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AMSF on Nasdaq

AMERISAFE INC

American fire company based in Deridder, incorporated in Texas2

In its 2026 annual report the company says: “AMERISAFE, Inc. is a specialty provider of workers’ compensation insurance focused on small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, services, manufacturing, and maritime. We provide coverage to employers under state and federal workers’ compensation laws.”5 Its shares trade on Nasdaq under the symbol AMSF.2

$24.91 up 0.27 (1.08%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 21, 2026.

Overview

Compare with UPC Insurance, NI Holdings, Inc. or American Integrity Insurance Group, Inc., or pick any stock.

  • TickerAMSF on Nasdaq2
  • IndustryFire, Marine & Casualty Insurance2
  • HeadquartersDeridder, United States2
  • Incorporated inTX4
  • Business address2301 Highway 190 West, Deridder, La 706344
  • Filer categoryLarge accelerated filer4
  • Legal formFor-Profit Corporation2
  • LEI2549002B4EXPBLGMNN222
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CORPORATION SERVICE COMPANY, 78701 Austin, United States2
  • Registered withCorporations Section (Texas Secretary of State), 00772369002

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The foregoing factors should not be construed as exhaustive and should be read together with the other risks described in this report, including, but not limited to, under the captions “Business” in Item 1, “Risk Factors” in Item 1A , “Cybersecurity” in Item 1C, “Management's Discussion and Analysis of Financial Condition and Results of Operations” in Item 7, and “Quantitative and Qualitative Disclosures About Market Risk” in Item 7A of this report and as may be further amended by subsequent filings with the SEC. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Investors are cautioned that many of the assumptions upon which these forward-looking statements are based are likely to change after the date the forward-looking statements are m…5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

14.9%Net margin6
2.7%Revenue growth, 20256
18.7%Return on equity6
$8.9MFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs81¢$258.4M
  • Income tax4¢$11.7M
  • Profit15¢$47.1M

Out of $317.3M in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending3¢$2.1M
  • Dividends paid97¢$62.7M

Out of $11.1M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6

Financial statements

Revenue789106$317.3M in 2025−14% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $370.4M$370.4M20192020: $339.5M$339.5M2020−8%2021: $315.9M$315.9M2021−7%2022: $294.7M$294.7M2022−7%2023: $306.9M$306.9M2023+4%2024: $309.0M$309.0M2024+1%2025: $317.3M$317.3M2025+3%
Net income789106$47.1M in 2025−49% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $92.7M$92.7M20192020: $86.6M$86.6M2020−7%2021: $65.8M$65.8M2021−24%2022: $55.6M$55.6M2022−15%2023: $62.1M$62.1M2023+12%2024: $55.4M$55.4M2024−11%2025: $47.1M$47.1M2025−15%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Net premiums earned$283.1M$270.6M$267.1M
Net investment income$27.0M$29.2M$31.3M
Net realized gains (losses) on investments$3.0M-$576.0K$6.6M
Net unrealized gains on equity securities$3.7M$9.5M$1.2M
Fee and other income$449.0K$260.0K$582.0K
Total revenues$317.3M$309.0M$306.9M
Loss and loss adjustment expenses incurred$169.9M$157.3M$148.3M
Underwriting and certain other operating costs$27.6M$24.9M$27.5M
Commissions$25.1M$23.8M$23.4M
Salaries and benefits$33.3M$31.5M$27.4M
Policyholder dividends$2.5M$2.7M$3.0M
Provision for investment related credit loss benefit-$43.0K-$66.0K-$57.0K
Total expenses$258.4M$240.0M$229.5M
Income before income taxes$58.9M$69.1M$77.4M
Income tax expense$11.7M$13.6M$15.3M
Net income$47.1M$55.4M$62.1M
Basic$2.48$2.91$3.24
Diluted$2.47$2.89$3.23
Basic19.0M shares19.1M shares19.1M shares
Diluted19.1M shares19.2M shares19.2M shares
Special cash dividends declared per common share$1.00$3.00$3.50
Cash dividends declared per common share$1.56$1.48$1.36

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Corporate structure

AMERISAFE INC sits at the top of its group. 4 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of AMERISAFE INC

  • AMERISAFE INC Deridder, Louisiana, United States
    • American Interstate Insurance Company Subsidiary · DeRidder, Louisiana, United States
      • American Interstate Insurance Company of Texas Subsidiary · DeRidder, Louisiana, United States
      • SILVER OAK CASUALTY, INC. Subsidiary · DeRidder, Louisiana, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What AMERISAFE INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$26.4M6 Dec 31, 2025$24.4M6 Dec 31, 2024+8.5%
Accumulated depreciation$19.1M6 Dec 31, 2025$18.5M6 Dec 31, 2024+3.6%
Property and equipment, net$7.3M6 Dec 31, 2025$5.9M6 Dec 31, 2024+23.9%
Finance-lease assets$656.0K6 Dec 31, 2025$462.0K6 Dec 31, 2024+42.0%
Operating-lease assets (leased space)$212.0K6 Dec 31, 2025$276.0K6 Dec 31, 2024−23.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$61.9M6 Dec 31, 2025$44.0M6 Dec 31, 2024+40.6%
Marketable securities, current$9.3K6 Dec 31, 2024$010 Dec 31, 2023
Debt securities available for sale$313.0M6 Dec 31, 2025$307.8M6 Dec 31, 2024+1.7%
Debt securities held to maturity$350.2M6 Dec 31, 2025$413.2M6 Dec 31, 2024−15.3%
Equity securities at fair value$57.5M6 Dec 31, 2025$58.6M6 Dec 31, 2024−1.9%

Properties, in its own words

We own our principal business office which has approximately 60,000 square feet of office space together with a 3,200 square foot warehouse facility located in DeRidder, Louisiana. AIIC and SOCI lease their corporate headquarters which has approximately 3,500 square feet of office space located in Omaha, Nebraska. The Company leases space at other locations for certain of our service and claims representatives, none of which are material.

Item 2 of the 10-K filed Feb 27, 2026.5

Leadership

Who has led AMERISAFE INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. C. Allen Bradley Jr.2006–2015
  2. G. Janelle Frost2015–now

Chair

  1. C. Allen Bradley Jr.2006–2016

President

  1. C. Allen Bradley Jr.2006–2009
  2. Geoffrey R. Banta2011–2013
  3. G. Janelle Frost2013–now

Chief financial officer

  1. Geoffrey R. Banta2006–2009
  2. G. Janelle Frost2008–2013
  3. Michael F. Grasher2014–2015
  4. Neal Andrew Fuller2015–2022
  5. Anastasios Omiridis2022–2026
  6. Guillermo A. Ramos2026–now

Chief operating officer

  1. Geoffrey R. Banta2011–2013
  2. G. Janelle Frost2013–2015
2010201520202025
Board members and other officers (25)

Timeline

  1. Jul 21, 20268-K Results of operations49
  2. Jun 12, 20268-K Bylaws or fiscal year changed; Shareholder vote50
  3. Apr 22, 20268-K Results of operations51
  4. Apr 16, 20268-K Executive or director change; Regulation FD disclosure52
  5. Feb 25, 20268-K Results of operations53
  6. Nov 3, 20258-K Executive or director change; Regulation FD disclosure54
  7. Oct 29, 20258-K Results of operations55
  8. Jul 24, 20258-K Results of operations56
  9. Jul 24, 20258-K Other events57
  10. Jun 9, 20258-K Executive or director change; Shareholder vote58
  11. Apr 29, 20258-K Results of operations59
  12. Feb 26, 20258-K Results of operations60
  13. Jun 12, 2015New chief executive G. Janelle Frost becomes CEO14
  14. Mar 14, 2006New chief executive C. Allen Bradley Jr. becomes CEO15
  15. Oct 28, 1985Founded AMERISAFE INC is founded2

Calendar

Coming up

  1. Oct 28, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.55 a share, on Oct 29, 2025.61

When it reported results

  1. Jul 21, 2026Reported quarterly or annual results49
  2. Apr 22, 2026Reported quarterly or annual results51
  3. Feb 25, 2026Reported quarterly or annual results53
  4. Oct 29, 2025Reported quarterly or annual results55
  5. Jul 24, 2025Reported quarterly or annual results56
  6. Apr 29, 2025Reported quarterly or annual results59
  7. Feb 26, 2025Reported quarterly or annual results60
  8. Oct 23, 2024Reported quarterly or annual results62

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

203 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 34 major events, 106 insider forms, 23 large holders, 20 other. The latest 20:

  1. Oct 5, 2026SCHEDULE 13G/A EDGAR
  2. Sep 30, 2026SCHEDULE 13G EDGAR
  3. Sep 4, 2026SCHEDULE 13G/A EDGAR
  4. Aug 13, 2026SCHEDULE 13G EDGAR
  5. Aug 4, 20264 EDGAR
  6. Jul 23, 202610-Q EDGAR
  7. Jul 21, 20268-K EDGAR
  8. Jun 12, 20264 EDGAR
  9. Jun 12, 20264 EDGAR
  10. Jun 12, 20264 EDGAR
  11. Jun 12, 20264 EDGAR
  12. Jun 12, 20264 EDGAR
  13. Jun 12, 20264 EDGAR
  14. Jun 12, 20264 EDGAR
  15. Jun 12, 20268-K EDGAR
  16. May 11, 20264 EDGAR
  17. May 11, 20264 EDGAR
  18. May 7, 20263 EDGAR
  19. Apr 29, 2026SCHEDULE 13G EDGAR
  20. Apr 29, 20264 EDGAR

The 203 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

12 open-market trades by officers, directors and large owners since October 2021: 2 buys and 10 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 20, 2025Omiridis AnastasiosEVP-CFOSale1,247$40.21$50.1KForm 4
Nov 7, 2025Omiridis AnastasiosEVP-CFOSale1,235$40.74$50.3KForm 4
Aug 5, 2025Omiridis AnastasiosEVP-CFOSale1,343$44.75$60.1KForm 4
May 30, 2024BROWN MICHAEL JDirectorBuy1,000$43.52$43.5KForm 4
Sep 8, 2023Omiridis AnastasiosEVP-CFOSale3,325$51.22$170.3KForm 4
May 22, 2023McCray Andrew B.EVP-CUOSale978$54.42$53.2KForm 4
May 23, 2022Frost G. JanellePresident & CEOSale10,445$48.31$504.6KForm 4
May 23, 2022Fuller Neal AndrewEVP-CFOSale5,340$48.20$257.4KForm 4
May 23, 2022McCray Andrew B.EVP-CUOSale2,733$48.37$132.2KForm 4
May 23, 2022Shirley Kathryn HoushEVP - CAOSale2,277$48.31$110.0KForm 4
May 23, 2022Gagliano Vincent J.EVP - Chief Risk OfficerSale3,710$48.31$179.2KForm 4
May 5, 2022McCray Andrew B.EVP-CUOBuy200$46.87$9.4KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025G. Janelle Frost$803.1K$2.4M70
2025Vincent J. Gagliano$421.8K$928.9K70
2025Raymond F. Wise$395.6K$886.4K70
2025Anastasios G. Omiridis$484.9K$849.5K70
2025Kathryn H. Shirley$372.7K$795.6K70
2024President and Chief Executive$752.1K$2.3M70
2024Executive Vice PresidentChief$491.7K$1.2M70
2024Executive VicePresident and$395.8K$932.5K70
2023Officer$718.5K$2.1M70
2023Financial Officer$450.0K$1.4M70
2023Sales Officer$164.9K$1.3M70
2023Chief Risk Officer$346.7K$780.5K70
2023Administrative Officer and Secretary$313.3K$711.4K70

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.3,611,215$122.2M0.0%+338,636
Neuberger Berman Group LLC1,278,305$43.2M0.0%−455,368
Goldman Sachs Group Inc1,204,845$40.8M0.0%+240,181
State Street Corp824,222$27.9M0.0%+25,034
Vanguard Capital Management LLC822,730$27.8M0.0%−26,298
Charles Schwab Investment Management Inc790,946$26.8M0.0%+70,338
Royce & Associates LP790,084$26.7M0.2%+147,618
Geode Capital Management, LLC625,636$21.2M0.0%+50,201
Two Sigma Investments, LP623,473$21.1M0.0%+148,234
Bank Of America Corp /de/554,395$18.8M0.0%−69,302
Dimensional Fund Advisors LP471,150$15.9M0.0%+3,190
Auto-Owners Insurance Co426,900$14.4M0.3%No change
Citadel Advisors LLC376,251$12.7M0.0%+87,169
Aqr Capital Management LLC370,278$12.5M0.0%+294,029
Morgan Stanley316,534$10.7M0.0%+139,387
Vanguard Portfolio Management LLC301,659$10.2M0.0%+14,377
Northern Trust Corp229,360$7.8M0.0%+48,036
M&g PLC216,025$7.3M0.0%−9,761
Renaissance Technologies LLC215,400$7.3M0.0%−45,975
ProShare Advisors LLC212,326$7.2M0.0%+28,990
Creative Planning180,616$6.1M0.0%+135,848
Qube Research & Technologies Ltd176,126$6.0M0.0%−138,778
Teacher Retirement System Of Texas174,141$5.9M0.0%−7,659
Invesco Ltd.129,013$4.4M0.0%−344
New South Capital Management Inc124,797$4.2M0.2%+1,154

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
May 29, 2024Josh GottheimerDemocratic, HouseSale$1,001 - $15,000+88.6%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How AMERISAFE INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAMERISAFE INC1
  • CIK0001018979
  • Employer ID (EIN)75-20694075
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inTexas5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6331 Fire, Marine & Casualty Insurance1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address2301 Highway 190 West, Deridder, LA 706341
  • Phone337-463-90521
  • Shares outstanding18,536,058 as of Jul 17, 202612
  • Public float$819.6M as of Jun 30, 20255
  • AuditorErnst & Young LLP, New Orleans, Louisiana PCAOB ID 42; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceAug 13, 19961
  • Filings1,026 in all: 4 (494), 8-K (146), SC 13G/A (82), 10-Q (62), 3 (41), SC 13G (33), 4/A (29), 10-K (21)1
    All 31 form types

    DEF 14A (21), ARS (14), 5 (13), CORRESP (13), S-1/A (9), 144 (8), UPLOAD (8), S-8 (7), SCHEDULE 13G/A (6), S-1 (3), SCHEDULE 13G (3), PRE 14A (2), 10-Q/A (1), 144/A (1), 15-12G (1), 3/A (1), 424B1 (1), 424B4 (1), 8-A12B (1), 8-A12G (1), 8-K/A (1), EFFECT (1), RW (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Jul 23, 2026
    Proxy statement (DEF 14A) Apr 24, 2026
    Latest 8-K (8-K) Jul 21, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, par value $0.01 per shareAMSFNASDAQ

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks AMERISAFE INC names in Item 1A of its 10-K filed Feb 27, 2026: 28 risks under these headings, as written.5

  • Financial Risks
  • If we do not appropriately establish our premium rates, our results of operations will be adversely affected.
  • If we are unable to realize our investment objectives, our financial condition and results of operations may be adversely affected.
  • A decline in the level of business activity of our policyholders, particularly those engaged in the construction, trucking, logging and lumber, agriculture, services, manufacturing, and maritime industries, could negatively affect our earnings and profitability.
  • Our loss reserves are based on estimates and may be inadequate to cover our actual losses.
  • As an insurance holding company, we are dependent on the results of operations of our insurance subsidiaries, and our ability to pay dividends and repurchase shares depends on the regulatory and financial capacity of our subsidiaries to pay dividends to us.
  • We may require additional capital in the future, which may not be available to us or may be available only on unfavorable terms.
  • Strategic and Operational Risks
  • The workers’ compensation insurance industry is cyclical in nature, which may affect our overall financial performance.
  • We operate in a highly competitive industry, only offer a single line of insurance and our competitors may have greater financial resources than we do, each of which may affect our ability to compete effectively.
  • If we cannot sustain our relationships with independent agencies, we may be unable to operate profitably.
  • The effects of emerging claims and coverage issues on our business are uncertain.
The other 18 risks
  • A downgrade in our A.M. Best rating would likely reduce the amount of business we are able to write.
  • Technology breaches or failures, including those resulting from a malicious cyber attack on us, our policyholders, or service providers, could disrupt or otherwise negatively impact our business.
  • The expertise, wellbeing and resiliency of our workforce is necessary to maintain our competitive advantages in the high hazard workers’ compensation industry.
  • Our business is dependent on our executive officers because of their industry expertise, knowledge of our markets and relationships with the independent agencies that sell our insurance.
  • An inability to effectively manage our operations could make it difficult for us to compete and could affect our ability to operate profitably.
  • Risks Related to Regulation and Litigation
  • We are subject to extensive state and federal regulations, and legislation, and any changes in such regulations or laws may negatively impact our business.
  • Assessments and premium surcharges for state guaranty funds, second injury funds and other mandatory pooling arrangements may reduce our profitability.
  • Legal or other administrative proceedings could have a material adverse effect on our operations or results of operations.
  • We may have exposure to losses from terrorism for which we are required by law to provide coverage.
  • Risks Related to Our Reinsurers
  • If we are unable to obtain reinsurance on favorable terms, our ability to write policies could be adversely affected.
  • A downgrade in the A.M. Best rating of one or more of our significant reinsurers could adversely affect our financial condition.
  • If any of our current reinsurers were to terminate participation in our reinsurance treaty program, we could be exposed to an increased risk of loss.
  • We may not be able to recover amounts due from our reinsurers, which would adversely affect our financial condition.
  • Risks Related to Our Common Stock
  • Our revenues and results of operations may fluctuate as a result of factors beyond our control, which may cause the price of our common stock to be volatile.
  • Provisions of our certificate of formation and bylaws and the laws of the states of Texas and Nebraska could impede an attempt to replace or remove our directors or otherwise effect a change of control of our Company, which could diminish the value of our common stock.
  • The trading price of our common stock may decline.
  • Securities analysts may discontinue coverage of our common stock or may issue negative reports about us, which may adversely affect the trading price of our common stock.
  • Future sales of our common stock may affect the trading price of our common stock.

Legal proceedings

In the ordinary course of our business, we are involved in the adjudication of claims resulting from workplace injuries. We are not involved presently in any legal or administrative proceedings outside of the ordinary course of business that we believe are likely to have a materially adverse effect on our business, financial condition or results of operations.

The opening of Item 3, Legal Proceedings.5

Sources

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