AMERISAFE, Inc.
- Open
- 30.54
- Day high
- 30.59
- Day low
- 30.04
- Prev close
- 30.41
- Volume
- 103K
- Mkt cap
- $564M
- P/E (TTM)
- 12.1
- EPS (TTM)
- $2.50
- P/B
- 2.3
- P/S
- 1.7
- Yield
- 8.62%
- Per share
- $2.60
AMERISAFE, Inc. (AMSF) is a Financial Services company listed on NASDAQ. The stock is down 34% over the past year. Drillr has 1 published research article covering AMSF.
AMERISAFE, Inc. (AMSF) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AMSF earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 22, 2026 | $0.52 | $0.44 | -14.9% | $86M | +1.0% |
| Apr 22, 2026 | $0.52 | $0.50 | -3.8% | $89M | -2.2% |
| Feb 26, 2026 | $0.57 | $0.55 | -3.5% | $82M | +1.8% |
| Oct 29, 2025 | $0.55 | $0.55 | +0.0% | $82M | +2.4% |
| Jul 24, 2025 | $0.55 | $0.53 | -3.6% | $81M | +3.8% |
| Feb 26, 2025 | $0.60 | $0.67 | +11.7% | $74M | -4.3% |
| Oct 23, 2024 | $0.58 | $0.58 | +0.0% | $79M | +1.6% |
| Feb 21, 2024 | $0.71 | $0.74 | +4.2% | $80M | +6.6% |
| Oct 25, 2023 | $0.69 | $0.61 | -11.6% | $73M | -3.6% |
| Jul 27, 2023 | $0.72 | $0.73 | +1.4% | $76M | -1.2% |
| Feb 20, 2023 | $0.77 | $0.84 | +9.1% | $80M | +41.4% |
| Oct 26, 2022 | $0.75 | $0.73 | -2.7% | $71M | +5.7% |
AMSF insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 12, 2026 | GARCIA PHILIP Adirector | Grant | 2,340 | — |
| Jun 12, 2026 | TRAYNOR SEANdirector | Grant | 2,340 | — |
| Jun 12, 2026 | Greer Billy Bdirector | Grant | 2,340 | — |
| Jun 12, 2026 | MORRIS JARED Adirector | Grant | 2,340 | — |
| Jun 12, 2026 | BROWN MICHAEL Jdirector | Grant | 2,340 | — |
| Jun 12, 2026 | Roach Randydirector | Grant | 2,340 | — |
| Jun 12, 2026 | Fontenot Teri G.director | Grant | 2,340 | — |
| May 11, 2026 | Ramos Guillermo Aofficer: EVP / Chief Financial Officer | Grant | 33,003 | — |
| May 11, 2026 | Ramos Guillermo Aofficer: EVP / Chief Financial Officer | Grant | 2,970 | — |
| Apr 29, 2026 | Lestage Henry O IVofficer: EVP / Chief Claims Officer | Grant | 1,991 | — |
| Apr 29, 2026 | Lestage Henry O IVofficer: EVP / Chief Claims Officer | Grant | 22,121 | — |
| Mar 13, 2026 | Wise Raymond F. Jr.officer: EVP - CSO | Tax | 2,468 | $32.92 |
| Mar 13, 2026 | Shirley Kathryn Houshofficer: EVP - CAO | Tax | 2,501 | $32.92 |
| Mar 13, 2026 | Frost G. Janelledirector, officer: President & CEO | Grant | 24,814 | — |
| Mar 13, 2026 | Gagliano Vincent J.officer: EVP - Chief Risk Officer | Grant | 6,392 | — |
Source: AMSF SEC Form 4 filings, latest Jun 12, 2026. For informational purposes only — not investment advice.
See the full AMSF insider & 13F page →AMERISAFE, Inc. company profile
Overview
AMERISAFE, Inc. (NASDAQ:AMSF) is a specialized workers' compensation insurance company founded in 1985 and based in DeRidder, Louisiana. The company went public in November 2005 and has established itself as a niche insurer focused exclusively on providing workers' compensation coverage to small and mid-sized employers operating in high-risk industries. With over three decades of experience, AMERISAFE has built a reputation for disciplined underwriting and consistent profitability in the workers' compensation market, maintaining strong financial metrics including a combined ratio consistently below 90% and return on equity above 15%.
Business
AMERISAFE operates in the workers' compensation insurance industry, which is a specialized segment of the broader property and casualty insurance market. Workers' compensation insurance is a form of insurance that provides wage replacement and medical benefits to employees injured in the course of employment, while protecting employers from potential lawsuits related to workplace injuries. The company's core business involves underwriting workers' compensation policies that provide several key benefits to injured workers: temporary or permanent disability payments, death benefits to survivors, and coverage for medical and hospital expenses related to workplace injuries. This insurance is mandatory in most U.S. states, creating a stable demand base for the product. AMERISAFE specifically targets high-hazard industries where workplace injuries are more frequent and severe, including construction, trucking, logging and lumber operations, agriculture, manufacturing, telecommunications, and maritime activities. The company focuses on what the industry classifies as "E, F, and G hazard groups," which represent the highest-risk categories of employment. Approximately 84-85% of their business comes from these high-hazard classifications. The company serves small to mid-sized employers, typically avoiding large corporate accounts that might be handled by national carriers. This focus allows AMERISAFE to maintain closer relationships with independent insurance agents and provide more personalized service to their target market. The business operates as a single segment, with workers' compensation insurance representing virtually 100% of their revenue.
Competitive moat
AMERISAFE possesses a moderate but sustainable competitive moat built primarily around specialized expertise and market positioning rather than overwhelming structural advantages. The company's moat stems from several key factors: deep underwriting expertise in high-hazard industries accumulated over nearly four decades, strong relationships with independent agents who specialize in these niche markets, and a conservative balance sheet that provides stability during market cycles. The company's specialization in high-risk industries creates some barriers to entry, as underwriting these accounts requires specific knowledge of industry risks, safety practices, and claims patterns that generalist insurers may lack. AMERISAFE's focus on smaller accounts also differentiates them from large national carriers who typically prefer larger, more standardized risks. Their consistent profitability and financial strength ratings provide credibility with agents and customers in an industry where financial stability is paramount. However, the moat faces several challenges. The workers' compensation market is highly regulated and commoditized, with limited ability to differentiate products beyond service and pricing. The current soft market conditions demonstrate how competitive pressures can compress margins despite operational excellence. Potential disruption could come from larger, well-capitalized insurers deciding to compete more aggressively in the high-hazard small account space, insurtech companies developing more efficient underwriting or claims handling processes, or regulatory changes that alter the fundamental structure of workers' compensation insurance. The company's moat is best characterized as narrow but defensible, relying more on operational excellence and market knowledge than on insurmountable structural advantages. Their ability to maintain consistent underwriting margins and strong returns on equity suggests the moat provides meaningful protection, though it requires continuous reinforcement through superior execution.
Risks & safety
AMERISAFE demonstrates a strong margin of safety with excellent financial fundamentals and conservative capital structure. **Solvency and Capital Structure:** 1. Zero debt with debt-to-equity ratio of 0.0, eliminating financial leverage risk 2. Strong statutory surplus of $280.6 million, providing substantial regulatory capital cushion 3. No meaningful cash burn concerns - the company generates consistent operating cash flows 4. Total assets of $1.16 billion with liquid investment portfolio providing financial flexibility **Valuation Metrics:** 1. Price-to-earnings ratio of 27.9x (Q1 2025) appears elevated relative to recent historical ranges 2. Price-to-book ratio of 3.84x suggests premium valuation relative to tangible book value 3. Return on equity of approximately 20% demonstrates strong profitability metrics 4. Graham number calculation suggests potential overvaluation at current levels **Other Considerations:** 1. Combined ratio consistently below 90% indicates sustainable underwriting profitability 2. High-quality investment portfolio with AA- average credit rating minimizes credit risk 3. Regulatory oversight provides stability but limits growth flexibility 4. Exposure to economic cycles through customer payroll fluctuations creates some earnings volatility risk
Recent development
Over the past few years, AMERISAFE has focused on disciplined growth initiatives while maintaining their core underwriting standards. The company has prioritized improving agent relationships and pipeline efficiency, resulting in five consecutive quarters of policy count growth and policy retention rates consistently above 93%. They have enhanced their focus on "ease of doing business" to compete more effectively without compromising underwriting discipline. The company has maintained a consistent accident year loss ratio of 71% across multiple years, demonstrating stable underwriting performance despite market pressures. They have also benefited from significant favorable development on prior accident years, with $34.9 million in favorable development during 2024 alone, indicating conservative initial reserving practices. In terms of capital management, AMERISAFE has implemented a strategy of returning excess capital to shareholders through both regular and special dividends. They increased their regular quarterly dividend by 5.4% to $0.39 per share in 2024 and declared a $3.00 per share special dividend in Q3 2024. The company has also engaged in share repurchase programs when shares trade at attractive valuations. The investment portfolio strategy has evolved to take advantage of higher interest rate environments, with new money yields reaching approximately 5% and the overall portfolio maintaining a duration of 4.48 years. The company has maintained a conservative credit profile while optimizing for tax-equivalent yields through their substantial municipal bond allocation. Recent market developments include managing through continued rate softening in workers' compensation, with industry loss costs declining 6-8% annually. The company has also been monitoring potential impacts from medical inflation, particularly in provider reimbursement rates, while leveraging their claims management capabilities to control costs.
AMSF company profile · for informational purposes only — not investment advice.
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