Here are 1-3 brief analogies for AMERISAFE (AMSF):

1. Imagine Aflac, but instead of supplemental health, they focus only on workers' compensation insurance for businesses in dangerous industries.

2. The Chubb for workers' compensation insurance in high-hazard industries.

3. The Lloyd's of London of U.S. workers' compensation for inherently risky professions.

• Workers' Compensation Insurance: Provides insurance coverage to employers for medical expenses and lost wages for employees injured in the course of employment, with a focus on hazardous industries.
• Specialized Underwriting: Assesses and prices the unique risks associated with high-hazard workplaces to determine appropriate insurance premiums.
• Proactive Claims Management: Manages and processes workers' compensation claims efficiently to ensure injured employees receive appropriate care and benefits while controlling costs.
• Loss Control and Safety Services: Offers comprehensive safety programs and risk management consulting to policyholders to prevent workplace accidents and reduce the frequency and severity of claims.

AMERISAFE (AMSF) primarily sells its workers' compensation insurance policies to other companies, specifically employers.

As an insurance provider, AMERISAFE serves a large and diverse base of policyholders. Unlike companies that supply specific products or services to a few dominant corporate clients, insurance companies typically do not have "major customers" in the sense of individual named companies representing a significant portion of their overall revenue. Therefore, AMERISAFE does not publicly disclose the names of its individual policyholder companies.

Instead, AMERISAFE's customer base is defined by the characteristics of the businesses it insures. AMERISAFE specializes in providing workers' compensation insurance to employers operating in:

• Hazardous Industries: Their target market consists of small to medium-sized employers whose operations involve higher-than-average workers' compensation loss potential.
• Specific Sectors: This frequently includes businesses within sectors such as construction, logging, trucking, manufacturing, and agriculture.

These customer companies are generally private entities or a wide array of public and private businesses that do not individually represent a major customer relationship requiring disclosure of their names or stock symbols.

G. Janelle Frost, Chief Executive Officer and President

G. Janelle Frost has served as President and Chief Executive Officer of AMERISAFE Inc. since 2015. She joined the company in 1992 and has held various leadership roles, including President and Chief Operating Officer from 2013 to 2015, and Executive Vice President and Chief Financial Officer from 2008 to 2013. Ms. Frost is also a member of the board of directors of the Federal Reserve Bank of Atlanta and the National Council on Compensation Insurance.

Anastasios (Andy) Omiridis, Executive Vice President and Chief Financial Officer

Anastasios (Andy) Omiridis has served as Executive Vice President and Chief Financial Officer since September 2022. Prior to joining AMERISAFE, he was Senior Vice President, Deputy Chief Financial Officer and Principal Accounting Officer of Kemper Corporation from 2019 to 2022. He also held the position of Senior Vice President and Chief Financial Officer with Chubb Life from 2017 to 2019 and Chief Accounting Officer for ARGO Limited from 2012 to 2017. Mr. Omiridis is expected to resign effective November 30, 2025, at which point Ms. Frost will temporarily assume CFO duties.

J. Neal Fuller, Former Executive Vice President and Chief Financial Officer

Neal Fuller served as Executive Vice President and Chief Financial Officer of AMERISAFE Inc. from September 2015 until his planned retirement, which was announced in late 2021 and succeeded by Anastasios Omiridis in September 2022. He brought over 30 years of experience in leadership within the insurance industry, having previously served as CFO and SVP at ICW Group (Insurance Company of the West) and CFO & SVP at SEABRIGHT HOLDINGS, INC. Outside of AMERISAFE, Mr. Fuller founded VoterVoice, a grassroots advocacy and engagement technology company, which was later acquired by FiscalNote. He financed VoterVoice using his own funds and debt, opting to turn away outside investment.

Kathryn H. Shirley, Executive Vice President, Chief Administrative Officer and Secretary

Kathryn H. Shirley is the Executive Vice President, Chief Administrative Officer, and Secretary at AMERISAFE Inc. Her previous experience includes working as an Associate at Christian & Small LLP.

Vincent J. Gagliano, Executive Vice President and Chief Risk Officer

Vincent J. Gagliano has served as Executive Vice President and Chief Risk Officer at AMERISAFE Inc. since March 2016.

The increasing adoption of Artificial Intelligence (AI) and advanced data analytics in commercial lines insurance underwriting and risk management. This technological trend can enable competitors, including both established insurers and insurtech firms, to more precisely identify, assess, and price complex high-hazard risks. This could potentially erode AMERISAFE's competitive advantage, which is largely derived from its deep specialized human underwriting expertise in its niche of high-hazard workers' compensation. If these technologies allow other market participants to underwrite these specialized risks more efficiently or accurately, it directly challenges AMSF's core differentiator and could lead to market share or pricing pressure.

AMERISAFE (NASDAQ: AMSF) is anticipated to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives and market dynamics. Key drivers are expected to include sustained new business production, strong policyholder retention, and ongoing investments in its operational infrastructure. The company specializes in workers' compensation insurance for high-hazard industries, and its growth strategy focuses on expanding within these niche markets.

The expected drivers of future revenue growth for AMERISAFE are:

1. New Business Production and Voluntary Premium Growth: AMERISAFE has consistently highlighted strong new business production as a significant contributor to its top-line growth. For instance, in Q3 2025, the company reported a 10.6% increase in voluntary premiums on policies written, driven by new business. Similarly, Q2 2025 saw a 12.8% growth in voluntary premiums, also attributed to new business. This indicates a continued focus on attracting new clients within its specialized high-hazard markets.
2. Strong Renewal Retention Rates: Alongside acquiring new customers, maintaining existing policyholders is a crucial revenue driver for insurance companies. AMERISAFE has demonstrated strong renewal retention rates, such as 93.8% in Q2 2025, which contributes to consistent premium generation. This strong retention complements new business efforts to ensure sustained growth in gross premiums written.
3. Increased Sales Efforts and Agent Partnerships: The company has explicitly mentioned increased sales efforts with agents as a factor driving new business and strong retentions. This suggests that AMERISAFE will continue to leverage and invest in its agent network to penetrate its target markets more effectively and expand its addressable market.
4. Payroll Growth and Audit Premium Adjustments: While subject to economic conditions, growth in client payrolls can lead to higher audit premiums and related premium adjustments, positively impacting revenue. For example, in Q3 2024, payroll audits increased premiums due to continued payroll growth. Although audit premiums can fluctuate, overall payroll strength within its insured industries is a contributing factor.
5. Strategic Investments in Technology and Underwriting Practices: AMERISAFE is making ongoing investments in technology and agent effectiveness to support growth and enhance its underwriting and claims management efficiency. These investments are aimed at improving operational efficiency, which can support profitable growth and potentially sustain or improve net margins over the long term.

Share Repurchases

• AMERISAFE repurchased 46,741 shares for $2.2 million during the fourth quarter of 2023. As of December 31, 2023, the remaining outstanding share repurchase authorization was $10.4 million.
• In the first quarter of 2022, the company repurchased 43,893 shares for $2.1 million, with a remaining authorization of $22.9 million as of March 31, 2022.
• Since the inception of its initial share repurchase program in February 2010, AMERISAFE repurchased 1,745,608 shares totaling $44.8 million at an average cost of $25.69 per share.

Inbound Investments

• AMERISAFE was acquired by AmTrust Financial Services in an all-cash transaction completed in mid-2024, valuing the company at approximately $450 million or $41.75 per share, leading to its delisting from NASDAQ.

Capital Expenditures

• AMERISAFE stated its commitment to making substantial and ongoing investments in improving its information systems.