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AMERISAFE operates through insurance subsidiaries and sells only workers’ compensation insurance in the United States. Employers pay it to cover legally required benefits for injured workers, including medical care and replacement wages. Premiums provide most of its revenue. Construction is its largest customer industry, and premiums generally depend on payroll, tying the business to employers’ activity and staffing.
Independent agencies bring in nearly all its voluntary business, but no single agency or employer dominates. AMERISAFE decides which risks to insure and at what price rather than leaving those decisions to agents. It inspects workplaces to assess hazards and manages substantially all claims itself, working to control costs and help injured employees return to work. Its insurance earnings depend on premiums covering claims and operating expenses, even though it sets prices before final claim costs are known. State regulators must approve its rates, while law sets benefit amounts and duration.
Investment income is another important source of earnings. Claims often take years to settle, so AMERISAFE invests premium cash while awaiting payment, alongside capital supporting the insurance business. Its portfolio consists mainly of bonds and cash, earning interest and other investment income.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Employers Holdings and AMERISAFE both collect premiums from small and mid-sized employers for workers’ compensation, so pricing and workplace injury costs matter to both—but Employers targets less hazardous industries. Watch its small-business insurance pricing and claims costs as a comparison, not a direct gauge of AMERISAFE’s more severe injury risks.
The Hartford competes with AMERISAFE for premiums from small and midsized employers buying workers’ compensation insurance. It is a major insurer in this market, making its offering to those employers the relevant competitive overlap.
Travelers competes with AMERISAFE for employers’ workers’ compensation premiums, including those paid by construction businesses. Its coverage for construction employers is the overlap to watch, rather than its broader personal insurance business.
Skyward Specialty competes with AMERISAFE for workers’ compensation premiums from employers whose risks are difficult to insure. The overlap is its specialty coverage for complex employer risks that also fall within AMERISAFE’s hazardous-industry market.
American Financial Group competes with AMERISAFE for workers’ compensation premiums from employers with difficult insurance risks. Its specialty workers’ compensation businesses overlap with AMERISAFE’s focus on hazardous industries.
United Fire Group competes with AMERISAFE for workers’ compensation premiums from small and middle-market employers in construction, services and manufacturing. It sells that coverage within broader business insurance packages, so its business with those employer groups is the closest comparison.
Selective Insurance Group competes with AMERISAFE for premiums from smaller businesses buying workers’ compensation insurance. Selective offers that coverage within its commercial insurance range, giving those employers another provider to choose from.
CNA Financial Corporation competes with AMERISAFE for workers’ compensation premiums from commercial employers, including construction businesses. That construction overlap matters because it is AMERISAFE’s largest industry exposure.
Donegal Group and AMERISAFE both collect employers’ premiums for workers’ compensation, but Donegal also has substantial automobile and property insurance businesses. Its workers’ compensation results are the relevant comparison; its overall results include those other coverages.
AMERISAFE, Inc. earningsThis company
AMERISAFE insures employers in hazardous industries, and this report will show whether earned premiums are keeping ahead of claims and underwriting costs.
Read net premiums earned alongside the net combined ratio: the share of those premiums used for claims, underwriting expenses and policyholder dividends; below 100% means underwriting profit. Rising premiums with a steady or lower ratio would mean AMERISAFE is writing more business without costs taking a larger share of each premium dollar. A rising ratio would mean claims and expenses are eroding underwriting profit.
Fed Interest Rate Decision
For AMERISAFE, the Fed’s decision tracks the benchmark rate that influences returns on its invested premiums and the cost of any borrowing on its credit line.
Expected4.0%Last release4.0%
If it comes in above expectations
If rates rise more than expected, reinvested assets may earn more over time, potentially increasing investment income; if AMERISAFE draws on its rate-linked credit line, its borrowing costs may also rise.
If it comes in below expectations
If rates fall more than expected, returns as investments mature and are reinvested may decline over time, potentially reducing investment income; any borrowing on its rate-linked credit line may cost less.
Non Farm Payrolls (Oct)
The monthly jobs report tracks jobs added or lost, which can indicate whether payrolls at AMERISAFE’s construction and trucking customers are growing or shrinking and affect the premiums they pay.
More jobs added points to stronger hiring and activity that may grow payrolls at AMERISAFE’s construction and trucking customers, supporting premiums; fewer jobs added points to weaker payrolls and potentially lower premiums.
