Amerisafe Inc (NASDAQ: AMSF) is a specialty workers' compensation insurance company that focuses on small to mid-sized employers operating in hazardous industries, principally construction, trucking, logging and lumber, agriculture, services, manufacturing, and maritime. Revenue comes from premiums paid by employer-policyholders under state and federal workers' compensation laws, with policies covering medical benefits, wage replacement, permanent disability, death benefits, and rehabilitation costs. Amerisafe has operated since 1986 and distributes exclusively through independent agencies, with approximately 1,400 independent agencies accounting for 99.0% of voluntary in-force premiums as of December 31, 2025. No single agency accounts for more than 2.0% of voluntary in-force premiums, limiting distribution concentration. The company retains all underwriting authority internally and does not delegate it to agencies or third parties. Amerisafe actively markets in 27 states, with 53.6% of voluntary in-force premiums generated in the six states where it derives 5.0% or more of gross premiums written in FY2025. Market share does not exceed 5.0% in any single state it serves.

Revenue model

Premium income from workers' compensation insurance policies issued to hazardous-industry employers. Employers pay premiums for mandatory statutory coverage; Amerisafe compensates independent agencies via commissions based on premiums collected. The company does not pay contingent commissions.

Products and services

Workers' compensation insurance policies providing medical benefits (diagnosis, treatment, rehabilitation) and indemnity payments (temporary wage replacement, permanent disability, death benefits) under state and federal law. Ancillary services include pre-quotation safety inspections, worksite safety reviews, premium payment plans matched to policyholder payroll cycles, and claims management. Internal systems include the GEAUX underwriting and agency management system and the ICAMS operational and data warehouse system.

Customers and end markets

Small to mid-sized employers in hazardous industries: construction, trucking, logging and lumber, agriculture, services (including telecom tower installation, debris disposal, traffic control), manufacturing, maritime (ship building, pier construction, stevedoring), and other high-hazard categories (oil field contractors, railroad construction, gasoline dealers). Employers purchase coverage to satisfy mandatory state and federal workers' compensation obligations.

Value-chain role

Specialty insurance underwriter and carrier. Amerisafe originates, prices, and retains risk directly, with no delegation of underwriting or binding authority to independent agencies. Field Safety Professionals conduct on-site inspections as part of underwriting. Claims management is handled internally.

Geographic exposure

Actively markets in 27 states as of FY2025. Licensed in an additional 20 states, the District of Columbia, and the U.S. Virgin Islands. 53.6% of voluntary in-force premiums generated in six states where gross premiums written exceed 5.0% of total in FY2025. Less than 5.0% market share in any single state served.

Source: SEC 10-K, filed 2026-02-27

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