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

• It's like State Farm or Allstate, but instead of insuring personal cars or homes, they exclusively provide workers' compensation insurance for businesses operating in dangerous jobs.

• Think of it as a highly specialized Travelers or The Hartford, focusing only on workers' compensation for hazardous industries.

• Workers' Compensation Insurance: Provides benefits to injured employees for temporary or permanent disability, death, and medical and hospital expenses.

AMERISAFE (AMSF) underwrites workers' compensation insurance policies primarily for other companies, specifically small to mid-sized employers. Due to the nature of the insurance business, which typically involves a large and diversified customer base, AMERISAFE does not publicly disclose specific "major customers" or individual company names that represent a significant portion of its revenue. As such, no specific public customer companies or their symbols can be identified.

Their customer base is comprised of employers engaged in various hazardous industries, including:

• Construction
• Trucking
• Logging and lumber
• Agriculture
• Manufacturing
• Telecommunications
• Maritime

G. Janelle Frost, President and Chief Executive Officer

Ms. Frost has been with AMERISAFE since 1992, starting as a staff accountant. She advanced through various financial roles, including Controller (2004–2008) and Executive Vice President and Chief Financial Officer (2008–2013). She served as Chief Operating Officer from May 2013 to April 2015, and has held the position of Chief Executive Officer since April 2015 and President since September 2013. Ms. Frost is also a director on the board of the Federal Reserve Bank of Atlanta and the National Council on Compensation Insurance, Inc.

Chief Financial Officer (Transitioning)

Anastasios Omiridis served as Executive Vice President and Chief Financial Officer from September 1, 2022, until his resignation effective November 30, 2025, to pursue another opportunity. He brought over 23 years of experience in the insurance industry, including previous roles as Senior Vice President, Deputy Chief Financial Officer, and Principal Accounting Officer of Kemper Corporation, and Senior Vice President and CFO with Chubb Life. As of March 14, 2026, AMERISAFE is actively searching for a new Executive Vice President and Chief Financial Officer, with CEO G. Janelle Frost temporarily overseeing financial duties.

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

Ms. Shirley joined AMERISAFE in 2012. She has served as Executive Vice President, Chief Administrative Officer and Secretary since February 2020. Her prior roles at the company include Executive Vice President, General Counsel and Secretary from February 2016 to February 2020, and Senior Vice President, General Counsel and Secretary from May 2012 to February 2016. Before joining AMERISAFE, Ms. Shirley practiced law at Christian & Small LLP from 2009 to May 2012.

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

Mr. Gagliano has been with AMERISAFE since 2001. He has held the position of Executive Vice President and Chief Risk Officer since March 2016. His previous roles include Executive Vice President and Chief Technology Officer from January 2013 to February 2016, and Senior Vice President of Information Technology from September 2009 to January 2013.

Raymond F. Wise, Executive Vice President and Chief Sales Officer

Mr. Wise serves as Executive Vice President and Chief Sales Officer at AMERISAFE. He joined the company with over 30 years of experience in the insurance industry, focusing on driving results through customer experience.

The key risks to AMERISAFE's business are:

1. Rising Claim Costs and Higher Loss Severity: AMERISAFE specializes in workers' compensation insurance for hazardous industries, such as construction, trucking, and logging, where injuries can be severe, including death, dismemberment, paraplegia, and quadriplegia. This focus exposes the company to a higher potential for significant claim costs and increased loss severity. The industry is experiencing increasing claim costs, partly due to medical inflation, which directly impacts AMERISAFE's profitability and loss ratios.

2. Cyclical Nature of the Workers' Compensation Insurance Industry and Intense Competition: The workers' compensation insurance market is characterized by stiff competition and has historically been cyclical. This means the industry experiences periods of lower premium rates and excess underwriting capacity followed by periods of higher rates and reduced capacity. These fluctuations can adversely affect AMERISAFE's financial performance by creating pressure on pricing and making it challenging to maintain underwriting profitability.

3. Regulatory and Legal Uncertainties: AMERISAFE operates in a highly regulated environment, subject to extensive state and federal insurance laws and regulations. Changes in these regulations, increased federal oversight, or the imposition of new assessments and premium surcharges from state guaranty funds and other mandatory pooling arrangements could increase the company's operational costs and limit its profitability. Additionally, the complex nature of insurance claims can lead to litigation risks.

1. Sustained Premium Growth through New Business Acquisition and High Policy Retention: AMERISAFE has demonstrated a consistent track record of top-line growth, with gross premiums written increasing over multiple consecutive quarters. This growth is fueled by both successful acquisition of new businesses and strong retention rates for existing policies, supporting an overall increase in its in-force policy count. The company attributes new business opportunities to deepening relationships with agents aligned with its target classes and providing strong service levels to support renewals.
2. Specialized Underwriting Expertise and Disciplined Risk Selection: The company's core strategy centers on its ability to identify and insure profitable high-hazard risks within its niche industries, such as construction, trucking, and logging. This specialized underwriting expertise, coupled with careful risk assessment and competitive pricing, is crucial for maintaining robust underwriting margins and sustaining profitability, particularly in a challenging market with declining workers' compensation rates.
3. Strategic Investments in Technology and Data Analytics: AMERISAFE is leveraging technological innovation to enhance its operations and risk management. This includes the deployment of AI-driven underwriting algorithms that analyze various risk factors and significant investments in data analytics technologies. These advancements aim to improve efficiency, optimize risk assessment, and contribute to future profitable growth.
4. Deepening Market Penetration within Existing Geographical Footprint: Rather than expanding geographically into new states, AMERISAFE's growth strategy emphasizes increasing its market share and policy count within its existing operational framework and risk appetite. This approach allows the company to capitalize on its established presence and expertise in specific hazardous industries across the states where it currently operates, driving incremental growth through increased penetration and customer relationships.

Share Repurchases

• In 2025, AMERISAFE repurchased $12.1 million of its common stock.
• As of December 31, 2025, the remaining outstanding share repurchase authorization under the program was $16.9 million.
• On July 23, 2025, the Board of Directors reauthorized a share repurchase program for up to $25.0 million, which replaced the company's prior program.