Legal and administrative proceedings could materially adversely affect the company's operations or results, particularly regarding claims related to workers' compensation insurance[195].

AMERISAFE, Inc. (NASDAQ:AMSF) Q3 2022 Earnings Conference Call October 27, 2022 10:30 AM ET Company Participants Kathryn Shirley - Chief Administrative Officer Janelle Frost - President and CEO Andy Omiridis - Chief Financial Officer Conference Call Participants Mark Hughes - Truist Matt Carletti - JMP Operator Good day. And welcome to the AMERISAFE 2022 Third Quarter Earnings Conference Call. Today’s conference is being recorded. At this time, I’d like to turn the conference over to Kathryn Shirley, Chief ...

AMERISAFE, Inc. (NASDAQ:AMSF) Q2 2022 Earnings Conference Call July 29, 2022 10:30 AM ET Company Participants Vincent Gagliano - Chief Risk Officer Janelle Frost - President and Chief Executive Officer Neal Fuller - Chief Financial Officer Conference Call Participants Matt Carletti - JMP Mark Hughes - Truist Operator Good day and welcome to the AMERISAFE 2022 Second Quarter Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. Vincent G ...

Financial Data and Key Metrics Changes - The combined ratio for the quarter was 80.1%, supported by strong policy retention and favorable prior year case development [6] - Net income for Q1 2022 was $17.3 million or $0.89 per diluted share, compared to $19.3 million or $0.99 per diluted share in Q1 2021 [10] - Operating net income increased by 8% to $15.9 million or $0.82 per share from the previous year [10] - Revenues decreased to $75.6 million from $83.4 million in the same quarter last year [10] - Net premiums earned decreased by 4.5% to $67.6 million compared to $70.7 million in Q1 2021 [11] - Total underwriting and other expenses were $15.1 million, down from $19 million in Q1 2021, leading to an expense ratio of 22.4% compared to 26.8% [14] Business Line Data and Key Metrics Changes - Premiums written in the quarter were down 4.6% from Q1 2021, with a policy count decrease of 1.1% [6][7] - Audit premium and related adjustments increased by $2.8 million in the quarter, a significant improvement from $300,000 in Q1 2021 [7] - The average loss cost declined by 8.2%, with the ELCM index remaining at 154 [6][7] Market Data and Key Metrics Changes - Wage inflation was identified as the primary driver of payroll increases, with a reported increase of 7.3% in Q1 2022 [19] - Employee count increased by 1.9% in Q1 2022, compared to 1.2% in the previous quarter [19] Company Strategy and Development Direction - The company is focused on maintaining discipline in pricing amidst a competitive marketplace, with carriers seeking market share in a declining rate environment [6][30] - The company has increased its allocation to corporate bonds, finding attractive opportunities while slightly decreasing its allocation to municipal bonds [13] Management's Comments on Operating Environment and Future Outlook - Management noted that the competitive environment remains steady, with no significant influx of new competitors [30] - The company expects positive net investment income growth in the latter half of the year, following a tough comparison in the next quarter [12] Other Important Information - The company repurchased shares totaling $2.1 million during the quarter, with $22.9 million remaining in its authorization [9][15] - The tax equivalent yield on the investment portfolio was 2.75% at the end of Q1 2022 [12] - Book value per share decreased slightly to $20.46 from $20.62 at year-end [16] Q&A Session Summary Question: Can you provide more detail on better-than-expected payrolls? - Management indicated payroll growth was up 7.3%, with significant contributions from services and construction sectors [19] Question: What is the comparison number for audit and adjustment premiums from last year? - Last year's second quarter audit and other premiums were $0.5 million [24] Question: What is the outlook for new money yield versus book yield? - New money rates have risen, and management is looking to invest longer due to attractive yields [26] Question: How is the competitive environment for signing new customers? - The competitive market remains steady, with no significant changes in the ability to sign new customers [30] Question: Can you provide context on claim frequency compared to pre-COVID levels? - Claim frequency is down compared to pre-COVID levels, with reported claims in Q1 2021 being less than 1,000 [36]