AMERISAFE Inc 2024年度报告

FROM OURPresident and Chief Executive Officer Dear Shareholders, AMERISAFE is dedicated to providing exceptional service to all ourstakeholders – our shareholders, agents, policyholders, injured workers,and employees. Our niche focus has given us the unique ability toprovide specialized service in underwriting policies and carrying out ourcommitments on those policies, while maintaining attractive returns. In 2024, our employees emphasized our pillar of service through enhancingrelationships with agents, policyholders, and injured workers. Even in atechnology driven world, AMERISAFE recognizes the value of buildingreliable connections with those we serve. Whether it is a claims managerinteracting with an injured worker, a salesperson cultivating a relationshipwith an agent, or safety personnel assisting policyholders to operate moresafely, we provide unified service to customers as ONE AMERISAFE. Competition remained stiffin 2024 for the workers’ compensation industry, which continued to facedownward pricing pressure. Despite pressure, AMERISAFE grew gross premiums written by 3.1%. This islargely due to the strong relationships built by our sales, underwriting and safety teams who strive to ensurethat AMERISAFE is a consistent and reliable source for high hazard workers’ compensation coverage.Additionally, AMERISAFE experienced favorable prior year loss reserve development of $34.9 million in2024, due to our proactive claims handling practices and disciplined risk selection. In 2024, we observed a modest increase in loss and loss expenses, largely due to rising medical inflation.Nonetheless, AMERISAFE continues to utilize its specialty claims personnel to successfully manage costs,while providing excellent service to injured workers who we assist from beginning to end of their claims. Thisresulted in an attractive net combined ratio of 88.7% for 2024. Finally, we serve our shareholders by producing attractive returns. For 2024, our return on average equitywas 20.2%. Expertise, resilience, and focus on service have been driving forces behind our ability to growand adapt, while delivering consistently solid results in a dynamic environment. Thank you for your investment in AMERISAFE. We continue to turn risk into opportunity by providingexceptional service to all our stakeholders as ONE AMERISAFE. Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☒No☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes☐No☒ 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 thepreceding 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 90days.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-Tduring 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 emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of theExchange Act. Accelerated filerSmaller reporting companyEmerging growth companyIf 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.Yes☒No☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ The aggregate market value of the voting common stock held by non-affiliates of the Registrant on June 28, 2024, the l