Amerisafe Inc
NASDAQ:AMSF
Amerisafe Inc
AMERISAFE, Inc. is a holding company, which engages the provision of workers' compensation insurance focuses on small to mid-sized employers. The company is headquartered in Deridder, Louisiana and currently employs 371 full-time employees. The company went IPO on 2005-11-18. The firm is focused on the small to mid-sized employers engaged in hazardous industries, construction, trucking, logging and lumber, agriculture, manufacturing, telecommunications and maritime. Construction Includes highway and bridge construction, building and maintenance of pipeline and powerline networks, excavation, commercial construction, roofing, iron and steel erection, tower erection and other specialized construction operations. Trucking Includes contract haulers, regional and local freight carriers, special equipment transporters and other trucking companies. Logging and Lumber Includes tree harvesting, tree trimming, sawmills, and other operations associated with lumber and wood products. Its workers compensation insurance policies provide benefits to injured employees for, among other things, temporary or permanent disability, death and medical and hospital expenses.
AMERISAFE, Inc. is a holding company, which engages the provision of workers' compensation insurance focuses on small to mid-sized employers. The company is headquartered in Deridder, Louisiana and currently employs 371 full-time employees. The company went IPO on 2005-11-18. The firm is focused on the small to mid-sized employers engaged in hazardous industries, construction, trucking, logging and lumber, agriculture, manufacturing, telecommunications and maritime. Construction Includes highway and bridge construction, building and maintenance of pipeline and powerline networks, excavation, commercial construction, roofing, iron and steel erection, tower erection and other specialized construction operations. Trucking Includes contract haulers, regional and local freight carriers, special equipment transporters and other trucking companies. Logging and Lumber Includes tree harvesting, tree trimming, sawmills, and other operations associated with lumber and wood products. Its workers compensation insurance policies provide benefits to injured employees for, among other things, temporary or permanent disability, death and medical and hospital expenses.
Strong Profitability: AMERISAFE closed 2025 with a robust return on equity of 18.5% and a combined ratio of 91.3%, demonstrating solid underwriting discipline in a challenging environment.
Premium Growth: Gross premiums written grew 11.7% in Q4 and 6.7% for the year, with voluntary premium up 10.5% in the quarter and 10.2% for the year, marking seven consecutive quarters of top line growth.
Claims Severity: The number of large claims (over $1 million) rose to 25 in 2025 from 18 in 2024, contributing to an increased current accident year loss ratio of 72%.
Retention & Policy Growth: Policy renewal retention was strong at 93.7% for the quarter, helping drive a 10.2% increase in in-force policy count for the year.
Investment Income: Net investment income increased 2.5% in Q4 to $7.1 million, but declined 7.6% for the full year, reflecting yield improvements in the quarter.
Outlook: Management indicated ongoing pressure on loss ratios from claim severity and rate declines, and expects to maintain a 72% loss ratio assumption for 2026 due to these trends.
