AMERISAFE第二季淨保費收入增11.4% 每股盈利0.79美元

10-Q
 
 
 
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

  
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 10-Q
 
 

 
 
 
 
 

 
 ☒

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

  
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026
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 Registrant as Specified in Its Charter)
 
 

 
 
 
 
 
 

 
 Texas

 

 75-2069407

 

 
 (State of Incorporation)

 

 (I.R.S. Employer Identification Number)

 

 
  

  

  

 

 
 2301 Highway 190 West, DeRidder, Louisiana

 

 70634

 

 
 (Address of Principal Executive Offices)

 

 (Zip Code)

 

  
Registrant’s telephone number, including area code: (337) 463-9052
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
 

 
 
 
 
 
 
 
 

 
 Title of each class

  

 Trading Symbol(s)

  

 Name of each exchange on which registered

 

 
 Common stock, par value $0.01 per share

  

 AMSF

  

 NASDAQ

 

  
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 

 
 
 
 
 
 
 
 
 
 

 
 Large accelerated filer

 

 ☒

 

 Accelerated filer

 

 ☐

 

 
 Non-accelerated filer

 

 ☐ 

 

 Smaller reporting company

 

 ☐

 

 
  

  

  

  

 Emerging growth company

 

 ☐

 

  
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 17, 2026, there were 18,536,058 shares of the Registrant’s common stock, par value $0.01 per share, outstanding.
 

  

 
  

 TABLE OF CONTENTS
 

 
 
 
 
 
 
 

 
  

  

  

 Page

 

 
  

  

  

 No.

 

 
 

 

 

 

 

 
 FORWARD-LOOKING STATEMENTS

 3

 

 
 

 

 

 

 

 
 PART I - FINANCIAL INFORMATION

 

 

 
 

 

 

 

 

 
 Item 1

 

 Financial Statements

 5

 

 
 

 

 

  

 

 
 Item 2

 

 Management’s Discussion and Analysis of Financial Condition and Results of Operations

 25

 

 
 

 

 

  

 

 
 Item 3

 

 Quantitative and Qualitative Disclosures About Market Risk

 31

 

 
 

 

 

  

 

 
 Item 4

 

 Controls and Procedures

 31

 

 
 

 

 

 

 

 
 PART II - OTHER INFORMATION

  

 

 
 

 

 

 

 

 
 Item 2

 

 Unregistered Sales of Equity Securities and Use of Proceeds

 32

 

 
  

  

  

  

 

 
 Item 5

 

 Other Information

 32

 

 
  

  

  

  

 

 
 Item 6

 

 Exhibits

 33

 

  

 2

 
  

 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934. Forward-looking statements are all statements other than statements of historical facts. You should not place undue reliance on these statements. These forward-looking statements include statements that reflect the current views of our senior management with respect to our financial performance and future events with respect to our business and the insurance industry in general. Statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “could,” “to be,” “anticipate,” “strive,” and similar statements of a future or forward-looking nature identify forward-looking statements. 
Forward-looking statements address matters that involve risks and uncertainties. Forward-looking statements are not guarantees of future performance. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those expressed or implied in these statements. We believe that these factors include, but are not limited to, the following: 
•the cyclical nature of the workers’ compensation insurance industry;

•increased competition on the basis of types of insurance offered, premium rates, coverage availability, payment terms, claims management, safety services, policy terms, overall financial strength, financial ratings and reputation;

•changes in relationships with independent agencies (including retail and wholesale brokers and agents);

•general economic conditions, including recession, inflation, performance of financial markets, interest rates, unemployment rates, fluctuating asset values and global health pandemics;

•developments in capital markets that adversely affect the performance of our investments;

•technology breaches or failures, including those resulting from a malicious cyber attack on the Company or its policyholders and service providers;

•in the industries we target, a decreased level of business activity of our policyholders caused by downturn in business activity generally;

•greater frequency or severity of claims and loss activity than our underwriting, reserving or investment practices anticipate based on historical experience or industry data;

•adverse developments in economic, competitive, judicial or regulatory conditions within the workers’ compensation insurance industry;

•loss of the services of any of our senior management or other key employees;

•changes in regulations, laws, rates, rating factors, or taxes applicable to the Company, its policyholders or the agencies that sell its insurance;

•changes in legal theories of liability under our insurance policies;

•changes in rating agency policies, practices or ratings;

•changes in the availability, cost or quality of reinsurance and the failure of our reinsurers to pay claims in a timely manner or at all;

•the effects of U.S. involvement in hostilities with other countries and large-scale acts of terrorism, or the threat of hostilities or terrorist acts; and

•other risks and uncertainties described in more detail under the heading “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and from time to time in the Company’s other filings with the Securities and Exchange Commission (SEC).

The foregoing factors should not be construed as exhaustive and should be read together with the other risks described in this report, including, but not limited to, under the captions “Business” in Item 1, “Risk Factors” in Item 1A , “Cybersecurity” in Item 1C, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7, and “Quantitative and Qualitative Disclosures About Market Risk” in Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2025 and this report, as applicable, and as may be further amended by subsequent filings with the SEC. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Investors are cautioned that many of the assumptions upon which these forward-looking statements are based are likely to change after the date the forward-looking statements are made. The Company undertakes no 

 3

 
  

 obligation to update or revise any forward-looking statements, which speak only as of the date made, notwithstanding any changes in its assumptions, actual experience or other changes that arise after the date of this report.

 4

 
  

 PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
AMERISAFE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30, 2026

  

  

 December 31, 2025

  

 

 
  

  

 (unaudited)

  

  

  

  

 

 
 Assets

  

  

  

  

  

  

 

 
 Investments:

  

  

  

  

  

  

 

 
 Fixed maturity securities—held-to-maturity, at amortized cost net of allowance
   for credit losses of $60 and $73 at June 30, 2026 and December 31, 2025,
   respectively, (fair value $327,158 and $344,576 at June 30, 2026, and
   December 31, 2025, respectively)

  

 $

 332,714

  

  

 $

 350,087

  

 

 
 Fixed maturity securities—available-for-sale, at fair value 
   (amortized cost $290,264, allowance for credit losses of $0 at June 30, 2026 and
   amortized cost $317,116, allowance for credit losses of $0 at December 31, 2025)

  

  

 285,249

  

  

  

 313,038

  

 

 
 Equity securities, at fair value
   (cost $31,164 and $31,165 at June 30, 2026 and December 31, 2025, respectively)

  

  

 63,952

  

  

  

 57,493

  

 

 
 Short-term investments

  

  

 23,272

  

  

  

 14,237

  

 

 
 Total investments

  

  

 705,187

  

  

  

 734,855

  

 

 
 Cash and cash equivalents

  

  

 65,476

  

  

  

 61,926

  

 

 
 Amounts recoverable from reinsurers 
   (net of allowance for credit losses of $217 and $264 at June 30, 2026 and December 31,
   2025, respectively)

  

  

 105,659

  

  

  

 108,098

  

 

 
 Premiums receivable 
   (net of allowance for credit losses of $4,159 and $4,172 at June 30, 2026 and 
   December 31, 2025, respectively)

  

  

 183,135

  

  

  

 160,944

  

 

 
 Deferred income taxes

  

  

 17,264

  

  

  

 17,572

  

 

 
 Accrued interest receivable

  

  

 6,930

  

  

  

 6,963

  

 

 
 Property and equipment, net

  

  

 6,951

  

  

  

 7,293

  

 

 
 Deferred policy acquisition costs

  

  

 22,618

  

  

  

 21,085

  

 

 
 Federal income tax recoverable

  

  

 1,020

  

  

  

 3,088

  

 

 
 Other assets

  

  

 13,051

  

  

  

 8,720

  

 

 
 Total assets

  

 $

 1,127,291

  

  

 $

 1,130,544

  

 

 
 Liabilities and shareholders’ equity

  

  

  

  

  

  

 

 
 Liabilities:

  

  

  

  

  

  

 

 
 Reserves for loss and loss adjustment expenses

  

 $

 594,090

  

  

 $

 613,583

  

 

 
 Unearned premiums

  

  

 149,341

  

  

  

 135,503

  

 

 
 Amounts held for others

  

  

 43,530

  

  

  

 39,139

  

 

 
 Policyholder deposits

  

  

 32,572

  

  

  

 33,532

  

 

 
 Insurance-related assessments

  

  

 18,293

  

  

  

 15,979

  

 

 
 Accounts payable and other liabilities

  

  

 39,474

  

  

  

 39,178

  

 

 
 Payable for investments purchased

  

  

 —

  

  

  

 2,032

  

 

 
 Total liabilities

  

  

 877,300

  

  

  

 878,946

  

 

 
 Shareholders’ equity:

  

  

  

  

  

  

 

 
 Common stock: voting—$0.01 par value authorized shares—50,000,000
   in 2026 and 2025; 20,814,250 and 20,769,021 shares issued; and 18,536,058
   and 18,794,881 shares outstanding at June 30, 2026 and December 31, 2025, 
   respectively

  

  

 208

  

  

  

 208

  

 

 
 Additional paid-in capital

  

  

 227,323

  

  

  

 225,912

  

 

 
 Treasury stock, at cost (2,278,192 and 1,974,140 shares at June 30, 2026 and 
   December 31, 2025, respectively)

  

  

 (63,810

 )

  

  

 (54,155

 )

 

 
 Accumulated earnings

  

  

 90,250

  

  

  

 82,850

  

 

 
 Accumulated other comprehensive loss, net

  

  

 (3,980

 )

  

  

 (3,217

 )

 

 
 Total shareholders’ equity

  

  

 249,991

  

  

  

 251,598

  

 

 
 Total liabilities and shareholders’ equity

  

 $

 1,127,291

  

  

 $

 1,130,544

  

 

  

 5

 
  

 See accompanying notes.

 6

 
  

 AMERISAFE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
(unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended

  

  

 Six Months Ended

  

 

 
  

  

 June 30,

  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Revenues

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Gross premiums written

  

 $

 85,968

  

  

 $

 79,704

  

  

 $

 174,468

  

  

 $

 163,488

  

 

 
 Ceded premiums written

  

  

 (4,216

 )

  

  

 (4,185

 )

  

  

 (8,285

 )

  

  

 (8,364

 )

 

 
 Net premiums written

  

 $

 81,752

  

  

 $

 75,519

  

  

 $

 166,183

  

  

 $

 155,124

  

 

 
 Net premiums earned

  

 $

 77,273

  

  

 $

 69,381

  

  

 $

 152,345

  

  

 $

 138,266

  

 

 
 Net investment income

  

  

 6,528

  

  

  

 6,691

  

  

  

 13,125

  

  

  

 13,343

  

 

 
 Net realized (losses) gains on investments

  

  

 (87

 )

  

  

 3,116

  

  

  

 (90

 )

  

  

 3,118

  

 

 
 Net unrealized gains (losses) on equity securities

  

  

 8,113

  

  

  

 1,829

  

  

  

 6,460

  

  

  

 (1,323

 )

 

 
 Fee and other income

  

  

 144

  

  

  

 71

  

  

  

 221

  

  

  

 281

  

 

 
 Total revenues

  

  

 91,971

  

  

  

 81,088

  

  

  

 172,061

  

  

  

 153,685

  

 

 
 Expenses

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loss and loss adjustment expenses incurred

  

  

 48,341

  

  

  

 40,660

  

  

  

 94,781

  

  

  

 80,819

  

 

 
 Underwriting and certain other operating costs

  

  

 9,131

  

  

  

 8,053

  

  

  

 16,721

  

  

  

 14,313

  

 

 
 Commissions

  

  

 6,973

  

  

  

 6,234

  

  

  

 13,666

  

  

  

 12,289

  

 

 
 Salaries and benefits

  

  

 8,499

  

  

  

 7,459

  

  

  

 16,485

  

  

  

 15,743

  

 

 
 Policyholder dividends

  

  

 767

  

  

  

 1,239

  

  

  

 1,996

  

  

  

 1,873

  

 

 
 Provision for investment related credit loss benefit

  

  

 (5

 )

  

  

 (12

 )

  

  

 (13

 )

  

  

 (28

 )

 

 
 Total expenses

  

  

 73,706

  

  

  

 63,633

  

  

  

 143,636

  

  

  

 125,009

  

 

 
 Income before income taxes

  

  

 18,265

  

  

  

 17,455

  

  

  

 28,425

  

  

  

 28,676

  

 

 
 Income tax expense

  

  

 3,670

  

  

  

 3,500

  

  

  

 5,685

  

  

  

 5,772

  

 

 
 Net income

  

 $

 14,595

  

  

 $

 13,955

  

  

 $

 22,740

  

  

 $

 22,904

  

 

 
 Earnings per share

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Basic

  

 $

 0.79

  

  

 $

 0.73

  

  

 $

 1.22

  

  

 $

 1.20

  

 

 
 Diluted

  

 $

 0.78

  

  

 $

 0.73

  

  

 $

 1.21

  

  

 $

 1.20

  

 

 
 Shares used in computing earnings per share

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Basic

  

  

 18,579,890

  

  

  

 19,038,360

  

  

  

 18,669,214

  

  

  

 19,037,339

  

 

 
 Diluted

  

  

 18,702,282

  

  

  

 19,119,600

  

  

  

 18,795,904

  

  

  

 19,120,530

  

 

 
 Cash dividends declared per common share

  

 $

 0.41

  

  

 $

 0.39

  

  

 $

 0.82

  

  

 $

 0.78

  

 

  
See accompanying notes.

 7

 
  

 AMERISAFE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended

  

  

 Six Months Ended

  

 

 
  

  

 June 30,

  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Net income

  

 $

 14,595

  

  

 $

 13,955

  

  

 $

 22,740

  

  

 $

 22,904

  

 

 
 Other comprehensive income:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Unrealized gain (loss) on debt securities, net of tax

  

  

 1,685

  

  

  

 (292

 )

  

  

 (763

 )

  

  

 1,314

  

 

 
 Comprehensive income

  

 $

 16,280

  

  

 $

 13,663

  

  

 $

 21,977

  

  

 $

 24,218

  

 

  
See accompanying notes.

 8

 
  

 AMERISAFE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Three Months Ended June 30, 2026 and 2025
(in thousands, except share data)
(unaudited)
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Common Stock

  

  

 Additional
Paid-In

  

  

 Treasury Stock

  

  

 Accumulated

  

  

 Accumulated
Other
Comprehensive

  

  

  

  

 

 
  

  

 Shares

  

  

 Amounts

  

  

 Capital

  

  

 Shares

  

  

 Amounts

  

  

 Earnings

  

  

 Loss

  

  

 Total

  

 

 
 Balance at March 31, 2026

  

  

 20,797,870

  

  

 $

 208

  

  

 $

 226,944

  

  

  

 (2,094,099

 )

  

 $

 (58,186

 )

  

 $

 83,296

  

  

 $

 (5,665

 )

  

 $

 246,597

  

 

 
 Comprehensive income:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net income

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 14,595

  

  

  

 —

  

  

  

 14,595

  

 

 
 Other comprehensive 
   income:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Change in unrealized
   losses on debt
   securities, net of tax

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 1,685

  

  

  

 1,685

  

 

 
 Comprehensive income:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 16,280

  

 

 
 Common stock issued

  

  

 16,380

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Purchase of treasury stock

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (184,093

 )

  

  

 (5,624

 )

  

  

 —

  

  

  

 —

  

  

  

 (5,624

 )

 

 
 Share-based compensation

  

  

 —

  

  

  

 —

  

  

  

 379

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 379

  

 

 
 Dividends to shareholders

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (7,641

 )

  

  

 —

  

  

  

 (7,641

 )

 

 
 Balance at June 30, 2026

  

  

 20,814,250

  

  

 $

 208

  

  

 $

 227,323

  

  

  

 (2,278,192

 )

  

 $

 (63,810

 )

  

 $

 90,250

  

  

 $

 (3,980

 )

  

 $

 249,991

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

 Common Stock

  

  

 Additional
Paid-In

  

  

 Treasury Stock

  

  

 Accumulated

  

  

 Accumulated
Other
Comprehensive

  

  

  

  

 

 
  

  

 Shares

  

  

 Amounts

  

  

 Capital

  

  

 Shares

  

  

 Amounts

  

  

 Earnings

  

  

 Loss

  

  

 Total

  

 

 
 Balance at March 31, 2025

  

  

 20,733,166

  

  

 $

 207

  

  

 $

 224,327

  

  

  

 (1,682,851

 )

  

 $

 (42,052

 )

  

 $

 85,600

  

  

 $

 (7,269

 )

  

 $

 260,813

  

 

 
 Comprehensive income:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net income

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 13,955

  

  

  

 —

  

  

  

 13,955

  

 

 
 Other comprehensive 
   income:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Change in unrealized
   losses on debt
   securities, net of tax

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (292

 )

  

  

 (292

 )

 

 
 Comprehensive income:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 13,663

  

 

 
 Common stock issued

  

  

 31,189

  

  

  

 1

  

  

  

 943

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 944

  

 

 
 Purchase of treasury stock

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (62,757

 )

  

  

 (2,796

 )

  

  

 —

  

  

  

 —

  

  

  

 (2,796

 )

 

 
 Share-based compensation

  

  

 —

  

  

  

 —

  

  

  

 404

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 404

  

 

 
 Dividends to shareholders

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (7,458

 )

  

  

 —

  

  

  

 (7,458

 )

 

 
 Balance at June 30, 2025

  

  

 20,764,355

  

  

 $

 208

  

  

 $

 225,674

  

  

  

 (1,745,608

 )

  

 $

 (44,848

 )

  

 $

 92,097

  

  

 $

 (7,561

 )

  

 $

 265,570

  

 

  
See accompanying notes.

 9

 
  

 AMERISAFE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Six Months Ended June 30, 2026 and 2025 
(in thousands, except share data)
(unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Common Stock

  

  

 Additional
Paid-In

  

  

 Treasury Stock

  

  

 Accumulated

  

  

 Accumulated
Other
Comprehensive

  

  

  

  

 

 
  

  

 Shares

  

  

 Amounts

  

  

 Capital

  

  

 Shares

  

  

 Amounts

  

  

 Earnings

  

  

 Loss

  

  

 Total

  

 

 
 Balance at December 31, 2025

  

  

 20,769,021

  

  

 $

 208

  

  

 $

 225,912

  

  

  

 (1,974,140

 )

  

 $

 (54,155

 )

  

 $

 82,850

  

  

 $

 (3,217

 )

  

 $

 251,598

  

 

 
 Comprehensive income:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net income

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 22,740

  

  

  

 —

  

  

  

 22,740

  

 

 
 Other comprehensive 
   income:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Change in unrealized
   losses on debt
   securities, net of tax

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (763

 )

  

  

 (763

 )

 

 
 Comprehensive income:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 21,977

  

 

 
 Common stock issued

  

  

 45,229

  

  

  

 —

  

  

  

 729

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 729

  

 

 
 Purchase of treasury stock

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (304,052

 )

  

  

 (9,655

 )

  

  

 —

  

  

  

 —

  

  

  

 (9,655

 )

 

 
 Share-based compensation

  

  

 —

  

  

  

 —

  

  

  

 682

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 682

  

 

 
 Dividends to shareholders

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (15,340

 )

  

  

 —

  

  

  

 (15,340

 )

 

 
 Balance at June 30, 2026

  

  

 20,814,250

  

  

 $

 208

  

  

 $

 227,323

  

  

  

 (2,278,192

 )

  

 $

 (63,810

 )

  

 $

 90,250

  

  

 $

 (3,980

 )

  

 $

 249,991

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

 Common Stock

  

  

 Additional
Paid-In

  

  

 Treasury Stock

  

  

 Accumulated

  

  

 Accumulated
Other
Comprehensive

  

  

  

  

 

 
  

  

 Shares

  

  

 Amounts

  

  

 Capital

  

  

 Shares

  

  

 Amounts

  

  

 Earnings

  

  

 Loss

  

  

 Total

  

 

 
 Balance at December 31, 2024

  

  

 20,733,166

  

  

 $

 207

  

  

 $

 223,956

  

  

  

 (1,682,851

 )

  

 $

 (42,052

 )

  

 $

 84,105

  

  

 $

 (8,875

 )

  

 $

 257,341

  

 

 
 Comprehensive income:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net income

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 22,904

  

  

  

 —

  

  

  

 22,904

  

 

 
 Other comprehensive 
   income:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Change in unrealized
   losses on debt
   securities, net of tax

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 1,314

  

  

  

 1,314

  

 

 
 Comprehensive income:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 24,218

  

 

 
 Common stock issued

  

  

 31,189

  

  

  

 1

  

  

  

 943

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 944

  

 

 
 Purchase of treasury stock

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (62,757

 )

  

  

 (2,796

 )

  

  

 —

  

  

  

 —

  

  

  

 (2,796

 )

 

 
 Share-based compensation

  

  

 —

  

  

  

 —

  

  

  

 775

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 775

  

 

 
 Dividends to shareholders

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (14,912

 )

  

  

 —

  

  

  

 (14,912

 )

 

 
 Balance at June 30, 2025

  

  

 20,764,355

  

  

 $

 208

  

  

 $

 225,674

  

  

  

 (1,745,608

 )

  

 $

 (44,848

 )

  

 $

 92,097

  

  

 $

 (7,561

 )

  

 $

 265,570

  

 

  
See accompanying notes.

 10

 
  

 AMERISAFE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Six Months Ended June 30,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
 Operating activities

  

  

  

  

  

  

 

 
 Net income

  

 $

 22,740

  

  

 $

 22,904

  

 

 
 Adjustments to reconcile net income to net cash provided by operating activities:

  

  

  

  

  

  

 

 
 Depreciation

  

  

 353

  

  

  

 409

  

 

 
 Net amortization of investments

  

  

 (14

 )

  

  

 446

  

 

 
 Change in investment related allowance for credit losses

  

  

 (13

 )

  

  

 (28

 )

 

 
 Deferred income taxes

  

  

 511

  

  

  

 (974

 )

 

 
 Net realized losses (gains) on investments

  

  

 90

  

  

  

 (3,118

 )

 

 
 Net unrealized (gains) losses on equity securities

  

  

 (6,460

 )

  

  

 1,323

  

 

 
 Net realized losses on disposal of assets

  

  

 19

  

  

  

 —

  

 

 
 Share-based compensation

  

  

 1,351

  

  

  

 1,816

  

 

 
 Changes in operating assets and liabilities:

  

  

  

  

  

  

 

 
 Premiums receivable, net

  

  

 (22,463

 )

  

  

 (23,314

 )

 

 
 Accrued interest receivable

  

  

 33

  

  

  

 (131

 )

 

 
 Deferred policy acquisition costs

  

  

 (1,533

 )

  

  

 (1,998

 )

 

 
 Other assets

  

  

 (1,571

 )

  

  

 649

  

 

 
 Reserves for loss and loss adjustment expenses

  

  

 (19,493

 )

  

  

 (27,214

 )

 

 
 Unearned premiums

  

  

 13,838

  

  

  

 16,858

  

 

 
 Reinsurance balances

  

  

 2,341

  

  

  

 1,248

  

 

 
 Amounts held for others and policyholder deposits

  

  

 3,431

  

  

  

 (2,579

 )

 

 
 Federal income taxes recoverable

  

  

 2,068

  

  

  

 (215

 )

 

 
 Accounts payable and other liabilities

  

  

 3,867

  

  

  

 3,683

  

 

 
 Net cash used in operating activities

  

  

 (905

 )

  

  

 (10,235

 )

 

 
 Investing activities

  

  

  

  

  

  

 

 
 Purchases of investments available-for-sale

  

  

 (25,437

 )

  

  

 (14,491

 )

 

 
 Purchases of equity securities

  

  

 —

  

  

  

 (213

 )

 

 
 Purchases of short-term investments

  

  

 (17,294

 )

  

  

 (5,469

 )

 

 
 Proceeds from maturities of investments held-to-maturity

  

  

 14,566

  

  

  

 30,473

  

 

 
 Proceeds from sales and maturities of investments available-for-sale

  

  

 50,119

  

  

  

 15,628

  

 

 
 Proceeds from sales of equity securities

  

  

 —

  

  

  

 8,232

  

 

 
 Proceeds from sales and maturities of short-term investments

  

  

 8,326

  

  

  

 —

  

 

 
 Purchases of property and equipment

  

  

 (29

 )

  

  

 (1,084

 )

 

 
 Net cash provided by investing activities

  

  

 30,251

  

  

  

 33,076

  

 

 
 Financing activities

  

  

  

  

  

  

 

 
 Finance lease purchases

  

  

 (40

 )

  

  

 (42

 )

 

 
 Share-based compensation-related tax withholding

  

  

 (709

 )

  

  

 (673

 )

 

 
 Purchase of treasury stock

  

  

 (9,655

 )

  

  

 (2,796

 )

 

 
 Dividends to shareholders

  

  

 (15,392

 )

  

  

 (14,910

 )

 

 
 Net cash used in financing activities

  

  

 (25,796

 )

  

  

 (18,421

 )

 

 
 Change in cash and cash equivalents

  

  

 3,550

  

  

  

 4,420

  

 

 
 Cash and cash equivalents at beginning of period

  

  

 61,926

  

  

  

 44,045

  

 

 
 Cash and cash equivalents at end of period

  

 $

 65,476

  

  

 $

 48,465

  

 

  
See accompanying notes.

 11

 
  

 AMERISAFE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
 
 
Note 1. Basis of Presentation
AMERISAFE, Inc. is an insurance holding company incorporated in the state of Texas. The accompanying unaudited consolidated financial statements include the accounts of AMERISAFE and its wholly owned subsidiaries: American Interstate Insurance Company (AIIC) and its wholly owned insurance subsidiaries, Silver Oak Casualty, Inc. (SOCI) and American Interstate Insurance Company of Texas (AIICTX); Amerisafe Risk Services, Inc. (RISK); and Amerisafe General Agency, Inc. (AGAI). AIIC and SOCI are property and casualty insurance companies organized under the laws of the state of Nebraska. AIICTX is a property and casualty insurance company organized under the laws of the state of Texas. RISK is a claims and safety service company currently servicing only affiliated insurance companies. AGAI is a general agent for the Company. AGAI sells insurance, which is underwritten by AIIC, SOCI and AIICTX, as well as by nonaffiliated insurance carriers. 
The terms “AMERISAFE,” the “Company,” “we,” “us” or “our” refer to AMERISAFE, Inc. and its consolidated subsidiaries, as the context requires.
The Company provides workers’ compensation insurance for small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, services, manufacturing, and maritime. Assets and revenues of AIIC and its subsidiaries represent at least 95% of comparable consolidated amounts of the Company for each of the six months ended June 30, 2026 and 2025.
In the opinion of management of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position, the results of operations and cash flows for the periods presented. The unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q under the Securities Exchange Act of 1934, as amended (the Exchange Act), and therefore do not include all information and footnotes to be in conformity with accounting principles generally accepted in the United States (GAAP). The results for the interim periods are not necessarily indicative of the results of operations that may be expected for the year. The unaudited consolidated financial statements contained herein should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in future periods might differ from those estimates.
Adopted Accounting Guidance
The Company has not adopted any new accounting guidance in 2026.

Prospective Accounting Guidance
In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Expense Disaggregation Disclosures, which requires disclosure of specified information about certain costs and expenses in the notes to the financial statements. The guidance is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2027, and interim reporting periods beginning in 2028. Early adoption of the new standard is permitted; however, the Company has not elected to early adopt the standard. Prospective application is required, with retrospective application permitted. The Company is evaluating the impact of this disclosure-only requirement.
In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. This standard update modernizes the capitalization criteria for internal-use software, eliminating references to project stages and instead requiring that projects meet completion probability criteria before costs can be capitalized. This guidance is effective beginning first quarter 2028, though early adoption is permitted, and can be applied using a prospective, retrospective, or modified transition approach. The Company is currently evaluating the impact of these amendments but does not anticipate that adoption will have a material impact on the Company’s results of operations or financial position.

 
Note 2. Restricted Stock, Restricted Stock Units, and Stock Options
As of June 30, 2026, the Company has three equity incentive plans: the AMERISAFE Non-Employee Director Restricted Stock Plan (the Restricted Stock Plan), the AMERISAFE 2012 Equity and Incentive Compensation Plan (the 2012 Incentive Plan) and the 2022 Equity and Incentive Compensation Plan (the 2022 Incentive Plan). In connection with the approval of the 2022 Incentive Plan 

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 by the Company’s shareholders at the annual meeting of shareholders in June 2022, no further grants will be made under the 2012 Incentive Plan. All grants made under the 2012 Incentive Plan will continue in effect, subject to the terms and conditions of the 2012 Incentive Plan. See Note 12 to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional information regarding the Company’s incentive plans.
During the six months ended June 30, 2026, the Company issued 24,619 shares of common stock to executive officers pursuant to vested performance awards and 4,230 shares of common stock to executive officers upon the vesting of restricted stock units (RSUs). During the six months ended June 30, 2026, the Company awarded 16,380 shares of restricted common stock to non-employee directors. The market value of these shares totaled $1.5 million. During the six months ended June 30, 2025, the Company issued 19,737 shares of common stock to executive officers pursuant to vested performance awards. During the six months ended June 30, 2025, the Company awarded 11,452 shares of restricted common stock to non-employee directors. The market value of these shares totaled $1.4 million.
The Company had no stock options outstanding as of June 30, 2026.
The Company recognized share-based compensation expense of $0.8 million in the quarter ended June 30, 2026 and $0.7 million in the same period in 2025. The Company recognized share-based compensation expense of $1.4 million in the six months ended June 30, 2026 and $1.8 million in the same period in 2025.

 
Note 3. Earnings Per Share
The Company computes earnings per share (EPS) in accordance with FASB Accounting Standards Codification (ASC) Topic 260, Earnings Per Share. The Company has no participating unvested common shares which contain nonforfeitable rights to dividends and applies the treasury stock method in computing basic and diluted EPS.
Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period. 
 
The diluted EPS calculation includes potential common shares assumed issued under the