AMERISAFE INC. Files Q2 2024 10-Q Report

TL;DR

AMERISAFE Q2 10-Q filed. Financials look solid, check details.

AI Summary

AMERISAFE INC. reported its Q2 2024 results for the period ending June 30, 2024. The company's filing indicates financial data related to common stock, treasury stock, and fair value measurements. Specific dollar amounts and dates are detailed within the full filing.

Why It Matters

This 10-Q filing provides investors with the latest financial performance and position of AMERISAFE INC. for the second quarter of 2024.

Risk Assessment

Risk Level: low — This filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• Q2 2024 — Reporting Period (The second quarter of 2024, ending June 30, 2024.)
• 1231 — Fiscal Year End (The company's fiscal year concludes on December 31st.)

Key Players & Entities

• AMERISAFE INC. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240730 (date) — Filing date
• DERIDDER, LA (location) — Company's business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• amsf-20240630.htm (10-Q) — 2324KB
• amsf-ex31_1.htm (EX-31.1) — 11KB
• amsf-ex31_2.htm (EX-31.2) — 11KB
• amsf-ex32_1.htm (EX-32.1) — 11KB
• 0000950170-24-087848.txt ( ) — 9784KB
• amsf-20240630.xsd (EX-101.SCH) — 922KB
• amsf-20240630_htm.xml (XML) — 2411KB

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 22 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4

Controls and Procedures

Controls and Procedures 28

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 5 Other Information 29 Item 6 Exhibits 30 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) June 30, 2024 December 31, 2023 (unaudited) Assets Investments: Fixed maturity securities—held-to-maturity, at amortized cost net of allowance for credit losses of $ 149 and $ 182 in 2024 and 2023, respectively, (fair value $ 448,608 and $ 473,092 in 2024 and 2023, respectively) $ 464,834 $ 483,575 Fixed maturity securities—available-for-sale, at fair value (amortized cost $ 299,652 , allowance for credit losses of $ 0 in 2024 and amortized cost $ 326,171 , allowance for credit losses of $ 0 in 2023) 287,589 317,064 Equity securities, at fair value (cost $ 36,019 and $ 44,046 in 2024 and 2023, respectively) 53,839 57,147 Short-term investments 47,335 — Total investments 853,597 857,786 Cash and cash equivalents 30,611 38,682 Amounts recoverable from reinsurers (net of allowance for credit losses of $ 322 and $ 360 in 2024 and 2023, respectively) 123,335 129,963 Premiums receivable (net of allowance for credit losses of $ 4,265 and $ 4,674 in 2024 and 2023, respectively) 150,914 132,861 Deferred income taxes 21,781 20,403 Accrued interest receivable 8,176 8,274 Property and equipment, net 6,384 6,349 Deferred policy acquisition costs 19,506 17,975 Federal income tax recoverable 1,555 1,781 Other assets 17,670 15,088 Total assets $ 1,233,529 $ 1,229,162 Liabilities and shareholders' equity Liabilities: Reserves for loss and loss adjustment expenses $ 663,985 $ 673,994 Unearned premiums 128,055 116,585 Amounts held for others 48,403 53,694 Policyholder deposits 34,167 34,522 Insurance-related assessments 16,661 16,896 Accounts payable and other liabilities 38,766 41,020 Payable for investments purchased 2,500 — Total liabilities 932,537 936,711 Shareholders' equity: Com

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View this 10-Q filing on SEC EDGAR