AMERISAFE INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>AMERISAFE INC. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

AMERISAFE INC (AMSF) filed a Annual Report (10-K) with the SEC on February 23, 2024. AMERISAFE INC. filed its 2023 Form 10-K on February 23, 2024. The company's fiscal year ends on December 31st. AMERISAFE INC. is incorporated in Texas. The company's principal business address is 2301 Highway 190 West, Deridder, LA 70634. The filing covers the period ending December 31, 2023.

Why It Matters

For investors and stakeholders tracking AMERISAFE INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of AMERISAFE INC.'s financial performance, risk factors, and business operations for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's financial position, including assets, liabilities, revenues, and net income, as well as any significant risks or changes from the previous year.

Risk Assessment

Risk Level: medium — AMERISAFE INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information and risk factors, it does not indicate any immediate or severe financial distress or unusual events that would elevate the risk beyond medium.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand AMERISAFE INC.'s performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-23 — Filing Date (FILED AS OF DATE)
• 129 — Public Document Count (PUBLIC DOCUMENT COUNT)
• 752069407 — IRS Number (IRS NUMBER)

Key Players & Entities

• AMERISAFE INC (company) — FILER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240223 (date) — FILED AS OF DATE
• TX (location) — STATE OF INCORPORATION
• LA (location) — STATE
• 337-463-9052 (phone) — BUSINESS PHONE
• FIRE, MARINE & CASUALTY INSURANCE (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• 001-12251 (other) — SEC FILE NUMBER

FAQ

Industry Context

AMERISAFE INC. operates in the Fire, Marine & Casualty Insurance industry, providing specialized insurance products.

Regulatory Implications

The company is subject to various state and federal regulations governing the insurance industry, which are detailed within the 10-K filing.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and balance sheet strength.
2. Review the risk factors section for potential threats to the company's operations and financial stability.
3. Compare key performance indicators with industry benchmarks and historical company performance.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-02-23: Filing Date — Date AMERISAFE INC. submitted its 10-K report.

Year-Over-Year Comparison

This filing is the annual 10-K for fiscal year 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.01 — ch registered Common stock, par value $0.01 per share AMSF NASDAQ Securities
• $57 b — s' compensation insurance industry were $57 billion, and direct premiums written for
• $876 billion — y and casualty industry as a whole were $876 billion. According to the most recent market da
• $18 billion — s for which we underwrite business were $18 billion. Policyholders As of December 31, 2
• $28,658 — compensation policy written premium of $28,658. As of December 31, 2023, our ten large

Filing Documents

• amsf-20231231.htm (10-K) — 5473KB
• amsf-ex10_29.htm (EX-10.29) — 355KB
• amsf-ex10_30.htm (EX-10.30) — 344KB
• amsf-ex10_31.htm (EX-10.31) — 344KB
• amsf-ex23_1.htm (EX-23.1) — 5KB
• amsf-ex24_1.htm (EX-24.1) — 12KB
• amsf-ex31_1.htm (EX-31.1) — 10KB
• amsf-ex31_2.htm (EX-31.2) — 10KB
• amsf-ex32_1.htm (EX-32.1) — 10KB
• amsf-ex97_1.htm (EX-97.1) — 54KB
• 0000950170-24-019428.txt (&nbsp;) — 23502KB
• amsf-20231231.xsd (EX-101.SCH) — 2124KB
• amsf-20231231_htm.xml (XML) — 5627KB

Forward-Looking Statements

Forward-Looking Statements 1 Item 1

Business

Business 2 Item 1A

Risk Factors

Risk Factors 24 Item 1B Unresolved Staff Comments 33 Item 1C Cybersecurity 33 Item 2

Properties

Properties 34 Item 3

Legal Proceedings

Legal Proceedings 34 Item 4 Mine Safety Disclosures 34 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 35 Item 6 [Reserved] 36 Item 7

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 51 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 91 Item 9A

Controls and Procedures

Controls and Procedures 91 Item 9B Other Information 93 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 93 PART III Item 10 Directors, Executive Officers and Corporate Governance 94 Item 11

Executive Compensation

Executive Compensation 94 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 94 Item 13 Certain Relationships and Related Transactions, and Director Independence 94 Item 14 Principal Accountant Fees and Services 94 PART IV Item 15 Exhibits and Financial Statement Schedules 95 Item 16 Form 10-K Summary 97 FORWARD-LOOKI NG 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. 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," "anticipate" and similar statements of a future or forward-looking nature identify forward-looking statements. Forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated 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 ca

Business

Item 1. Business. Overview We are 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. Since commencing operations in 1986, we have gained significant experience underwriting the complex workers' compensation exposures inherent in these industries. We provide 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. Our 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. Hazardous industry employers tend to have less frequent but more severe claims as compared to employers in other industries due to the nature of their businesses. Injuries that occur are often severe in nature including death, dismemberment, paraplegia and quadriplegia. As a result, employers engaged in hazardous industries pay substantially higher than average rates for workers' compensation insurance compared to employers in other industries, as measured per payroll dollar. The higher premium rates are due to the nature of the work performed and the inherent workplace danger of our target policyholders. We employ a proactive, disciplined approach to underwriting employers and providing comprehensive services intended to lessen the overall incidence and cost of workplace injuries. We provide safety services at employers

Underwriting

Underwriting Our underwriting strategy is to focus on employers in certain hazardous industries that operate in those states where our underwriting efforts are the most profitable and efficient. We analyze each prospective policyholder on its own merits relative to known industry trends and statistical data. Our underwriting guidelines specify that we do not write workers' compensation insurance for certain hazardous activities, including sub-surface mining and manufacturing of ammunition or fireworks. Underwriting is a multi-step process that begins with the receipt of an application from agencies. We initially review the application to confirm that the prospective policyholder meets certain established criteria, including that the prospective policyholder is engaged in one of our targeted hazardous industries and industry classes and operates in the states we target. If the application satisfies these criteria, the application is forwarded to our underwriting departm

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