Amerisafe Inc (AMSF) 10-Q Quarterly Report October 2018

Nasdaq: AMSF), a specialty provider of workers’ compensation insurance focused on high hazard industries, today announced results for the third quarter ended September 30, 2018.


	Three Months Ended September 30,									Nine Months Ended September 30,
	2018			2017			% Change			2018			2017			% Change
	(in thousands, except per share data)									(in thousands, except per share data)
Net premiums earned	$	85,184		$	85,118			0.1	%	$	261,489		$	258,779			1.0	%
Net investment income		7,884			7,788			1.2	%		22,396			21,969			1.9	%
Net realized losses on investments, pre-tax		(329	)		(192	)		71.4	%		(1,471	)		(761	)		93.3	%
Net income		19,701			16,577			18.8	%		52,826			45,582			15.9	%
Diluted earnings per share	$	1.02		$	0.86			18.6	%	$	2.74		$	2.37			15.6	%
Operating net income		19,508			16,702			16.8	%		53,783			46,077			16.7	%
Operating earnings per share	$	1.01		$	0.87			16.1	%	$	2.79		$	2.40			16.3	%
Book value per share	$	23.82		$	25.72			-7.4	%	$	23.82		$	25.72			-7.4	%
Net combined ratio		81.1	%		81.4	%					83.5	%		83.5	%
Return on average equity		17.4	%		13.6	%					15.9	%		12.8	%

G. Janelle Frost, President and Chief Executive Officer, noted, “Industry wide loss costs continued to decline this quarter, making workers’ compensation the only commercial line with rate decreases passed on to policyholders. Such an environment sets the stage for carriers to compete for premium dollars. AMERISAFE’s history and current year results reflect our discipline to evaluate and price our risk for long-term stability and profitability. It is because of that discipline that our board is pleased to declare a special dividend of $3.50 to our shareholders, while maintaining adequate capital to protect our policyholders and efficiently operate our company.”

The following information was filed by Amerisafe Inc (AMSF) on Wednesday, October 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Amerisafe Inc's 10-Q Quarterly Report:

Revenue - Product Highlight
We believe that the higher premiums typically paid by our policyholders, together with our disciplined underwriting and safety, claims and audit services, provide us with the opportunity to earn attractive returns for our shareholders.

Legal - Other Highlight
The favorable loss development we experienced across accident years was largely due to favorable case reserve development from closed claims and claims where the worker had reached maximum medical improvement.
Revenue - Product Highlight
Net premiums earned for the third quarter of 2018 were $85.2 million, compared to $85.1 million for the same period in 2017, an increase of 0.1%.
Revenue - Product Highlight
Net premiums earned for the first nine months of 2018 were $261.5 million, compared to $258.8 million for the same period in 2017, an increase of 1.0%.
Financial - Cash Flow Highlight
This decrease in operating cash flow was attributable to a $35.7 million increase in the change in amounts held by others, a $12.7 million increase in losses paid, a $2.2 million decrease in investment income and a $1.2 million increase in dividends paid to policyholders.
Financial - Expense
For our securities classified as...Read more
Revenue - Product
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Offsetting these amounts were a...Read more
Revenue - Product
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Other - Other
We recorded favorable prior accident...Read more
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The table below sets forth...Read more
Revenue - Product
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The effective loss cost multiplier,...Read more
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Amerisafe Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: AMSF
CIK: 1018979
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-025258
Submitted to the SEC: Fri Oct 26 2018 12:01:53 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Fire Marine And Casualty Insurance