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Amerisafe Inc (AMSF) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Amerisafe Inc

CIK: 1018979 Ticker: AMSF

Exhibit 99.1

 

LOGO    LOGO
  

Neal A. Fuller, EVP & CFO

AMERISAFE

337.463.9052

AMERISAFE ANNOUNCES 2020 THIRD QUARTER RESULTS

Declares an Extraordinary Dividend of $3.50 Per Share

Reports Combined Ratio of 72.8%

DeRidder, LA – October 28, 2020 - AMERISAFE, Inc. (

Nasdaq: AMSF), a specialty provider of workers’ compensation insurance focused on high hazard industries, today announced results for the third quarter ended September 30, 2020.

 

     Three Months Ended           Nine Months Ended        
     September 30,           September 30,        
     2020     2019     % Change     2020     2019     % Change  
     (in thousands, except per
share data)
          (in thousands, except per
share data)
       

Net premiums earned

   $  74,771     $  82,712       -9.6   $  229,725     $  250,611       -8.3

Net investment income

     7,063       8,264       -14.5     22,136       24,448       -9.5

Net realized gains (losses) on investments (pretax)

     309       (4     NM       1,464       (27     NM  

Net unrealized gains (losses) on equity securities (pre-tax)

     844       365       131.2     (2,349     3,165       NM  

Net income

     23,353       21,386       9.2     58,101       58,676       -1.0

Diluted earnings per share

   $ 1.21     $ 1.11       9.0   $ 3.00     $ 3.04       -1.3

Operating net income

     22,442       21,101       6.4     58,800       56,197       4.6

Operating earnings per share

   $ 1.16     $ 1.09       6.4   $ 3.04     $ 2.91       4.5

Book value per share

   $ 24.93     $ 24.29       2.6   $ 24.93     $ 24.29       2.6

Net combined ratio

     72.8     78.4       78.4     82.1  

Return on average equity

     19.8     18.6       17.0     17.8  

G. Janelle Frost, President and Chief Executive Officer, noted, “AMERISAFE continued to see loss cost declines and robust competition in the states we actively market and hazard classes we underwrite. These conditions suppressed premium, with policy count written in the quarter only down slightly. However, AMERISAFE’s profitability remained strong. Our focus on managing expenses benefitted this quarter from a loss assessment change. We also continued to reach favorable outcomes on prior year claims. Our underwriting profit, along with investment returns, produced a 19.8% return on average equity for the quarter, and a strong capital position supported an extraordinary dividend for shareholders.”


The following information was filed by Amerisafe Inc (AMSF) on Wednesday, October 28, 2020 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:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Income (Unaudited)
Basis Of Presentation
Basis Of Presentation (Policies)
Basis Of Presentation - Additional Information (Detail)
Comprehensive Income And Accumulated Other Comprehensive Income
Comprehensive Income And Accumulated Other Comprehensive Income (Tables)
Comprehensive Income And Accumulated Other Comprehensive Income - Additional Information (Detail)
Comprehensive Income And Accumulated Other Comprehensive Income - Reclassification Out Of Accumulated Other Comprehensive Income (Detail)
Comprehensive Income And Accumulated Other Comprehensive Income - Schedule Of Changes In Accumulated Other Comprehensive Income (Aoci) (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Calculation Of Basic And Diluted Earnings Per Share (Detail)
Fair Value Measurements
Fair Value Measurements (Policies)
Fair Value Measurements (Tables)
Fair Value Measurements - Schedule Of Assets Measured At Amortized Cost Net Of Allowance For Credit Losses (Detail)
Fair Value Measurements - Schedule Of Assets Measured At Fair Value On Recurring Basis (Detail)
Fair Value Measurements - Summary Of Carrying Amounts And Corresponding Fair Values For Financial Instruments (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Investments
Investments (Tables)
Investments - Additional Information (Detail)
Investments - Changes In Allowance For Credit Losses By Major Security Type Of Investments Classified As Held-To-Maturity (Detail)
Investments - Gross Unrealized Gains And Losses And Cost Of Equity (Detail)
Investments - Gross Unrealized Gains And Losses And Cost Or Amortized Cost, Allowance For Credit Losses And Fair Value Of Investments Classified As Available-For-Sale (Detail)
Investments - Gross Unrecognized Gains And Losses And Cost Or Amortized Cost, Allowance For Credit Losses, Carrying Amount And Fair Value Of Investments Classified As Held-To-Maturity (Detail)
Investments - Investment Securities Continuous Unrealized Loss Position (Detail)
Investments - Schedule Of Amortized Cost Held-To-Maturity Securities Aggregated By Credit Quality Indicator (Detail)
Investments - Summary Of Amortized Cost And Fair Value Of Investments In Fixed Maturity Securities, Classified As Available-For-Sale (Detail)
Investments - Summary Of Carrying Amounts And Fair Value Of Investments In Fixed Maturity Securities, Classified As Held-To-Maturity (Detail)
Loss Reserves
Loss Reserves (Tables)
Loss Reserves - Additional Information (Detail)
Loss Reserves - Change In Allowance For Credit Losses On Amounts Recoverable From Reinsurers (Detail)
Loss Reserves - Liability For Unpaid Loss And Loss Adjustment Expenses, Net Of Related Amounts Recoverable From Reinsurers (Detail)
Stock Options And Restricted Stock
Stock Options And Restricted Stock - Additional Information (Detail)
Subsequent Events
Subsequent Events - Additional Information (Detail)
Treasury Stock
Treasury Stock - Additional Information (Detail)

Material Contracts, Statements, Certifications & more

Amerisafe Inc provided additional information to their SEC Filing as exhibits

Ticker: AMSF
CIK: 1018979
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-049298
Submitted to the SEC: Fri Oct 30 2020 4:00:56 PM EST
Accepted by the SEC: Fri Oct 30 2020
Period: Wednesday, September 30, 2020
Industry: Fire Marine And Casualty Insurance

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