AMERISAFE INC Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>AMERISAFE INC filed its Q1 2024 10-Q report detailing financial positions and investment valuations.</b>

AI Summary

AMERISAFE INC (AMSF) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. AMERISAFE INC filed its quarterly report (10-Q) on April 26, 2024, for the period ending March 31, 2024. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and December 31, 2022. Key financial statement components such as Retained Earnings, Additional Paid-In Capital, and Common Stock are detailed. The report references various investment categories including US Treasury Securities, Mortgage-Backed Securities, and Asset-Backed Securities. Fair value measurements and inputs (Level 1 and Level 2) for recurring fair value measurements are provided for multiple asset types.

Why It Matters

For investors and stakeholders tracking AMERISAFE INC, this filing contains several important signals. This 10-Q filing provides stakeholders with the latest financial performance and position of AMERISAFE INC as of March 31, 2024, crucial for investment decisions. The detailed breakdown of investments and fair value measurements offers insight into the company's asset management strategies and risk exposure in the current market environment.

Risk Assessment

Risk Level: low — AMERISAFE INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine financial disclosure.

Analyst Insight

Monitor future filings for trends in investment valuations and changes in financial statement components.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-26 — Filing Date (FILED AS OF DATE)
• Q1 — Quarter (Fiscal Quarter)
• 1231 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• AMERISAFE INC (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-26 (date) — FILED AS OF DATE
• 0000950170-24-049070 (other) — ACCESSION NUMBER
• TX (other) — STATE OF INCORPORATION
• LA (other) — STATE
• 337-463-9052 (other) — BUSINESS PHONE
• FIRE, MARINE & CASUALTY INSURANCE (other) — STANDARD INDUSTRIAL CLASSIFICATION

FAQ

Industry Context

AMERISAFE INC operates in the Fire, Marine & Casualty Insurance industry, a sector characterized by risk assessment and underwriting.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular disclosures from public companies.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and footnotes.
2. Analyze the fair value measurements for investment portfolio performance.
3. Track subsequent filings for any changes in financial position or disclosures.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-26: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial analysis of the Q1 2024 10-Q filing; comparison to prior filings will require access to those documents.

Key Financial Figures

• $0.01 — he Registrant's common stock, par value $0.01 per share, outstanding. TABLE OF CONT

Filing Documents

• amsf-20240331.htm (10-Q) — 1789KB
• amsf-ex31_1.htm (EX-31.1) — 11KB
• amsf-ex31_2.htm (EX-31.2) — 11KB
• amsf-ex32_1.htm (EX-32.1) — 11KB
• 0000950170-24-049070.txt (&nbsp;) — 8590KB
• amsf-20240331.xsd (EX-101.SCH) — 897KB
• amsf-20240331_htm.xml (XML) — 2086KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 3

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1

Financial Statements

Financial Statements 4 Item 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4

Controls and Procedures

Controls and Procedures 25

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 5 Other Information 26 Item 6 Exhibits 27 2 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 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

- FINANCI AL INFORMATION

PART I - FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements. AMERISAFE, INC. AND SUBSIDIARIES CONSOLIDA TED BALANCE SHEETS (in thousands, except share data) March 31, 2024 December 31, 2023 (unaudited) Assets Investments: Fixed maturity securities—held-to-maturity, at amortized cost net of allowance for credit losses of $ 165 and $ 182 in 2024 and 2023, respectively, (fair value $ 461,681 and $ 473,092 in 2024 and 2023, respectively) $ 475,322 $ 483,575 Fixed maturity securities—available-for-sale, at fair value (amortized cost $ 301,691 , allowance for credit losses of $ 0 in 2024 and amortized cost $ 326,171 , allowance for credit losses of $ 0 in 2023) 290,673 317,064 Equity securities, at fair value (cost $ 44,045 and $ 44,046 in 2024 and 2023, respectively) 61,923 57,147 Short-term investments 38,641 — Total investments 866,559 857,786 Cash and cash equivalents 33,375 38,682 Amounts recoverable from reinsurers (net of allowance for credit losses of $ 309 and $ 360 in 2024 and 2023, respectively) 127,503 129,963 Premiums receivable (net of allowance for credit losses of $ 4,535 and $ 4,674 in 2024 and 2023, respectively) 143,987 132,861 Deferred income taxes 21,183 20,403 Accrued interest receivable 8,250 8,274 Property and equipment, net 6,767 6,349 Deferred policy acquisition costs 18,994 17,975 Federal income tax recoverable — 1,781 Other assets 16,525 15,088 Total assets $ 1,243,143 $ 1,229,162 Liabilities and shareholders' equity Liabilities: Reserves for loss and loss adjustment expenses $ 668,059 $ 673,994 Unearned premiums 124,288 116,585 Amounts held for others 55,387 53,694 Policyholder deposits 34,311 34,522 Insurance-related assessments 15,624 16,896 Federal income tax payable 2,360 — Accounts payable and other liabilities 39,875 41,020 Payable for investments purchased 2,145 — Total liabilities 942,049

View Full Filing

View this 10-Q filing on SEC EDGAR