About AMERISAFE

AMERISAFE, Inc. operates as an insurance holding company. The company is a specialty provider of workers’ compensation insurance focused on small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, manufacturing, telecommunications, and maritime. The company provides coverage to employers under state and federal workers’ compensation laws. These laws prescribe wage replacement and medical care benefits that employers are obligated to provide to their employees who are injured in the course and scope of their employment. The company’s workers’ compensation insurance policies provide benefits to injured employees for, among other things, temporary or permanent disability, death and medical and hospital expenses. The benefits payable and the duration of those benefits are set by state or federal law. The benefits vary by jurisdiction, the nature and severity of the injury and the wages of the employee. The employer, who is the policyholder, pays the premiums for coverage. The company employs a proactive, disciplined approach to underwriting employers and providing comprehensive services intended to lessen the overall incidence and cost of workplace injuries. The company provides safety services at employers’ workplaces as a vital component of the company’s underwriting process and to promote safer workplaces. Strategy The company’s strategies are to focus on underwriting profitability; increase market penetration; prudent and opportunistic geographic expansion; and capitalize on development of information technology systems. Policyholders As of December 31, 2023, the company had more than 8,500 voluntary business policyholders. In addition to the company’s voluntary workers’ compensation business, the company assumes reinsurance premiums from mandatory pooling arrangements, and prior to 2023 the company underwrote workers’ compensation policies for employers assigned to the company, in each case to fulfill the company’s obligations under residual market programs implemented by the states in which the company operates. Beginning in 2023, the company participated in the mandatory pooling arrangements in these states. Targeted Industries The company provides workers’ compensation insurance primarily to employers in the following targeted hazardous industries: Construction. Includes a broad range of operations such as highway and bridge construction, building and maintenance of pipeline and powerline networks, excavation, commercial construction, roofing, iron and steel erection, tower erection and numerous other specialized construction operations. Trucking. Includes a broad spectrum of diverse operations including contract haulers, regional and local freight carriers, special equipment transporters and other trucking companies that conduct a variety of short- and long-haul operations. Logging and Lumber. Includes tree harvesting, tree trimming, sawmills, and other operations associated with lumber and wood products. Agriculture. Includes crop maintenance and harvesting, grain and produce operations, nursery operations, meat processing, and livestock feed and transportation. Manufacturing. Includes a diverse group of businesses such as the production of goods for use or sale using labor and machines, tools, chemical and biological processing or formulation. Telecommunications. Includes the installation and maintenance of overhead and underground telecommunication lines including cell phone towers. Maritime. Includes ship building and repair, pier and marine construction, inter-coastal construction, and stevedoring. Other. Includes a wide variety of high-hazard businesses such as gasoline dealers, building material suppliers, automobile dismantling, oil field contractors, railroad construction, and other businesses. The company’s gross premiums are derived from: Voluntary Business. Includes direct premiums from workers’ compensation insurance policies that the company issues to employers who seek to purchase insurance directly from the company and who the company voluntarily agrees to insure. Assigned Risk Business. Includes direct premiums from workers’ compensation insurance policies that the company issues to employers assigned to the company under residual market programs implemented by some of the states in which the company operates. Beginning in 2023, the company stopped accepting direct assignments. Assumed Premiums. Includes premiums from the company’s participation in mandatory pooling arrangements under residual market programs implemented by some of the states in which the company operates. Geographic Distribution The company is licensed to provide workers’ compensation insurance in 47 states, the District of Columbia and the U.S. Virgin Islands. Sales and Marketing The company sells its workers’ compensation insurance through independent agencies (including retail and wholesale brokers and agents). As of December 31, 2023, the company’s insurance was sold through more than 2,200 independent agencies and the company’s wholly-owned insurance agency subsidiary, Amerisafe General Agency, which is licensed in 30 states. The company is selective in establishing and maintaining relationships with independent agencies. Regulation AIIC and SOCI are primarily subject to regulation and supervision by the Nebraska Department of Insurance. AIICTX is primarily subject to regulation and supervision by the Texas Department of Insurance and Workers’ Compensation Commission. The company’s wholly owned subsidiary, Amerisafe General Agency, Inc., is licensed as an insurance agent in 30 states. Amerisafe General Agency, Inc. is domiciled in Louisiana and is primarily subject to regulation and supervision by the Louisiana Department of Insurance. As a provider of workers’ compensation insurance for employers engaged in the maritime industry, the company is subject to the United States Longshore and Harbor Workers’ Compensation Act (USL&H) and the Merchant Marine Act of 1920, or Jones Act. The company is also subject to regulations related to the USL&H Act and the Jones Act. The company is subject to periodic examinations by the Nebraska and Texas insurance departments. As of December 31, 2022, AIIC and SOCI are undergoing an examination by the Nebraska Department of Insurance for calendar years 2018 through 2021. AIICTX is undergoing an examination by the Texas Department of Insurance in 2022, which covers calendar years 2018 through 2021. The company has established policies and procedures intended to ensure that the company is in compliance with the privacy requirement of the Gramm-Leach-Bliley Act. Some states have adopted similar versions of the Insurance Data Security Model Law. History AMERISAFE, Inc. was incorporated in Texas in 1985.